Review

• Oversea-Chinese Banking Corporation Limited (OCBC) held its Q1 2026 earnings call on May 8, 2026, presenting results to investors and analysts covering its Asia-Pacific operations. • The Singapore-based banking group discussed performance metrics and strategic initiatives during the investor update with media and analyst participation. • OCBC's results are closely watched for insights into regional banking sector health and economic conditions across Southeast Asia and Greater China.

British Medical Association says review into gender identity services was ‘robust’ after previously rejecting findingsThe trade union representing doctors across the UK has dropped its opposition to the findings of the Cass review of gender identity services across the NHS.The British Medical Association (BMA) had previously rejected the findings of the landmark review of transgender healthcare, with the medical body refusing to endorse the report’s findings. Continue reading...

• US President Donald Trump announced on May 7, 2026, that negotiations with Iran have progressed significantly in the last 24 hours, predicting a quick deal to formally end the ongoing war. • The US peace proposal, under review by Tehran, calls for a one-page memorandum to halt hostilities, reopen the Strait of Hormuz, ease sanctions, and limit Iran's nuclear activities, though it omits missile program curbs and proxy support restrictions. • Iranian officials responded cautiously, with a foreign ministry spokesperson pledging an official reply and lawmaker Ebrahim Rezaei calling the offer unrealistic and US-biased; Trump paused a naval mission to reopen shipping lanes amid Saudi opposition.

The US and Iran have offered conflicting messages over the likelihood of a deal being reached imminentlyMorning and welcome to the Guardian’s continuing coverage of the crisis in the Middle East.The US and Iran have offered conflicting messages over the state of negotiations to end the war, with Donald Trump signalling the talks were “very good” and a deal “very possible”.News of a possible deal followed Trump’s abrupt U-turn on a US military operation to guide ships out of the strait of Hormuz, dubbed “Project Freedom”. Trump said the decision to pause the mission on Tuesday – two days after it was launched – was to give peace a chance, but NBC reported that it was suspended after Saudi Arabia refused to allow the US military to use its bases and airspace to carry out the operation. US officials told the American broadcaster that Gulf allies were caught off guard by the sudden announcement of Project Freedom, and that it had angered the leadership in Saudi Arabia.The Iranian president, Masoud Pezeshkian, told his French counterpart, Emmanuel Macron, that the US’s behaviour had “deviated the path of diplomacy towards threats, pressure and sanctions” and that Tehran could not trust Washington. In a statement carried by the Iranian state-run Press TV, Pezeshkian said Iran had entered into dialogue with the US twice and “on both occasions, military aggression against Iran took place concurrently with the negotiations. Such behaviour is effectively like ‘stabbing from behind’”.Iran has denied any involvement in damage to a South Korean-operated vessel in the strait of Hormuz, which suffered an explosion and fire on Monday. Trump blamed the incident on an Iranian attack, while South Korea’s foreign ministry said the cause of the fire would only be confirmed after the vessel is inspected. The Iran embassy in Seoul issued a statement this morning rejecting the allegations, saying safe passage through the waterway requires strict adherence to Iranian regulations.The damage and destruction inflicted on US military sites across the Middle East during the war is far larger than what has been publicly acknowledged by the Trump administration or previously reported, according to analysis by the Washington Post. Reviewing satellite imagery, the newspaper found Iranian airstrikes have damaged or destroyed at least 228 US structures or pieces of equipment, including hangars, barracks, fuel depots, aircraft and key radar, communications and air defence equipment. The US Central Command declined to comment on the report.In Lebanon, where a ceasefire has demonstrably failed to stop the fighting between Israel and Hezbollah, three people were killed this morning in Israeli strikes on Nabatieh south of the country, according to the official Lebanese National News Agency. The Israeli military said one of its soldiers was seriously injured by an explosive-laden Hezbollah drone in southern Lebanon yesterday. It did not say where the attack took place.In Gaza, where another ceasefire appears to be fraying, an Israeli airstrike has killed Azzam Khalil al-Hayya, the son of Hamas political bureau leader and chief negotiator Khalil al-Hayya, according to senior Hamas official Basim Naim. Azzam succumbed to his injuries this morning after being struck in an Israeli attack last night, Reuters reported. He is the fourth son of Hamas’s exiled Gaza chief to have been killed in Israeli attacks. Continue reading...

• Singapore has completed a comprehensive review of its political salary framework but deferred any final decision citing impacts from the ongoing Middle East conflict. • The announcement was made by Minister Chan Chun Sing, highlighting caution amid global economic uncertainties affecting the city-state's finances. • This deferral reflects Singapore's policy of linking political remuneration to economic performance and national circumstances during crises.

FCA focuses on marketing, misleading ads, unfair exit fees and people being signed up without their permissionThe City regulator has launched a review of claims management companies amid concerns that firms are misleading victims of financial scandals, such as car finance, about their compensation.The Financial Conduct Authority (FCA) said some companies were pursuing “aggressive marketing, misleading advertising and unfair exit fees”. Continue reading...

• The Financial Action Task Force (FATF) gave Singapore a mixed review on Wednesday, praising its stability but warning of vulnerabilities as a global financial hub. • Singapore's wealth and political stability attract illicit actors seeking to launder funds, prompting FATF to urge stronger oversight measures. • The assessment impacts Singapore's reputation in international finance, potentially affecting banking regulations and cross-border transactions.