Heads

Analysts say IPO that could make Elon Musk the world’s first trillionaire has a ‘major disconnect’ on price Elon Musk’s SpaceX is set to launch the biggest stock market float in history amid warnings that it may be overvalued.The space exploration, satellite broadband and AI company will join the US stock market on Friday at a valuation of $1.78tn, after offering at least $75bn of shares to investors through an initial public offering . Continue reading...

Relationship between Vladimir Putin and traditional ally has slowly unravelled under current PM Nikol PashinyanThe bottling line at the Abovyan cognac factory in Armenia is running at full tilt.Women in white coats and hairnets work the conveyor with practised speed – labelling, stacking, loading pallets – racing to fill a truck. Continue reading...

• NASA's $4 billion Nancy Grace Roman Space Telescope is transporting to Florida for a scheduled launch in September. • The telescope is designed to survey 100 times more of the sky than the Hubble Space Telescope, focusing on previously unexplored regions of the Milky Way. • Scientists expect the mission to identify approximately 100,000 new planets, a massive increase over the 6,300 exoplanets discovered to date.

Incumbent comes out on top in primary election – but with less than 50% of votes – and will take on challenger in NovemberKaren Bass has come out ahead in Tuesday’s heated primary for Los Angeles mayor, but with less than 50% of the vote will have to defend her seat in November’s general election.Bass will face either Spencer Pratt, a former reality TV star, or city council member Nithya Raman, in November. As of Tuesday evening, it was still unclear who would move on. Continue reading...

• The Eurovision Song Contest will launch its first-ever Asia edition, with the inaugural grand final scheduled to take place in Bangkok on 14 November 2026. • Ten countries have been confirmed to compete in the pop music festival, marking a significant strategic expansion of the long-running European competition into Asian markets. • This move represents a major global scaling of the "pop spectacle," aiming to diversify the contest's reach and tap into the region's massive music industry.

UK government borrowing costs jump amid political uncertainty and oil price rise that fuelled inflation worriesBusiness live – latest updatesThe pound was heading for its worst week in 18 months on Friday as City traders anticipated that the UK prime minister, Keir Starmer, could face a challenge from the Manchester mayor, Andy Burnham, later this year.After days of uncertainty over Starmer’s future, sterling dropped by almost three cents, or 2%, during the week to $1.336 on Friday, a five-week low. That would be the largest weekly drop against the US dollar since Donald Trump’s election win in early November 2024. Continue reading...

Tim Cook and Elon Musk, among other tech CEOS, will accompany the US president on a trip to ChinaDonald Trump is heading to China this week. If his guest list is any clue, he wants to discuss technology with Xi Jinping, though perhaps after the war in Iran.On Monday, news broke that outgoing Apple CEO, Tim Cook, as well as SpaceX and Tesla CEO, Elon Musk, would join the US president. Other guests from the tech sphere include Meta’s recently appointed president, Dina Powell McCormick; Sanjay Mehrotra, CEO of computer memory maker Micron; Chuck Robbins, CEO of longtime telecom giant Cisco; and Cristiano Amon, CEO of semiconductor maker Qualcomm, according to a White House official. Continue reading...

It will be the first time a US president has visited China in nearly a decade, with the last visit being Trump in 2017Hello and welcome to our live coverage of US politics.Donald Trump is scheduled to travel to China this week to meet with Xi Jinping, China’s leader. It will be the first time a US president has visited China in nearly a decade, with the last visit being Trump in 2017. But given all that has happened so far in Trump’s second term – a trade war and then an actual war with Iran that has led to oil and gas prices skyrocketing worldwide – the mood of this visit is likely to be quite different. Continue reading...

With gas more than $6 in state, delivery of some 2m barrels is last planned shipment to pass through strait of HormuzMiddle East crisis – live updatesThe average price of a gallon of gas in California already stands at more than $6, but more uncertainty looms as the last oil tanker headed from the Middle East arrived in the Golden state this week.The Los Angeles Times reported on Sunday that the New Corolla, which left the Middle East for California before the war broke out, is delivering some 2m barrels of crude oil from Iraq to Long Beach. It was the last planned shipment to pass through the strait of Hormuz. Continue reading...

