Sources say Xiyin may target an IPO in September or October. Xiyin had indicated it could offer up to 8% of shares, but the final float may be lower.

Andy Burnham secured nominations from 322 of Labour’s 403 MPs on the first day of the party’s leadership contest, making him the clear favorite to replace Keir Starmer and assume the role of UK prime minister. Burnham said he was grateful for colleagues’ support and outlined plans to devolve power away from Westminster, reshape the economic model and promote broader-based growth. Rival candidates failed to reach the 81-MP nomination threshold; Burnham needs one more nomination to become the sole candidate. The leadership contest closes July 17 and he is expected to take office July 20. Starmer will not participate in the nomination vote by convention.

A Polish central bank official said that, if any, there would be at most one rate cut this year.