In today’s newsletter:

Good morning. China’s blistering stock market rally cooled yesterday after Chinese authorities held off on unveiling more stimulus for the economy.

The blue-chip CSI 300 index of Shanghai- and Shenzhen-listed stocks surged 10.8 per cent upon opening after a week-long holiday, before falling back to close 5.9 per cent higher. Hong Kong’s Hang Seng index plunged 9.4 per cent, its worst day since October 2008, after having risen 11 per cent over the previous five days.

Investor expectations had been building that Beijing would detail plans for greater fiscal spending to complement a monetary stimulus that had propelled Chinese equities to their best week since 2008.

But markets were disappointed when state planners did not announce major stimulus measures yesterday, analysts said.

“This is what happens when you feed the monster,” said Alicia García-Herrero, chief Asia-Pacific economist at Natixis. “Every day you need to increase the amount of food or it turns against you.” Read the full story.

Here’s what else I’m keeping tabs on today:

• Monetary policy: India and New Zealand’s central banks announce interest rate decisions.

• Japan: New Prime Minister Shigeru Ishiba will dissolve parliament ahead of elections on October 27.

• Results: Taiwan Semiconductor Manufacturing Company, the world’s largest chipmaker, reports September sales.

Five more top stories

1. Exclusive: Chevron is in talks to sell its east Texas natural gas assets to Tokyo Gas, said three people familiar with the discussions, as the Japanese utility looks to expand its access to the abundant US shale patch. If completed, the deal would bolster Tokyo Gas’s drive to secure supplies for its home country, which relies on fossil fuel imports to meet its energy needs.

2. Samsung Electronics has issued a public apology and acknowledged that the company is considered to be in “crisis”, following the release of worse than expected profit guidance. The company’s share price has fallen almost 30 per cent over the past six months amid growing concern over its lack of competitiveness in cutting-edge chips used in artificial intelligence systems.

3. Donald Trump had as many as seven conversations with Vladimir Putin after he left the White House, according to explosive reports that raise fresh questions about the former US president’s relationship with the Russian leader. The claims stem from a forthcoming book by veteran journalist Bob Woodward, which also reveals Trump secretly sent Putin Covid-19 tests for his personal use at the height of the pandemic.

4. India will radically reform regulations and invite foreign oil majors to explore both onshore and offshore as it races to extract as much oil as possible while there remains a market for crude, the country’s oil and gas minister has said. Hardeep Singh Puri spoke about his efforts to trigger more oil exploration at the FT’s Energy Transition Summit India in Delhi.

5. The Israeli military deployed thousands more troops in Lebanon and signalled an expanded ground offensive against Hizbollah. The Israel Defense Forces may now have more than 20,000 troops in the country, a significant rise on the initial force that invaded last week.

The Big Read

Most US allies would prefer Kamala Harris’s election victory over the presumed unpredictability of a second Donald Trump term. “If she wins, we will have a national holiday!” an official from one of Washington’s long-standing Asian partners joked. But the vice-president would enter the Oval Office with one of the least articulated visions of the world and America’s place in it. Critics of Harris say she has yet to clearly define her foreign policy vision, but the contours of a philosophy are starting to emerge.

We’re also reading . . . 

• Exploding pagers: The risk of hardware tampering is rising as companies devote few resources to verifying the origin of components, writes Chip War author Chris Miller.

• ‘Superfast charging’ EVs: Asian battery makers are racing to develop new generations of cells for electric vehicles that will make charging as fast as filling up at the pump.

• Book review: In The Great Transformation, Odd Arne Westad and Chen Jian provide a superb history of China’s transition into and out of the Cultural Revolution.

Chart of the day

Donald Trump’s proposed tariffs would not deliver the industrial regeneration protectionists desire, writes Martin Wolf. In fact, they would have the opposite effect, and inflict great harm on the global economy.

Take a break from the news

UK-based Afghan singer Elaha Soroor uses music to respond to the Taliban’s brutal suppression of female voices. “I don’t want to preach to anybody, but I can talk about my own experience,” she told the FT. But can a song change anything? Here’s what Soroor said.

Additional contributions from Gordon Smith and Irwin Cruz

THE advertising watchdog has ruled against six major broadband companies after they failed to meet advertising standards.

BT, EE, Plusnet, TalkTalk, O2 and Virgin have all been told to take down certain ads on their web pages by The Advertising Standards Agency (ASA) after it said they did not make potential price increases clear.

