The BoE had previously said it would cap holding limits at 20,000 pounds ($26,786) per individual and 10 million pounds per business for sterling stablecoins that are widely used for everyday payments
International News via Reuters:
The Bank of England said on Tuesday it is weighing alternatives to holding limits on stablecoins and will publish draft rules next month.
• “Temporary guardrails” on total stablecoins issued could address concerns about impact on credit provision at lower cost to the sector than holding limits, Deputy Governor Sarah Breeden said at CityWeek 2026.
• The BoE had previously said it would cap holding limits at 20,000 pounds ($26,786) per individual and 10 million pounds per business for sterling stablecoins that are widely used for everyday payments, prompting a backlash from industry.
• Stablecoins are typically pegged at a fixed rate to the U.S. dollar or another major currency, and aim to be an alternative to the existing banking system for making domestic or international payments.
• The BoE has voiced concern that a rapid outflow of bank deposits into stablecoins risked endangering financial stability and could cause a credit crunch.
• The cryptoasset industry has said the BoE’s proposals are among the strictest in the world.
• The BoE will publish draft rules next month and finalise them by year-end “in line with the U.S. timeline,” Breeden said.
• Banks can issue stablecoins so long as they are issued from a non-deposit-taking entity using distinct branding that can “reference” the parent brand, she said.
In an interview hours after the late-morning shooting at the Islamic Center of San Diego, Shanah recalled hearing a barrage of gunshots coming from outside the walls of the complex, which also houses an Islamic day school
International News via Reuters:
Nine-year-old Odai Shanah, whose mother emigrated from war-torn Gaza and settled in Southern California two decades ago, was among dozens of children forced to huddle in classrooms on Monday when deadly gunfire erupted at the mosque where they attend school.
In an interview hours after the late-morning shooting at the Islamic Center of San Diego, Shanah recalled hearing a barrage of gunshots coming from outside the walls of the complex, which also houses an Islamic day school.
Shanah said he and his classmates were quickly ushered into a closet where they crowded together, trembling in fear as 12 to 16 more shots rang out. At some point after the shooting ceased, they heard members of a police SWAT team shouting from outside the classroom, “‘OK, open up,’ then they opened the door,” the boy recounted.
As they were escorted out of the building by police officers, “we saw a bunch of bad stuff, people laying down and yeah, bad stuff,” Shanah said, using a phrase that he acknowledged meant that he was referring to the victims’ bodies.
“My legs were shaking and my hands and my head were like hurting a lot. I felt like a rock,” he said.
Police said three men affiliated with the Islamic Center, including a security guard credited by authorities with preventing greater bloodshed, were shot dead outside the mosque by two teen suspects, who later took their own lives several blocks away.
Both of Shanah’s parents gave permission for their son, a U.S.-born relative of a Reuters employee, to be interviewed by name for this article, and to recount the experience in his own words.
Emerging from his hiding place after the gunfire ended, Shanah said he witnessed police kick in the door of an adjacent classroom, apparently as SWAT teams advanced room to room through the building.
“They told us to put our hands up and form a big line,” the boy said, adding that he saw a group of younger students forming another line to be evacuated, before he and his classmates were ushered through the complex to the exterior.
The gunmen never entered the interior of the mosque complex, and all of the students of the school, known as the Bright Horizon Academy, were accounted for and safe, authorities said afterward.
The gun violence that shook the Islamic Center and the close-knit surrounding community surely came as a particular shock to Shanah’s mother, who fled Gaza for the United States in 2006, the year of months-long clashes between the Israeli army and Palestinian militants in the seaside enclave. His father emigrated from Jordan to the U.S. in 2015.
