The Actual News

Neutral summaries of your favorite news sources — just the facts.

Business News

Business news, market updates, and economic developments

Standard Chartered to cut thousands of roles as AI use increases

Standard Chartered to cut thousands of roles as AI use increases

May 19, 2026 • BBC Tech

Summary

Standard Chartered, a large UK bank, plans to cut about 7,800 back-office jobs by 2030 because it will use more artificial intelligence (AI) in its work. The bank hopes to move some workers to other roles and aims to improve profit by using AI and automation.

Key Facts

  • Standard Chartered will cut over 15% of its back-office jobs, around 7,800 positions, by 2030.
  • The bank will increase use of AI, automation, and data analysis to improve efficiency and client service.
  • Some affected employees may be reassigned to other roles within the company.
  • The bank has major operations in India, China, Malaysia, and Poland but did not specify where cuts will happen.
  • This job cut is part of CEO Bill Winters’ new global strategy focusing on Asia and Africa.
  • Other banks and big tech companies like DBS, Meta, Amazon, and Oracle have also announced large job cuts due to AI adoption.
  • Meta plans to cut about 10% of its staff, roughly 8,000 jobs, while Amazon and Oracle have laid off tens of thousands.
  • AI adoption is driving companies to reduce human roles, especially in tech and back-office functions.
Read the Original

Want the full story? Tap a source to open the original article.

BBC Tech BBC Business BBC Top Stories
US extends sanctions waiver on Russian oil as supply crunch pushes up Brent crude price

US extends sanctions waiver on Russian oil as supply crunch pushes up Brent crude price

May 19, 2026 • Guardian US

Summary

The US Treasury has extended a 30-day waiver allowing some countries to buy Russian oil, despite existing sanctions. This move aims to help energy-vulnerable countries facing shortages after the Iran war, while managing global oil supply and prices.

Key Facts

  • The US extended a sanctions waiver for buying Russian seaborne oil for 30 more days.
  • The waiver was made to help countries struggling with energy shortages due to disruptions from the Iran conflict.
  • The waiver allows access only to Russian oil already loaded on ships before April 17 and does not apply to new Russian oil exports.
  • Some US senators criticized the extension, saying it helps fund Russia’s war in Ukraine without lowering US gas prices.
  • The waiver is temporary and attempts to ease global oil supply issues and limit price spikes.
  • The sanctions on Russian oil majors Rosneft and Lukoil remain in place.
  • Oil prices rose above $112 per barrel amid concerns about tight supply.
  • US Treasury Secretary Scott Bessent said the move helps stabilize the crude oil market and supports energy-vulnerable countries.
Read the Original

Want the full story? Tap a source to open the original article.

Guardian US
Fast-fashion retailer Shein to buy Everlane for $500 million, Puck reports

Fast-fashion retailer Shein to buy Everlane for $500 million, Puck reports

May 19, 2026 • CBS News

Summary

Shein, a major fast-fashion company owned by China, plans to buy the American clothing brand Everlane for $100 million. This deal will make Shein a larger player in the fashion market.

Key Facts

  • Shein is a fast-fashion retailer based in China.
  • Everlane is an American clothing brand.
  • Shein has approved a plan to buy Everlane.
  • The purchase price is $100 million.
  • This acquisition was reported by Puck and shared by CBS News.
  • The deal will expand Shein's presence in the fashion industry.
Read the Original

Want the full story? Tap a source to open the original article.

CBS News
Jeff Bezos Is the Odds-On Favorite to Buy the Seattle Seahawks

Jeff Bezos Is the Odds-On Favorite to Buy the Seattle Seahawks

May 19, 2026 • Newsweek

Summary

The Seattle Seahawks, the current NFL champions, are for sale with a price above $10 billion. Jeff Bezos, founder of Amazon, is considered the most likely buyer because of his strong financial position and local ties to Seattle.

