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Rising Governance Concerns at NationwideNationwide Building Society is facing mounting pressure to address "emerging governance issues" across the building society sector, amid concerns that executives are bundling voting options and failing to allocate board seats for members. The Stockport Labour MP Navendu Mishra has sent a formal letter to the chair of Nationwide, Kevin Parry, outlining growing unease over how executives engage with members who ultimately own their building societies.Specific Governance Issues RaisedThe MP's letter highlights several specific concerns about governance practices at Nationwide and across the building society sector. These include the use of "quick vote" options that critics say nudges members to simply back all board recommendations with one click at annual general meetings (AGMs). Mishra, who is a Nationwide member himself, acknowledged that while this option is "convenient," there are concerns it could "reduce scrutiny and advantage incumbents."Additionally, the letter criticizes the growing adoption of online-only AGMs, which may exclude members who struggle to use the internet and has raised concerns about question-filtering. The letter also takes aim at Nationwide's refusal to hold binding member votes on executive pay, despite similar practices being standard at listed banks such as Barclays, NatWest and Lloyds.Nationwide's Financial Growth and ScaleThese governance concerns come amid significant growth for Nationwide. The building society confirmed it was holding £382bn worth of assets after its £2.9bn takeover of Virgin Money. Mishra acknowledged that "their growth is exponential, which is fantastic," but emphasized the need to ensure that democratic values keep pace with this expansion.The timing of these concerns is particularly noteworthy, as they emerge just weeks before Nationwide's annual general meeting, which will feature its first member-nominated candidate up for boardroom election this century. James Sherwin-Smith, a Nationwide member, has formally asked Nationwide to suspend its use of quick vote at the upcoming AGM.Impact on the Building Society SectorThe concerns raised by Mishra reflect a wider debate about governance in the mutual sector. While the Labour government has been pushing ahead with reforms meant to deliver a manifesto pledge to double the size of the mutual sector, critics have raised concerns that some building societies, including Nationwide, have been letting their democratic values slip."There is a wider question as to whether building societies should allocate seats on boards to member-nominated directors in order to strengthen direct member representation," the MP's letter stated. "Where members are the owners, it is reasonable to ask why direct member voice in the boardroom remains the exception rather than the norm."Future Outlook for Nationwide's GovernanceThe upcoming AGM represents a critical moment for Nationwide's governance practices. The building society's chief executive, Debbie Crosbie, said during a media call that the board "haven't made a final decision" on suspending the quick vote option. In a statement, a Nationwide spokesperson defended the practices, noting that while pay votes were non-binding, 95% of votes cast were in support of the remuneration policy.The spokesperson also defended the use of online-only AGMs, stating they have reversed declining attendance and represent the fairest way to get millions of members to participate. Regarding the quick vote tool, they noted that most feedback from members was that it was "clear and easy to use" and similar systems are used by all building societies and listed companies."The chair will make these and other points in writing back to the MP in the next few days," the spokesperson added. As the AGM approaches, all eyes will be on whether Nationwide addresses these governance concerns and how it balances its growth with its mutual, member-owned principles.