Reporting by Matt Silverstein in San Diego. Writing and additional reporting by Steve Gorman in Los Angeles; Editing by Raju Gopalakrishnan
Early payroll data from the tax office – often revised sharply around the start of the tax year in April – showed a heavy fall of 100,000 in the month from March, and estimates for the previous four months were lowered
People walk across London Bridge during the morning commute rush, in London, Britain, January 16, 2026. REUTERS/Maja Smiejkowska/File Photo
International News via Reuters:
Britain’s employers reined in their hiring and posted fewer job vacancies in April, according to data on Tuesday which showed the impact of the Iran war on the economy and prompted investors to cut their bets on Bank of England interest rate hikes.
Early payroll data from the tax office – often revised sharply around the start of the tax year in April – showed a heavy fall of 100,000 in the month from March, and estimates for the previous four months were lowered.
The unemployment rate – a high-profile gauge of the economy albeit derived from a survey that is being overhauled – ticked up to 5% for the first quarter, from 4.9% in the three months to February, potentially adding to the headaches of embattled Prime Minister Keir Starmer.
The Office for National Statistics said the April drop in payrolls was the biggest since May 2020, at the start of the COVID-19 pandemic, though it stressed the figures were likely to be revised.
Work and pensions minister Pat McFadden pointed to an increase in the number of people in work from a year earlier but said: “We know the conflict in the Middle East is casting a shadow on the labour market.”
James Smith, an ING economist, said the payroll figures, along with slower wage growth, meant his forecast that the BoE will raise rates in June now looked a close call.
“All of this questions the need for Bank of England rate hikes,” Smith said, adding the economy looked less susceptible to demands for higher wages or companies pushing up prices than after Russia’s full-scale invasion of Ukraine which also caused an energy price shock.
Investors trimmed their bets on BoE rate hikes over the remainder of 2026, with about two quarter-point increases priced in, compared with a roughly 50-50 possibility of a third hike priced in on Monday.
Allan Monks, an economist with JP Morgan, said additional signs of jobs market weakness would probably dampen the BoE’s appetite for a quick rate rise.
Inflation data on Wednesday would be key for assessing whether stubborn inflation pressures are weakening, he said.
JOBS MARKET FEELING THE STRAIN
The ONS said lower-paying sectors such as hospitality and retail saw some of the largest falls in payroll numbers and vacancies in the most recent data and over the last year.
Employers have complained that higher payroll taxes and a government reform to give workers more rights have made hiring more expensive for them.
“The latest figures point to a labour market feeling the strain,” said Jack Kennedy, senior economist at jobs platform Indeed, adding the fast pace of growth in the economy in early 2026 would be hit by the worries about the Iran war.
“A volatile domestic political backdrop adds uncertainty that businesses could do without,” he said.
Starmer looks set to be challenged as leader of the governing Labour Party, raising questions about policy just as the Iran war is also hitting the economy.
Surveys of businesses in April showed firms were concerned about the economic outlook and inflationary pressures caused by the conflict and they planned to cut hiring.
Tuesday’s data showed vacancies fell to 705,000 in the three months to April, the lowest number since the three months to February 2021.
Growth in wages, excluding bonuses, stood at 3.4% in the first three months of 2026 compared with the same period last year, the slowest increase since 2020.
Adjusting for inflation, average weekly earnings excluding bonuses grew by only 0.3% annually in the three months to March.
The number of employed people rose by 148,000 in the first quarter, with the growth entirely due to rising numbers of self-employed.
Writing by William Schomberg; Editing by Sarah Young, Andy Bruce, Andrew Heavens, Peter Graff
Energy bills are forecast to rise by 209 pounds ($280) to 1,850 pounds a year for a typical dual-fuel household from July
Wind turbines are seen next to an electricity pylon on the Frodsham on shore wind farm in Frodsham, Britain, September 5, 2023. REUTERS/Phil Noble
International News via Reuters:
Britain’s domestic energy price cap is forecast to rise by around 13% in July from current levels, analysts at Cornwall Insight said on Tuesday,
• Energy bills are forecast to rise by 209 pounds ($280) to 1,850 pounds a year for a typical dual-fuel household from July. The new cap would represent an increase of 13% on the current 1,641 pounds annual bill.
