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The LeadeBay has firmly rejected GameStop's $56 billion takeover bid, calling the proposal "neither credible nor attractive" due to financing concerns and doubts about the combined company's growth prospects. The rejection comes as GameStop CEO Ryan Cohen attempts to take the offer directly to shareholders despite significant skepticism from analysts and investors.The Rejection DetailseBay, which has roughly four times GameStop's market value, underscored on Tuesday that its turnaround efforts under CEO Jamie Iannone have boosted growth, with its stock returning 201 percent since Iannone took the position six years ago. "We have concluded that your proposal is neither credible nor attractive," eBay Chairman Paul Pressler said in a statement. "eBay's Board is confident the company, under its current management team, is well-positioned to continue to drive sustainable growth."He also pointed to concerns with GameStop's bid, including its financing, its effect on eBay's long-term growth and the leadership structure of a potentially combined company. GameStop did not immediately respond to a request for comment.Financial Analysis and Market ReactionLast week, GameStop CEO Ryan Cohen surprised Wall Street with his bid, which included a $20 billion debt financing commitment from TD Bank. Analysts and investors have doubted whether the half-cash, half-stock bid for eBay from the $12 billion video game retailer would close.eBay stock has been trading far below the offer price of $125 per share since the bid was made this month. It fell 1.3 percent on Tuesday to $106.68, while GameStop was down nearly 2 percent in early trading. In the last 12 months, eBay's stock has climbed 56 percent while GameStop's has dropped 18 percent.Industry ImplicationsThe proposed deal is drawing attention in a robust mergers and acquisitions market and among retail investors, for whom Cohen has been a hero since he helped rally a short squeeze in 2021 that hurt hedge funds such as Melvin Capital. The offer has upset some GameStop investors; Michael Burry, of The Big Short fame, sold his stake after the offer, warning it would saddle GameStop with debt and dilute share value.Both eBay and GameStop sell collectibles such as trading cards, but their main businesses are different. While eBay earns fees by connecting buyers and sellers online without holding inventory, GameStop buys goods wholesale and resells them through physical stores. Analysts noted that eBay already has an EBITDA margin of 31 percent, three times higher than GameStop's 10 percent.Future OutlookCohen, who has built a 5 percent position in eBay, has signaled he may be ready to take the offer directly to eBay shareholders, possibly by calling a special meeting. That can be difficult as calling a meeting requires a bigger stake. The GameStop CEO said he has a debt financing commitment letter from TD, contingent on the combined company receiving an investment-grade rating. Moody's said last week the deal would be credit negative for eBay. Sources familiar with the matter said eBay thinks it is highly unlikely that a combined company would be considered investment grade.Cohen has argued that by combining GameStop and eBay, he could cut costs and find synergies to create a much bigger enterprise. He said he could boost eBay's profitability by replicating GameStop's cost-cutting drive and use its 600 US stores as a physical network to help turn eBay into a tougher rival to Amazon. In a CNBC interview, Cohen offered little explanation of how GameStop would finance the deal, saying only that it would be paid for with cash and stock.

The US Oil Stockpile Release The United States has announced its latest release of emergency oil stockpiles in coordination with the International Energy Agency (IEA). The US Department of Energy said on Monday that it had begun transferring 53.3 million barrels from the strategic petroleum reserve after awarding contracts to nine companies under its emergency exchange programme. Contract Details Trafigura Trading LLC, a Texas-based commodities trading company, was granted the biggest haul of nearly 13 million barrels, with Marathon Petroleum Corporation and ExxonMobil set to receive 12.4 million barrels and 11.4 million barrels, respectively. Macquarie Commodities Trading US, Atlantic Trading & Marketing, BP Products North America, Energy Transfer Crude Marketing, Mercuria Energy America and Phillips 66 will receive between 1.05 million and 6.55 million barrels each, according to the Energy Department. The Impact on Oil Prices The transfer comes after US President Donald Trump's administration agreed in March to release 172 million barrels of crude as part of the IEA's coordination of the largest unloading of global stockpiles in history. Oil prices have surged since the US and Israel launched their war on Iran in late February, with Tehran's retaliatory blockade of the Strait of Hormuz paralysing one of the world's most important trade routes. The Future Outlook Oil prices continued to edge higher on Monday after Trump dismissed Iran's latest peace proposal and warned that the ceasefire between the sides was "on life support", dampening hopes for a quick resolution to the conflict. Facing growing public discontent over rising fuel prices, Trump on Monday also pledged to waive the 18.4 cents-per-gallon federal tax on petrol, though taxation is the purview of the US Congress. Futures for Brent crude, the international benchmark, were up about 1 percent in Asia on Tuesday morning, topping $105 a barrel.

