Temu agrees to remove rip-off greeting cards from its site more quickly

Chancellor Rachel Reeves is set to address a significant tax loophole that has allowed overseas retailers like Shein and Temu to import low-value goods into the UK without paying customs duties. This move comes in response to concerns from UK retailers about unfair competition. By closing this loophole in her upcoming budget, Reeves aims to create a more level playing field for local businesses, which is crucial for supporting the UK economy and ensuring fair trade practices.

Oil prices have surged following the US sanctions on Russia's Rosneft and Lukoil, indicating a significant shift in the energy market. This development is crucial as it not only affects global oil supply but also reflects the ongoing geopolitical tensions. Additionally, the weaker-than-expected UK inflation report has led to speculation about potential interest rate cuts by the Bank of England, which could further influence economic conditions. The interplay between these factors highlights the complexities of the current financial landscape.

In the second men's one-day international match between Australia and India at Adelaide Oval, Australia is chasing a target of 265 runs to secure a victory. The match is currently underway, with India starting cautiously against Australia's Josh Hazlewood, who has previously troubled their top order. This game is significant as it showcases the competitive spirit of both teams and could influence their standings in the series.

Volkswagen is grappling with a significant chip crisis following the Dutch government's seizure of semiconductor producer Nexperia, which occurred under pressure from the US. This situation is critical as it highlights the ongoing global semiconductor shortage that has been affecting the automotive industry, leading to production delays and potential financial losses for major car manufacturers like Volkswagen. The implications of this crisis could ripple through the supply chain, affecting not just Volkswagen but the entire automotive sector.

The final T20 match between New Zealand and England is underway in Auckland, with England aiming for a series victory. The match has started with some exciting plays, including a strong opening from Tim Seifert. This game is significant as it not only determines the series winner but also showcases the talents of both teams in a thrilling format of cricket.

Ukrainian President Volodymyr Zelenskyy has praised the recent sanctions imposed on Russian oil and gas by the EU and the US, highlighting their importance in supporting Ukraine amidst ongoing conflict. These measures aim to weaken Russia's economic power and could play a crucial role in the broader strategy to restore peace in the region. As discussions continue on utilizing frozen assets for Ukraine's benefit, the international community's commitment to standing against aggression is more vital than ever.

A recent discovery at the Dounreay nuclear power plant near Thurso has revealed a waste particle that is considered the most radioactive found in the last three years. This finding is significant as it highlights ongoing monitoring efforts and the importance of safety in nuclear waste management.