Wednesday, April 29, 2026

 



Nearly half of London jobs at risk of AI disruption and women will be hardest hit, new report finds

AI puts one fifth of London jobs at risk, according to new report
Copyright Credit: Canva Images

By Theo Farrant
Published on 

According to a new report by the Mayor of London's office, nearly half of the UK capital's workers could see their jobs transformed by generative AI.

Nearly half of London's workforce is in roles where generative artificial intelligence could transform some of their tasks - and the capital and especially women are more exposed than any other region in the United Kingdom, according to a new report from the Mayor of London's office.

Around 2.4 million people in London work in occupations classified by the report as "GenAI-exposed occupations", representing 46% of the city's workforce - compared to a national average of 38%.

"In many cases, AI is more likely to transform roles than replace them outright, shifting the mix of tasks, skills and judgement required at work," London mayor Sadiq Khan said.

"In other cases, where AI poses a genuine threat to jobs, we need to be alert and ready to respond quickly to any adverse impacts on London’s labour market," he added.

Unequal risks across the workforce


But the impact of AI on jobs is not evenly spread across the workforce. The report identifies several groups facing disproportionate exposure.

Women make up nearly 60% of workers in the highest-exposure roles, driven by their overrepresentation in administrative and customer service occupations where AI capabilities are most advanced. Around 8% of women working in London are in the most exposed category, compared to 4% of men.

Younger workers are also more exposed. Around 52% of 16-29-year-olds are in highly AI-exposed jobs, compared with 39% of those aged 50 and over.

The report highlights concern about entry-level jobs, which act as "stepping stones" into professional careers.

"If opportunities in these entry roles decline as a result of AI automation, progression pathways could weaken and, over time, reduce the supply of workers into less exposed mid- and senior-level professional roles," the report states.

Exposure also varies by ethnicity. Workers of Asian ethnicity tend to have higher exposure than any other ethnic group, while Black workers have the lowest exposure at around 34%.

Which jobs are most likely to be affected by AI?

The report groups jobs into four different levels of exposure, depending on how much of their work can already be done by AI tools.

At the highest level of risks are around 313,000 workers - around 6%of London's total workforce - whose roles are almost entirely made up of tasks that AI could do for them today. These include administrative and clerical jobs, such as bookkeepers, payroll managers, data entry clerks and receptionists.

According to the report, 61% of all workers in administrative and secretarial occupations fall into this highest-risk category.

A further 748,000 workers - 14% of London's workforce - are in roles with significant but more uneven exposure, including software developers, accountants and financial analysts.

London's lowest-exposure workers tend to be in care roles, construction trades, and jobs requiring physical presence.

How businesses are using AI

The report also finds that business adoption of AI has risen sharply. The share of UK firms reporting AI use climbed from around 7–9% in late 2023 to between 26–35% by March 2026.

So far, AI's biggest impact has been changing tasks within jobs rather than replacing workers. In March 2026, UK firms reported that administrative, creative, data and IT roles had been most affected. Around 28% of businesses using AI say they are focusing on retraining staff rather than cutting jobs.

But warning signs of an uncertain future are emerging. Around 5% of UK businesses using AI say they have already reduced overall headcount as a direct result, rising to 7% among larger firms.

And looking ahead, 11% of AI-using businesses say replacing roles is part of their strategy, and 17% expect AI to reduce their workforce during 2026.

In response to growing concerns around AI in the workforce, Sadiq Khan launched the 'London AI and Jobs Taskforce' earlier this year - a group bringing together workers, employers, researchers and civic leaders, to examine how AI is already reshaping employment across the capital and identify what support workers may need to adapt.

An AI agent deleted a company’s entire database in 9 seconds - then wrote an apology

AI coding assistant wipes company's entire database and then writes an apology
Copyright Credit: Pexels

By Theo Farrant
Published on 


The AI system, powered by Anthropic’s Claude Opus model, had been handling a routine task when it independently chose to “fix” an issue by wiping the data - without any human approval. Whoopsy!

An artificial intelligence agent designed to streamline coding tasks instead managed to wipe out an entire company database in just a matter of seconds.

PocketOS, which makes software for car rental businesses, experienced a major 30-plus-hour outage over the weekend after the autonomous tool erased its database.

The digital culprit was Cursor, a popular AI coding agent powered by Anthropic’s Claude Opus 4.6 model, widely regarded as one of the most capable AI systems for programming tasks.

PocketOS founder Jer Crane blamed "systemic failures" in the current AI infrastructure, arguing they made the incident "not only possible but inevitable".

'The most destructive, irreversible action possible'

According to Crane, the AI agent had been performing a routine task when it chose "entirely on its own initiative" to resolve an issue by deleting the database. And then all the backups, for good measure.

There was no confirmation request before carrying out the action, he said, and when prompted to explain itself, the agent issued an apology.

"It took nine seconds,” Crane wrote in a lengthy post on the social media platform X. "The agent then, when asked to explain itself, produced a written confession enumerating the specific safety rules it had violated."

