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We need a 5% wealth tax on America's 938 billionaires. Over a ten-year period, this bill would raise much-needed $4.4tn for public coffersNever before in American history have so few had so much wealth and power. Today, the top 1% owns more wealth than the bottom 93%. One person, Elon Musk, worth $805bn, owns more wealth than the bottom 53% of American households. And that inequality is getting worse. Last year alone, after receiving the one of the largest tax breaks in history from Donald Trump, 938 billionaires in America became $1.5tn richer. Since he was re-elected, Trump and his family have become $4bn richer.Never before in American history have we had such concentration of ownership. While profits soar, a handful of giant corporations dominate virtually every sector of our economy, charging higher and higher prices for the products they sell. Four Wall Street firms combined – BlackRock, Vanguard, Fidelity, and State Street – are the major stockholders of more than 90% of American corporations....

Within the lunar dirt is a type of helium so rare on Earth that a palm-sized container is estimated to be worth millionsIn the silent vacuum of space, five autonomous robots churn through the lunar surface, digging up a loose layer of rock and dust and leaving rows of uniform tracks in their wake.Stopping only to recharge at a central solar power station, the car-sized machines process the lunar dirt internally to extract a type of helium so rare on Earth that a palm-sized container is estimated to be worth millions. Once processed, the precious resource is loaded into a launcher and ejected back to Earth. Continue reading......

Company chaired by Trump ally Larry Ellison seeks to reassure investors that bet on AI infrastructure will pay offOracle is cutting thousands of jobs as the US technology company seeks to reassure investors that its bet on AI infrastructure will pay off.The $420bn firm, headquartered in Austin, Texas, started letting employees go on Tuesday, with thousands of Oracle's 160,000-strong workforce expected to leave. Continue reading......

Consumers brace for 'awful April' and Iran war cost hikes, which have pushed UK's gas market past three-year highs Households in Great Britain could see their energy bills increase by about £290 a year to almost £2,000 from this summer in a “tough pill to swallow” for consumers already braced for a volley of “awful April” cost increases from Wednesday.A typical gas and electricity bill is now forecast to reach £1,929 a year from July under the industry regulator Ofgem's quarterly price cap, according to analysis by the energy consultancy Cornwall Insight. Continue reading......

Skinner's side spent £5.88m while Arsenal spent £11.3mUnited face Bayern in Champions League on WednesdayManchester United's wage bill was about half that of their Women's Super League rivals Arsenal's last season, their latest financial accounts have revealed, highlighting the stark contrast in spending at some of England's biggest clubs as they prepare for a decisive night of European action.United, who finished third in the WSL last season, four points behind second-placed Arsenal, face Bayern Munich in the second leg of their Champions League quarter-final on Wednesday, while Arsenal travel to Chelsea, after they qualified for the competition with hugely different budgets. Continue reading......

Calls for tougher laws as network stretching from Caribbean to Georgia generates riches for offshore tycoons by appearing to prey on the vulnerableImmaculately groomed and beaming from ear to ear, Andres Markou looks every inch the golden boy of the gambling sector. The youthful boss of MyStake, a fast-growing digital casino, has been pictured shaking hands with the Brazilian football legend Ronaldinho over a lucrative branding partnership.Elsewhere, he can be seen collecting industry awards, or offering “visionary” insights to interviewers. There is only one hurdle blocking Markou's ascent to the very top of his trade: he does not exist. Continue reading......

Rolling coverage of the latest economic and financial newsMiddle East crisis live: Trump claims war will end in 'two or three weeks'; Rubio says US should 're-examine' Nato relationshipCost of living: how to prepare for the 'awful April' shower of bill increasesAn end to the war in the Middle East, and a drop in energy prices, would be a relief to UK households as we enter Awful August.UK households face a bill surge this month, in which the annual cost of essentials, including council tax and water, will increase by more than £200.Now we're finishing the job. I think in two weeks or maybe a few days longer, we'll do the job. We want to knock out everything they've got.We saw reports breaking in Asia yesterday from the WSJ that Trump was willing to end the war without taking the Straits of Hormuz. In fact, he encouraged other international peers to take the strait without US involvement. There are different ways to interpret that, both positive and negative, but the market has taken this as a sm...

