Friday, May 8, 2026

World

US and Iran Exchange Fire at Strait of Hormuz

The US and Iran have traded strikes in the most serious breach yet of their month-long ceasefire, with American forces targeting Iranian military facilities after Iran attacked three US Navy destroyers transiting the Strait of Hormuz. Trump insists the ceasefire remains technically in effect, Iran's state TV says the situation is 'back to normal,' and both sides are performing the diplomatic equivalent of 'I started it' — 'no, you started it.' The exchange unfolded Thursday as US Central Command confirmed intercepting multiple Iranian attacks on Navy ships.

MarketUS x Iran permanent peace deal by June 30, 2026?54%

Economy

US Court Strikes Down Trump's 10% Global Tariffs

The US Court of International Trade has ruled Trump's sweeping 10% across-the-board import tariffs illegal, finding they were not authorized under the 1970s trade law used to justify them — a 2-1 decision in favor of small businesses that challenged the levies. The ruling lands the same day Trump issued the EU an ultimatum: ratify a trade deal by July 4 or face 'much higher' tariffs. The tariffs struck down today took effect on February 24.

MarketStrait of Hormuz traffic returns to normal by May 15?3%

Politics

UK Local Elections Deliver Early Losses for Labour

Counting is underway across England, Scotland, and Wales in the 2026 local elections, with Labour shedding its first council seats as results trickle in. More than 5,000 council seats are contested in England alone, alongside seats in the Scottish Parliament and Welsh Senedd, making this the biggest electoral test of Keir Starmer's government so far. