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United Utilities (UU) saw its shares jump 11% after announcing an £800 million share placing, while Severn Trent also rose 7%, underscoring a broader investor appetite for UK water utilities amid a more generous Ofwat settlement.United Utilities’ Share Surge on £800m Placing and Investor AppetiteThe Thursday rally was driven by cornerstone investors – Australia’s Future Fund and global infrastructure manager Atlas – snapping up half the new issue. The influx of capital, combined with a 30% total share‑price gain over the past year, pushed UU to an all‑time high on the FTSE 100.Regulatory Settlement Boosts Returns: Targeting 10‑11% ROEUU’s strategic update lifted its target return on equity to 10‑11% for the next five years, a full percentage point above prior guidance and well above the 8.5% forecast by City analysts. The higher ROE is underpinned by water‑bill increases that track inflation.£2.5bn Additional Capital Plan and Its Impact on Household BillsUU is seeking Ofwat approval for an extra £2.5bn of spending beyond the agreed £9bn programme to 2030, citing new housing and data‑centre projects around Manchester. The first £1.4bn tranche would translate to an additional £10 per household bill, while the full plan would grow the asset base at 10% a year instead of 7%.Sector Ripple Effects: Severn Trent’s Sympathetic Rally and Market ValuationsFollowing UU’s surge, Severn Trent’s shares climbed 7%, reflecting market expectations that it could also secure “reopeners” with Ofwat. Both utilities now sit at record valuations, highlighting a divergence between the struggling Thames Water saga and the thriving northern firms.What This Means for UK Water Policy and Future Investor StrategiesThe Ofwat settlement appears to fulfil the Labour government’s aim of an investor‑friendly framework that funds critical infrastructure without resorting to nationalisation. International investors, exemplified by Future Fund’s involvement, are poised to allocate more capital to utilities that can demonstrate disciplined growth and limited regulatory penalties.

Lead: Musk’s courtroom confession on AI distillationElon Musk told a federal judge that xAI had used distillation techniques on OpenAI models to help train its new chatbot Grok. The partial "yes" came during a high‑stakes lawsuit accusing OpenAI founders of betraying the nonprofit mission that originally guided the company.Musk’s courtroom admission on AI distillation practicesDuring Thursday's testimony, the judge asked whether xAI had employed systematic querying of OpenAI’s publicly available APIs to extract model behavior. Musk answered that such "distillation" is a "general practice among AI companies" and qualified his response with "Partly." The exchange underscores that the once‑rumored practice is now openly acknowledged in a legal setting.Distillation: prompting a model repeatedly to infer its internal weights and replicate its capabilities.Legal context: Musk is suing OpenAI, CEO Sam Altman, and co‑founder Greg Brockman for allegedly abandoning the nonprofit charter.Scale and rankings of AI playersWhile xAI remains a relatively small outfit—"just a few hundred employees"—Musk positioned it among the world’s top AI providers:1️⃣ Anthropic (ranked top by Musk)2️⃣ OpenAI3️⃣ Google4️⃣ Chinese open‑source modelsFounded in 2023, xAI’s rapid ascent to a contender in the market illustrates how distillation can accelerate capability development without the massive compute investments of larger rivals.Distillation’s threat to incumbents and industry responseThe practice erodes the advantage built by firms that have poured billions into custom silicon and data pipelines. By extracting knowledge from existing models, smaller labs can produce near‑equivalent performance at a fraction of the cost. In response, leading labs—including OpenAI, Anthropic, and Google—have launched a collaborative effort through the Frontier Model Forum to share defensive tactics, such as rate‑limiting suspicious query patterns and tightening terms of service.Future outlook: legal battles and the evolution of model trainingWith Musk’s admission on the record, the lawsuit may set precedents for how intellectual property and service‑agreement violations are judged in the AI space. Expect tighter API usage policies, increased monitoring of query volumes, and possibly new regulatory guidance on model‑copying techniques. Meanwhile, firms that can master distillation without breaching contracts could reshape the competitive landscape, forcing incumbents to innovate beyond sheer compute power.

