The UK economy stalled in July, with the gross domestic product (GDP) failing to grow as stagflation fears mount. This comes as G-7 finance chiefs prepare to meet to discuss tariffs imposed on China and India by Russia over oil purchases. Meanwhile, US President Donald Trump has downplayed a recent Russian drone breach, and there are signs of progress in trade talks between the EU and UK. In other news, OpenAI is set to receive a significant investment from Microsoft, and Adobe has provided a strong outlook after implementing AI features.

UK GDP Stagnates in July
The UK economy failed to grow in July, with the Office for National Statistics (ONS) reporting a 0% increase in GDP compared to the previous month. This marks the first time since January that the economy has stalled, and it comes as stagflation fears mount. The ONS noted that the slowdown was largely due to a decline in manufacturing output, which contracted by 1.2% on the month.

G-7 Finance Chiefs to Discuss China, India Tariffs and Russia Oil
As the UK economy struggles, G-7 finance chiefs are set to meet to discuss tariffs imposed on China and India by Russia over oil purchases. The meeting is expected to be tense, with the US urging its G-7 counterparts to impose high tariffs on China and India’s Russian oil purchases. This comes as fears of stagflation grow, with the International Monetary Fund (IMF) warning that a global economic downturn could be on the horizon.

US Downplays Russian Drone Breach
In other news, US President Donald Trump has downplayed a recent Russian drone breach, saying it may have been a “mistake.” The incident occurred last week, when a Russian Su-27 fighter jet intercepted and damaged an American reconnaissance drone over the Black Sea. While tensions between Russia and the US have been high in recent months, Trump has sought to downplay the incident, suggesting it may have been an accident rather than a deliberate act of aggression.

Trade Talks Progress Between EU and UK
Meanwhile, there are signs of progress in trade talks between the EU and UK. The two sides are reportedly close to reaching an agreement on a post-Brexit trade deal, with sources suggesting that a deal could be finalized within the next few weeks. This would mark a significant step forward for both parties, and could help to ease tensions ahead of the UK’s departure from the EU in January.

OpenAI Receives Significant Investment From Microsoft
In other news, OpenAI is set to receive a significant investment from Microsoft. The AI research organization will reportedly receive over $100 billion from the tech giant, with the funds intended to support its ongoing work in areas such as natural language processing and computer vision. This comes as OpenAI continues to push the boundaries of AI research, with its latest breakthroughs including the development of a new AI model that can generate high-quality images.

Adobe Provides Strong Outlook After Implementing AI Features
Finally, Adobe has provided a strong outlook after implementing AI features in its products. The software company reportedly saw a significant increase in revenue and profitability following the launch of its new AI-powered tools, which are designed to improve the user experience and drive growth. This comes as Adobe continues to invest heavily in AI research and development, with the goal of further enhancing its products and staying ahead of the competition.