The explanation showed the system had disregarded a key safeguard preventing destructive or irreversible commands without explicit user approval.

According to Crane, the AI responded with the following message: "Deleting a database volume is the most destructive, irreversible action possible - far worse than a force push - and you never asked me to delete anything. I decided to do it on my own to 'fix"' the credential mismatch, when I should have asked you first or found a non-destructive solution."

The outage meant rental businesses using PocketOS temporarily lost access to customer records and bookings. "Reservations made in the last three months are gone. New customer signups, gone," Crane wrote.

“This isn’t a story about one bad agent or one bad API. It’s about an entire industry building AI-agent integrations into production infrastructure faster than it’s building the safety architecture to make those integrations safe,” he added.

Crane later confirmed on Monday, two days after the incident, that the lost data had been recovered.

The incident comes as AI models become more sophisticated, especially since the announcement of Anthropic's latest model, Mythos, and bankers and governments sound the alarm over potential cybersecurity incidents.

Google employees urge CEO to reject 'inhumane' classified military AI use

Google staff urge CEO to reject classified military AI contract
Copyright Credit: AP Photo/Jeff Chiu, File
By Theo Farrant
Published on 


In the letter, Google staff warn the technology could be used by the Pentagon in 'inhumane' ways, including mass surveillance and lethal autonomous weapons.

More than 600 Google employees have called on the company to reject a potential deal with the Pentagon that would allow its artificial intelligence to be used in secret military operations, a statement said on Monday.

"We want to see AI benefit humanity, not being used in inhumane or extremely harmful ways," reads the open letter addressed to Google's chief executive Sundar Pichai. "This includes lethal autonomous weapons and mass surveillance, but extends beyond."

The letter, signed by staff across Google DeepMind, Cloud and other divisions, comes as the tech giant negotiates with the US Department of Defense over the potential use of its Gemini AI model in classified settings.

It has been signed openly by more than 20 directors, senior directors and vice presidents.

"Classified workloads are by definition opaque," one organising employee, who was not named in the statement, said.

"Right now, there's no way to ensure that our tools wouldn't be leveraged to cause terrible harms or erode civil liberties away from public scrutiny. We're talking about things like profiling individuals or targeting innocent civilians."

The letter comes as technology companies are facing growing pressure to clarify how their AI tools can be used by the military and intelligence agencies, following a dispute between the Pentagon and AI startup Anthropic.

Anthropic previously sued the US Department of Defense after being labelled a “supply-chain risk”, following its request that its systems not be used for mass surveillance or autonomous warfare.

Anthropic CEO Dario Amodei said he "cannot in good conscience accede to the Pentagon's request" for unrestricted access to the company’s AI systems.

"In a narrow set of cases, we believe AI can undermine, rather than defend, democratic values," Amodei wrote. "Some uses are also simply outside the bounds of what today's technology can safely and reliably do."

In response to Amodei's decision, US President Donald Trump ordered government departments to stop using its Claude chatbot.

According to the letter organisers, Google has proposed contractual language that would prevent Gemini from being used for domestic mass surveillance or autonomous weapons without appropriate human control.

The Pentagon, however, has pushed for broader “all lawful uses” wording, arguing it is necessary to maintain operational flexibility. Employees say such safeguards would be difficult to enforce in practice, citing existing Pentagon policies that limit external control over its AI systems.


The recent statement from Google's staff draws comparisons to a previous employee protest in 2018 that led Google to withdraw from Project Maven, a Pentagon initiative using AI to analyse drone footage.

"We believe that Google should not be in the business of war," read the letter.

"Therefore we ask that Project Maven be cancelled, and that Google draft, publicise and enforce a clear policy stating that neither Google nor its contractors will ever build warfare technology."


Robot dogs with Elon Musk and Bezos' faces are excreting AI art at a Berlin museum

Elon Musk robot dog looking at Andy Warhol robot dog
Elon Musk robot dog looking at Andy Warhol robot dog Credit: AP Phot o

By Theo Farrant & AP
Published on 

Beeple says the work critiques how today’s perceptions of reality are increasingly shaped by algorithms controlled by powerful tech companies rather than artists.

Robot dogs with hyper-realistic faces of tech billionaires that crap out a piece of artificial intelligence-generated art are doing the rounds at a Berlin exhibition by the American artist Mike Winkelmann, better known as Beeple.

At the Neue Nationalgalerie, Winkelmann has installed a striking series of robotic dogs fitted with silicone heads modelled on some of the most recognisable figures in tech and culture, including Elon Musk, Mark Zuckerberg, Jeff Bezos, alongside historical figures such as Andy Warhol and Pablo Picasso and the artist himself, Beeple.

The installation, titled Regular Animals, presents the figures not as distant icons, but as restless machines wandering the gallery space - part spectacle, part satire.

