US President Donald Trump moved further away from Vladimir Putin, saying the Russian leader had “let me down” in the wake of August’s red carpet event in Alaska that was intended to help bring Moscow’s war against Ukraine to a close.

Trump, speaking at a press conference alongside Prime Minister Keir Starmer at the end of a state visit to the UK, said “good news” was in the pipeline related to the war. While he didn’t specify, it was bound to revive expectations that the US would crack down on buyers of Russian energy, which is key to financing Putin’s war machine.

“If the oil price comes down, very simply, Russia will settle,” Trump said later, reiterating his call for countries like India and China to stop buying Russian oil to help stop the war in Ukraine.

US Sanctions Proposal on Russian Oil Puts Europe On the Spot

The European Union is planning measures to accelerate the bloc’s phaseout of Russian liquefied natural gas, just days after Trump called on the EU to do more to curb Moscow’s energy trade. 

The provision may be included in the EU’s news sanctions package, we’re told. The bloc’s initial plan was to phase out imports of all Russian LNG by the end of 2027.

The European Commission is planning to present member states with its latest package of proposed sanctions on Russia as early as Friday. The bloc’s 19th since Moscow’s full-scale invasion of Ukraine is expected to target crypto, banks, and energy. —Zoltan Simon

What You Need to Know Today

The Bank of England held interest rates at 4%, as economists expected, and left the prospect of more cuts later this year in doubt after growing concerns over a resurgence in inflation. Policymakers also voted to slow the pace at which the BOE is reducing its government bond holdings after gilt-market volatility drove long-term borrowing costs to their highest in almost 30 years.

Nestle’s new leadership is trying to move past a scandal that rocked its top ranks and return the world’s largest food company to investor favor. New Chief Executive Officer Philipp Navratil this week promised staff that he’ll come up with a plan to revive sluggish performance. Bloated costs, volatile consumer demand and management missteps drove Nestle’s shares down about 45% since a peak in 2022.

Trump reaffirmed his opposition to a looming UK decision to recognize a Palestinian state, but the US president passed up the chance to personally urge Starmer to reconsider the move. While Britain has been expected to follow through on its promise to recognize Palestine due to Israel not meeting its conditions to commit to a ceasefire in Gaza, officials wanted to wait until Trump’s state visit had concluded to avoid a political clash, we reported earlier.

Swiss exports to the US fell sharply in August after the highest US tariff levied among developed nations dealt a severe blow. Swiss sales to America excluding gold, adjusted for seasonal swings, were 22% lower in August than in July. That includes significantly fewer watch exports. Gold exports also ground to a near halt, with customs data showing a more than 99% slump to just 0.3 tons in August from July.

London office real estate is back. New Jersey-based Conversant Capital signed a partnership with private equity firm Castleforge that will invest in more than £1 billion ($1.4 billion) of London offices. While vacancies more than doubled following the pandemic, an acute lack of new development has caused a severe supply squeeze for the best new space, causing rents to rise sharply in the most sought-after districts.

Villas off Saudi Arabia’s Red Sea shores are the latest symbols of the kingdom’s property-market boom. The new homes — some priced as high as $40 million — are being built on a ring-shaped island by a developer owned by Saudi Arabia’s $1 trillion sovereign wealth fund. The properties are key to plans to turn the kingdom into a top holiday destination for tourists and some of the millions who come for the annual Hajj pilgrimage.

South Africa kept borrowing costs unchanged, even as cooler-than-expected inflation brought policymakers closer to the 3% target at which they now aim. Central bankers maintained the benchmark interest rate at 7%, the lowest level since November 2022. The decision was split among the six-member monetary policy committee with four voting to keep rates unchanged and two seeking a quarter point reduction.

What You’ll Need to Know Tomorrow

For Your Commute