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Warsh will serve four-year term as chair, taking over amid rising inflation and pressure from Trump to lower ratesThe US Senate confirmed Kevin Warsh as chair of the Federal Reserve, one of the most powerful roles in the federal government that holds enormous sway over the economy.The 54-45 Senate vote on Wednesday was split along party lines, with the exception of the Democratic senator John Fetterman from Pennsylvania, who joined the Republican majority. It was most divisive confirmation vote for the position in history. Continue reading......

As Keir Starmer's leadership totters, investors warn a Labour leadership contest ignoring public finances and market realpolitik could be disastrousA rise in borrowing costs and warnings to avoid a “Liz Truss moment”. As Keir Starmer faces a potential leadership challenge, the spectre of the bond market looms large.Amid febrile conditions in Westminster, the prospect of Britain switching prime ministers for a sixth time in seven years has fuelled a sharp sell-off in the market for UK government debt. Continue reading......

Rolling coverage of the latest economic and financial news, including the UK's latest GDP reportThe Iran war, and the resulting jump in borrowing costs, is dampening the UK housing market.My colleague Tom Knowles reports:Fears of higher mortgage rates and rising inflation as a result of the Middle East conflict are leading to a subdued and downbeat housing market, according to estate agents.Demand from potential homebuyers across England and Wales has shown a “noticeable softening” recently, according to a monthly survey of estate agents by the Royal Institution of Chartered Surveyors (RICS). Continue reading......

Homebuyers more cautious due to possible mortgage rate rises and higher inflation as sellers sit on propertiesFears of higher mortgage rates and rising inflation as a result of the Middle East conflict are leading to a subdued and downbeat housing market, according to estate agents.Demand from potential homebuyers across England and Wales has shown a “noticeable softening” recently, according to a monthly survey of estate agents by the Royal Institution of Chartered Surveyors (RICS). Continue reading......

Facility would require more power than entire state uses and suck up vast amount of water in drought-stricken areaA plan to create one of the world's largest datacenters, a gargantuan project spanning an area more than twice the size of Manhattan, has provoked a furious public backlash in Utah amid concerns over its vast energy use and impact upon the state's stressed water supplies.The Stratos artificial intelligence datacenter footprint will cover more than 40,000 acres (62 sq miles) over three sites in Box Elder county in north-western Utah. The facility will require about 9GW of power, which is more than the entire state of Utah currently consumes, and suck up a significant amount of water in an area that has been hit by severe drought in recent years. Continue reading......

Brand owner Mondelēz was accused of reducing weight of Alpine Milk bar from 100g to 90g without significantly altering the packagingMany chocolate lovers consider shrinkflation a serious crime – and they have been vindicated after a German court ruled that the makers of Milka cheated consumers by cutting the bar's size, while keeping the wrapper the same.The three-week case in a regional court was brought by Hamburg's consumer protection office. It accused the chocolate brand's US owner Mondelēz of deceiving shoppers by cutting the weight of Milka's classic Alpine Milk bar from 100g to 90g without significantly altering the distinctive purple packaging. Continue reading......

Keir Starmer's programme is fatally limited by the timidity of an election manifesto that shied away from hard argumentsEnding 14 years of Conservative rule was supposed to bring an end to dysfunctional government. In the speech that launched his 2024 general election campaign, Sir Keir Starmer said that “a vote for Labour is a vote for stability … a vote to stop the chaos”. Less than two years later, Sir Keir's government looks no sturdier than its predecessors. The prime minister's chances of serving a full term in office look slim.There are as many reasons for this precipitous decline as there are Labour MPs calling for a change of direction. The common analysis is that a project branded by the single word “change” has neither transformed people's lives for the better nor given them confidence that a transformation is coming. For many voters, the prime minister is the embodiment of a miserable status quo.Do you have an opinion on the issues raised in this article? If you would ...

New rules would enable single-ticket bookings across multiple rail operators throughout EuropeCross-border train journeys through several European countries are the stuff of many a holidaymaker's dreams.But the reality of trying to buy the tickets, navigating multiple websites without knowing who can help if a connection is missed, can prove less than relaxing. As one MEP puts it, it can often require “five tabs, three apps and a prayer”. Continue reading......

Uline, owned by billionaire Republicans Richard and Liz Uihlein, halts construction of a new facility in KenoshaUline, a business and shipping supplies company owned by billionaire Trump supporters Richard and Elizabeth Uihlein, is pausing the construction of a new distribution facility in Kenosha, Wisconsin, citing economic uncertainty.The construction pause comes in a key battleground state, where Trump won in 2016 and 2024, but lost to Biden in 2020. Continue reading......

Case attracts widespread attention as example of China balancing enthusiastic adoption of AI with job securityA court in China has ruled in favour of a worker whose company replaced him with artificial intelligence (AI), awarding him more than £28,000 in compensation.The worker, whose surname is Zhou, joined a tech company in the eastern city of Hangzhou in 2022 to work as a quality assurance supervisor overseeing large language models used in AI products. Continue reading......