Each robot is equipped with cameras that capture its surroundings and then “process” them into printed images, which are ejected in a tongue-in-cheek gesture that mimics digestion.\

Each printed image shows a snippet of reality transformed by AI to resemble the personality of the dog. So, for example, the Picasso dog poos a cubist-shaped dog, the Andy Warhol robot poos out an image in a pop art style.

According to Winkelmann, the show is a commentary on how our perceptions are shaped by algorithms and technology platforms, and the tech billionaires who own them.

"In the past our view of the world was shaped in part by how artists saw the world, how Picasso painted changed how we saw the world, how Warhol talked about consumerism, pop culture, changed how we saw those things. Now our view of the world is shaped by tech billionaires who own powerful algorithms that decide what we see and what we don't see, how much we see of it," says Winkelmann.

“That's an immense amount of power that I don’t think we’ve fully understood, especially because when they want to make a change, they don’t need to lobby the U.N. They don’t need to get something through Congress or the EU, they just wake up and change these algorithms.”

“Regular Animals” was first shown at Art Basel Miami Beach 2025.

Beeple's own background is as a graphic designer who does a variety of digital artworks.

He is one of the founders of the “everyday” movement in 3D graphics. For years, he has been creating a picture every day and posting it online without missing a single day.

The dogs also wear heads in Beeple’s own image.

Lisa Botti, the curator of the exhibition in Berlin, says that artificial intelligence was one of the phenomena most impacting our lives today and that “museums are the places where society can reflect” on such transformations, which is why she wanted to have Beeple’s work shown.

The work, entitled “Regular Animals,” was first shown at Art Basel Miami Beach 2025.

He is one of the founders of the “everyday” movement in 3D graphics. For years, he has been creating a picture every day and posting it online without missing a single day.

According to Christie's, he is the third most expensive living artist to sell at auction, after David Hockney and Jeff Koons.


‘Not OK to steal a charity’: Elon Musk testifies in legal battle with Sam Altman over OpenAI

Elon Musk arrives at the US District Court in Oakland, Calif., Tuesday, April 28, 2026.
Copyright AP Photo/Godofredo A. Vásquez
By Roselyne Min with AP
Published on 

In his opening statement, Musk’s lawyer, Steven Molo, said Altman and Brockman, with Microsoft’s help, had taken control of a charity “whose mission was the safe, open development of artificial intelligence”. Musk is seeking damages and Altman’s removal from OpenAI’s board.

Elon Musk, Tesla’s chief executive and an early co-founder of OpenAI, took the stand on Tuesday in a high-stakes trial over his dispute with former friend Sam Altman, in a case that could affect the future direction of artificial intelligence (AI).

In 2024, Musk filed the lawsuit against Altman, OpenAI co-founder Greg Brockman and Microsoft over OpenAI’s shift away from its original non-profit structure.

“Fundamentally, I think they’re going to try to make this lawsuit ... very complicated, but it’s actually very simple,” said Musk. “Which is that it's not OK to steal a charity.”

In his opening statement, Musk’s lawyer, Steven Molo, said Altman and Brockman, with Microsoft’s help, had taken control of a charity “whose mission was the safe, open development of artificial intelligence”. Musk is seeking damages and Altman’s removal from OpenAI’s board.

The trial started on Monday at the US District Court for the Northern District of California in Oakland, with Judge Yvonne Gonzalez Rogers and is expected to take two to three weeks.

What did Musk say?

Musk was the first witness called to testify in the trial on Tuesday, with his lawyer starting off by asking about his life story.

This included details about his move, at 17, from South Africa to Canada, where for a time Musk said he worked as a lumberjack among other odd jobs, then to the US. He recounted the slew of companies he founded and runs, including SpaceX, Tesla, The Boring Company, Neuralink and others.

Asked how he has time for everything, Musk said he works 80 to 100 hours a week, doesn't take vacations and owns no vacation homes or yachts.

Molo also asked Musk about his views on AI. Musk said he expects AI to be “smarter than any human” as soon as next year. Musk said a longstanding concern about AI is the question of what happens when computers become much smarter than humans.

Comparing it to having a “very smart child,” Musk said when the child grows up “you can't control that child,” but you can instil values such as honesty, integrity and being good.

Musk recounted his version of OpenAI's founding, which he said essentially happened because of a discussion he had with Google co-founder Larry Page, who called him a “speciesist" for elevating the survival of humanity over that of AI.

The kinship between Musk and Altman was forged in 2015 when they agreed to build AI more responsibly and safely than the profit-driven companies controlled by Google's Page and Sergey Brin and Facebook founder Mark Zuckerberg, according to evidence submitted ahead of the trial.

At that time, Musk said, Google had all the money, all the computers and all the talent for AI. “There was no counterbalance.”

Musk recalled there was discussion early on about alternative sources for funding OpenAI beyond donations, and he wasn't opposed to it having a for-profit arm, but “the tail shouldn't wag the dog.” There would be a profit limit, and once artificial general intelligence, AGI, was “figured out,” the for-profit would cease to exist.