The Upgrade from Assistant to GeminiGoogle is fundamentally upgrading the in-car experience by replacing the legacy Google Assistant with its advanced Gemini AI model across millions of vehicles equipped with Google built-in. This transition marks a significant leap from simple voice commands to a more fluid, conversational interface designed for safety and utility.Millions of Vehicles on the RoadThe rollout begins in the U.S. with English-language support, expanding over the coming months. Crucially, this update is not limited to new models; it applies to compatible existing cars via software updates. This mirrors the strategy seen with General Motors, which recently revealed Gemini is coming to approximately 4 million vehicles from model year 2022 and newer, spanning brands like Cadillac, Chevrolet, Buick, and GMC.Redefining the In-Car ExperienceThe shift enables drivers to interact with their vehicles using natural language. Users can now ask complex queries, such as finding a highly rated restaurant with outdoor seating along their route. Gemini can then handle follow-up tasks like checking parking availability or menu options based on dietary preferences.Gemini Live: A beta feature allowing for open-ended, real-time conversations.Task Automation: Controlling vehicle settings like heat, music, and navigation.Message Handling: Summarizing and responding to incoming messages hands-free.The Road Ahead for AI IntegrationGoogle plans to expand Gemini support to additional languages and regions, deepening its integration with the broader Google ecosystem, including Gmail, Google Calendar, and Google Home. This rollout signals a broader industry trend where automotive interfaces are evolving from static displays to intelligent, conversational co-pilots.

Stripe Launches Link, a Wallet Built for Autonomous AI AgentsStripe introduced Link at its annual conference, positioning it as the first consumer‑grade wallet engineered for the AI era. The service lets users connect cards, bank accounts, crypto wallets, and buy‑now‑pay‑later options, while granting AI agents permissioned access to spend without exposing raw credentials.How Link Integrates Payment Methods and AI Agent ControlsSupports cards, bank accounts, crypto wallets, and BNPL services.Provides a unified view of spending, recurring subscriptions, and 90‑day purchase protection.Agents gain access via an OAuth flow, creating spend requests that require user approval before credentials are shared.Built on Issuing for agents, issuing virtual cards or Shared Payment Tokens (SPT) for autonomous transactions.Future controls will include spend limits and conditional approvals without user interaction.Monetary Implications and Early Adoption SignalsWhile Stripe has not disclosed revenue forecasts for Link, the launch taps into a rapidly growing market of autonomous AI agents—evidenced by the recent sell‑out of Apple’s base‑model Mac Minis used for running such agents. If even 1% of the estimated 200 million active AI‑assistant users adopt Link, the wallet could process billions in transaction volume within its first year.Why the AI‑Powered Wallet Could Redefine Digital PaymentsBy abstracting payment credentials behind programmable tokens, Link addresses a core trust barrier that has slowed AI‑agent commerce. Enterprises building agents (including OpenClaw and similar platforms) can now embed a ready‑made wallet, accelerating time‑to‑market and reducing development overhead.Future Roadmap: Expanded Tokens, Spending Limits, and Wider Agent EcosystemStripe says support for agentic tokens, stablecoins, and additional payment rails is “coming soon.” Planned enhancements include user‑defined spending caps, conditional auto‑approval for trusted agents, and broader SDKs for developers to integrate Link into custom AI assistants.

