The UK election ended in humiliation for incumbent Prime Minister Theresa May - she'd called an early election to strengthen the Conservative majority in Parliament, but ended up losing 13 seats, including those of sitting ministers. The Opposition Labour party gained 32 seats, and May has now announced that she will be forming a minority government with the support of the Democratic Unionists of Northern Ireland. Her standing is however looking increasingly shaky as senior leaders of her party call for her resignation, although she insists on staying in her role.

The damning testimony of ex-FBI Director James Comey, who said that US President Trump had asked him to quash an ongoing investigation, has thrown the White House into a tizzy with Trump denying the allegations - the President has said he is willing to testify under oath "100 percent" that he did not say these things to the former FBI Director, and called him a 'leaker' for providing memos of his conversations with Trump to the press. 

Expect a sudden but temporary price spike in imported smartphones such as is the iPhone as the transition to GST takes place. The tax credit that is available for imported electronics is currently not avallable under the GST - something that tax experts say may be an oversight and may be corrected soon. In the meantime, it may be worthwhile to delay these purchases. 

Photo of the day: Vote counts taking place in Islington, UK, as results were declared.