Eurostar passengers suffer ‘nightmare’ disruption after ‘cable theft’ disrupts services; Nasdaq 100 tech share index hits record high – as it happened

Back at St Pancras, passengers have been telling my colleague Antonia Shipley about the disruption to Eurostar’s services.

Justin, 49, a location scout from California, was travelling with his wife and two children. They had to stay another night in London following delays caused by the two fatalities on the line yesterday.

He tells us:

‘We’ve been in London for seven days. We’re trying to go to Paris for seven days and then keep going through Europe. We’re on a family European vacation. So yesterday we got here and we were on one of the two trains that got let through. We got to the tunnel, basically, and they stopped it as someone jumped in front of the train so they sent us back.

By the time we got back here (London) it was 9:30 at night, and most of the hotels, everything was closed. I’ve got two kids. It was not fun, not a good experience. And then everything else booked up. Oh, nice. Right?

We booked that ticket five months ago. So we had to book a premier ticket. It was five times more expensive to just get on a train today. I think it was like 1,700.’

‘Right now, we’re trying to see if we can get on an earlier train. Or at least [see if ] they refund us our money and match the fee that we pay them.

Ed and Paul, 41 and 37, work in renewable energy and had to cancel a work meeting

‘We had a group going to a meeting in Paris at 5 o’ clock and we had to cancel the meeting, so it’s been a nightmare. It’s been pretty shocking. I woke up this morning and my colleagues were like “oh crap, all the trains have been cancelled”, and then it had like all the trains cancelled, and then suddenly some of them weren’t cancelled anymore, but ours was, and it was not great.

The app basically said, your journey is being disrupted, but they didn’t say your train’s definitely cancelled, so it’s been quite confusing and we’re wondering if we will still get our money back.’

One couple in their 70s from Coventry have had their holiday affected:

‘We had our train cancelled this morning and we’ve been waiting most of the day for Eurostar to make alternative arrangements, so now we’re leaving at 3’o clock to go to Gatwick to get a flight to Bilbao, which is an hour and a half from where we’re actually staying.’

Staff at one of the UK’s biggest bioethanol plants have been given a 24 hour reprieve after owners, Associated British Foods, said the operation was directly threatened by Keir Starmer’s US trade deal.

ABF Sugar, which owns the Vivergo plant in Saltend, Hull, had said it would open consultation on redundancies with around 200 staff today if the government did not step in to guard it against fresh competition from the US, facilitated by the tariff deal last month.

Under the deal, the US would be allowed export about 1.4bn litres of ethanol to the UK, around the same amount as the UK produces.

An ABF spokesperson said:

“At the request of the Government, ABF has agreed to postpone Vivergo closure decisions for 24 hours while discussions continue on the appropriate process for resolution of the issues facing the UK bioethanol industry.”

ABF heavily criticised the ethanol element of Starmer’s deal from the beginning, saying it would wipe out the British sector.

Back in the financial markets, the Nasdaq 100 Index of major technology companies listed in New York has hit a record intraday high.

The index is up 0.5% today, exceeding its previous peak set in February this year.

This underlines how stock markets have clawed their way back from their losses in March and early April, when trade war fears sent share price skidding.

Markets have been recovering since Donald Trump announced a 90-day pause on his new tariffs, triggering the TACO trade (‘Trump always chickens out’).

Mobeen Tahir, director of macroeconomic research & tactical solutions at Wisdomtree, says:

The ever-popular NASDAQ 100, often seen as a proxy for the US technology sector, has been heavily influenced by President Trump’s policy measures. Whether or not investors endorse the TACO trade, policy uncertainty is likely to remain elevated. And if the focus eventually shifts away from tariffs, perhaps corporate fundamentals like earnings and economic data points such as inflation, labour market strength, and GDP will return to the fore.

Maybe then, more traditional acronyms like FOMO (Fear of Missing Out), TINA (There Is No Alternative), and RINO (Recession in Name Only) will once again become topical. In any case, something will continue to keep investors engaged, and it will keep pushing the NASDAQ 100, one way or another.

Last night, the Nasdaq 100 ended at a new closing high:

There’s also relief today that the Israel-Iran ceasefire appears to be holding, which has lifted shares in travel companies this week.

French rail network operator SNCF has published a video clip, and photos, of a team of its workers fixing the damage to the high-speed line at Lille.

They say:

SNCF Réseau was the victim of a major act of vandalism in Lille. 600 meters of cables were stolen, which is affecting high-speed train traffic. Our teams are heavily mobilized on the ground.