Key Facts

  • The Seattle Seahawks are the reigning NFL champions and are currently for sale.
  • The asking price for the team is over $10 billion.
  • Jeff Bezos is the favorite buyer, with a 25% chance according to the prediction site Polymarket.
  • Bezos's personal net worth is over $280 billion, making the price affordable for him.
  • Jeff Bezos founded Amazon in Seattle and helped it grow into a global business.
  • Bezos was also interested in buying another football team, the Washington Commanders, before they were sold.
  • Other potential buyers include Apple CEO Tim Cook and retired basketball player LeBron James, but they may need partners to afford the team.
  • The Seahawks are in a strong market and championship window, increasing their value.
Read the Original

Want the full story? Tap a source to open the original article.

Newsweek
How Sam Altman’s victory over Elon Musk clears way for OpenAI’s trillion-dollar ambitions

How Sam Altman’s victory over Elon Musk clears way for OpenAI’s trillion-dollar ambitions

May 18, 2026 • Guardian Tech

Summary

A jury in Oakland, California, ruled in favor of Sam Altman and OpenAI, rejecting Elon Musk's claims that OpenAI broke a founding agreement and unfairly benefited. This verdict clears the way for OpenAI to continue its plan to go public this year with an estimated value of around $1 trillion.

Key Facts

  • The jury unanimously found Sam Altman, OpenAI, and its president Greg Brockman not liable for Elon Musk’s accusations.
  • Musk claimed that OpenAI unjustly enriched itself and broke a founding contract made with him.
  • The judge dismissed all charges immediately after the verdict.
  • OpenAI plans to launch an initial public offering (IPO) later this year at about a $1 trillion valuation.
  • Musk wanted Altman removed as CEO and for $150 billion to be transferred from OpenAI’s for-profit to non-profit arm.
  • Musk’s lawsuit was ruled to be outside the legal time limit for filing such claims.
  • OpenAI’s victory reassures investors and supports the company's commercial and fundraising plans.
  • Musk’s lawyers said they would appeal and aim to expose alleged deception by Sam Altman.
Read the Original

Want the full story? Tap a source to open the original article.

Guardian Tech Guardian Business
Faisal Islam: Burnham seeks to calm markets by committing to fiscal rules

Faisal Islam: Burnham seeks to calm markets by committing to fiscal rules

May 18, 2026 • BBC Business

Summary

Greater Manchester Mayor Andy Burnham has promised to follow the UK government's current borrowing limits, known as fiscal rules, to help calm financial markets. This commitment came after recent market concerns about potential changes to these rules and political uncertainty.

Key Facts

  • Andy Burnham, Mayor of Greater Manchester, committed to keeping the government's existing borrowing limits.
  • Fiscal rules restrict how much the government can borrow and aim to reduce debt by 2029.
  • Market borrowing costs rose recently amid fears Burnham might change these rules.
  • Burnham's campaign said changing the rules is no longer being considered.
  • UK 10-year government bond yields fell after Burnham's statement, indicating market relief.
  • The International Monetary Fund supports the UK sticking to fiscal rules to reduce borrowing.
  • Global events, like the US-Israel war and issues in the Gulf, have increased borrowing costs worldwide.
  • Burnham wants to invest in infrastructure like housing and transport but may face tough spending or tax decisions due to the fiscal rules.
Read the Original

Want the full story? Tap a source to open the original article.

BBC Business BBC Top Stories
Strategic Petroleum Reserve Drops by Record Number: Impact on Gas Prices

Strategic Petroleum Reserve Drops by Record Number: Impact on Gas Prices

May 18, 2026 • Newsweek

Summary

The U.S. Strategic Petroleum Reserve (SPR) experienced one of its largest weekly drops, which was planned sales rather than a sudden supply problem. Experts say this drop is unlikely to immediately affect gas prices, which are influenced more by global oil markets, refinery issues, seasonal demand, and geopolitical tensions.

Key Facts

  • The SPR had a major weekly decrease due to planned and authorized sales.
  • Gas prices are mostly affected by crude oil prices, refinery operations, seasonal use, and international events, not short-term SPR changes.
  • The national average gas price is about $4.52 per gallon, up from $2.81 in January.
  • The closure of the Strait of Hormuz due to the Iran conflict has removed 15–18 million barrels per day from global oil supply.
  • A smaller SPR means less ability to respond to sudden oil supply shocks caused by events like wars or hurricanes.
  • Experts do not expect gas price spikes directly caused by this SPR release.
  • Future fuel prices depend on SPR levels, the Iran conflict, summer driving demand, and crude oil market changes.
Read the Original

Want the full story? Tap a source to open the original article.