Blockx’s Historic Run in the Spanish CapitalBelgian rising star Alexander Blockx has delivered a performance of a lifetime at the Madrid Open, defeating defending champion Casper Ruud 6-4, 6-4 to secure a spot in the semi-finals. The 21-year-old, ranked 69th, has defied all odds to reach the last four, marking his best result on clay to date.Scoreline: Blockx defeated Ruud in straight sets (6-4, 6-4).Ranking Milestone: He is the fourth lowest-ranked player to reach the men's semi-finals in Madrid.Performance: He is 4-2 against top 20 opponents this month, with all four wins coming in the last three weeks.“To be honest, I’m just happy with being here,” Blockx said. “Semi-finals is something I wouldn’t have even dreamed of to begin with.” The conditions in Madrid, characterized by slow clay and high altitude, have seemingly suited Blockx’s aggressive style, allowing him time to settle and dictate points.Ruud’s Historic Fall from GraceCasper Ruud’s loss marks a significant downturn in the Norwegian’s career trajectory. The defeat sees Ruud exit the top 20 for the first time since May 2021, signaling a potential shift in the hierarchy of men's clay-court tennis. Ruud, who had been the defending champion, struggled to find rhythm against the relentless pressure of Blockx’s game.The WTA Final and Alcaraz’s AbsenceOn the women's side, 19-year-old Mirra Andreeva battled nerves to defeat Hailey Baptiste 6-4, 7-6 (8), securing her place in the Madrid final. Andreeva, who turned 19 on Wednesday, boasts an impressive 12-1 record on clay this season. Her victory comes after a dramatic second set tie-break where she saved three set points to overcome the American.Simultaneously, the tournament was dealt a blow with the withdrawal of world No. 2 Carlos Alcaraz. The Spanish superstar is sidelined due to a right wrist injury, a setback that will prevent him from defending his French Open title in three weeks. Alcaraz was present in the stands, however, cheering on his younger brother Jaime in an under-16 tournament.Future Outlook: A New Era DawningThe Madrid Open is rapidly becoming a proving ground for the next generation of tennis talent. With Blockx and Andreeva reaching deep stages, the sport is witnessing a generational transition. For Blockx, a semi-final appearance at a Masters 1000 event is a statement of intent, suggesting he could be a major force to be reckoned with on clay in the coming years. For Ruud, the focus will shift to recovery and recalibrating his game to reclaim his position among the elite.

John Higgins fought back from a 3‑1 deficit to level the World Snooker Championship semi‑final 4‑4 against Shaun Murphy, setting up a decisive final session.Higgins Forces a Deadlock in a Nail‑Biting Semi‑FinalThe four‑time champion, playing his 100th match at the Crucible, clawed back after Murphy surged ahead with a 110‑1 opening frame and a century break in the fourth. Higgins won three of the next four frames to bring the score to an even 4‑4 heading into the second session.Frame‑By‑Frame Scoreline Highlights the SwingFrame 1: Murphy 110‑1 (breaks 42, 68)Frame 2: Higgins 65‑27Frame 3: Murphy 69Frame 4: Murphy century (lead 3‑1)Frames 5‑8: Higgins wins three, Murphy one (score 4‑4)Implications for the Championship Final and Legacy BattlesThe tie revives the 2009 final showdown between the two veterans and puts both players on a collision course with the reigning champion, Zhao Xintong, who was defeated by Higgins in the quarter‑finals. A win for either could mark a rare second world title for Murphy or a triumphant return to the final for Higgins after a 17‑year gap.What the Decider Could Mean for Both VeteransShould Higgins prevail, he would become the oldest finalist in over a decade, reinforcing his status as a snooker great. Conversely, a Murphy victory would end his 21‑year wait for a second world crown, reshaping the sport’s contemporary hierarchy. The final session promises high drama, with momentum now firmly in Higgins’ hands but Murphy still very much in contention.

