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UK inflation rate rises to 2.2% — first increase in 2024

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The inflation rate in the United Kingdom (UK) rose to 2.2 percent in July, compared to 2.0 percent in June.

This is the first increase in 2024.

The rate also surpassed the Bank of England’s (BOE) target of 2 percent.

The Office for National Statistics (ONS) said the increase was largely due to prices of gas and electricity falling by less than they did last year.

According to BBC, the latest figures indicate prices are now rising faster across the UK than in previous months, but still at a slower pace than in 2022 and 2023 when households were hit especially hard by higher energy and food bills.

It said inflation, which measures the rate at which prices rise, surged to 11.1 percent in the wake of the Ukraine war and pandemic-related supply chain crunches, driving up the cost of living for millions.

However, the publication said inflation has been gradually decreasing until June, due to the Bank of England raising interest rates to reduce consumer demand, as the bank expects inflation to increase further this year before declining again.

Grant Fitzner, the chief economist at the ONS, said inflation saw a slight increase in July because, while domestic energy costs did decrease, the drop was smaller compared to the same time last year.

“This was partially offset by hotel costs, which fell in July after strong growth in June,” Fitzner said.

In July, food price inflation had settled down to just 1.5 percent, according to the ONS.

ONS said services inflation in July stood at 5.2 percent, down from 5.7 percent in June.

BBC reported BOE is expected to take July’s increase in the overall inflation rate into account when it votes on interest rates in September.

Also, the publication said BOE reduced rates to 5 percent from 5.25 percent last month, marking the first cut since the pandemic began and experts are predicting additional cuts later this year.

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Trump’s official portrait sparks mixed reactions on social media

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The official portrait of the US President-elect, Donald Trump, has been unveiled.

Daniel Torok, the president-elect’s chief photographer, shared the photo in an X post on Thursday alongside that of Vice-President-elect JD Vance.

“We are entering the GOLDEN AGE OF AMERICA!” Torok captioned the starkly contrasting photos of Trump and Vance.

As Vance struck a relaxed pose, smiling for the camera, Trump opted for a stern, unyielding stare.

The brightly lit photo is also a departure from his 2017 portrait where he smiled warmly.

The president-elect’s stare closely mirrored his mugshot after leaving jail in 2023.

In the mugshot, the 78-year-old stared menacingly at the camera with furrowed brows and a clenched jaw.

He was the first US former president to have their mugshot taken.

The photograph sparked a fundraising bonanza, appearing on t-shirts and mugs. It soon became the physical characterisation of Trump as a politically motivated prosecuted victim.

Trump’s transition team said the official photographs “go hard.” The pair will be sworn in on Monday.

Social media users had mixed reactions to the presidential pose.

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UK approves first vertical rocket launch

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The first vertical launch of a rocket into orbit from European soil could take place from the UK’s most northerly point this year after a German company won approval for spaceflight, regulators announced Thursday.

The UK’s Civil Aviation Authority (CAA) said it had granted a launch licence to Rocket Factory Augsburg (RFA), allowing it to send a rocket into space from SaxaVord Spaceport in Scotland’s Shetland Islands.

“This is a new era for aerospace and granting the first vertical launch licence from UK soil builds towards a historic milestone for the nation,” said CAA CEO Rob Bishton.

“This licence is the culmination of extensive hard work behind the scenes to put appropriate safety and environmental measures in place before launch,” he added.

It is the final large regulatory step allowing Rocket Factory Augsburg (RFA) to launch from on Unst, the most northerly of the Shetland Islands.

Jorn Spurmann, co-founder and chief commercial officer of RFA, called it a “groundbreaking moment for RFA and for Europe’s space industry.

“Securing the first-ever launch license outside European Space Agency’s established site in Kourou (French Guiana) is not just a regulatory milestone -– it’s a powerful endorsement of our technical excellence and a turning point for European space innovation,” he added.

“By enabling cost-effective and flexible launches from European main land, we are laying the foundation for a new era of space exploration and commercialization, ensuring Europe remains at the forefront of the global space race,” he added.

The CAA had already granted the privately-owned SaxaVord a spaceport licence and a range control licence.

RFA hopes to carry out the first test flight of its 30 metre-tall (100 feet) three-stage rocket, which can deliver a 1,300kg payload into orbit, in 2025.

The first stage of the initial rocket caught fire and exploded during a static fire test last year, pushing back plans for a 2024 launch.

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South Korean president finally arrested over insurrection, martial law declaration

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South Korean President Yoon Suk Yeol has been arrested for questioning by the anti-corruption agency.

Yeol was impeached by parliament on December 14 following his botched martial law declaration. His presidential powers and duties have since been suspended pending the ruling from the constitutional court — which has up to 180 days to dismiss Yeol as president or restore his powers.

Previous attempts to arrest Yeol after his impeachment proved abortive.

On Wednesday morning, Yeol was picked up from his residence by investigators after a stand-off that pitted his security details against those of the state.

He was then driven in a motorcade to be taken into custody. It would be the first time a sitting South Korean president has been arrested.

The warrant allows investigators to hold Yeol for up to 48 hours. The Corruption Investigation Office (CIO) would need to apply for another warrant to detain him further.

Yeol’s supporters and opponents clashed at the scene of the arrest, with each group baying for the other’s jugular. Police officers had to cordon off the street to prevent a breakdown of law and order.

Yeol is accused of martial law declaration and leading an insurrection — a crime punishable by life imprisonment or even the death penalty.

After his arrest, Yeol released a pre-recorded message to say “the law is all broken in this country”.

“As a president who must protect the constitution and legal system of the Republic of Korea, responding to these illegal and invalid procedures is not an acknowledgment of them, but in the hopes of preventing unsavoury bloodshed,” he said.

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Bodex F. Hungbo, SPMIIM is a multiple award-winning Nigerian Digital Media Practitioner, Digital Strategist, PR consultant, Brand and Event Expert, Tv Presenter, Tier-A Blogger/Influencer, and a top cobbler in Nigeria.

She has widespread experiences across different professions and skills, which includes experiences in; Marketing, Media, Broadcasting, Brand and Event Management, Administration and Management with prior stints at MTN, NAPIMS-NNPC, GLOBAL FLEET OIL AND GAS, LTV, Silverbird and a host of others

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