Deal

Acquisition would result in combined company serving about 9.6 million households if given regulatory approvalBusiness live – latest updatesThe German energy group E.ON has agreed to buy struggling UK rival Ovo in a deal that would create Britain’s biggest gas and electricity supplier.The combined company will serve about 9.6 million customers, overtaking the market leader, Octopus, which serves almost 8m households in the UK. Continue reading...

• Akamai Technologies announced a major cloud infrastructure services contract worth $1.8 billion over seven years with a leading frontier AI model provider, identified by Bloomberg as Anthropic. • The company's stock posted its best weekly performance since April 2013, gaining 42% for the week including a 27% jump on Friday to reach a record high. • Akamai provides cloud computing, cybersecurity, and content delivery services critical for accelerating websites, apps, and AI workloads amid surging demand for compute infrastructure.

Senior academics describe the Judge business school’s proposal to provide services and training as ‘horrifying’Cambridge University’s business school is seeking to provide “leadership development” and “innovation management” to Saudi Arabia’s defence ministry despite concerns over its government’s record on human rights and climate change, the Guardian has learned.Cambridge’s leadership has approved a proposal by the university’s Judge business school to form a “memorandum of understanding” with the ministry for services and training, after an initial introduction by the UK’s Ministry of Defence. Continue reading...

Tuesday’s federal budget to include $500m to fund faster approvals for housing, energy and mining projects. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning, Krishani Dhanji here with you. Friends, it’s budget week, and it has come very quickly if you ask me!We’re getting a few final announcements from the government before Jim Chalmers hands down his budget tomorrow. That includes some money to speed up environmental approvals to boost productivity (more on that in a moment). Of course, all the big-ticket items – including reforms to capital gains tax, negative gearing and trusts, have already been out for weeks. Continue reading...

• Soybean farmers Scott Gaffner from Illinois and Cordt Holub from Iowa pleaded with President Trump to finalize a soybean deal at his upcoming China summit. • They highlighted impacts of high diesel prices and market uncertainty on US agriculture amid trade tensions. • The appeal comes as Trump prepares to meet Xi Jinping, seeking to stabilize farm exports critical to rural economies.

Florida agreement grants US president control of licensing and merchandising at renamed airport, analysts sayIt was a week in which one prominent name in aviation, Spirit Airlines, disappeared, killed in the company’s own admission by high fuel prices resulting from Donald Trump’s war in Iran.Within days, however, another moniker was already flying high in industry circles: the president’s own. Continue reading...

• President Trump announced on May 5 that military operations against Iran would be paused as negotiations advance toward a broader agreement, marking a significant shift in the months-long conflict initiated on February 28, 2026. • The pause follows diplomatic engagement including a high-level Israel-Lebanon meeting on April 14 and a 10-day ceasefire between Israel and Hezbollah announced on April 16, signaling momentum in regional peace talks. • The operational pause suggests the Trump administration believes negotiated settlement is achievable despite initial military intervention, though specific terms of the proposed Iran deal remain undisclosed.

Diplomatic efforts continuing despite fighting in and around contested strait of Hormuz in recent daysMiddle East crisis – live updatesThe US secretary of state, Marco Rubio, has said that Washington is expecting a response from Iran on Friday to its proposals for an interim deal to end the conflict in the Middle East, as Iran accused the US of breaching the increasingly fragile ceasefire announced last month.In recent days there have been the biggest flare-ups in fighting in and around the contested strait of Hormuz since the informal truce began. The rise in violence followed Donald Trump’s announcement – then rapid pause – of a new naval mission aimed at opening the strategic waterway. Continue reading...

• President Trump announced a July 4, 2026 deadline for the European Union to reach a comprehensive trade deal, according to remarks made during a Tuesday morning interview. • The ultimatum signals Trump's intent to accelerate trade negotiations and establish concrete timelines for resolving transatlantic trade disputes. • The deadline creates urgency for EU officials to engage in substantive negotiations, though some analysts question whether the timeframe is realistic given the complexity of trade agreements.

