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Oil price jumps and markets slide after Trump warning to Iran

about 2 hours ago
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Oil prices soared and stocks sank after Donald Trump vowed in a televised speech to hit Iran “extremely hard” over the coming weeks, knocking hopes of a near-term end to the conflict in the Middle East.Brent crude prices jumped by 8% on Thursday morning to pass $109 (£82) a barrel, reversing Wednesday’s drop when hopes of a de-escalation in the Iran war pushed the international benchmark below the $100-a-barrel mark at one point.The cost of oil produced in the US also jumped, with a barrel of West Texas Intermediate – crude that is drilled and processed in the US – rising by 11% to $111.60 a barrel, over the $110 mark for the first time since 9 March.Stocks in Asia suffered, with Japan’s Nikkei index falling 2.

4%, while China’s CSI 300 index dropped 1,36%,South Korea’s Kospi, which has been particularly sensitive to the crisis, tumbled by 4,8%,In Europe, Germany’s Dax share index fell 2%, while France’s Cac 40 dropped by 1.

15% and Italy’s FTSE Mib was down 1.45%.The FTSE 100 in London fell about 0.5% in early trading, despite the listed fossil fuel companies BP and Shell climbing about 4.5% and 3% respectively.

The US stock market dropped when trading began in New York, where the Dow Jones industrial average shed 624 points, or 1.3%, at the opening, falling to 45,941 points.Government borrowing costs were also on the rise, with the yield – or interest rate that issuers have to pay – on 10-year UK gilts rising four basis points to 4.886%.The two-year UK bond yield rose by six basis points to 4.

36%, reflecting increased fears of an inflation increase from higher energy costs.Chris Beauchamp, the chief market analyst at IG, said investors were betting on the effects of long delays to oil supply deliveries from the Gulf, after Trump failed to provide any guidance on how the US-Israeli conflict with Iran might come to an end.“In what might be the most dramatic April fools of recent years, Donald Trump did nothing of what was expected in his speech.Instead of ‘no more war’, we got ‘no, more war!’, with heavier strikes expected and a fresh warning of attacks on power plants,” Beauchamp said.“This leaves markets back where they were last week, and now we have to price in hundreds of millions of barrels of oil that aren’t coming out any time soon … markets are back to pricing in economic catastrophe.

”The US dollar gained 0.6% against a basket of major currencies on Thursday, gaining ground as investors fled to the greenback as they sought safe haven assets.This move pushed the pound down by almost a cent to $1.321, reversing Wednesday’s gains.The market movements have already been taking their toll on consumers, including in the UK, with the Bank of England having warned on Wednesday that 1.

3 million more homeowners would probably see their monthly mortgage payments rise because of financial shocks from the Iran conflict,Data released by the RAC on Thursday also showed that rising petrol and diesel prices jumped by a record amount in March, as surging oil prices translated to higher prices at the pumps for drivers,It said the average price of a litre of unleaded petrol rose by 20p from 132,83p on 1 March to 152,83p by the end of the month.

That surpasses the previous all-time biggest monthly jump of 16.6p recorded in June 2022, after Russia’s invasion of Ukraine.
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‘System malfunction’ causes robotaxis to stall in the middle of the road in China

A “system malfunction” has caused several self-driving robotaxis to stall in the middle of the road in China, police have confirmed, after distressed riders were stranded for hours.Local authorities in the central Chinese city of Wuhan said they began receiving calls “one after another” on Tuesday night from riders reporting that autonomous vehicles operated by the Chinese internet company Baidu had frozen.“Multiple Apollo Go cars stopped in the middle of the road, unable to move,” police said in a statement on Wednesday, referring to Baidu’s driverless taxi service. “After investigation, preliminary findings suggest the cause was system malfunction.”Baidu has a fleet of more than 500 driverless cars in Wuhan

1 day ago
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Unregulated chatbots are putting lives at risk | Letters

Your coverage of AI-associated delusions exposes a gap that training-level guardrails cannot close (Marriage over, €100,000 down the drain: the AI users whose lives were wrecked by delusion, 26 March). As someone who has worked in health systems across fragile and low-income contexts, I find it striking that AI companies have failed to adopt a safeguard that even the most underresourced clinic in the world already uses: screening patients before exposing them to risk.The Patient Health Questionnaire-9 for depression and the Columbia Suicide Severity Rating Scale are administered daily in settings with no electricity, limited staff, and patients who may never have seen a doctor. These tools take minutes. They are validated across dozens of languages and cultural contexts

1 day ago
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Don’t blame AI for the Iran school bombing | Letters

Your article on the Iran school bombing rightly challenges the reflex to blame artificial intelligence (AI got the blame for the Iran school bombing. The truth is far more worrying, 26 March). However, the deeper problem lies not in the technology but in the language now forming around it. To say that there was an “AI error” quietly removes the human subject from the sentence. Where once civilians were “dehoused” or “collateral damage”, responsibility is now displaced altogether: from people to systems

1 day ago
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Patrick McKeown obituary

For the past four years, the James Webb space telescope has been returning stunning images of stars and galaxies that formed in the early universe. Parked in orbit a million miles from the Earth, the observatory is an extraordinarily sophisticated machine that shares a special engineering heritage with a swelling number of modern devices, from mobile phones to medical scanners and turbine blades.All are products of precision engineering, a discipline that blends the traditions of surveying, navigation, astronomy and time-keeping to create the technology that underpins our lives today. And one of its prime exponents was Patrick McKeown.McKeown, who has died aged 95, wrote the “11 principles of machine design” that were a distillation of everything he had learned about accuracy, stability and error correction in mechanical systems, and that have become the bedrock of precision engineering across the world

1 day ago
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Apple at 50 quiz: top sellers, turkeys and turtlenecks

In the 50 years since it was founded, Apple has long been seen as one of the most significant technology companies globally. The design and manufacturing decisions taken in Cupertino, California have affected product design across the world, helping usher in an era of ubiquitous touchscreen computing while insisting on exacting user experience design principles. How much do you know about the history of one of the most powerful computing companies on the planet? Test yourself with these 12 questions.The Guardian’s Apple at 50 quiz

1 day ago
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MP rejects Palantir’s claims that criticism of NHS England deal is ‘ideologically motivated’

Claims by Palantir that concerns over the US data analytics company’s multimillion-pound NHS contract are “ideologically motivated” have been rejected by the chair of a parliamentary committee.It was also appropriate for the government to seek guidance on activating a break contract in the deal, said Chi Onwurah, a Labour MP who heads the science, innovation and technology select committee.Louis Mosley, the executive vice-chair of Palantir in the UK, had urged the government not to give in to “ideologically motivated campaigners” as ministers explored a way out of a £330m NHS contract with the tech company for England.Ministers have sought advice on triggering a break clause in Palantir’s deal to deliver the Federated Data Platform (FDP) amid questions over the company’s presence in the public sector.The FDP is an AI-enabled data platform designed to connect disparate health information across the NHS

1 day ago
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Stellantis recalls 44,000 UK vehicles over fault that could cause fires

about 4 hours ago
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UK firms expect to raise prices more quickly as Iran war pushes up costs

about 6 hours ago
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Claude’s code: Anthropic leaks source code for AI software engineering tool

about 22 hours ago
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SpaceX confidentially files to go public at $1.75tn, reports say

1 day ago
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Rams star Puka Nacua in rehab amid claims of antisemitic remark and biting incident

about 6 hours ago
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‘From the ground up’ – How Black Country volunteers are tackling the highest levels of inactivity in England

about 7 hours ago