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Executive Summary: Pound Slips as Burnham’s Leadership Bid LoomsSterling is on track for its worst week in 18 months, slipping almost 2% to $1.336 – the deepest weekly decline since the November 2024 U.S. election – after traders priced in a potential challenge to Prime Minister Keir Starmer from Manchester mayor Andy Burnham.Leadership Tensions Trigger Daily Dollar LossesThroughout the week the pound fell against the dollar each day, driven by speculation that Burnham will contest the Labour leadership after announcing his intention to run for the Makerfield parliamentary seat. The prospect of a less market‑friendly premier intensified the sell‑off.Market Numbers: Currency and Gilt ReactionsSterling down ~3 cents (‑2%) to $1.336, a five‑week low.UK 10‑year gilt yield rose to 5.17%, the highest level since 2008.UK 30‑year gilt yield jumped to 5.84%, up 19 basis points from earlier in the week.US and German sovereign yields also rose, but the UK increase outpaced them.Broader Implications for UK Fiscal DisciplineAnalysts warn that a Burnham premiership could loosen fiscal rules, prompting higher borrowing to fund increased spending. The sell‑off reflects fears of an “elevated political risk premium” on UK financial assets, echoing concerns from the 2022‑23 “Liz Truss” episode.Research director Kathleen Brooks (XTB) noted Burnham is perceived as the least market‑friendly Labour candidate, while macro‑research head Bill Diviney (ABN Amro) highlighted Burnham’s strong public approval as a counterbalance.Outlook: Volatility Likely Until Leadership Outcome ClarifiesMarket strategists expect continued gilt volatility and pressure on sterling until Burnham either secures a parliamentary seat and formal leadership bid or the Labour leadership settles around Starmer. Continuity in the Treasury, such as retaining Chancellor Rachel Reeves, could mitigate some of the fiscal‑risk premium.

Tesco’s chief executive, Ken Murphy, saw his total remuneration climb to £10.8 million for the 2025‑26 financial year, up by roughly £1 million from the previous period. The boost reflects the supermarket’s strongest market‑share performance in a decade and a shift in the company’s long‑term bonus criteria. Ken Murphy’s Compensation Package Surpasses £10m Amid Record Market Share The annual report details a pay structure that combines a higher basic salary, a sizable annual bonus and a long‑term incentive tied to shares. Basic pay: £1.54 million (3% increase) Annual bonus: £3.4 million Long‑term bonus: £5.7 million (includes company shares) Financial Breakdown: £10.8m Pay, Bonus Structure and Shareholder Returns The composition of Murphy’s pay highlights where Tesco is rewarding performance: Full payout of cash‑flow and earnings‑linked components. Full credit for carbon‑reduction initiatives, such as the rollout of electric delivery vehicles. Reduced credit for the food‑waste target – only 25% of the maximum possible, after the goal was missed. Minimal credit for DEI metrics – just 1 percentage point out of a possible 8.3. What the Pay Rise Signals for UK Grocery Competition Tesco now commands 28.1% of the UK grocery market, up from a low of 26.5% in 2020 and approaching its historic peak of nearly 32% in 2007. The rise in market share has been driven by weaker performance from rivals Asda and Morrisons. By linking future bonuses to market‑share targets rather than food‑waste reductions, the pay committee signals a strategic focus on growth and competitive positioning. Future Outlook: Bonus Targets and Market Share Ambitions Looking ahead, Tesco aims to reach a 30% market‑share milestone by the end of the next bonus cycle, while maintaining its long‑term goal of cutting food waste by 50% by 2030. The removal of the food‑waste metric from the 2026‑29 bonus scheme suggests that executive incentives will increasingly reward market‑share gains, potentially prompting other UK retailers to reassess their own compensation frameworks.

