New large language models such as Anthropic’s Mythos are viewed by cybersecurity experts as posing significant challenges to the banking industry and its legacy technology systems
International News via Reuters:
Euro zone banks need to invest more in cybersecurity if they are to get a grip on new AI models that can find flaws in software, the European Central Bank’s outgoing Vice President Luis de Guindos said on Wednesday.
New large language models such as Anthropic’s Mythos are viewed by cybersecurity experts as posing significant challenges to the banking industry and its legacy technology systems, prompting a series of warnings from regulators and policymakers around the world.
The ECB has been quizzing euro zone banks about their preparedness for weeks, including at a meeting this week, and de Guindos said the sector needed to reach deeper into its pockets to strengthen its defences against cyberattacks powered by AI.
“We have to understand much better the potential implications of these new models and to try to put in place the systems and cybersecurity patches that can address that situation,” de Guindos, whose term runs out at the end of the month, told reporters.
“And (we have) to try to start to enhance the awareness of the financial institutions, of the banks, about the need of additional cybersecurity investment, because it’s going to be something that is going to be quite structural in the near future.”
He said the meeting with euro zone lenders on Tuesday featured a presentation by a U.S. bank which, unlike its counterparts on this side of the Atlantic, has had access to Mythos.
“The main message to everyone is cyber is becoming more and more important,” de Guindos said. “We have to invest more. And investment has to be pervasive. It’s not only for the large banks. It’s as well for the small banks.”
Reporting by Francesco Canepa; Editing by Toby Chopra and Gus Trompiz
The increase, up around £221 from the previous cap of £1,641 for April to June, will hit millions of households on variable tariffs
International News via Reuters:
British households will face higher energy bills averaging £1,862 a year from July after regulator Ofgem hiked its price cap by 13% on soaring wholesale gas prices caused by the conflict in the Middle East.
The increase, up around £221 from the previous cap of £1,641 for April to June, will hit millions of households on variable tariffs, with analysts warning bills could climb further if disruption to shipments through the Strait of Hormuz persists.
The rise piles further pressure on Prime Minister Keir Starmer as households struggle with rising living costs.
“The rise in the price cap because of a war we did not choose is deeply unwelcome news for households across the country. We know people were under pressure before this crisis, and that’s why easing that burden is our number one priority,” Energy Minister Ed Miliband said in a statement.
Wholesale British gas prices are around 45% higher than they were before the United States began military action against Iran on February 28, blocking the transit route for a fifth of the world’s liquefied natural gas.
Wholesale costs are the biggest single driver of Ofgem’s quarterly price cap, which limits what suppliers can charge households and also reflects network costs and environmental levies.
CALLS FOR MORE HELP
Consumer groups urged the government to lay out plans to provide support for households.
“Now is the time for the government to set out targeted interventions to help those on the lowest incomes afford their energy and to clear their debt,” National Energy Action Chief Executive Adam Scorer said.
The government says its push to reduce reliance on gas and increase renewable capacity such as wind and solar will cut costs in the longer term. In April, it also shifted some levies to cut around £150 from an average bill.
Even so, the new price cap is around 46% higher than in the winter of 2021/22, before Russia’s invasion of Ukraine led to a spike in global energy prices.
FURTHER RISES EXPECTED
With Iran-U.S. tensions unresolved, Cornwall Insight forecasts the cap rising further to £1,899 from October.
Britain’s economy has struggled to grow in recent years and the higher energy prices could further weigh on confidence. Recent data shows Britons are the least willing to make big purchases in almost a year and a half, while shoppers are buying fewer items and hunting for cheaper deals when buying food.
The BoE expects consumer price inflation to reach about 4% by the end of the year. British inflation has been above the BoE’s 2% target for all but a few months of the past five years.
Ofgem said people are using less gas and electricity than before so its next typical household energy use figure will reflect that. The price cap on standard tariffs was introduced in 2019 and covers about two-thirds of households.
