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The LeadThe Epsom Derby and Oaks are just around the corner, and the competition is heating up. Top trainers and horses are gearing up for the prestigious events, with several contenders emerging as frontrunners. Derby Contenders The Derby has several strong contenders, including: Constitution River: With a Timeform rating of 124p and odds of 6-1, Constitution River is a top contender. Trained by Aidan O'Brien, the horse has shown tactical speed, balance, and a finishing kick. Benvenuto Cellini: With a Timeform rating of 118p and odds of 5-2, Benvenuto Cellini is another strong contender. Trained by Aidan O'Brien, the horse has a impressive pedigree and has won the Chester Vase. Item: With a Timeform rating of 117p and odds of 6-1, Item is a dark horse. Trained by Andrew Balding, the horse has won the Dante Stakes at York. Oaks Contenders The Oaks also has several top contenders, including: Legacy Link: With a Timeform rating of 110p and odds of 5-1, Legacy Link is a top contender. Trained by John Gosden, the horse has a priceless pedigree and won the Musidora trial. Amelia Earhart: With a Timeform rating of 112p and odds of 5-2, Amelia Earhart is another strong contender. Trained by Aidan O'Brien, the horse has won the Cheshire Oaks. Abashiri: With a Timeform rating of 106p and odds of 14-1, Abashiri is a dark horse. Trained by Charlie Appleby, the horse has shown talent and has huge scope for improvement. The Impact Analysis The Epsom Derby and Oaks are two of the most prestigious horse racing events in the world. The contenders are carefully selected and trained to perform at their best. The events also have a significant impact on the horse racing industry, with top trainers and owners competing for the top prize. The Prediction Based on the analysis, Constitution River and Legacy Link are likely to be the top contenders for the Epsom Derby and Oaks, respectively. However, horse racing is unpredictable, and other contenders may also emerge as frontrunners.

The Road to Glory Hearts are on the cusp of history as they seek to win their first Scottish title in 64 years. The team's journey has been long and arduous, but they have finally reached the point where they need just one more point to secure the championship. The Celtic Obstacle However, Hearts' path to glory is being threatened by Celtic, who are seeking to retain their title under the management of Martin O'Neill. O'Neill's appointment as Celtic manager has been a masterstroke, and his team has been in excellent form. A History of Heartbreak Hearts have a history of heartbreak, particularly in the 1986 season when they lost the title to Dundee. The memory of that defeat still lingers, and Hearts fans will be eager to avoid a repeat of that disappointment. The Impact of O'Neill's Appointment O'Neill's appointment as Celtic manager has had a significant impact on the team. His straightforward approach has been welcome, and his experience has been invaluable. Celtic's players have responded well to his leadership, and the team has been in excellent form. The Prediction The final day of the season promises to be thrilling, with Hearts seeking to win their first title in 64 years and Celtic seeking to retain their championship. While Hearts are the underdogs, they have a strong team and a determined manager in Derek McInnes. The question is, can they overcome the odds and secure the title?

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.

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

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.