Business News

Airlines cut 13,000 flights in May as jet fuel prices soar

May 06, 2026 • BBC Business

Summary

Airlines around the world canceled about 13,000 flights in May because jet fuel prices rose sharply due to conflict in the Middle East. These cuts removed nearly two million seats, which may affect travelers during the UK’s half-term holiday at the end of May.

Key Facts

Jet fuel prices increased mainly because of the Middle East conflict.
Airlines canceled 13,000 flights globally in May.
Nearly two million seats were taken off the market due to these cancellations.
Istanbul and Munich airports saw the biggest drop in flights.
Airlines normally avoid canceling flights to keep their airport slots.
New UK rules now protect airlines from losing slots if flights are canceled due to such issues.
The flight cuts could disrupt travel plans during the UK’s late May school holidays.

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BBC Business BBC Top Stories

Next to hike prices by up to 8% outside Europe due to Iran war costs

May 06, 2026 • BBC Business

Summary

Next, a fashion and home goods retailer, plans to raise prices by up to 8% in some countries outside Europe because of higher costs caused by the war involving the US, Israel, and Iran. The company expects to face an extra £47 million in costs this year due to more expensive fuel and supply problems from the conflict but does not plan major price rises in the UK and Europe.

Key Facts

Next will increase prices by up to 8% outside Europe starting in May.
Additional costs of £47 million this year come from higher fuel prices and supply chain issues linked to the US-Israel-Iran conflict.
No significant price increases are planned in the UK; UK sales grew 4.4% early this year.
Price changes in Europe are not expected because currency gains balance out cost increases.
Next raised its full-year profit forecast to £1.22 billion after a 6.2% rise in full-price sales in the first quarter.
The company expects overall full-price sales growth of 5.0% for the year.
Shares in Next have dropped by 5% so far this year.
Next plans to use cost savings and better factory prices to avoid bigger price hikes in the UK and Europe.

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BBC Business BBC Top Stories

Airlines hike fares, cut millions of seats as Iran war drives up fuel costs

May 06, 2026 • Al Jazeera

Summary

Airlines around the world are raising ticket prices and cutting many flights due to higher jet fuel costs caused by the conflict involving Iran. These changes have led to cancellations and reduced seat availability, especially in the Middle East, and have affected travelers globally.

Key Facts

Jet fuel prices rose more than 80% since the US and Israel started a conflict with Iran in February.
Many airlines increased ticket prices and reduced their flight schedules between June and September.
Spirit Airlines, a US budget carrier, announced it will stop all operations, mainly due to high fuel costs.
Airlines in the Middle East cut millions of seats, with Qatar Airways removing 2 million seats and Emirates and Etihad cutting hundreds of thousands.
Average international airfare from the US rose 16% over the previous year; domestic fares increased by 24%.
Travel demand remains strong despite the higher prices and fewer available flights.
Some flight routes between Europe and Asia have seen prices increase up to five times.

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Al Jazeera

Oil prices ease and markets rally as Trump works towards deal with Iran

May 06, 2026 • Guardian World

Summary

President Donald Trump said he is making good progress toward a final deal with Iran and will pause a naval operation escorting ships through the Hormuz Strait. This news led to a drop in oil prices and a rise in global stock markets.

Key Facts

President Trump announced a short pause in “Project Freedom,” a US operation escorting ships through the Hormuz Strait.
The strait is an important route carrying about 20% of the world’s oil supply.
Iran has blockaded this strait since late February, causing an energy crisis.
The US naval blockade on Iranian ports will continue despite the pause in the escort mission.
Brent crude oil price fell 2% to $107 a barrel after earlier rising as high as $126.
Global stock markets rose, with indexes in Asia-Pacific and South Korea reaching new highs.
US markets also hit record levels, with the S&P 500 up 0.8% and Nasdaq up 1%.
Investors are optimistic about a US-Iran deal and continue buying mainly tech stocks like Apple.

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Guardian World Guardian US Guardian Business

Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal – business live

May 06, 2026 • Guardian World

Summary

Global stock markets reached record highs as oil prices dropped nearly 2% to $107.7 a barrel. President Donald Trump announced a pause in the U.S. naval effort to escort ships through the Strait of Hormuz due to progress toward a deal with Iran, although the blockade on Iranian ports remains.

