Morrisons blames Labour for closure of 100 lossmaking stores May 22, 2026 Morrisons has taken aim at Labour policy for “significant cost increases” as it announced the closure of 100 lossmaking stores. The supermarket chain said on Thursday that it will close the 100 unprofitable Morrisons Daily convenience stores, in a move which could affect hundreds of jobs. Morrisons has faced steep debt costs following its £7bn [...]
Cowes Week announces Horner-linked North Sails as title sponsor May 22, 2026 The Cowes Week sailing regatta has this morning announced the Christian Horner-linked North Sails as title partner. The Isle of Wight racing week, taking place in August, will now be sponsored by the sailmaker backed by Oakley Capital, which this week appointed former Red Bull Racing team principal as an advisor. Cowes Week is the [...]
Rachel Reeves oversees borrowing spike as benefits spending offsets tax haul May 22, 2026 Rachel Reeves oversaw a surge in borrowing in the first month of the financial year as April’s figures hit the highest since 2020 on higher benefit spend. Government borrowing – which marks the difference between total public sector spending and income – topped £24.3bn in April 2026, according to the Office for National Statistics (ONS). [...]
Retail sales plummet as Iran war hits consumer confidence May 22, 2026 Retail sales plummeted by 1.3 per cent in April, as Brits cut back on spending amid increasing pressure from the war in Iran. The huge fall in retail sales volumes in April was the largest since May last year and defied economists’ forecasts of a softer drop. This comes after a 0.6 per cent rise in [...]
Enhanced Games on metaphorical trial: is the risk worth it for partners? May 22, 2026 The Enhanced Games wants to sell itself as the future: faster, louder, richer and finally honest about the drugs elite sport has spent decades pretending do not exist. This weekend it lands in Las Vegas with a simple proposition. Let athletes use performance-enhancing drugs under medical supervision, put big prize money on the table, stream [...]
As it happened: Stocks jump on peace hopes; Reeves hit by falling retail sales and surge in borrowing May 22, 2026 Good morning and welcome back to the City AM liveblog. Oil prices remain volatile and heightened as peace talks in the Middle East continue to run into stumbling blocks. Brent crude futures were up to $104 this morning following reports that Iran’s Supreme Leader was ordering for the nation’s enriched uranium reserves to remain in [...]
Bilbao, Amsterdam, Milan: Where should Champions Cup rugby go next? May 22, 2026 The best thing about the Investec Champions Cup and EPCR Challenge Cup finals weekend is its location: Bilbao. It is not the first time the two premier continental fixtures have ventured to El Botxo – the San Mames Stadium hosted Leinster’s victory over Racing 92 in 2018 and Cardiff’s Challenge Cup win over Gloucester a [...]
‘We cannot regulate cyber threats away,’ top lawyer warns May 21, 2026 British businesses are facing a growing compliance burden as governments race to respond to rising threats and the rapid spread of AI, but regulation alone may not solve the problem. “We cannot regulate cyber threats away”, partner and head of data and cyber at international law firm RPC Cavan Fabris told City AM. “There’s a [...]
‘It will reduce jobs’ – Jamie Dimon sounds off on AI’s impact on banks May 21, 2026 One of the world’s leading financial figures has warned AI will inevitably lead to a cut in jobs amid growing jitters around the impact the new tech will have on the banking sector. Jamie Dimon – the top boss of America’s largest bank, JP Morgan – said: “I think [AI] will reduce our jobs down [...]
Nvidia beats again – but Wall Street’s expectations keep rising May 21, 2026 Nvidia delivered another record-breaking quarter on Wednesday night, extending its dominance at the centre of the AI boom – but investors are increasingly asking how long the explosive growth can continue. The world’s most valuable company reported first-quarter revenue of $81.6bn, up 85 per cent year-on-year and ahead of Wall Street forecasts of $78.9bn. Net [...]