Pound heads for worst week in 18 months as Burnham lines up Labour bid
Posted on Friday May 15, 2026

UK government borrowing costs jump amid political uncertainty and oil price rise that fuelled inflation worries

• Business live – latest updates

The pound was heading for its worst week in 18 months on Friday as City traders anticipated that the UK prime minister, Keir Starmer, could face a challenge from the Manchester mayor, Andy Burnham, later this year.

After days of uncertainty over Starmer’s future, sterling dropped by about three cents, or 2.2%, during the week to $1.332 on Friday, a five-week low. That would be the largest weekly drop against the US dollar since Donald Trump’s election win in early November 2024.

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FTSE 100-listed insurer Hiscox’s shares leap amid report of takeover bid
Posted on Friday May 15, 2026

Canada’s Intact Financial Corp is said to be exploring offer, as London-listed Tate & Lyle attracts US suitor

Shares in Hiscox surged to record highs on Friday as it became the latest UK takeover target after a flurry of overseas bids for British businesses this week.

Canada’s Intact Financial Corp, which provides property and casualty insurance, is said to be exploring a potential takeover of Lloyd’s of London insurer Hiscox, according to a report by the Insurance Post.

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Tesco boss’s pay rises by more than £1m to £10.8m after market share surge
Posted on Friday May 15, 2026

Ken Murphy’s pay could rise even higher following scrapping of food waste target and weakness of rivals

• Business live – latest updates

The boss of Tesco made £10.8m last year, about £1m more than the year before, as the UK’s biggest supermarket hit its highest share of the market in a decade.

Ken Murphy could make even more this year after being handed a 3% rise in basic pay to £1.54m and cutting food waste was scrapped as a target for his long-term bonus, according to Tesco’s annual report.

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From Team Reeves to Manchesterism: Labour’s four economic camps explained
Posted on Friday May 15, 2026

Wes Streeting or Andy Burnham could launch a leadership bid – here are policies from which they could choose

Wes Streeting may not have launched a leadership challenge against Keir Starmer, but he has called for a “battle of ideas” about the government’s future direction.

When it comes to economic policy, there are (at least) four overlapping Labour camps, which have recently generated a flurry of policies from which the leadership contenders could choose. Here we run through the main ideas behind each camp.

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‘I didn’t want to be the guinea pig’: inside tech’s AI-fueled manager purge
Posted on Friday May 15, 2026

Tech workers say AI-driven restructurings are eroding mentorship, support and paths to promotion across Silicon Valley

As tech companies pour billions into artificial intelligence bets and slash their workforces, middle managers are squarely in the crosshairs.

A trend is emerging: when tech CEOs announce that AI is making it possible to do more with fewer workers, they promise to flatten their structures by cutting away what they call unnecessary management layers and bureaucracy. Just last week, the cryptocurrency exchange Coinbase laid off 14% of its workforce while gesturing to the thrill of AI-fueled, minimal-management efficiency. In doing so, it joined companies including Amazon, Block and Meta that in the last year have laid off tens of thousands of employees with a specific focus on removing management layers.

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High-stakes courtroom drama of Musk v OpenAI hears closing arguments
Posted on Thursday May 14, 2026

Nine-person jury to consider whether AI firm bilked world’s richest person and unjustly enriched themselves

Closing arguments began on Thursday in Elon Musk’s lawsuit against Sam Altman and OpenAI, bringing the weeks-long courtroom battle between the two tech moguls nearer to a decision. A nine-person jury is set to deliberate and return a verdict on whether they believe the AI firm and Altman are liable in the case.

The trial, which began last month in an Oakland, California, federal courthouse, has gripped Silicon Valley and featured some of the tech industry’s biggest names as witnesses. Attorneys for both sides have presented testimony and documents that have exposed Musk and Altman’s private dealings, as well as provided a window into the contentious history of OpenAI.

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Scottish FA criticises McInnes and media after referee requires police protection
Posted on Friday May 15, 2026

• Official under watch after personal details leaked online

• Hearts manager called Celtic decision ‘disgusting’

The Scottish Football Association has vehemently criticised a “hysterical media narrative” and taken a swipe at the Hearts manager, Derek McInnes, while revealing one of its match officials and his family spent Thursday night under police protection after controversial incidents which have dominated the conclusion to the ­Premiership season.

McInnes called the stoppage-time award of a penalty to Celtic in Wednesday’s win at Motherwell “disgusting”, with that, plus the denial of a spot-kick for Hearts during their fixture at the same stadium days earlier, dominating discussion. Hearts visit Celtic on Saturday needing a draw to become the first non-Old Firm title winners in 41 years.

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Scheffler remains in hunt at halfway despite ‘absurd’ pin positions at US PGA
Posted on Saturday May 16, 2026

• Alex Smalley and Maverick McNealy lead on four under

• Rory McIlroy makes progress after poor opening day

“Golf should be a pleasure,” wrote Donald Ross, the man who designed Aronimink, “not a penance.” And a fine sentiment it is, too, even if it wasn’t immediately clear that any of the many men competing here for the PGA Championship were having very much fun doing it. Shane Lowry didn’t seem to be when he shanked the ball into the water at 17, nor did Scottie Scheffler when he threatened to slam down his wedge after hitting one thick on the 6th, and Justin Thomas and Keegan Bradley didn’t look too enthused when they were busy ranting at the rules officials who put them on the clock for slow play.

The pleasure, such as it was, seemed to be mostly in purists’ appreciation of the high standard of lag putting on show, and everyone else’s schadenfreude at watching the world’s best golfers endure the same sort of frustrations amateur hackers suffer every weekend.

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