Key Facts

Asian stock markets, including South Korea’s Kospi and Japan’s Nikkei, rose significantly, with South Korea’s Kospi jumping nearly 8%.
Samsung Electronics’ stock surged 15%, pushing its market value over $1 trillion.
The S&P 500 and Nasdaq indexes on Wall Street hit all-time highs, with gains of 0.8% and 1% respectively.
Brent crude oil prices fell by almost 2% to $107.7 per barrel.
President Trump paused “Project Freedom,” the U.S. effort to guide ships through the Strait of Hormuz.
The naval blockade on Iranian ports remains in place despite the pause.
Trump cited requests from Pakistan and other countries, military success, and progress on a final agreement with Iran as reasons for the pause.
Iran has not yet responded to the announcement.

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Guardian World Guardian Business

Global finance watchdog warns over private credit industry fuelling AI boom

May 06, 2026 • Guardian Tech

Summary

The Financial Stability Board (FSB), a global financial watchdog, warned that private credit firms heavily lending to AI companies could face big losses if the AI sector faces problems. The AI industry now takes more than a third of private credit deals, raising risks for lenders and banks linked to this market.

Key Facts

The FSB monitors financial authorities in 24 countries and released a report on private credit risks.
AI companies received over a third of private credit loans in 2025, up from 17% in the previous five years.
Private credit lenders provide loans using investor money, not regular bank deposits, and often lend to companies with weaker credit.
Risks include a potential drop in AI company values if too many datacentres are built or if electricity supply issues delay projects.
Some private credit funds faced large withdrawal demands recently, forcing them to limit how much money clients can take out.
Traditional banks are connected to the private credit market by lending to these funds or companies borrowing from both banks and private lenders.
The collapse of two US auto companies backed by private credit in 2023 led to losses for big banks such as JP Morgan, Barclays, UBS, and Jefferies.
The FSB highlighted that these events show how banks and private credit firms are closely linked in corporate loans, raising financial system risks.

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Guardian Tech Guardian Business

EU trade deal could force UK to restrict use of weedkiller linked to cancer

May 06, 2026 • Guardian World

Summary

A new trade deal between the UK and the EU could require the UK to limit the use of glyphosate, a weedkiller banned in Europe due to health concerns. UK officials are negotiating terms that may align the UK with EU pesticide rules, affecting how glyphosate is used on food crops before harvest.

Key Facts

Glyphosate is a herbicide that kills almost all plants and is sprayed on cereal and pulse crops before harvest to dry them out.
The EU banned the pre-harvest use of glyphosate in 2023 because of worries about its effects on human health.
The UK is negotiating an agreement with the EU that might force it to adopt similar glyphosate restrictions.
The World Health Organization classified glyphosate as “probably carcinogenic to humans” in 2015.
Scientists found glyphosate can cause genetic damage, stress on cells, and hormone problems.
Despite concerns, glyphosate residues were found in 41% of UK cereal crops from 2016 to 2023, and 28% of UK bread samples in 2024.
The UK’s Ministry of Environment is talking with the EU but has not given details, while the chemical industry is pushing to renew glyphosate licenses.
Many people in the UK are not aware of glyphosate use, but most worry about long-term exposure to chemicals in food.

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Guardian World

Four in five Britons worried Iran war will make food more expensive, poll finds

May 06, 2026 • Guardian World

Summary

A new poll shows 80% of people in the UK are worried that the war involving Iran will make food more expensive. Rising energy costs caused by the conflict, especially due to a blockade in the Middle East, are pushing up prices for groceries and other products.

Key Facts

80% of British people are worried about grocery prices rising because of the Iran war.
The conflict has caused oil and gas prices to increase due to a blockade of the Strait of Hormuz.
Higher energy and fertilizer costs are making food production and shipping more expensive.
UK businesses want the government to reduce energy costs for retailers to help keep prices down.
The Bank of England expects food inflation to reach 7% by the end of the year.
Retailers say every government decision not to cut costs will lead to higher prices for shoppers.
The UK government says it is working to protect people from food price rises, including suspending some food tariffs.
Food prices have already risen by 3.7% in the year up to March 2026.

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Guardian World

Oil prices ease as US seeks reopening of the Hormuz Strait

May 06, 2026 • BBC Business

Summary

Oil prices fell slightly after President Donald Trump announced a temporary pause in a US operation to escort ships through the strategic Strait of Hormuz. This move aims to allow negotiations with Iran to proceed and potentially end the conflict causing recent attacks in the region.

