UK government borrowing costs falling as Starmer holds on to power – business live
Posted on Wednesday May 13, 2026

After day of ‘Starmer drama’, UK bond yields are dropping in early trading as prime minister appears to fend off leadership challenge

Global oil stocks are being run down at a record pace as supply losses mount due to the ongoing Iran war, the International Energy Agency has warned.

In its latest outlook report, the IEA reports that global oil inventories fell by 129 million barrels in March, and by a further 117 million barrels in April, as countries dipped into their reserves to cover the shortfall following the Middle East conflict.

More than ten weeks after the war in the Middle East began, mounting supply losses from the Strait of Hormuz are depleting global oil inventories at a record pace.

The petrochemical and aviation sectors are currently most affected, but higher prices, a weaker economic environment and demand-saving measures will increasingly impact fuel use.

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Nvidia’s Jensen Huang joins Trump as tech dominates China trip
Posted on Wednesday May 13, 2026

Invitation to be part of group including Elon Musk and Tim Cook highlights American AI and tech ambitions

The billionaire chief executive of the chipmaker Nvidia, Jensen Huang, has joined Donald Trump’s China delegation after a reported last-minute invitation, highlighting the US’s AI and tech ambitions.

Huang will join a roster of US bosses including the Tesla chief executive and X owner, Elon Musk, the Apple chief executive, Tim Cook, and Goldman Sachs’s David Solomon at Trump’s 36-hour meeting with the Chinese president, Xi Jinping.

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1MDB financier Jho Low seeks pardon from Donald Trump
Posted on Wednesday May 13, 2026

Fugitive faces charges including corruption and money laundering in US and Malaysia for role he allegedly played in scandal

The fugitive Malaysian financier Jho Low, a central figure in the multibillion-dollar scandal at the state fund 1Malaysia Development Berhad (1MDB), is reportedly seeking a pardon from the US president, Donald Trump.

Low faces multiple charges including corruption and money laundering in the US and Malaysia for the important role he allegedly played in the misappropriation of at least $4.5bn (£3.3bn) from 1MDB.

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How new owner became all powerful in ‘high stakes’ attempt to revive former WH Smith chain
Posted on Wednesday May 13, 2026

Low-profile Modella has positioned itself as a key creditor, landlord and brand owner to struggling TG Jones as store closures and job cuts loom

Shoppers at WH Smith were once accustomed to being offered cheap chocolate stacked high at the counter while buying their morning newspaper. Now, the chain’s former high street stores have themselves become the subject of a cut-price deal – as the low-profile investment group that snapped them up appears set to pay less than half of the original cash price.

The paperclips to books chain had notched up 233 years on the British high street when it was bought by Modella Capital last summer.

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Chelsea flower show garden designers clash over use of AI
Posted on Wednesday May 13, 2026

Horticulturalists express alarm after award-winning Matt Keightley launches app that can automate designs

With glasses of champagne sipped among the peonies, Chelsea flower show is generally a friendly and genteel occasion. But this year, the secateurs have been drawn as gardeners clash over the use of AI in designing the exhibits.

Matt Keightley, an award-winning designer who has created gardens for figures including Prince Harry, is using artificial intelligence to design his garden for the prestigious show, held at the Royal Hospital gardens in Chelsea, London, next week.

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Head of Microsoft’s Israel branch to step down after inquiry into dealings with Israeli military
Posted on Tuesday May 12, 2026

The inquiry came after the Guardian revealed Israel used company technology to support mass surveillance of Palestinian phone calls

The head of Microsoft’s Israeli subsidiary will step down in the wake of an inquiry that has scrutinised its business dealings with the Israeli military.

Microsoft ordered the inquiry last year in response to a Guardian investigation revealing the military had used the company’s technology to operate a powerful surveillance system that collected Palestinian civilian phone calls on a mass scale.

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Carlo Ancelotti: ‘Neymar’s call-up depends only on him and what he shows on the pitch’
Posted on Wednesday May 13, 2026

In an exclusive interview the Brazil coach talks about being in charge of ‘the most important national team’, how to get the best out of Vinícius Júnior and what he learned at Madrid

Is Carlo Ancelotti an ambitious man? The Italian leans back and smiles. “Me? I’m not ambitious. Why? Why are you asking that?” The reason for the question is simple: the 66-year-old is one of the most successful managers ever, with five Champions League wins and league titles in England, France, Germany, Italy and Spain. But he still wants more. Last May he was appointed Brazil head coach with one objective: to win the World Cup.

“I’m not obsessed with winning,” Ancelotti says. “What I have is a passion for enjoying the moments that football has given me. I’m not obsessed with winning the World Cup, but I have the pleasure and passion to enjoy the moment I’m living in, leading the most important national team in the world.”

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‘It breaks my heart’: emotional Hellberg on spying row after loss at Southampton
Posted on Tuesday May 12, 2026

• Middlesbrough coach accuses rivals of ‘disgraceful’ act

• Eckert insists Saints are taking allegations ‘very seriously’

Southampton’s head coach, Tonda Eckert, insisted the club are taking allegations of cheating “very seriously” after they advanced to the Championship playoff final against Hull at Middlesbrough’s expense amid the backdrop of so-called spygate.

Shea Charles’s 116th-minute cross-shot sealed victory in extra time to earn a place in the Wembley showpiece on 23 May, but Southampton face the prospect of punishment from an independent disciplinary commission after being charged with breaching two counts of the English Football League’s regulations.

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