The Trial Continues Elon Musk's court case against Sam Altman continues on Thursday, after a day of contentious exchanges during OpenAI's cross-examination of the Tesla CEO. Musk will face another round of questioning before his lawyer calls more witnesses, including OpenAI's president, Greg Brockman. The Dispute Over OpenAI's Founding Witness testimony and evidence has revealed formerly private emails, text messages and diary entries surrounding the formation of OpenAI, giving a behind-the-scenes look at how the tech behemoth was created. Many of the tech industry's most powerful players are named as witnesses and will give their account on the origins of Musk and Altman's bitter feud. Altman is set to testify later in the trial, which will last three weeks. Musk's Allegations Against OpenAI Musk, who co-founded OpenAI in 2015, is arguing that Altman, Brockman and OpenAI broke a foundational agreement when they shifted the company from a non-profit intent on bettering humanity into a for-profit structure. Musk claims that Altman and Brockman unjustly enriched themselves and should be removed from the company. He is also seeking the undoing of the for-profit conversion and $134bn in damages to be redirected to OpenAI's non-profit arm. OpenAI's Response OpenAI rejects Musk's allegations and is attempting to show that he was always aware of plans for creating a for-profit entity. The AI firm's attorneys have stated Musk is "motivated by jealousy" of OpenAI's success after he left the company in 2018 after a failed attempt to take control. OpenAI has emphasized that it is still overseen by a non-profit. The Implications of the Trial The trial, which began on Monday with jury selection at a federal courthouse in Oakland, California, has already produced dramatic moments and bold accusations. Musk and OpenAI's lead attorney William Savitt spent most of Wednesday in a heated back and forth, with the world's richest person becoming noticeably frustrated and saying that Savitt's questions "are designed to trick me". The Future of OpenAI Silicon Valley is intently watching the trial for both its blockbuster testimony and the potential effects it will have on the AI industry. OpenAI is intending to go public later this year at around a $1tn valuation, but if Musk succeeds in this case, it could greatly complicate that effort – an outcome that would also benefit Musk's own xAI artificial intelligence firm.

The Musical Collaboration Cellist Paul Watkins and pianist Alessio Bax bring their shared musical impulse to Beethoven's cello sonatas, delivering an unflaggingly eloquent performance. Watkins, a veteran cellist of the Nash Ensemble and the Emerson Quartet, has immersed himself in almost all of Beethoven's chamber music, and this experience shines through in their collaboration. The Sonatas The five sonatas span Beethoven's composing life, from the early sonatas that break new ground in writing for cello and keyboard as equal duet partners, to the later sonatas that harness Watkins's full powers of expression. The expansive third sonata, Op 69, centers on a perky middle movement akin to a symphonic scherzo, while the final pair of sonatas showcase the duo's ability to handle complex passages with tightly controlled restraint. The Performance Watkins and Bax's performance is marked by a light, crisp touch, particularly in the earlier sonatas. The slow, serious introductions lead into extended movements showcasing the virtuosity of the pianist, to which Bax rises with ease. The duo handles the closing passages of the fifth sonata with restraint, then gently clears the air with the introduction to the wrangly little fugue of the finale. The Verdict Overall, Watkins and Bax's performance of Beethoven's cello sonatas is beautifully done, with a deep understanding of the music and a shared impulse to deliver eloquence. The album is available to listen on Apple Music and Spotify.

Melanie C Opens Up About Her Spice Girls Days Melanie C, also known as Mel C, has spoken about her experiences as part of the iconic Spice Girls and her solo career. In a recent interview, she shared stories about her early days as a raver, her time with the Spice Girls, and her encounters with other celebrities. Raving and the Spice Girls Melanie C revealed that she was a hardcore raver in her early 20s, discovering the scene on a holiday without her parents. She attended clubs like Berwick Manor and The Cross in London, where she felt a sense of freedom and self-expression. However, her life took a dramatic turn with the rise of the Spice Girls, leaving little time for socializing or raving. Tattoos and Public Image Melanie C also discussed her famous tattoos, which she got during her time with the Spice Girls. She recalled getting her first tattoo at a shop called Tattoomania in LA, along with her bandmates. While she initially felt that her tattoos made her look less ordinary, she now loves them and sees them as a part of her identity. A Date with Anthony Kiedis One of the most surprising revelations was Melanie C's date with Red Hot Chili Peppers frontman Anthony Kiedis. She shared that she was working with Rick Rubin in LA, who produced some tracks for her solo debut album Northern Star. Rubin played her the song 'Emit Remmus,' which Kiedis had written about her. While they did go on a date, Melanie C described it as a brief encounter rather than a fully formed relationship. Reflections on Her Career Throughout the interview, Melanie C showed a sense of pride and accomplishment in her career, from her early days as a Spice Girl to her solo work and collaborations. When asked which spice she would be, she jokingly suggested she might be a 'five spice,' reflecting her versatility as an artist.