Oil prices declined Wednesday as reports of an unanticipated buildup in U.S. crude stocks took precedence over concerns about interrupted Saudi supplies.
Traders also assessed the shutdown of Saudi Arabia’s East-West pipeline following an attack backed by Iran. More details are expected as the story develops.
Earlier reports and follow-ups on the same developing story.
The role AI played in job losses at Australia’s NAB, Qantas, Canva and Atlassian is far from clear – but it may prove to have more impact on the stock market than the jobs market Get our breaking news email , free app or daily news podcast In 1987, the Nobel prize winning economist Robert Solow remarked: “You can see the computer age everywhere but in the productivity statistics.” At the time, computers had been around for 40 years. Real productivity gains did emerge in the 1990s after the arrival of the internet, but they were short-lived. Four years after the launch of ChatGPT, the pattern seems to be much the same: lots of hype and excitement but with very little productivity growth. The main economic impacts, as in the 1990s dotcom era, have been a stock market boom and huge investment in infrastructure (fibre optics then, datacentres today), betting on future demand that has yet to
After a hack in France, internet-enabled appliances are looking even less appealing – especially before the holidays We are deep into the holiday season now, past Halloween and a mere two weeks away from American Thanksgiving. I’ve already given up taking care of my body, surrendering fully to gluttony, vices, and going to bed at 7pm because it’s pitch black outside. I’ve begun to hibernate like a slothful bear, my blanket and pillow never too far from my grasp. The only thing closer to my hands than my bedsheets is a slice of cold pizza. I just want to eat in peace, thank you very much. Continue reading...
Long-awaited final report will call for benefit cuts but lack of entry-level jobs is also driving the crisis ‘I’m scared about my future’: young people on the stress and desperation of jobseeking A generation is being sold short. Almost a million young people are not in education, employment or training (Neet). Austerity and the Covid pandemic cast a lengthy shadow, AI is upending the jobs market, and the cost of living is soaring – all under the microscope of the social media age. On Tuesday, Alan Milburn’s final report on young people and work will bring Britain to a fork in the road: either continue on this path of state and market failure or sharply change direction. Continue reading...
Chain restocks stores in operation named after singer of I Will Survive after US owners release funds Poundland’s under-fire US owners have released funds to help the stricken discount chain restock shelves temporarily, keeping hopes of a rescue deal alive in the run-up to crunch talks with the government. In an emergency resupply effort codenamed “Operation Gloria” by senior Poundland staff, about 16m grocery items were dispatched to 600 shops in the UK and Ireland over the weekend. Continue reading...
Community union Acorn is helping people fight unfair bills, AI decision-making and housing injustices as cost of living crisis deepens Yasmin didn’t expect to find herself sitting across a negotiating table from executives at one of Britain’s biggest water companies. But her growing frustration with her water bills had led her to launch a national campaign. The 34-year-old single mother from Manchester had endured unexplained charges and a nine-month wait for a water meter. She went to the community union Acorn to propose a campaign that would in time force four large water companies into negotiations. United Utilities eventually apologised for its handling of her case and credited £250 to her account. Continue reading...
Courts have issued stinging rebukes to president’s ‘blatant’ financial ploys as pro-democracy groups defend ‘government of laws, not of men’ pillar Donald Trump’s legal and political ploys to increase his wealth and boost Republican electoral prospects have fueled lawsuits by non-partisan groups, prompting federal judges to issue stinging rejections to some of the president’s schemes. Several lawsuits were filed in 2026 against Trump’s schemes to benefit his bottom line by reducing potential tax liabilities, boosting his Truth Social platform financially by offering big investors early access to his posts, and helping Republicans by using federal funds to pay for highly partisan ads touting Trump’s record in the run-up to the midterm elections, in which Republicans suffered a heavy defeat. Continue reading...