
Iran war costs Toyota £3bn as prices of materials soar and sales fall
Toyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped.The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses.The biggest hit for the Japanese manufacturer was a 400bn yen (£1.9bn) increase in materials costs linked to the war, while it lost another 270bn yen in lower sales. Toyota is the dominant automotive brand in the Middle East

British Airways fares to rise in attempt to offset £1.7bn fuel cost hit
British Airways fares will rise to try to recoup most of a €2bn (£1.7bn) hit in fuel costs this year, its parent group has said, adding that the Iran war will dent profits.The International Airlines Group (IAG) said its annual fuel bill was now expected to be about €9bn, up from the forecast €7.1bn, as 70% of its supply was hedged, shielding it from the full impact of soaring jet fuel prices since the start of the conflict.It expects to recover about 60% of the €2bn additional fuel costs through “revenue and cost management actions”, with fare rises primarily loaded on BA rather than its sister airlines

GameStop CEO opens eBay storefront to pay for potential eBay acquisition
The CEO of GameStop, Ryan Cohen, said he was selling vintage video games, baseball cards, GameStop merchandise and a $14,000 pair of tube socks to help fund the company’s proposed $55.5bn acquisition of eBay.His platform of choice? eBay, of course.Cohen posted a link to his eBay storefront on Tuesday night, saying: “I’m selling stuff on eBay to pay for eBay.”Hours later, Cohen posted a screenshot with a notification that his account had been suspended

Gas-fired power still looks a safe bet for Centrica in the renewables era
The eye-catching non-Hormuz news in energy-land last month was that Great Britain is set for a record-breaking summer for wind and solar power generation. The national energy system operator even thought there could be periods – a sunny weekend or a bank holiday afternoon of low demand, for example – when more renewable power would be available than the electricity grid needed.So, on the face of it, it is an odd moment for Centrica, the owner of British Gas, to fork out £370m to buy a 16-year-old combined-cycle gas turbine plant in south Wales. After all, the government’s clean power plan imagines that, come 2030, Great Britain’s entire fleet of gas plants will be used to generate only 5% of its electricity, down from 31.5% in 2025

Senate Democrats press top media regulator Brendan Carr to back off ABC
A group of prominent Senate Democrats sent a letter on Thursday to Brendan Carr, the Trump-aligned Federal Communications Commission chair, asking him to rescind the US media regulator’s order last week requiring ABC to apply early to renew its television licenses.The eight ABC-owned station licenses were not originally up for renewal until 2028 at the earliest and 2031 at the latest; now, the renewal requests must be filed by the end of May.Although Carr told reporters that the early license renewal request stemmed from an ongoing investigation into the diversity, equity and inclusion (DEI) efforts of ABC’s parent company, Disney, the announcement came just a day after the president and his wife called on the network to fire Jimmy Kimmel, the late-night comedian, for a poorly timed joke. The letter called the early renewal demand an “extraordinary abuse of power” and an “unconstitutional abuse of the Commission’s powers”.“The campaign against Disney and its editorial decision-making, culminating in last week’s early-renewal order, is an egregious abuse of power and a clear violation of the First Amendment,” lawmakers state in the letter led by Senators Edward J Markey, Chuck Schumer, Maria Cantwell and Ben Ray Luján

Financial stability risks are rising as AI fuels cyber-attacks, IMF warns; oil below $100 on Iran peace hopes – as it happened
Newsflash: The International Monetary Fund is warning that financial stability risks are rising as artificial intelligence fuels cyber-attacks.In a new blogpost, just published, the IMF singles out Claude Mythos as an example of how quickly risks are increasing.The Fund is calling for “resilience, supervision, and international coordination” to safeguard global financial markets, and protect them against attackers with new AI tools.It warns that AI tools such as Mythos can “dramatically” cut the time and cost needed to identify and exploit vulnerabilities, which raises the risk of weaknesses in key systems being discovered and exploited.IMF experts Tobias Adrian, Tamas Gaidosch and Rangachary Ravikumar write:double quotation markMythos could find and exploit vulnerabilities in every major operating system and web browser—even when used by non-experts

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