• President Trump stated on Wednesday he is 'cautiously optimistic' about a potential U.S.-Iran deal following 'very good talks over the last 24 hours,' potentially involving Iran surrendering uranium, lifting U.S. sanctions, and reopening the Strait of Hormuz. • Trump issued a one-week ultimatum on X, warning 'if they don't agree, the bombing starts' at a 'much higher level and intensity than before.' • Iran is reviewing the U.S. peace proposal, as reported in ongoing diplomatic efforts amid claims the U.S. has already won the war with Iran.

Trump sets Fourth of July deadline as he vents impatience at speed of EU’s implementationDonald Trump has said the EU must ratify its trade deal with the US by 4 July or face “much higher” tariffs, after European officials fell short of agreement on the pact.Trump said he spoke to the EU chief, Ursula von der Leyen, about the issue and, he posted on his Truth Social platform, “agreed to give her until our Country’s 250th Birthday or, unfortunately, their Tariffs would immediately jump to much higher levels”. Continue reading...

The US and Iran have offered conflicting messages over the likelihood of a deal being reached imminentlyMorning and welcome to the Guardian’s continuing coverage of the crisis in the Middle East.The US and Iran have offered conflicting messages over the state of negotiations to end the war, with Donald Trump signalling the talks were “very good” and a deal “very possible”.News of a possible deal followed Trump’s abrupt U-turn on a US military operation to guide ships out of the strait of Hormuz, dubbed “Project Freedom”. Trump said the decision to pause the mission on Tuesday – two days after it was launched – was to give peace a chance, but NBC reported that it was suspended after Saudi Arabia refused to allow the US military to use its bases and airspace to carry out the operation. US officials told the American broadcaster that Gulf allies were caught off guard by the sudden announcement of Project Freedom, and that it had angered the leadership in Saudi Arabia.The Iranian president, Masoud Pezeshkian, told his French counterpart, Emmanuel Macron, that the US’s behaviour had “deviated the path of diplomacy towards threats, pressure and sanctions” and that Tehran could not trust Washington. In a statement carried by the Iranian state-run Press TV, Pezeshkian said Iran had entered into dialogue with the US twice and “on both occasions, military aggression against Iran took place concurrently with the negotiations. Such behaviour is effectively like ‘stabbing from behind’”.Iran has denied any involvement in damage to a South Korean-operated vessel in the strait of Hormuz, which suffered an explosion and fire on Monday. Trump blamed the incident on an Iranian attack, while South Korea’s foreign ministry said the cause of the fire would only be confirmed after the vessel is inspected. The Iran embassy in Seoul issued a statement this morning rejecting the allegations, saying safe passage through the waterway requires strict adherence to Iranian regulations.The damage and destruction inflicted on US military sites across the Middle East during the war is far larger than what has been publicly acknowledged by the Trump administration or previously reported, according to analysis by the Washington Post. Reviewing satellite imagery, the newspaper found Iranian airstrikes have damaged or destroyed at least 228 US structures or pieces of equipment, including hangars, barracks, fuel depots, aircraft and key radar, communications and air defence equipment. The US Central Command declined to comment on the report.In Lebanon, where a ceasefire has demonstrably failed to stop the fighting between Israel and Hezbollah, three people were killed this morning in Israeli strikes on Nabatieh south of the country, according to the official Lebanese National News Agency. The Israeli military said one of its soldiers was seriously injured by an explosive-laden Hezbollah drone in southern Lebanon yesterday. It did not say where the attack took place.In Gaza, where another ceasefire appears to be fraying, an Israeli airstrike has killed Azzam Khalil al-Hayya, the son of Hamas political bureau leader and chief negotiator Khalil al-Hayya, according to senior Hamas official Basim Naim. Azzam succumbed to his injuries this morning after being struck in an Israeli attack last night, Reuters reported. He is the fourth son of Hamas’s exiled Gaza chief to have been killed in Israeli attacks. Continue reading...