Government keen to avoid panic as oil price surges, but perhaps households need advice on reducing consumptionLabour ministers sent out in recent days to respond to the looming energy crisis sparked by the Iran war have essentially stuck to that reassuring wartime slogan: keep calm and carry on.“I think people should go about their lives as normal, knowing that the government is taking action to bring energy bills down,” James Murray, the chief secretary to the Treasury, told BBC Radio 4's Today programme on Tuesday. Continue reading......

Single biggest donation to a UK university in modern times will establish a new school of government bearing his nameThe British billionaire hedge fund manager Chris Rokos has donated a record £190m to the University of Cambridge to establish a new school of government, which will bear his name.It is believed to be the single biggest donation to any UK university in modern times and is intended to support Cambridge to become a leading training ground for future world leaders. Continue reading......

Rachel Reeves will address concerns about price rises and shortages with retailers as energy costs surgeThe bosses of the UK's biggest supermarkets are to meet the chancellor on Wednesday as the government seeks to gauge the extent of potential price rises and shortages of household essentials amid a surge in energy, fuel and fertiliser costs.Rachel Reeves is meeting the bosses of Sainsbury's, Tesco and Morrisons as concerns rise about the potential impact on the cost of living – including higher food prices – as a result of the Middle East conflict. Continue reading......

Company said it achieved valuation of $852bn, mentioning in a blogpost it generates $2bn a month in revenueOpenAI announced on Tuesday it had closed a fundraising round of $122bn and achieved a valuation of $852bn. The funding cements the ChatGPT maker as one of the most highly valued private companies in the world.The artificial intelligence firm received multibillion-dollar investments from companies including Amazon, Nvidia and SoftBank, which committed $110bn, according to the Wall Street Journal. OpenAI also allowed a select group of individual investors to contribute about $3bn. The funding round ranks among the highest-ever in Silicon Valley. OpenAI said last month it was expecting to raise $110bn in funding, but upped that figure in its latest announcement. Continue reading......

Content creators love the built-in camera; sceptics call them 'pervert glasses'. Do we really need any more hi-tech wearables, even with a voice assistant that sounds like Judi Dench?Lately, I've been hearing Judi Dench's voice in my head. She tells me tomorrow's forecast, when to turn right, that there's been another message in my group chat. Day or night, Dame Judi is eager to assist. When I ask the eight-time Academy Award nominee what I'm looking at, she answers: a residential area, a person in a pub, daffodils. “They are a bright yellow colour and are often associated with spring.”This isn't a delusion. This is, apparently, progress. I am test-driving Meta's smartglasses and Dench voices its integrated AI assistant: “Here to chat, answer questions, create images and provide advice and inspiration,” said “Judi” when I selected her over the actors John Cena and Kristen Bell. “Shall we begin?” Continue reading......

For many young people entering the workforce, the stigma of hands-on jobs is fading. There a competitive appeal – and they all require human expertiseGib and Michelle Mouser are proud of their son's career – just not in the way they once imagined.Only 23 years old, Cale Mouser already earns well over six figures, and he'll end up making substantially more. He is an acknowledged expert in a highly specialized field who spends hours in deep thought solving hard problems. He uses a computer, but he's not stuck behind it. Continue reading......

Thanks to a sustained ideological assault on regulation, our country has been turned into a literal dumpThis country's a dump. I don't mean that metaphorically. I mean it literally. From the point of view of criminal waste gangs, it is one big potential landfill. The chances of being caught range between minimal and nonexistent, and the penalties are mostly laughable. Successive governments have given criminals a licence to print money.Last week, the Commons public accounts committee reported that illegal waste dumping is “out of control”. The UK is now blighted with between 8,000 and 13,000 illegal waste sites. Most consist of a few lorry loads. Some contain tens of thousands of tonnes of waste, which might incorporate everything from household products to asbestos, heavy metals and highly toxic, flammable and explosive organic chemicals. The rubbish blows through local neighbourhoods, flows into rivers and seeps into soil and groundwater. And, in most cases, nothing is done.George Monbiot is a Gua...