Trump's Direct Intervention in Fuel CostsPresident Donald Trump has announced a direct intervention in the US energy market, pledging to suspend the 18-cent federal petrol tax to counteract record-high fuel prices exacerbated by the ongoing instability surrounding the Iran ceasefire.The 18-Cent Federal Tax Suspension ProposalTrump stated on Monday that the tax would be removed for a "period of time," with the intent to phase it back in once gas prices stabilize. He characterized the move as a necessary cushion for the American consumer amid the geopolitical fallout from the US-Israel war on Iran.The $2.5bn Infrastructure Gap and Oil Market VolatilityThe proposed suspension would temporarily halt the collection of approximately $2.5 billion in federal revenue, which is currently allocated for US roadway infrastructure. Concurrently, oil markets are reacting sharply; Brent crude futures surged 3.13% to $104.46 a barrel, while US West Texas Intermediate (WTI) rose to $98.32. This volatility is reflected on Wall Street, with major oil and gas giants like Exxon (up 3.1%) and Chevron (up 1.7%) seeing significant gains in midday trading.Congressional Gridlock and Regional Price DisparitiesWhile the President claims the authority to waive the tax, legal experts and analysts point out that suspending a federal tax requires an act of Congress. This creates a legislative hurdle, though Republican Senator Josh Hawley has pledged to introduce legislation to facilitate the suspension. Analysts suggest the impact will vary by region, potentially reinforcing price differentiation between states that have already reduced their own petrol taxes.The Future of Airline Stability and Consumer ReliefThe move signals a potential long-term struggle for the airline industry, which has already faced pressure from jet fuel costs. With Spirit Airlines ceasing operations due to "massive and sustained increases in fuel prices" and United Airlines raising fares by 20%, the suspension of the petrol tax offers a temporary reprieve for consumers but does not address the structural fuel costs facing the aviation sector.

The End of an Era for Football CollectiblesWith this summer's World Cup already mired in controversy over politicization, potential travel bans, and rows over ticket prices, fans were dealt another piece of sad news this week: the tournament's much-loved Panini sticker album will be discontinued after 2030. This announcement marks the potential end of a cultural phenomenon that has spanned decades and connected generations of football fans worldwide through the simple joy of collecting and trading stickers.The Business Behind the PassionFor decades, Panini has held the exclusive rights to produce World Cup sticker albums, creating a multi-million dollar business that has become as much a part of the tournament as the matches themselves. The albums typically contain hundreds of stickers featuring players, teams, stadiums, and mascots, with collectors often needing to purchase numerous packs and trade with friends to complete their sets. The announcement of discontinuation comes amid changing commercial landscapes and evolving fan engagement strategies in the digital age.Cultural Touchstones Across GenerationsFor many, Panini albums represent more than just collectibles—they are cultural artifacts that capture the essence of World Cup history. The albums serve as time capsules, preserving memories of legendary players, iconic moments, and the evolution of the tournament itself. From the 1970 Mexico album featuring England's victory to the 1994 edition with Roberto Baggio's divine ponytail, these albums have documented football's greatest stars and most memorable moments for generations of fans.Personal Stories from the CollectionGuardian writers recall their Panini memories from years gone by, each story offering a unique perspective on how these albums shaped their relationship with football:Lorenzo Tondo remembers the 1994 World Cup, where Roberto Baggio's sticker was considered the most coveted. He carried it like a trophy, fearing that sticking it in the album would bring bad luck to Italy—a superstition that seemed validated when Baggio missed the penalty in the final.Gwyn Topham still keeps his Mexico 86 album, featuring a mind-blowing find from primary school: the Football 83 Arthur Albiston sticker with Kevin Moran's face. His album captures a time when overseas players were still a relative novelty in football.John Crace traces his obsession back to the 1970 World Cup, when he first nagged his mother to buy him a Mexico 70 sticker book. Little did she realize that was only the beginning of a lifelong collecting journey that would eventually see him complete the set decades later through eBay.The Evolution of Football FandomThe Panini album phenomenon reflects how football fandom has evolved over the decades. What began as simple paper collectibles has transformed into a complex ecosystem of trading, completing sets, and the pursuit of rare stickers. The albums have not only documented football history but have also created shared experiences among fans, fostering connections across cultures and generations through the universal language of football.The Digital Future of CollectingAs Panini prepares to phase out physical sticker albums after 2030, questions arise about what will replace this beloved tradition. Digital collections, NFTs, and augmented reality experiences may offer new ways for fans to engage with the World Cup, but they may struggle to replicate the tangible joy of swapping stickers with friends on the playground or the satisfaction of completing a physical album. The discontinuation of Panini albums marks not just the end of a product line, but potentially the end of an era in how football fans connect with the tournament they love.

The Psychedelic Bloom of Olof Dreijer's Solo DebutSwedish producer Olof Dreijer, best known for his work in The Knife and with Fever Ray, has released his debut solo album "Loud Bloom." The album represents a significant departure from his previous work, trading the Scandinavian winter gloom of his collaborations with his sister Karin for a vibrant, sun-drenched soundscape that cranes upwards like flowers toward sunlight.A Garden of Musical DelightsEach track on "Loud Bloom" bears a floral name, creating a cohesive concept of growth and blossoming. Dance music enthusiasts may recognize some tracks from EPs released as early as 2023, but together they showcase Dreijer's distinctive musical accent—identifiable sometimes from just half a second of music. The album's melodies squiggle through the air like a beach ball in a strong breeze, with distorted notes that rear up in surprise or cock their heads quizzically.Global Rhythms and Collaborative SpiritThe album's rhythms draw from diverse global traditions including cumbia, kuduro, dancehall, and techno, complicated with fiendish funk and anti-quantised detailing. Dreijer brings in charismatic guest vocalists from Sudan (MaMan), Colombia (Diva Cruz), and South Africa (Toya Delazy) who go toe-to-toe with these complex beats. This international collaboration creates a rich tapestry of sound that transcends geographical boundaries.A New Chapter in Electronic Music"Loud Bloom" represents a significant evolution in Dreijer's musical journey. While his previous work with The Knife and Fever Ray often carried a Scandinavian winter gloom despite incorporating African-Caribbean-Latin syncopation, this solo album embraces warmth and light. The later tracks on the album shift toward contemplative studies in metal strings and ambient tones, maintaining the same impetuous rhythmic sensibility while exploring new territory.The Future of Dreijer's Psychedelic GardenWith "Loud Bloom," Dreijer has created his own walled garden of psychedelia, conjuring the light and scent of a summer in bloom. This debut solo album suggests that Dreijer will continue to explore the intersection of electronic music with global influences and organic textures. As he establishes his own distinct voice separate from his collaborations with Karin, fans can expect more boundary-pushing work that challenges conventional electronic music production while maintaining accessibility and danceability.