• President Trump warned Iran on Wednesday of 'higher level' military strikes if it refuses a peace deal, while deeming direct talks in Pakistan 'too soon' amid reported negotiation progress to end the war. • The U.S. paused the brief Project Freedom mission to guide ships through the Strait of Hormuz after Iranian attacks on vessels and U.S. Gulf allies resumed, marking the first in nearly a month. • Secretary of State Marco Rubio accused Iran of holding the global economy hostage by threatening ships, laying sea mines, and imposing tolls on the vital waterway, calling the upcoming U.N. resolution a key test.

President issues fresh ultimatum despite US claims that progress has been made in stalled negotiations with TehranMiddle East crisis – live updatesThe US president, Donald Trump, has issued a fresh ultimatum, telling Iran to accept a deal to end the war in the Middle East or face a new wave of US bombing “at a much higher level and intensity than it was before”.The social media announcement on Wednesday was the latest in a rapid series of dramatic and often contradictory changes in policy and came amid reports the US was claiming progress in stalled negotiations between Tehran and Washington. Continue reading...

• Indian equity indices surged sharply on May 6, 2026, with Sensex gaining 940.73 points (1.22%) to close at 77,958.52 and Nifty rising 298.15 points (1.24%) to 24,330.95, driven by optimism over potential US-Iran peace negotiations and declining crude oil prices. • Banking stocks led the rally following the Union Cabinet's approval of an emergency credit guarantee programme worth Rs 15,800 crore to support businesses facing liquidity stress, with Hero MotoCorp climbing 2.6% and Mahindra & Mahindra advancing 3.1% on strong quarterly earnings. • Broader market indices also gained traction, with Nifty smallcap100 and midcap100 rising 0.9% and 1.1% respectively, though FMCG stocks declined amid easing geopolitical tensions in West Asia that had previously pushed Brent crude to $115 per barrel.

US president briefly pauses ‘Project Freedom’ operation escorting ships through strait of HormuzBusiness live – latest updatesOil prices have eased and stock markets rallied as Donald Trump touted “great progress” towards a “final agreement” with Iran, while momentum in AI-driven trading accelerated.The US president said he would briefly pause his “Project Freedom” operation escorting ships through the strait of Hormuz, which carries about a fifth of the global oil supplies and has been blockaded by Iran since late February, triggering an energy crisis. Continue reading...

US president pauses ‘Project Freedom’ to work on ‘final agreement’ with Tehran; stocks also ride high on AI euphoriaGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Asian stock markets hit record highs, following in Wall Street’s footsteps, and oil prices retreated after Donald Trump hailed “great progress” towards a “final agreement” with Tehran.on the request of Pakistan and other Countries, the tremendous Military Success that we have had during the Campaign against the Country of Iran and, additionally, the fact that Great Progress has been made toward a Complete and Final Agreement with Representatives of Iran”.Investors bought and continue to add to positioning in the 2026 winners. There has been some buying in S&P 500 materials stocks, but it’s tech that continues to attract the bulk of flows, notably in Apple and the memory plays.9am BST: Eurozone services and composite PMIs for April9.30am BST: UK services and composite PMIs for April1.15pm BST: US ADP employment change for April Continue reading...

Glyphosate is currently sprayed on cereal and pulse crops to dessicate them and make them easier to harvestA new trade deal with the EU could lead to restrictions on the use of the controversial weedkiller glyphosate on UK food crops.The full-spectrum herbicide, which kills almost every plant it touches, is often sprayed on wheat, oats and other cereal and pulse crops immediately before harvest to desiccate them and make them easier to handle. Continue reading...

• President Trump announced Tuesday evening that he is pausing 'Project Freedom,' the operation to escort ships through the Strait of Hormuz, citing 'great progress' toward a complete agreement with Iran and requests from Pakistan and other countries. • Trump stated the pause would last 'for a short period of time to see whether or not the Agreement can be finalized and signed,' while maintaining the US naval blockade of Iranian ports remains in effect. • The move represents a significant shift in Trump's confrontational posture toward Iran after months of military escalation, though Secretary of State Marco Rubio continued criticizing Iran for effectively closing the strategic oil passageway.