The Current Standings There are seven players tied for the lead, and another 42 within three shots of them. The day before Moving Day is going to feature a lot of jostling for position. Here's what the top of the leaderboard looked like at the end of the first day: -3: Potgieter, Jaeger, Lee, Hisatsune, Kaymer, Scheffler, Smalley -2: Brown, Theegala, Greyserman, Schauffele, Conners, Reed, Lowry Weather Conditions at Aronimink It shouldn't be too different to the first day. A little bit warmer, but with the wind expected to occasionally pick up again. It's blowing pretty briskly right now. There's not much chance of rain, and the course didn't get a soaking tonight, so it'll be a little bit firmer and the ball should scuttle further. Which, given so many of the fairways at Aronimink tilt towards penal rough, may not necessarily be a good thing. But it's a great day for golf! Michael Block's Remarkable Run Block party. It's happening again. He's happening again. Michael Block, the club pro who lit up the 2023 tournament with three rounds of 70 and a 71 that included an ace with Rory McIlroy in attendance, is doing it again. A round of 70 yesterday, and now a 20-foot putt for birdie at the par-three 5th. He's -1 overall and already beginning to dream of making the cut. It'd be an early birthday present: he's 50 next month. Good luck finding a single punter at Aronimink who won't be cheering him on. Today's Tee Times Starting on the 1st: 1145 Michael Block, Rasmus Højgaard, Dustin Johnson 1156 Mark Geddes, Steven Fisk, David Lipsky 1207 Sungjae Im, Austin Hurt, Casey Jarvis 1218 Andrew Putnam, Michael Kartrude, Matt Wallace 1229 Martin Kaymer, Elvis Smylie, Davis Riley 1240 Jason Dufner, Haotong Li, Jimmy Walker 1251 Nick Taylor, Rasmus Neergaard-Petersen, Jordan Smith 1302 Emiliano Grillo, Patrick Reed, Pierceson Coody 1313 Brian Campbell, Adam Schenk, Christiaan Bezuidenhout 1324 Marco Penge, Sepp Straka, Patrick Rodgers 1335 Aaron Rai, Travis Smyth, Sami Valimaki 1346 Sam Stevens, Jayden Schaper, Garrett Sapp 1357 Timothy Wiseman, Matti Schmid, Austin Smotherman 1715 Aldrich Potgieter, David Puig, Denny McCarthy 1726 William Mouw, Chris Gabriele, Taylor Pendrith 1737 Tom Hoge, Bryce Fisher, Joaquin Niemann 1748 Keith Mitchell, Billy Horschel, Ian Holt 1759 Gary Woodland, Jason Day, Sam Burns 1810 Wyndham Clark, Cameron Smith, Brian Harman 1821 Patrick Cantlay, Min Woo Lee, Sahith Theegala 1832 Si Woo Kim, Derek Berg, Joe Highsmith 1843 Bryson DeChambeau, Ludvig Aberg, Rickie Fowler 1854 Xander Schauffele, Brooks Koepka, Tyrrell Hatton 1905 Rory McIlroy, Jordan Spieth, Jon Rahm 1916 Daniel Hillier, Ryan Vermeer, Max McGreevy 1927 Paul McClure, Mikael Lindberg, Angel Ayora Starting on the 10th: 1150 Andrew Novak, John Parry, Jordan Gumberg 1201 Ben Polland, Kurt Kitayama, Nico Echavarria 1212 Akshay Bhatia, Ricky Castillo, Michael Thorbjornsen 1223 Luke Donald, Jesse Droemer, Stewart Cink 1234 Hideki Matsuyama, J.J. Spaun, Max Homa 1245 Ben Kern, J.T. Poston, Russell Henley 1256 Adam Scott, Corey Conners, Daniel Berger 1307 Viktor Hovland, Collin Morikawa, Shane Lowry 1318 Chris Gotterup, Robert MacIntyre, Tommy Fleetwood 1329 Cameron Young, Keegan Bradley, Justin Thomas 1340 Scottie Scheffler, Matt Fitzpatrick, Justin Rose 1351 Zach Haynes, Alex Smalley, Chandler Blanchet 1402 Bernd Wiesberger, Sudarshan Yellamaraju, Andy Sullivan 1710 Braden Shattuck, Alex Fitzpatrick, Ben Griffin 1721 Francisco Bide, Harry Hall, Ryan Gerard 1732 Johnny Keefer, Rico Hoey, Nicolai Højgaard 1743 Shaun Micheel, Michael Brennan, Garrick Higgo 1754 YE Yang, Jhonattan Vegas, Matt McCarty 1805 Lucas Glover, Tom McKibbin, Stephan Jaeger 1816 Daniel Brown, Adrien Saddier, Harris English 1827 Jacob Bridgeman, Bud Cauley, Alex Noren 1838 Chris Kirk, Max Greyserman, Kristoffer Reitan 1849 Maverick McNealy, Thomas Detry, Padraig Harrington 1900 Ryan Lenahan, Ryan Fox, Kazuki Higa 1911 Jared Jones, Michael Kim, Ryo Hisatsune 1922 Tyler Collet, Kota Kaneko, Brandt Snedeker

Rian Brazil's Sonic Journey Rian Brazil, a Brighton-born producer, has had his track played by Björk while DJing at the Venice Biennale. His music masterfully blends earworms from the UK underground with deeply vulnerable vocals. The Engine Heartbreak EP Brazil's forthcoming Engine Heartbreak EP features a range of sounds, from drum’n’bass love-songs to gospel-inflected tracks and glitchy electronica. His real name, Brazil, weaves a sonic world that's both addictively online and yearning for real-life connection. This Week's Best New Tracks Jorja Smith – What’s Done Is Done: A song-of-the-summer contender with a heavily bassy beat and UKG influences. Helado Tropical – Tocando: A sweet guitar and lo-fi fuzz track about a slipping relationship. Show Me the Body​ – No God: A brutally funky, danceable hardcore punk track rejecting religion. The Avalanches – Together (ft Nikki Nair, Jessy Lanza and Prentiss): An electro-pop candyland track with a camera shutter beat. Overmono – Lockup: A masterful inversion of bass-driven tech-house with chaotic detail. Alys(alys)alys – Effervescence: A perilous, bassy track with splintered vocals and overwhelming drums. Ivy Knight – Beacon: A beautifully produced track with crisp acoustic guitar and amorphous bass. Playlist and Subscription Subscribe to the Guardian's rolling Add to Playlist selections on Spotify or transfer it to Apple, Tidal or other services.

