Heavy

• Tech stocks triggered a broad market decline as investors grew concerned over the massive capital expenditures of AI companies and rising interest rate expectations. • Alphabet reported a 47% drop in Q1 free cash flow, contributing to a trend where combined hyperscaler AI spending has now surpassed $452 billion. • The sell-off highlights a growing tension between the heavy costs of building AI infrastructure and the uncertain timing of when these investments will generate significant profits.

• NASA's Nancy Grace Roman Space Telescope has arrived at the Kennedy Space Center in Florida for final pre-launch preparations. • The observatory is scheduled to launch this summer aboard a SpaceX Falcon Heavy rocket to join other major orbital telescopes like Hubble and Webb. • This mission represents a significant leap in astronomical capabilities, designed to study dark energy and exoplanets with a wider field of view than its predecessors.

• The Indian stock market is defying a global trend of "top-heavy" indices, where a few dominant firms disproportionately drive overall market performance. • India maintains a balanced structure with significant positions spread across financial services, energy, IT, telecommunications, and consumer sectors. • This diversification reduces systemic risk compared to markets in Taiwan, Denmark, and South Korea, which are heavily reliant on the fortunes of single corporate champions.

• South Korean stocks plummeted 4% on Friday, driven by a sharp decline in tech heavyweights following a sell-off of AI-linked names on Wall Street. • The downturn extended across Asia-Pacific markets, with Hong Kong's Hang Seng index dropping 0.46% and the CSI 300 declining 0.29%. • This shift reflects a broader market rotation away from chip stocks, which paradoxically helped the Dow Jones Industrial Average reach a record close.

• Indian stock markets opened lower on Tuesday, with the Nifty 50 dropping 0.66% to 23,229.15 and the BSE Sensex falling 0.43% to 73,945.20 as of 9:15 a.m. IST. • The decline is attributed to investor anxiety over escalating tensions in Iran and significant capital outflows from the market. • In separate legal news, the Supreme Court has cleared wrestler Vinesh Phogat to participate in the Asian Games trials.

Bureau of Meteorology says thunderstorms could bring widespread rainfalls and flash flooding while there are ‘signs of El Niño development’Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastSevere thunderstorms could bring heavy rainfall and flash flooding to eastern and south-eastern Australia in coming days, according to the weather bureau.On Tuesday afternoon, the Bureau of Meteorology (BoM) said a low-pressure system over South Australia combined with moisture being pushed down the eastern seaboard from the tropics, would bring widespread rainfalls. Continue reading...

Twelve dead as southern and central areas also suffer travel disruption, electricity outages and evacuationsHeavy, prolonged rainfall in southern and central China has resulted in weather warnings for flash flooding, landslides and waterlogging. The band of rainfall spanned 1,000km (620 miles) and steadily moved eastwards across the regions on Tuesday. It was a slow-moving band of rain, formed from the convergence of multiple bands originating from the Bay of Bengal, South China Sea and the Pacific Ocean.Coupled with low wind speeds, high daily and hourly rainfall totals have been recorded, with as much as 75mm locally in Hunan, 85mm in Anhui in a 24-hour period and 95mm on the island of Hainan. As a result of flooding, 12 people have died and hundreds of residents have been evacuated by emergency services. There were major travel disruptions, electricity outages, as well as school and business closures. Along the flooded streets, social media posts showed submerged cars and people fishing. Continue reading...

Critics say document outlining strategy is both ‘completely Trumpian’ and an ‘alarming’ escalation in rhetoricWhen Donald Trump’s counter-terrorism “czar”, Sebastian Gorka, introduced the Trump administration’s long-awaited counter-terrorism strategy on a call with journalists on Wednesday, he also reportedly described critics of the administration’s war in Iran as “testicularly challenged”.The at-times bizarre 16-page memo Gorka authored is only slightly more subtle – taking rhetorically charged swings at the president’s enemies, the Biden administration, transgender people and some Islamist groups, while offering little clarity about the threat posed by political violence domestically or abroad or any specific plans to address it. Continue reading...

Labour party loses more than 1,400 English council seats and crashes out in Welsh and Scottish parliament votes• UK politics live – latest updatesKeir Starmer, the British prime minister, is facing increasing pressure to set a date for his departure after elections across much of the country resulted in massive losses for his ruling Labour party.With the bulk of results now counted after voting on Thursday, Labour had lost more than 1,400 representatives from English councils, the local government structures that deliver many neighbourhood services. Continue reading...

Leader defiant in face of calls from some of his MPs to quit but admits ‘results are tough, and there’s no sugarcoating it’Election 2026 live: latest news updatesFull results from England, Scotland and WalesKeir Starmer has vowed to fight on as prime minister despite early results in local elections that show his party suffering heavy losses, many at the hands of Nigel Farage’s Reform UK.Starmer struck a defiant note on Friday morning in the face of calls from some of his MPs to quit, insisting he remained as determined as ever to deliver the promises on which he was elected less than two years ago. Continue reading...

