The latest business and financial headlines, updated hourly via RSS from BBC Business, The Guardian, and CNBC.
Anglian, Southern, Wessex and South East allowed to raise charges more than originally permitted by watchdogBusiness live – latest updatesMillions of households in England will pay even higher water bills than previously expected, after the competition regulator gave its final verdict on industry spending plans for the coming years.Five water companies had appealed to the Competition and Markets Authority to let them raise bills higher than was initially allowed by Ofwat, the industry watchdog. On Tuesday, the CMA said it would let four of them raise annual bills by an extra 2.65% on average. Continue reading...
Chancellor raises prospect of help after prices almost treble since start of conflict• How will war in the Middle East affect your finances?Rural households that rely on heating oil to warm their homes and provide hot water are facing a “sudden and frightening” surge in their bills, with prices almost trebling since the start of the Iran war.The cost of heating oil is not covered by Ofgem’s energy price cap and varies between suppliers. In examples seen by the Guardian, customers who were typically paying 62p a litre before the war are now being quoted about £1.73. Continue reading...
Ban could still be introduced in future after Commons back government bid to give extra powers to secretary of stateA proposed ban on social media for under-16s has been rejected by MPs.Parliamentarians voted 307 to 173, majority 134, against the proposed change to the children’s wellbeing and schools bill, which was brought forward by Conservative peer and former minister John Nash. Continue reading...
Uber is expanding a pilot program aimed at addressing concerns about the safety of its ride-hailing platformUber launched a feature on Monday to allow both female riders and drivers across the US to be matched with other women for trips, expanding a pilot program aimed at addressing concerns about the safety of its ride-hailing platform.The new feature is being rolled out nationwide despite an ongoing class action lawsuit against the policy in California, filed by Uber drivers who argue that it is discriminatory against men. Rival ride-hailing company Lyft is also facing a discrimination lawsuit over a similar offering that it introduced nationwide in 2024. Continue reading...
Chancellor says she is ready to help households with rising costs but stops short of setting out specific stepsMiddle East crisis – live updatesBritain is likely to be hit by rising inflation because of the US war with Iran, the chancellor has said, as she suggested a “rapid de-escalation” would be the best protection against a jump in energy prices.Rachel Reeves stopped short of setting out any new relief for people who could be hit by rising prices, rebuffing calls to ditch a planned 5p rise in fuel duty in September.The price of Brent crude oil rocketed to as high as $119.50 on Sunday, a jump of 29%.The Bank of England is now expected to keep interest rates on hold through 2026, with a small possibility of a rise in 2027.The prospect of a prolonged conflict and higher inflation also pushed global markets lower.The AA said drivers could “consider cutting out some non-essential journeys and changing their driving style to conserve fuel”. Continue reading...
While the set-up in Great Britain looks secure for now, the Iran war shows why more storage seems essential Alarmed that Great Britain has only enough gas in storage to cover two days of consumption? Actually, Michael Shanks, the energy minister, is right that the bald statistic is not a reason to run for the hills. But he would help his case if he admitted that the long era of running a “just-in-time” approach to gas supplies looks increasingly unworkable.Shanks is obviously correct that Great Britain does not source its supplies from storage. About 75% of our gas comes from the North Sea – from domestic fields and via the 725-mile underwater Langeled pipeline from Norway – and neither source is affected by the war in Iran. Continue reading...
Merger to take drone firm public is latest business move by Eric Trump and Donald Trump Jr as father is in White HouseSign up for the Breaking News US email to get newsletter alerts in your inboxA golf club company backed by the sons of Donald Trump is merging with drone manufacturer Powerus in a deal designed to take the drone technology company public.The merger with Aureus Greenway Holdings is the latest in Eric and Donald Trump Jr’s growing investments in the drone sector, following last month’s $1.5bn tie-up between Israeli drone maker XTEND and Florida-based JFB Construction Holdings. Drones have become a major procurement priority for the Pentagon and are widely used in Ukraine, where dense air defense systems near the frontlines limit the deployment of conventional aircraft. Continue reading...
Crude prices could surpass their 2008 record, with potentially dire effects for consumers and businessesFears over the global economy have been stoked by the oil price soaring past $100 a barrel as a result of the US-Israel war with Iran.Economists say the increasing likelihood of a prolonged conflict in the vital energy exporting region could have serious consequences for living standards around the world amid the threat of a renewed inflation shock. Continue reading...
Social media company tells MPs of continual fight against state-backed efforts, with Russia being most prolificElon Musk’s X said it had suspended 800m accounts over a 12-month period as it fights the “massive” scale of attempts to manipulate the platform.The social media company told MPs it was continually fighting state-backed attempts to hijack the agenda on its network, with Russia the most prolific state actor, followed by Iran and China. Continue reading...
Finance ministers from G7 countries resist pressure to release emergency oil stocks at video call todayIran war drives oil prices above $100 a barrel for first time since 2022UK interest rate cuts unlikely this year amid Iran war – and a rise could be aheadResearch show that poorer people are hit hardest by surging oil prices.As our economics editor Heather Stewart wrote yesterday:Recent research published by economists at the University of Massachusetts Amherst identified energy, along with food and agriculture as among the commodities that had “a disproportionate capacity to increase inequality when their prices rise”.Where there are benefits, these are narrowly shared. Another striking recent paper showed that after the 2022 oil price surge in the US, 50% of the windfall benefit from higher prices in the sector went to the wealthiest 1% of individuals, via the stock market. The bottom 50% of people received only 1%. Continue reading...
