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Transport secretary says first official estimate in 2026 prices shows ‘obscene increase’ after ‘shocking legacy’ of previous governmentBusiness live – latest updatesThe HS2 high-speed railway will now cost up to £102.7bn and trains will not start running between London and Birmingham until as late as 2039, the government has admitted – £70bn more and 13 years later than originally promised.The transport secretary, Heidi Alexander, said that the truncated railway would not be entirely completed until as late as 2043. Continue reading...

Researchers found over 1,600 primates listed for sale on Facebook, TikTok and more over a six-week period in 2025A new report from leading wildlife and conservation organizations has revealed a sharp rise in the online sale of primates across major social media platforms in the US, raising concerns about wildlife trafficking, public safety and animal welfare.The report, titled Primates for Purchase: The Surge in Sales on Social Media in the US, was released Tuesday by the Association of Zoos and Aquariums (AZA), the International Fund for Animal Welfare (IFAW) and the World Wildlife Fund (WWF). Continue reading...

Cornwall Insight predicts rise in price cap of nearly 13% in Great Britain as Iran war pushes up gas costsBusiness live – latest updatesHouseholds in Great Britain could see their energy bills increase by over £200 a year to almost £1,900 from this summer in “a kick in the teeth” for millions struggling with the cost of living crisis.A typical gas and electricity bill is now forecast to reach £1,850 a year from July under the industry regulator Ofgem’s quarterly price cap, according to analysis by the energy consultancy Cornwall Insight. Continue reading...

Pay growth eases to 3.4% as businesses face pressure from soaring energy costsUnemployment in the UK has unexpectedly risen to 5% while wage growth has slowed, according to official figures, in the first snapshot of how companies are reacting to the impact of the Iran war.The Office for National Statistics (ONS) said the rate of unemployment was up in the three months to March, from 4.9% in February, a rate that City economists had expected to hold. Continue reading...

Chancellor has been under pressure to extend 5p temporary cut at an estimated cost to government of £2.4bn a yearUK politics live – latest updatesRachel Reeves is planning to cancel a rise in fuel duty this week when she unveils a package of measures to reduce the cost of living.The chancellor will announce she will not put up the tax by 1p as was due to happen in September, government sources said, and she could cancel all of a 5p rise that is due to happen in stages over the subsequent six months. 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...

Airline says travellers are leaving it longer to book and those buying flights later this year could face higher pricesBusiness live – latest updatesRyanair is “confident” it will not face a jet fuel shortage this summer amid fears over widespread cancellations linked to the Iran war, but warned holidaymakers booking their flights later this year could face higher fares.Neil Sorahan, the chief financial officer at the budget airline, said he was “increasingly confident that we will not see any supply shocks this summer”. Continue reading...

• US President Donald Trump said Washington wants Iran to hand over its uranium as negotiations over Tehran’s nuclear programme continue, according to a live update published on May 17. • The report said Trump also spoke with Israeli Prime Minister Benjamin Netanyahu while regional tensions remained high amid strikes in Lebanon, Gaza fighting and pressure over the Strait of Hormuz. • The developments matter because energy security and shipping routes are again at risk, with the article noting fears that the crisis could spread beyond the current conflict zones.

Ken Murphy’s pay could rise even higher following scrapping of food waste target and weakness of rivalsBusiness live – latest updatesThe boss of Tesco made £10.8m last year, about £1m more than the year before, as the UK’s biggest supermarket hit its highest share of the market in a decade.Ken Murphy could make even more this year after being handed a 3% rise in basic pay to £1.54m and cutting food waste was scrapped as a target for his long-term bonus, according to Tesco’s annual report. Continue reading...

News will come as a shock to staff, especially at Cranfield, but the institutions’ bosses say intention is growthThe announcement that King’s College London is to absorb Cranfield University came as a surprise but not a shock to England’s higher education leaders, who have been braced for sudden announcements about job cuts and course closures.But for staff and students at both institutions the news will have come as a shock, particularly at Cranfield, the smaller, highly focused postgraduate technology and management college that has its own airport. Continue reading...