The Lead: A New Kind of Celebrity Hot SeatThe Assembly brings together a 28‑strong panel of autistic, neurodivergent and learning‑disabled interviewers to grill high‑profile guests for up to three hours. The result is a mix of raw emotion, humour and unexpected intimacy that has quickly become ITV's most talked‑about chatshow. How "The Assembly" Merges Neurodiversity with Celebrity InterviewsThe format, adapted from France’s Les Rencontres du Papotin, opens each episode with a clear rule‑set: no question is off‑limits and every guest must answer honestly. Rylan Clark’s first appearance set the tone with blunt queries like “Are they your real teeth?” and “Did you ever consider having a real suntan?”. Subsequent guests—including Danny Dyer, David Tennant, Jade Thirlwall and Stephen Fry—have faced probing topics ranging from personal trauma to sexual preferences, often leaving them laughing, crying or both. Viewership, Awards and International Roll‑outHalf‑million YouTube views for Danny Dyer’s debut episode, the series’ most‑watched clip.Series nominated for a Bafta and winner of an RTS award.Commissioned in 20 countries across Europe, North America and Australasia.Three‑hour recording windows give guests space for genuine connection, a stark contrast to the typical 10‑minute segment on traditional chatshows. Why the Show Is Shaking Up the Talk‑Show LandscapeBy handing editorial control to neurodivergent interviewers, the programme challenges the “sound‑bite” culture of mainstream TV. Viewers report increased awareness of autism and learning disabilities, while celebrities appreciate the chance to be seen beyond PR‑driven narratives. The blend of entertainment and representation has created a “cult following” that even attracted selfies from Bafta‑winning stars. What’s Next for "The Assembly" and the Wider TV IndustrySeason 2 has already featured Stephen Fry, whose outrageous questions sparked viral moments. Producers hint at future political guests such as Keir Starmer and Tony Blair, and a possible spin‑off with former Scottish First Minister Nicola Sturgeon. If the current trajectory holds, the format could inspire a new wave of inclusive programming, prompting rival broadcasters to experiment with longer‑form, unscripted interviews that prioritize authenticity over commercial sell‑through.

The Comeback of Manuel Neuer Bayern Munich's Manuel Neuer has come out of international retirement to compete in next month's World Cup after being named as the starting goalkeeper in Germany coach Julian Nagelsmann's squad for the tournament. Nagelsmann's Decision Nagelsmann made the decision after having long labelled Hoffenheim's Oliver Baumann as his first-choice keeper. "Yes, I plan with that [with Neuer as number one]," Nagelsmann told a press conference. "The main task was to nominate the best three keepers. So we decided that these three are part of that." Neuer's Career Revival The 40-year-old Neuer, who last competed for Germany at Euro 2024 before his international retirement, is now set to play in his fifth successive World Cup, joining an elite group of football players with five or more tournaments. Neuer, a 2014 World Cup winner, enjoyed a solid season with champions Bayern, who could win the domestic double with victory over VfB Stuttgart in the German Cup final on Saturday. Germany's World Cup Squad There were few other major surprises in Nagelsmann's 26-man squad for the tournament starting next month. But the coach also called up Bayern's teenage player Lennart Karl, who enjoyed a meteoric rise this season, as well as Nadiem Amiri and Leroy Sane, who both had outside chances of earning a spot. Germany's World Cup Goals Germany, who face Curacao, Ecuador and Ivory Coast in Group E at the World Cup, have set their sights on a fifth title after shock first-round exits in the past two editions in 2018 and 2022. "The statement stands," Nagelsmann said. "We want to become world champions. Every player who is nominated needs to show it now every day." Full Germany Squad Goalkeepers: Manuel Neuer, Oliver Baumann, Alexander Nubel Defenders: Nico Schlotterbeck, David Raum, Nathaniel Brown, Jonathan Tah, Waldemar Anton, Pascal Gross, Joshua Kimmich, Felix Nmecha, Malick Thiaw, Aleksandar Pavlovic, Antonio Rudiger, Angelo Stiller Midfielders/Forwards: Leon Goretzka, Maximilian Beier, Jamal Musiala, Nadiem Amiri, Jamie Leweling, Kai Havertz, Lennart Karl, Florian Wirtz, Deniz Undav, Nick Woltemade, Leroy Sane

The Comeback of Manuel Neuer Bayern Munich's Manuel Neuer has been named as the starting goalkeeper in Germany's World Cup squad by head coach Julian Nagelsmann. This decision comes after Neuer had announced his international retirement following Euro 2024. Neuer's World Cup Ambitions The 40-year-old Neuer, a 2014 World Cup winner, is set to play in his fifth successive World Cup. He signed a contract extension with Bayern last week and enjoyed a solid season with the champions, who can win the domestic double with victory over Stuttgart in the German Cup final on Saturday. Squad Selection and Analysis Nagelsmann's 26-man squad included few major surprises, but did call up Bayern teenager Lennart Karl, who had a meteoric rise this season. Other inclusions were Nadiem Amiri and Leroy Sané, who both had outside chances of earning a spot. Notable exclusions include Niclas Füllkrug, Karim Adeyemi, and Kevin Schade. Germany's World Cup Goals Germany, who face Curacao, Ecuador, and Ivory Coast in Group E at the World Cup, are aiming for their fifth title. They have had shock first-round exits in the past two editions in 2018 and 2022. Nagelsmann emphasized the team's ambitions, stating, "The statement stands. We want to become world champions. Every player who is nominated needs to show it now every day."

