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Valdis Dombrovskis says bloc is 'ready to engage' amid meetings with ministers including Rachel ReevesBusiness live – latest updatesThe European Commission would be “open-minded” to discussing closer trade ties with the UK, including a customs union, a senior EU official has said.The EU economy commissioner, Valdis Dombrovskis, told the BBC that the European bloc was “ready to engage with an open mind” when asked about a customs union. Continue reading......

Britons cut back in January after record grocery spending in December, turning to own-label productsBusiness live – latest updatesBritons started 2026 by buying more healthy food such as fruit and yoghurt as they attempted to hit new year health goals, while grocery price inflation eased to the lowest level since April, research has shown.Annual grocery inflation fell back to 4% in the four weeks to 25 January from 4.7% in December, offering some relief for shoppers, according to a monthly snapshot of the grocery sector from the research company Worldpanel by Numerator. Continue reading......

CEO Alex Karp hails 'iconic' financial results despite criticism over contracts with ICE and homeland securityPalantir celebrated its latest financial results on Monday, as the tech company blew past Wall Street expectations and continues to prop up the Trump administration's push to deport immigrants.Palantir has secured millions of dollars in federal contracts amid Trump's crackdown on immigrants. The multibillion-dollar Denver-based firm creates tech focused on surveillance and analytics, to be used by the government agencies and private companies. Continue reading......

Rolling coverage of the latest economic and financial newsElon Musk merges SpaceX with artificial intelligence company xAIThe biggest business news of the morning is that Elon Musk's SpaceX has acquired his artificial intelligence business xAI for $250bn.The move consolidates two key part of Musk's empire, giving the newly merged company a paper valuation of $1.25trn…. as SpaceX prepares to to public later this year.“the most ambitious, vertically-integrated innovation engine on (and off) Earth, with AI, rockets, space-based internet, direct-to-mobile device communications and the world's foremost real-time information and free speech platform”. Continue reading......

Deal comes as Musk pursues plans for datacenters and solar-powered satellites in space to propel AIElon Musk's aerospace firm SpaceX has acquired his artificial intelligence business xAI, in a merger that consolidates part of Musk's empire as SpaceX prepares to go public later this year, at a valuation likely to exceed $1tn.The two companies announced the deal on Monday in a statement on SpaceX's website, saying the merger would form “the most ambitious, vertically-integrated innovation engine on (and off) Earth, with AI, rockets, space-based internet, direct-to-mobile device communications and the world's foremost real-time information and free speech platform”. Continue reading......

Sector bounces back as consumers focus on provenance and healthy eating, but is still well behind EuropeConsumers searching for healthy food from trusted sources have fuelled the UK organic market's biggest boom in two decades, according to vegetable box seller Riverford.The delivery business, which sells meat, cheese, cookbooks and recipe boxes alongside vegetables, recorded a 6% increase in sales to £117m in the year to May 2025, as the UK organic food and drink market grew by almost 9% in that year, according to new figures from the Soil Association. The strong growth, significantly outpacing the wider food market, helped the employee-owned business give a £1.1m bonus to workers. Continue reading......

Annual review highlights growing capabilities of AI models, while examining issues from cyber-attacks to job disruptionThe International AI Safety report is an annual survey of technological progress and the risks it is creating across multiple areas, from deepfakes to the jobs market.Commissioned at the 2023 global AI safety summit, it is chaired by the Canadian computer scientist Yoshua Bengio, who describes the “daunting challenges” posed by rapid developments in the field. The report is also guided by senior advisers, including Nobel laureates Geoffrey Hinton and Daron Acemoglu. Continue reading......

MoneySavingExpert founder has said changes that will lead to some graduates in England and Wales paying more are 'not moral'Graduates in England and Wales: share your views on student loan repaymentsA fairly technical-sounding change to student loans tucked away in last November's budget has become the catalyst for an increasingly bad-tempered row pitting the UK consumer champion Martin Lewis against the chancellor, Rachel Reeves.In one interview, Lewis – the founder of MoneySavingExpert.com, who boasts a vast following – said he did not think the planned change to repayment terms “was a moral thing”. Continue reading......

Shortest rate-cutting cycle in the RBA's modern history ends after unexpected jump in inflation Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe Reserve Bank has hiked rates for the first time in more than two years, with mortgage holders to bear the brunt of dealing with an unexpected jump in inflation.The RBA monetary policy board announced on Tuesday at the end of its two-day meeting that the cash rate target would lift to 3.85%, from 3.6%. Continue reading......

Other countries are expected to join Project Vault, which US president said would ensure that US businesses are 'never harmed by any shortage'Donald Trump has announced the creation of a critical mineral reserve worth nearly $12bn, a stockpile that could counter China's ability to use its dominance of the hard-to-process metals as leverage in trade talks.“Today we're launching what will be known as Project Vault to ensure that American businesses and workers are never harmed by any shortage,” Trump said at the White House on Monday. Continue reading......

