UK inflation steady before Iran war; oil price dips on Trump comments – business live

Rachel Reeves, the UK chancellor, has responded to the inflation figures.double quotation markIn an uncertain world we have the right economic plan, taking a responsive and responsible approach to supporting working people in the national interest.We’re taking £150 off energy bills [from measures in November’s budget] and providing targeted support for those facing higher heating oil costs. We’re also acting to protect people from unfair price rises if they occur, bring down food prices at the till, and cut red tape to boost long-term energy security — building a stronger, more secure economy.On Tuesday, she ruled out universal support to deal with any future rise in energy bills, saying any government help would be targeted, and criticised the support offered by Liz Truss’s government as unaffordable and irresponsible

UK inflation held at 3% before global energy price hit from Iran war

The UK inflation rate held steady at 3% in February, before Donald Trump’s Iran war drove up global energy costs, threatening a renewed price jump.Official figures showed the consumer prices index remained at the same level as the previous month, in line with economists’ expectations but still well above the government’s 2% target.The annual rate of food inflation fell slightly, driven by drops in olive oil, flour and pizza, but the Food and Drink Federation warned this was likely to be “the calm before the storm”.The outlook for inflation has shifted dramatically since the onset of the Middle East conflict, which has sent oil and gas prices soaring after the effective closure of the strait of Hormuz, an important shipping route.As recently as last month, the Bank of England was forecasting CPI inflation to fall to the 2% target in the second quarter of the year, opening the way to more interest rate cuts

Meta ordered to pay $375m after being found liable in child exploitation case

A New Mexico jury on Tuesday ordered Meta to pay $375m in civil penalties after it found the company misled consumers about the safety of its platforms and enabled harm, including child sexual exploitation, against its users.This is the first bench trial to find Meta liable for acts committed on its platform.“The jury’s verdict is a historic victory for every child and family who has paid the price for Meta’s choice to put profits over kids’ safety,” said New Mexico attorney general Raúl Torrez.“Meta executives knew their products harmed children, disregarded warnings from their own employees, and lied to the public about what they knew. Today the jury joined families, educators, and child safety experts in saying enough is enough

OpenAI shutters AI video generator Sora in abrupt announcement

In an abrupt announcement on Tuesday, OpenAI said it was “saying goodbye” to its AI video generator Sora. The move comes just six months after the company’s splashy launch of a stand-alone app where people could make and share hyper-realistic AI videos in a scrolling social feed.“To everyone who created with Sora, shared it, and built community around it: thank you,” the company wrote in a post on X. “What you made with Sora mattered, and we know this news is disappointing.”OpenAI first made Sora publicly available in late 2024, but it wasn’t until the company launched Sora 2 and its stand-alone app last September that the video generator reached mainstream attention

Radical swim training approach pays off for Cameron McEvoy with ‘really special’ record

Cameron McEvoy knew he was fast, but he surprised both himself and the world of elite swimming when he hit the wall at the end of the 50m freestyle at the China Open on Friday. The clock read 20.88sec, securing the Australian a lifelong goal.The Queenslander had broken a longstanding world record, set in the era of now-banned super-suits, by three hundredths of a second.“That was more of a target for the end of this season, so to have hit it at the moment in March is really special,” he said on his return to Brisbane on Wednesday

Coco Gauff battles impostor syndrome on way into Miami Open semi-finals

Coco Gauff may be struggling with an unfamiliar arm injury, indifferent form and the pressure of attempting to transform her serve with the entire tennis world watching, but the one quality that will never evade her is her fighting spirit.Under far from ideal circumstances, Gauff’s mental toughness continues to guide her through the Miami Open draw and to her best ever result at her hometown tournament. She navigated a path into the semi-finals for the first time in her career with an arduous 6-3, 1-6, 6-3 win over Bencic.Although Gauff has not always been able to consistently produce her best level this year in Miami, and she has been taken to a final set in all four of her matches so far, she continues to find a way through.“I think it just shows my mind and it’s just all about mentality out there at the end of the day,” said Gauff