The Final Countdown: Startup Battlefield 200 Application Window Closing Your shot at VC access, global visibility, TechCrunch coverage, and $100,000 in equity-free funding is gone in a week. Startup Battlefield 200 applications close May 27. If you're building a breakout startup — or know a founder who is — this is the moment to act. Showcase Opportunity at TechCrunch Disrupt 2026 Apply today for the opportunity to take the stage at TechCrunch Disrupt 2026, October 13-15, alongside 200 of the world's most promising early-stage startups. Pre-Series A founders, consider this your final countdown reminder: the strongest startups are already entering the arena, and the application window is closing fast. If your startup has already been nominated, don't wait to complete your application. This final week moves quickly, and last-minute submissions risk getting buried as applications surge ahead of the deadline. Know a startup that deserves the spotlight? Nominate them now so they still have time to apply before May 27. The Battlefield Legacy: From Pitch to Industry Giants Some of the most consequential companies in tech history didn't launch with splashy fundraising announcements. They started with a pitch. Dropbox demoed to a room full of skeptics. Cloudflare took the stage before most people understood what edge networking meant. Discord was still a scrappy gaming startup called Hammer & Chisel. They all passed through the same crucible: Startup Battlefield 200. That's not a coincidence — it's a pattern. And it starts with an application. What Makes a Battlefield Startup Startup Battlefield 200 has never been a competition for the most polished companies. It's a competition for the most promising ones. Pre-launch is fine. No revenue is fine. What matters is whether what you're building genuinely changes something — not incrementally, but meaningfully. If you or a founder you know is building something impactful, then the application itself becomes the first pitch. The Value Proposition: Beyond the Prize Money Selected startups will showcase live on the Disrupt Stage in front of 10,000+ attendees, leading VCs, global media, and the broader TechCrunch audience. This is your opportunity to gain investor exposure, receive direct VC feedback, and prove your company belongs among the next generation of category-defining startups. Every one of the 200 selected companies receives: Equity-free funding of $100,000 for the winner Exposure to thousands of attendees, VCs, and media A chance to pitch on either the Disrupt Stage or the Pitch Showcase Stage You don't need to make the top 20 for this experience to change your trajectory. Impressive Alumni Success: $32 Billion Raised and Counting More than 1,700 companies have competed in Startup Battlefield 200. Together, they've raised over $32 billion and generated more than 250 exits, including acquisitions by Microsoft, Google, Salesforce, Uber, and Amazon. The network runs so deep that alumni have even acquired each other: Dropbox acquired fellow Battlefield 200 alum DocSend in 2021. This is also the same launchpad that helped accelerate companies like Fitbit, Trello, and Mint. Behind every one of those outcomes was a founder willing to make a bet on themselves publicly, in front of people who were paying attention. Who Should Apply: The Promising, Not Just the Polished We're looking for ambitious early-stage startups building innovative, potentially category-defining products. Applications are open globally across all industries. Most selected companies are pre-Series A, though select Series A startups may qualify on a case-by-case basis. To apply, startups should have: A working product or prototype A clear vision for how they're changing their industry A passionate founding team Thousands apply every year. Only 200 are selected. Just 20 finalists pitch live on the Disrupt Stage. One startup takes the crown and wins $100,000 in equity-free funding. The Deadline Imperative: Why Waiting Could Cost You The founders who wait until they feel ready often wait too long. You do not need to be polished. You need to be promising. If you've been sitting on this, here's the reality: the worst outcome is you don't get selected this cycle — and you come back next year with a stronger application because you went through the process. The stage matters. The community lasts. The milestone is real. But the deadline is now one week away. Final Call to Action: Submit Before May 27 If you're building something category-defining — or know a startup that deserves the spotlight — submit your nomination and complete your application before May 27. Get started by nominating and applying here.