($1 = 0.7437 pounds)
Reporting by Susanna Twidale in London and Raechel Thankam Job in Bengaluru; Editing by Bernadette Baum and Elaine Hardcastle
The nearly 7% drop in the oil price this week has given some respite to the currencies of more import-dependent nations
International News via Reuters:
The pound fell for a second day against the euro on Wednesday and made little headway against the dollar, as doubts about the likelihood of peace in the Middle East made traders cautious.
The nearly 7% drop in the oil price this week has given some respite to the currencies of more import-dependent nations, which include sterling, but overall, trading ranges have been narrow and volatility has been contained, reflecting a lack of conviction among investors.
Iran said on Tuesday U.S. strikes near the Strait of Hormuz represented a “gross violation” of a ceasefire in place for nearly seven weeks. The U.S. said its attacks were defensive in nature.
Most market participants believe a resolution to the conflict is more likely than a full-on escalation, but the level of uncertainty is high.
UK ENERGY PRICE CAP RISES
Closer to home for the pound, energy regulator Ofgem on Wednesday hiked its price cap by 13%, the most in more than two years, in response to a surge in wholesale gas prices caused by the conflict in the Middle East.
Sterling weakened against the euro, which rose 0.1% to 0.8659 pence, and was steady against the dollar at $1.3452. UK government bond yields, which have risen more than those of any other developed nation since the start of the war, were down 5 basis points on the day at 4.826%, which would normally weigh on the pound.
Kathleen Brooks, research director at broker XTB, said there were some sterling-positive takeaways.
Firstly, she said increased use of renewable energy in the UK meant the price cap was not rising as fast as in 2022 when the onset of the Ukraine war caused a surge in energy-linked inflation.
“Secondly, if there is a peace deal in the coming days that includes reopening the Strait of Hormuz, then energy prices could fall further, which could limit further upside on energy bills in future,” she said.
“Added to this, although the rising price cap will put upward pressure on inflation, the second-round effects are likely to be minimal, since the UK economy is showing signs of weakness and the unemployment rate is rising.”
Money markets show traders expect the Bank of England to hike rates once this year, with a less than 50% chance of a second for now.
That indicates traders are less concerned about a hit to the economy from rising price pressures than two weeks ago when the expectation was for almost three hikes in 2026.
Researcher Worldpanel by Numerator on Wednesday said British grocery inflation eased to 3.1% in the four weeks to May 17, down from 3.8% the prior month, its slowest rate of increase since December 2024, although the full impact of the Iran war had yet to filter into supermarket prices.
Reporting by Amanda Cooper; Editing by Barbara Lewis
Sheinbaum said FIFA approached her government after U.S. authorities said they did not want Iran staying in the country throughout the June 11-July 19 competition, even though Iran is scheduled to play three Group G matches there
International News via Reuters:
Iran’s national soccer team will sleep in Mexico and travel to the U.S. on the days of its three World Cup matches after Washington declined to host the squad for the tournament, Mexican President Claudia Sheinbaum said on Monday.
Sheinbaum said FIFA approached her government after U.S. authorities said they did not want Iran staying in the country throughout the June 11-July 19 competition, even though Iran is scheduled to play three Group G matches there.
“We have no reason to deny them the possibility of staying in Mexico,” Sheinbaum told her daily press conference.
Iran is due to face New Zealand in Los Angeles on June 15, Belgium in Los Angeles on June 21 and Egypt in Seattle on June 26.
The White House and the State Department did not immediately respond to requests for comment.
U.S. President Donald Trump said in March that Iran was welcome to participate in the World Cup but that he did not believe it was appropriate for Iran’s team to be in the United States “for their own life and safety.”
Mehdi Taj, head of Iran’s football federation, said on Saturday the team’s base would be moved from Arizona to the Mexican border city of Tijuana during the tournament. FIFA confirmed the move on Monday.
Taj added that the swap would help avoid visa-related complications and allow direct Iran Air flights to Mexico.
Iran’s World Cup plans have been under scrutiny since late February, when the United States joined Israel in attacks on Iran, triggering a war that raised doubts over whether Tehran would send its team to play in one of the host countries.