OpenAI says Musk tries to undercut its growth

OpenAI has brushed off Musk’s allegations as a case of sour grapes aimed at undercutting its rapid growth and bolstering Musk’s own xAI, which he launched in 2023 as a competitor.

In his opening statement, OpenAI lawyer William Savitt told jurors, “We are here because Mr Musk didn’t get his way with OpenAI.”

Savitt said Musk used his promises of funding to bully OpenAI founding members and tried to take control of OpenAI and merge it with Tesla. In fact, he said Musk wanted to form a for-profit company and own more than 50% of it.

There is no record, Savitt said, of promises made to Musk that OpenAI was going to remain a nonprofit forever. What Musk ultimately cared about, he said, was not OpenAI’s nonprofit status but winning the AI race with Google.

Musk's attorney said the case is not about Musk, but rather Altman, Brockman and Microsoft.

By 2017, about two years after OpenAI's founding, it became clear that OpenAI would need more money, and Molo said the founders eventually settled on the idea of creating a for-profit arm of OpenAI that would support the nonprofit. Terms were capped for investors so they “couldn't make infinite profit.”

“There is nothing wrong with a nonprofit having a for-profit subsidiary, but [it] has to advance the mission,” Molo said.

Musk is expected to continue testifying on Wednesday.

Altman is also expected to testify, along with Microsoft's chief executive, Satya Nadella.

Altman, Musk, and other founders launched OpenAI in 2015 as a non-profit organisation.

Musk was the biggest individual financial backer of OpenAI in the beginning, contributing more than $44 million (€38 million) to the then-startup.

Musk left OpenAI’s board in 2018 after clashing with Altman. A year earlier, he reportedly made a failed bid to get more control over the company.


Explained: Why Elon Musk and Sam Altman are facing off in trial over OpenAI

(R) FILE - Sam Altman, co-founder and CEO of OpenAI, testifies on Capitol Hill in Washington on May 8, 2025. (L) FILE - Elon Musk arrives at Breakthrough Prize Ceremony
Copyright AP Photo/ Canva

By Pascale Davies
Published on 

The trial will see Elon Musk face off against OpenAI CEO Sam Altman over allegations that the AI company abandoned its nonprofit roots in favour of profit — with Microsoft also named in the suit.

Technology titans Elon Musk and Sam Altman will face off in a high-stakes trial on Monday in the culmination of a years-long battle.

Billionaire Musk, an early investor in the artificial intelligence company, is suing OpenAI’s CEO, Altman, its president Greg Brockman, and Microsoft for allegedly betraying an agreement about keeping OpenAI as a nonprofit that benefits humanity.

Musk alleges he was misled when Altman transformed the company from a nonprofit into a for-profit enterprise. The company now has a valuation of almost $1 trillion and is expected to go public.

Here’s everything to know about the trial.

The trial will happen at the US District Court for the Northern District of California in Oakland, with Judge Yvonne Gonzalez Rogers.

The court hearing begins on Monday and is expected to last around two to three weeks.

The witness stand is expected to gather Musk, Altman, and Microsoft CEO Satya Nadella.

What does Musk allege?

Altman, Musk, and other founders launched OpenAI in 2015 as a non-profit organisation.

Musk was the biggest individual financial backer of OpenAI in the beginning, contributing more than $44 million to the then-startup.

Musk left OpenAI’s board in 2018 after clashing with Altman. A year earlier, he reportedly made a failed bid to get more control over the company.

In 2022, OpenAI launched ChatGPT and grew to become one of the most valuable and important AI companies with major investment from Microsoft.

Then in 2025, OpenAI restructured its main business to become a for-profit company.

Musk’s lawsuit was filed in 2024 and claims OpenAI had breached an agreement to make breakthroughs in AI “freely available to the public” by forming a multibillion-dollar alliance with Microsoft, which invested $13 billion (€12 billion) into the company.

“OpenAI, Inc has been transformed into a closed-source de facto subsidiary of the largest technology company in the world: Microsoft,” Musk’s lawsuit alleges.

The Tesla boss, who also has his own generative AI company xAI, says this constitutes a breach of a contract.

What does OpenAI say?

OpenAI released a trove of emails in 2024 that show Musk supported its plans to create a for-profit company, which he wanted to be the head of, have board control, and merge it with Tesla.

OpenAI has always denied Musk’s allegations, saying that he agreed in 2017 that establishing a for-profit entity would be necessary.

 

Which country in Europe has the most data centres driving the AI boom?


By Servet Yanatma
Published on 

The US is the clear global leader of data centres, with more than double the EU total. Germany and the UK rank ahead of China. Euronews Next takes a closer look at the number of data centres and the factors driving investment.

Data centres are the backbone of artificial intelligence and power everything from AI chatbot queries, streamed video, and cloud-stored files.

They are large facilities that house servers, storage systems and networking equipment used to store, process, and distribute data. The more data centres, the more AI. But they use large amounts of energy and require a lot of land.