• Asian stocks rose on Friday, with gains in Japan, South Korea and Australia pushing the MSCI Asia Pacific Index higher after Wall Street gauges hit records. • The move was driven by the AI trade, strong corporate earnings and resilient U.S. consumer data, while Nvidia's six-day rally brought its market value closer to $6 trillion. • U.S. two-year Treasury yields traded at 4.03%, the highest since June, and Japan's 10-year government bond yield climbed after producer prices hit their highest level since 2023.

Charity says calls to its Childline service about online sexual abuse and exploitation have risen 36% in a yearChildren reported a rise in online blackmail attempts involving sexual images in the UK last year, according to a leading charity.The NSPCC said contacts with its Childline service relating to online sexual abuse and exploitation rose by 36% last year, driven by an increase in cases related to online blackmail. Continue reading...

• The American Medical Association’s May 15, 2026 advocacy update says physicians and healthcare groups are urging Congress to strengthen the No Surprises Act. • The update also says the AMA is seeking physicians’ stories to support ongoing advocacy, indicating the organization is building a record of billing and patient-protection problems. • The issue matters because surprise medical bills remain a major consumer complaint and a persistent policy fight among doctors, insurers and lawmakers.

• Atlanta Braves climbed to the top of MLB Power Rankings for the first time this season with a 30-13 record, up from No. 3 last week. • The Braves' offensive surge is powered by Matt Olson and Drake Baldwin, while the Dodgers fell to No. 2 after their top hitters cooled off, including Shohei Ohtani's 11-game homer drought ended Tuesday. • Top five remains stable with Yankees, Cubs, and Rays holding positions 3-5; St. Louis Cardinals entered top 10 at No. 10 with a 24-18 record after series wins over Dodgers, Pirates, and a split with Padres.

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...

• The Producer Price Index (PPI) for final demand increased 1.4 percent in April 2026, according to the Bureau of Labor Statistics, with prices rising 6.0 percent over the 12-month period. • Final demand services advanced 1.2 percent while final demand goods increased 2.0 percent, showing divergence in price pressures across economic sectors. • The April PPI data signals persistent inflationary pressures in producer-level pricing, which often precedes consumer price increases and informs Federal Reserve monetary policy decisions.

Workers told to be realistic about outcome of union talks as corporation aims to make savings with job cutsBBC staff have been told their bosses will forgo a pay rise this year but fear the freeze will lead to a meagre increase for the rank and file, who have been urged to be realistic about the outcome of union negotiations.Employees have been told that the corporation’s executive committee – its 12 highest-paid bosses including the director general, who were paid almost £5m in total last year – will have their pay frozen this year amid a £600m cost-cutting drive. Continue reading...

• A failed peace proposal over the weekend propelled oil prices and 10-year Treasury yields higher on Monday morning, with equity futures opening modestly lower. • Markets shrugged off geopolitical risks last week as oil declined on Iran ceasefire comments, but renewed tensions reversed that trend amid global energy volatility. • Gas prices rose nationwide, complicating inflation outlook with headline CPI above 3.5% despite easing core PCE, dimming Fed rate cut prospects.

• Cognizant introduced Cognizant Secure AI Services on May 11, 2026, offering comprehensive security for enterprise AI systems throughout development and deployment lifecycle. • The platform operates on "provable trust" principles, monitoring AI models, data, and pipelines for manipulation attempts and unsafe actions while maintaining audit-ready compliance evidence. • The service specifically addresses security challenges from agentic and autonomous AI systems, providing continuous runtime monitoring to prevent unauthorized behavior and ensure governance requirements.

