FTSE 100 share index records biggest weekly loss in a year, as US shutdown fears hit markets – as it happened

London’s stock market is sliding this morning, as investors worry that the US government could shut down tonight in a spending row.The FTSE 100 index of blue-chip shares has dropped by 55 points, or 0.7%, to 8050 points, with banks among the big fallers.That means the FTSE 100 has lost 3% of its value this week, the worst weekly drop since August 2023.European stock markets are also in the red, with Germany’s DAX and France’s CAC 40 both down 1

Reeves may have to U-turn over no more tax rises, warn economists

A dramatic slowdown in economic growth and rising borrowing costs since the budget could undermine the government’s finances and force the chancellor, Rachel Reeves, to U-turn on pledges not to further increase taxes, analysts have said.With inflation on the rise again, the London stock market at its lowest point for more than a month and the Bank of England forecasting economic stagnation in the final three months of 2024, the government heads into the Christmas break weighed down by a gloomy outlook for the new year.The prospect of a trade war with the US after Donald Trump is inaugurated in January has also weighed on markets. In statements on social media on Friday, the president-elect threatened the EU with tariffs on exports to the US, which could be extended to include the UK.City economists said the rise in inflation over the past three months would force the Bank to maintain high interest rates, which would weigh on household spending and dent Reeves’s plans to grow the economy

US judge finds Pegasus spyware maker liable over WhatsApp hack

WhatsApp claimed legal victory over the maker of Pegasus spyware late on Friday.The Israeli company, NSO Group Technologies, was accused in a lawsuit by Meta’s messaging app of infecting and surveilling the phones of 1,400 people over a two-week period in May 2019 via its notorious Pegasus software.The judge in the case, Phyllis Hamilton, found the company had violated state and federal US hacking laws as well as WhatsApp’s own terms of service.NSO Group will face a separate jury trial in March 2025 to determine the damages it owes WhatsApp, the world’s most popular messaging service.WhatsApp said in a statement: “After five years of litigation, we’re grateful for today’s decision

Workers in Saudi Arabia say Amazon failed to compensate them for labor abuses: ‘They played a game against me’

Thirty-three of 44 current and former contract workers who paid large recruiting fees say they didn’t receive refunds after working within the company’s Saudi operations In February, one of the world’s richest employers, Amazon, announced it had refunded nearly $2m to more than 700 overseas workers who had been forced to pay big recruiting fees to get work at the company’s warehouses in Saudi Arabia.It was a rare win for migrant laborers, a class of vulnerable workers who are often targeted for deceptive recruiting tactics and other abuses. One Nepali laborer said he was so shocked when a refund from Amazon appeared in his bank account that he stayed up much of the night, rechecking his account balance on his phone.But not all of the migrants who had worked for Amazon in Saudi Arabia are happy with the online retailer’s efforts to make things right. Many say they never got any reimbursement from the company

Tyson Fury weighs in with war cry at 50lb more than Oleksandr Usyk

Tyson Fury will weigh at least 50lb more than Oleksandr Usyk when the two men fight for the world heavyweight championship in Riyadh. At the official weigh-in on Friday night, Fury scaled 281lb while wearing all his clothes, including a heavy black leather jacket to keep him warm in the biting December cold. Usyk, the defending champion, weighed 226lb after removing only his tracksuit top.The 55lb weight discrepancy will be slightly reduced in the ring – but it is striking that Fury weighed 19lb more than he did on the scales before their first fight in May. Usyk was just 3lb heavier than last time and, once he has stripped down to his boxing trunks and boots, he will be very close to the exact weight he was when he became the undisputed world heavyweight champion after he defeated Fury in an extraordinary and very close fight

Bill Beaumont appointed interim RFU chairman as civil war breaks out

Sir Bill Beaumont has been appointed as the interim chairman of the Rugby ­Football Union after Tom Ilube stepped down, sparking a civil war within the organisation amid accusations of “bullying, ­entitlement and elitism” between RFU council factions.On another dramatic day at the RFU, Ilube’s departure comes after an extraordinary emergency ­council meeting on Wednesday with some members accusing others of ­behaving like “a mob”.The announcement of Ilube’s departure came with a statement that he would “stay on to ensure a smooth transition to a new chair as soon as one is in place” but that was met with anger by the council rebels who questioned why he was not ­leaving immediately. It is understood there will be a brief handover period to Beaumont.On Friday a group of council members sent a furious letter to their ­colleagues