SNCF also say its team is making “good progress” on the repair work; one of the tracks has been operational at normal speed since 12.30pm local time, with the other expected to be fixed by 4pm (3pm BST).

Eurostar have said they hope services will resume after 3pm BST (4pm CET).

In a statement, they explain:

“Due to a cable theft on the high-speed line (LGV Nord) near Lille this morning, all Eurostar services between London and Brussels/Paris are experiencing disruption, leading to extended journey times.

“SNCF Réseau teams are working hard to restore the damaged infrastructure, with one track already reopened. This allows trains to run in both directions until full repairs are completed, expected by around 3pm/4pm CET.

“Customers have been contacted directly with updates and available options, and Eurostar is advising those due to travel today to postpone their journey with free exchanges and refunds available.

We’re very sorry for the continued disruption and the impact this is having on our customers. Our teams are working hard to support customers in the stations.”

In the banking sector…The Lending Standards Board has announced it will be winding down in October, after a wave of banks pulled membership and funding from the independent oversight body.

The move creates what its staff say is a “critical gap in protection” for small and medium sized businesses.

Santander, Lloyds Banking Group, HSBC UK, Barclays Bank, National Westminster Bank, TSB Bank, and Atom Bank have all withdrawn from the LSB since 2024.

It comes a year after another voluntary body, the Banking Standards Board, shuttered on similar grounds.

Banks have said the groups are less relevant since the Financial Conduct Authority launched its Consumer Duty, which sets higher, clearer standards of protection, and explicitly requires companies to “put customers’ needs first”.

Commenting on the closure, slated for 31 October, LSB chair Ken Scott said:

“The withdrawal of the large high street banks has had three critical consequences. It has removed independent oversight for thousands of SME customers, increasing the risk of harm in areas not covered by statutory regulation.

It has placed pressure on other firms that recognised the value of registration but found it harder to justify engagement without the continued participation of major high street lenders.

And it has ultimately undermined the commercial viability of the LSB’s Standards and Codes – affecting not only the customers of those who withdrew, but also those served by firms that remained committed to independent oversight.”

The LSB created standards and codes of practice for its signatories, some of which covered issues outside of formal regulation, including how banks were handling push payment fraud (before current reimbursement rules were introduced) and SME lending. They also produced research outlining shortfalls and best practice across the industry.

While its powers were relatively limited, it had the ability to issue formal public warnings, and was sometimes cited in decisions issued on individual complaints by the Financial Ombudsman Services.

The LSB cost millions of pounds to run, and started cutting staff after banks withdrew funding, going from 22 staff last year to 15 today.

Here are some photos from St Pancras, where Eurostar passengers are suffering delays and cancellations to their journeys today

University graduates in the UK are facing the toughest job market since 2018, as employers pause hiring and use AI to cut costs, according to data from Indeed.

The number of roles advertised for recent graduates is down 33% compared with last year and is at the lowest level in seven years, according to the job search site.

It comes as the UK’s claimant count, which measures the number of people claiming unemployment-related benefits, increased to 1.7m people in May, 107,000 more than in April 2024.

We want to hear from graduates, parents and recruiters on this issue.

How is artificial intelligence affecting the graduate hiring landscape? In what ways is AI changing the nature of specific job roles? If you’re a upcoming or recent graduate, how have you found job-seeking? If you’re a recruiter, how has your organisation changed what it looks for in new employees?

Passengers on the Eurostar train service are facing delays and cancellations after a cable theft disrupted operations today.

Eurostar has warned that a cable theft near Lille, in France, means its trains are likely to be subject to severe delays and last-minute cancellations.

It has apologised, and advised passngers to cancel or postpone their trip.

According to Eurostar’s service update page, six trains have been cancelled already today – the ES 9007, ES 9013 and the ES 9023 from Paris Gare du Nord to London St Pancras, and the ES 9008, ES 9018 and ES 9038 from St Pancras to Gare du Nord.

That also follows disruption yesterday, after two people were struck by trains on Tuesday.

The price of the world’s first malaria vaccine for children in endemic countries will be reduced by more than half, to less than $5, according to the drugmakers GSK and Bharat Biotech.

The vaccine, called Mosquirix or RTS,S, was developed by GSK and the non-profit health organisation PATH, and was the first malaria vaccine to be recommended by the World Health Organization in October 2021. It is one of two malaria shots recommended by the WHO.