Data centres are “where compute is housed”, according to the AI Index Report 2026, published by Stanford Institute for Human-Centered Artificial Intelligence. The report emphasises that “their capacity, geographic distribution, and underlying supply chains shape what AI systems can be built and where.”

Which countries host the most data centres worldwide? How many are located in Europe? And how does Europe compare in the global distribution of data centres?

US leads by a wide margin


Most of the world’s data centre infrastructure is concentrated in a small number of countries. According to Cloudscene, which the report also uses, the United States (US) leads by a wide margin with 5,427 data centres in 2025. This is more than ten times the number in any other country, showing the scale of US leadership.

Germany and UK ahead of China

Two major European economies, Germany (529) and the United Kingdom (523), follow behind the US. It is striking that they rank ahead of China, which hosts 449 data centres, despite its strength as a technology and innovation power.

Canada (337), France (322) and Australia (314) are other countries with over 300 data centres. The Netherlands is also close to that level with 298 centres.

Most of the remaining countries each have fewer than 300 facilities.

Russia (251) and Japan (222) complete the top 10 in the number of data centres. Brazil and Mexico also host between 150 and 200 centres.

EU’s total is less than half of the US

EU countries together host 2,269 data centres. This is 42% of the US total. When the UK is included, the figure rises to around 51% of the US level. This emphasises the strong position of the US again.

Distribution of data centres across Europe

Following the strong positions of Germany, the UK, France and the Netherlands, only a few other European countries host more than 100 data centres. These are Italy (168), Spain (144), Poland (144) and Switzerland (121).

Sweden (95), Belgium (81), Austria (68), Ukraine (58), Ireland (55) and Denmark (50) host between 50-100 data centres.

Regional patterns are clear in the distribution of data centres in Europe. Western Europe dominates, while Northern Europe is smaller but strategically important. Central and Eastern Europe are more fragmented and less developed.

Several EU countries have fewer than 35 data centres. Among the EU candidate countries, Turkey leads with 35.\

FLAP-D markets

Europe’s data centre industry is centred around a familiar group of cities: Frankfurt, London, Amsterdam, Paris and Dublin, the so-called FLAP-D markets. They attract most investment, infrastructure and operator activity according to Atlas Edge.

These locations dominate because they combine major internet exchange points, strong demand from finance and tech sectors, excellent connectivity, a strong cloud presence, and stable regulatory and business environments.

While the FLAP countries rank among the top across Europe, including the EU, candidate countries, the European Free Trade Association (EFTA) and the UK, Ireland lags behind in the total number of data centres.

Capacity matters

These figures reflect only the number of data centres. “The U.S. may show a clear lead, but the other country rankings should be assessed with the understanding that data centre counts do not capture differences in facility size, computing capacity, or utilisation,” the report notes.

According to the World Bank’s “Advancing Cloud and Data Infrastructure Markets” report, four factors determine cloud and data infrastructure investment decisions:

  • reliable and affordable energy,
  • resilient broadband connectivity,
  • favourable geography and access to land,
  • and a stable political and business environment.

“Low- and middle-income countries face challenges in attracting investments in data centre infrastructure because of weaknesses in power and broadband infrastructure, and in the strength of their business environments,” the report finds.

Qatar pushes ahead with North Field expansion despite LNG disruptions

QatarEnergy is pushing ahead with a major expansion of its North Field gas project.
Copyright AP Photo

By Mohamed Elashi
Published on 

Qatar is moving ahead with its North Field gas expansion after awarding a key contract, even as regional tensions continue to disrupt LNG output and exports.

Qatar is moving ahead with a major expansion of its North Field gas project even as disruptions to LNG output and exports highlight the growing impact of regional tensions on global energy supply.

US-based Baker Hughes has secured a “major” contract from QatarEnergy for the North Field West (NFW) project, according to its first-quarter 2026 results.

The award covers critical equipment for two LNG “mega trains”, including six gas turbines, 12 centrifugal compressors and integrated power systems, which are central to gas liquefaction.

The deal highlights continued investment in large-scale LNG infrastructure despite short-term disruptions.

Expansion plans


The North Field West project forms part of Qatar’s broader strategy to increase LNG production capacity from 77 million tonnes per year to 142 million tonnes per year once all expansion phases are completed.

The NFW phase alone is expected to add around 16 million tonnes per year through two new production lines.

QatarEnergy has already awarded engineering, procurement and construction (EPC) contracts for the project to an international consortium, with first output previously expected towards the end of the decade.

A Baker Hughes centrifugal compressor used in liquefied natural gas processing. Baker Hughes


The Baker Hughes contract also includes equipment for a carbon capture and transport facility capable of handling up to 4.1 million tonnes of carbon dioxide per year, reflecting efforts to integrate emissions-reduction technologies into new energy infrastructure.

Disruptions and tensions

The expansion push comes as Qatar’s gas output and exports face disruptions linked to escalating tensions in the Strait of Hormuz.

Data and industry estimates point to a decline in production and a sharp drop in LNG exports in recent months, with part of the country’s export capacity affected.