Lawsuits come after Pentagon labeled Anthropic a ‘supply chain risk’, a decision the company says is unlawfulSign up for the Breaking News US email to get newsletter alerts in your inboxAnthropic filed two lawsuits against the Department of Defense on Monday, alleging that the government’s decision to label the artificial intelligence firm a “supply chain risk” was unlawful and violated its first amendment rights. The two sides have been locked in a monthslong heated feud over the company’s attempt to implement safeguards against the military’s potential use of its AI models for mass domestic surveillance or fully autonomous lethal weapons.The lawsuits, which Anthropic filed in the northern district court of California and the US court of appeals for the Washington DC Circuit, come after the Pentagon formally issued the supply chain risk designation last Thursday, the first time the blacklisting tool has been used against a US company. The AI firm previously vowed to challenge the designation and its demand that any company that does business with the government cut all ties with Anthropic, a serious threat to its business model. Continue reading...
Russian oligarch says money is his to allocate despite international sanctions imposed on his assetsThe Russian oligarch Roman Abramovich has stepped up his row with the British government over the £2.5bn proceeds of his sale of Chelsea FC, insisting that the money is his to allocate despite the international sanctions imposed on his assets.The UK and EU imposed sanctions on Abramovich in 2022, freezing his assets in response to Moscow’s full-scale invasion of Ukraine, citing his ties to Vladimir Putin’s regime. Continue reading...
Surging energy prices and tumbling stock markets are threatening a new UK cost of living crisisWar in Middle East ‘could wipe out growth in UK living standards’The war in the Middle East is continuing to tighten the screw on the finances of people around the world. Stock markets have fallen and the oil price has surged over $100 a barrel for the first time in four years – fuelling fears of a new cost of living crisis.Here is how it could affect your bills, spending and investments if you live in the UK. Continue reading...
Live Nation will pay $280m to states in lawsuit, and Ticketmaster will open parts of platform to rival companiesSign up for the Breaking News US email to get newsletter alerts in your inboxLive Nation, which owns Ticketmaster, has reached a surprise settlement with the Department of Justice in its antitrust case just one week after the trial began.Under the agreement, Live Nation will create a $280m settlement fund for states that participated in the lawsuit and Ticketmaster will be required to open parts of its platform to rival ticketing companies, Live Nation announced Monday. Continue reading...
Exclusive: Rented datacentres and ‘supercomputer’ site that’s still a scaffolding yard raise questions for Starmer’s push to ‘mainline AI into veins of economy’From press release … to scrap metal site: the Essex supercomputer that’s still a scaffolding yardA multibillion-pound drive to “mainline AI into the veins” of the British economy is riddled with “phantom investments” and shaky accounting, a Guardian investigation has found.Since 2024, successive Conservative and Labour governments have proclaimed massive deals to build new datacentres, create thousands of jobs and construct a supercomputer. Continue reading...
Private equity group EQT to take 42% stake as supplier faces scrutiny over environmental record and CEO’s payBusiness live – latest updatesA leading European investor will pump fresh funding into Yorkshire Water including helping to cover a £600m loan, despite recent heavy sewage fines and a scandal over executive pay at the utility company.EQT, a Swedish private equity group, said on Monday it would take a 42% stake in Kelda Holdings, the Jersey-registered parent company of Yorkshire Water, which has 5.7 million customers across Yorkshire and parts of the East Midlands and Lincolnshire. Continue reading...
London-based startup, which is vital to the government’s artificial intelligence ambitions, is now valued at $14.6bn UK’s multibillion AI drive is built on ‘phantom investments’The Essex supercomputer that’s still a scaffolding yardBusiness live – latest updatesNscale, a UK company vital to the government’s AI ambitions, has raised $2bn (£1.5bn) in a funding round and appointed the former Meta executives Sheryl Sandberg and Nick Clegg to its board of directors.It brings the valuation of the London-based startup, which is backed by the US tech company Nvidia, to $14.6bn, it said in a statement, and follows a $1.1bn funding round the company raised last September. Continue reading...
Startup still believes in ‘principle of treating adults like adults, but getting experience right will take more time’OpenAI is delaying the launch of “adult mode” for ChatGPT after admitting it had more pressing priorities than introducing erotica on its signature artificial intelligence product.The startup’s chief executive, Sam Altman, had announced last year that OpenAI would allow adult content as it rolled out age checking. Continue reading...
Ruling could free $175bn, but legal hurdles and higher costs have left businesses questioning if claims are even worth itThe US supreme court recently struck down Donald Trump’s tariffs, opening the door to up to $175bn in refunds for businesses that paid the import taxes. However, the process for claiming that money is by no means certain. Trump himself said that the issue could be tied up in courts “for the next five years”.Across the country, small businesses have struggled to navigate the fallout from Trump’s global tariff wars. The Guardian asked small business owners in the US how their lives and livelihoods have been affected. Continue reading...
Reform UK leader strengthens ties with crypto sector with stake in former Tory chancellor’s company Stack BTCBusiness live – latest updatesNigel Farage has invested in Kwasi Kwarteng’s bitcoin reserves company, as the leader of Reform UK aligns himself closer with the cryptocurrency industry.The MP has invested £215,000 in Stack BTC, the crypto business that is chaired by the former Conservative chancellor. Continue reading...