Trump-endorsed candidate facing a long-shot challenge from car designer and YouTube provocateur Casey PutschHello and welcome to the US politics live blog.Former Republican presidential candidate Vivek Ramaswamy is hoping to lock in his position as candidate in the race to become Ohio governor.Donald Trump has threatened that Iran will be “blown off the face of the earth” if it attacks US vessels trying to reopen a route through the strait of Hormuz. The US launched an operation to help hundreds of ships trapped with their crews in the Gulf, dragging the region back to the brink of full-scale war. While the US military claimed to have destroyed six Iranian small boats and intercepted both Iranian cruise missiles and drones, this was denied by Iran. More here.The Trump administration moved to block a lawsuit Minnesota officials filed almost six years ago alleging oil companies and a petroleum trade group deceived state residents about climate change. The justice department, the administration’s law enforcement arm, filed an action in federal court in Minneapolis arguing that the federal government has the authority to regulate greenhouse gas emissions, not states, and that Minnesota officials are trying to improperly impose their policy preferences on the rest of the country.The US supreme court went out of its way to help Louisiana Republicans redraw their congressional maps ahead of this year’s midterm elections. The procedural move comes less than a week after the court’s landmark decision striking down Louisiana’s congressional map and gutting section 2 of the Voting Rights Act.The Trump administration is continuing to pressure the United Nations and the international aid sector more broadly to adopt trade-focused policies to benefit US firms – or face the threat of further budget cuts. Donald Trump’s second term has already seen USAID suffer mass layoffs and have its remaining operations folded into the state department, with a ripple effect across the globe that has many experts warning will cost thousands of lives as vital programs are cut. More here.The Trump administration’s attack on the 87-year-old food aid program that supports tens of millions of low-income Americans escalated last week as the agriculture secretary, Brooke Rollins, claimed that 14,000 Supplemental Nutritional Assistance Program (Snap) recipients included owners of luxury vehicles such as Ferraris, Bentleys and Teslas. More here. Continue reading...

Foreign affairs minister begins another diplomatic tour to secure Australia’s fuel and energy supply chains. Follow today’s news liveGet our breaking news email, free app or daily news podcastGood morning, Nick Visser here to guide you through the day’s news. Here’s what’s on deck:The foreign minister, Penny Wong, will travel to Japan today, part of a diplomatic trip to secure fuel supplies that will also include visits to China and South Korea. She said the effort will help “ensure Australia is prioritised as a reliable energy partner”. Continue reading...

Conservative host says he’s ‘tormented’ by previous support for Trump – could this presage his own run for president?He can’t live with him and can’t live without him. But, finally, the conservative podcaster Tucker Carlson seems to have made up his mind about Donald Trump. Their up-and-down marriage of political convenience is heading for the divorce court.On Tuesday Carlson admitted that he will be “tormented” for a long time by his support for Trump in the 2024 US presidential election “and I want to say I’m sorry for misleading people”. What he did not say is whether this presages his own run for president in 2028. Continue reading...

US Treasury secretary Scott Bessent says Iran’s Kharg Island storage facilities will be full and their ‘fragile’ oil wells shut in mere days because of the blockade; oil prices rise amid ongoing uncertaintyTrump announces extension of Iran ceasefire until ‘discussion concluded’Shares have been mixed in early trading across Asia, while oil prices have eased on hopes the US and Iran may resume talks to end their war.The price of Brent crude edged 0.2% lower but was still above $98 a barrel. US benchmark crude fell 0.4% to $89.29 a barrel. Continue reading...

