Grow

The government must act to redress the unequal impact of climate change, or risk rising temperatures making disparities worseUK ‘built for climate that no longer exists’ and needs urgent changes to survive global heating, report warnsIt may not always feel like it, but Britons are going to have to get used to living in a hot country.Temperatures are already 1.4C above the historic norm, and heading for a 2C rise in the next two decades. This may not sound like much, but it will mean far higher temperatures in summer – heatwaves as high as 45C lasting for more than a week, dwarfing the previous record of 40C in 2022 – as well as more frequent droughts and severe flooding, according to a major report published on Wednesday. Continue reading...

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...

Port has upgraded offshore wind facilities and is to expand quays, ferry terminals and cruise ship servicesThe operator of Belfast harbour plans to spend £1.3bn over the next 25 years to take advantage of strong economic growth in Northern Ireland, in what would be one of the largest non-governmental investments in the region’s history.The Belfast Harbour Commissioners said the money would be spent on upgrading the port, with the possibility of residential property developments that could add another £750m in investment on top. Continue reading...

Fire reported in Simi Valley, north-west of Los Angeles, on Monday as footage shows at least one home burningA fast-growing brush fire ignited on Monday morning in southern California, prompting evacuation orders and damaging at least one home.The fire was reported just after 10am in Simi Valley, a city in Ventura county about 30 miles north-west of Los Angeles. Continue reading...

British Chambers of Commerce survey shows firms ‘are dealing with rising levels of theft, fraud and cyber-attacks’UK business leaders have warned that crime is becoming an increasingly “serious barrier” to growing Britain’s economy amid a rise in shoplifting, fraud and cyber-attacks against companies.The British Chambers of Commerce (BCC), which represents tens of thousands of businesses across the country, called on the government to provide “a step change in the support businesses can count on” as it said two-fifths of companies had experienced some form of crime in the past year. Continue reading...

Eden Project founder wants to inspire councils to build community gardens so young people can grow vegetablesLocal councils should “rip up asphalt” to build community gardens so young people can grow vegetables, a co-founder of the Eden Project has said.Tim Smit, who opened the giant biomes in Cornwall in 2000, has designed an “edimental” garden for the Chelsea flower show with the landscape designers Harry Holding and Alex Michaelis. The concept behind it is that plants such as cabbages and strawberries are beautiful but edible and should be placed alongside traditional bedding plants. Continue reading...

Tube stoppages due on two 24-hour periods from midday on Tuesday and Thursday next week but sources say RMT seeking talksHopes have been raised that next week’s strikes by London Underground drivers could yet be averted, after sources said the RMT union had put out feelers for talks.The RMT members, almost half of London’s Tube drivers, are due to strike for two 24-hour periods from midday on Tuesday and Thursday, closing some lines entirely and bringing widespread travel disruption to the capital until the weekend. Continue reading...

GDP reading ties in with some surveys suggesting UK plc has kept up momentum despite rising fuel costsThe UK economy unexpectedly grew during the first full month of the Iran war, according to official figures, suggesting the Middle East conflict has not yet affected growth as much as feared.Figures from the Office for National Statistics (ONS) showed growth of 0.3% in gross domestic product (GDP) in March, from a revised 0.4% rise in February and 0% growth in January. The ONS had originally estimated that the economy grew 0.5% in February and 0.1% in January. Continue reading...

Angus Taylor to give budget reply speech tonight. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning and welcome to our live politics blog. I’m Martin Farrer with the top overnight stories and then Nick Visser will take the helm (with Krishani Dhanji ready to take over this afternoon in the lead-up to tonight’s budget reply speech from Angus Taylor).Anthony Albanese has denied that the additional 700,000 gen Z voters being added to the electoral roll by the time of the next federal election was a factor in deciding on the negative gearing and capital gains tax changes in Tuesday’s federal budget. More coming up. Continue reading...

• The ongoing conflict in the Middle East has driven up oil prices, expected to slow US economic growth compared to a no-conflict baseline scenario, according to Deloitte analysis. • Despite pressures from elevated energy costs, US firms are unlikely to materially reduce investment plans due to resilient growth in AI and technology sectors. • Higher oil prices will affect US consumers through increased costs, though broader economic resilience from AI investments may mitigate some impacts.