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The watchdog ruled that the firms had not been clear about how much customers’ bills would go up due to mid-contract price hikes.

Mid-contract price hikes are increases to your bill during your contract term.

Broadband and mobile phone firms typically increase bills every March/April in line with Consumer Prices Index (CPI) inflation, plus an extra fixed amount – often 3% – to account for other rising costs.

But the ASA said telecoms firms had made information about these rises too difficult for customers to find and that the adverts “must not appear again”.

For example, it said in some cases the firms had placed this information separately to the headline prices quoted on the advert, and in a less prominent position.

The watchdog said it had received multiple complaints from customers who felt they had been misled, and stated that the companies had “fallen foul of guidance” .

For example, it said an advert on the BT website featured the headline: “Get Ultrafast Full Fibre 100 for only £29.99 a month.”

But in much smaller text, the ad said: “Prices rise each year on 31 March by £3 – 24 month [sic] contract.”

And the ASA said the relevant information about price rises in EE’s ad “would likely have been overlooked because of its placement at the bottom of the page.”

The providers have been reminded that in future such price increases must be displayed prominently rather than in small print.

These rulings came as a reminder of CAP’s most updated guidance which was released December 2023.

The guidance said that “certain material information must be provided to consumers, in a specified format, before they can agree to enter into a contract for phone or broadband services.”

A Virgin Media O2 spokesperson told The Sun: “After working closely with the ASA to update our website and provide prominent advice about any price changes, we are surprised and disappointed by their ruling.

“Consumers visiting our website are greeted with a prominent message at the top of the page explaining in large bold font how and when price rises take effect, and this explanation is also always visible when consumers scroll, ensuring they are not misled.

“While we’re confident in the steps we’ve taken to repeatedly provide consumers with clear and easy-to-understand information about any price rises, we’ll carefully review their judgement and implement any necessary changes.”

The Sun also offered the other broadband providers the opportunity to reply and have not heard back – we will update readers if this changes.

This is not the only time providers have been warned about transparency with customers lately.

Last week, it also emerged that the regulator Ofcom had set new rules for network providers, so they must now warn customers when they might be hit with data roaming costs.

Data roaming is when you connect to another country’s network while travelling, costing as much as £6 per MB of data used.

The regulator ruled that providers must tell customers when these fees were happening to prevent them being unexpectedly charged.

Uswitch’s mobiles expert Ernest Doku pointed out that “while this is good news there is still inconsistency between providers – meaning a lack of clarity for consumers, who were hit with £539 million in unexpected roaming charges in 2023.”

To check your network or broadband rate visit your online account or phone your provider.

We recommend you always read the small print when buying into new contracts or making any changes to your location.

Do you have a money problem that needs sorting? Get in touch by emailing money-sm@news.co.uk.

Plus, you can join our Sun Money Chats and Tips Facebook group to share your tips and stories

Corporate reorganisations can be hugely unsettling for employees, whose working lives can change overnight. What can managers do to make these periods of flux as easy as possible for their charges? Isabel Berwick speaks to work researcher Christine Armstrong, and Andrew Hill, the FT’s senior business writer. They discuss how to get ahead of gossip, why clarity is king when you deliver bad news, and the dirtiest office secret of all: that work isn’t your whole life.

Want more? Free links:

Silent lay-offs are rarely as quiet as bosses hope

We’re all busy again’, say UK restructuring experts

The anatomy of a corporate turnaround

Presented by Isabel Berwick, produced by Mischa Frankl-Duval, mixed by Simon Panayi. The executive producer is Manuela Saragosa. Cheryl Brumley is the FT’s head of audio.

View our accessibility guide.

Brits care almost four times as much about the cost of living as they do about climate change, a new survey has shown.

The figures underline long-held concerns that many cash-squeezed Brits have to prioritise their budgets rather than considering more expensive green electric cars or heat pumps and solar panels.

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While net zero is considered a pressing issue, it still falls far behind Brits’ lists of concerns and after the cost of living, the quality of the NHS, the economy and immigration, according to a survey of 12,000 households by British Gas.

However, threat of climate change is still seen as the fifth most important issue to Brits and even comes above housing, crime, Brexit, welfare spending or terrorism.

Despite the government’s net zero obsession, almost two-thirds of Brits reckon the UK will not hit its targets by 2050.