Key Facts

President Trump paused "Project Freedom," a US-led effort to guide ships safely through the Strait of Hormuz.
The Strait of Hormuz is a critical shipping route where about 20% of the world’s oil and gas passes.
Brent crude oil prices dropped by 1.4% to $108.40 per barrel; US oil fell by 1.5% to $100.80 per barrel.
Oil prices had risen by more than 6% earlier due to increased attacks and tensions in the Middle East.
The US-Iran conflict intensified after strikes by the US and Israel starting February 28, leading to threats from Iran.
A conditional ceasefire was announced on April 8, and oil prices have remained higher since then.
US Secretary of State Marco Rubio said the initial US-Israeli offensive in Iran is over because their goals were reached.
Iran has not confirmed peace talks and a key Iranian official said their country is prepared to continue resisting US pressures.

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BBC Business BBC Top Stories BBC World

The Papers: 'Borrowing costs hit 28-year high' and 'Come cry with me'

May 05, 2026 • BBC Top Stories

Summary

The cost of borrowing money in the UK has reached its highest level in 28 years. Rising oil prices and jet fuel shortages, partly caused by conflicts in the Middle East, are pushing inflation higher and affecting flights and the economy.

Key Facts

Long-term borrowing costs in the UK have hit their highest point since 1995.
Rising oil prices linked to Middle East conflicts may cause inflation to stay high for a long time.
Jet fuel shortages have led to the cancellation of about 13,000 flights in May, removing nearly two million seats.
The UK is among the countries most affected by the global jet fuel crisis this summer.
Airlines warn that more flight cuts may happen if the war in Iran continues.
Political parties in the UK are preparing for local elections happening this Thursday.
Protest voting may affect Labour’s control of the Welsh parliament, according to an interview.
The UK government has deported only 495 small boat arrivals from several countries since 2018, highlighting challenges in the asylum system.

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BBC Top Stories

California accuses State Farm of delaying and underpaying wildfire claims

May 05, 2026 • CBS News

Summary

The California Department of Insurance says that State Farm, the biggest home insurance company in the U.S., delayed, denied, and paid less than it should for insurance claims after last year’s wildfires. The department is investigating these actions to protect homeowners who lost property.

Key Facts

California’s insurance department made the accusation against State Farm.
The issue involves claims related to wildfires that happened last year.
State Farm is the largest home insurance company in the country.
The department says State Farm delayed handling some claims.
It also says the company denied certain claims improperly.
Some claims were paid less than the homeowners expected.
This investigation aims to ensure fair treatment for people affected by wildfires.
The wildfires caused significant property damage, leading to many insurance claims.

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CBS News

Popular tomato brand accused of 'tomato fraud' in new lawsuit company calls meritless

May 05, 2026 • ABC News

Summary

A class-action lawsuit was filed in California against Cento Fine Foods for allegedly selling tomato products falsely labeled as certified San Marzano tomatoes. Cento denies the claims and says the lawsuit is without merit.

Key Facts

The lawsuit accuses Cento Fine Foods of "tomato fraud" by mislabeling its San Marzano tomato products.
San Marzano tomatoes come from a specific region in Italy and have a protected status called DOP, meaning they must meet strict standards.
An independent group called Il Consorzio di Tutela regulates and certifies true San Marzano tomatoes.
The lawsuit claims Cento’s tomatoes lack this certification and do not meet the quality and taste associated with authentic San Marzano tomatoes.
Cento said it stopped seeking certification in the 2010s due to labeling rules, though the lawsuit notes this may have followed an investigation into counterfeit labels.
Cento’s lawyer said the lawsuit is meritless and promised to defend the company strongly.
Cento previously faced a similar lawsuit in New York that was dismissed by a federal judge in 2020.
The New York judge said consumers are unlikely to specifically demand consortium-certified San Marzano tomatoes.

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ABC News

Apple agrees to pay $250m after falsely claiming AI-powered Siri was ‘available now’

May 05, 2026 • Guardian Tech

Summary

Apple has agreed to pay $250 million to settle a lawsuit that claimed it misled iPhone buyers by saying its new AI-powered Siri feature was ready to use, when it was not. The settlement covers about 36 million devices bought between June 2024 and March 2025, but Apple did not admit any wrongdoing.

