Fears

• Asian stocks were mostly lower on Wednesday as higher bond yields and renewed concern over the war with Iran weighed on risk assets across the region. • Japan’s Nikkei 225 fell 1.2% to 59,804.41, while Hong Kong’s Hang Seng lost 0.7%, Australia’s S&P/ASX 200 dropped 1.3%, and South Korea’s Kospi declined 0.9%. • The U.S. 10-year Treasury yield climbed to 4.66% from 4.61% late Monday, and U.S. crude prices and Brent also slipped as investors assessed inflation and energy risks.

Rising volume of components imported from China prompts warning of cannibalisation of European industriesEurope is facing a fresh China shock that threatens to cannibalise local factories, leading to job losses and de facto colonisation of industry by Beijing, trade analysts and representatives have said.They fear the plunging exchange rate and support for Chinese “zombie firms” has echoes of the crisis in the US 25 years ago when the term “China shock” was coined. It referred to the impact of China bursting on to the global trade stage after becoming a member of the World Trade Organization, with soaring imports displacing local industries and causing the loss of up to 2.5m jobs. Continue reading...

Trump warning over peace talks drives up crude price as UK gilts hit by uncertainty over Starmer leadershipBusiness live – latest updatesOil prices rose and global bonds wobbled on Monday, as fresh tensions in the Middle East fed inflation fears and bets that central banks will have to increase interest rates.Brent crude, the international benchmark for oil, rose on Monday, after an attack on a nuclear power plant in the United Arab Emirates. Continue reading...

Cigarettes kill 66 Australians every day, coalition says, criticising MPs who heard evidence from Philip Morris in secretGet our breaking news email, free app or daily news podcastBig tobacco is exploiting fears of the illicit market to unwind longstanding health policies, leading health campaigners have warned, amid a parliamentary inquiry which took secret evidence from the cigarette manufacturer Philip Morris.A coalition of 15 health organisations including the Cancer Council and the Heart Foundation, as well as health experts and researchers, have accused the industry of trying to reshape public debate to push for major cuts to government excise. Continue reading...

Exclusive: Contract changes mean Post Office outlets inside TG Jones stores would be easier to close, with up to 60 possibly affectedThe owner of WH Smith’s former high street business is aiming to change contracts with the Post Office to make it easier to close outlets within its stores, increasing fears that communities will become “postal deserts”.TG Jones operates 180 post offices and it is understood that as many as 60 could be closed under a restructuring plan by Modella, the private equity group that renamed the WH Smith high street chain as TG Jones after buying it last year. Continue reading...

Experts say latest move by acting attorney general suggests more cases against foes amid claims of vindictive DoJThe second indictment of ex-FBI director James Comey, a top target of Donald Trump in his drive for revenge against critics, suggests more charges could be coming against other Trump foes as the US president continues to use the department of justice to settle political scores, ex-prosecutors and law professors said.Legal critics also see the new indictment by acting attorney general, Todd Blanche, as “embarrassing” and “ridiculous” and revealing Blanche’s desire to quickly appease Trump and persuade him to make his appointment as America’s top justice official permanent. Continue reading...

Month was one of driest on record with rainfall 23% less than average, according to Met Office figuresOne of the driest Aprils on record for central and southern England has left river levels below normal, raising fears of drought in some areas over the summer.The latest UK hydrological survey – which tracks river and groundwater levels – suggests central and southern England and eastern Scotland will experience notably low river flows over the next three months, raising concerns about water shortages if dry weather persists. Continue reading...

• New Politico Poll results detail what Americans mean by worries over a 'stolen election,' split sharply by party. • Democrats express fears of voter suppression tactics, while Republicans highlight concerns about voter fraud schemes. • Findings matter for understanding midterm turnout motivations and trust in electoral processes.

Move by largest donor to environment programme poses further uncertainty for already troubled negotiations The largest donor to the United Nations Environment Programme (Unep) has paused funding to the body before its revised budget on 12 May, triggering concern among member states and NGOs.The news could carry significance for the already troubled plastic treaty negotiations being overseen by Unep. Since 2022 countries have been struggling to agree on how to deal with the volume of plastics being produced and used, a subject widely acknowledged to be one of the most serious environmental issues of the age, but despite six rounds of talks there has been no agreement in sight. Continue reading...

Debates over secession overshadowed by revelations separatist-linked group gained access to list of electorsThe illegal use of voter information by rightwing separatists in the province of Alberta has raised fresh fears over Canada’s electoral integrity by making valuable and “incredibly confidential” personal data easily accessible to malicious actors, security experts have warned.The data breach, one of the largest in Canadian history, has prompted warnings of a “truly terrifying” new battleground over information, persuasion and foreign interference in already weakened democratic systems. Continue reading...

