Forest fires in Europe
Fires are changing the insurance industry
Europe's insurance companies are bracing for a new era of catastrophic risks, driven by rising temperatures on the fastest-warming continent in the world. Bloomberg reports.
Although it is too early to say how much this year's forest fires will cost, Tyson Vickery, CEO of insurance broker Marsh, points out that Spain's 2025 forest fire season resulted in economic losses of almost 5 billion euros. Only 1 billion of this value was insured.
The consequences are likely to be higher premiums for policyholders, higher losses for insurance companies and new methods to try to detect fires in time. In addition, financing methods for the industry, where the risk is transferred to the capital market via so-called catastrophe bonds, are predicted to become more common.
Britain's Future
Burnham is "pragmatic" about oil drilling in the North Sea
British Prime Minister Andy Burnham has told US President Donald Trump that the country will not "ignore" its resources in the North Sea, writes Bloomberg.
During a visit to Barrow in northwest England, Burnham said that he had told the president last week that he would take a "pragmatic" approach to oil.
- When people are struggling, we cannot ignore it, Burnham told reporters.
Trump criticized Burnham's representative Keir Starmer for not supporting the opening of new oil fields.
New oil exploration is likely to lead to criticism from the environmental movement and from the left wing of Labour.
Middle East crisis Strait of Hormuz
Saudi Arabia's oil revenues rise but GDP falls
Saudi Arabia reported on Thursday a budget deficit of 34.3 billion riyals (equivalent to 87 billion kronor) for the second quarter of 2026. Compared to the previous quarter, the deficit decreased by 70 percent. Reuters writes, citing Saudi state television.
Oil revenues rose during the quarter by 22 percent to the equivalent of 470 billion kronor.
The country's economy is being pressured by the war in the Middle East. According to preliminary statistics reviewed by Bloomberg, the country's GDP decreased by 4.8 percent on an annual basis during the quarter.
Microsoft's future
Microsoft on track for historic stock market record
Microsoft is well on its way to recording the largest increase in market value in a single day for any stock ever. Bloomberg writes.
Microsoft's stock is up around 17 percent just two hours before the stock market close. This means that the company's market value increases by around 490 billion dollars.
If the rise continues, it will break Nvidia's record for the largest increase in market value in a single day. Nvidia's value rose by $440 billion in one trading day in 2025.
In percentage terms, today's rise is the largest since October 2008 for Microsoft. Behind the rise is a quarterly report that the company released yesterday after the stock market had closed, a report that took the market by storm.
Meta's future
Analysts after the report: Harder to cheer for Meta now
Meta's interim report was a big disappointment for investors, writes Reuters. Cash flow collapsed and decreased by 91 percent, while profit was lower than expected and AI investments are being stepped up further.
Mike Proulx at the analysis firm Forrester notes that it was easier to cheer for Meta's AI investments when margins rose.
- It's harder now that the costs are visible in the numbers, he tells the news agency.
Luke Stillman, CEO of the analysis firm Madison and Walls, is instead focusing on the advertising business continuing to develop strongly.
The stock plunged more than 7 percent in after-hours trading last night.