Key Facts

Apple was sued for promoting AI features of Siri that were not available and will not be for two or more years.
The Better Business Bureau found Apple falsely claimed the AI Siri was “available now.”
The settlement applies to iPhone 16, iPhone 15 Pro, and iPhone 15 Pro Max devices bought in the US from June 10, 2024, to March 29, 2025.
Each eligible customer may get $25 per device, possibly up to $95 depending on claims.
Apple started a big ad campaign in 2024 to promote the AI Siri, then delayed the feature and pulled the ads.
The lawsuit was filed by Clarkson Law Firm representing consumers, emphasizing the importance of honest AI marketing.
The settlement awaits approval from a federal judge in California, with a hearing on June 17.
Apple stated it resolved the issue to focus on delivering innovative products and services.

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Guardian Tech

Reinstate windfall tax on banks after surge in profits, TUC urges

May 05, 2026 • Guardian World

Summary

Trade union leaders in the UK want to increase the tax on big banks after they reported nearly £14 billion in profits in the first three months of 2026. They say banks benefited from rising interest rates and want the extra tax money to help people and businesses affected by the Iran war’s economic impact.

Key Facts

The UK’s four biggest banks—Barclays, HSBC, Lloyds, and NatWest—made £13.8 billion in profits in the first quarter of 2026.
The current bank surcharge tax on profits over £100 million was cut from 8% to 3% in 2023 by the Conservative government.
The Trades Union Congress (TUC) wants to restore the bank surcharge to 8%, which could raise £9 billion over four years.
Doubling the surcharge to 16% could bring in £24 billion over four years, according to the TUC.
The Bank of England recently kept interest rates at 3.75%, with markets expecting further rises this year.
Higher interest rates have increased mortgage costs in the UK, from 4.83% to 5.77% on average for two-year fixed rates since the Iran conflict began.
Lloyds Banking Group reported a 33% increase in profits to £2 billion, explaining that banks expected better profits with rising rates.
The TUC says banks’ increased profits come at a time when many people struggle with higher living costs and that fair taxation could help protect households and firms.

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Guardian World

Here's why U.S. debt is surpassing GDP for the first time since World War II

May 05, 2026 • CBS News

Summary

For the first time since World War II, the total U.S. national debt is larger than the country's entire economy, measured by Gross Domestic Product (GDP). This means the government owes more money than the value of all goods and services produced in the U.S. in a year.

Key Facts

The U.S. national debt has exceeded the size of its economy.
This is the first time this has happened since World War II.
GDP is the total value of goods and services produced in the country in one year.
National debt includes all money the government has borrowed and still owes.
Rising debt compared to GDP can affect the country’s financial stability and borrowing costs.
The increase in debt is a result of government spending exceeding income from taxes and other sources.
Economists watch the debt-to-GDP ratio to understand the health of the economy and government finances.

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CBS News

OpenAI president forced to read his personal diary entries to jury

May 05, 2026 • Ars Technica

Summary

OpenAI president Greg Brockman testified in a court trial where Elon Musk claims OpenAI shifted focus from nonprofit goals to making money for its leaders. Brockman read from his private journal, which includes personal and sometimes contradictory thoughts about OpenAI’s mission and his financial goals.

Key Facts

Greg Brockman is the president of OpenAI and has been testifying in a lawsuit involving Elon Musk.
Musk alleges OpenAI abandoned its nonprofit mission to benefit leaders like Brockman and CEO Sam Altman financially.
Brockman’s personal journal entries, used as evidence, cover years from 2015 to 2023 and show his thoughts about OpenAI’s direction and finances.
The journal contains notes of Brockman’s doubts, alternate viewpoints, and financial ambitions, including a goal of earning $1 billion.
Brockman says the journal was private and sometimes contains others’ ideas, making it hard to interpret out of context.
Brockman has a stake in OpenAI’s for-profit arm valued around $30 billion.
Musk’s lawyer pointed to journal passages to suggest Brockman acted out of greed.
Brockman’s testimony is part of a dispute about leadership and the mission of OpenAI.

