Pound hits lowest since April as investors anticipate budget tax rises; markets hit by AI valuation jitters – as it happened

The pound has now dropped to $1.3064, a new six-month low, as City traders anticipate tax rises in this month’s budget.Sterling has lost more than 0.5% today, or around three-quarters of a cent, with analysts pointing to Rachel Reeves’s promise of an “iron clad” commitment to her fiscal rules, and her failure to rule out tax rises.Fiona Cincotta, senior market analyst at City Index, says:In a rare pre-budget speech, Reeves reiterated her commitment to budget goals and what many are considering as weaves, paving the way for more tax hikes and tough decisions in the Budget that would come close to breaking the party’s manifesto pledges

Gopichand Hinduja, head of Britain’s richest family, dies aged 85

Gopichand Hinduja, the billionaire head of Britain’s richest family, has died aged 85.Hinduja died on Tuesday in London after a long illness, a spokesperson said.The low-profile Hinduja family topped the Sunday Times Rich List this year with a collective net worth of £35.3bn, thanks to their sprawling business interests across banking, oil, real estate and entertainment.Gopichand Hinduja, nicknamed “GP”, co-chaired the family business with his older brother Srichand, who died in 2023

Apple Watch SE 3 review: the bargain smartwatch for iPhone

Apple’s entry level Watch SE has been updated with almost everything from its excellent mid-range Series 11 but costs about 40% less, making it the bargain of iPhone smartwatches.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.The new Watch SE 3 costs from £219 (€269/$249/A$399), making it one of the cheapest brand-new fully fledged smartwatches available for the iPhone and undercutting the £369 Series 11 and the top-of-the-line £749 Apple Watch Ultra 3

Experts find flaws in hundreds of tests that check AI safety and effectiveness

Experts have found weaknesses, some serious, in hundreds of tests used to check the safety and effectiveness of new artificial intelligence models being released into the world.Computer scientists from the British government’s AI Security Institute, and experts at universities including Stanford, Berkeley and Oxford, examined more than 440 benchmarks that provide an important safety net.They found flaws that “undermine the validity of the resulting claims”, that “almost all … have weaknesses in at least one area”, and resulting scores might be “irrelevant or even misleading”.Many of the benchmarks are used to evaluate the latest AI models released by the big technology companies, said the study’s lead author, Andrew Bean, a researcher at the Oxford Internet Institute.In the absence of nationwide AI regulation in the UK and US, benchmarks are used to check if new AIs are safe, align to human interests and achieve their claimed capabilities in reasoning, maths and coding

LIV Golf backtracks from short format to 72-hole tournaments after pressure from players

LIV Golf has surprisingly backtracked on one of its founding principles by announcing tournaments in the fourth season of the Saudi Arabian-backed league will be played over 72 holes. Until now, LIV has proudly operated over 54 holes and three days, with the name itself partly based on a Roman numeral reference point. Could a rebrand to LXXII be imminent?The dramatic shift, which is believed to have come after pressure from players, means LIV will soon mirror the schedule traditional golf tours it once tried to upstage. LIV will, however, continue to run both individual and team competition elements.“The most successful leagues around the world – IPL, EPL [English Premier League], NBA, MLB, NFL – continue to innovate and evolve their product,” said Scott O’Neil, LIV’s chief executive

Roebuck and Steward injuries likely to trigger major England reshuffle against Fiji

Injuries to Tom Roebuck and ­Freddie Steward look likely to trigger an eye-catching reshuffle in England’s backline for the Test against Fiji on Saturday. Marcus Smith, Henry Arundell and Ollie Lawrence are all in contention to be involved, with Manny Feyi-Waboso potentially the solitary starting back-three survivor from the victory against Australia last Saturday.The head coach, Steve ­Borthwick, had been hoping to announce his starting XV early this week only for that plan to be mothballed when Roebuck limped out of training prematurely on Tuesday with an ankle problem. Steward has not trained so far this week after sustaining a finger injury late in the win against the Wallabies, opening the way for Smith to replace him at full-back.Roebuck was an influential figure against Australia, his aerial skills contributing to two of England’s four tries, but if he is ruled unavailable England are not short of options