Rising inflation and soaring energy costs driven by the Iran War are impacting global economies, with the **US CPI accelerating to 3.8% and supply chain disruptions affecting everything from potato chip packaging to tomato prices**.

• Pentagon’s Iran war bill nears $30bn as Trump renews threats — Financial Times -
• US inflation jumps to 3.8% as Trump’s Iran war sends petrol prices soaring — Financial Times -
• Inflation Jumps as War-Driven Energy Costs Drive Up Prices — The New York Times Business -

• Opinion | American Agriculture Can Lower Fuel Prices — Wall Street Journal -
• Tomato Prices Soar as War, Tariffs and Weather Affect a Popular Crop — The New York Times Business -
• EIA Sees Prolonged War in Iran Draining Global Oil Stocks Faster Than Expected — Wall Street Journal -
• The Iran war dilemma for central bankers — Financial Times -
• Trump postpones beef tariff cuts over fears of hitting US cattle farmers — Financial Times -
• CPI Shows Inflation Accelerating to 3.8% Annually in April After Weeks of War in Iran — The New York Times Business -
• What to know about the report. — The New York Times Business -
• CPI Shows Inflation Accelerating to 3.8% Annually in April After Weeks of War in Iran — The New York Times Business -
• Higher US CPI inflation adds pressure on Fed — Financial Times -
• Inflation and interest rates tracker: see how your country compares — Financial Times -
• Russia cuts growth forecast as Putin’s war economy runs out of momentum — Financial Times -
• European Gas Rises on Stalled U.S.-Iran Talks, Tighter Supplies — Wall Street Journal -
• How the Supreme Court undermined one of Trump’s superpowers — Financial Times -
• As Trump Dismisses Iran Truce Plan, World Braces for Lasting Economic Pain — The New York Times Business -
• Potato-Chip Bags Are Going Black and White Because of the Iran War — Wall Street Journal -
• Don’t mess with central bank independence — Financial Times -
• The Iran War Is Taking the Color Out of Japan’s Best-Known Snack Bags — The New York Times Business -
• Despite the War, Energy Stocks Are Cheap — Wall Street Journal -
• Japan says Bessent offered ‘understanding’ on yen policy — Financial Times -
• Steel Tariffs Are Raising the Price of Canned Foods — The New York Times Business -
• Japanese snack maker goes black and white on Iran war supply crunch — Financial Times -
• UAE gas plant hit by Iranian attacks will not be fully repaired until 2027 — Financial Times -
• Adnoc Gas Expects Strait of Hormuz Closure to Hit Full-Year Profit — Wall Street Journal -
• Munich Re Profit Rises With Marginal Hit From Iran War — Wall Street Journal -
• The Trump Trade 2.0 — Financial Times -
• Trump says Iran ceasefire is on ‘life support’ — Financial Times -
• Germany’s far-right AfD sees support surge after it criticises Trump’s Iran war — Financial Times -
• The Gulf’s dealmaking machine sputters — Financial Times -
• Hedge funds bet on biofuels to profit from Iran oil price shock — Financial Times -
• Oil majors return to Alaska as state becomes ‘world’s hottest play’ — Financial Times -
• Kevin Warsh to face resurgent inflation and an impatient Trump as Fed chair — Financial Times -
• Trump loses his trade superpower — Financial Times -
• How war hit the Gulf dealmaking machine — Financial Times -
• Gulf dealmaking machine hits the brakes — Financial Times -
• India’s factory workers abandon jobs as city life gets too expensive — Financial Times -
• Foreign investors’ exit from India at record high — Financial Times -

The AI landscape continues its rapid evolution with YouTube leveraging AI for advertising and new investment funds targeting AI startups, though China's tech giants are notably missing out on the AI stock market rally amidst regulatory scrutiny of OpenAI.