Newsweek
‘Dodgy’ shops handling criminal cash targeted by new unit

‘Dodgy’ shops handling criminal cash targeted by new unit

May 18, 2026 • Guardian World

Summary

The UK government is creating a new specialist team to investigate shops like vape stores, barbers, mini-marts, and sweet shops suspected of laundering about £1 billion in criminal money. This team, run by the National Crime Agency (NCA), will work with police forces and trading standards officers to raid and shut down businesses linked to crime.

Key Facts

  • The government is investing £20 million to set up a National Crime Agency unit focused on crime-linked retail businesses.
  • About 75 new officers will be hired in Greater Manchester, the West Midlands, Kent, and Essex to support this effort.
  • The NCA estimates that criminal gangs launder £1 billion annually through small retail outlets on UK high streets.
  • Businesses suspected include mini-marts, vape shops, barbers, sweet shops, American candy stores, and takeaways.
  • Many such shops may also be involved in tax evasion, selling fake goods, illegal working, and drug supply.
  • Recent coordinated raids by the NCA led to over 900 arrests, seizures of £10.7 million in illegal cash, illegal vapes, cannabis, and cigarettes.
  • An additional £6 million is being given to local trading standards departments to help identify and stop these criminal fronts.
  • The government has set up a High Street Organised Crime Unit to coordinate efforts across departments and law enforcement.
Read the Original

Want the full story? Tap a source to open the original article.

Guardian World
Elon Musk loses lawsuit against OpenAI and Sam Altman

Elon Musk loses lawsuit against OpenAI and Sam Altman

May 18, 2026 • France24

Summary

Elon Musk lost a $160 billion lawsuit against OpenAI and its CEO Sam Altman in a California federal court. The jury decided the case was filed too late and did not consider the claims.

Key Facts

  • Elon Musk sued OpenAI and Sam Altman for $160 billion.
  • The trial lasted 11 days with testimonies and arguments.
  • A jury of 9 members took less than two hours to decide.
  • They ruled the lawsuit was filed after the legal time limit (statute of limitations).
  • The case was heard in a federal court in California.
  • The lawsuit involved claims related to artificial intelligence and OpenAI.
  • OpenAI is the company behind ChatGPT technology.
  • Elon Musk is a well-known tech billionaire.
Read the Original

Want the full story? Tap a source to open the original article.

France24
PlayStation Plus to raise monthly subscription by £1 in UK

PlayStation Plus to raise monthly subscription by £1 in UK

May 18, 2026 • BBC Tech

Summary

Sony is increasing the price of its PlayStation Plus Basic subscription by £1 per month in the UK starting May 20. The price rise is due to market conditions and follows a recent increase in the PlayStation 5 console price.

Key Facts

  • The PlayStation Plus Basic monthly price will rise from £6.99 to £7.99 in the UK.
  • Three-month Basic subscriptions will increase by £3 to £21.99.
  • The price increases also apply in some other regions, such as the US and Europe, but exact areas were not fully specified.
  • Current subscribers outside Turkey and India will not see an immediate price change unless they update or renew their subscription after it ends.
  • Sony raised the price of the PlayStation 5 console last month due to global economic pressures.
  • The video game industry faces supply problems caused by global conflicts and a rise in memory chip costs linked to AI growth.
  • Nintendo also announced a price increase for its Switch 2 console in the US and Europe.
  • Despite falling sales, Sony expects higher profits in its gaming division by 2027, partly due to the upcoming launch of Grand Theft Auto 6.
Read the Original

Want the full story? Tap a source to open the original article.

BBC Tech BBC Business
$7,500 CD vs. $7,500 high-yield savings account vs. $7,500 money market account: Which will earn more now?

$7,500 CD vs. $7,500 high-yield savings account vs. $7,500 money market account: Which will earn more now?

