Oil prices surged as tensions in the Strait of Hormuz escalated, with Iran warning the US Navy and military exchanges flaring, impacting shipping firms and causing economic pain across Asia and in India's glassmaking industry.

• Europeans Prepare for a More Dangerous World in a Time of Economic Upheaval — The New York Times Business -
• Confusion in Strait of Hormuz Leaves Shipping Firms Guessing — The New York Times Business -
• Middle East Fighting Flares — Wall Street Journal -

• Energy & Utilities Roundup: Market Talk — Wall Street Journal -
• Oil Jumps as Violence Flares After Trump’s Offer to Help Ships Through Strait — The New York Times Business -
• Rheinmetall’s first-quarter revenues fail to meet expectations — Financial Times -
• US and Iran exchange fire as Hormuz crisis reignites — Financial Times -
• U.S. Warns China Over Iranian Oil as Sanctions Fight Intensifies — The New York Times Business -
• ‘City of Glass’ Is Under Threat From Iran War — The New York Times Business -
• The oil price crunch is looming — Financial Times -
• Iran warns US Navy over Strait of Hormuz as UAE intercepts missiles — Financial Times -
• Is the US truly resilient to the energy market strife? — Financial Times -
• FirstFT: Iran warns US Navy against entering Strait of Hormuz — Financial Times -
• US to ‘guide’ stranded ships out of Strait of Hormuz, says Trump — Financial Times -
• UAE fertiliser giant resorts to trucks to shift product out of Gulf — Financial Times -
• Heat pump sales jump as consumers recoil at high fossil fuel prices — Financial Times -
• Iran’s covert war on opponents abroad — Financial Times -
• Saudi Arabia touts new use for Neom port after Iran war — Financial Times -
• Global industries squeezed as Iran war enters third month — Financial Times -
• Asia’s economic pain deepens as Iran war drags on — Financial Times -

Palantir and Pinterest reported strong first-quarter sales driven by demand and user growth, Paramount's revenue rose on streaming success, while IAC's print business revenue slid, and Amazon expanded its logistics services to external companies, alongside **GameStop's unsolicited $56 billion bid for eBay**.

• IAC Revenue Slides as People’s Print Business Weighs on Results — Wall Street Journal -
• Palantir Beats Forecasts With $1.63 Billion Quarter as Sales Accelerate — Wall Street Journal -
• The CEO of Saks Global Says the Company Is Ready for a Comeback — Wall Street Journal -

• Amazon Expands Logistics Arm to Outside Companies — The New York Times Business -
• Paramount’s Revenue Rises on Streaming, Studios Growth — Wall Street Journal -
• Citigroup sets new rewards structure for banking and wealth referrals — Financial Times -
• Auto & Transport Roundup: Market Talk — Wall Street Journal -
• Basic Materials Roundup: Market Talk — Wall Street Journal -
• Tech, Media & Telecom Roundup: Market Talk — Wall Street Journal -
• Pinterest Posts Higher First-Quarter Sales, Monthly Users — Wall Street Journal -
• ON Semiconductor Narrows First-Quarter Loss on AI Data-Center Demand — Wall Street Journal -
• Alphaville’s tepid takes on GameStop vs eBay — Financial Times -
• GameStop Proposes Acquiring eBay for $55 Billion — The New York Times Business -
• Norwegian Cruise Line Cuts Outlook on Weak Demand, Higher Fuel Costs — Wall Street Journal -
• Ebay weighs GameStop’s unsolicited $56bn offer for online marketplace — Financial Times -
• Australia’s Navigator Global Could Increase Deal Cadence, CEO Says — Wall Street Journal -
• Gamestop’s Ryan Cohen is either the new Buffett or the anti-Buffett — Financial Times -
• American Express Global Business Travel Enters $6.3 Billion Take-Private Deal — Wall Street Journal -
• GameStop Offers to Buy eBay for $56 Billion — Wall Street Journal -
• Tyson Foods Continues to Be Squeezed by High Cattle Costs — Wall Street Journal -
• Hubbell to Buy NSI Industries for $3 Billion — Wall Street Journal -
• Amazon Built a Massive Supply Chain for Itself. Now It’s for Hire. — Wall Street Journal -
• Five Takeaways From Berkshire CEO Greg Abel’s First Annual Shareholder Meeting as Host — Wall Street Journal -
• FirstFT: Iran warns US Navy against entering Strait of Hormuz — Financial Times -
• Thyssenkrupp, India’s Jindal Pause Talks for Steel Stake Deal — Wall Street Journal -
• Greg Abel tells Berkshire holders, be patient — Financial Times -
• Spirit Airlines’ Demise Could Help Other Airlines — The New York Times Business -
• An Aluminum Crisis Is Roiling the Auto Industry — Wall Street Journal -

Anthropic announced a **$1.5 billion joint venture with Wall Street firms like Blackstone and Goldman Sachs, while ON Semiconductor narrowed losses due to AI data-center demand, and Maryland moved to ban AI-driven price increases in grocery stores, prompting Google's White House discussions on AI computing power**.

