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Sales spike at the Ritz-Carlton, Four Seasons and Cipriani as luxury buyers weigh moves from ManhattanThere is a short stretch of prime waterfront real estate in Miami that has come to be known as Billionaire's Beach. It contains a mix of famous old art deco hotels such as the Delano and Raleigh, both undergoing extensive upmarket refurbishments, and the construction of exclusive new residential tower blocks with high-end apartments running into the tens of millions.It is here on the sun-filled shores of South Beach, more than a thousand miles from the chills of a Manhattan winter, where realtors and developers are beginning to see the first shoots of what they call the “Mamdani effect”: the predicted exodus of wealthy New Yorkers in the wake of socialist democrat Zohran Mamdani's election as mayor. Continue reading......

Output reduction to 'around 790' planes comes after French firm issued recall over software glitch affecting 6,000 jetsBusiness live – latest updatesAirbus has cut its plane delivery target for this year after it identified a problem with the fuselage panels on its bestselling A320 family of aircraft that has forced it to inspect hundreds of jets.The world's largest plane manufacturer said it would now deliver “around 790” commercial aircraft this year, a drop of 30 from its previous target of 820 planes. Continue reading......

City of London corporation names Albert Island near City airport in Docklands for meat and fish marketsA former industrial site in London's Docklands has been named as the new home for the capital's ancient Smithfield meat market and Billingsgate fish market, under plans unveiled by their owner.The proposal by the City of London Corporation – the governing body that runs London's Square Mile and also operates the markets – would relocate both to Albert Island. Continue reading......

Rolling coverage of the latest economic and financial newsElsewhere this morning, Airbus lowered its delivery target for commercial aircraft from 820 to about 790 this year, after it confirmed it had discovered a supplier quality issue on fuselage panels on its A320 family of jets.Airbus engineers found defects on a wider set of A320 fuselage panels, according to Reuters, with around 40% of the affected jets still in assembly lines. The affected parts have the wrong thickness, Reuters reported. Continue reading......

It contains enough steel to go round the world twice – and even has a fake breeze to flutter the star-and-stripes flag in its lobby. If this colossus is just the first of a new breed of bulky supertalls, is Britain next?Among the slender needles and elegant spires of the Manhattan skyline, a mountainous lump has reared into view. It galumphs its way up above the others, climbing in bulky steps with the look of several towers strapped together, forming a dark, looming mass. From some angles it forms the silhouette of a hulking bar chart. From others, it glowers like a coffin, ready to swallow the dainty Chrysler building that trembles in its shadow. It is New York's final boss, a brawny, bronzed behemoth that now lords it over the city with a brutish swagger.Fittingly, this is the new global headquarters of JP Morgan, the world's biggest bank. The firm enjoys a market capitalisation of $855bn (£645bn), more than Bank of America, Wells Fargo and Citigroup's combined, and it looks as if it might have s...

Elon Musk-owned electric carmaker also called for support for the secondhand market, documents revealBusiness live – latest updatesTesla privately warned the UK government that weakening electric vehicle rules would hit battery car sales and risk the country missing its carbon dioxide targets, according to newly revealed documents.The US electric carmaker, run by Elon Musk, also called for “support for the used-car market”, according to submissions to a government consultation earlier this year obtained by the Fast Charge, a newsletter covering electric cars. Continue reading......

As beef price inflation soars to 27%, customers are turning to cheaper pork alternatives, Waitrose saysPork is the “new beef”, with Britons increasingly making the money-saving meat swap for dishes such as spaghetti bolognese or T-bone steak, according to a new report.With the latest official figures showing beef price inflation running at 27%, customers are looking to buy pork cuts that you would typically associate with beef. That list runs to free-range fillets and short ribs as well as T-bone and rib-eye steaks, Waitrose says in its annual food and drink report. Continue reading......

Advertising watchdog says all three firms misled shoppers by using term 'sustainable' in paid-for Google advertsAds for Nike, Superdry and Lacoste have been banned in the UK for misleading consumers about the environmental sustainability credentials of their products.The Advertising Standards Authority (ASA) said paid-for Google ads run by all three retailers used terms such as “sustainable”, “sustainable materials” or “sustainable style” without providing evidence proving the green claims. Continue reading......

Relations between French company Dassault and the German unit of Airbus are reportedly 'very strained'The leaders of France and Germany have a “strong willingness” to build a new fighter jet together despite bitter internal rivalries, according to the chief executive of engine manufacturer Safran.A row over who should lead between French aerospace company Dassault and the German unit of Airbus has threatened to break apart the countries' efforts to make a next-generation fighter jet. Continue reading......

The wholesale giant claims the White House misused emergency authority and warns importers could lose refunds even if duties are ruled unlawfulCostco is suing the Trump administration over its tariffs, arguing that the White House has exceeded its executive authority in instituting tariffs and that it should be entitled to a refund if the tariffs are found unconstitutional.In a lawsuit filed to the Court of International Trade last Friday, the retail giant argued the Trump administration has misused the federal law, the International Emergency Economic Powers Act (IEEPA), it cited to impose the tariffs. Continue reading......

