Counting the cost of New York’s sky-high food bills
Spiralling prices could lead to more public programmes
Two LNG tankers pass through Strait of Hormuz
Another vessel carrying crude oil crossed the vital shipping lane on Saturday
Iran’s top negotiators travel to Qatar amid intensified efforts to secure deal
Tehran’s parliamentary speaker and lead negotiator travelled to Doha as mediators seek to thrash out final details
Musk, SpaceX and the world’s most far-out IPO
His ambition is to privatise the heavens — and to become the world’s first trillionaire
Peter Murrell pleads guilty to embezzling £400,000 from SNP
Former party chief executive and ex-husband of Nicola Sturgeon will be detained until sentencing on June 23
Pope Leo says AI ‘needs to be disarmed’
Pontiff warns of dangers of a technological revolution driven by ‘the idolatry of profit’
Iran is beating Trump at the art of the deal
The war could end with Tehran more confident, more hardline and with new resources to rebuild its nuclear programme
UK defence secretary’s plane has GPS jammed near Russian border
John Healey is latest government figure to be affected by suspected Russian electronic attack
Italian bank CDP to raise stake in payments group Nexi after CVC weighs bid
Cassa Depositi e Prestiti’s move comes as buyout firm had considered €9bn bid for Milan-listed group
FirstFT: Trump strikes more cautious tone on peace talks with Iran
Also in today’s newsletter: US consumers face spending squeeze, the biopic threatening to derail Flávio Bolsonaro’s presidential run
Prize draw businesses have better luck than the average punter
Lack of regulation has helped draw operators to thrive
AI guardrails stripped from Meta and Google models in minutes
Software designed to remove safety protections creates systems that provide responses on biological weapons and malware
Rubio says Washington will find ‘another way’ if Iran talks fail
Price of oil falls on hopes of an agreement that could reopen the Strait of Hormuz
Singapore tells banks to speed up account openings for wealthy clients
Regulator tries to strengthen city-state’s position as wealth hub after money-laundering cases lengthened wait times
Inside Chris Hohn’s Top Hedge Fund
Plus, James Anderson sees end to tech boom, SpaceX IPO trading frenzy and the Old Vic’s all-female Glengarry Glen Ross
Jardines signals pivot with $2.4bn Australian radiology deal
Acquisition of I-MED is Hong Kong-based conglomerate’s first since strategic overhaul
The best of TV and streaming this week
Keeley Hawes and Paapa Essiedu star in Jack Thorne’s ‘Falling’; 1970s Russia is the setting for cold war spy caper ‘Ponies’; sex work scam spirals into murder mystery in ‘Maximum Pleasure Guaranteed’; neo-Western saga ‘Dutton Ranch’; Munya Chawawa goes ‘Wrestling with Trump’; season 2 of Jilly Coope
Christian conservatism and secular liberalism clash as Fjord wins Cannes Palme d’Or
Film about a religious couple accused of child abuse in Norway divides critics but takes home festival’s top prize
The infantilism of an ‘ungovernable’ Britain
Political stability is needed if the country is ever to solve its problems
Paul McCartney, the Peter Pan of pop, reckons with old age on The Boys of Dungeon Lane
His 20th solo album is a moving paean to the Liverpool of his youth with a partial shift in register
Investors can no longer rely on a ‘policy put’
The capacity of policymakers to respond to shocks is down across the board
HS2 paid consultancies £65mn last year in run-up to project ‘reset’
Higher spending likely to raise questions about taxpayer-funded body’s approach to long-delayed railway
US consumers face looming spending squeeze as Trump tax rebates fade
Pressure is mounting with fuel prices driven 50% higher by Strait of Hormuz blockade
The Labour Party’s four tribes
‘Soft left’ faction backs Andy Burnham for prime minister, while Blairites lend support to Wes Streeting