In March, Taj said Iran was in talks with FIFA about moving its group matches to Mexico on safety grounds, and Sheinbaum said Mexico would be open to hosting them. FIFA kept the schedule unchanged.
The uncertainty fueled wider speculation about Iran’s place at the tournament. In April, Trump’s envoy for global partnerships, Paolo Zampolli, suggested Italy should replace Iran, prompting a dismissive response from Italian officials and FIFA.
Iran qualified for a fourth consecutive World Cup by topping its group in the third round of Asian qualifying last year.
Reporting by Raul Cortes and Natalia Siniawski; Additional reporting by Kylie Madry; Editing by Iñigo Alexander and Cynthia Osterman
Tech shares, lifted by surging chip stocks, put the Nasdaq out front, while the S&P 500’s gains were more modest
International News via Reuters:
The S&P 500 and the Nasdaq advanced on Tuesday, parting ways with their European counterparts, and falling West Texas Intermediate crude prices diverged from spiking Brent oil prices as investors weighed optimism over an imminent U.S.-Iran peace deal against risks the tenuous ceasefire could collapse.
Tech shares, lifted by surging chip stocks, put the Nasdaq out front, while the S&P 500’s gains were more modest. The blue-chip Dow was in negative territory.
The S&P 500 and the Nasdaq clinched all-time closing highs.
“WTI is down, but Brent is up, gold is down, but silver is slightly higher, the Dow is down, but the S&P and Nasdaq are up,” said Sam Stovall, chief investment strategist of CFRA Research in New York. “It’s almost like the asset classes are diversifying by being a little long in one and short in the other, which indicates to me that the market’s not really sure what should happen.”
“If we do get a true agreement between the U.S. and Iran, then I think the market is ready to take off,” Stovall added.
The fragile truce between the United States and Iran was imperilled after the U.S. conducted what it called defensive strikes, which Iran called a “gross violation” of the seven-week-old ceasefire. Even so, both sides indicated progress toward an agreement that would stop the war and resume shipping through the blockaded Strait of Hormuz.
U.S. CONSUMER SENTIMENT DARKENS
Economic data on Tuesday showed the mood of the American consumer, whose spending accounts for 70% of the U.S. economy, darkened slightly in May amid mounting inflation concerns.
The Dow Jones Industrial Average fell 117.29 points, or 0.23%, to 50,462.41, the S&P 500 rose 45.92 points, or 0.61%, to 7,519.39 and the Nasdaq Composite rose 312.21 points, or 1.19%, to 26,656.18.
European shares dipped on fears that the U.S. missile strikes in southern Iran could disrupt peace negotiations and extend the Strait of Hormuz blockade, which sent Brent crude prices higher and fueled inflation worries.
Investors were also weighing comments from European Central Bank board member Isabel Schnabel, who said the central bank should hike rates in June, even if a U.S.-Iran peace deal is reached.
MSCI’s gauge of stocks across the globe rose 3.32 points, or 0.3%, to 1,121.47.
The pan-European STOXX 600 index fell 0.57%, while Europe’s broad FTSEurofirst 300 index fell 15.66 points, or 0.62%.
Brent crude prices spiked after settling 7% lower in the previous session. In contrast, U.S. WTI oil slid from Friday’s close. There was no WTI settlement on Monday due to the Memorial Day holiday.
U.S. crude fell 2.81% to settle at $93.89 per barrel, while Brent settled at $99.58 per barrel, up 3.58%.
U.S. Treasury yields fell as hopes for a deal to reopen the strait helped soothe inflation fears.
The yield on benchmark U.S. 10-year notes fell 8 basis points to 4.493%, from 4.572% late on Friday.
The 30-year bond yield dropped 5.4 basis points to 5.0283% from 5.082% late on Friday.
The 2-year note yield, which typically moves in step with interest rate expectations for the U.S. Federal Reserve, fell 8.2 basis points to 4.045%, from 4.127% late on Friday.