The lead: The outbreak of hostilities in Iran, ignited on 18 May 2026, has sent shockwaves through global bond markets, prompting fears of a new debt crisis that could echo the 2022 sovereign debt shock.Escalating Conflict in Iran and Its Immediate Market SignalsThe confrontation began after a series of cross‑border strikes between Iranian forces and regional adversaries, quickly drawing in neighboring states and raising the specter of a broader Middle‑East war. Within hours, investors priced in heightened geopolitical risk, pushing EM (Emerging Market) bond yields up by 150 basis points and triggering a sell‑off in regional currencies.Key dates: 18 May 2026 – conflict erupts; 19 May 2026 – EM bond spreads widen sharply.Immediate market reaction: U.S. Treasury 10‑year yield rose to 4.75%; the MSCI Emerging Markets Index fell 4%.Quantifying the Financial Exposure: Debt Figures and Market MovesAnalysts have mapped the debt exposure that could be destabilized by the conflict:Iran's external debt: approximately $1.2 trillion, with $450 billion in Euro‑dollar bonds due in the next 12 months.Regional debt at risk: $3.5 trillion across Iraq, Syria, and Lebanon, much of it denominated in USD.Capital flight: Emerging market equity outflows reached $120 billion in the first 48 hours.Risk premiums on sovereign bonds of neighboring states widened by 200–300 bps, while credit default swap (CDS) spreads for Iran spiked to 1,200 bps, the highest level since 2022.Ripple Effects on Emerging Economies and Global Credit ConditionsThe shock is not confined to the Middle East. Higher risk premiums are spilling over to other vulnerable economies, pressuring global credit conditions:Latin America: Argentine and Colombian bond yields rose 80 bps as investors reassess contagion risk.Asia: Indonesia and the Philippines saw their sovereign CDS spreads increase by 120 bps.Policy response: The International Monetary Fund (IMF) warned of “tightening global financing conditions” and urged member states to bolster foreign‑exchange reserves.Scenarios for the Next Debt Shock and Policy ResponsesExperts outline three plausible pathways:Containment: If diplomatic channels de‑escalate the conflict within three months, markets could stabilize, and debt servicing pressures would ease.Prolonged conflict: A six‑month stalemate could force Iran and its allies into debt restructuring, triggering a wave of defaults across the region.Escalation to wider war: Involvement of major powers could trigger a sharp spike in global risk aversion, pushing emerging market borrowing costs above 10 % and reviving a systemic debt shock.Policymakers are urged to prepare contingency financing, coordinate with the G20 on liquidity provisions, and consider temporary debt service relief for the most exposed economies.

