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Announcement comes before Matt Brittin replaces Tim Davie as director general next monthBusiness live – latest updatesThe BBC is to cut as many as 2,000 jobs in the biggest down-sizing of the public service broadcaster in 15 years.Staff are set to be informed of the cuts, which will affect about 10% of the BBC’s 21,500 staff, at an all-staff meeting on Wednesday. Continue reading...

Experts say ‘cautious consumption’ shows households bracing for return to extended period of financial pressure experienced during pandemic yearsGet our breaking news email, free app or daily news podcastAustralians are choosing chicken schnitzel over more expensive rib-eye steak, avoiding entrees and sticking with tap water rather than a glass of wine amid ongoing uncertainty surrounding the fuel crisis and war in Iran.As soon as the numbers on the petrol bowser started climbing last month as the US and Israel launched strikes on Iran, the customer response was swift. Continue reading...

Pakistani officials defy the skeptics to lead a breakthrough in negotiations and help avert catastrophe in Iran Middle East crisis – live updatesPakistan’s leaders had almost lost hope. After more than two weeks of frantic negotiations, phonecalls and diplomatic summits to try to end the US-Israeli war with Iran, it looked like the conflict might instead be escalating into Islamabad’s worst nightmare.In a cabinet meeting held around 5pm on Tuesday, Pakistan’s prime minister Shehbaz Sharif was morose. “We should brace ourselves for the impact of the war,” he told his cabinet ministers. “The situation has really become very bleak. The chance of peace has become dim.” Continue reading...

Record high set on Monday and raised on Tuesday, with 14.4GW of electricity generated in sunny spring weatherBritain’s sunny spring weather powered the grid to new solar energy records on two consecutive days this week.Solar farms in England, Wales and Scotland generated 14.1 GW of low-carbon electricity at lunchtime on Monday, surpassing the previous high of 14GW in July last year. Continue reading...

As Iran and US agree fragile ceasefire, Israel’s conflict has turned out to be a bust and, say opponents, ‘a political disaster’Middle East crisis – live updatesIn a war where there have been no winners, Israel’s prime minister looks set to be the biggest loser entering a fragile and vague ceasefire with Iran.After years of Benjamin Netanyahu’s threats against Iran, his stunts at the UN’s general assembly, the dodgy dossiers endlessly wafted under the noses of the world’s media, and diplomatic pressure on successive US presidents to agree to a war against Iran, Israel’s conflict has turned out to be a bust. Continue reading...

Elon Musk’s aerospace to AI company will host summer event to try to convince buyers it is worth $2 trillionBusiness live – latest updatesSpaceX will kick off the marketing for its highly anticipated stock exchange debut by hosting an event in June for 1,500 retail investors, as executives set out to convince buyers that the aerospace-to-artificial-intelligence group should be valued at $2 trillion.In an unusual move, the company has earmarked a large portion of its shares – potentially up to 30% – for non-professional, non-institutional investors, banking on the popularity of its chief executive, Elon Musk, to help it raise $75bn (about £56bn) in what is expected to be the largest public offering in history. Continue reading...

Nearly a quarter of voters site the Reform leader’s support for the US president as the primary reason for not voting for his partyBy day 31 of the war in the Middle East, Nigel Farage had become somewhat less vocal about the closeness of his relationship with Donald Trump.“Trying to read what’s really in the minds of people in the White House right at the moment is a mug’s game,” said the MP, as he unveiled his party’s latest “pledge” to cut the cost of living on Tuesday. Continue reading...