The dollar firmed amid dimming hopes for a near-term resolution to the Middle East conflict.
The dollar index, which measures the greenback against a basket of currencies including the yen and the euro, rose 0.1% to 99.14, with the euro down 0.09% at $1.1632.
Against the Japanese yen, the dollar strengthened 0.25% to 159.29.
In cryptocurrencies, bitcoin fell 1.63% to $75,946.11. Ethereum declined 1.66% to $2,072.64.
Gold prices fell as energy-driven inflation stoked rate hike bets amid faltering hopes for a U.S.-Iran peace deal.
Spot gold fell 1.36% to $4,508.39 an ounce. U.S. gold futures fell 0.44% to $4,501.10 an ounce.
Reporting by Stephen Culp in New York; Additional Reporting by Elizabeth Howcroft and Rae Wee; Editing by Joe Bavier, Matthew Lewis, Rod Nickel
CDC Acting Director Jay Bhattacharya said in the email that the agency had activated a Level 2 emergency response on May 18 to an outbreak of the Bundibugyo strain of the Ebola virus in the Democratic Republic of the Congo and Uganda
International News via Reuters:
The U.S. Centers for Disease Control and Prevention has asked staff to volunteer for urgent deployment to support Ebola screening at the country’s entry points, according to an email seen by Reuters on Tuesday.
CDC Acting Director Jay Bhattacharya said in the email that the agency had activated a Level 2 emergency response on May 18 to an outbreak of the Bundibugyo strain of the Ebola virus in the Democratic Republic of the Congo and Uganda, and was expanding recruitment beyond its usual emergency responder pool as screening of selected international arrivals ramps up.
Level 2 is an intermediate level of emergency response. It indicates a need for substantial additional staffing to meet response demands, according to the CDC’s website.
The CDC said enhanced screening operations are already under way at several port health stations and will require additional personnel. Staff across roles, including public health advisers, emergency specialists and licensed medical providers, are being asked to support the effort, subject to supervisor approval.
Volunteers could be tasked with monitoring incoming travelers for signs of illness, checking temperatures and referring suspected cases for further assessment, according to the email.
The outbreak involves the Bundibugyo strain of the virus. Ebola is a severe and often fatal disease transmitted through direct contact with infected bodily fluids.
The World Health Organization has declared the outbreak of the rare Bundibugyo strain of Ebola the third-largest such outbreak on record, and a public health emergency of international concern.
WHO Director-General Tedros Adhanom Ghebreyesus said on Monday that the fast-moving Ebola outbreak in the Democratic Republic of Congo and Uganda was outpacing response efforts, giving the latest number of suspected deaths as 220.
Reporting by Kamal Choudhury and Siddhi Mahatole in Bengaluru; editing by Alan Barona
The document, dated May 21, said white South Africans of Afrikaner ethnicity face an emergency situation due to the “incitement of racially motivated violence” by the government and political parties in the majority-Black country
International News via Reuters:
U.S. President Donald Trump increased the refugee admissions ceiling by 10,000 for this year to allow more white South Africans to come into the country, a signed presidential determination reviewed by Reuters showed.
The document, dated May 21, said white South Africans of Afrikaner ethnicity face an emergency situation due to the “incitement of racially motivated violence” by the government and political parties in the majority-Black country.
Trump, a Republican, froze refugee admissions from around the world when he took office in January 2025, but weeks later launched a program exclusively aimed at bringing in white South Africans. The effort – which prioritized white refugees while shunning thousands of others from Africa, Asia and elsewhere – was part of a broader challenging of humanitarian norms around refugee protection.
The Trump administration has admitted only three non-South African refugees this fiscal year, government figures show.
SOUTH AFRICA REJECTS PERSECUTION CLAIMS
South African foreign ministry spokesperson Chrispin Phiri, in response to a Reuters request for comment, rejected the assertion that European-descended Afrikaners face danger and discrimination.
“The assertion that white Afrikaners, in particular, endure systemic persecution is entirely without foundation,” Phiri told Reuters in a statement.
