New UK Prime Minister Andy Burnham pledges immediate action on the cost of living: scrapping VAT from electricity bills. That, after announcing John Healey as his surprise pick for Chancellor. Elsewhere, Yemen's Houthis impose a naval embargo on Saudi Arabia, while President Trump warns Iran "will pay" for the deaths of US soldiers. And Novartis reaffirms its guidance after beating on the top and bottom lines, with second quarter net sales coming in at almost 14-and-a-half billion dollars.

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