Good evening. The Mandelson vetting fiasco is turning into a full-blown crisis for Starmer's government, with the PM refusing calls to resign after revelations that his pick for US ambassador failed Foreign Office security checks. The whole affair has left Labour MPs in despair and highlights serious dysfunction at the heart of Number 10, with questions swirling about whether Starmer knew about the failed vetting when he made the appointment. Both he and top Foreign Office officials are expected to face a grilling from MPs next week.
Meanwhile, markets are displaying remarkable resilience despite global turmoil, with oil prices actually slumping after the US and Iran declared the Strait of Hormuz open to shipping. Some tankers had reversed course amid confusion over the waterway's status, but investors seem to be looking straight through the geopolitical mess. In the tech world, there's significant movement at OpenAI with the departure of Kevin Weil, the former head of their Sora video generation project, as the company continues shedding what insiders call "side quests" to focus on core AI development.