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Billionaire Paramount Skydance chief announces plan days after winning takeover battle for Warner Bros DiscoverySign up for the Breaking News US email to get newsletter alerts in your inboxParamount Skydance plans to combine HBO Max and Paramount+ into one streaming service, chief executive David Ellison announced during a call with investors, days after the company said it would acquire HBO parent company Warner Brothers Discovery.The deal would allow major HBO Max titles, such as The Sopranos, Sex and the City and Succession, to sit alongside Paramount offerings including Yellowstone and Survivor. Ellison said combining the two platforms would give the company over 200 million direct-to-consumer subscribers. Continue reading......

A near-halt to shipping in strait of Hormuz and attacks on Middle East refineries are threatening supplies and stoking inflationNils Pratley: A gas shock – not an oil shock – looks more threateningUS-Israel war on Iran – live updatesIran has responded to US and Israeli attacks by launching a series of counterstrikes against states across the Middle East, with serious consequences for the oil and gas industry and the global economy.Tehran has attacked oil facilities in neighbouring countries, while shipping traffic through the strait of Hormuz – the crucial bottleneck at the mouth of the Gulf – has all but ground to a halt. Continue reading......

Europe and Asia will take an economic hit if the supply of Qatari LNG is halted by the closure of the strait of HormuzGas prices soar and oil jumps as Iran war pushes down global stock marketsThe price of oil grabs most of the energy-related attention during conflicts in the Middle East for understandable reasons: oil is the commodity on which the world runs (still) and analysts have roughly reliable models for what every $10 per barrel increase in cost does to global growth and inflation.So, on that front, one can say we're still a long way from “oil shock” territory. Monday's rise to $79 a barrel, up 9% since the end of last week, is sizeable, especially as the price was $62 at the start of this year, but remember that $125 was seen shortly after Russia's invasion of Ukraine in 2022 and $100-plus was then sustained for three months. Continue reading......

Strait of Hormuz is effectively closed and vessels rerouted, sending some freight costs surgingLeading maritime insurers have cancelled war risk cover for vessels operating in the Gulf as the escalating Iran conflict disrupted shipping and sent some freight costs surging.At least 150 vessels including oil and liquefied natural gas tankers have dropped anchor in the strait of Hormuz and surrounding waters. Continue reading......

Many early-stage crowdfunders left empty-handed as Tilray acquires beer company's UK and Irish assetsBusiness live – latest updatesThe UK and Irish assets of BrewDog, the Scottish self-styled “punk” brewer, have been sold to US cannabis and drinks firm Tilray for £33m, in a deal that will cost nearly 500 jobs and leave legions of the company's early-stage crowdfunders empty-handed.Tilray agreed a deal to buy BrewDog's brand, intellectual property, UK brewing operations and 11 “strategic” bars in the UK and Ireland, the two companies confirmed, preserving 733 jobs. The remaining 38 bars will close immediately, at a cost of 484 jobs. Continue reading......

Effects of extended conflict between US and Iran could also lead to higher interest rates and hit economic growthBusiness live – latest updatesUS-Israel war on Iran – live updatesThe impact of the deadly and unpredictable conflict in the Middle East on the global economy will be felt most immediately, and keenly, through the rising cost of oil.Prices jumped on Monday, as markets had their first opportunity to digest the weekend's tit-for-tat attacks. A barrel of Brent crude oil was trading at about $79 (£59)by lunchtime in London, up about $6 or 8.5% on the day. Continue reading......

AI is transforming our world. Accepting independent oversight is the least companies can do to protect our rightsThe speed with which AI is transforming our lives is head-spinning. Unlike previous technological revolutions – radio, nuclear fission or the internet – governments are not leading the way. We know that AI can be dangerous; chatbots advise teens on suicide and may soon be capable of instructing on how to create biological weapons. Yet there is no equivalent to the Federal Drug Administration, testing new models for safety before public release. Unlike in the nuclear industry, companies often don't have to disclose dangerous breaches or accidents. The tech industry's lobbying muscle, Washington's paralyzing polarization, and the sheer complexity of such a potent, fast-moving technology have kept federal regulation at bay. European officials are facing pushback against rules that some claim hobble the continent's competitiveness. Although several US states are piloting AI laws, they opera...

