Business - Monday, May 11, 2026

Brazil’s state-controlled oil company Petrobras fell short of earnings estimates as it held domestic gasoline prices stable during the war-driven price surge.

General Motors is laying off hundreds of salaried employees in its information technology operations.

Jonah Peretti, BuzzFeed’s co-founder 20 years ago, will step down as chief executive and serve as its president of A.I.

Elon Musk named Microsoft as a defendant in his lawsuit against OpenAI

Gold was steady as traders assessed the deadlock in the Strait of Hormuz that has sent oil prices higher and added further fuel to inflation concerns.

President Trump said the fragile cease-fire was on “life support,” and India’s leader urged residents to cut back on purchases and travel.

GameStop Corp. shares spiked and then quickly dropped in postmarket trading Monday after cryptic social media posts showed up and then disappeared from the social media account of Keith Gill, the financial influencer known as “Roaring Kitty,” who became prominent during the 2021 meme-stock craze.

The US Strategic Petroleum Reserve awarded 53.3 million barrels to companies including oil trader Trafigura Group and US refiner Marathon Petroleum Corp, adding to a wave of oil released to help tame surging prices stemming from the Iran war.

Hackers are rapidly adopting AI to find previously unknown software flaws even without the help of Anthropic's powerful Mythos model.

Yields on 10- and 30-year British government bonds have risen today, as investors digest possibility of leadership challenge UK borrowing costs rise as Starmer speech fails to dispel investor ‘jitters’ Starmer faces fight to survive as Streeting and Rayner eye leadership bids Government bond yields are rising across the board this morning, although UK debt is leading the losses. US and eurozone borrowing costs have also pushed higher, on concerns that the lack of progress towards ending the Iran war will lead to higher oil prices, more inflation, and higher interest rates. Inflationary headwinds as a consequence of the conflict in the Middle East are weighing on a number of UK businesses. We have already heard from companies like Next , Asos , Sainsbury’s and WH Smith which have warned of higher costs. Now shares in Victrex have shed almost 6% today on the back of a profit warning. It anticipates weaker annual profit before tax of between £42m and £44m for fiscal 2026, falling short of estimates for £46.6m. First half underlying pre-tax also profit dropped by 18% to £19m. The UK mid-cap polymer maker says the Iran war will push up energy and raw material inflation. The company is responding by reducing headcount by 10% to cut costs elsewhere. Continue reading...