• YouTube Promises All Things to All Advertisers, With Some Help from AI — Wall Street Journal -
• FirstFT: China’s tech giants miss out on AI stock market rally — Financial Times -
• China’s big tech groups miss out on AI stock market frenzy — Financial Times -

• There Is a Fire Sale on M.B.A.s — Wall Street Journal -
• Tech, Media & Telecom Roundup: Market Talk — Wall Street Journal -
• Musk made ‘hair-raising’ demands for control of OpenAI, Altman testifies — Financial Times -
• Sam Altman’s Business Dealings Under GOP Scrutiny Ahead of OpenAI’s IPO — Wall Street Journal -
• CME plans to launch futures market for AI computing power — Financial Times -
• Data Centers in Space: A Pipe Dream, or AI’s Next Big Thing? — Wall Street Journal -
• How Much Power Did Microsoft Have Over OpenAI? — The New York Times Business -
• Why Americans dread AI — Financial Times -
• Duration Ventures, Founded by Alumni of GC and Lightspeed, Aims for $375 Million Fund — Wall Street Journal -
• Chipmaker Cerebras joins OpenAI’s inner circle — for a price — Financial Times -
• Koreans should all get an AI bonus, says presidential adviser — Financial Times -
• China Seeks A.I. Independence, Weakening Trump’s Leverage — The New York Times Business -
• Amazon staff use AI tool for unnecessary tasks to inflate usage scores — Financial Times -
• Will investors embrace China’s humanoid robot champion? — Financial Times -

Prime Minister Keir Starmer faces a severe leadership crisis with multiple ministerial resignations and bond markets reacting to the turmoil, as Labour MPs call for his resignation and speculation mounts over potential successors.

• Starmer clings to power after four ministers resign — Financial Times -
• Starmer survives perilous day in Number 10 as rivals hold back for now — Financial Times -
• Reeves and Miliband among contenders for chancellor if Starmer ousted — Financial Times -

• Swinney meets Scottish Greens in push to secure SNP agenda — Financial Times -
• A short history of Labour Party coups — Financial Times -
• UK borrowing costs surge as Starmer leadership crisis rattles bond markets — Financial Times -
• Starmer crisis as it happened: UK premier appoints four new ministers after resignations — Financial Times -
• UK Bond Yields Rise With Starmer’s Future as Prime Minister in Doubt — The New York Times Business -
• Starmer’s premiership in charts — Financial Times -
• ‘How long can the gilt market act as the UK’s political police?’ — Financial Times -
• Polanski admits ‘mistake’ over houseboat council tax — Financial Times -
• FirstFT: Starmer vows to fight on — Financial Times -
• What is the future of UK politics? Submit your questions — Financial Times -
• How do Labour leadership challenges work? — Financial Times -
• Labour’s turmoil is now uncontrollable — Financial Times -
• Starmer’s leadership enters final fractious phase — Financial Times -
• Starmer ‘weighing’ if premiership can be saved ahead of crucial cabinet meeting — Financial Times -
• The UK strategy for the City needs more ambition as market share slips — Financial Times -

Major corporate actions include JBS profit slides due to rising cattle costs, Walmart's corporate layoffs, and **eBay's repeated rejection of GameStop's $55 billion takeover bid, alongside Nike facing stiff competition in China**.

• China’s ‘Two Billion Feet’ Are Suddenly Running From Nike — Wall Street Journal -
• JBS Profit Slides Amid Rising Cattle Costs — Wall Street Journal -
• Walmart Lays Off or Relocates About 1,000 Corporate Workers — Wall Street Journal -

• Jack Daniel’s Maker Brown-Forman Rejects $15 Billion Takeover Offer From Sazerac — Wall Street Journal -
• Scottish Mortgage defends $1.25tn SpaceX valuation ahead of IPO — Financial Times -
• EBay, the Old-School E-Commerce Site, Finds Its Place in Modern Retail — The New York Times Business -
• Stellantis and Ford turn to partnerships to tackle Europe woes — Financial Times -
• Tesla to Inject $250 Million into German Factory — Wall Street Journal -
• EBay Rejects GameStop’s $55 Billion Takeover Bid — The New York Times Business -
• Panasonic battery business boosted by expected EV gains for Tesla — Financial Times -
• JD.com Beats Profit Expectations; Food-Delivery Losses — Wall Street Journal -
• Under Armour Posts Loss on Lower Revenue — Wall Street Journal -
• EBay Rejects GameStop’s $56 Billion Takeover Proposal — Wall Street Journal -
• Bayer Shares Climb After Earnings Beat Expectations — Wall Street Journal -
• Ebay rejects $56bn GameStop bid as ‘neither credible nor attractive’ — Financial Times -
• EBay Rejects GameStop’s $55 Billion Takeover Bid — The New York Times Business -
• Lufthansa to Buy Additional ITA Airways Stake for Nearly $400 Million — Wall Street Journal -
• Imperial Brands Pulls Vaping Business From U.S. — Wall Street Journal -
• EQT Makes Final $12.8 Billion Bid to Take Over Intertek — Wall Street Journal -
• Vodafone Shares Fall After German Business Disappoints, Adjusted Earnings Miss Expectations — Wall Street Journal -
• Prosus Shares Drop After Warning on Adjusted Profit Hit due to iFood Investments — Wall Street Journal -
• Monte dei Paschi Net Profit Rises on Mediobanca Contribution — Wall Street Journal -
• Thyssenkrupp Cuts Sales Forecast Despite Higher Order Intake, Adjusted Earnings — Wall Street Journal -
• Peltz in talks to raise funds for Wendy’s go-private bid — Financial Times -
• Malaysia’s KK Mart to Start Meeting Cornerstone Investors Ahead of IPO, Sources Say — Wall Street Journal -