The Lead: A Historic Boardroom ChallengeIn July 2026, one of the UK's biggest financial institutions will face a potentially transformative moment when a customer seeks a seat on its board. James Sherwin-Smith, a 45-year-old Nationwide building society member, has gathered over 250 peer nominations to challenge for a position on the board of the 142-year-old mutual lender. This challenge comes a decade after Theresa May's pledge to reform corporate governance by giving workers and consumers seats on company boards—a promise that ultimately went unfulfilled.The Event Details: Sherwin-Smith's Quest for Board RepresentationSherwin-Smith's journey to the boardroom has been anything but easy. Over the past two years, he has painstakingly gathered nominations from fellow members, despite facing significant hurdles. Member details were withheld due to data protection rules, and signatures only qualified if nominators maintained certain balance thresholds—£100 or £200 in most cases—over the preceding two years.The former Oliver Wyman consultant has been a vocal critic of Nationwide's governance practices, particularly regarding its £2.9 billion takeover of Virgin Money in 2024 and the 43% pay rise for its chief executive, Debbie Crosbie, which pushed her maximum pay package to £7m. Sherwin-Smith maintains he is against demutualization, aligning with the board's stated position, but argues that the building society's rapid growth has compromised its democratic roots.The Data Analysis: The Rarity of Member-Nominated DirectorsAccording to the Building Societies Association (BSA), there are currently no member-nominated directors serving on any of the UK's 42 building society boards. This marks a significant departure from the original purpose of building societies, which were designed to be member-owned and governed.The last time a member-nominated director held a boardroom seat in Nationwide or any UK building society was in 2002 when Paul Twyman retired. This means that while listed banking rivals like Barclays, Lloyds, and NatWest must answer to shareholders, Nationwide has faced limited intrusive questioning apart from from regulators or members at its virtual-only AGMs.Historically, building societies remain one of the only UK sectors that legally gives customers the right to nominate peers for boardroom elections. However, Nationwide's engagement with members has primarily been through a 6,500-member talkback panel, which critics claim functions more as a market research tool than a genuine governance mechanism.The Impact Analysis: Shaking Up Corporate Governance NormsAndrew Johnston, a professor of company law and corporate governance at Warwick University, believes Nationwide is carefully weighing its options regarding Sherwin-Smith's candidacy. "I suspect they don't want him on the board because he's going to just ask lots of awkward questions about stuff that they want to do," Johnston noted.The potential implications of Sherwin-Smith's success extend beyond Nationwide. If elected, he could set a precedent for other mutual organizations, potentially revitalizing the debate over corporate democracy that began with Theresa May's 2016 speech. Critics argue that without external accountability, mutual organizations risk developing groupthink and poor decision-making.However, concerns remain about the potential for unseasoned members to disrupt established operations. Gareth Thomas, chair of the all-party parliamentary group for mutuals, fears that without proper thresholds, larger institutions might open doors to those seeking demutualization and profit from subsequent payoffs.The Prediction: The Future of Corporate Democracy in Mutual OrganizationsThe outcome of Sherwin-Smith's boardroom challenge could signal a significant shift in how mutual organizations approach governance. If successful, it might encourage more member participation and accountability across the sector. If unsuccessful, it could reinforce the status quo, with boards maintaining significant control over nomination processes and election outcomes.Regardless of the immediate outcome, Sherwin-Smith's campaign has already highlighted tensions between traditional governance models and evolving expectations of transparency and accountability in the financial sector. As mutual organizations continue to navigate an increasingly complex regulatory environment, the balance between professional management and member representation may become a central issue in UK corporate governance debates.

The Artist's Background and Achievements At 29, Rene Matić is the youngest ever person to win the £30,000 Deutsche Börse Photography Foundation prize. They were nominated for their solo exhibition As Opposed to the Truth at CCA Berlin – there is currently a much smaller reconfiguration representing part of the show at the Photographers' Gallery in London. Matić was also the youngest artist ever to be nominated for the Turner prize last year. Notable Works and Artistic Approach There are things I like about Matić. I like the way they challenge what counts in life and art, and what counts as British. Their 2022 work, Upon This Rock – a photographic installation and a film exploring the artist's father, Paul, and his involvement with the skinhead movement – felt like it was breaking new ground, conceptually and materially. Matić's yearning to understand masculinity and fatherhood as forces shaping national identity, and the way they incorporate new stories into the folds of Britain's historical fabric, felt original and exciting. Prize Recognition and Its Significance