The survey also revealed that almost half of Brits believe that heating bills should be kept low, even if it means doing so will contribute more to climate change.

While eight in ten Brits said they would be willing to make changes to their home to tackle climate change, two thirds are put off by the cost of installations and worries that upfront costs won’t actually reduce energy bills.

More than half of the survey respondents said that the current system of grants and subsidies for energy reduction schemes was difficult to understand.

AIRLINES have cancelled flights to Florida after a state of emergency was declared in the US hotspot.

Hurricane Milton, a category 4 hurricane, is expected to make landfall in Florida on Wednesday (October 11, 2024).

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More than a million people have been ordered to evacuate from its path, with a further six million put under hurricane watch warning.

It will be the worst storm to impact the Tampa area in more than 100 years if it stays on the current track, according to the National Weather Service.

Given the stark warnings, airports across Florida will close to customers, affecting flights from the UK.

Tampa International Airport will be closed from 9am on Tuesday, October 8, (today), with Orlando International Airport expected to close at 8am on October 9 (tomorrow).

Melbourne Orlando International Airport will close to passengers at 2pm on October 9 (tomorrow).

St. Pete-Clearwater International Airport, which serves the Tampa Bay area, will also cancel flights on Wednesday and Thursday.

Holidaymakers are being encouraged to check with their airline to see if their flights have been impacted by Hurricane Milton.

Given the adverse weather conditions airlines like Virgin Atlantic, TUI and British Airways have cancelled upcoming flights from the UK to Florida, with multiple airports affected.

In a statement on its website, Virgin Atlantic told customers: “Due to adverse weather conditions expected to be caused by Hurricane Milton, a state of emergency has been declared in Florida.

“Unfortunately, this has impacted Virgin Atlantic’s flying schedule, and services to and from Orlando and Tampa are subject to cancellations and delays.”

Virgin Atlantic have cancelled the following flights from the UK:

Tuesday 08 October 2024

Wednesday 09 October 2024

• VS129 – London Heathrow to Tampa
• VS130 – Tampa to London Heathrow
• VS074 – Orlando to Manchester
• VS075 – Manchester to Orlando
• VS076 – Orlando to Manchester
• VS091 – London Heathrow to Orlando
• VS092 – Orlando to London Heathrow
• VS135 – London Heathrow to Orlando
• VS136 – Orlando to London Heathrow
• VS225 – Edinburgh to Orlando has been delayed by 23 hours and is expected to operate on October 10

Thursday 10 October 2024

• VS091 – London Heathrow to Orlando

A Virgin Atlantic Spokesperson added: “The safety and comfort of our customers and crew is our top priority and we are contacting any Virgin Atlantic and Virgin Atlantic Holiday customers who may be impacted by the hurricane to discuss their options.

“We ask that anyone travelling checks the status of their flights on virginatlantic.com for the latest information. We’d like to thank our customers for their patience as we work through the impact of Hurricane Milton.”

The airline is contacting impacted customers to discuss their options and to rebook customers onto alternative flights.

Tour operator TUI has also had to cancel one flight to Florida, with two others also potentially impacted by Hurricane Milton.

A statement on the TUI website reads: “The safety of our customers is our top priority, and we are closely monitoring the path of Hurricane Milton which is forecast to be a storm of significant strength and pass over Florida from Wednesday.

“As a result Melbourne International Airport is expected to be extremely disrupted, as will our flying programme.

As a result of the closure of Melbourne International Airport, we have made the difficult decision to cancel flight TOM070 from London Gatwick Airport on Wednesday the 9^th of October. We are contacting customers directly to discuss their options.”

Wednesday 09 October 2024

TUI have yet to cancel flights to Melbourne Orlando International Airport on Thursday, October 10, but are “closely monitoring the situation and will update customers as soon as possible”.

These flights include:

Thursday 10 October 2024

Sun Online Travel have contacted TUI for comment.

A number of British Airways flights have also been cancelled because of the category 4 hurricane, with the following flights impacted:

Tuesday 08 October 2024

• BA 2167 from London Gatwick to Tampa

Wednesday 09 October 2024

• BA 2167 from London Gatwick to Tampa
• BA 2037 from London Gatwick to Orlando
• BA 2039 from London Gatwick to Orlando

A spokesperson from British Airways said: “Safety is always our highest priority, and we continue to monitor the situation closely.