May 18, 2026 • CBS News

Summary

Certificates of deposit (CDs), high-yield savings accounts, and money market accounts all offer ways to earn interest on deposits around $7,500, with rates near 4% or higher. Over one year, CDs tend to earn slightly more interest than the other two, but savings and money market accounts offer more flexibility since their rates and access to funds can change.

Key Facts

  • CDs have a fixed interest rate, which means the rate stays the same until the CD matures.
  • High-yield savings and money market accounts have variable rates that can change over time.
  • A $7,500 1-year CD at 4.1% can earn about $307.50 in interest.
  • A $7,500 high-yield savings account at 4.03% can earn about $302.25 in one year.
  • A $7,500 money market account at 3.9% can earn about $292.50 in one year.
  • CDs usually pay slightly more interest but do not allow easy access to funds before maturity without penalties.
  • High-yield savings and money market accounts offer easier access to money and may benefit if interest rates rise.
  • Splitting funds among different account types can help savers gain both higher earnings and better access.
Read the Original

Want the full story? Tap a source to open the original article.

CBS News
Prediction market Kalshi to give $2m to problem gambling group as it fights ‘gambling’ label

Prediction market Kalshi to give $2m to problem gambling group as it fights ‘gambling’ label

May 18, 2026 • Guardian World

Summary

Prediction market company Kalshi will give $2 million over two years to the National Council on Problem Gambling (NCPG) to support trader health and safety. Kalshi says it is not a gambling platform but a financial exchange, while some state officials disagree and want more regulation.

Key Facts

  • Kalshi lets users bet or trade on outcomes like elections, sports, and other events.
  • Kalshi calls itself a derivatives market, unlike casinos or traditional sportsbooks.
  • The $2 million investment will fund NCPG’s new initiative to promote safe trading practices.
  • NCPG is a nonprofit mostly funded by the gambling industry, focusing on education and prevention of risky behavior.
  • Kalshi will join NCPG as a "Platinum-level" member under a new category for financial trading firms.
  • Other Platinum members include casino companies, sports betting firms, and major sports leagues.
  • Prediction markets are growing fast, with over $1 billion traded on Kalshi on Super Bowl Sunday this year.
  • State officials argue prediction markets are a form of gambling and should be regulated as such rather than as financial exchanges.
Read the Original

Want the full story? Tap a source to open the original article.

Guardian World Guardian US
NextEra seeks Dominion to create massive power company as AI drives energy demand

NextEra seeks Dominion to create massive power company as AI drives energy demand

May 18, 2026 • PBS NewsHour

Summary

NextEra Energy plans to buy Dominion Energy in a deal worth about $67 billion in stock. This merger would create the largest regulated electric utility company in the world, serving around 10 million customers in several U.S. states. The combined company aims to meet growing electricity needs, partly driven by artificial intelligence data centers.

Key Facts

  • NextEra Energy is offering to acquire Dominion Energy in an all-stock deal valued at approximately $67 billion.
  • The new company would serve about 10 million utility customer accounts across Florida, Virginia, North Carolina, and South Carolina.
  • Dominion serves 3.6 million electricity customers and 500,000 natural gas customers in Virginia, North Carolina, and South Carolina.
  • NextEra owns Florida Power & Light, which provides power to about 12 million people in Florida.
  • The deal would create the world’s largest regulated electric utility by market value.
  • Dominion shareholders would receive 0.8138 shares of NextEra for each Dominion share, plus a $360 million one-time cash payment.
  • NextEra shareholders would own 74.5% of the new company; Dominion shareholders 25.5%.
  • The combined company would have two main headquarters in Florida and Virginia, and continue an operations center in South Carolina.
  • The merger still needs approval from both companies’ shareholders and regulators, including the Nuclear Regulatory Commission.
  • The deal comes as demand for electricity rises due to AI data centers, which has led to some concerns about higher electric bills in several states.
Read the Original

Want the full story? Tap a source to open the original article.

PBS NewsHour
NextEra, Dominion to create huge power biz as AI drives US energy demand

NextEra, Dominion to create huge power biz as AI drives US energy demand

May 18, 2026 • Al Jazeera

Summary

NextEra Energy plans to buy Dominion Energy in a stock deal worth about $67 billion. This merger would create the largest regulated electric utility company in the world by market value, serving around 10 million customers mainly in four U.S. states. The new company aims to better meet the growing electricity needs from data centers supporting artificial intelligence technologies.