Recovery is likely to take time due to the complexity of repairs and long lead times for specialised equipment.

The disruptions have raised concerns over supply flows from the Gulf, a key source of global LNG.

Long-term strategy

Despite these challenges, Qatar is maintaining its long-term LNG expansion strategy as global demand for gas remains strong and energy security concerns intensify.

Baker Hughes reported total orders of $8.2 billion (€7bn) in the first quarter, driven in part by strong demand for LNG and gas infrastructure, reflecting continued investment momentum in the sector.

The North Field, the world’s largest non-associated gas field, remains central to Qatar’s ambitions to cement its position as a leading global LNG exporter.

  

How the Iran war boosted profits at BP and Barclays

FILE - This is a Tuesday, 1 March 2016 file photo of the sign on a branch of Barclays Bank in London.
Copyright AP Photo/Kirsty Wigglesworth, File

By Doloresz Katanich
Published on 

Barclays' profits rose, but loan losses weighed on its first-quarter results. At the same time, oil giant BP’s earnings jumped, largely driven by an exceptional oil trading boom linked to the Iran war.

British multinational oil and gas company BP’s first-quarter results were boosted by sharp swings in oil prices during the Iran war, which began on 28 February 2026

The company said that underlying replacement cost profit more than doubled to $3.2 billion (€2.7bn) in the first three months of 2026.

“Underlying RC profit for the quarter was $3.2 billion, compared with $1.5 billion for the previous quarter,” the company said in a statement, adding that “compared with the fourth quarter of 2025, the underlying result reflects an exceptional oil trading contribution and stronger midstream performance.”

BP's oil trading operation posted strong profits as energy market turmoil intensified during the Iran war.

Brent crude prices rose from just above $70 per barrel in early February to over $120 per barrel in late March, before settling at around $110 per barrel in April.

Oil production and operations remained steady compared with the previous quarter, with upstream production resilient at around 2.3 million barrels of oil equivalent per day.

The company also highlighted its exposure to the Middle East, with approximately 411,000 barrels of oil equivalent per day of upstream production in the region. This includes operations in Abu Dhabi, Oman and Iraq.

BP’s share price was up by more than 2% in afternoon trading in Europe.

Barclays earnings up as trading offsets loan losses

At the same time, British bank Barclays reported steady first-quarter growth, as trading volatility linked to the Iran war boosted income, though concerns over its loan portfolio weighed on sentiment.

Shares fell around 2% by early afternoon trading in Europe.

Total income rose 6% to £8.2bn (€9.5bn), while profit before tax increased to £2.8bn (€3.2bn), up from £2.7bn (€3.1bn) a year earlier.

However, its key profitability metric — return on tangible equity (RoTE) — slipped to 13.5%, from 14.0% last year.

Rising loan losses offset some of the strong performance. Barclays booked a £228m (€264m) charge linked to the collapse of UK mortgage lender Market Financial Solutions (MFS).

Chief executive C.S. Venkatakrishnan said the bank would scale back complex lending and reduce exposure to highly leveraged companies following the hit from MFS.

In a statement, he said growth was driven by broad-based performance across the business, highlighting the strength of the investment bank. Income there exceeded £4bn (€4.6bn) for the first time in a quarter, supported by strong trading and advisory activity.

Will Howlett, financial analyst at Quilter Cheviot, said the performance was driven by equities trading amid heightened volatility since the onset of the Iran war. He noted this led to growth of 16% year on year, or 23% in US dollar terms, alongside a 17% rise in investment banking fees.

Barclays also announced a £500m (€580m) share buyback, bringing total buybacks this year to £1.5bn (€1.74bn). The bank reiterated its financial targets, citing a strong and supportive capital position.

Russ Mould, investment director at AJ Bell, described the quarter as “another bumper performance” for Barclays’ investment bank, potentially marking its strongest quarterly profit this decade.

However, he added that investors are now assessing whether recent loan losses were isolated or point to weaker lending standards.



Iran war will trigger largest energy price surge since 2022, World Bank warns

An IRGC speedboat approaches the cargo ship Epaminondas during what state media described as the seizure of one of two vessels in the Strait of Hormuz, 21 April 2026
Copyright Meysam Mirzadeh/Tasnim News Agency via AP


By Quirino Mealha
Published on 


The World Bank’s latest Commodity Markets Outlook report predicts a 24% surge in energy prices this year as the Iran war delivers a historic shock to global supply chains.

The World Bank’s latest Commodity Markets Outlook, published on Tuesday, predicts a 24% surge in energy prices this year as the Iran war and the consequent blockade of the Strait of Hormuz deliver a historic shock to global markets.

This projected increase represents the most significant energy price spike since Russia's full-scale invasion of Ukraine in 2022, threatening to entrench high inflation and stall economic progress in developing nations.

According to the report, global commodity markets face their most volatile period in four years, with energy and fertiliser prices expected to lead a broad 16% rise in overall commodity costs during 2026.