Policymakers should address financial barriers that hinder young people from starting families, says thinktank Politicians hoping to persuade young people in the UK to have more children should prioritise tackling housing affordability, according to research by the Resolution Foundation thinktank.There has been growing concern in recent years about Britain's declining birthrate, given the long-term fiscal pressures of supporting an ageing population. Continue reading......

Sector cites 'billions of pounds in additional costs' from new business rates and increase in minimum wage thresholdsTwo-thirds of hospitality businesses are planning to cut jobs as a result of “suffocating” costs imposed by government, as new business rates and higher wage bills come into force.Many pubs, restaurants and hotel companies will see their costs increase significantly from 1 April after Rachel Reeves's changes to business rates and an increase in minimum wage thresholds announced at the chancellor's November budget. Continue reading......

It costs the UK economy £700m a year, and criminal gangs are operating with near impunity. Every time a lorry gets robbed, raided or hijacked, it's Mike Dawber who investigatesIn August 2021, Mike Dawber, the UK's leading detective in cargo crime, got a call from officers in Bradford CID. They were planning to search two warehouses that contained, in their words, an awful lot of suspicious goods. This was a job that required Dawber's expert eye. He drove an hour from his home, in the unmarked police car that doubles as his office, and arrived to discover the description barely did it justice.As soon as he walked in to the first warehouse, he noticed 17 pallets of golfing equipment. They had, he knew, been stolen three weeks before from a truck at Lymm motorway services, just outside Manchester. He reckoned they were worth about £1m. As Dawber continued his survey, he came across 18 pallets of Asics trainers, stolen three years before, at Warwick services. Then 14 pallets of lawnmowers: five years bef...

Meta claims social media addiction isn't real. Juries disagreeHello, and welcome to TechScape. I'm your host, Blake Montgomery, US tech editor for the Guardian. I'm hoping futilely for warm spring weather in New York City, but while it's still cold, I'm sitting inside and reading The Shallows: What the Internet Is Doing to Our Brains by Nicholas Carr. Published in 2010 and a finalist for the Pulitzer prize, the book is a fascinating record of our anxieties about technology at a time when the iPhone was just three years old and Facebook was just six. Google Chrome had debuted two years prior, and I think I was using Mozilla Firefox as my main browser. Stay tuned for a fuller analysis once I finish, but my early impression is that Carr's observations have stood the test of time.This week in tech, we're discussing one major topic: two landmark cases against Meta and YouTube over social media addiction. Whether social media is clinically addictive or not, the liability for it has been determined.'Acco...

Paul Marshall says calling for an end to fossil fuels is impractical, in response to church leaders' criticisms of GB News's stance on climate scienceThe net zero consensus is crumbling – that is the background to the open letter addressed to me last week from 60 well-intentioned but misguided clerics (Church leaders criticise Christian owner of GB News over channel's climate attacks, 26 March). I share their concerns for stewardship of the planet and their belief in the importance of human flourishing. I also agree that the planet is in a gradual warming phase and that carbon emissions have contributed to this.Where we differ is on their policy response. Calling for an end to fossil fuels is an impractical and ideological policy position that leads to the emasculation of our main sources of energy at the expense of millions of jobs. It is subject to what is called a collective action problem. Net zero might work for the UK if the whole world had signed up to same timeline. However, India and China h...

The Bank of England has got an opportunity to bring these vital species into the spotlight, says Nicola HutchinsonYour article on the Bank of England's plans to feature nature on future banknotes ('A toad is a perfect tenner': experts recommend wild candidates for new banknotes, 21 March) underlines how deeply the natural world shapes our national identity. Yet it was striking that in the suggested wild candidates for the notes, one of nature's most fundamental elements was overlooked.If this exercise is truly about “representing the underdog”, then plants and fungi are the most obvious omission. They underpin all life but continue to be sidelined – a reminder of how easily we ignore the very foundations of the natural world. Continue reading......