• Quiq Inc. launched a new voice-enabled AI agent platform on May 11, 2026, extending its conversational AI beyond text for enterprise rollouts. • The update targets scaling customer service past pilot phases, integrating voice capabilities to handle complex interactions more naturally. • As enterprises accelerate AI adoption, Quiq's move positions it to capture demand for multimodal AI in high-volume support operations, with refreshed branding to emphasize reliability.

Bond yields creep higher on concerns about potential for political instability and rising inflationBusiness live – latest updatesUK politics live – latest updatesThe cost of government borrowing has crept higher as Keir Starmer’s crucial speech failed to dispel investor “jitters” in the bond markets over political instability combined with fears of rising inflation.The yield, effectively the interest rate, on the benchmark 10-year UK government bonds (known as gilts) rose eight basis points (or 0.08 of a percentage point) to 5% on Monday. Continue reading...

• MSCI’s Asian equities gauge climbed 1% at the open, with South Korea's market surging as much as 5% to a record high driven by artificial intelligence investment optimism. • Brent crude oil rose 3.6% to nearly $105 per barrel after President Donald Trump rejected Iran’s response to his peace proposal, prolonging tensions and the effective closure of the Strait of Hormuz. • US S&P 500 futures fell 0.1% amid the news, while the momentum strategy favoring recent winners like tech boosted Asian markets despite Middle East risks stoking inflation fears and lifting bond yields.

• U.S. IPO deal count increased 36% quarter-over-quarter and 78% year-over-year in Q1 2026, with transaction values up 91% from Q1 2025 but flat from Q4 2025. • Top 10 IPOs totaled over $6 billion, led by Forgent Power Solutions at $1.74 billion in industrials, followed by Janus Living at $966 million in real estate. • Healthcare dominated with 40% of top IPO volume including Minimed Group, Generate Biomedicines, Eikon Therapeutics, and Aktis Oncology; industrials claimed three spots.

• Kraft Heinz reported Q1 2026 sales of $6,047 million, net income of $798 million, and basic EPS of $0.67, beating expectations. • Company completed $1.51 billion share repurchase and launched $1.10 billion tender offer for long-dated debt notes, affirming quarterly dividend of $0.40 payable June 26. • Results highlight early turnaround progress under CEO Steve Cahillane amid weak North American volumes and inflation pressures; projects $24.8 billion revenue by 2029.

• HSBC released its Q1 2026 earnings call transcript showing results fell short of expectations amid challenging market conditions. • Despite the earnings miss, HSBC's stock price increased following the announcement, reflecting investor confidence in the bank's outlook. • The results highlight ongoing pressures in global banking, with potential impacts on investor sentiment toward international financial institutions listed in the US.

• WESCO International reported Q1 2026 sales of $6,080.1 million and net income of $153.8 million, both higher than the prior year. • Basic earnings per share from continuing operations increased to $3.16, demonstrating stronger profitability. • The results signal robust demand in capital goods distribution, potentially boosting sector confidence amid economic recovery signals.

• Alibaba Cloud introduced a new multimodal agent suite, Tongyi AgentStudio, on May 8, 2026, embedding vision, speech, and document‑processing capabilities into a single enterprise‑oriented platform. • The suite supports up to 128 concurrent tool calls per session and can autonomously manage procurement, HR ticketing, and multi‑cloud cost‑optimization workflows, with early pilots at Chinese banks reporting a 32% reduction in internal‑service turnaround time. • Alibaba says Tongyi AgentStudio is now priced at $1.20 per million input tokens for large‑enterprise contracts, below the rate of comparable Western agents, reinforcing its strategy of undercutting global cloud rivals.

Whimsical film shows relay of animals carrying centennial card from Balmoral Castle to naturalist in LondonKing Charles has featured in a surprise birthday tribute to David Attenborough, with a cast of wild animals helping to relay his handwritten congratulatory centenary card.The whimsical film, A Very Special Delivery, begins with the king writing his tribute in the library of Balmoral Castle. Charles, wearing an animal-themed tie featuring elephants, reflects on more than 60 years of friendship with the renowned naturalist. Continue reading...