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This Friday marks World Press Freedom Day. Around the world, the press is being gagged, taken over by the state, or shut down entirely. If you’re able to, please support the Guardian’s independent, open journalism.

Business Today
Business live
OECD cuts UK growth forecasts; interest rates to remain higher for longer, Fed indicates
Live  
OECD cuts UK growth forecasts; interest rates to remain higher for longer, Fed indicates
Rolling coverage of the latest economic and financial news
Headlines
OECD  
'UK economic outlook has worsened'
'UK economic outlook has worsened'
Exclusive  
Labour's 'new deal for workers’ will not fully ban zero-hours contracts
Shell  
Firm unveils new $3.5bn share buy-back after higher profits than expected
US economy  
Federal Reserve holds interest rates steady as inflation ticks up
Betting  
Online gamblers who lose £500 or more a month to face extra checks
The super-rich  
‘I am moving – that is it’: tycoon speaks out about the end of non-dom tax status
Smith and Nephew  
Nearly half of investors revolt against CEO pay rise
Luxury goods  
Mulberry sales decline as wealthy shoppers slow spending
Technology  
OnlyFans investigated over claim children accessed pornography
Australia  
Bonza administrators in global talks on grounded budget carrier
US  
Johnson & Johnson proposes $6.5bn settlement of talc cancer lawsuits
Flutter  
Shareholders vote to move listing from London to New York
‘Yes, this is real’  
LA recreates Glasgow’s Willy Wonka disaster – sad Oompa Loompa included
Today's agenda
Hopes of early interest rate cuts are fading today after America’s central bank left borrowing costs on hold last night and chafed at the ‘lack of further progress’ on inflation. Last night, the Federal Reserve left its policy rate unchanged, as expected, given inflation rose back to 3.5% in March – further from its 2% target.

The Fed was clear that recent data has not given it the confidence it needs that inflation is moving sustainably toward target. At the start of this year, investors expected six quarter-point cuts, but persistent inflation has dampened those expectations. US interest rates are set at a 5.25-5.5% range.


Energy giant Shell has beaten City expectations by reporting adjusted earnings of $7.7bn for the first quarter of 2024. Shell’s earnings were lower than a year ago – it made a bumper $9.6bn in Q1 2023 – but well above analyst predictions of $6.5bn. Shareholders will – again – benefit, with Shell announcing a new $3.5bn share buy-back programme

Britain’s economy will grow slower this year and next than previously thought, the OECD has warned. New forecasts also show the UK will suffer higher inflation than its peers.The OECD cuts its UK economic growth forecast to 0.4% for 2024 from 0.7% in February. UK growth next year is expected to rise to 1.0%, compared with a previous forecast of 1.2%.

It means the OECD expects Britain’s economy will grow more slowly in 2025 than France or Germany. Consumer prices are expected to rise more quickly in Britain during 2024 and 2025. Looking more broadly, the OECD says global activity has proved surprisingly resilient so far. Global GDP growth is projected to be 3.1% in 2024 and 3.2% in 2025, compared with 3.1% growth in 2023.

The OECD’s forecasts suggest the UK will be the second-weakest growing advanced economy this year, and the slowest next year. For 2024, Germany is expected to be the slowest G7 member with just 0.2% growth, behind the UK’s 0.4%, and Japan at 0.5%. France and Italy (and the eurozone) are seen as growing by 0.7% this year, while Canada is expected to grow by 1%, with the US (again) in the lead with 2.6% growth. But for 2025, the UK slips to the back, with 1% growth, behind Germany at 1.1%.

The OECD also forecasts a very deep recession in Argentina, followed by a recovery in 2025, as president Javier Milei drives though his free market reform package.


The agenda
• 9am BST: Eurozone manufacturing PMI for April
• 9.30am BST: Hong Kong’s GDP report for Q1 2024
• 1.30pm BST: US trade balance for March
• 1.30pm BST: US weekly jobless data

We’ll be tracking all the main events throughout the day ...
Nils Pratley on finance
At 3-0 to the Brilos, the boardroom pay game has changed for ever
At 3-0 to the Brilos, the boardroom pay game has changed for ever
Opinion
Project Syndicate  
Higher interest rates make government debt unviable as an economic solution
Higher interest rates make government debt unviable as an economic solution
Editorial  
The cost of a cashless society: the most vulnerable will pay
Media
BBC  
Four news presenters accuse corporation of ‘grinding down’ women over pay
Four news presenters accuse corporation of ‘grinding down’ women over pay
Ukraine  
Press freedom: ‘We can write what we want, but bad actors try to intimidate us’
Spotlight
Has Elon Musk driven Tesla off track?
Today in Focus  
Has Elon Musk driven Tesla off track?
The electric carmaker’s Cybertruck was recalled last month after safety concerns emerged over the accelerator pedal. Kari Paul reports
Popular on business
Keir Starmer must flush away the stinking turd of Thatcher’s water privatisation
Keir Starmer must flush away the stinking turd of Thatcher’s water privatisation
UK house prices fall unexpectedly for second month in a row
Woolworths CEO announces worse-than-expected financial results for March quarter
Dividends payments soar globally as worker pay stagnates
Judges reject HMRC appeal and rule firm’s marshmallows are not sweets
Get in touch
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Jonathan Watts

Global environment writer

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Conflict in Gaza, war in Ukraine, a battle over the global environment – the world is becoming an increasingly hostile place, particularly for frontline journalists.

The Guardian is marking World Press Freedom Day with a series of articles about the threats posed to all types of reporters.

We want to use our platform to highlight the work they are doing, often in incredibly dangerous circumstances. Without the courage of correspondents working in conflict areas, press organisations warn the world will start to see “zones of silence” where important stories go unreported.

The risks may be growing, and the space to operate may be increasingly constrained, but we are more determined than ever to tell the stories of our age so that you, the readers, have the information to act as voters, citizens, consumers and participants in the web of life on Earth.

If you’re able to, please support the Guardian’s independent, open journalism on a monthly basis today from as a little as £4.

 
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