“As with other airlines, we are adjusting our flight schedules where airport closures occur and providing any affected customers with alternatives including flight rebooking options or full refunds.”

Other airlines like Finnair, Delta and American Airlines, which also fly direct from the UK to Florida, will see their flights cancelled.

Holidaymakers are being urged to contact their booked airlines for further details.

Flight compensation rules

A look at your rights if a flight is delayed or cancelled, when your entitled to compensation and if your travel insurance can cover the costs.

What are my rights if my flight is cancelled or delayed?

Under UK law, airlines have to provide compensation if your flight arrives at its destination more than three hours late.

If you’re flying to or from the UK, your airline must let you choose a refund or an alternative flight.

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You will be able to get your money back for the part of your ticket that you haven’t used yet.

So if you booked a return flight and the outbound leg is cancelled, you can get the full cost of the return ticket refunded.

But if travelling is essential, then your airline has to find you an alternative flight. This could even be with another airline.

When am I not entitled to compensation?

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The airline doesn’t have to give you a refund if the flight was cancelled due to reasons beyond their control, such as extreme weather.

Disruptions caused by things like extreme weather, airport or air traffic control employee strikes or other ‘extraordinary circumstances’ are not eligible for compensation.

Some airlines may stretch the definition of “extraordinary circumstances” but you can challenge them through the aviation regulator the Civil Aviation Authority (CAA).

Will my insurance cover me if my flight is cancelled?

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If you can’t claim compensation directly through the airline, your travel insurance may refund you.

Policies vary so you should check the small print, but a delay of eight to 12 hours will normally mean you qualify for some money from your insurer.

Remember to get written confirmation of your delay from the airport as your insurer will need proof.

If your flight is cancelled entirely, you’re unlikely to be covered by your insurance.

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Meanwhile, booking certain flights can help passengers avoid travel problems.

And this airline worker showed how to avoid cancellation problems.

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Covering weight-loss drugs for elderly Americans on the state-backed Medicare health insurance programme would cost the US government $35bn over the next nine years, a congressional analysis has found.

Currently, Medicare, which provides prescription drugs to about 54mn over-65s in the US, only covers anti-obesity medications, such as Novo Nordisk’s blockbuster Wegovy, for patients suffering from another comorbidity, such as stroke risk, heart disease or sleep apnoea. 

Novo Nordisk and Eli Lilly, the leading anti-obesity drugmakers, have been calling on lawmakers to change the rules so that the drugs can be covered for obesity alone. While a law prohibits Medicare from covering anti-obesity medications just for weight loss, a bill under consideration by the House of Representatives is aimed at changing that. 

An analysis by the Congressional Budget Office, published on Tuesday, found that expanding coverage for drugs from the start of 2026 would cost the federal government about $1.6bn to meet the costs for an estimated 300,000 patients in the first year, rising to $7.1bn to cover 1.6mn patients by 2034. Over the course of nine years, it would cost a projected $35bn.

The analysis concluded that cost savings from improving other health outcomes, which have been heralded by drugmakers pushing for wider coverage of the drugs, would not offset the costs of the treatments. In 2034, such savings would amount to approximately $1bn, the CBO found.

Net Medicare spending on prescription drugs is projected to total about $120bn this year.

The much-anticipated analysis comes as debate grows around the costs of the treatments and as healthcare systems begin to plan for a future in which they are increasingly widely available. Democratic senator Bernie Sanders has accused Novo Nordisk of “ripping off” the American people with Wegovy, whose wholesale price comes to nearly $1,350 a month, warning that the drugs could bankrupt Medicare.

Novo Nordisk and Eli Lilly, which is behind the Zepbound jab, are working on trials of the drugs in other indications, such as sleep apnoea, and submitting data to regulators to open a path to the treatments being covered by Medicare.

“We’re going to eat the elephant one step at a time here . . . by proving the indications not just to lower weight but for the consequences of that,” Eli Lilly chief executive Dave Ricks told the Financial Times last month. He predicted that insurers and Medicare would eventually come around to the logic of covering the drugs just for weight loss.

Benedic Ippolito, a senior fellow at the American Enterprise Institute, a think-tank, said that while $35bn was “not trivial”, it was “far less catastrophic” than “the borderline doomsday scenarios” suggesting that the drugs would bankrupt Medicare.