US inflation soars in March as war on Iran drives economy into uncertainty

US inflation soared in March amid the US-Israel war with Iran, with prices up 0.9% compared with last month and 3.3% over the year, according to new data released on Friday.The spike in the consumer price index (CPI), which measures the price of a basket of goods and services, is the largest in nearly two years and the first official measure of how the conflict has affected US consumer prices, particularly as Iran blocked the strait of Hormuz, through which a fifth of the world’s oil and gas would typically pass.The index for energy rose 10

Welcome to Y’all Street: bullish Dallas aims to steal New York’s financial crown

As the warm sun rises over the Dallas skyline, SUVs and pickup trucks whiz past an unassuming construction site that is helping cement the city’s Texas-sized financial ambitions.Nestled between towers claimed by Bank of America and JP Morgan, Goldman Sachs has cordoned off 800,000 sq ft for a new Dallas campus able to host more than 5,000 staff. But the $700m (£530m) project is more than a regional expansion plan by one of America’s largest banks. It is another win for the lobbyists behind Dallas’s “Y’all Street” – the Texan city’s aggressive push to steal New York’s financial crown.The Dallas-Fort Worth metro area, once a fly-in, fly-out stopover for bankers, has seen its financial sector workforce boom over the past decade, surging 40% to 386,000 staff

‘Irresponsible failure’: Google, Meta, Snap and Microsoft slam EU over child sexual abuse law lapse

The European parliament has blocked the extension of a law that permits big tech firms to scan for child sexual exploitation on their platforms, creating a legal gap that child safety experts say will lead to crimes going undetected.The law, which was a carve-out of the EU Privacy Act, was put in place in 2021 as a temporary measure allowing companies to use automated detection technologies to scan messages for harms, including child sexual abuse material (CSAM), grooming and sextortion. However, it expired on 3 April, and the EU parliament decided not to vote to extend it, amid privacy concerns from some lawmakers.The regulatory gap has created uncertainty for big tech companies, because while scanning for harms on their platforms is now illegal, they still remain liable to remove any illegal content hosted on their platforms under a different law, the Digital Services Act. Google, Meta, Snap and Microsoft said they would continue to voluntarily scan their platforms for CSAM, in a joint statement posted on a Google blog

Elon Musk’s xAI sues Colorado over new rules for artificial intelligence

Elon Musk’s artificial intelligence company, xAI, has filed a lawsuit against the state of Colorado over a new AI law set to take effect in June.The suit seeks to block the state from enforcing the law, which would impose new requirements on AI systems to protect state residents from “algorithmic discrimination” in sectors such as education, employment, healthcare, housing and financial services.Colorado was the first state to pass a comprehensive bill to regulate AI.The company claims the law infringes on its first amendment free-speech protections and would force xAI to “promote the state’s ideological views on various matters, racial justice in particular”, according to the Financial Times, which first reported the lawsuit. “Its provisions prohibit developers of AI systems from producing speech that the state of Colorado dislikes

Grand National preview: Jagwar to deny Irish battalions in Aintree spectacular

It is more than a decade since a Grand National winner was trained in an English stable, as Lucinda Russell, successful twice since 2017 from her yard in County Kinross, is the only trainer to break the Irish stranglehold since Oliver Sherwood’s success with Many Clouds in 2015. The home side put up a much-improved performance at last month’s Cheltenham festival, however, and Jagwar (4.00), one of two major contenders from Oliver Greenall and Josh Guerriero’s stable 50 miles the track, could extend the English revival in the biggest race of the season on Saturday.Jagwar will head to Aintree with all of the attributes you could want to see in a modern-day National winner. He has youth on his side at seven years of age, and remains open to improvement with just eight starts over fences on his record to date

Two-horse trainer hopes to keep Grand National fairytale tradition alive

Connor King needs a little persuading that his attempt to win Saturday’s Grand National with Oscars Brother has the potential to be one of the most remarkable tales in the 187-year history of the world’s most famous and storied steeplechase. “It’s probably hard [to see] when you’re in the situation,” the trainer said this week. “When you’re looking in from the outside, it might be easier.”The Grand National, it’s true, amplifies everything: triumph, despair, drama. Even by the standards of what has always been a race apart, however, King’s journey to Liverpool from his tiny stable in County Tipperary skirts the border between implausible and absurd