• The main driver for the increase is higher wholesale prices, which climbed in February and March after U.S. and Israeli missile strikes on Iran and subsequent Iranian attacks that damaged Gulf energy infrastructure and triggered the closure of the Strait of Hormuz, through which about 20% of the world’s oil and liquefied natural gas usually passes.
• Although a temporary ceasefire has brought some calm to markets, wholesale prices have remained elevated.
• Wholesale energy prices are the largest single factor contributing to British energy regulator Ofgem’s domestic price cap, which is set on a quarterly basis using a formula that also reflects suppliers’ network costs and environmental and social levies.
• “The bigger concern is October when demand picks up again and current forecasts point to a similar cap level as July,” the Cornwall Insight analysts said.
• “While the October cap will depend on how the Middle East conflict unfolds, even if the conflict were to end tomorrow, the physical damage to infrastructure and lingering effect of disrupted supply means a fall back to April’s price cap levels in the autumn looks unlikely,” they added.
($1 = 0.746 pounds)
Reporting by Nina Chestney. Editing by Mark Potter
There have been 131 suspected deaths and 500 cases linked to the outbreak of the Bundibugyo strain of Ebola, according to the WHO
A Congolese health worker checks the temperature to screen a traveller at the Grande Barrier border following confirmation of an Ebola outbreak involving the Bundibugyo strain, at the border crossing point between Congo and Rwanda, in Goma, Democratic Republic of Congo May 18, 2026. REUTERS/Arlette Bashizi
International News via Reuters:
A panel of experts led by the World Health Organization will meet on Tuesday to discuss if there are any vaccine options to help tackle a major Ebola outbreak in eastern Democratic Republic of Congo.
There have been 131 suspected deaths and 500 cases linked to the outbreak of the Bundibugyo strain of Ebola, according to the WHO. The WHO and Africa Centers for Disease Control and Prevention have both declared it a public health emergency.
There are no approved vaccines or treatments for the Bundibugyo strain of Ebola, which has a fatality rate of up to 40%.
However, there is a vaccine named Ervebo, manufactured by Merck, that is used for the Ebola Zaire strain but has shown evidence of providing some protection against Bundibugyo in animal studies. The potential for testing this and other options will be on the agenda.
“When you have an outbreak with a strain that does not have countermeasures, we are going to advise on the best approach to take,” said Dr Mosoka Fallah, acting director of the science department at Africa CDC. “We will look at what evidence we have and make a decision.”
Reporting by Jennifer Rigby; Editing by Aidan Lewis
The four injured were hospitalised and in a serious condition, the Guardia Civil force said in a statement
Exterior of a house at the site of an overnight shooting in which a 25-year-old man allegedly killed his two parents and injured four others, including his son, according to the Spanish police, in the southern city of El Ejido, Almeria province, Spain May 19, 2026 in this screengrab obtained from a handout video. FORTA/via Reuters TV/Handout via REUTERS
International News via Reuters:
Spanish police said on Tuesday they had detained a 25-year-old man who allegedly killed his two parents and injured four others, including his son, in a shooting overnight in the southern city of El Ejido, Almeria province.
The four injured were hospitalised and in a serious condition, the Guardia Civil force said in a statement. As well as the suspect’s son, the injured included a man, a woman and another minor.
The shooting was first reported after 11 p.m. (2100 GMT) on Monday, the statement said. Specialist units arrested the suspect at around 4 a.m. on Tuesday.
Police were investigating the motive for the shooting, which they said initially appeared to be domestic violence, as well as the origin of the firearm he used, as the suspect did not possess a gun licence.
Shootings are relatively rare in Spain, where gun ownership is tightly regulated and firearms are less common than in other European countries. Spain recorded 53 firearm homicides in 2023, according to the United Nations Office on Drugs and Crime, or 0.1 deaths per 100,000 people – among the lowest rate in both Europe and the world.