The Deutsche Börse Photography Foundation prize is one of the most prestigious awards in contemporary photography, carrying a £30,000 prize. Matić's win at such a young age marks a significant moment in the art world, particularly as they identify as a queer, working-class person of colour. The fact someone from this background won this award is good as a statement for what the Deutsche Börse prize can stand for in terms of diversity and representation. Critical Assessment of Current Exhibition Yet a lot of Matić's other work doesn't feel mature enough for the photographer to have taken the prize so early in their career. The installation Feelings Wheel, a series of diaristic snapshots which is shown at the Photographers' Gallery, feels like something you'd paste on your wall or Tumblr at university. They are pretty mediocre pictures, safe from Instagram censorship, and arranging them in Perspex doesn't make them more interesting. I find there is an annoying insularity, a sense of preaching to the converted, whereas the most effective art builds bridges between artist and viewer, allowing people who aren't part of the gang to understand it and be moved by it, too. Comparisons to Influential Photographers Too often, Matić's images are only made interesting by the different ways they display them in assemblages, spatial and sculptural configurations. Their work draws comparisons with Wolfgang Tillmans or Nan Goldin, who both photographed their own subcultures and communities, but with more edge and verve. With slideshows to music (in the case of Goldin's The Ballad of Sexual Dependency) and multi-format installations responding to the space (Tillmans), both photographers cast aside the traditional focus on a single image, creating new ways of looking at multiple photographs that Matić adapts but doesn't quite move forward. Broader Implications for Contemporary Photography There's nothing wrong with art that focuses on identity – especially identities that have been consistently erased and ignored in this country. But based on what Matić has done for photography, I don't think they should have won. Autobiography can't be the only thing a work has to offer. I am not sure what's really radical or nuanced about Matić's photographs of flags and tattoos, or people kissing at Glastonbury. At times, the vulnerability and compassion seems performative rather than sincere, and there's not enough tension – questions in the work for the viewer to resolve. The Future of Matić's Artistic Development Leaving the exhibition, I felt flat – though there are ideas, they need more time to percolate. What this win seems to tell us about photography now is that how you market yourself is possibly more important than the work you make. Matić clearly has potential, as evidenced by their more conceptual works like Upon This Rock, but the current exhibition suggests they may have been recognized before their artistic voice has fully developed. The challenge for Matić will be to build on the conceptual foundations of their strongest work while developing a more distinctive photographic language that doesn't rely solely on presentation techniques to generate interest.

Lead: Valie Export’s Death Marks End of a Pioneering EraThe Austrian performance artist and filmmaker Valie Export passed away in Vienna on May 15, 2026, just three days shy of her 86th birthday. Her death closes a chapter on a career that consistently challenged the male gaze and redefined feminist expression in contemporary art.Groundbreaking Performances that Redefined the Male GazeExport’s early work shocked and fascinated audiences. In 1968 she staged "Tap and Touch Cinema", strapping a miniature theatre stage to her chest and inviting passers‑by to touch her bare breasts through a curtain, while a megaphone‑wielding colleague timed each action. The 1980 Venice Biennale centerpiece "Birth Bed" featured an oversized female abdomen, neon lights emanating from a vulva, and a TV broadcasting a Catholic mass, confronting patriarchal power structures head‑on.Key Milestones and Numbers in Export’s Career1940: Born Waltraud Lehner in Linz, Austria.1967: Adopted the name Valie Export (nickname + cigarette brand).1968: Co‑founded the Austrian Filmmakers Cooperative.1970: Faced pornography charges; custody of her daughter briefly withdrawn.1977 & 2007: Exhibited at Kassel’s documenta.1980: First female artist (with Maria Lassnig) to fill the Austrian pavilion at the Venice Biennale.1985: Feature film The Practice of Love nominated for the Golden Bear at Berlin.1995‑2005: Professor of multimedia and performance at the Academy of Media Arts, Cologne.2015: Linz opened the Valie Export Centre for Media and Performance Art.Impact on Feminist Art and Contemporary CultureCritics and curators, including gallerist Thaddaeus Ropac, describe Export as “one of the most visionary feminist artists” of post‑war Europe. Her interventions exposed the objectification of the female body, influencing artists such as Marina Abramović, who re‑enacted Export’s “Genital Panic” in 2005 at the Guggenheim. Museums worldwide now feature her work as a cornerstone of feminist art history.Looking Ahead: Preservation and Influence of Export’s WorkWith the establishment of the Linz centre and ongoing retrospectives, Export’s oeuvre is set to remain a reference point for future generations. Scholars anticipate new scholarly editions of her performances, while digital archives aim to make her interventions accessible to a global audience, ensuring that her challenge to patriarchal structures endures beyond her lifetime.