• Asia-Pacific merger and acquisition deal values have collapsed to $127 billion, marking a significant decline triggered by major tariff announcements across the region. • The tariff shock has disrupted corporate transaction activity, with financial advisers reporting substantial pullback in deal pipelines as companies reassess expansion strategies amid trade uncertainty. • Investment banks including JPMorgan and Houlihan Lokey are recalibrating their M&A advisory strategies, with deal values falling sharply compared to earlier 2026 forecasts.

Agreements with Microsoft, Google DeepMind and xAI focus largely on recognizing cybersecurity, biosecurity and chemical weapons risksThe US government has struck deals with Google DeepMind, Microsoft and xAI to review early versions of their new AI models before they are released to the public.The Center for AI Standards and Innovation (CAISI), part of the US Department of Commerce, announced the agreements on Tuesday, saying the review process would be key to understanding the capabilities of new and powerful AI models as well as to protecting US national security. These collaborations will help the federal government “scale (its) work in the public interest at a critical moment”, the agency said in a press release. Continue reading...

Hong Kong conglomerate CK Hutchison agrees to sell 49% stake as it attempts to reshape its portfolioBusiness live – latest updatesVodafone is to take full control of the UK’s biggest mobile operator in a £4.3bn buyout deal with the Hong Kong conglomerate CK Hutchison.Billionaire Li Ka-shing’s business said it had agreed to sell its 49% stake in VodafoneThree – a network with more than 27 million subscribers – to its partner Vodafone. Continue reading...

Exclusive: Worker pointed to Iran war and Pentagon’s Anthropic feud as indications the department is ‘not a responsible partner’Workers developing Google’s artificial intelligence products in the UK have voted to unionize, in part out of concerns about a deal between the company and the US military that was announced last week.In a letter slated to go to management on Tuesday and shared exclusively with the Guardian, workers at Google DeepMind, the company’s AI research laboratory, requested recognition of the Communication Workers Union and Unite the Union as joint representatives of the lab’s UK-based staff. Continue reading...

• New Zealand Prime Minister Christopher Luxon is in Singapore to formalize a fuel-for-food arrangement aimed at protecting NZ during crises. • The deal emphasizes trade resilience as security issues overshadow economic interdependence, per Luxon's statements. • It underscores bilateral efforts to navigate global volatility through resource swaps and stronger ties.

• President Trump announced a 25% tariff on European Union automobiles, citing the bloc's failure to comply with existing trade agreements. • The administration claims the EU breached trade terms, prompting the tariff increase as a enforcement mechanism. • The move escalates trade tensions between the US and EU, potentially affecting auto manufacturers and consumers across both regions.

US president says tariff on cars and lorries will rise to 25% and accuses European Union of non-complianceDonald Trump has said he is tearing up part of the tariff deal he struck with EU leaders at his golf course in Scotland last summer, criticising Brussels for taking so long to ratify the deal.Blindsiding Brussels late on May Day bank holiday on Friday, he announced that he would be increasing tariffs on cars and lorries imported into the US from the EU from 15% to 25% from next week. Continue reading...

Islamabad has reportedly switched to lower-profile role but believes peace can make progress without face-to-face meetingsPakistan is passing proposals between Iran and the US to keep talks alive behind the scenes and inch towards a peace agreement, officials and experts say.Pakistani officials say that they are conscious of the fact that at stake is not only regional peace, but the health of the global economy and the livelihoods of millions of the poorest people in the world – including in Pakistan, whose monthly energy import bill has almost tripled as a result of the war. Continue reading...

• The US life sciences industry gained momentum in 2026 despite NIH cuts and trade threats, fueled by AI advancements and major pharma deals. • Karius's AI genomic tests for immunocompromised patients detect 50% more pathogens in one day, analyzing millions of DNA reads after testing over 100,000 cases. • Biotech winter ended, shifting focus to preventive health via AI, data, and precise therapeutics amid administration priorities.