GSK is working on a technology transfer to Bharat, and will continue to supply the adjuvant component of the vaccine to Bharat when the Indian drugmaker fully takes over production of the shot by 2028 (the adjuvant is given to boost the immune response).

The companies said the price reduction is driven by process improvements, expanded production capacity, cost-effective manufacturing, and minimal profit margins.

The vaccine will be rolled out to 12 African countries through routine vaccination programmes by the end of this year, as part of the global Gavi vaccine alliance.

The shot is given to children via four doses, with the first at the age of five months.

Bharat, based in Hyderabad, has invested more than $200m in higher-output manufacturing facilities, product development and technology transfers.

Dr Kwaku Poku Asante, director of the Kintampo health research centre in Ghana, hailed the price reduction as a “pivotal moment” for the malaria community.

He said:

“As an epidemiologist working in malaria vaccine development and delivery, I have seen the impact malaria vaccines are already having on children in high-burden regions of Africa. As a result of the collaboration between the research community in implementing endemic countries, industry, NGOs and multilateral organisations, the world’s first malaria vaccine is helping to reduce all-cause mortality and hospitalisations of severe malaria among children.

“Any lower cost vaccine means children in the most affected communities in endemic countries can be protected. Sustained affordability is essential to ensuring that the progress we’ve made in malaria control is not only maintained, but accelerated.”

In a recent evaluation of the impact by the WHO of an immunisation programme in Ghana, Kenya and Malawi, where over 2 million children received the RTS,S vaccine between 2019 and 2023, the WHO found a 13% reduction in mortality and a 22% reduction in hospitalisations of severe malaria among children age-eligible for vaccination.

Despite the squeeze on the public finances, the UK government has reportedly pledged to spend close to £500m on transport and infrastructure improvements to secure the UK a massive new theme park.

The 476-acre site, south of Bedford, is being planned by US media group Comcast and will be the first Universal-branded theme park and resort in Europe.

According to the Financial Times, the government is planning almost £500m of “infrastructure investment”, including about £270m in rail network upgrades including a new station at Wixams and about £200m for road works. The site is about 35 minutes north of London by train.

Comcast announced in April that it proposed building “a world-class theme park”, which will include “several themed lands”, rides, attractions and other entertainment, alongside a 500-room hotel and a retail, dining and entertainment complex.

Eyebrows may be raised, though, that the UK government can stump up half a billion pounds to improve the transport links, given it is also pressing on with controversial welfare reforms in the face of a growing backlash from its own MPs.

Comcast said in April that the decision to move ahead with the UK project follows a more than year of due diligence and is subject to securing planning approval, with a projected construction start date in 2026.

Looking back at trade tensions… the European Union is planning to retaliate if the US imposes its 10% baseline levy on its goods.

“We will need to retaliate and rebalance in some key sectors if the US insists on an asymmetrical deal,” the EU’s industry chief, Stephane Sejourne, told Bloomberg News, including if the “outcome of the negotiations is that a 10% tariff remains.”

The EU and US are trying to reach a trade deal before 9 July, when the 90-day pause on tariffs ends.

Bloomberg report that EU officials expect the US to keep some duties in place, even after trade negotiations are concluded. Until now, the European Commission, which handles trade matters for the EU, hasn’t indicated if that would trigger retaliation from the bloc.

More here: EU Warns a Baseline Trump Tariff Would Still Spur Retaliation

After several turbulent sessions, the financial markets seem calm this morning, as the Israel-Iran ceasefire holds.

London’s FTSE 100 share index has just opened 0.1% higher, up 10 points at 8768, despite reports that the US bombing of Iran’s nuclear facilities may only have set the nuclear program by a few months.

Germany’s DAX has risen 0.3% at the open, with France’s CAC gaining 0.16%.

Oil is slightly higher this morning, with Brent crude up 1.6% at $68.23 per barrel. That follows two days of heavy falls – down 7% on Monday, and 6% yesterday.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, says:

‘’Optimism about the fragile ceasefire holding between Iran and Israel has bubbled through markets, lifting equities, but more doubts are now creeping in about the truce holding.

Wall Street rose in a relief wave, pushing the S&P 500 close to record highs. Sentiment has held up in Asia and European indices largely look set for a positive start to trading. Nevertheless, a little more uncertainty is seeping in. A leaked report from US Intelligence casting doubt on the effectiveness of the US strikes in crippling Tehran’s nuclear capabilities, has led to some worries that military action could resume.