Catalano’s lawyer says press attention ‘potentially detrimental’ to Australian Community Media co-owner’s mental healthA media mogul charged with assaulting his wife has avoided facing court in person over concerns growing media attention could be detrimental to his mental health.Antony Catalano, 59, was charged with assault, false imprisonment and making threats to kill over an incident in the early hours of March 13. Continue reading...

• JPMorgan analysis shows markets repricing oil-driven inflation risks, with global equities adjusting to potential rate hike scenarios amid recent oil price surges. • Central banks are providing clearer signals on monetary policy, suggesting rate hikes may not materialize as aggressively as feared despite elevated energy costs. • The divergence highlights inflation fears running ahead of underlying economic reality, potentially creating buying opportunities if data moderates.

Water minister Rose Jackson calls drying in Gwydir region ‘devastating’ as bill passes upper house Sign up for climate and environment editor Adam Morton’s free Clear Air newsletter hereWater flows to parched New South Wales wetlands where an urgent rescue mission to save dying wildlife unfolded are a step closer to resuming after legislation passed the state parliament’s upper house.The water minister, Rose Jackson, told the parliament on Thursday night the impact of a halt to water flows in the internationally significant Gwydir region had been “devastating” as she introduced legislative amendments she said would allow flows to resume.Sign up to get climate and environment editor Adam Morton’s Clear Air column as a free newsletter Continue reading...

From economic woes to concerns that war could break out again at any moment, underlying worries run deepIn the weeks since the fragile ceasefire with the US and Israel took hold, life in Tehran has – on the surface at least – largely returned to something like pre-war normality. Many security checkpoints have been taken down, coffee shops are bustling, parks are full of people gathering for picnics, musicians are playing again in the streets, highways are jammed with traffic and the metro - free to use since the war - runs packed.But underlying worries run deep, and many Iranians fear the war could return at any moment. The uncertainty was underlined on Monday when the US and Iran launched fresh attacks in the Gulf as the two sides continue to blockade of the strait of Hormuz. The war’s economic toll has been severe too. Many people have lost their jobs and inflation is surging. The International Monetary Fund estimates it could reach 70% this year. Continue reading...

Rural dwellers reveal failings in backup plans, as campaigners call for deadline to be extended from 2027 to 2030“Every time there is a power failure I lose all means of communication with the outside world,” says Robert Dewar of life in a remote village in the Scottish Highlands since the landlines were transferred from the old copper cable network to broadband connections.Blackouts also knock out the village’s mobile phone signal. “Our most recent power cut lasted for 42 hours,” Dewar says. The interruption outlasted his five-hour emergency backup battery. “If I had had a heart attack there is damn all I could have done about it, except compose myself, say my prayers, and await the outcome.” Continue reading...

Residents call for stronger action after two men attacked on north London street in suspected antisemitic incident “People feel scared, people feel unsafe,” says Baruch Stern from Gross Butchers, behind the cordon raised after two men were stabbed in north London in an apparent antisemitic attack.“People think, is it really the place for me to be here? Is the UK safe for Jewish people, or is it something we need to think about, moving away?” Continue reading...

Government request follows contingency to stop planes being grounded if Iran war supply shocks continueBusiness live – latest updatesBritish refineries have been asked to maximise jet fuel supply as part of government contingency planning, amid growing fears the Iran war will force planes to be grounded.Energy minister Michael Shanks said the government is closely monitoring UK jet fuel stocks and working with airlines, airports, fuel suppliers and other governments, as carriers face rocketing fuel costs as a result of the conflict. Continue reading...

Blockade threat in vital strait and Trump’s stance lift crude, pushing pump prices to highest level since 2022Sign up for the Breaking News US email to get newsletter alerts in your inboxAverage US gas prices have hit a new high at $4.23 per gallon, their highest since 2022 and a record since the start of the war with Iran, according to the motor club AAA.The price of Brent crude, the benchmark that influences the price of US gasoline prices, now stands at $114.60 a barrel, up nearly 25% from the recent low since mid-April. US gas prices a year ago averaged $3.16. Continue reading...

Annual event at Red Square will feature no armoured vehicles or missile systems for first time in two decades Europe live – latest updatesRussia will hold a scaled-back Victory Day parade in Moscow on 9 May, without military hardware for the first time in almost two decades due to fears of a long-range attack by Ukrainian drones.The defence ministry said no armoured vehicles or missile systems would roll across Red Square during the parade, which marks the Soviet victory over Nazi Germany, citing “the current operational situation”. Continue reading...

Ukraine commemorated the 40th anniversary of the Chornobyl disaster on Sunday, amid fears that Russia's four-year war could spark a repeat of the world's worst nuclear accident that led to thousands of deaths and devastating environmental consequences.