With US inflation at a three-year high, US president insisted he's not focused on economic hardship sparked by the conflictSign up for the Breaking News US newsletter emailDonald Trump has said the growing financial pressure inflicted on Americans by the war on Iran is “not even a little bit” motivating him to make a peace deal with Tehran.With US inflation at a three-year high, and fuel costs still climbing after a sharp rise in oil prices, the US president said on Tuesday that he is not focused on the economic hardship sparked by the conflict. Continue reading......

The Tropicana has been leased to entertainment company Live Nation which plans to turn abandoned space into events venueThe Tropicana in Weston-super-Mare was once a shimmering art deco lido, a premier coastal jewel where thousands flocked to bathe in the Somerset sun.But as the decades passed since its 1937 opening and an era of cheap air fares and Mediterranean holidays arrived, the lido's lustre dimmed and it was closed in 2000. For 15 years, it sat as a hollowed-out shell, a sad monument to a left-behind town. Continue reading......

Organizers are concerned Fifa tournament will deepen housing crisis as short-term listings spawn and unhoused people are further displaced in sweepsMore than 10 million people are expected to visit the US for the World Cup this summer. However, where and how to accommodate these visitors has been a concern among residents and affordable housing advocates in host cities from Seattle to Atlanta.Hotels remain under-booked in America's 11 host cities, while short-term rental listings in some cities have increased by as much as 30% in recent weeks. To incentivize homeowners and landlords to become hosts during the World Cup, platforms such as Airbnb are offering a $750 sign-up bonus, with some rental listings already reaching $6,000 a night. Advocates worry that an increase in short-term listings will lead to a tighter rental market and higher rents for residents in host cities. Continue reading......

Second-tier clubs will vote on squad cost ratio systemLeague One proposals would reduce spending on wagesEFL clubs will vote on Friday on significant changes to their financial regulations that would widen the gap in spending power between the Championship and League One. Championship clubs are voting on a proposal to align with the Premier League from next season by replacing their profitability and sustainability (P&S) rules with a squad cost ratio system, that would cap spending on player costs at 85% of football revenue.The proposed change would permit an annual equity injection of about £10m to count towards a club's revenue and increase spending capacity, whereas under P&S rules, losses are capped at £39m in the Championship over a three-year period. Continue reading......

Santa Clara county claims Meta Platforms violated the state's false advertising and unfair business practices lawsCalifornia's Santa Clara county has sued Meta Platforms, alleging it has profited from Facebook and Instagram ads promoting scams in violation of California's false advertising and unfair business practices laws.The lawsuit – filed on Monday in Santa Clara county superior court on behalf of all California residents – accuses the social media giant of tolerating fraudulent advertising on a global basis. The suit seeks restitution, civil damages and an order prohibiting Meta from engaging in unfair business practices. Continue reading......

CEO admits talks with Chery as other European carmakers discuss plans with Chinese firms to share factory spaceNissan's chief executive has confirmed he would consider building cars for other manufacturers at the UK's largest car factory in Sunderland, amid talks with China's Chery.Ivan Espinosa said Nissan was “looking at options” for Sunderland and its 6,000 workers as the struggling Japanese carmaker on Wednesday reported steep losses for the year to March. Continue reading......

One elderly passenger on vessel docked in Bordeaux has died and about 50 people have symptoms, say officialsFrench authorities have confined more than 1,700 passengers and crew members to a cruise ship docked in Bordeaux after a passenger died from suspected norovirus, officials have said.The Ambassador Cruise Line vessel carrying 1,233 passengers, most of them British or Irish, arrived in Bordeaux on Tuesday. One 90-year-old passenger had died and about 50 people had shown symptoms of the virus, French health officials said. Continue reading......

Watchdog to examine whether Reform UK leader should have declared donation received before entering parliamentNigel Farage is facing a formal investigation by the parliamentary standards watchdog over a £5m gift from the crypto billionaire Christopher Harborne.The Reform UK leader received the money weeks before announcing he would stand as a candidate in the 2024 general election. Continue reading......

FTSE 100 business 'minded to recommend' £60-a-share tilt from company owned by billionaire Wallenberg familyThe laboratory testing company Intertek has become the latest FTSE 100 business to agree to a takeover, backing a £10.6bn approach from a private equity firm owned by Sweden's billionaire Wallenberg family.After rebuffing three previous approaches, Intertek's board said it was “minded to recommend” the £60-a-share tilt from the Swedish buyout firm EQT to shareholders, if there is a firm offer. Continue reading......

Industry body says energy consumption driven by AI up 15% globally in two years as it warns of societal backlashDatacentres are consuming 6% of electricity in the UK and US, with the growing strain of AI on energy supplies prompting community resistance, according to research.The proportion of electricity used by vast warehouses stacked with microchips to power AI and the internet has risen 15% worldwide in the past two years as annual global investment in datacentres approaches $1tn (£740bn) – nearly 1% of the global economy, according to the International Data Center Association (IDCA). Continue reading......