The Lead The TV schedule for tonight features a range of dramas and live sports. One of the standout shows is 'Believe Me', a Jeff Pope drama about the women who reported rapist John Worboys. Jeff Pope's Drama: Believe Me Sunday, 9pm, ITV1 'Believe Me' tells the story of Sarah Adams, played by Aimee-Ffion Edwards, who takes a taxi after a night out and is raped by John Worboys, played by Daniel Mays. The drama explores the aftermath of the assault and the challenges faced by victims of rape in reporting their crimes. Other TV Highlights Bafta Television Awards 2026, 7pm, BBC One: The TV gongs are presented by Greg Davies, with a double battle for lead and supporting actress awards between Aimee Lou Wood and Erin Doherty. The Great Celebrity Bake Off for Stand Up to Cancer, 7pm, Channel 4: The charitable baking competition features Adam Buxton's edamame crumpets and Self Esteem's beans on toast crumpets. Cruising to the End of the Earth, 8pm, Channel 4: A family from Preston takes their first journey together since a bereavement and explores Alaska. The Cage, 9pm, BBC One: Tony Schumacher's thriller follows crooked casino employees Leanne and Matty as they navigate conflicting loyalties. Trading Places, 9pm, Channel 5: A new life-swap series immerses participants in different realities, starting with shopaholic youngsters Saffron, Umar, and Bridie. Film Choice The Iron Claw, 10pm, BBC Two This biopic tells the story of the Von Erich family of wrestlers in Texas, focusing on eldest son Kevin and his struggles for success in a sometimes pitiless sport. Live Sport Women's FA Cup Football: Liverpool v Brighton, noon, Channel 4/TNT Sports 1 Premier League Football: Nottingham Forest v Newcastle, 2pm, Sky Sports Main Event

The Immediate Market ShockFutures for Brent crude surged as much as 7.5 percent during a volatile trading session on Thursday, reflecting the immediate market panic caused by renewed hostilities. The international benchmark stabilized at $101.12 per barrel as Asia’s markets opened on Friday, though it briefly touched a high of $103.70. This volatility underscores the extreme sensitivity of energy markets to geopolitical stability in the Middle East.Escalation in the Strait of HormuzThe crisis erupted despite a truce announced between the US and Iran on April 7. The conflict centers on the Strait of Hormuz, a narrow waterway through which approximately one-fifth of the world's oil and natural gas supplies pass. US Central Command (CENTCOM) confirmed it launched strikes on Iran after three US Navy guided-missile destroyers came under attack from Iranian missiles, drones, and small boats. In retaliation, Iran’s Khatam al-Anbiya Central Headquarters accused the US of violating the ceasefire by attacking an Iranian oil tanker and targeting civilian areas, including Qeshm Island.Quantifying the Energy ShortageThe market reaction is driven by tangible supply fears. Shipping in the strait has been at a near standstill since late February, and the latest exchange of fire threatens to extend this disruption. Brent prices are up about 40 percent compared with pre-war levels. Analysts estimate a daily production shortfall of 14.5 million barrels, a figure that could trigger severe inflationary pressures globally if the conflict persists.Global Market FalloutThe geopolitical shockwave is extending beyond energy markets to equities. Asian stock markets opened lower on Friday, with Japan’s Nikkei 225, South Korea’s KOSPI, and Hong Kong’s Hang Seng Index each falling more than 1 percent. On Wall Street, the benchmark S&P; 500 fell about 0.4 percent overnight, signaling that investors are pricing in the risk of a broader Middle East conflict disrupting global trade and economic growth.The Road Ahead: Supply Chain VulnerabilityThe situation remains precarious, with both sides claiming the ceasefire remains in effect while accusing the other of aggression. If shipping in the Strait of Hormuz remains halted, the global economy faces a dual threat of rising energy costs and supply chain bottlenecks. The coming weeks will be critical in determining whether this flare-up is a temporary spike or the beginning of a sustained energy crisis.