Sleek car doors reduce vehicle drag but are prone to losing operability in the event of a crash, officials sayChina will soon ban concealed door handles on electric vehicles (EVs), becoming the first country to do so after several deadly incidents triggered global scrutiny of the controversial design first popularised by Tesla.According to regulations announced on Monday by the Ministry of Industry and Information Technology, cars sold in China will now be required to have a mechanical release on both the inside and outside of every door except the boot. Continue reading......

Minister announces Microsoft, Cisco and Adobe to help apply AI to local schools, hospitals, GPs and businessesIn 2002 Barnsley toyed with a redesign as a Tuscan hill village as it sought out a brighter post-industrial future. In 2021 it adopted the airily vague slogan “the place of possibilities”. Now it is trying a different image: Britain's first “tech town”.The technology secretary, Liz Kendall, has anointed the South Yorkshire community as a trailblazer for “how AI can improve everyday life” in the UK. Continue reading......

January 2026 report to be rescheduled after BLS has already been faced with major delays from last year's shutdownThe US's closely watched jobs report will once again be delayed, the Bureau of Labor Statistics (BLS) announced on Monday, amid a government shutdown.The January 2026 jobs report, originally scheduled to be released on Friday, will be rescheduled when federal funding resumes. Data collection for the report has been completed, but the shutdown has forced a delay to releasing the report, which will provide crucial jobs data on the US labor market following the weakest year for job growth since 2020, with the addition of only 584,000 jobs in 2025 compared with 2 million in 2024. Continue reading......

US president made announcement on Truth Social after a Monday call with India's prime ministerDonald Trump has announced he is cutting tariffs on India after prime minister Narendra Modi agreed to stop buying Russian oil.After a call with Modi on Monday, Trump on Truth Social said: “This will help END THE WAR in Ukraine, which is taking place right now, with thousands of people dying each and every week!” Continue reading......

Trump's pick of 'respected central banker' Kevin Warsh as Fed chair prompts investors to sell safe haven assetsBusiness news – live updatesGold and silver prices seesawed on Monday, after a “meltdown” in the metals market deepened and rattled investors around the world.Gold prices tumbled by as much as 8% to $4,465 an ounce on Monday, ending a run of record highs that took it to nearly $5,600 just last week. It later recovered some ground, but was still down by 3% at $4,718.35. Continue reading......

Auditor calls renewable energy targets 'unrealistic' unless 'EU ups its game' in mining, refining and recycling of metals such as rare earthsThe EU is struggling to free itself from dependence on China and countries in the global south for critical minerals and rare earths needed for everything from smartphones to wind turbines and military jets.A damning report by the European Court of Auditors (ECA) in Luxembourg found that the bloc's targets for 2030 were “out of reach” because of lack of progress in domestic production, refining and recycling. Continue reading......

Businessman, who says he is a 'big, bullish believer', would combine Scunthorpe steelworks with Italian plantBusiness news – latest updatesThe British investor Michael Flacks is reportedly “very” interested in buying British Steel and combining it with another plant in Italy, in a deal that would create one of Europe's largest metals groups.The businessman's Miami-based investment group, Flacks Group, which specialises in buying distressed companies, is working with bankers to prepare a bid for government-controlled Scunthorpe steelworks, the Financial Times reported. Continue reading......

Millions of dollars have been raised for Bondi hero Ahmed al-Ahmed, while campaigns are backing families hit by Victoria's bushfires. What does this way of giving mean for the charity sector?Within hours of the Bondi beach terror attack, the money had already begun to pour in. As images of the tragedy flooded social media, people from around the world donated tens of thousands of dollars to the victims, their families and first responders.Passing the hat around the neighbourhood or the local pub has always been a staple response in times of crisis. But today, that instinct to open your wallet has been exponentially supercharged via a digital simulacrum: online crowdfunding platforms. Continue reading......

Greater optimism in PMI survey, adding to signs Bank of England will keep interest rates on hold this weekBusiness news – latest updatesBritish manufacturers enjoyed one of their best months since Labour came to power in January, according to a closely watched survey, adding to signs that the Bank of England will decide to keep interest rates on hold this week.The purchasing managers' index (PMI), which measures activity in the private manufacturing sector, rose to 51.8 in January from 50.6 in December, the best reading since August 2024. Any reading above 50 represents growth. Continue reading......

Dozens of eCourier workers who deliver vital NHS samples claim they are classed wrongly as self-employedDozens of drivers are taking legal action against a Royal Mail-owned courier service, arguing that they are entitled to workers' rights.The 46 drivers are classified as self-employed by eCourier. They work around the clock making deliveries, including transporting vital blood and tissue samples to and from NHS hospitals. Continue reading......