Oil prices remain volatile with Brent Crude heading slightly higher on the speculation about hostilities breaking out again. It’s trading above $68 dollars a barrel, also gaining strength from industry data indicating supplies are tighter in the market.

Babcock, one of the biggest suppliers to the Ministry of Defence, has reported a 52% rise in pre-tax profit to £329m for its latest financial year, as its chief executive hails a “new era of defence” this morning.

David Lockwood, the boss of the FTSE 100 company, said:

“There is increasing recognition of the need to invest in defence capability and energy security, both to safeguard populations and to drive economic growth.”

Shares in Babcock have roughly doubled in value in the past year, as various governments have ramped up their commitments to defence spending in the wake of Russia’s invasion of Ukraine and conflict in the Middle East.

Babcock, which employs more than 26,000 people, is perhaps best known for managing Devonport, a naval dockyard in southwest England that is the largest of its kind in western Europe.

Revenue rose by 11% in its latest financial year, driven by strong growth in its nuclear and marine divisions. The nuclear business grew particularly strongly, with revenue up 19%. The company upgraded its guidance over the medium term, with an expected underlying profit margin now at 9%, up from previously forecast 8%. Babcock also announced it would buy back £200m worth of its own shares over the course of its current financial year.

Lockwood, who has led the business since 2020, noted that “a combination of continued global insecurity, rising global threats and rapidly evolving technology” had resulted in a stronger stance on defence and security by governments across its markets.

Babcock told the City:

“Nations are increasingly focused on securing national sovereignty and industrial resilience, prioritising equipment and infrastructure modernisation, evolving technologies and the need to work in partnership with industry.

These trends are likely to drive significant defence spending and increased investment in the civil nuclear sector for the foreseeable future.”

Chinese premier Li Qiang has warned today that global trade tensions are “intensifying”.

Speaking at the opening ceremony of the World Economic Forum’s Annual Meeting of the New Champions 2025 in Tianjin, Li said the global economy was “undergoing profound changes” – a nod to Donald Trump’s trade wars that have shaken the global economy this year.

Li told the event, dubbed the “Summer Davos”:

“Protectionist measures are significantly increasing and global economic and trade frictions are intensifying.

“The global economy is deeply integrated and no country can grow or prosper alone.”

“In times when the global economy faces difficulties, what we need is not the law of the jungle where the weak fall prey to the strong, but cooperation and mutual success for a win-win outcome.”

Speaking a few weeks after the US and China hammered out a new trade ‘framework’, Li also insisted China would “open its doors still wider to the world.

And, in a rebuff to criticism of the world’s current trading systems, Li insisted that economic globalisation will not be reversed, and will “only carve out a new path.”

Good morning, and welcome to our rolling coverage of business, the financial markets, and the world economy.

Tesla’s sales across Europe are continuing to slide, even as demand for electric cars rises.

The latest car sales data, just released, shows that Tesla sold 8,729 vehicles across the European Union last month, down from 14,682 in May 2024. That’s a 40.5% drop, which shrinks Tesla’s market share from 1.6% to 0.9%.

Tesla’s shares have been sliding across Europe through 2026, a decline blamed on CEO Elon Musk’s political activities, the company’s outdated model lineup, and competition from rivals such as China’s BYD.

Musk’s high-profile blow-up with president Trump, at the start of June, came too late to affect today’s data. Tesla will be hoping that its updated Model Y model, which was expected to roll out in Europe this month, can reverse the sales slump.

Overall, sales of electric cars rose by 25% last month – with 142,776 battery electric cars sold, up from 114,231 in May 2024.

ACEA, the industry body that collates the data, reports:

• Up until May 2025, battery-electric cars accounted for 15.4% of the total EU market share, an increase from the low baseline of 12.1% in May 2024 YTD.

• Hybrid-electric car registrations continue to surge, capturing 35.1% of the market, remaining the preferred choice among EU consumers.

• Meanwhile, the combined market share of petrol and diesel cars fell to 38.1%, down from 48.5% over the same period in 2024.

The overall European car market grew by 1.6% in May, year on year, but is down 0.6% during 2025.

The agenda

• 10am BST: Treasury committee hearing on the spending review, with Darren Jones MP, Chief Secretary to the Treasury

• Noon BST: US weekly mortgage approvals data

• 3pm BST: US new home sales data for May

• 3pm BST: Federal Reserve chair Jerome Powell’s second day of testimony to Congress