Meta stock drops on capex increase while Alphabet’s cloud business grows faster than rivals Amazon and Microsoft

Sinaloa governor Rubén Rocha alleged to have close links with deadly cartel

US government filing shows only 338 people have submitted formal requests for the fast-track residency scheme

The tech giant signed an artificial intelligence deal with the defence department on Monday

Greater Manchester mayor warns Labour needs to take a ‘different course’

Use of costly missiles and air defence interceptors raises alarm about US readiness for other conflicts

KNDS is gearing up for dual listing in Frankfurt and Paris as early as this summer

End of an era looms for Jay Powell as Kevin Warsh closes in on taking over as chair of world’s most important central bank

Africa’s demographics are favourable, but leaders must prepare for future shocks

Three Ukrainian-born men accused of setting fire to car and properties linked to PM were approached by user known as El Money

Differential pricing to protect local motorists at expense of foreigners infringes EU law, says Brussels

Banking panel votes in favour of Donald Trump’s candidate to lead US central bank

Macron government sets out so-called roadmap ‘with a clear deadline’

Softer price pressures in large Eurozone economies strengthen case for ECB to hold interest rates

Finance arm of carmaker among three lenders to appeal regulator’s £9.1bn redress programme

Man seen running along road in Golders Green and trying to stab Jewish members of the public

A new series of visual explainers looking at how AI is transforming different industries.

Perk to the future

Regulator to change capital rules on ‘funded reinsurance’ over concerns sector is exploiting arbitrage

Festivities in Moscow on May 9 will exclude heavy military equipment for first time in decades

Move comes after fund restricted investors’ liquidity rights two years ago

Meta, Alphabet and peers are growing smartly, but their value hinges on hard-to-answer questions about AI supremacy

Also in today’s newsletter: oil tops $120 and Asian chipmakers surge

Investors to scrutinise AI spending plans from companies that represent almost one-fifth of the S&P 500’s market cap

Dissents suggest deepening divide on FOMC

Comments by Fintan Slye come as government seeks to increase capacity to power AI boom

Sculpture presides over Cadillac Championship’s return to president’s Miami resort after decade-long absence

Drugmaker is looking to see which of its pipeline of drugs can be pushed forward while also trying to buy time

The Florentine hotel has reopened. It looks fresher than ever

CEO Dara Khosrowshahi says deal will help the ride-hailing group sell paid memberships

Long fight over just how well fortified its balance sheet needs to be is inching in Swiss bank’s direction

Homes are too expensive in the UK, but a large correction would be bad for everyone — including first-time buyers

Resumption of £300mn in UK projects is a result of trade deal with US that aims to increase medicines spending

Judge overturns £585,000 fine as it finds regulator’s decision tainted by bias

Reform UK leader had said he would not stand as an MP but changed his mind after donation

Yerbol Orynbayev makes allegation against financial services group Jusan on second day of hearing in London

Chip Wilson argues appointing Heidi O’Neill to top job could lead CEO search to be ‘examined with a refreshed board’

Governments have no easy options to remove the link between gas and power prices

Chief executive Sam Altman’s flexible approach to infrastructure projects is unsettling partners but boosting computing lead

Growth in selling directly to consumers lifts German sportswear group’s performance

Masayoshi Son plots IPO for business named Roze as soon as this year

Weak investor demand hits hedge fund chief’s scaled-back double offering

Central bank chief says he will continue as a governor even after Kevin Warsh succeeds him as chair

‘Gesture’ by Giorgia Meloni’s government escalates feud between neighbours over deadly fire in Swiss ski resort

Billionaire says Sam Altman wanted ‘halo effect’ of a non-profit while enriching himself in second day of his testimony

Labour MPs speculate that Keir Starmer will revamp his top team after next week’s elections

UAE’s departure leaves Saudi Arabia trying to hold together a fractious cartel

Only draft legislation is likely to be included in next month’s King’s Speech

New data highlights ‘extremely concerning’ decline in fish population

The designate chair has signalled a willingness to take the central bank’s balance sheet into account when setting monetary policy

Brent crude rises for eighth consecutive day

When it comes to settling trade disputes, the Trump administration wants to play judge, jury and executioner

The country has more recreational beekeepers than regular donors and is forced to rely on imports

Russia and Kazakhstan confirm their intention to remain within Opec+

The UK’s stagnant economy and the US’s dynamic one are both politically dysfunctional

Beijing-backed wealth fund puts 10% stake in London airport on ‘active watch’

Dreamscape paintings by an artist whose life was cut tragically short will be on dazzling display at Venice’s Palazzo Tiepolo Passi

Shares in FTSE 100 company surge more than 14%

ID.Polo is one of four planned affordable electric vehicles across the VW, Škoda and Cupra brands

Ming Yang warns setback will not stop company’s expansion plans in Europe