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The poster child of the AI boom, valued at $850bn, needs to show strategic discipline after 'casting its net too wide' If OpenAI is going to float this year, it has to get serious about its business model. The wow factor around the US company – the poster child of an AI industry boom that has stoked fears of a stock market bubble – has been long established, but when will the profits come? The party can't go on for ever.The developer of ChatGPT is one of the biggest startups in the world and is now valued at $850bn (£645bn). Meanwhile, it is reportedly spending $600bn on infrastructure (the amount it invests in datacentres and chips to power its AI models) by 2030. At least this is a reduction on an initial estimate of $1.4tn. Continue reading......

Rolling coverage of the latest economic and financial newsGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Nationwide, the building society, is kicking the day off by reporting that UK house prices have risen by 0.9% in March compared with the prior month, and by 2.2% on an annual basis.The sharp rise in global energy prices in response to developments in the Middle East represents a significant shock to the global economy, clouding the outlook.In the near term, UK economic growth is likely to be slower and inflation higher than previously expected, although ultimately the impact will depend on the duration of the shock as well as the policy response. The outlook for interest rates is particularly uncertain and dependent on whether the demand or supply side of the economy is more adversely affected.Towards the end of March, three interest rate increases were priced in over the next twelve months, compared to two rate cuts being anticipated before t...

'Precious ocean life is being pushed to the brink,' say campaigners, arguing that overfished marine areas are 'protected only on paper'Almost 40% of England's seas are designated as marine protected areas. Their purpose, the government says, is “to protect and recover rare threatened and important marine ecosystems … from damage caused by human activities”.And yet in the four years to 2024, trawlers using vast nets, including those that scour the seabed, caught more than 1.3m tonnes of fish within them, according to official figures that campaigners say show they are “little more than lines on a map”. Continue reading......

Snappy performance, high-quality screen, best-in-class keyboard and trackpad show cheaper can still be greatApple's brand new entry-level laptop is powered by the chip from an iPhone and offers more than just the essential MacBook experience for a great price, putting the PC industry on notice.The MacBook Neo is the first of its kind from Apple. A 13in laptop that runs on an A18 Pro chip and brings the starting price for a brand new MacBook down to £599 (€699/$599/A$899) – £500 or the equivalent less than the MacBook Air. Continue reading......

Government told to focus on transition to mix of wind, solar, tidal and nuclear energyMore drilling in the North Sea would do nothing to improve the UK's energy security, former military leaders have said, as a new analysis finds no fossil fuel importer is safe from chokepoints in the global supply chain.The government should focus on a rapid transition to a mix of wind, solar, tidal and nuclear energy to ensure the UK's future security, the former military leaders told the Guardian, as well as a programme of energy efficiency and a “major renewal” of the electricity grid. Continue reading......

US bank will get deal it doesn't really need as it would be far too embarrassing for Treasury to see investment sail awayThe way Rachel Reeves told it last November after her budget, it seemed to be a done deal that JP Morgan would build a 279,000 sq metre (3m sq ft) tower in Canary Wharf to serve as its European headquarters. The chancellor was “thrilled” the Wall Street bank had chosen London and hailed “a multibillion-pound vote of confidence in the UK economy and this government's plans for growth”.And, to be fair to Reeves, Jamie Dimon, JP Morgan's big boss, also presented the plan as final. “The UK government's priority of economic growth has been a critical factor in helping us make this decision,” he said. Continue reading......

Washington-based fund says rising energy and food costs will hit economies worldwide and could leave lasting scarsThe International Monetary Fund has warned that “all roads lead to higher prices and slower growth worldwide” should the conflict in the Middle East continue to throttle the amount of oil, gas and fertiliser making its way out of the Gulf.In a stark message that countries on all continents will be affected, the Washington-based organisation said a rise in energy and food costs would harm economic growth this year and could leave lasting scars on the global economy. Continue reading......

UK plans to take economic control from Chinese owner Jingye a year after stepping in to run plant, sources sayBritish Steel is on track to be fully nationalised within weeks, the Guardian understands, a year after the government took over the daily running of the loss-making business from its Chinese owner.The steelmaker, which employs 3,500 people at its plant in Scunthorpe, was taken under government control last April amid fears that the owner Jingye was planning to shut down the site. Continue reading......

Scheme for accusers of store's former owner Mohamed Al Fayed to close before end of retailer's internal investigationHarrods has been accused of being “neither fair nor just” over its decision to close a compensation scheme for survivors of alleged sexual abuse by the luxury department store's former owner Mohamed Al Fayed.Kingsley Hayes, partner at KP Law, which is representing nearly 280 survivors, questioned why the scheme was being closed on Tuesday 31 March, before Harrods had completed an internal investigation into what happened and who knew about it. Continue reading......

Michael Rousseau faced mockery for speaking English and not French while addressing fatal LaGuardia airport crashThe head of Canada's largest airline is stepping down after his video tribute to pilots killed in a fatal collision became a public relations nightmare for Air Canada, prompting a wave of mockery and indignation at him from both the public and politicians for not speaking French.Air Canada's CEO, Michael Rousseau, will retire by the end of the third quarter of 2026, the company said Monday. He will continue to lead the company and serve on the board of directors until that time, the carrier said. Continue reading......