The Profit Paradox in Big Oil Exxon Mobil and Chevron, America's two largest oil companies, reported unexpected drops in quarterly profits despite oil prices reaching levels not seen since 2022. The paradoxical situation highlights how geopolitical disruptions in the Middle East are creating complex financial outcomes for energy producers even as market prices soar. Quarterly Financial Results Exxon's quarterly earnings fell to $4.2 billion from approximately $7.7 billion in the same quarter last year, representing a decline of about 46%. Chevron's profits dropped to $2.2 billion from about $3.5 billion, a decrease of approximately 37%. Despite these significant drops, both companies managed to exceed Wall Street analysts' expectations. The Timing Effect Impact The profit declines were primarily attributed to "timing effects" and volume impacts in the Middle East. When excluding these timing effects, Exxon reported $8.8 billion in profit for the quarter. Chevron, meanwhile, faced unfavorable timing effects totaling about $3 billion, which significantly impacted its reported results. Geopolitical Market Disruptions The war in Iran has created significant market volatility, with oil prices reaching unprecedented levels. As Darren Woods, Exxon's chairman and CEO, explained: "As you close the quarter in the volatile market, you book the hedges, the paper, but the physical barrels are in inventory until they get delivered. So you get this deferred profit..." This situation has created a temporary disconnect between market prices and actual earnings realization. Industry Divergence While Exxon and Chevron reported lower profits, other oil companies have experienced different outcomes. BP announced that its profits more than doubled in the last quarter, crediting "exceptional oil trading" for its highest quarterly profit since 2023. Meanwhile, ConocoPhillips cut its forecast annual output due to disruptions in Qatar's liquified natural gas operations caused by the war, with Iranian attacks on QatarEnergy LNG's export plant expected to take years to repair. Consumer Impact and Market Outlook Despite the complex financial results for major producers, consumers are feeling the impact at the pump. Gas prices have climbed to an average of $4.39, up from $3.187 a year ago. Americans are also facing concerns about elevated inflation and slow job growth amid the turmoil in the Middle East. As the situation evolves, energy companies may eventually reap the full benefits of soaring oil prices, but current geopolitical disruptions continue to create significant market volatility.

The Lead Tensions remain high across the region, with Iran, the United States, and Israel trading warnings as violence continues. Iran's Response to US Naval Siege Iran's President Masoud Pezeshkian has described the US naval siege of Iranian ports as an 'extension of military operations' that is 'intolerable'. Air defences activated in Iran: Air defences were heard in Tehran on Thursday night after being activated to counter small aircraft and drones. Iran accustomed to harsher sanctions: Analysts say Tehran entered the blockade prepared, with oil stockpiled at sea and a large domestic market. War Diplomacy and International Response Impasse likely despite pressure tactics: Retired US General Mark Kimmitt said Iran's strategy of military pressure and economic pain is unlikely to force Washington into talks. US urges meeting of Israel, Lebanon: The US embassy in Lebanon called for a meeting between Lebanese and Israeli leaders. Trump mulls US troop cuts in Italy, Spain: The US president said he may pull US troops from Italy and Spain due to their opposition to the Iran war. Regional Developments UAE urges citizens to leave Iran, Lebanon and Iraq: The United Arab Emirates has banned its citizens from travelling to the three countries and called on those already there to leave immediately. Israel warns Iran: Israel's defence minister Israel Katz said his country may soon have to 'act again' against Iran. Deadly Lebanon strike: Israeli strikes on three south Lebanon villages killed nine people, among them two children and five women. Economic Impact Oil at four-year high: Oil prices soared to four-year highs, with the US crude benchmark Brent for June delivery spiking more than 7 percent to $126.41. The US Perspective Trump signals Iran war still possible: The US president said he has not ruled out restarting the war, claiming Iranian leaders 'want to make a deal badly'. Hegseth on civilian deaths: US Defense Secretary Pete Hegseth told senators the Pentagon has 'every resource necessary' to limit harm to civilians.