The resignation of FDA Commissioner Marty Makary amidst hantavirus outbreak concerns highlights mounting agency vacancies, while PayPal settles with the Justice Department over minority funding and the US communications regulator targets Chinese tech for security risks.

• Resignation of US food and drug regulator head adds to mounting agency vacancies — Financial Times -
• Embattled Commissioner Makary to Leave FDA — Wall Street Journal -
• Marty Makary, Trump’s F.D.A. Commissioner, Resigns After Weeks of Pressure — The New York Times Business -

• PayPal Reaches $30 Million Pact With Justice Department Over Minority Funding — Wall Street Journal -
• EU to stockpile key drugs to avoid repeat of pandemic-era panic buying — Financial Times -
• Two ex-Carillion finance directors fined by accountancy regulator — Financial Times -
• EU to tighten carbon credit rules in overhaul of emissions system — Financial Times -
• US communications regulator targets Chinese tech for security risks — Financial Times -
• France presses EU to crack down on platforms like Shein and Temu — Financial Times -
• JPMorgan and the Delicate Art of Paying Off Employees — Wall Street Journal -

The streaming sector is taking over the TV ad market, Conan O'Brien is set to host the Oscars for a third consecutive year, and YouTube enhances creator monetization by playing matchmaker for sponsors and stars.

• Conan O’Brien Will Return as Oscars Host — The New York Times Business -
• Joni Lamb, Whose Christian TV Station Went Global, Dies at 65 — The New York Times Business -
• ‘Subway Takes’ Has Launched a New Kind of TV Show — Wall Street Journal -

• The TV Ad Market Is Being Taken Over by Streaming Platforms — Wall Street Journal -
• YouTube Plays Matchmaker for Sponsors and Stars — The New York Times Business -
• Dua Lipa Sues Samsung Over Use of Her Image on TV Packaging — The New York Times Business -
• NBC to Turn Wordle Into a TV Game Show, With Savannah Guthrie as Host — The New York Times Business -

Discussions on US airlines and carmakers needing to go global emerge, United Airlines resumes service to Venezuela, and EU countries grapple with spending Covid stimulus funds, reflecting broader economic shifts and strategic business decisions globally.

• Basic Materials Roundup: Market Talk — Wall Street Journal -
• Auto & Transport Roundup: Market Talk — Wall Street Journal -
• Opinion | U.S. Airlines and Carmakers Need to Go Global — Wall Street Journal -

• Why Your Life Is Now on Subscriptions — The New York Times Business -
• How Do Two London Luxury Hotels Compare? Testing the Chancery Rosewood and Raffles at the OWO. — The New York Times Business -
• Private-Credit Blowup Leaves $1.7 Billion Missing, Six Ferraris Found — Wall Street Journal -
• China Increasingly Views Trump’s America as an Empire in Decline — The New York Times Business -
• How an ‘Impossible’ Idea Led to a Pancreatic Cancer Breakthrough — The New York Times Business -
• United Airlines to Resume Service to Venezuela — Wall Street Journal -
• EU countries spend barely half of €577bn Covid stimulus — Financial Times -
• Can Europe ‘seize the opportunity’ in nuclear fusion? — Financial Times -
• We are living in the age of asymmetry — Financial Times -
• The military company running a ‘parallel state’ in Cuba — Financial Times -
• The ranking: Africa’s Fastest-Growing Companies 2026 — Financial Times -