RMT Union Reaches Out for Talks Amid Strike ThreatHopes have been raised that next week's strikes by London Underground drivers could yet be averted, after sources said the RMT union had put out feelers for talks. The RMT members, almost half of London's Tube drivers, are due to strike for two 24-hour periods from midday on Tuesday and Thursday, closing some lines entirely and bringing widespread travel disruption to the capital until the weekend.Background of the DisputeThe action follows a similar wave of strikes in April, with more planned for June in the dispute over a planned four-day week working pattern. No talks have yet taken place and with neither Transport for London (TfL) nor the union apparently willing to alter course, further strikes had appeared inevitable. TfL has warned passengers that many services will not operate next week.Union's Position and Opportunity for ResolutionHowever, a source close to the dispute said that union representatives had now reached out to seek a deal, giving TfL a "window of opportunity" to prevent further strikes. They said that tube drivers were prepared for a long strike campaign of disruption, adding: "It is clear TfL needs to move from its uncompromising position and make some new proposals that do not impose new working conditions that tube drivers will not accept. An opportunity exists for the employer to do the right thing by Londoners and make a reasonable offer to the union."Expected Impact on London's Transport NetworkWith the strike still expected to take place, TfL has urged customers to plan ahead expect significant disruption, with early closures of services on Tuesday and Thursday and late starts on Wednesday and Friday. No trains at all will run on the Circle line, Piccadilly line, and in Zone 1 on the Metropolitan line and the Central line. However, TfL stressed that Londoners and visitors would still be able to travel around the city, with other rail lines and transport modes running, and even some Tube trains during the two 24-hour strike periods.Alternative Transport Usage During Previous StrikesThe Elizabeth line, London Overground and DLR will run as normal, as well as buses, although increased demand and traffic is likely to slow some services. Data from the last strikes in April showed that people continued to travel with patronage across the entire TfL network down only 13-14% overall on most strike days, and approaching normal levels on the Friday. The bike hire firm Lime reported about 20% more trips than average on strike days, while rival Forest said rush hour hires were up between 35% and 50%. Tap-ins to the tube were down between 42% and 48% from Tuesday to Thursday but only 31% on Friday, when travel on TfL services was down 6% overall.TfL's Response and Future OutlookTfL said it was not too late for the RMT to withdraw its planned strike action, and said the objections the union has raised would be resolved with further, more detailed work. The Aslef union, which represents a slight majority of London Underground drivers, has backed the TfL proposals for a four-day week. Claire Mann, TfL's chief operating officer, said: "It is disappointing that the RMT is planning this strike action despite our best efforts to resolve this dispute. We have been clear that our proposals for a four-day week are designed to improve work-life balance and are entirely voluntary."