Reporting by David Latona; Editing by Jacqueline Wong, Andrew Heavens and Sharon Singleton
Trump said on Monday he had halted a planned resumption of attacks against Iran to allow time for negotiations to take place on a deal to end the war, after Tehran sent a new peace proposal to Washington
A man walks in front of an electronic screen displaying Japan’s Nikkei stock prices quotation board inside a conference hall in Tokyo, Japan, April 27, 2026. REUTERS/Issei Kato
International News via Reuters:
Global stock and bond markets steadied on Tuesday after U.S. President Donald Trump paused a planned attack on Iran and said there was a good chance of a nuclear deal, sending oil prices lower.
Trump said on Monday he had halted a planned resumption of attacks against Iran to allow time for negotiations to take place on a deal to end the war, after Tehran sent a new peace proposal to Washington.
He subsequently said there was a “very good chance” the U.S. could reach an agreement with Iran to prevent Tehran from obtaining a nuclear weapon.
Investors remained cautious, after being rattled in the previous session by a weekend drone strike in the United Arab Emirates.
European stocks rose 0.7% in early trading, further recovering ground lost on Friday when they dropped 1.5% as bond market jitters spread to equities.
Futures for the U.S. S&P 500 were little changed after the index flatlined on Monday following a 1.2% drop on Friday.
“We’ve seen a lot of back and forth already,” said Fabien Yip, a market analyst at IG.
“Until we actually see real action happening (in the Strait of Hormuz), whereby ships are passing through safely and we see a material rebound in the numbers of traffic going through in the Strait, I think the market in general is shrugging off the commentary from either side.”
Brent crude futures fell 1.4% to $110.50 a barrel on the back of Trump’s comments, while U.S. crude was flat at $108.70 per barrel. Both remained more than 50% above their pre-war levels. [O/R]
MSCI’s broadest index of Asia-Pacific shares outside Japan was down more than 1%, while Japan’s Nikkei eased 0.4%.
The all-important artificial intelligence trade will be tested by earnings from chipmaker Nvidia that are due on Wednesday, with expectations sky-high for the world’s most valuable company.
“Nvidia is the market’s shorthand for everything AI and this market’s gains have been driven in large part by AI over the past few years,” said Richard Reyle, chief investment officer at Questar Capital Partners.
BOND SELLOFF ABATES
The fall in oil prices helped stem a steep selloff in global bonds on Tuesday, although worries remain about any lasting inflationary shock from the Iran war.
Yields on the benchmark 10-year U.S. Treasury note eased from a more than one-year high above 4.63% to 4.597%.
Japanese and European government bond yields – which have also shot higher over the last week – also fell, with British yields dropping the most. Yields move inversely to prices.
Overnight, G7 finance ministers acknowledged mounting concerns over public debt and bond market volatility as they met in Paris.
Markets are now pricing in rate hikes from major central banks this year on expectations policymakers will have to tighten policy to combat a resurgence in inflation driven by higher-for-longer energy prices.
“Markets are still trading the same uncomfortable balance,” said Florian Ielpo, head of macro at Lombard Odier Investment Managers.
“The micro story remains strong, with AI still acting as the main support for US equities, but the macro story is becoming less forgiving,” he said, referencing rising oil prices and bond yields.
In foreign exchange, the dollar has benefited from safe-haven demand since the onset of the war and was up 0.1% at 159.04 yen, putting traders on alert for any intervention from Tokyo to shore up its ailing currency.
The euro was down 0.2% at $1.16. Sterling similarly fell 0.2% to $1.34.
Reporting by Rae Wee in Singapore and Harry Robertson in London; Editing by Jamie Freed, Tom Hogue and Alex Richardson
The Office for National Statistics said the jobs drop was the biggest since May 2020, at the start of the COVID-19 pandemic, but stressed that the figures were likely to be revised
British Pound Sterling banknotes are seen at the Money Service Austria company’s headquarters in Vienna, Austria, November 16, 2017. REUTERS/Leonhard Foeger
International News via Reuters:
Sterling dipped on Tuesday after data showed that Britain’s employers reined in their hiring and posted fewer job vacancies in April.