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Ars Technica

The Rolling Stones are releasing a new album titled 'Foreign Tongues'

May 05, 2026 • PBS NewsHour

Summary

The Rolling Stones will release a new album called "Foreign Tongues" on July 10. The album features special appearances from past drummer Charlie Watts and guest artists like Paul McCartney, and it follows their 2023 album "Hackney Diamonds."

Key Facts

The Rolling Stones announced their new album "Foreign Tongues" to be released this summer.
The album includes a posthumous appearance by drummer Charlie Watts.
Guest musicians on the album include Paul McCartney, Steve Winwood, Robert Smith, and Chad Smith.
The album was recorded in London over about a month.
They worked with pop producer Andrew Watt, known for collaborating with Post Malone and Justin Bieber.
The band teased the album using the pseudonym "The Cockroaches" and unique marketing such as billboards and a slide puzzle graphic.
The Stones’ last album with original material, "Hackney Diamonds," came out in 2023.
The band will appear on "The Tonight Show with Jimmy Fallon" in May over three nights.

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PBS NewsHour

Border politics - how similar jobs in the same firm deliver different tax bills

May 05, 2026 • BBC Business

Summary

People doing similar jobs at the same company pay different income taxes depending on whether they live in Scotland or England. Scotland has a tax system with more levels, charging higher rates to better-paid workers, so those living in Scotland may pay more tax than their English neighbors.

Key Facts

Scotland uses a six-tier income tax system introduced in 2018.
Lower earners in Scotland pay slightly less tax than similar earners in the rest of the UK.
Higher earners in Scotland pay more, with tax rates going up to 48%, compared to England’s lower rates.
Two employees at the same firm near the Scotland-England border pay different taxes because of where they live.
Someone earning £50,000 in Scotland pays about £1,500 more a year in tax than someone earning the same in England.
About 55% of Scots pay less tax than if they lived elsewhere in the UK, but the savings for lower earners are small.
Higher earners notice the bigger tax differences, sometimes thousands of pounds annually.
The extra tax collected in Scotland helps pay for local public services.

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BBC Business

U.S. gasoline prices rise 50% since the start of the Iran war

May 05, 2026 • PBS NewsHour

Summary

Gasoline prices in the U.S. have risen 50% since the war with Iran began, reaching about $4.48 per gallon. The main cause is a global energy crisis triggered by disruptions to oil shipments through the Strait of Hormuz, a key route for crude oil.

Key Facts

U.S. gasoline prices increased by 31 cents in one week, averaging $4.48 per gallon.
Gasoline prices have risen 50% since the start of the Iran war.
The Strait of Hormuz, where one-fifth of the world's crude oil passes, is largely closed, blocking oil deliveries.
Crude oil prices reached up to $112 a barrel in early April due to this supply disruption.
About 51% of the gasoline price comes from crude oil cost.
Other costs include federal and state taxes (17%), refining (14%), and distribution/marketing (17%).
The U.S. blocked Iranian oil exports in April, increasing global oil prices further.
Prices briefly fell when a ceasefire seemed possible but rose again as the conflict continued.

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PBS NewsHour

Australia news live: banks pass on interest rate hike to customers; Sydney ‘globalise the intifada’ forum held in park

May 05, 2026 • Guardian World

Summary

Australia’s main banks have raised interest rates after the Reserve Bank of Australia (RBA) increased the cash rate to 4.35%. The federal government is preparing a budget with $74 million to combat terrorism and online threats amid concerns raised by the Middle East conflict and its effects on inflation and fuel prices.

Key Facts

The RBA increased the cash rate from 4.1% to 4.35%, marking the third hike in a row.
Macquarie Bank and Australia’s big four banks (Commonwealth Bank, NAB, Westpac, and ANZ) passed on the 0.25% rate rise to their home loan customers.
Prime Minister Anthony Albanese is leading talks with state and territory leaders about the international fuel crisis.
Australia currently has 43 days of petrol, 33 days of diesel, and 28 days of jet fuel supplies.
US President Donald Trump warned Iran against attacks in the Strait of Hormuz, where over 800 ships and 20,000 crew are stranded.
The government will allocate $74 million over two years to set up a national center to detect and disrupt online violent extremism and terrorism.
This center will coordinate efforts from ASIO (Australia’s security agency), federal police, state police, and international law enforcement.
The new capability will focus on monitoring and countering extremist threat online by tracking high-risk spaces and engaging covertly.

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Guardian World

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