Oil prices retreat and global stocks hit record highs after Trump hails ‘great progress’ on Iran deal – business live

Next has revealed far stronger sales than expected in the UK in the three months to the end of April – up 4.4% instead of the 1.3% predicted – thanks to bumper sales during warm weather in February and March.The company said it now expects full year sales to rise by 5%, including 1% growth in the UK where it anticipates prices will rise by no more than 0.6% as a result of higher costs linked to the Middle East conflict

‘Our competitors are everyone’: Joybuy leads ‘China’s Amazon’ into the UK

“We’re here to shake up the UK e-commerce market,” says Matthew Nobbs, the UK boss of Joybuy which is spearheading a European charge by China’s version of Amazon.“I see our competitors as everyone,” he adds, reflecting the scale of ambition of the online retailer that sells home appliances, groceries, makeup and more.Joybuy is owned by China’s JD.com, the giant online and high street retail group which is taking on its US rival Amazon in Britain in a clash that is expected to lead to “collateral damage” for UK retailers caught up in the tussle for shoppers.JD

New Mexico proposes $3.7bn fine for Meta and sweeping changes to its social platforms

Meta has returned to court in the US this week for the second phase of a lawsuit brought by Raúl Torrez, New Mexico’s attorney general, following a March verdict that found the company liable for child safety failures and imposed a $375m fine. On Monday, the state petitioned for a legal sanction against the company, a monetary penalty 10 times the original amount, and a sweeping, drastic overhaul of Meta’s child safety protocols.In the second part of the landmark case, known as the remedies phase, the state is asking for Meta to be declared a public nuisance and for the judge to order the company to pay $3.7bn in an abatement plan. The money would fund programs for law enforcement, mental health services and educators

US and tech firms strike deal to review AI models for national security before public release

The US government has struck deals with Google DeepMind, Microsoft and xAI to review early versions of their new AI models before they are released to the public.The Center for AI Standards and Innovation (CAISI), part of the US Department of Commerce, announced the agreements on Tuesday, saying the review process would be key to understanding the capabilities of new and powerful AI models as well as to protecting US national security. These collaborations will help the federal government “scale (its) work in the public interest at a critical moment”, the agency said in a press release.“Independent, rigorous measurement science is essential to understanding frontier AI and its national security implications,” said Chris Fall, CAISI director.CAISI is an agency meant to facilitate collaboration between the tech industry and the federal government in developing standards and assessing risks for commercial AI systems

The problem with RFU’s handling of Six Nations review is that England fans aren’t stupid | Robert Kitson

There has been a lot of fuss in recent days about French TV directors not giving rugby fans the full picture. In that particular department, sadly, there remains a runaway market leader. To say the Rugby Football Union’s public response to England’s disappointing Six Nations campaign has failed to supply all the relevant angles is an understatement.In an ideal world, there would have been a media conference with Bill Sweeney, the RFU’s chief executive, alongside Steve Borthwick, his head coach, presenting a united, purposeful front and outlining precisely why the status quo needs preserving despite England having racked up four championship defeats for the first time since 1976. Instead, there was only a “Don’t tell ‘em, Pike” statement on email best summarised in four words: “Nothing to see here

From the Pocket: uncomfortable questions have rightly been asked of Carlton – their response doesn’t cut it

What stood out in both the AFL and Carlton’s statements regarding what happened to Elijah Hollands at the MCG three weeks ago were the things that weren’t and couldn’t be said. There were legal restrictions. There was medical confidentiality. There was a WorkSafe investigation. There was a universal acceptance that the privacy and wellbeing of the young man at the centre of all this was the most important thing