Deputy leader plays down leadership talk and says party must focus on long-term challenges rather than personnelLabour’s deputy leader has warned there will be “no magic bullet” to solve Labour’s problems – or major challenges facing the country – as its MPs grapple with how to navigate the fallout out from the local elections.Lucy Powell told the Guardian she understood there was “huge anger and despondency” from Labour MPs in the aftermath of the Peter Mandelson vetting scandal, but said the prime minister would not make a similar mistake again. Continue reading...

Drivers seem undeterred by high fuel prices and gloomy weather forecasts, while engineering works spell delays for railway passengersDrivers have been told to expect the UK’s busiest May bank holiday traffic in years, despite high fuel prices and the looming end of the sunny spell threatening to dampen the long weekend.More than 19m leisure trips by car were expected over the long weekend from Friday to Monday, according to research by the RAC motoring organisation – the most since 2016. Engineering works are also likely to disrupt rail journeys this weekend. Continue reading...

Pineland Road fire and Highway 82 fire have destroyed over 100 homes, and are part of large number of wildfires this spring in the US southSign up for the Breaking News US email to get newsletter alerts in your inboxHeavy rain slowed the progress of two sprawling southern Georgia wildfires over the weekend, allowing crews to make some progress in containing the blazes that have destroyed more than 100 homes.Although the rain helped the firefighting efforts, it wasn’t “nearly enough to put the fires out” and crews responded to 10 new blazes throughout the drought-stricken state Sunday, the Georgia Forestry Commission said Monday. Continue reading...

No deaths reported after latest round of severe weather in the region as officials brace residents for long recovery A trail of damaged homes and buildings dotted a wide swath of the US on Saturday after a burst of destructive winds and reported tornadoes tore off roofs, uprooted trees and rendered rural roads impassable with debris.No deaths were reported after Friday’s storms, which barreled through the upper midwest and delivered the latest round of severe weather to batter the region. Officials braced residents for a long recovery in some rural communities. Continue reading...

• Fraud incidents continue climbing at US banks even with substantial spending on advanced detection tools and analytics. • The gap highlights limitations in current tech defenses against evolving fraudster tactics. • This trend matters as it pressures financial institutions to innovate faster, amid rising economic impacts from cyber fraud.

The 79th edition of the film festival will see work by Pedro Almodóvar, Hirokazu Kore-eda and László Nemes considered for the coveted Palme d’OrGillian Anderson, Rami Malek, Cara Delevingne and John Travolta are expected to walk the red carpet at Cannes this year, as the world’s most influential film festival unveiled an auteur-heavy lineup for its 79th edition.Competing for the coveted Palme d’Or will be new films by heavyweights Pedro Almodóvar, Hirokazu Kore-eda, Paweł Pawlikowski, László Nemes and Asghar Farhadi. Continue reading...

Storm Dave expected to cause Easter weekend travel disruption, though warm weather could return next weekStorm Dave is expected to cause travel disruption this Easter weekend, with warnings for heavy snow and gale-force winds issued across northern parts of the UK, but a reprieve from the cold snap could be on the way, with temperatures forecast to reach the mid-20s next week.The Met Office has issued a yellow severe weather warning in Scotland for heavy snow and blizzards causing some travel and power disruption. Up to 30 centimetres of snow could fall. An amber weather warning for wind has been issued for parts of northern England, Scotland and Wales on Saturday evening. Continue reading...

• The United Arab Emirates reported heavy explosions in Dubai early Friday as its air defenses intercepted incoming Iranian fire over the city. • Kuwait reported two oil refineries on fire and Saudi Arabia disclosed that its Samre refinery came under attack, indicating Iran's widening campaign against Gulf energy infrastructure. • The attacks represent Iran's strategic effort to target regional economic assets and disrupt global energy supplies as the conflict escalates beyond direct military engagements.

Cryptocurrency’s biggest Pac spent more than $10m for their candidates, only to be defeated by those who are anti-cryptoSign up for the Breaking News US email to get newsletter alerts in your inboxThe cryptocurrency industry spent big and lost often in this week’s Illinois primaries.As the industry prepares to make massive donations in the 2026 midterm elections to replicate its success in 2024, the Illinois losses mark an early setback for firms that are trying to establish themselves as power players in American politics. Continue reading...

• CERN scientists announced the discovery of the Ξcc⁺ particle, a long-predicted heavy cousin of the proton, resolving a 20-year mystery in particle physics. • The breakthrough marks the first particle discovery with the upgraded LHCb detector, involving over 1,000 researchers from 20 countries, with the UK contributing the most led by University of Manchester's Professor Chris Parkes. • Professor Parkes stated, 'Rutherford's gold-foil experiment in a Manchester basement transformed our understanding of matter, and today's discovery builds on that legacy.'

Parts of US face another winter storm with severe conditions also pushing into Ontario, Quebec, and NewfoundlandNearly two months since a major storm brought widespread heavy snow and freezing rain to eastern parts of the US, a new winter storm is sweeping across north-eastern US states and south-eastern Canada.An area of low pressure, which first developed in north-western parts of the US late last week, intensified rapidly as it pushed north-east through central parts of the US. Continue reading...