Labour Party wins UK election in a landslide: Live updates

2:17 AM

 This is CNBC's live blog tracking the result of the U.K.'s parliamentary election. Scroll down for updates.

Britain's Labour Party leader Keir Starmer delivers a speech during a victory rally at the Tate Modern in London early on July 5, 2024. 
Britain's Labour Party leader Keir Starmer delivers a speech during a victory rally at the Tate Modern in London early on July 5, 2024. 

LONDON — The U.K.'s opposition Labour Party won a huge parliamentary majority in the country's general election, unseating the incumbent Conservatives after 14 years.

Early on Friday morning, Labour passed the threshold needed to govern alone as outgoing PM Rishi Sunak conceded defeat. Keir Starmer, leader of the center-left Labour, will become the country's next prime minister and declared victory in the early hours.

"We did it," he said, addressing his Labour colleagues. "You campaigned for it, you fought for it — and now it has arrived ... change begins now."

Some projections show Labour will gain its second-largest majority after former Prime Minister Tony Blair's 179-seat majority in 1997.

Millions of people across England, Scotland, Wales and Northern Ireland on Thursday voted for their local representatives in the 650-member House of Commons, the U.K.'s lower house of parliament. Ballots are still being counted, with constituencies announcing their winning candidate as soon as votes are tallied.

Labour Party wins UK election in a landslide: Live updates Labour Party wins UK election in a landslide: Live updates Reviewed by Unknown on 2:17 AM Rating: 5

Milk prices in city surge, outstrip Paris, Amsterdam

2:10 AM
KARACHI:

Milk prices in Pakistan have surged by more than 20% following the imposition of a new tax, making the dairy staple more expensive in Karachi than in Paris, Melbourne, and Amsterdam.

Ultra-high temperature (UHT) milk now costs 370 rupees ($1.33) per litre in Karachi supermarkets, compared to $1.23 in Paris, $1.08 in Melbourne, and $1.29 in Amsterdam, according to Bloomberg data.

The 18% tax, part of recent taxation changes approved in the national budget, has significantly increased milk prices, which were previously tax-exempt.

Muhammad Nasir, a spokesman for the local unit of Dutch dairy producer Royal FrieslandCampina NV, stated that before the tax, milk prices in Pakistan were comparable to those in developing countries like Vietnam and Nigeria.

The new tax has caused retail prices to rise by as much as 25%.

The increased milk prices are expected to exacerbate inflation in Pakistan, where wages have stagnated and purchasing power is declining.

Last week's budget, which included a record 40% tax increase, aims to meet conditions set by the International Monetary Fund for a new bailout.

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Air Europa flight turbulence injures 40 passengers

7:59 AM

The plane has landed normally and those who sustained different types of injuries are already being treated

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PM Shehbaz, President Xi agree to upgrade CPEC, advance development in second phase

1:13 AM
PM Shehbaz, President Xi agree to upgrade CPEC, advance development in second phase
BEIJING:

Prime Minister Shehbaz Sharif and Chinese President Xi Jinping held a productive meeting on Friday, reaffirming their commitment to the high-quality development of the China-Pakistan Economic Corridor (CPEC) and the timely completion of ongoing projects. They also agreed on upgrading CPEC and advancing its second phase.

The prime minister briefed President Xi on Pakistan’s policies for economic reform, industrial development, agricultural modernisation, and regional connectivity. He emphasised the critical role CPEC plays in Pakistan’s development, asserting Pakistan's commitment to fostering synergy between the development strategies of the two countries through close coordination.

The meeting took place at the historic Great Hall of the People, with both leaders accompanied by federal ministers and senior officials. This was PM Shehbaz's first meeting with President Xi since assuming office in 2024. The encounter was marked by traditional warmth, reflective of the strong friendship and close strategic ties between the two nations.

The prime minister thanked President Xi for the warm welcome extended to him and his delegation. He recalled President Xi's historic visit to Pakistan in 2015, which marked the formal operationalisation of CPEC, ushering in a new chapter in bilateral relations.

Read more: Pakistan and China sign 23 MOUs aimed at strengthening bilateral ties across multiple sectors

The leaders reaffirmed the "All-Weather Strategic Cooperative Partnership" and expressed their resolve to deepen cooperation across diverse domains, including political, security, economic, trade, and people-to-people exchanges. They also discussed regional and global developments, including the situations in Afghanistan, Palestine, and South Asia, particularly the human rights situation in Indian Illegally Occupied Jammu and Kashmir (IIOJK).

Both sides reiterated their longstanding support for each other’s core interests.

Commending President Xi’s Belt and Road Initiative (BRI) and Global Development Initiative (GDI), Prime Minister Shehbaz highlighted CPEC's significant contributions to Pakistan’s socio-economic development as the flagship project of BRI. He reiterated Pakistan's commitment to ensuring the safety and security of Chinese nationals, projects, and institutions in Pakistan.

The prime minister also noted that Pakistan's agenda for people-centric socio-economic development aligns with China’s concept of 'shared prosperity.'

President Xi Jinping hosted a banquet in honour of Prime Minister Shehbaz, during which another round of discussions on matters of mutual interest took place.

PM Shehbaz, President Xi agree to upgrade CPEC, advance development in second phase PM Shehbaz, President Xi agree to upgrade CPEC, advance development in second phase Reviewed by Unknown on 1:13 AM Rating: 5

Is Oregon Football under Dan Lanning going to add more 2024 players? | Oregon Ducks Podcast - WUSA9.com

11:18 AM
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Alabama football recruiting under Kalen DeBoer: 2024 updates, rankings, players to watch from top SEC insiders - CBS Sports

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ASU football players embrace the teachings of MLK | ASU News - ASU News Now

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