The Office for National Statistics said the jobs drop was the biggest since May 2020, at the start of the COVID-19 pandemic, but stressed that the figures were likely to be revised.
The dollar edged up as investors weighed Middle East tentative peace hopes against concerns that the Federal Reserve could hike rates this year.
The pound was last 0.26% lower against a broadly stronger dollar at $1.3399, after jumping by 0.83% the day before.
“The main trigger for the reversal higher for the pound were reassuring reports that potential Labour leadership candidate Andy Burnham has ruled out changing the government’s self-imposed fiscal rules,” said Lee Hardman, senior currency economist at MUFG.
Greater Manchester Mayor Andy Burnham is seeking a seat in parliament that would allow him to challenge British Prime Minister Keir Starmer, who is under intense pressure from within his Labour Party to quit. Starmer said on Monday his time as leader of the country was not over.
“The relief rebound for the pound has been dampened this morning by the release of much weaker-than-expected UK labour market data,” MUFG’s Hardman added.
Data may dampen near-term expectations for Bank of England rate hikes in response to the energy price shock.
The UK rates market, however, still prices in a hike at the July Monetary Policy Committee meeting, suggesting investors are placing limited weight on the sharp drop in employment reported on Tuesday.
Analysts also said an early resolution to the political turmoil in Britain looked unlikely.
Depending on the outcome of the June by-election, a full leadership contest could follow, stretching through July and potentially into August, during which international investors may be inclined to steer clear of UK assets.
Reporting by Stefano Rebaudo; Editing by Aidan Lewis
Shortly before midnight on Monday, 18 May 2026, first responders were dispatched to the scene of a two vehicle collision involving a livery cycle and a motorcycle on Malabar Road in Sandys, near the junction with Kitchener Road.
Initial information suggests the vehicles were travelling in opposite directions when the collision occurred.
The motorcycle rider was transported to King Edward VII Memorial with injuries described as life-threatening. The male and female occupants of the livery cycle were also transported to hospital for treatment of what are believed to be relatively minor injuries.
Traffic in the area remains at a standstill while police work to clear the scene and investigate the collision.
Police are appealing for any witnesses to this collision, or anyone who may have seen either vehicle travelling in the area prior to the incident, to contact police by calling 211 at the earliest opportunity.
Jason Hayward, the Minister for Economy and Labour addressed rumours circulating online during Friday’s Motion to Adjourn session
“It will not distract me from my bid to lead the PLP.” This today from Cabinet Minister Jason Hayward, after an extraordinary statement he made in the House of Assembly, addressing accusations of domestic abuse. Mr. Hayward, the Minister of Economy and Labour, told fellow MPs on Friday that he had never engaged in domestic violence and called on anyone with evidence to substantiate the claims to come forward.
In a unanimous verdict, the jury in Oakland, California, federal court said Musk had brought his case too late. The jury deliberated less than two hours
A combination image shows OpenAI CEO Sam Altman and Elon Musk during the trial. REUTERS/Manuel Orbegozo
International News via Reuters:
A U.S. jury on Monday ruled against Elon Musk in his lawsuit against OpenAI, finding the artificial intelligence company not liable to the world’s richest person for having allegedly strayed from its original mission to benefit humanity.
In a unanimous verdict, the jury in Oakland, California, federal court said Musk had brought his case too late. The jury deliberated less than two hours.
The trial had widely been seen as a critical moment for the future of OpenAI and artificial intelligence generally, both in how it should be used and who should benefit from it.
The decision simplifies the path for OpenAI to proceed with a possible initial public offering that could value the business at $1 trillion. But the public face of the company, Chief Executive Sam Altman, must also deal with any challenges to his reputation from some extremely personal testimony, including multiple witnesses describing him as a liar.
