Pound heads for worst week in 18 months as Burnham lines up Labour bid

UK government borrowing costs jump amid political uncertainty and oil price rise that fuelled inflation worries

The pound was heading for its worst week in 18 months on Friday as City traders anticipated that the UK prime minister, Keir Starmer, could face a challenge from the Manchester mayor, Andy Burnham, later this year.

After days of uncertainty over Starmer’s future, sterling dropped by almost three cents, or 2%, during the week to $1.336 on Friday, a five-week low. That would be the largest weekly drop against the US dollar since Donald Trump’s election win in early November 2024.

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UAE Tried in Vain to Get Saudis to Coordinate on Iran Response – Bloomberg.com

  1. UAE Tried in Vain to Get Saudis to Coordinate on Iran Response  Bloomberg.com
  2. BRICS talks end without joint statement, exposing divisions over war in Iran  Reuters
  3. Trump Administration Told UAE to Seize One of Iran's Gulf Islands, Report Says  Haaretz
  4. UAE rejects ‘attempts to justify Iranian terror’ after Tehran alleges role in war  The Times of Israel
  5. UAE made failed attempt to get Saudi Arabia, Qatar to jointly attack Iran: Report  Middle East Eye
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Iran has ‘no trust’ in US, will negotiate only if it is serious, Araqchi says – Reuters

  1. Iran has 'no trust' in US, will negotiate only if it is serious, Araqchi says  Reuters
  2. Iran warns of readiness for war and economic costs as US talks falter  Al Jazeera
  3. Iran says it "cannot trust" U.S. in negotiations as Trump says "we control" strait  Yahoo
  4. Iran has ‘no trust’ in the U.S., will negotiate only if it is serious, Araghchi says  NBC News
  5. 'This was all avoidable': Iran on US facing 'rocketing costs of war of choice'  The Times of India
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Archaeologists Enter a Hidden Luxor Chamber and Find 22 Painted Coffins of Amun’s Sacred Singers With 8 Sealed Papyri Untouched for Centuries – The Daily Galaxy

  1. Archaeologists Enter a Hidden Luxor Chamber and Find 22 Painted Coffins of Amun’s Sacred Singers With 8 Sealed Papyri Untouched for Centuries  The Daily Galaxy
  2. Egypt exhibits Tutankhamun tomb artifact and two restored New Kingdom tombs in Luxor  Reuters
  3. Archaeologists unearth hidden coffin cache at Luxor’s Abu el-Naga necropolis  HeritageDaily
  4. Egypt unveils two colorfully decorated, restored, New Kingdom tombs in Luxor  The Times of Israel
  5. Tomb of the Purification Priest of the Temple of Amun and 10 Other Figures, Whose Names and Roles Were Previously Unknown, Discovered in Luxor  La Brújula Verde
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Russian missiles used in deadly strike were built this year with western parts, says Ukraine – Financial Times

  1. Russian missiles used in deadly strike were built this year with western parts, says Ukraine  Financial Times
  2. Ukraine war briefing: Zelenskyy vows retribution over deadly Russian bombardments  The Guardian
  3. Tumultuous, bloody week unfolds in Ukraine and Russia after brief ceasefire  The Washington Post
  4. Kyiv mourns as death toll from Russian attack in the Ukrainian capital rises to 24  AP News
  5. Russian Offensive Campaign Assessment, May 14, 2026  Institute for the Study of War
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AI-generated fantasies of US intervention reveal how desperation has narrowed Cuba’s political horizons – The Conversation

  1. AI-generated fantasies of US intervention reveal how desperation has narrowed Cuba’s political horizons  The Conversation
  2. Abigail Hall: Washington’s Cuba Delusion  Los Angeles Daily News
  3. Cuba's American liberators, depicted on the left in a political cartoon from 1898 and on the right in an AI image.  IslanderNews.com
  4. From Social Media: When a Threat Becomes a Meme  CubaSí
  5. Cubans Use AI to Imagine US Intervention  Let's Data Science
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British Gas faces record £112m settlement over prepayment meter scandal

Redress to customers for force-fitting devices in homes includes £20m penalty and £70m of debt write-offs

Thousands of British Gas customers who had prepayment meters force-fitted in their homes will between them receive compensation and energy bill debt write-offs worth up to £112m in the biggest energy supplier settlement on record.

Great Britain’s energy regulator found that British Gas forced PPMs on homes that were not keeping up with their bills at the height of the Russian gas crisis, in one of the most complex investigations in Ofgem’s history.

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X to block UK access to accounts linked to terrorist groups in Ofcom agreement

Media regulator announces commitments by Elon Musk’s platform to crack down on terrorist and hate content

Elon Musk’s X platform has promised to block UK access to accounts linked to banned terrorist groups under an agreement with the communications regulator to crack down on terrorist and hate content.

X will also review suspected illegal terrorist and hate content within 48 hours and seek expert advice on how to handle user reports of such content.

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First Thing: China trip winds down but Trump-Xi Iran accord remains elusive | Jem Bartholomew

US president offers no news of any breakthrough on Iran. Plus, how renters’ rights could be key issue in midterms

Good morning.

In his visit to China, Donald Trump, has seemed to revel in Chinese hospitality and flattery. Walking in the Zhongnanhai Garden in Beijing, the US president was overheard saying that Xi Jinping, the Chinese president, was giving him roses for the White House Rose Garden, according to a pool report.

What has China said on Iran? On Friday, China’s foreign ministry again called for a ceasefire in Iran and said the strait of Hormuz should be opened “as soon as possible”. Ahead of the summit, there was speculation the US might appeal to China, the biggest buyer of Iranian oil, to use its leverage to encourage the country to reopen the strait of Hormuz. But that was walked back by US secretary of state Marco Rubio on Thursday, who said, “We don’t need their help.”

What about talks over Taiwan? They weren’t mentioned much. Xi took a firm tone, declaring that “Taiwan independence” and peace in the Taiwan strait were “incompatible”. Trump took a muted approach as he sidestepped questions on Taiwan. A White House readout of the meeting published later also omitted mention of the country.

What do Russia’s renewed heavy attacks tell us? Friedrich Merz, the German chancellor, said on Thursday that Russia’s heavy bombardment of Kyiv showed Moscow was “banking on escalation rather than negotiation. Kyiv and its partners are ready for negotiations aimed at a just peace,” Merz said. “Russia, for its part, is continuing the war.”

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Why the Iran conflict is becoming a problem for BRICS – Al Jazeera

  1. Why the Iran conflict is becoming a problem for BRICS  Al Jazeera
  2. BRICS talks end without joint statement as divisions over Iran war deepen  Al Jazeera
  3. BRICS ministers fail to issue a joint statement over differences on conflict in the Middle East  AP News
  4. Iran’s Foreign Minister Asks BRICS Nations to Unite Against U.S. “Bullying”  Democracy Now!
  5. BRICS members agree on ‘independent’ State of Palestine with East Jerusalem as capital  The Hindu
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