Reeves defends Grangemouth intervention; Warner Bros urges investors to reject $108bn Paramount bid – as it happened

The UK chancellor has said that the case for intervening to save the Ineos chemical plant in Grangemouth was “compelling”.The government is investing £120m to save the UK’s last ethylene plant at Grangemouth, in a deal expected to protect more than 500 jobs.Rachel Reeves talked of a “genuine partnership” and said the government had been in discussions “over the last few weeks and months”. She vowed to protect British industry, and said this was vital for Britain’s national security.Visiting Grangemouth in Scotland with Peter Kyle, the business secretary, Reeves said:There are loads of things that government can’t do, but there are also some things that business can’t do, and that is why you need a partnership, and indeed, with the workers and the trade unions to be able to have a sort of sustainable model for the future

The stats don’t lie. Australia’s tax system is designed to benefit the wealthiest and the rest of us pay for it | Greg Jericho

New figures from the Australian Bureau of Statistics reveal just how much an average Australian earns. Being “rich” might not see you living like a Kardashian but we need to acknowledge that earning more than 90% of people puts you in the top 10%, and that much of the tax system is geared to benefit you.Asking who is rich is a question that can send shivers down the spines of politicians.I’ve encountered more than a few progressives who are at pains to protest that they are not rich despite being on a very good wicket. They immediately reel off their CV of working-class roots as though they are worried someone is about to accuse them they came from Greece with a thirst for knowledge

Amazon in talks to invest $10bn in developer of ChatGPT

Amazon is in talks to invest more than $10bn (£7.5bn) in OpenAI, in the latest funding deal being struck by the startup behind ChatGPT.If it goes ahead, the market valuation of OpenAI could rise above $500bn, according to The Information, a tech news site that revealed the negotiations.Amazon, which is best known as an online retailer, is also the world’s largest datacentre provider and its investment would help OpenAI pay for its commitments to rent capacity from cloud computing companies – including Amazon.OpenAI said last month it would spend $38bn on capacity from Amazon Web Services – the company’s datacentre arm – over seven years

UK insists US tech deal not dead as Trump threatens penalties against European firms

Downing Street insists the $40bn Tech Prosperity Deal between the US and UK that is on hold is not permanently stalled. The BBC reported on Tuesday evening that the prime minister’s office claimed that the UK remains in “active conversations with US counterparts at all levels of government” about the wide-ranging deal for the technology industries in both countries to cooperate.The agreement, previously billed as historic, was paused after the US accused the UK of failing to lower trade barriers, including a digital services tax on US tech companies and food safety rules that limit the export of some agricultural products. The New York Times first reported British confirmation that negotiations had stalled.“We look forward to resuming work on this partnership as quickly as possible,” a Downing Street spokesperson said in a statement

If he never returns, Terence Crawford’s legacy as one of boxing’s greats is secure | Bryan Armen Graham

Terence “Bud” Crawford has always fought like a man who wanted to leave no room for argument. Not simply to win, but to win so cleanly that dissent collapses on contact. So his retirement announcement on Tuesday didn’t feel like a sudden fade-out so much as the closing of a file: tidy, decisive, signed in his own hand. Three months after scaling two weight divisions to outclass Canelo Álvarez in Las Vegas and become the undisputed super-middleweight champion, Crawford says he is stepping away “on his own terms”. In the cruellest sport, that is rarer than a perfect record

Miami Dolphins to bench QB Tua Tagovailoa after missing playoffs

The Miami Dolphins are benching quarterback Tua Tagovailoa and will start rookie Quinn Ewers on Sunday against the Cincinnati Bengals, head coach Mike McDaniel announced on Wednesday.The Dolphins (6-8), eliminated from postseason play, signed Tagovailoa to a four-year, $212m extension in July 2024 after he led the NFL in passing yards in 2023 with 4,624.But amid a disappointing season, McDaniel hinted Tuesday a change could be coming after a 28-15 loss to the Pittsburgh Steelers on Monday night. “The quarterback play last night was not good enough,” McDaniel said on Tuesday. “So for me, everything is on the table