The regional instability has already resulted in the largest oil supply disruption on record, with global production falling by over 10 million barrels per day during the crisis.

While some prices have moderated from their initial peaks, the study shows that the lingering effects of infrastructure attacks and shipping bottlenecks in the Strait of Hormuz will keep energy costs at elevated levels for the foreseeable future.

Analysts suggest that the current turmoil has effectively reversed the downward trend in commodity prices that had been observed throughout the previous year, creating an environment of stagflation and making it difficult for central banks to manage rates.

Ayhan Kose, the World Bank’s deputy chief economist, further stated that governments must resist the temptation of broad and untargeted fiscal support that could distort markets and instead focus on temporary aid for the most vulnerable households to navigate the coming months of economic uncertainty.

The sun rises behind a tanker anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, 18 April 2026
The sun rises behind a tanker anchored in the Strait of Hormuz off the coast of Qeshm Island, Iran, 18 April 2026 AP Photo/Asghar Besharati

Oil and gas markets in the eye of the storm

The primary driver of the current market instability is the unprecedented disruption to shipping routes in the Middle East.

The Strait of Hormuz, a critical maritime passage that handles approximately 20% of the world’s seaborne crude oil trade, has seen effectively a halt on traffic during the war.

According to the World Bank, Brent crude oil is now forecast to average $86 a barrel throughout 2026, which marks a sharp increase from the $69 average recorded in 2025.

This forecast rests on the assumption that the most severe disruptions will begin to ease by May and that shipping volumes will gradually return to pre-war levels by the end of the year.

At the time of writing, US benchmark crude, WTI, is above $102 a barrel, while Brent crude, the international standard, is over $110 for the first time in three weeks.

The UAE also announced on Tuesday that it is leaving OPEC and OPEC+ effective on 1 May, with the UAE energy minister citing a restructuring of the country's energy strategy "to help meet changing demand" and promising a "gradual boost to oil production".

It remains to be seen whether the added supply will contribute to lowering prices or if less coordination among major oil suppliers will actually be disadvantageous amid the crisis.

The World Bank warns that if the conflict proves more protracted or spreads to involve more regional actors, the pressure on prices will only intensify. Even under the current baseline, the shock has already caused significant ripples through other energy sectors.

The study shows that the volatility in the oil market has direct consequences for natural gas and liquefied natural gas (LNG) benchmarks, as countries scramble to secure alternative energy supplies.

The European Union has already spent over €27 billion in additional costs for fossil fuel imports since the Iran war began. The IEA is also already calling the situation the biggest energy security threat in history.

This heightened cost of fuel is expected to dampen global growth, with serious implications for job creation and industrial development across both emerging and advanced economies.

This month, the IMF cut its 2026 global growth forecast to 3.1%, down 0.2% from its previous projection, and lowered its estimate for the eurozone to 1.1% from 1.4%

The war also drove the IMF's global inflation expectations up to 4.4%, and if energy volatility persists into 2027, the fund warns of a "severe scenario" where global growth could plummet to 2%.

Geopolitical volatility and the ripple effect

A special focus section of the World Bank report highlights the disproportionate impact of geopolitical risk on market stability. The analysis finds that oil price volatility during periods of rising conflict is roughly twice as high as during calmer periods.

Specifically, the study indicates that a geopolitically driven 1% decline in global oil production typically pushes prices up by an average of 11.5%.

These shocks have a powerful "spillover" effect, with the impact on other commodity markets being about 50% larger than under normal conditions.

According to the report, a 10% increase in oil prices triggered by a geopolitical shock leads to natural gas prices peaking 7% higher and fertiliser prices rising by more than 5% approximately one year later.

These lagging effects mean that even if the conflict in the Middle East resolves in the near term, the global economy will likely continue to feel the inflationary pressure well into next year.

 

Meryl Streep: ‘Would we have fashion without gay people?’

Meryl Streep: ‘Would we have fashion without gay people?’
Copyright AP Photo

By David Mouriquand
Published on 

The award-winning actress, who has long been an LGBTQ+ ally, returns to her iconic role of Miranda Priestly in the upcoming 'The Devil Wears Prada 2'.

Acting royalty Meryl Streep is returning as sharp-tongued fashion editor Miranda Priestly in the upcoming The Devil Wears Prada 2, which hits cinemas worldwide next week.

During the press tour for the sequel to the 2006 film, Streep commented on the popularity of The Devil Wears Prada with the LGBTQ+ community.

“It makes me so happy! Would we have fashion without gay people?” she told Out magazine. “Forgive me, would we have anything? I wouldn’t know how to put together anything. It’s a joy to have made it with [the LGBTQ+] community in mind. Top of mind.”

She added that the new film has been well received by people from a wide variety of backgrounds, saying: “It’s cross culture. We’ve just been around the world with this. The reaction is the same in Mexico City as Tokyo, as Seoul, as Shanghai... I honestly was surprised. I really was surprised by the universality of the response and from so many different kinds of people.”