The Regulatory Shift at Heathrow Heathrow could be forced to allow other companies to design and build its third runway and new terminal after the UK aviation regulator argued that rival bids could keep construction costs down. A long-awaited review by the Civil Aviation Authority (CAA) proposes changes to the regulatory model that governs how Heathrow runs and covers its costs. Competitive Construction Model These changes include making the operator seek bids from other businesses to design, build and operate parts of the long-delayed expansion project at Europe's busiest airport. The CAA stated this approach "would allow for direct competition between Heathrow and an alternative developer … [that] could encourage competition and efficiency." Radical Terminal Proposal The CAA's most radical suggestion, which would require special approval from the government, would allow another developer to tender to build and run their own terminals at Heathrow, similar to a scheme at JFK airport in New York. This represents a significant departure from the traditional model where a single operator controls all aspects of airport operations. Timeline and Current Status Last November ministers backed Heathrow's plan for the runway to be up and running by 2035, over the rival proposal submitted by Arora Group. The airport operator is still seeking formal planning approval to start construction by 2029. Earlier this month, Philip Jansen, Heathrow's new chair, moved to open talks with airlines and Arora Group's chair, Surinder Arora, to attempt to progress plans amid a row over costs. Financial Pressures and Cost Concerns British Airways dominates Heathrow, accounting for more than 50% of slots, and Luis Gallego, the chief executive of BA's owner, International Airlines Group, has said the cost of the third runway and associated works must be capped at £30bn. Heathrow is considered to be Europe's most expensive airport, and in March the UK aviation regulator rejected its plans to significantly raise its landing fees to fund a multibillion-pound upgrade. Key Financial Figures: Heathrow's proposed cost cap: £30bn Arora Group's alternative scheme: £25bn Target operational date: 2035 Planned construction start: 2029 (pending approval) The Competitive Landscape Arora has been promoting his own £25bn expansion scheme and is part of Heathrow Reimagined, which also includes BA and Virgin. This group is campaigning to drastically reduce the costs of operating at the airport. "Two years ago competition at Heathrow wasn't on the cards and now is very much alive and kicking because the case for change is so strong," said Arora, the founder of Arora Group. Regulatory Challenges The CAA acknowledged there could be difficulties in implementing a model allowing rival bidders. "This model could encourage competition and efficiency," the regulator said. "Nonetheless, there would also be some complications in implementing such a model. It would be important to ensure that an approach involving the build, operation, ownership of assets and direct competition with Heathrow worked in a way to further the interests of consumers across the whole airport." Heathrow's Response Heathrow warned that the proposals could "undermine efforts" to expand the airport and produce growth. A Heathrow spokesperson emphasized: "Economic growth is key to tackling the cost of living crisis. We have a clear plan to invest billions of pounds of private capital to upgrade and expand the UK's hub airport – creating jobs and growth across the country." Future Outlook The proposals mark a significant shift in how Europe's busiest airport might be developed, potentially introducing a more competitive model similar to other international airports. The outcome will depend on government decisions and how effectively the CAA can balance consumer interests with operational efficiency. Heathrow, owned by a consortium led by French company Ardian and including sovereign wealth funds of Qatar, Singapore and Saudi Arabia, will likely continue to advocate for its current expansion model while navigating these new regulatory pressures.

The Beijing Summit: A Stage for Trump's Authoritarian Aesthetic On the opening day of his visit to Beijing, Donald Trump embraced the rigid ceremony of the Great Hall of the People, offering a rare public endorsement of the host nation’s grandeur. Rather than delivering policy‑laden statements, he repeatedly described China as “beautiful,” positioning himself as a guest who respects the host’s symbols of power. Pageantry Over Policy: Symbolic Gestures That Dominated the Visit Military‑style arrival with martial music, a 21‑gun salute and troops marching in lockstep. Public applause for schoolchildren waving bouquets and US flags – a theatrical moment Trump highlighted in post‑event remarks. Reference to his own 2025 Washington birthday parade, drawing a parallel between American and Chinese displays of strength. Absence of a post‑flight interview or a Truth Social post, signaling an unusual circumspection. Silence on Taiwan: What the Absence of Commentary Signifies When reporters pressed Trump about the Taiwan question, he ignored the queries, allowing Xi Jinping to issue a stark warning that mishandling the issue could lead to “clashes or even conflicts.” The deliberate silence suggests a strategic avoidance of provocation, contrasting with Trump’s usual combative style. Implications for US‑China Relations and Domestic Perceptions The overt deference displayed in Beijing may reshape how allies and opponents view the former president’s foreign‑policy outlook. By aligning himself with the visual language of an authoritarian regime, Trump reinforces his long‑standing “strongman” narrative, potentially bolstering his appeal among domestic constituencies that favor decisive, hierarchical leadership. At the same time, the episode could complicate diplomatic calculations for both Washington and Beijing, as it blurs the line between personal spectacle and statecraft. Looking Ahead: Potential Paths for the Trump‑Xi Dynamic Future interactions will likely hinge on whether the two leaders can translate ceremonial goodwill into concrete agreements. If Trump continues to prioritize symbolism over substantive dialogue, the summit may remain a showcase rather than a catalyst for policy change. Conversely, any move toward substantive trade or security talks could signal a pragmatic shift, though the underlying authoritarian aesthetic is expected to persist as a defining feature of his diplomatic style.

