Oil hits two-month high as Trump threatens Iran’s trading partners, and warns ‘we’re screwed’ if supreme court blocks tariffs – business live

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil has hit its highest level in almost two months this morning, after Donald Trump theatened new tariffs on any country doing business with Iran.In a post on Truth Social on Monday, the US president declared:Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America. This Order is final and conclusive. Thank you for your attention to this matter!Top export destinations for Iranian goods include China, the United Arab Emirates and India, so this could reignite Trump’s smouldering trade war

UK retailers endure ‘drab December’ as non-food sales fall flat

Retailers suffered a “drab Christmas”, ending the year with disappointing sales in their most important month, according to new data underlining the difficulties facing Britain’s high streets.Overall retail sales grew by just 1.2% in December compared with a year earlier, the British Retail Consortium (BRC) said. That was below the 12-month average of 2.3%

UK media regulator investigating Elon Musk’s X after outcry over sexualised AI images

The UK media watchdog has opened a formal investigation into Elon Musk’s X over the use of the Grok AI tool to manipulate images of women and children by removing their clothes.Ofcom has acted after a public and political outcry over a deluge of sexual images appearing on the platform, created by Musk’s Grok, which is integrated with X.The regulator is investigating X under 2023’s Online Safety Act (OSA), which carries a range of possible punishments for breaches, including a UK ban of apps and websites for the most serious abuses.Ofcom said it would pursue the investigation as a “matter of the highest priority”, while Liz Kendall, the technology secretary, said the regulator had the government’s full backing.Ofcom said: “Reports of Grok being used to create and share illegal nonconsensual intimate images and child sexual abuse material on X have been deeply concerning

Google parent Alphabet hits $4tn valuation after AI deal with Apple

Google’s parent company hit a major financial milestone on Monday, reaching a $4tn valuation for the first time and surpassing Apple to become the second-most valuable company in the world.Alphabet is the fourth company to hit the $4tn milestone after Nvidia, which later hit $5tn, Microsoft and Apple.The spike in share price comes after Apple announced it had chosen Google’s Gemini AI model to power a major overhaul of the iPhone maker’s digital assistant Siri, which comes installed in every iPhone. Neither company disclosed how much the deal was worth.“After careful evaluation, we determined that Google’s technology provides the most capable foundation for Apple Foundation Models,” Apple said in a statement to CNBC

Nick Kyrgios delights rowdy fan base as tennis cultures clash at Kooyong Classic | Jack Snape

The sign at the Kooyong Lawn Tennis Club reads “dress code applies”, but on Tuesday the rules were relaxed. Thousands from all walks of life streamed into the leafy grounds in Melbourne’s inner east to enjoy the first day of the Kooyong Classic, where Nick Kyrgios brought his own brand of tennis to the storied Australian Open warmup event.The 30-year-old announced on Friday he would not be playing singles at Melbourne Park, but he had already committed to Kooyong as he works his way back into shape. So under cloudy skies in Melbourne’s mid-afternoon, he found himself across the net from Chinese former world No 31 Zhang Zhizhen, now ranked 362, and returning from injury himself.Kooyong Lawn Tennis Club was the home of the Australian Open between 1972 and 1987 and is – outside Wimbledon – a bastion of tennis’s grasscourt traditions

Alyssa Healy shifted the dial to propel women’s cricket to its modern heights | Megan Maurice

“I’m not cut out for this.”This is not a sentiment that anyone who has observed Alyssa Healy’s long and storied career would have associated with such a champion of the game. But it was this thought that hit Healy early in her career for Australia, trying her hand at opening for her country for the first time and finding herself unable to hit the ball off the square, that demonstrates the depths of her humility and humanity.Always an immense talent growing up, Healy also had the blessing and curse of a famous surname. A blessing in that it ensured doors were always open for her, but a curse in the form of giant expectations that hung like a dark cloud above her head at all times