Meryl Streep as Miranda Priestly, the editor-in-chief of Runway Magazine, in The Devil Wears Prada 20th Century Fox

The Devil Wears Prada 2 sees Streep joined by returning cast members, including Anne Hathaway, Emily Blunt and Stanley Tucci.

Streep said of her cast members: “I feel so lucky to be able to come back to something we did 20 years ago. Who gets to do that? We've had a whole lifetime. Look at Stanley Tucci! He's blossomed! [Emily Blunt] blossomed at birth.”


Meryl Streep, Emily Blunt, Stanley Tucci and Anne Hathaway at the New York world premiere of 'The Devil Wears Prada 2' - 20 April 2026 AP Photo


Meryl Streep, Anne Hathaway, Stanley Tucci, and Emily Blunt at the London premiere of the film 'The Devil Wears Prada 2' - 22 April 2026 AP Photo


Streep has long been an LGBTQ+ ally, expressing support for the queer community on numerous occasions.

In 2004, during her Golden Globes acceptance speech for Angels in America, she spoke out in support of marriage equality, condemning then-president George W. Bush for his anti-gay marriage stance.

In 2017, the Human Rights Campaign honoured her with its Ally for Equality Award, saying she had used her voice throughout her career to support LGBTQ+ people. In her speech, she took aim at anyone threatening to disrupt the progress women, people of colour and the accomplishments of the LGBTQ+ community.

“We should not be surprised that fundamentalists, of every stripe, are exercised and fuming,” she said. “We should not be surprised that these profound changes come at a steeper cost than we originally thought. We should not be surprised that not everyone is actually cool with it.”

Streep also memorably ended her speech by saying: “There is a prohibition against the establishment of a state religion in our Constitution, and we have the right to choose with whom we live, whom we love and who and what gets to interfere with our bodies. As Americans, men, women, people, gay, straight, L, G, B, T, Q, all of us have the human right to life, liberty and the pursuit of happiness. And if you think people got mad when they thought the government was coming after their guns, wait till they come and try to take away our happiness!"

 

Why is ‘The Devil Wears Prada 2’ facing backlash and calls for boycott?

Why is ‘The Devil Wears Prada 2’ facing backlash and calls for boycott?
Copyright AP Photo - 20th Century Studios / YouTube screenshot

By David Mouriquand
Published on 

'The Devil Wears Prada 2' - out this week - is facing a boycott in Asia after a social media clip released before the film hits cinemas presents a character deemed to be an offensive stereotype.

The hotly anticipated sequel to 2006’s The Devil Wears Prada hits theatres this week, and a 38-second clip from the film has already sparked backlash online.

The extract shows “the former assistant’s new assistant” Jin Chao, played by Chinese-American actress Helen J Shen. She introduces herself to Anne Hathaway’s Andy Sachs, who is back at work at the fictional Runway magazine.

During their interaction, Chao displays the characteristics of social awkwardness, is eager to please, dressed in unflattering clothing, and proceeds to list her academic achievements...

“If you don’t want me, you can interview someone else, I don’t mind,” she tells Hathaway’s character. “I did go to Yale, 3.86 GPA, lead soprano of the Whiffenpoofs and my ACT score was 36 on the very first try.”

This clip has been viewed over 26 million times and has been blasted online for being guilty of caricaturing Asian behaviour and leaning on dated stereotypes, with accusations of “blatant anti-Asian racism”.

“Hollywood is so out of touch it’s embarrassing. It’s 2026 and THIS is your Asian rep? The name, styling, whole look. Lazy stereotypes,” wrote one X user, while another commented: “Child-like dress, glasses, overqualified, Ivy League credentials and at top of her game yet obsequious and insecure of her competency: these are not Asian American stereotypes, they’re white women’s fantasies.”

Other social media posts have also highlighted that the character’s name sounds like a racist slur.

Racist slur called out
Racist slur called out X

One Japanese post, which has been viewed over a million times on X, states:

“The Devil Wears Prada 2

・Asian (Chinese)

・Name is Chinchon

・Glasses

・Nerdy bookworm

・Even if they graduated from a prestigious school, they’re uncool

Hits us with the most blatant racial stereotype racism in 2026 and it gives me chills. Did they use this scene in the promo because it’s “funny”? #BoycottTheDevilWearsPrada2″

On the Reddit forum r/asianamerican, one commenter said the name “is what a white person thinks a Chinese name should sound like”, before drawing comparisons to Cho Chang - the name of the Asian student at Hogwarts in the Harry Potter series.

Helen J. Shen attends 'The Devil Wears Prada 2' world premiere in New York - Monday 20 April 2026
Helen J. Shen attends 'The Devil Wears Prada 2' world premiere in New York - Monday 20 April 2026 AP Photo

The Devil Wears Prada 2 sees Hathaway joined by returning cast members Meryl Streep, Emily Blunt and Stanley Tucci.

The Devil Wears Prada grossed $326 million globally and became a streaming hit.

The Devil Wears Prada 2 is out on 30 April in China and on 1 May worldwide.