• Palantir Beats Forecasts With $1.63 Billion Quarter as Sales Accelerate — Wall Street Journal -
• OpenAI president defends his motives over for-profit coversion and $30bn stake — Financial Times -
• ON Semiconductor Narrows First-Quarter Loss on AI Data-Center Demand — Wall Street Journal -

• Maryland Is First to Ban A.I.-Driven Price Increases in Grocery Stores — The New York Times Business -
• Anthropic and Wall Street Giants Join Forces to Create New A.I. Firm — The New York Times Business -
• SpaceX Wants to Blast Data Centers Into Orbit. Here’s What It May Take. — Wall Street Journal -
• Peter Thiel backs $1bn ocean data centre start-up powered by waves — Financial Times -
• Blackstone and Goldman among backers for $1.5bn JV with Anthropic — Financial Times -
• Anthropic Unveils $1.5 Billion Joint Venture With Wall Street Firms — Wall Street Journal -
• What Was Discussed at Google’s White House Meeting About A.I. — The New York Times Business -
• Water utilities jettison listening sticks and embrace AI — Financial Times -
• Entrepreneurs Flocked to Colorado. Now Red Tape Is Driving Some Away. — Wall Street Journal -

The EU blocked funds for key Chinese solar energy parts citing security concerns and moved to water down anti-deforestation rules, as Canada's beef producers expressed fear over a potential Mercosur trade deal, and US small businesses were left out of Trump tariff refunds.

• FirstFT: Narendra Modi’s BJP wins election landslide in opposition stronghold — Financial Times -
• Modi’s BJP wins historic landslide in key Indian state — Financial Times -
• Scotch truce should give US trade partners a dram of hope — Financial Times -

• EU blocks funds for key Chinese solar energy parts — Financial Times -
• China is building soft power as Trump burns bridges — Financial Times -
• EU to water down anti-deforestation rules by exempting leather imports — Financial Times -
• ‘It’s just maddening’: America’s small businesses left out of Trump tariff refunds — Financial Times -
• Canada’s beef producers say Mercosur trade deal will devastate industry — Financial Times -
• The US decoupling from the global gloom has limits — Financial Times -
• Singapore and New Zealand strike ‘world first’ supply-chain pact — Financial Times -
• Inside China’s massive $3tn overseas acquisition spree — Financial Times -
• EU leaders to meet Starmer eyeing Ukraine, migration and steel pacts — Financial Times -
• Europe ‘naive’ in clinging to old economic model, says central banker — Financial Times -

The New York Times won three Pulitzer Prizes, the co-founder of Gap, Doris Fisher, passed away at 94, a large new community is planned in North Carolina, and there are growing concerns over affordable housing investment models and hantavirus outbreaks on cruise ships.

• Pulitzer Prizes: 2026 Winners List — The New York Times Business -
• New York Times Wins 3 Pulitzer Prizes — The New York Times Business -
• Plane Hits Light Post and Damages Tractor-Trailer at Newark Airport — The New York Times Business -

• Best Small-Business Loans in May 2026 — Wall Street Journal -
• 3 Dead in Hantavirus Outbreak Aboard Cruise Ship, W.H.O. Says — The New York Times Business -
• Powell out — Financial Times -
• The Return for These Investors Isn’t Money, It’s More Affordable Housing — The New York Times Business -
• Chizi, Standup Comic Exiled in China, Wants to Be More Than Just ‘a Rebel Comedian’ — The New York Times Business -
• Doris Fisher Was the Quiet Force Behind Gap Before It Was a Retail Giant — Wall Street Journal -
• Doris Fisher, Co-Founder of the Gap, Dies at 94 — The New York Times Business -
• Opinion | The Correspondents Dinner Attack’s Bipartisan Victims — Wall Street Journal -
• At 100, Route 66 still ties the US and the world together — Financial Times -
• The best exhibitions to see in London this weekend — Financial Times -
• Olga Fröbe-Kapteyn — the artist who built an archive to decode dreams — Financial Times -
• The perilously high stakes for the next UN leader — Financial Times -
• African economies are more resilient than ever — Financial Times -
• A 22,000-Home Community Is Being Built in a 5,000-Person Town — The New York Times Business -
• Our pension funds are not quasi-government money — Financial Times -
• Trouble for Labour across a scrambled political map — Financial Times -
• Who are Reform UK’s voters? — Financial Times -
• Meloni fails to hit high note in Italy’s culture wars — Financial Times -
• Testing children for lead poisoning would be ‘game-changer’, says ex-US diplomat — Financial Times -
• Putin hunkers down for fear of assassination — Financial Times -
• America’s retail army now rules the stock market — Financial Times -
• Gilt traders warn of ‘swing to the left’ as Labour faces electoral losses — Financial Times -
• UK pub groups betting on World Cup to counter sluggish consumer demand — Financial Times -
• Erwin Wurm: ‘I once made a Fat Ferrari for a collector in Aspen’ — Financial Times -
• The law firm that shaped Wall Street and the world — Financial Times -
• Demand for active-shooter insurance stoked by rising US political violence — Financial Times -
• The land of milk and no money: UK farmers are in a fix — Financial Times -
• How to do the Venice Biennale without the burnout — Financial Times -
• These Are the Hiring Hot Spots Where College Grads Are Landing Good Jobs — Wall Street Journal -

The SEC proposed settling its lawsuit against Elon Musk over Twitter share purchases for a reduced amount, OpenAI's president defended its for-profit conversion against Elon Musk's lawsuit, and a whistleblower received no award after reporting alleged ESG non-adherence at Deutsche Bank.

• Musk and SEC propose to settle Twitter lawsuit for just $1.5mn — Financial Times -
• SEC to Settle Lawsuit Against Elon Musk Over Twitter Share Purchases — Wall Street Journal -
• Blake Lively and Justin Baldoni Agree to Settle ‘It Ends With Us’ Legal Battle — Wall Street Journal -

• OpenAI president defends his motives over for-profit coversion and $30bn stake — Financial Times -
• Trump family crypto venture sues major backer for defamation — Financial Times -
• Trial of Blackpool’s block trade king begins in Hong Kong — Financial Times -
• She Blew the Whistle on Deutsche Bank to the SEC. Her Award: $0. — Wall Street Journal -