Reeves unveils City strategy aimed at cutting red tape and fuelling UK growth

Rachel Reeves has unveiled a package of City changes meant to cut “unnecessary” red tape and encourage more financial risk-taking by companies and consumers in the hopes of spurring economic growth.In a financial services strategy dubbed the Leeds Reforms, the chancellor outlined initiatives designed to boost the financial services sector, including plans to cut “unnecessary costs” related to accountability rules for senior bankers, and to launch an advertising campaign to get consumers investing cash savings in stocks.The UK government will review ringfencing rules – introduced after the 2008 financial crisis – that are meant to protect consumer cash from a bank’s riskier business activities.The independence of the Financial Ombudsman Service, which settles complaints between consumers and businesses, will also be watered down, while the rate of interest – and total compensation – that banks and other City firms have to pay to wronged consumers will be reduced.There will also be a review of risk warnings attached to investment products to ensure that people are “accurately” judging risk levels

Thames Water warns nationalisation is likely if emergency creditor talks fall

Thames Water has said it could collapse into temporary nationalisation if emergency talks with creditors fail, as it slumped to a £1.6bn annual loss.The loss for the 12 months to 31 March comes after a profit of £154m the previous year, even though revenues climbed by 8.7% to £2.7bn

Elmo’s X account posts racist and antisemitic messages after being hacked

Hackers gained access to the X account of the puppet Elmo over the weekend and used it to post racist and antisemitic threats as well as make profane references to Jeffrey Epstein. Sesame Workshop was still trying to regain full control on Monday over the red character’s account.“Elmo’s X account was compromised by an unknown hacker who posted disgusting messages, including antisemitic and racist posts. We are working to restore full control of the account,” a Sesame Workshop spokesperson said on Monday. Sesame Workshop is the non-profit behind Sesame Street and Elmo

Musk’s giant Tesla factory casts shadow on lives in a quiet corner of Germany

Politics of carmaker’s owner has soured sentiments in Grünheide, south-east of Berlin, where the factory promised jobs and revitalisationWhen Elon Musk advised Germans to vote for the far-right Alternative für Deutschland (AfD) in elections last year, Manu Hoyer – who lives in the small town where the billionaire had built Tesla’s European production hub – wrote to the state premier to complain.“How can you do business with someone who supports rightwing extremism?” she asked Dietmar Woidke, the Social Democrat leader of the eastern state of Brandenburg, who had backed the setting up of the Tesla Giga factory in Grünheide.Hoyer said that in Woidke’s “disappointing, but predictable” answer, he denied the charge. “He said he didn’t know him personally. As if that excused him

The Breakdown | Five areas where the Australia v Lions Test series will be won and lost

Selection It may sound obvious but both sides need their key chess pieces to be in the correct places. Neither team are due to declare their hands officially until Thursday but the Lions will be well aware of Joe Schmidt’s ability to produce a tactical surprise or two. The big name to look out from an Australian perspective will be Rob Valetini, such an important cog in the Wallaby pack but injured for the recent Fiji game. If Valetini is ruled out it will be a blow to home morale; the Wallabies are going to need their main men on the field. The Lions have had their own injury problems but their back-row and centre selections will be instructive

Rage against the machines: ignore the fury at Wimbledon, AI in sport works | Sean Ingle

We are all suckers for a good story. And there was certainly a cracking two‑parter at Wimbledon this year. First came the news that 300 line judges had been replaced by artificial intelligence robots. Then, a few days later, it turned out there were some embarrassing gremlins in the machine. Not since Roger Federer hung up his Wilson racket has there been a sweeter spot hit during the Wimbledon fortnight