Even though my algorithm knows I'm a sucker for outlandish reality TV property shows, it's now offering me less-than-glamorous copycats trying to flog a buy-to-let in BeaconsfieldI'm not proud to admit that I love property as entertainment, especially smooth-brained “reality” shows in which peptide-plumped, pilates-honed NYC Amazons in towering Louboutins scrap over commission on Upper West Side condos. It's a world where make-believe sums of money are bandied around, drama is manufactured, people say “I'm super excited” without any part of their preternaturally glossy faces moving and every surface is Carrara marble. I'm never more at peace than when I'm slumped under a crisp-strewn blanket, muttering “that's hideous” at a $26m (£19m) penthouse.Inevitably, social media cottoned on to my proclivities and now offers me endless real estate content. I appreciate the aspirational stuff: the Modern House (brutalism but make it chic), Inigo (for people with a cornicing kink), and Parisian i...

Rachel Reeves' upcoming spring forecast has not led to slowdown, as property tax rumours did in NovemberBusiness live – latest updatesUK politics live – latest updatesHouse prices in the UK increased in February as Rachel Reeves avoided a repeat of the pre-budget “negative speculation” that depressed the market, as she prepares to present the spring forecast on Tuesday.The average price of a home rose to £273,176 last month, up 0.3% from the month before, Nationwide said. It matched January's monthly increase, and was above analysts' forecasts of a 0.2% gain. The annual growth rate remained steady at 1%, the country's biggest building society said. Continue reading......

Regulator looks into claim Hilton, InterContinental Hotels and Marriott could be sharing 'competitively sensitive' information via analytics tool Business live – latest updatesThe UK competition watchdog has opened an investigation into three of the world's biggest hotel chains – Hilton, InterContinental Hotels (IHG) and Marriott – amid suspicions they could be sharing “competitively sensitive” information with each other.The Competition and Markets Authority (CMA) is investigating allegations that the businesses, which together operate more than 25,000 hotels worldwide, could be sharing information through the data analytics tool STR. CoStar, the real estate data firm which owns STR, is also under investigation. Continue reading......

Fears that decision to strike could be open-ended as Trump comes under pressure to spell out his vision for the countryUS-Israel war on Iran – latest updatesSign up for the Breaking News US emailDonald Trump is under pressure to spell out his vision for Iran amid the ongoing attacks on the country and reports of the first American casualties since the launch of unprovoked US and Israeli military strikes.Trump's critics are demanding that the White House provide greater clarity about what comes next. Opponents and analysts say the lack of a clear plan outlined so far has created a danger of the US being sucked into a long-lasting conflict of the sort that Trump repeatedly vowed to avoid. Continue reading......

Rolling coverage of the latest economic and financial newsOil prices rise as Iran war threatens shipping through strait of HormuzAnalysts are warning that the US-Israel war with Iran could drive oil prices up to $100 a barrel.Consultancy firm Wood Mackenzie is warning that higher oil and gas prices are certain, and that oil prices could potentially exceeding $100/barrell if tanker flows through the Strait of Hormuz are not quickly restored.“The key question is when do vessels re-establish export flows.“No doubt, tanker rates and insurance will increase dramatically, but these costs would only be a small part of the oil price impact associated with a curtailment of oil flows if they last for more than a few days.”“During that time, oil prices are heavily risked to the upside.The most recent comparison is during the early days of the Russia/Ukraine conflict, when the fear of loss of Russian supplies drove the oil price to over US$125/bbl.” Continue reading......

