Good morning. Italy’s prime minister proposes security guarantees for Ukraine. Tech stocks recover as the Nasdaq 100 bounces from lows. And we talked to Ford’s CEO about plans for a supercar. Listen to the day’s top stories.
— Lily Nonomiya
Italian Prime Minister Giorgia Meloni is proposing a NATO-like collective defense clause for Ukraine that would require allies to decide within 24 hours on military support if Russia attacks again. Meanwhile, the Netherlands is sending two Patriot air defense systems to Poland as allies step up efforts to defend NATO territory. And US Vice President JD Vance said negotiations over ending the war are focused on security guarantees and territory Russia wants to control.
Federal Reserve Governor Lisa Cook signaled her intention to remain at the central bank, defying calls for her resignation by President Donald Trump over allegations of mortgage fraud. A survey by the central bank found that similar practices over owner-occupancy were “broad-based” in the country.
UK households are bracing for higher grocery bills, with 42% expecting to spend more on food in the next three months, a survey by the British Retail Consortium showed. That report comes on the heels of data showing headline inflation climbed to an 18-month high in July. Read here about how surging beef prices have become a headache for shoppers as well as our explainer about why inflation is so high.
London builders are taking longer to start home constructions after receiving permits, as a slump in demand threatens to derail the government’s plan to build 1.5 million homes. The median time taken for a housing project to kick off after getting full planning permission rose to a record 16.3 weeks last year, according to an analysis by broker Knight Frank—31% longer than in 2023.
A UK ban on disposable vapes is failing to stop users treating refillable devices as if they are still throwaway products, new research shows.
Environmental legislation has made it illegal since June 1 to sell disposable vapes in the UK, a bid to crack down on youth usage and to tackle ballooning amounts of toxic and flammable waste.
But early evidence suggests vapers often use reusable products just once before discarding them—due to convenience, as well as the fact many refillable models are priced around the same as the now outlawed disposables.
Sales of reusable vapes outstripped the number of pods used to refill them in June and July, according to the latest data from consumer research firm NielsenIQ.
Trump dismissed the need for ceasefires, but they are far from optional, Marc Champion writes. Ceasefires are crucial for saving lives, enabling aid and signaling whether warring parties are open to peace.
A 2025 Ford Mustang GTD supercar at the 2024 New York International Auto Show. Photographer: Bing Guan/Bloomberg
Ford wants to make a $300,000 off-road supercar. “No one’s ever built a supercar for gravel, high-speed sand, dirt,” CEO Jim Farley told Bloomberg’s Hot Pursuits podcast. He also wants to return to Formula One next year. Watch the video here.
