Good morning from the Financial Times. Today is Friday, June 19th, and this is your FT News briefing.

UK Prime Minister Kier Starrmer could be one step closer to losing his job, and insurers are adapting to rising geopolitical tensions.

Plus, this World Cup is complicated for Iranian Americans.

Descent against a political regime does not mean that you need to lose your connection

to your nation.

I'm Mark Filipino, and here's the news you need to start your day.

Labor parties Andy Burnham won the crucial Makerfield by-election early in the UK morning.

That means the greater Manchester mayor will return to Parliament as an MP.

Burnham has said he would challenge Starmer's leadership if elected.

In his victory speech, Burnham said the seat of Makerfield had, quote, voted for change, adding that it will never be a stepping stone

for me. Big emerging market currencies are having a hard time. Brazil's Rial, the Australian dollar,

and the South Korean won, all dropped more than 2% against the dollar in the past month.

The Norwegian crone is down more than 4%.

And the tough times might continue.

Markets are now pricing in a rise in U.S. interest rates.

Kevin Warsh took a hawkish stance in his first meeting as Federal Reserve Chair this week.

Higher interest rates make dollar assets more appealing and boost the currency,

which makes emerging market currencies less attractive to investors.

The Strait of Hormuz may start seeing lots of ship traffic again. That's because Iran and

the U.S. signed an interim

deal to pause the war for 60 days. But a leading insurance body is acknowledging that clashes

between the world's biggest powers are becoming more routine. They're looking to change insurance

...