Activists claim use of laws to curtail internet freedoms part of well-documented history of cracking down on dissentWhen Gabon’s media regulator indefinitely suspended major social media platforms in February, citing security concerns during anti-government protests, it became the talk of town – literally.Within weeks of the announcement, use of Virtual Private Networks (VPNs) to bypass the restrictions surged in the central African country. When gendarmerie began stopping young men at road checkpoints in the capital Libreville and other urban centres to confiscate mobile phones with VPNs installed or detain the owners, warnings spread by word of mouth. Activists and opposition members said their accounts were also suspended due to efforts of state officials. Continue reading...

• Expected S&P 500 earnings growth for Q1 has doubled to 28% since early April, fueled by upward revisions across sectors. • Mega-cap tech stocks, dubbed the 'Magnificent Seven,' account for 55% of quarterly and 37% of annual growth, comprising a third of index market cap. • This momentum propelled the S&P 500 to a 10% gain in April, its best month since November 2020, amid AI-driven revenues.

• Real GDP expanded at a 2% annualized pace in Q1 2026, driven by business investment surging to its fastest rate in nearly three years on AI equipment and software spending. • Consumer spending rose modestly at 1.6%, down from 1.9% last quarter, impacted by bad winter weather and March energy price spikes. • ISM Manufacturing PMI hit 52.7 and Services PMI 53.6 in April, marking continued expansion with Prices Paid Index steady at 70.7 signaling persistent inflation pressures.

• HSBC reported total wealth balances of $1.570 trillion in Q1 2026, up 12% year-over-year, driven by Asia's $1.068 trillion share growing at 14% pace. • The bank's 18.7% return on tangible equity (RoTE) fueled stock gains despite credit headwinds. • Strong Asia wealth performance signals resilience in regional private banking amid global economic shifts.

• Chime reported Q1 2026 revenue growth of 25% year-over-year, exceeding guidance and marking its first quarter of GAAP profitability since going public. • Strong top-line momentum prompted raised full-year guidance and new $200 million share repurchase authorization announced May 6. • Results from San Francisco-based fintech highlight accelerating adoption in digital banking amid competitive US market.

• EverQuote Inc. delivered strong Q1 2026 results with 30% EBITDA growth, highlighted in May 2026 investor presentation showing accelerating profitability. • AI initiatives drove expansion in insurance quoting platform, boosting operational efficiency and market penetration. • Performance underscores Nasdaq-listed firm's momentum in digital insurance marketplace amid tech-enabled growth.

• The Business Times reports AI enthusiasm propelled markets higher, with gains concentrated in a handful of mega-cap tech firms while broader corporate earnings lag behind soaring valuations. • Hong Kong emerged as an AI startup launchpad, achieving a five-year high in fundraising during Q1 2026, alongside Chinese VC/PE funding surging past 400 billion yuan (US$59 billion). • ChiNext Index reached an 11-year intra-day high of 3,785.23 on April 23, fueled by funds piling into optical-communication stocks like Zhongji Innolight and Eoptolink on bets of US AI infrastructure demand.

• China Daily highlights the Regional Comprehensive Economic Partnership (RCEP), the world's largest free trade agreement, as increasingly vital for anchoring growth across Asia amid global uncertainties. • Covering 30% of global GDP and population, RCEP facilitates deeper supply chain integration and tariff reductions among 15 member nations including China, Japan, South Korea, ASEAN countries, and Australia. • The pact's expansion of trade rules supports resilience against trade wars and economic slowdowns, boosting intra-Asian commerce by an estimated 10-15% in key sectors.

• IGM Financial reported Q1 2026 results highlighting a strong quarter start with record client assets under management and a significant 20% aggregate growth rate. • Management characterized the quarter as demonstrating resilient operating conditions across the financial services firm's business segments. • Record asset levels suggest robust client confidence and successful capital deployment during a period of economic recovery in Canadian and international markets.