The White House document did not list specific examples of South Africa’s government allegedly inciting racial violence.
A State Department spokesperson declined to confirm the 10,000-person increase to the refugee cap but said the program was a Trump priority and that the president would determine refugee levels.
Trump initially set the refugee ceiling at a record-low 7,500 for fiscal year 2026, which ends on September 30. But his administration had already brought in 6,000 white South Africans through the end of April, government figures show.
Trump’s decision to increase the number of refugee admissions brings the total ceiling to 17,500.
Reuters first reported the planned refugee program expansion in April.
REFUGEE PROGRAM PROCEEDS DESPITE TENSIONS
During the apartheid era, which ended with the first democratic elections in 1994, South Africa maintained a racially segregated society with separate schools, neighborhoods and public facilities for people classified as Black, white, Asian or colored, a term for certain mixed-race people in South Africa.
Blacks make up 81% of South Africa’s population, according to 2022 census data. Afrikaners and other white South Africans constitute 7% of the population.
Tensions over the Trump-led refugee effort flared up in December after South African authorities raided a building in Johannesburg where U.S. staff and contractors were processing refugee cases.
After diplomats from both nations held a meeting weeks later, South Africa affirmed that it would allow the U.S. program to continue operating, Reuters reported at the time.
In Trump’s presidential determination expanding the program, he cites “new disruptions” of refugee operations in South Africa as contributing to the urgent need to bring in more Afrikaners.
To emphasize the program, the Trump administration is interested in bringing white South African refugees to the White House for World Refugee Day on June 20, according to a U.S. official and internal government email reviewed by Reuters.
Reporting by Ted Hesson in Washington; Additional reporting by Nellie Peyton in Johannesburg; Editing by Chizu Nomiyama and Matthew Lewis
Carnival in Bermuda is preparing for another year of celebrations, with events set to take place June 10-15. Kendal Trott spoke to Jade Morris, Public Relations Coordinator for Carnival in Bermuda, who shared details on what attendees can expect this year. She noted that organizers are still seeking volunteers and encouraged those interested to sign up through the Carnival in Bermuda website. Ms Morris added that upcoming announcements surrounding local talent and a major headline performer are expected to be released in early June.
The package also targets crypto exchanges and entities operating Russia-focused platforms, including a Kyrgyz bank and multiple firms registered in jurisdictions including Georgia and the United Arab Emirates, alongside individuals tied to the network
International News via Reuters:
Britain on Tuesday targeted Russia-linked cryptocurrency platforms, banks and financial networks that it said were used to bypass sanctions, freezing their assets and barring UK firms from processing payments and holding correspondent banking ties.
The measures focus on what London described as “shadow financial systems” underpinning Russia’s war economy, including the Kremlin-backed A7 network, which it said had been used to route funds, finance procurement and exploit foreign banking systems to evade restrictions.
The package also targets crypto exchanges and entities operating Russia-focused platforms, including a Kyrgyz bank and multiple firms registered in jurisdictions including Georgia and the United Arab Emirates, alongside individuals tied to the network.
Britain said it was “tracking down and shutting off” payment routes fuelling Moscow’s invasion of Ukraine.
CRYPTO EXCHANGE AMONG THOSE TARGETED
“We will continue to act fast and decisively, alongside our allies, to expose, disrupt and dismantle these networks, and ensure those enabling Russia’s aggression face consequences,” foreign minister Yvette Cooper said in a statement.
The Russian embassy in London did not immediately respond to a request for comment.
Among those sanctioned was Huobi Global S.A., one of the world’s largest crypto exchanges, founded in China in 2013 and now known as HTX.
Britain’s sanctions list said Huobi was involved in providing funds, economic resources, goods or technology to individuals and entities in Russia’s financial sector.
A spokesperson for HTX said in an email: “Regulatory compliance remains our absolute top priority at HTX. We proactively monitor and strictly adhere to regulatory frameworks in all jurisdictions where we operate globally, including the UK.”