Investors nervous over escalation of Middle East conflict as US president says he wants to 'take the oil in Iran'Business live – latest newsThe price of oil rose sharply to $116 a barrel on Monday as Donald Trump threatened to “blow up” and “completely obliterate” Iranian electricity plants, oil wells and its export hub Kharg Island if it did not agree to a deal.Brent crude, the international benchmark for oil, rose by 1.6% on Monday after Trump wrote on his social media platform Truth Social that if a deal was not agreed and the strait of Hormuz was not reopened, the US would take further action. Continue reading......

As Iran war continues, ministers debate several options for extending support to householdsBusiness live – latest newsFamilies hardest hit by the looming energy crisis caused by the conflict in the Middle East could be given funds dispensed by local councils, under plans being considered by UK ministers keen to keep a lid on costs.As concerns increase about the impact of rising fuel and energy costs in response to a drawn-out war in Iran, a government official said several options for extending support were being debated inside Whitehall. Continue reading......

The Maseratis are borrowed, the helicopters rented by the hour. But deep down Dubai is a lonely place, built by oppressed people For people living in close proximity to a war zone, the lack of sympathy for Australian and British expats and influencers in Dubai has been, on the face of it, curious.Since their adopted home was bombed in the initial days of the war, they have faced mostly ridicule and contempt in their home countries. Continue reading......

Mikhail Khodorkovsky says Russian security services may seek to create a 'sense of vulnerability' in BritainVladimir Putin is likely to stage another Salisbury-style attack on UK soil unless the government adopts more aggressive tactics against the Kremlin, the exiled Russian billionaire Mikhail Khodorkovsky has said.The former oil tycoon has emerged as a leading figure in Russian diaspora opposition circles and claims to be well-informed about current thinking and developments among Moscow's elite. Continue reading......

Redress programme for 14m motor finance agreements will be set out by regulator on Monday afternoonBusiness live – latest updatesMillions of drivers will discover how much can they claim over the car finance scandal on Monday, as the City regulator sets out the final terms of its compensation scheme.The Financial Conduct Authority (FCA) will release the details of its redress programme for 14m motor finance agreements after 4:30pm, ensuring that the information comes out after stock markets close for trading. Continue reading......

Cargo of tofu was spilled in highway accident near town of Jerome and left to ripen and rot in the open for weeksA staggering 40,000lbs of extra-firm tofu was spilled in an accident near a small town in Missouri and left in the open for weeks, creating a smell that local officials called “unforgettable”.The cleanup – dubbed the “Great Battle of the Jerome Tofu Monster” – began near the town of Jerome, in south-western Missouri, on 1 March, when a tractor-trailer vehicle with a cargo of tofu crashed off a local highway and plunged into a ravine. Continue reading......

Home to one of the largest deposits of freshwater on the planet, the Great Lakes region will soon host next-generation tidal-powered generators – just as prices are being hiked across the USSubmersible hydroelectric technology deployed across the Great Lakes could become a key cog in clean energy efforts, supporters say, amid surging electricity demand and costs.Home to one of the largest deposits of freshwater on the planet, the Great Lakes region has on its shores some of the largest cities in North America in Chicago, Toronto, Montreal and Detroit, where electricity demand is growing. While none of the five Great Lakes have significant tides or currents to fuel hydropower, several of the waterways that link the lakes do. Continue reading......

Apple Distribution International, based in Ireland, made payments worth £635,000 to a Russian streaming serviceA subsidiary of Apple has been fined £390,000 by the UK government for breaching sanctions against Moscow over payments it made to a Russian streaming platform.Apple Distribution International (ADI), based in the Republic of Ireland, instructed an unnamed UK-based bank to make two payments to a company owned by a sanctioned Russian entity. Continue reading......

If there is any consistency to Trump's policy, it is a series of frantic attempts to justify his original blunder and extricate himself from its dire consequencesDonald Trump has lost his Iran war. He is the Iranian hostage. Unlike the US embassy personnel captured as hostages for 444 days, Trump threw himself into Iranian hands. Less than a month into his “short-term excursion”, his stated objectives have been scattered to the winds. There is no regime change, no uprising and no access to oil wealth along the Venezuelan model. The decapitation gambit – assassinating Ayatollah Ali Khamenei and senior Iranian leadership – has failed to destroy the regime. Despite the massacre, it is Trump who stands exposed to slings and arrows for the rashest military adventure since Custer at Little Bighorn.Iran maintains a chokehold on the strait of Hormuz and, through its narrowest passage of 21 miles, on the global economy. The Organization for Economic Cooperation and Development forecasts a spike of inflati...

Woman assaulted after man was given key card to her room criticises CEO Jo Boydell over cancelled meetingA woman who was sexually assaulted by a man who was handed a key card to her room at a Travelodge has said she was shocked to learn the hotel chain's boss cancelled a meeting with a group of MPs seeking to discuss concerns about the case.More than 20 MPs had demanded the meeting this month to discuss the matter – including details of the chain's security processes and procedures that led to it offering the victim an “insulting” £30 refund after the incident. Continue reading......