The Lead: A Packed Weekend of Football DramaWhat a week it's been in football. We've got the playoff 'spygate' scandal, some genuinely superb on-field playoff drama in the EFL, and the small matter of the closest Premier League title race in years going on as well. Last night Bolton booked their spot in the League One playoff final after beating Bradford 2-0 over two legs; they'll face Stockport in an all-Greater Manchester Wembley showpiece.The Key Matchups: Title Races and Cup FinalsTonight in the top flight, Aston Villa host Liverpool in a game that may determine who finishes fourth, while Newcastle v West Ham and Arsenal v Burnley on Sunday are games that will have huge ramifications at the top and bottom ends of the Premier league table. Sandwiched between on Saturday is the small matter of the FA Cup final between Chelsea and Manchester City, while the Scottish Premiership is primed to come to a thrilling denouement with an effective title playoff between Celtic and Hearts.The Significance: Season-Defining StakesThese matches carry enormous significance across different competitions. The Premier League race remains incredibly tight with teams battling for crucial positions that could impact Champions League qualification and European spots. The FA Cup final represents a major trophy opportunity for both Chelsea and Manchester City, while the Scottish Premiership title playoff between Celtic and Hearts could determine the champion in a dramatic conclusion to the season.The Impact: Shaping Football's LandscapeThe outcomes of these matches will not only determine immediate honors but could also influence transfer strategies, managerial positions, and the overall power dynamics in English and Scottish football. The EFL playoff finals offer smaller clubs a chance at promotion and financial windfalls that could transform their futures. Meanwhile, the spygate scandal surrounding the EFL playoffs has added an off-field drama that could have significant consequences.The Prediction: A Weekend of Unforgettable MomentsWith so much at stake across multiple competitions, this weekend promises to deliver football drama at its finest. The FA Cup final is expected to be a tactical battle between two of Europe's elite clubs, while the Scottish Premiership playoff could produce one of the most memorable moments in recent Scottish football history. In the Premier League, every goal will matter as teams fight for crucial positions in the final weeks of the season.

The Cuckoo's Enchanting Song Sheltered from the Irish Sea by the towering white foredunes of Murlough beach, I follow a trail through the heather and scrub. In the distance, the Mourne mountains slip in and out of view, already charred by this year’s wildfires. My attention turns to the season’s happier signs: sand martins chittering overhead; the scratchy cries of a whitethroat deep in the gorse; a meadow pipit stuttering into song flight. And now, the chant that clinches summer’s arrival. Encountering the Cuckoo I follow the cuckoo’s call and find him perched in a stunted sycamore. Through binoculars, I meet his orange eye. As he leans into his song, his jaunty tail and drooping wings make a fin for the long torpedo of his body – the ideal form for a life lived on the move. The Cuckoo's Unique Behavior Despite his hawkish plumage and yellow legs, his bill’s nib betrays that he is no raptor – the cuckoo feeds mainly on invertebrates. Still, he is a source of morbid curiosity for the steady stream of small passerines – pipit, stonechat, linnet, willow warbler – that pass through the twigs to get a good look at him. They sense his threat. The Art of Brood Parasitism In the bird world there are many different kinds of parental care and, depending on the species, either sex, or both, may brood and raise a pair’s young. However, as a brood parasite, the cuckoo takes the “neither” option. This equal opportunity form of parental “selfishness” is a gamble that can be highly productive. The Cuckoo's Reproductive Strategy The female cuckoo “farms” small passerines, like the meadow pipit, by laying up to 20 eggs (one per host nest) across her large territory. If her egg deceives, her chick ejects its “step-siblings” from the nest, so its hapless foster parents devote themselves solely to raising their enormous changeling. Meanwhile, the biological parents skive off back to Africa. A Lasting Fascination Possibly I should feel conflicted about the cuckoo but, as he keeps up the fluting metronome of his song, head bobbing with all the mechanical emphasis of the eponymous clock, I find I’m charmed. Note after note. Year after year. Hatched out of abandonment. Fledged in trust. This story of spring is so well known, but that doesn’t make it any less extraordinary.