Chief-Exec.com

US national debt exceeds $40 trillion for first time amid rising borrowing
The US gross national debt has surged past $40 trillion for the first time, government data showed on Wednesday, outstripping earlier forecasts at a pace fuelled in part by President Donald Trump's invalidated tariffs. The uptick in borrowing comes as longer term US obligations linked to social security and health care have been growing, while interest payments have climbed as well. Total public debt outstanding stood at $40.05 trillion at the close of business on Tuesday, according to data released on Wednesday by the Treasury Department. This stands in contrast to an earlier forecast by the Congressional Budget Office that overall borrowing would hit $39.4 trillion by the end of fiscal year 2026. Rising US debt comes as concerns over inflation, war in the Middle East and government spending have been driving investor worries, and the cost of borrowing has grown. France 24, August 20

Donald Trump announces new drive to isolate and crush Iranian economy
Donald Trump has said the US is mounting a fresh campaign of “economic warfare” against Iran, while warning that there would be “tremendous” consequences for any country that trades with the Islamic republic. “I am announcing the MOST CRUSHING ECONOMIC OPERATION EVER TAKEN AGAINST ANY COUNTRY!” the US president said in a post on his Truth Social platform late on Wednesday. “This will be an ECONOMIC D-DAY, and we need all of our Allies to stand with the United States of America to isolate, and defeat, the Iran threat.” His latest warning to Iran follows weeks of tortuous diplomatic efforts which Trump hoped would secure a new deal with Tehran to fully reopen the Strait of Hormuz, a vital artery for world oil and gas supplies. But those talks stalled after Iran insisted it would only allow shipping through the waterway if the US met its conditions, including lifting a naval blockade on Iranian ports and allowing Tehran to access its assets frozen in accounts overseas. Financial Times, August 20

Without action wildfires in Europe will increase 39% even in best-case climate scenario, study finds
Wildfires are projected to burn 39 per cent more of Europe by the end of the century even in the best-case scenario for stopping the planet from heating, a study has found, unless action is taken to manage them better. The increase in hot, dry and windy weather that leads to small fires turning into raging infernos is to engulf more of Europe as carbon pollution pushes temperatures higher. In the worst-case scenario the researchers modelled, which would see global heating reach 3.6C above preindustrial levels, the burnt area would almost triple. Improvements in fire management could moderate those increases by more than 70%, the study found, but not eradicate them entirely. “Investments into fire management could help to a certain limit, but if we go on a path of high emissions … we still see strong increases in burnt area,” said Maik Billing, an ecosystem researcher at the Potsdam Institute for Climate Impact Research and lead author of the study. “Fire management cannot replace climate mitigation.” The Guardian, August 20

UK finally showing signs of productivity growth, say economists
Early signs of tech-driven improvements in productivity growth could herald a sustained strengthening in the UK’s economic outlook, analysts have said, in a turnaround after years of underperformance. Private sector productivity grew by 1.8 per cent in the second quarter compared with a year earlier, up from 1.2 per cent previously, according to analysis of official data by investment bank Morgan Stanley. The rise extended gains since 2024 and reduced the growth gap with the US. The reasons behind the upsurge are heavily contested, but some analysts point to increasing AI adoption in sectors including information technology and business services. If the recent productivity acceleration can be sustained over years, it could bolster incomes and help alleviate some of the strains on Britain’s public finances. “The more time passes with the UK’s private sector recording these levels of productivity growth, the more likely it is that the cyclical upswing does have a longer-lasting, structural component,” said Bruna Skarica, an economist at Morgan Stanley. Financial Times, August 20

Landmark vaccine stops cancer returning in trial
A cancer vaccine personalised for each patient has succeeded in a large final-stage trial, raising hopes that a new generation of tailor-made treatments could benefit thousands of people. The experimental vaccine, developed by Moderna and Merck, was given to patients with high-risk melanoma, a type of skin cancer, after they had surgery. The vaccine, named Intismeran, was accompanied by Keytruda, an immunotherapy drug already prescribed by the NHS for a dozen types of cancer. The companies said the combination, compared with Keytruda alone, significantly extended the time patients remained free of cancer and also reduced the risk of the disease spreading to other organs. Moderna and Merck are testing similar personalised vaccines for lung, bladder and kidney cancers. Lung cancer trials have reached the final stage 3 phase, while kidney and bladder studies are in phase 2. The hope is that the technology can work across many tumour types. The Times, August 19

Asylum seekers told rape and harassment illegal in UK in new Home Office booklet
Asylum seekers have been told that rape, sexual harassment and domestic abuse are illegal in the UK, in guidance for new arrivals published by the Home Office. A nine-page online booklet covers respect in public, sex and consent, and gender equality, with guidance on how UK laws and customs may be different from their home countries. The Conservatives said any asylum seekers breaking UK law should be deported and Reform said the publication showed the government "knows that they are a menace". The Home Office said: "We expect everyone who comes to the UK to abide by our laws. If they do not, they will face consequences, including the refusal of their asylum claim and removal from the UK." According to the latest Home Office figures, a total of 93,525 people applied for asylum in the UK from April 2025 to March 2026, which was down by 12 per cent on the same period in the previous year. The booklet sets out how asylum seekers must understand UK law, because the consequences of breaking the law mean "you could get in trouble with the police, lose your asylum support, or it could affect your asylum claim". BBC news, August 19