The Financial Conduct Authority, Britain’s markets regulator, filed a lawsuit against HTX last October, accusing it of unlawfully promoting crypto asset services to British consumers.
The FCA did not immediately respond to a request for comment.
The move comes nearly a week after Britain said it would defer a ban on imports of diesel and jet fuel derived from Russian crude refined in third countries to ease supply pressures, a decision it said was a phased approach rather than any easing of sanctions.
Reporting by Sam Tabahriti; Additional reporting by Kirstin Ridley in London and Elizabeth Howcroft in Paris; Editing by William James and David Holmes
Just under eight months after he took office to help oversee a strategy revamp, Manifold’s departure follows scandal and repeated leadership changes at BP
International News via Reuters:
BP has ousted Chair Albert Manifold with immediate effect, it said on Tuesday, citing governance and conduct issues, with four sources alleging aggressive and unacceptable behaviour towards colleagues.
A BP spokesperson declined to give further details. Reuters could not immediately reach Manifold for a comment.
Just under eight months after he took office to help oversee a strategy revamp, Manifold’s departure follows scandal and repeated leadership changes at BP. Less than three years ago, former BP CEO Bernard Looney was fired after lying to the board about personal relationships with colleagues.
With Manifold fresh in the job, Looney’s successor Murray Auchincloss left abruptly in December, with no clear reason given for his exit. Former Woodside CEO Meg O’Neill was immediately announced as BP’s fifth CEO since 2020 to accelerate the company’s shift in focus back to oil and gas and away from renewable energy, a strategy change announced by Auchincloss early last year.
BP BOARD UNANIMOUSLY DECIDED TO OUST MANIFOLD
In a statement on Tuesday, BP said its board had unanimously decided that Manifold – who has had the backing of activist hedge fund Elliott, which has built up a stake of around 5% in BP – should no longer serve as chair and director with immediate effect.
“This follows serious concerns raised to the board related to important governance standards, oversight and conduct,” BP said.
“Albert has helped bring a welcome focus and pace to BP’s transformation. However, the board has been surprised and disappointed to learn of governance oversight and conduct issues it deems unacceptable and has taken decisive action,” said senior independent director Amanda Blanc. Blanc oversaw Manifold’s appointment in October.
Four sources with knowledge of the matter, including one close to BP’s board, cited alleged unacceptable and aggressive behaviour with different colleagues across the company as one reason for Manifold’s ouster. One source said the board had received enough information following a whistleblower report to ascertain that there was a pattern of unacceptable behaviour.
The sources declined to be named because they were not authorised to speak publicly.
Elliott declined to comment.
BP shares were down almost 10% after the announcement and their trading briefly halted. They later pared some losses to trade down around 4%. An index of European energy companies was down around 0.1%.
MANIFOLD WAS APPOINTED AMID TAKEOVER SPECULATION
Manifold, who had never held a job in the energy industry before BP, had made a name for himself as the chief at building materials producer CRH whose portfolio he reshaped. He also moved its primary listing from Ireland to the U.S. and the share price rose.
BP announced his appointment last year after years of share underperformance against its rivals had prompted persistent takeover and break-up speculation.
Under Manifold, BP’s board shrank. Shell finance chief Simon Henry, who only joined BP in September, was among those leaving.
In April, at BP’s annual general meeting, the board failed to get two of its resolutions accepted by shareholders and Manifold’s appointment as chair got less support than typical.
While the board stood united at the AGM, proxy adviser Glass Lewis said at the time Manifold was ultimately accountable for BP’s decision to exclude a resolution filed by climate activist group Follow This and thus recommended a vote against him. His appointment was confirmed by around 82% of votes, which is below a typical tally near 100% for directors.
Ian Tyler, a former chief of British construction group Balfour Beatty and on BP’s board since last year, will be interim chair.
Additional reporting by Stephanie Kelly, Raechel Thankam Job in Bengaluru; Editing by Anil D’Silva, Barbara Lewis and Emelia Sithole-Matarise
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