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British chancellor says she will take steps to help families with cost of living as oil prices surge Middle East crisis – live updatesBritain is likely to be hit by rising inflation because of the US war with Iran, the UK chancellor, Rachel Reeves, has said, as she suggested that a “rapid de-escalation” would be the best protection against a jump in energy prices.Both the chancellor and the prime minister, Keir Starmer, suggested the government would be prepared to intervene to protect UK households against major cost-of-living shocks as oil prices surged past $100 (£75) a barrel for the first time since 2022. Continue reading......

Finance ministers monitoring situation but stop short of agreeing to release emergency oil reservesIran war drives oil prices above $100 a barrelBusiness live – latest updatesThe G7 said it was ready to take “necessary measures” to address the economic impact of the US-Israel war on Iran, after a meeting prompted by soaring oil prices, which rose above $100 (£74) a barrel for the first time since 2022.Following a remote meeting on Monday, G7 finance ministers said they would closely monitor the situation but stopped short of agreeing to release emergency oil reserves. Continue reading......

Lawsuits come after Pentagon labeled Anthropic a 'supply chain risk', a decision the company says is unlawfulSign up for the Breaking News US email to get newsletter alerts in your inboxAnthropic filed two lawsuits against the Department of Defense on Monday, alleging that the government's decision to label the artificial intelligence firm a “supply chain risk” was unlawful and violated its first amendment rights. The two sides have been locked in a monthslong heated feud over the company's attempt to implement safeguards against the military's potential use of its AI models for mass domestic surveillance or fully autonomous lethal weapons.The lawsuits, which Anthropic filed in the northern district court of California and the US court of appeals for the Washington DC Circuit, come after the Pentagon formally issued the supply chain risk designation last Thursday, the first time the blacklisting tool has been used against a US company. The AI firm previously vowed to challenge the designation and...

At least nine cities to pursue full bans as emergency decree gives decisive veto powers to mayors and local councilsRomania's government has overhauled gambling regulations through an emergency decree allowing municipalities to restrict or ban betting shops and slot machine halls in the biggest tightening of the industry the country has seen.Licensed operators must now obtain not only a national permit but also local authorisation to open a gambling venue, giving mayors and local councils a decisive veto power. Officials say more than 200 localities could pursue full bans. Continue reading......

Nscale's AI project still in use as depot ahead of pledged completion date – with planning permission filed after Guardian's inquiriesRevealed: UK's multibillion AI drive is built on 'phantom investments'The press releases announcing a gleaming supercomputer on the outskirts of north London depict a glass and concrete building, rising from a tree-lined street. Accompanied by images of glowing blue robot faces, it looks like the centre of a technological revolution.By the end of this year, that artist's impression is supposed to be a reality. Continue reading......

Russian oligarch says money is his to allocate despite international sanctions imposed on his assetsThe Russian oligarch Roman Abramovich has stepped up his row with the British government over the £2.5bn proceeds of his sale of Chelsea FC, insisting that the money is his to allocate despite the international sanctions imposed on his assets.The UK and EU imposed sanctions on Abramovich in 2022, freezing his assets in response to Moscow's full-scale invasion of Ukraine, citing his ties to Vladimir Putin's regime. Continue reading......

Live Nation will pay $200m to states in lawsuit, and Ticketmaster will open parts of platform to rival companiesSign up for the Breaking News US email to get newsletter alerts in your inboxLive Nation, which owns Ticketmaster, has reached a surprise settlement with the Department of Justice in its antitrust case just one week after the trial began.The settlement was announced during a court hearing Monday morning. Under the agreement, Live Nation will pay roughly $200m in damages to states that participated in the lawsuit, and Ticketmaster will be required to open parts of its platform to rival ticketing companies, reported Politico. Continue reading......

London-based startup, which is vital to the government's artificial intelligence ambitions, is now valued at $14.6bnBusiness live – latest updatesNscale, a UK company vital to the government's AI ambitions, has raised $2bn (£1.5bn) in a funding round and appointed former Meta executives Sheryl Sandberg and Nick Clegg to its board of directors.It brings the valuation of the London-based startup, which is backed by US tech company Nvidia, to $14.6bn, it said in a statement, and follows a $1.1bn funding round the company raised last September. Continue reading......

Startup still believes in 'principle of treating adults like adults, but getting experience right will take more time'OpenAI is delaying the launch of “adult mode” for ChatGPT after admitting it had more pressing priorities than introducing erotica on its signature artificial intelligence product.The startup's chief executive, Sam Altman, had announced last year that OpenAI would allow adult content as it rolled out age checking. Continue reading......

Wait times at security checkpoints in Houston and New Orleans as long as three hours due to shortage of TSA agentsTravelers complained of long waits Sunday – lasting hours in some cases – at security checkpoints at airports in Houston and New Orleans, which officials blamed on a government shutdown of the US Department of Homeland Security (DHS).The estimated wait time at the standard security checkpoint at the William P Hobby airport in Houston early Sunday evening was at one point three hours, according to the Houston Airports website. The Hobby airport on social media Friday said it expected more travelers than normal due to spring break. Continue reading......