Iran eyes military targets in Europe if Donald Trump escalates war, insiders say
Iran has weighed attacking US military targets in Europe should Donald Trump escalate the war, according to people close to the regime, as Tehran considers its options to increase the stakes of the conflict. Two regime insiders told the FT that Iranian forces have assessed striking US assets in south-eastern European countries such as Bulgaria, which last month approved the use of its Bezmer air base for US refuelling aircraft. One of the insiders added that Cyprus, where a British air base was struck by a drone in March, was also among potential targets for retaliation in the event of any renewed US offensive. The insiders said Iranian forces have separately examined attacking subsea fibre-optic cables in the Strait of Hormuz in the event of an escalation. The threats reflect the defiant mood in Tehran, where many within the regime increasingly see a resumption of the war as a matter of when, not if. Financial Times, August 19

Europe’s seas reach record heat as climate change threatens marine life
Human-caused climate ⁠change was the main ​driver of recent record-breaking sea temperatures around Europe, scientists said on Wednesday, warning of severe consequences for ​marine ecosystems and coastal communities. Europe's seas have not escaped the extreme heat that many countries have endured this summer. Last month, the average temperature in the Mediterranean was 27 degrees Celsius (81 degrees Fahrenheit), ​the highest ‌for any July on record, while an offshore buoy near Mallorca recorded ⁠33 C in early August. Human-caused climate change has added about 2 C of warming to the Mediterranean and around 1.4 C ‌to Western European seas, according to an analysis by the World Weather Attribution group, ⁠which uses peer-reviewed methods to assess global warming's role in extreme weather events. France 24, August 19

Donald Trump says deal reached with Canada and pauses tariffs
Donald Trump has said he reached an agreement with Canada as he paused the introduction of a fresh volley of tariffs worth billions of dollars on America’s second-largest trading partner for three days. The US president wrote on Truth Social late on Tuesday that he had postponed the 50 per cent tariffs, which were set to kick in on Wednesday, “based on the fact that Canada and the U.S.A., subject to the finalization of documents, have a DEAL”. “The great Keystone XL Pipeline, long ago killed by Sleepy Joe Biden, may be awoken from the grave,” Trump wrote, referring to a proposed oil project, hours before a midnight deadline when levies on $20bn worth of goods were set to go into effect. The last-minute reprieve will ease tensions between the trading partners after Trump last month threatened 50 per cent tariffs on a range of Canadian goods, including cement and hockey sticks. Canada’s Prime Minister Mark Carney confirmed the US had postponed the 50 per cent tariffs until the end of Friday. Financial Times, August 18

Prostate cancer can be diagnosed without invasive biopsy, study finds
Men can be diagnosed with some prostate cancers without needing to undergo an invasive biopsy, according to research. More than 64,000 men in the UK get prostate cancer every year, and they are diagnosed by having an MRI scan followed by biopsies to take samples of prostate tissue. But a study by University College London Hospitals found that some men can be diagnosed by MRI scan alone, meaning they start treatment faster and avoid uncomfortable procedures. The research looked at 880 men who attended UCLH’s one-stop clinic for suspected prostate cancer over a one-year period. All of them had an MRI, which provides detailed images of what is happening in the body. Some 251 were deemed likely to have a tumour and 217 of these went on to have a biopsy, where a needle is put into the prostate to take a tissue sample so it can be examined under a microscope to check for cancerous cells. The Times, August 19

Demand for degree apprenticeships quadruples in three years
Competition for degree apprenticeships in England has quadrupled over the past three years, the BBC has found. The popularity of degree apprenticeships - which offer a paid-for university degree along with a salary - has grown as the cost of university has come under increased scrutiny. Data seen by the BBC showed the number of applicants through the government's central platform nearly tripled from 8,100 to 21,800 over the past three years, while the number of positions available fell by almost half, from 7,300 to 3,700. Applicants said they applied to university as a "backup" because competition was so fierce, with employers cutting back on hiring because of high employment costs and economic uncertainty. The Department for Work and Pensions said it was "backing employers who take on young apprentices". BBC news, August 19

Ulez led to better lung size and function among London children, study finds
Children’s lungs grew bigger and stronger after the most polluting vehicles were restricted from entering London, a study has found. Examinations of London schoolchildren before and after the introduction of the city’s ultra-low emission zone (Ulez) found a restoration of lung capacity that had been stunted by exposure to pollution. The researchers said the findings were a vindication of the low-emission zone policy, which had been criticised as a burden on motorists. “Traffic pollution in cities damages children’s health and development,” said Chris Griffiths, a professor of primary care at the University of Oxford and Queen Mary University of London, and the study’s joint senior author. “We provide the strongest evidence yet on how these harms can be prevented. Ambitious clean-air zones should be considered a priority for cities globally with traffic-related air pollution.” Air pollution from traffic has stunted the development of children’s lungs in London for decades. Previous research found that by the age of eight or nine, children from the most polluted areas had 5-10 per cent less lung capacity than their peers elsewhere. The Guardian, August 18