Pirates appear to be taking advantage of international naval strength being diverted elsewhere in regionThree vessels have been hijacked off the coast of Somalia in the past week, raising fears of a resurgence in piracy around the Horn of Africa – and adding to the woes of the global shipping industry.The merchant vessel Sward was taken over on 26 April, a day after a dhow was seized. These followed the 21 April hijacking of Honour 25, a motor tanker carrying 18,000 barrels of oil, according to the Maritime Security Centre Indian Ocean (MSCIO), the tracking service of the EU’s naval force. Continue reading...

State visit of UK royals continues as monarch to tell US lawmakers that ‘our countries have always found ways to come together’Sign up for the Breaking News US email Hello and welcome to our coverage of US news as the Trumps continue hosting King Charles and Queen Camilla during their state visit.As expected, the British royals have a packed itinerary of events this morning including been greeted by Donald and Melania Trump at the White House, signing the guest book and exchanging gifts. Continue reading...

Heatwaves reach 45C across India as unseasonably cold weather affects parts of central CanadaWidespread heavy rain is sweeping over southern China. By Wednesday, rainfall totals are expected to exceed 100mm across many parts of Guangxi, Guangdong, Fujian, Zhejiang, Jiangxi and Hunan provinces, and in some areas as much as 150-200mm.As a result, the Office of the State Flood Control and Drought Relief Headquarters and the Ministry of Emergency Management have been holding meetings with meteorological and hydrological departments to emphasise the importance of reinforced patrols and emergency responses to mitigate against the probable flooding that the intense rainfall is expected to bring. In particular, reservoirs with known safety concerns must remain empty during the period, as well as through the coming rainy season. Continue reading...

Alarm caused by posts of Alex Carp, tech firm’s CEO, championing US military dominance and of AI weaponsThe US spy tech company Palantir published a manifesto extolling the benefits of American power and implying some cultures are inferior to others – in what MPs have called “a parody of a RoboCop film” and “the ramblings of a supervillain”.“Some cultures have produced vital advances; others remain dysfunctional and regressive,” wrote Palantir in a 22-point post on X over the weekend, which also called for an end to the “postwar neutering” of Germany and Japan. Continue reading...

Jubilation is turning to disenchantment as young activists arrested after protest calling for election date to be setThe arrest of several protesters in Madagascar has increased fears among young people that the military regime that took power last year after huge Gen Z demonstrations will be no better than the government it overthrew.Four Gen Z activists, Herizo Andriamanantena, Miora Rakotomalala, Dina Randrianarisoa and Nomena Ratsihorimanana, were arrested on 12 April, one of their lawyers said, two days after taking part in a protest calling for an election date to be set. Continue reading...

Natasha Cochrane de la Rosa was refused boarding on flight to London because she was not aware of the rule changeA British woman has told how she fears being stranded in Spain for months after being refused boarding a on flight back home to London because she was not aware of new Home Office border rules.Natasha Cochrane de la Rosa, 26, was born in the UK to a British father and a Spanish mother, but because of archaic laws she was not entitled automatically to British citizenship because her parents were not married. Other women born to unmarried parents have called the rules an “illegitimacy tax”. Continue reading...

Critics warned of ‘higher ticket prices, more fees, and fewer options’ for passengers if two travel giants try to combineThe CEO of United Airlines is said to have pitched a blockbuster merger with American Airlines during a meeting with Donald Trump, floating the combination of the world’s two largest carriers.Scott Kirby, who leads United, raised the prospect during an encounter with the US president in late February, Reuters reported, citing two unnamed sources. Such a deal would overhaul the global air travel industry – and likely face intense competition scrutiny. Continue reading...

Consumer spending on travel is down for the first time in five years while card spending edges up in MarchUK consumers have cut back on travel spending for the first time in five years, as they worry about the rising cost of living amid the Iran war.Overall consumer card spending increased 0.9% year on year in March, down from February’s 1%, according to data from Barclays. Continue reading...

Oil prices and borrowing costs are expected to rise this week as tankers remain stranded in Persian gulfMiddle East crisis live – latest updatesThe failure of the US and Iran to reach a peace deal after marathon negotiations has put markets on alert for further oil and gas price rises.With large numbers of oil tankers remaining stuck in the Persian gulf, the US vice-president, JD Vance blamed the collapse of the talks on Tehran’s refusal to abandon its nuclear weapons programme, while Iranian sources hit back at “excessive” demands from Washington. Continue reading...

Researchers warn the high-pressure conditions could disrupt marine life and ecosystems if it continuesSign up for the Breaking News US email to get newsletter alerts in your inboxFor more than a century, shoreline stations operated by the Scripps Institution of Oceanography have measured water temperatures along the California coast. This year, they are flashing a warning sign.Over the last three months, several stations have repeatedly posted record-breaking daily high temperatures – with the La Jolla station registering temperatures a full 10F above historical average at one point last month. Continue reading...