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The identification of two critical vulnerabilities in PHP, a programming language which underpins around 70% of the world’s websites, has led to government agencies and businesses worldwide taking their websites offline. The flaws could allow hackers to take control of web servers without a password. The organisation behind the language issued a patch on Wednesday after researchers testing cyberdefences discovered the flaws. The UK’s National Cyber Security Centre told organisations to check for “backdoors installed by an attacker.” Prof Alan Woodward, a cybersecurity expert at Surrey University in the UK, said: “The big thing is for everyone using [the patch] to get that in to make sure their systems are safe. The troubling part is there is going to be a long tail of websites who may not be maintained as well and they are going to remain vulnerable, which means we may see weeks and months of ongoing attacks.”

 

BBC News

Daily Mail

The Guardian

Saudi Arabia has postponed until next year the Future Investment Initiative, the kingdom's big investor conference that was originally scheduled to take place in Riyadh from Oct. 26 to Oct. 29. The decision comes after Houthi militants attacked the international airport in the Saudi capital, leaving at least 12 people dead and hundreds injured. Saudi Arabia’s sovereign wealth fund launched the so-called 'Davos in the desert' in 2017. The conference has played a key role in the kingdom's plans to diversify its oil-dependent economy. Expected speakers for this year's event included Goldman Sachs CEO ​and Chairman David Solomon, Standard Chartered CEO Bill Winters and Citi's CEO Jane Fraser.

 

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Wall Street Journal

Office for National Statistics (ONS) data shows that UK inflation rose from 3.1% in August to 3.5% in September, exceeding City forecasts of 3.4%. The figures came alongside worse-than-expected government borrowing of £24.5bn, adding pressure on Chancellor John Healey ahead of next week’s Budget. The ONS said government debt interest payments reached £10.9bn last month, the highest September figure on record, with higher inflation adding £4bn to the bill. Total government debt was estimated to have reached £3trn, while public sector net borrowing for the financial year so far stood at £97.8bn – £6bn above the Office for Budget Responsibility’s forecast. Higher fuel costs were the biggest driver of inflation and economists have warned that higher transport and energy costs would push prices up further over the winter, potentially taking inflation to 4% by early 2027. 

 

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Reuters

The Daily Telegraph

The Guardian

The Times

Since 2019, German industry has lost approximately 496,000 jobs, a decline of 7.1%, according to the Ifo Institute. The automotive sector has been particularly affected, with 123,500 job cuts, while metal and machinery sectors have also seen significant reductions. In contrast, the service sector added over 2.2 million jobs, primarily in health and social services. Joachim Ragnitz, managing director at Ifo, said the development was indicative of an "accelerated structural shift" in Germany. "Ironically, the very sectors that have sustained our prosperity up to now are shrinking," he said. "The new jobs are for the most part not being created where Germany is especially productive and innovative. That may slow down our growth potential in the future."

 

Daily Sabah

Bank of England Governor Andrew Bailey has warned that AI-sector borrowing could threaten financial stability if trust in the technology weakens. Morgan Stanley expects AI-linked companies to borrow $500bn this year to finance data centres and projects worldwide. Investors fear debt-funded capacity could outstrip demand or face tighter regulation. Bailey said the Bank must monitor leveraged AI investment carefully because "we could see a correction," adding that "everybody is priced to be a winner" in increasingly concentrated technology markets. 

 

The Daily Telegraph

Carrefour has lowered its full-year profit guidance following widespread protests, rioting and looting across France which have disrupted trading and weakened consumer confidence. The supermarket group now expects adjusted earnings per share to remain stable or grow slightly, compared with its previous forecast of high single-digit growth. Approximately 50 Carrefour stores were affected on the first day of unrest, with damage, reduced opening hours and higher security costs contributing to a potential €200m impact on profitability. The company has also reduced its profitability and capital expenditure targets.

 

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Reuters

Jeffrey Dawkins, former chief executive of Vector Wealth, has been banned from senior roles and fined £270,000 by the Financial Conduct Authority after he misled the City watchdog about his control of the firm. He acted as a front for a disqualified director who had sold risky mini-bonds. Investors lost an estimated £4m after Vector's collapse in 2022. Kadir Kanizi, a former senior manager, was also banned and fined £20,000 for failing to warn investors about risks.

 

The Times

Pakistan’s garment industry is facing growing concerns over dangerous working conditions as climate change intensifies extreme heat in factories supplying international brands, including Zara and Mango. Workers in Karachi have reported fainting, dehydration, respiratory problems, and lost wages due to inadequate ventilation, limited breaks, and insufficient cooling measures. An Associated Press investigation found that factories frequently lacked temperature monitoring and effective heat protection protocols, despite corporate commitments to worker safety. Inditex, Zara’s parent company, has pledged stronger supplier audits and training, while Mango has updated its supplier code to address extreme temperatures. However, labour rights advocates have criticised weak enforcement, and heat safety protocols under the International Accord for Health and Safety remain under review. Experts have urged manufacturers to introduce improved ventilation, reliable drinking water, and regular rest breaks to protect workers as temperatures continue to rise.

 

US News and World Report

Southern Italy has seen widespread food and fuel shortages as truck drivers protest against soaring diesel prices linked to the Iran war. Demonstrations have disrupted supermarket deliveries in Naples, Sicily, Calabria, and Puglia, leaving shelves and gas station pumps empty. Diesel prices have risen approximately 33% since the conflict began, increasing pressure on transport operators. Italian Transport Minister Matteo Salvini has pledged tax credits and additional financial support to offset rising costs. Payments were expected to begin on October 21st and further negotiations are scheduled for next week.

 

AP News

The Unite union is pushing back after UK bank NatWest told more than 30,000 remote and hybrid workers they would have to work from the office at least twice a week from February. "This is yet another kick in the teeth for workers who have suffered years of real-terms pay cuts and who are struggling to make ends meet," Unite general secretary, Sharon Graham, said. "NatWest’s decision is completely out of touch with the realities facing its workforce," she added, pointing out that thousands of staff would face higher travel and childcare costs as a result. A NatWest spokesperson said: "Flexible working remains an important part of how we work but we’ve also learned more about the value that spending time together brings for our colleagues and customers – helping teams collaborate, share ideas, build relationships and learn from one another."

 

Financial Times

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City AM

Daily Mail

The Guardian

According to a report by the Center for Strategic and International Studies and the George W. Bush Institute, around 12,000 North Korean workers at a Russian drone factory in Tatarstan are being subjected to severe human rights abuses and trafficking. The report looks at how Russia, North Korea, China and Iran are involved in expanding unmanned aerial vehicle (UAV) production at the Yelabuga facility, and what each country stands to gain. It highlights that North Korea retains up to 90% of the workers' wages, effectively enslaving its citizens for profit. Song Young-Chae, a human rights activist, said: "Life in North Korea is not easy, but these people are being sent to Russia as slaves." The report calls for international action to address the abuses and disrupt trafficking networks.

 

Deutsche Welle (EN)