Key Facts

  • NextEra Energy is acquiring Dominion Energy in an all-stock deal valued at $67 billion.
  • The combined company will be the world's largest regulated electric utility by market capitalization.
  • It will serve roughly 10 million utility customer accounts in Florida, Virginia, North Carolina, and South Carolina.
  • The region includes the world’s biggest data center hub located in Virginia, driving high electricity demand.
  • The merger supports faster development of power infrastructure for data centers tied to AI technologies.
  • NextEra and Dominion together manage about 130 gigawatts of electricity demand (1 gigawatt powers about 750,000 homes).
  • Dominion has customers like Alphabet, Amazon, Microsoft, Meta, and others involved in data centers.
  • The deal will give NextEra shareholders 74.5% ownership and Dominion shareholders 25.5% of the new company, with a combined dual headquarters in Florida and Virginia.
  • The merger is expected to close in 12 to 18 months, pending shareholder and regulatory approval.
Read the Original

Want the full story? Tap a source to open the original article.

Al Jazeera
Elon Musk took too long to sue OpenAI, jury unanimously agrees

Elon Musk took too long to sue OpenAI, jury unanimously agrees

May 18, 2026 • Ars Technica

Summary

A jury decided that Elon Musk waited too long to sue OpenAI over claims related to a charity he helped start. The jury found Musk knew about OpenAI’s plan to create a for-profit business by 2021, but he filed his lawsuit after the allowed three-year limit, so his claims were dismissed.

Key Facts

  • Elon Musk sued OpenAI in 2024, accusing it of betraying a charity he funded with $38 million.
  • Musk said OpenAI’s for-profit part harmed the charity and enriched executives like Sam Altman and Greg Brockman.
  • The jury found Musk knew about OpenAI’s plan to become partly for-profit by 2021.
  • Because Musk filed the lawsuit after three years, the jury ruled it was too late.
  • The jury cleared Sam Altman, Greg Brockman, and Microsoft of any wrongdoing.
  • The judge agreed immediately with the jury’s decision.
  • Musk’s team said they plan to appeal the ruling.
  • Musk missed part of the trial and prioritized a meeting between President Trump and China’s leader over attending court.
Read the Original

Want the full story? Tap a source to open the original article.

Ars Technica
Court rules in favor of OpenAI and Sam Altman in lawsuit brought by Elon Musk

Court rules in favor of OpenAI and Sam Altman in lawsuit brought by Elon Musk

May 18, 2026 • ABC News

Summary

A court decided in favor of OpenAI and its CEO, Sam Altman, in a lawsuit filed by Elon Musk. The lawsuit accused OpenAI of wrongdoing during its change from a nonprofit to a for-profit company.

Key Facts

  • Elon Musk sued OpenAI and Sam Altman.
  • The lawsuit involved claims about OpenAI’s change from nonprofit to for-profit.
  • The trial lasted three weeks.
  • Both Elon Musk and Sam Altman gave testimony in court.
  • The court ruled in favor of OpenAI and Sam Altman.
  • This ruling allows OpenAI to continue operating as a for-profit company.
  • The case is still developing, and more updates may be released later.
Read the Original

Want the full story? Tap a source to open the original article.

ABC News
Halifax could disappear from UK high streets as Lloyds assesses branding strategy

Halifax could disappear from UK high streets as Lloyds assesses branding strategy

May 18, 2026 • Guardian World

Summary

Lloyds Banking Group is reviewing its branding and may stop using the Halifax name for retail banking in England and Wales. This could lead to the Halifax bank disappearing from UK high streets, with customers moved to the Lloyds brand.