The prime minister will hold talks with his opposite number to shore fuel suppliesGet our breaking news email, free app or daily news podcastPenny Wong says the US-Iran ceasefire is fragile but must hold for the sake of the world economy and energy markets.Speaking on ABC’s 7.30, the foreign minister said there were obvious differences between the two parties but the potential downsides to the truce failing meant it was imperative that it worked.This ceasefire is fragile, there’s no doubt about that. The ceasefire is fragile but the world does need it to hold. There are obviously substantial points of difference between the parties. But I think we all know that the damage that is happening to the global economy, to global energy markets, means that the world does need this ceasefire to hold.And you know, I spoke early on to Singapore, to Korea, to Malaysia, the Prime Minister, as you said, is going to Singapore, we’ve seen one announcement already and we will continue to work with them. I spoke to the Japanese foreign minister just before this interview, we want to keep engaging with our counterparts, because this is a very large shock to global energy markets, and one that will continue to have an effect.I can understand people being really concerned about what is happening on global markets and what has happened in the Middle East, and the way this has escalated, which is why we have been saying for some time, it’s time for de-escalation. Continue reading...

PM to meet partners in region to discuss effort to ‘support and sustain ceasefire’ and reopening the strait of HormuzSarah Jones, the policing minister, has been giving interviews. She has been talking about Keir Starmer’s visit to the Gulf, but hasn’t said anything that really adds to the (rather limited) information about the visit put out by Downing Street.Jones told Times Radio:[Starmer] is going to the Gulf for a number of reasons. Firstly you will have seen last week with the foreign secretary, and this week with our officials, where we have played a real leading role bringing together about 40 countries looking at the challenge that we have in the strait [of Hormuz] and how we can make sure that opens up as quickly as possible to bring some normality back to that system. so there will be that aspect.He wants to see the work of our brave personnel who are there in the region, of course, with our three very key principles of protecting British interests and protecting British citizens and our allies. He will want to see the work of that. Continue reading...

PM to meet regional leaders to discuss effort to ‘support and sustain ceasefire’ and reopening the strait of HormuzMiddle East crisis – live updatesKeir Starmer is travelling to the Gulf to meet leaders in the region to discuss diplomatic efforts to support the ceasefire agreed between the US and Iran.The prime minister’s visit on Wednesday comes hours after a two-week ceasefire was agreed on Tuesday evening, canceling a self-imposed deadline by the US president, Donald Trump, for Iran to surrender or face widespread destruction. Continue reading...

Decision to choose small, wealthy – but very Catholic – state for first European trip has baffled some Vatican observersPope Leo will travel to Monaco, the semi-enclave famous for casinos and superyachts, on Saturday on his first European trip since being elected pontiff, causing bemusement among some Vatican observers, not least because it comes 488 years after the last papal visit.Leo will travel from the Vatican by helicopter for the one-day trip, and will be greeted at Monaco’s heliport by Prince Albert and his wife, Princess Charlene, before being taken to the palace, which has been the residence of the Grimaldi dynasty since the 13th century. It is the first time a pontiff has visited Monaco since Pope Paul III in 1538. Continue reading...

Nearly 300 of the actor’s items, from designer gowns to everyday basics, to be sold in Los Angeles, with some lots under $100A customised sunhat. A slogan sweatshirt. A “mom” necklace. An old copy of Cosmopolitan. If these sound like items found in many homes today, they’re actually the castoffs of a household name: Gwyneth Paltrow.Next week, nearly 300 pieces owned by Paltrow will be on sale as part of an auction at Julien’s, the Los Angeles auction house that has sold big-ticket items such as Marilyn Monroe’s so-called “naked” dress and the leather jacket worn by Olivia Newton-John in Grease. But, while those items went for six-figure prices, Paltrow’s sale is a little more affordable, with estimates starting at about $50 (£37) to $75 (£56) for some of Paltrow’s personalised stationery. Continue reading...

Midwestern state has a slate of competitive races with money flowing in from donors including AipacSign up for the Breaking News US email to get newsletter alerts in your inboxIllinois voters on Tuesday will decide between a crowded field of Democratic candidates vying to be the state’s next senator as the midwestern state also nominates candidates for five open congressional seats.Longtime Illinois senator Dick Durbin’s retirement leaves a competitive race that includes two US representatives and the lieutenant governor vying to replace him, with massive infusions of money coming to the candidates from outside groups, including donors affiliated with the American Israel Public Affairs Committee (Aipac), that are spending millions to sway voters. Continue reading...