Economic obsession | Two-child benefit divide | Paddington stare | No Place | Word of the yearYour editorial (The Guardian view on OBR v the Treasury: ministers have embraced the theatre of errors, 1 December) correctly flags the huge uncertainty in trying to come up with a five-year forecast of the difference between taxes and spending. Although markets like big fiscal headroom numbers, they seem to ignore the wise words of Bertrand Russell, who defined mathematics as “the subject in which we never know what we are talking about, nor whether what we are saying is true”. This also applies to the concept of the medium-term fiscal headroom that economists and politicians alike are obsessed with.Prof Costas MilasUniversity of Liverpool• The scrapping of the two-child benefit limit certainly seems to have polarised opinion. One camp reckons it should not have been scrapped at all, and the other reckons it should have been done a year ago. Who would want to be the chancellor of the exchequer?Andy SmithLo...

Bank of England's move risks stoking concerns about weakening protections against UK bank failuresBusiness live – latest updatesThe Bank of England governor, Andrew Bailey, has attempted to reassure that the lessons of the 2008 financial crisis have not been forgotten, as he announced plans to loosen capital rules for high street banks for the first time since the global crash.The central bank announced on Tuesday that it will lower capital requirements related to risk-weighted assets by one percentage point to about 13%, reducing the amount lenders must hold in reserve. Continue reading......

Chief executive tells staff it is 'critical time' for chatbot as it faces intense competition from Google's new Gemini 3Sam Altman has declared a “code red” at OpenAI to improve ChatGPT as the chatbot faces intense competition from rivals.The chief executive of the San Francisco-based startup told staff in an internal memo: “We are at a critical time for ChatGPT,” according to a report by tech news site the Information. Continue reading......

With the row deepening over budget leaks, who is most likely to replace Richard Hughes in the increasingly thankless role of chair?Had Richard Hughes not resigned as boss of the Office for Budget Responsibility (OBR) on Monday amid the indignation over the accidental publication of Rachel Reeves's budget, the Treasury might now be under pressure over the tsunami of leaks that preceded it.The OBR's David Miles told MPs on Tuesday the leaks had been so widespread and misleadingthat the watchdog feared its reputation was at stake. Continue reading......

Anthropic's chief scientist says AI autonomy could spark a beneficial 'intelligence explosion' – or be the moment humans lose controlHumanity will have to decide by 2030 whether to take the “ultimate risk” of letting artificial intelligence systems train themselves to become more powerful, one of the world's leading AI scientists has said.Jared Kaplan, the chief scientist and co-owner of the $180bn (£135bn) US startup Anthropic, said a choice was looming about how much autonomy the systems should be given to evolve. Continue reading......

Elderly people unable to reach water stations set up by South East Water after treatment site closedThousands of homes have been without water for four days in Tunbridge Wells, Kent, after South East Water accidentally added the wrong chemicals to the tap water supply.Schools across the area have been shut for two days, and residents have been filling buckets with rainwater to flush toilets. Cats, dogs and guinea pigs have been given bottled mineral water to drink as the people of Tunbridge Wells wait for their water to be switched back on. Currently, 18,000 homes are without water. Continue reading......

Official tells MPs there was lots of information appearing in the press that 'wasn't particularly helpful'Politics live – latest updatesBusiness live – latest updatesThe Office for Budget Responsibility complained to senior Treasury officials in the run-up to the budget about a flurry of leaks that it said spread “misconceptions” about its forecasts, it has emerged.Prof David Miles of the OBR's budget responsibility committee told MPs on the Treasury select committee on Tuesday that the watchdog had raised the issue of leaks with the department before the chancellor's statement last week. Continue reading......

Officials from agency grilled by MPs The former deputy prime minister Angela Rayner will lay an amendment on Wednesday to speed up the workers rights' bill, after “considerable anger” that unelected Lords forced the watering down of day-one rights, Jessica Elgot and Pippa Crerar report.Twelve more prisoners have been mistakenly freed in the past month and two are still at large, David Lammy has said.I'm not going to give details of those cases, because these are operational decisions made by the police, and you'll understand if they're about to arrest somebody they don't want me to blow the cover. Continue reading......

UK economy will grow faster than France, Germany and Italy but slower than US next year, report predictsBusiness live – latest updatesRachel Reeves has been warned by a leading thinktank that tight government spending and higher taxes will restrict consumer expenditure, despite predicting the UK economy will grow at a faster pace than France, Germany and Italy next year.Analysts at the Organisation for Economic Cooperation and Development (OECD) said the government's ongoing “fiscal consolidation” – meaning higher taxes and reduced government spending – will act as a “headwind” to the UK economy, with “past tax and spending adjustments weighing on household disposable income and slowing consumption”. Continue reading......

Exclusive: former deputy PM understood to have accepted compromise on day-one rights, after 'considerable anger' over Lords interventionThe former deputy prime minister Angela Rayner will lay an amendment on Wednesday to speed up the workers rights' bill, after “considerable anger” that unelected Lords forced the watering down of day-one rights.The amendment would mean the new shorter qualifying period is in place by early next year. Continue reading......