Brent crude jumped by 13% during early trading and stock markets came under pressure as US-Israeli strikes on Iran raised fears of disruptionOil prices rose and stock markets came under pressure on Monday after intense US-Israeli strikes on Iran prompted fears of significant global economic disruption.Brent crude jumped by as much as 13% during early trading – to hit $82 per barrel, a 14-month high – as the effective closure of the strait of Hormuz, one of the most important arteries for global trade, intensified concerns over oil supplies. Continue reading......

Funding uncertainty is main concern, despite Labour's pledge to revitalise construction, survey showsAlmost two-thirds of senior council officers have said they are seeing construction projects delayed, despite the key role of local authorities in creating the wave of new housing and infrastructure promised by Labour.Before Rachel Reeves's spring forecast on Tuesday, a survey of senior council officers showed that 40% do not think the local authority they work for is well placed to follow through on its construction plans. Continue reading......

Hundreds of thousands of passengers remain stranded, with key air hubs in Middle East closed amid fallout from US-Israeli strikes on IranUS-Israeli attack on Iran – live updatesHundreds more flights were cancelled on Monday, extending the turmoil in global air travel caused by the US-Israel war on Iran, with hundreds of thousands of passengers already stranded.Leading airline stocks came under pressure after days of disruption, with Donald Trump indicating that the US military action could last another four weeks.Emirates Airlines, the world's largest international carrier, which suspended all planned services to and from Dubai until 3pm UAE time (10pm AEDT, 11am GMT and 6am EST) on Monday.Etihad Airways, which suspended all flights to and from Abu Dhabi until 2pm UAE time (9pm AEDT, 10am GMT and 5am EST) on Monday.Qatar Airways, which suspended flight operations because of the closure of Qatari airspace. Continue reading......

Tufan Erginbilgiç says decision is for the government but German participation remains a possibilityThe boss of Rolls-Royce has said he would welcome Germany helping to build Britain's next-generation fighter jet, arguing that it would bring in more business for the project.The aircraft, designed to replace the Eurofighter Typhoon, is a joint effort between the UK, Italy and Japan. Rolls-Royce is building the engine for the jet, which has attracted fresh attention as plans for a rival Franco-German warplane edge towards collapse. Continue reading......

Chancellor urged to reform Office for Budget Responsibility to open way to more public investmentRachel Reeves must reform the Office for Budget Responsibility (OBR) to open the way to more public investment, an alliance of thinktanks has argued ahead of the chancellor's spring forecast on Tuesday.With Keir Starmer's government under intense pressure after Labour's defeat by the Greens in Thursday's Gorton and Denton byelection, the thinktanks called on Reeves to review the watchdog's remit. Continue reading......

Campaign groups write to technology secretary amid concerns that sites could double overall electricity demandDatacentre developers are facing pressure to reveal whether their projects will increase the UK's net greenhouse gas emissions, amid concerns the sites could double national electricity demand.Campaign groups have written to the UK technology secretary, Liz Kendall, warning that the energy required by new AI infrastructure poses a “serious threat to efforts to decarbonise the electricity grid”. Continue reading......

Though the supreme court ruled against the levies, businesses hit hard by the tariffs shouldn't hold their breath for any rebatesSign up for the Breaking News US email to get newsletter alerts in your inboxNow that the supreme court has found that the Donald Trump exceeded his authority to levy tariffs, the big question for many businesses – particularly small businesses who were so hard hit by these tariffs – is are they able to get their money back?Don't hold your breath. When it comes to tariffs, Trump still has many more tricks up his sleeve. Continue reading......

Exclusive: Whistleblower figures show large rise in 'serious' to 'minor' downgrades based on water company evidenceEnvironment Agency (EA) staff have downgraded thousands of serious pollution incidents by water companies in England without visiting to investigate, data unearthed by freedom of information (FoI) requests suggests.The figures were obtained by Robert Forrester, a whistleblower who left the agency in January and has spent nine years shining a light on the state of the water industry. His identity was revealed in the Channel 4 docudrama Dirty Business this week, and he has vowed to carry on fighting to expose the truth. Continue reading......