Following the verdict, Musk’s lawyers said in court that he reserved the right to appeal. Addressing reporters after the verdict, Musk lawyer Marc Toberoff said Musk would have a strong basis for an appeal.
“This one is not over,” he said. “The ruling, based on the statute of limitations, has factual components but it has major legal components as well.”
U.S. District Judge Yvonne Gonzalez Rogers, who oversaw the trial, said in court that Musk may face an uphill battle for a potential appeal because whether the statute of limitations ran out before Musk sued was a factual issue.
“There’s a substantial amount of evidence to support the jury’s finding, which is why I was prepared to dismiss on the spot,” the judge said.
MUSK INVESTED EARLY IN OPENAI
In his 2024 lawsuit, Musk accused OpenAI, its Chief Executive Sam Altman and its President Greg Brockman of manipulating him into giving $38 million, then going behind his back by attaching a for-profit business to its original nonprofit and accepting tens of billions of dollars from Microsoft and other investors.
Musk called the OpenAI defendants’ conduct “stealing a charity.”
Toberoff said the verdict could encourage other startups that begin as non-profits but have greater ambitions to raise money, create for-profit entities to scale, and make their officers and directors rich.
“It’s a brand new formula for Silicon Valley,” he told reporters.
OpenAI was founded by Altman, Musk and several others in 2015. Musk left its board in 2018, and OpenAI set up a for-profit business the next year.
Musk has since founded his own artificial intelligence startup, xAI, which is now part of his space and rocket company SpaceX.
OpenAI countered that it was Musk who saw dollar signs, and that he waited too long to claim OpenAI breached its founding agreement to build safe artificial intelligence to benefit humanity.
Musk had a three-year statute of limitations to sue, and OpenAI’s lawyers said his August 2024 lawsuit came too late because he knew several years earlier about OpenAI’s growth plans.
Bill Savitt, a lawyer for OpenAI, told reporters after the verdict that Musk’s lawsuit was an “after-the-fact contrivance that bears no relationship to reality,” and jurors “kicked it exactly where it belongs, which is to the side.”
“The finding of the jury confirms that what this lawsuit was, was a hypocritical attempt to sabotage a competitor, and to overcome a long history of very bad predictions about what OpenAI has been and will become,” Savitt said.
The verdict followed 11 days of testimony and arguments where Musk’s and Altman’s credibility came under repeated attack.
Microsoft faced an aiding and abetting claim. In a statement, a Microsoft spokesperson said, “The facts and the timeline in this case have long been clear and we welcome the jury’s decision to dismiss these claims as untimely.”
Microsoft has spent more than $100 billion on its partnership with OpenAI, a Microsoft executive testified.
OPENAI PREPARES FOR IPO
People use AI for myriad purposes such as education, facial recognition, financial advice, journalism, legal research, medical diagnoses, and harmful deep-fakes.
Many people express distrust of the technology and worry it could displace people from their jobs.
Each side accused the other of being more interested in money than serving the public.
Musk accused OpenAI of wrongfully trying to enrich investors and insiders at the nonprofit’s expense, and failing to prioritize AI’s safety. He also contended that Microsoft knew all along that OpenAI cared more about money than being altruistic.
In his closing argument, Musk’s lawyer Steven Molo reminded jurors that several witnesses questioned Altman’s candor or branded him a liar, and that Altman did not give an unqualified yes when asked during the trial if he was completely trustworthy.
“Sam Altman’s credibility is directly at issue,” Molo said. “If you don’t believe him, they cannot win.”
Sarah Eddy, a lawyer for the OpenAI defendants, accused Musk and his legal team in her closing arguments of resorting to “sound bites and irrelevant false accusations.”
SpaceX is preparing an IPO that could exceed OpenAI’s in size.
Reporting by Kenrick Cai and Deepa Seetharaman in Oakland, California; Additional reporting by Jonathan Stempel and Luc Cohen in New York; Editing by Noeleen Walder, Peter Henderson and Nick Zieminski
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