Ruling could free $175bn, but legal hurdles and higher costs have left businesses questioning if claims are even worth itThe US supreme court recently struck down Donald Trump's tariffs, opening the door to up to $175bn in refunds for businesses that paid the import taxes. However, the process for claiming that money is by no means certain. Trump himself said that the issue could be tied up in courts “for the next five years”.Across the country, small businesses have struggled to navigate the fallout from Trump's global tariff wars. The Guardian asked small business owners in the US how their lives and livelihoods have been affected. Continue reading......

Reform UK leader strengthens ties with crypto sector with stake in former Tory chancellor's company Stack BTCBusiness live – latest updatesNigel Farage has invested in Kwasi Kwarteng's bitcoin reserves company, as the leader of Reform UK aligns himself closer with the cryptocurrency industry.The MP has invested £215,000 in Stack BTC, the crypto business that is chaired by the former Conservative chancellor. Continue reading......

Exclusive: Bank Policy Institute, representing lenders such as JP Morgan and Goldman Sachs, argues that new licenses could harm US consumers and financial systemSome of the largest US banks are considering suing their financial regulator, arguing that a new raft of licenses for crypto, payment and fintech could put American consumers and the wider financial system at risk.The Bank Policy Institute (BPI), which represents 40 of the biggest US lenders including JP Morgan, Goldman Sachs and Citigroup, is understood to be weighing its legal options after the Office of the Comptroller of the Currency (OCC) failed to heed repeated warnings from influential banking groups and state regulators over its reinterpretation of federal licensing rules. Continue reading......

Blaze, believed to have started in vape shop, gutted building next to station and destroyed shops, salon and cafeGlasgow Central is to remain closed for at least two days after a building next door to Scotland's busiest railway station collapsed during a large fire.National Rail said the station would be closed on Monday and was “likely” to remain closed on Tuesday after the fire, believed to have started in a vape shop in Union Street on Sunday afternoon. Continue reading......

Markets predict Bank of England will hold rates in 2026 as bond yields soar on forecasts of prolonged conflictIran war drives oil prices above $100 a barrelBusiness live – latest updatesUK interest rates are not expected to be cut this year and could even rise next summer, according to financial markets, in a dramatic reversal of forecasts before the US-Israel war on Iran.Markets data on Monday showed that investors predict the Bank of England will most likely keep its base rate on hold at 3.75% for the remainder of the year, and would raise them to 4% next June. Continue reading......

Standoff with DoD over Claude chatbot reignites debate over how AI will be used in war – and who will be held accountableUntil recently, Anthropic was one of the quieter names in the artificial intelligence boom. Despite being valued at about $350bn, it rarely generated the flashy headlines or public backlash associated with Sam Altman's OpenAI or Elon Musk's xAI. Its CEO and co-founder Dario Amodei was an industry fixture but hardly a household name outside of Silicon Valley, and its chatbot Claude lagged in popularity behind ChatGPT.That perception has shifted as Anthropic has become the central actor in a high-profile fight with the Department of Defense over the company's refusal to allow Claude to be used for domestic mass surveillance and autonomous weapons systems that can kill people without human input. Amid tense negotiations, the AI firm rejected a Pentagon deadline for a deal last week, in a move that led Pete Hegseth, the defense secretary, to accuse Anthropic of “arrogance and betraya...

Private equity group EQT to take 42% stake as supplier faces scrutiny over environmental record and CEO's payBusiness live – latest updatesA leading European investor will pump fresh funding into Yorkshire Water including helping to cover a £600m loan, despite recent heavy sewage fines and a scandal over executive pay at the utility firm.EQT, a Swedish private equity group, said on Monday it would take a 42% stake in Kelda Holdings, the Jersey-registered parent company of Yorkshire Water, which has 5.7 million customers across Yorkshire and parts of the East Midlands and Lincolnshire. Continue reading......

Rolling coverage of the latest economic and financial news, with oil on track for its biggest daily jump since 2020Iran war drives oil prices above $100 a barrel for first time since 2022Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Stock markets are tumbling today after the oil price surged over $100 a barrel for the first time in four years. Continue reading......

Business group warns of harm to small firms and trade as it calls for phased end to 'de minimis' exemptionsRemoving the UK's tariff exemption for low-value imports could push up prices and harm small companies and trade, a leading business group has said, as it called for a phased-in approach to ending the “de minimis” rules.The UK government plans to end the tax break on imports of goods worth less than £135, making them subject to customs duty, with the changes to take effect in March 2029 at the latest. The US removed its longstanding de minimis exemption on 29 August. Before that packages valued at less than $800 (£597) were allowed to be shipped into the US tariff-free. Continue reading......

With oil prices soaring and stock markets falling, economists warn that a prolonged conflict in the Middle East risks knocking growth worldwide and boosting pricesMiddle East crisis - live updatesOil prices continued to surge on Monday, triggering a stark sell-off across some of the world's leading stock markets amid growing concern that the US-Israel war on Iran could set the stage for a global economic shock.The Middle East conflict has sparked an energy supply crisis that could risk driving up inflation and interest rates, according to economists, who believe growth is set to weaken while prices rise. Fears of stagflation – where economic activity stagnates, but inflation increases – loom large. Continue reading......