• The Philippines recorded its lowest post-pandemic GDP growth of 2.8% in the first quarter of 2026, signaling economic slowdown amid global uncertainties. • This figure marks a sharp deceleration, raising concerns over government policy effectiveness in sustaining recovery. • Analysts attribute the slump to external pressures like energy costs from regional conflicts and weaker domestic demand.

Several frontbenchers told the Guardian they agreed the prime minister’s time in office should not go beyond the end of the year2026 elections mapped: how Labour lost ground in different directionsIn the wake of the local election results, Keir Starmer faced calls to stand down after voters handed a damning verdict on the Labour party.Starmer took responsibility after Labour lost hundreds of councillors in England and suffered humiliation in Wales, but he made clear that he would not quit, saying “tough days like this don’t weaken my resolve”. Continue reading...

• The Philippines recorded a Q1 2026 GDP growth of 2.8%, the weakest since the pandemic and dragging the economy into a prolonged slowdown. • This marks one of the weakest runs in 16 years, signaling challenges in post-recovery momentum. • Factors include subdued domestic demand and external headwinds affecting Southeast Asia.

• Olympic Circuit Technology, a Chinese tech firm traded on the Shanghai Stock Exchange (SHSE:603920), has demonstrated robust growth with revenue forecasts of 29.5% and earnings forecasts of 45.6%, significantly exceeding broader Chinese market averages as of May 2026. • The company's growth metrics position it among high-performing tech stocks in Asia, reflecting strong operational performance and market confidence in its business model and expansion strategy. • The outperformance relative to the broader Chinese market indicates Olympic Circuit Technology's competitive advantages and operational efficiency in a challenging economic environment.

Halifax says cost of typical home fell by 0.1% in April, the second consecutive monthly drop, with pace of annual growth down from 0.8%. to 0.4%Business news – live updates UK house prices fell for a second consecutive month in April, as Halifax halved its estimate for the annual rate of growth due to the conflict in the Middle East.Halifax, which is part of Lloyds – Britain’s biggest mortgage lender – said that the cost of a typical UK home fell by 0.1% in April, to £299,313. This followed a 0.5% fall in March. Continue reading...

• KeyCorp posted stronger Q1 2026 results with noninterest income up 8.2% year-over-year to $723 million, led by double-digit growth in investment banking, trust and investment services, and service charges. • The Consumer Bank earned $173 million and the Commercial Bank $451 million, both higher than prior year, while noninterest expenses rose 4.4% to $1.18 billion from increased personnel and technology spending. • Credit quality remained controlled with a provision for credit losses of $106 million, down from $118 million, and KeyCorp maintained a strong Common Equity Tier 1 capital ratio of 11.4%.

• Ecosystem Roundup from e27.co reports that the AI pay gap in Southeast Asia's startup industry has emerged and is accelerating, with AI-skilled workers commanding significantly higher salaries than non-AI peers as of May 5, 2026. • Key details highlight disparities where AI engineers in Singapore, Indonesia, and Malaysia earn 30-50% more than general software developers, driven by demand from firms like Sea Limited and Grab. • This matters as it risks exacerbating talent shortages and inequality across ASEAN tech hubs, potentially slowing non-AI startup growth while fueling AI dominance in Vietnam and Thailand.

• UBS, a Switzerland-based global financial firm, has lowered its GDP growth forecast for India in FY27 to 6.2 percent, representing a downward revision of 50 basis points due to intensifying oil crisis triggered by global tensions. • The Swiss brokerage attributes the slowdown to prolonged energy crisis stemming from Middle East conflict, severe supply chain disruptions, and rising inflation pressures across the Indian economy. • This downgrade reflects concerns about India's economic resilience amid external shocks, though the 6.2% growth rate still positions India among faster-growing major economies globally.

• Eternal and The India Cements among 10 stocks achieving over 100% year-on-year profit growth in Q4 FY26, fueling earnings boom narrative. • Strong results driven by cost efficiencies, demand recovery in key sectors like infrastructure and consumer goods. • These outperformers boosted investor confidence amid broader market rebound, with focus shifting to sustainable growth post-correction.