Key Facts

  • Lloyds Banking Group currently uses three banking brands: Lloyds, Halifax, and Bank of Scotland.
  • Bank of Scotland will continue as the brand for retail banking in Scotland.
  • Halifax operates alongside Lloyds in England and Wales, which is why its future is being reconsidered.
  • The Halifax brand might start being phased out from 1 July, with customer transfers beginning in autumn.
  • No customer account numbers would change if Halifax is merged into Lloyds branding.
  • Lloyds has already allowed customers to use any branch between the three brands.
  • The group plans to close more branches, reducing total branch numbers to 610 across the brands.
  • Halifax was founded in 1852 and became a major UK lender before merging with Bank of Scotland to form HBOS, which Lloyds rescued in 2008.
Read the Original

Want the full story? Tap a source to open the original article.

Guardian World
Avanti West Coast to cut one in seven trains on its busiest intercity routes

Avanti West Coast to cut one in seven trains on its busiest intercity routes

May 18, 2026 • Guardian World

Summary

Avanti West Coast will cut about one in seven trains on its busiest routes this summer to reduce costs, following a government request. The changes will affect weekday trains between London and Birmingham, Liverpool, and Manchester, starting July 20, during times when fewer passengers travel.

Key Facts

  • Avanti typically runs 248 trains daily on the affected routes and will remove 38 weekday services during summer.
  • The government’s Department for Transport approved the new timetable to lower spending on rail services.
  • The 7:00 am Manchester to London fast train, which was previously saved from cancellation, will continue running.
  • Cuts will only happen during less busy times when there are other trains available, aiming to minimize disruption.
  • Avanti has the worst punctuality record among UK national rail operators but has seen some improvement in customer satisfaction.
  • Train services by Avanti are planned to be nationalized in early 2027 under the new Great British Railways system.
  • The reduction is not due to a lack of resources but is part of a cost-saving measure under a government contract.
  • The government has kept rail spending around £12 billion annually since the Covid pandemic.
Read the Original

Want the full story? Tap a source to open the original article.

Guardian World
How to get your job ads more exposure

How to get your job ads more exposure

May 18, 2026 • CBS News

Summary

Many companies find it hard to get qualified job candidates because hundreds of new job ads appear daily, making it easy for listings to be overlooked. To increase visibility, employers should use common job search words, carefully sponsor important listings, and make ads easy to read on phones.

Key Facts

  • Thousands of job listings appear every day, causing ads to get buried quickly.
  • Job seekers are more selective and focus on jobs that match their goals and expectations.
  • Using keywords that candidates commonly search for helps job ads show up in search results.
  • Paid promotion of job ads can place listings at the top of search pages but should be used selectively.
  • Mobile-friendly job descriptions with short sections and clear headings improve engagement.
  • Candidates look for salary transparency, workplace flexibility, career growth, and company reputation.
  • Companies should focus paid ads on the hardest or most urgent roles to fill.
  • Job titles and descriptions should match common language candidates use, not just internal company terms.
Read the Original

Want the full story? Tap a source to open the original article.

CBS News
Andy Burnham’s change in tack on fiscal rules and bond markets is understandable

Andy Burnham’s change in tack on fiscal rules and bond markets is understandable

May 18, 2026 • Guardian World

Summary

Andy Burnham, a candidate to replace Keir Starmer as UK prime minister, has softened his stance on government borrowing rules to reassure investors in the bond market. Rising borrowing costs and political uncertainty in Britain have made it important for Burnham to show he supports keeping debt under control while still proposing new policies.

Key Facts

  • Andy Burnham is a leading candidate to replace Keir Starmer as UK prime minister.
  • He previously criticized Britain’s high debt ("in hock" to bond markets) but now supports current fiscal rules that limit borrowing.
  • The UK government’s borrowing costs have risen to their highest since 1998 due to inflation and worries about the Middle East conflict.
  • Investors prefer political stability and favor current Labour leaders because they appear committed to balancing the budget.
  • The International Monetary Fund said the UK has limited room to change debt policies because its debt is nearly 100% of the country’s GDP.
  • Rising borrowing costs risk creating a cycle where more debt leads to even higher costs and less money for other government needs.
  • Burnham’s policy ideas include tweaking taxes and spending and possibly increasing borrowing for defense without breaking fiscal rules.
  • Political instability and bond market reactions have made Burnham adopt a cautious approach to fiscal policy.
Read the Original

Want the full story? Tap a source to open the original article.

Guardian World
Save articles & personalize your feed — Create a free account