Lloyds takes £151m hit from Iran war as it forecasts rise in UK unemployment

Lloyds has said that the economic fallout from the Middle East conflict could cost it £151m amid rising unemployment and inflation and a slowdown in the housing market.The FTSE 100 group, whose brands include Lloyds Bank, Halifax and Bank of Scotland, issued a downbeat economic forecast that it said reflected the stagflationary consequences – the double hit of rising inflation at the same time as slower economic growth – for the UK and global economies.Overall, Lloyds expects its base case for UK gross domestic product growth to be only 0.5% this year, lower than the 0.8% forecast by the International Monetary Fund earlier this month

Inflation jumps to 4.6% in Australia as Iran war fuel shock begins to bite

Inflation jumped to 4.6% in the year to March, from 3.7% the month before, in what the treasurer, Jim Chalmers, warned was the start of an Iran war-linked fuel shock that will ripple through the economy over coming months.With consumer prices now growing at their fastest pace in two and a half years, financial markets and experts are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday as officials struggle to manage the nightmare scenario of containing inflation even as growth is expected to slow sharply.The treasurer ahead of next month’s budget said “inflation is likely to peak higher than this”, even as he reassured Australians that the economy was well placed to navigate the fallout from the war

‘Stole a charity’: Elon Musk accuses Sam Altman of betrayal in courtroom showdown

The trial pitting Elon Musk against Sam Altman and OpenAI began in dramatic fashion on Tuesday with opening arguments and the richest man in the world taking the stand to testify. Attorneys for the two tech moguls presented a California jury with two wildly different versions of the AI company’s history, while Musk accused his billionaire rival of endangering humanity through corporate deception.Musk’s suit argues that Altman, OpenAI and its president, Greg Brockman, broke a foundational agreement to better humanity when the non-profit pivoted towards a for-profit structure. In his opening statement, Musk’s attorney said Altman and Brockman “stole a charity”. Musk, who left OpenAI in 2018 after co-founding it with Altman and Brockman three years earlier, also alleges that his co-founders unjustly enriched themselves as the company raised billions of dollars and grew into the AI behemoth it is today

UK must seize initiative on AI or be left at its mercy, Liz Kendall says

Britain must seize the initiative on artificial intelligence or be left at the “mercy and whim” of a future shaped by the technology, Liz Kendall has said.The technology secretary said the country must have greater control over the industry as she highlighted big tech’s grip on its development, with 70% of the world’s AI computing power provided by US companies.In a speech on the UK’s ability to develop its own capabilities, Kendall said: “The choice isn’t between a world that has AI and one that does not. It is a choice between a world where we shape our AI future, based on our own interests and values, or where we are left at its mercy and whim.”Kendall highlighted the launch this month of a state AI investment fund as evidence of Labour’s support for domestic firms, and revealed the government was drawing up a plan to become more influential in designing and manufacturing the chips that power AI systems

From the Pocket: The AFL’s deference to technology only creates more doubt and uncertainty

When Greg Swann was appointed executive general manager of football performance at the AFL, many saw him as the man to cure all the sport’s ills. He was one of those footy people known primarily by his nickname, a man who projected an air of knockabout affability, a man renowned for getting things done. He would apply “the pub test” to many of football’s most pressing issues: the draft, the rules, the umpiring, the AFL review centre (ARC). “Swanny”, we were assured, was the man who would make footy’s trains run on time.One of the first things Swann’s predecessor, Laura Kane, did in the role was embark on an overseas study tour

Ultramarathon swimmer sets record pace over 55km in crocodile-filled Australian river

Andy Donaldson and his team were aware of the dangers that lay ahead, but just in case a reminder was needed, a huge 2.5-metre freshwater crocodile waiting at the start ramp ahead of his longest-ever solo swim put the challenge into stark focus.Donaldson, a British-Australian ultramarathon swimmer, was about to embark on the 55km Dam to Dam Challenge from Lake Argyle to Kununurra in the East Kimberley, hoping to become the first man to complete the gruelling endurance swim.Adding to the difficulty was the fact the Ord River in remote Western Australia is well known for its reptilian inhabitants; the freshwater crocodile population numbers 5,500 – one croc for every 10 metres of his swim.Fortunately for the 35-year-old, freshwater crocodiles are smaller and more timid than their saltwater counterparts – the world’s largest reptiles – and unlikely to approach humans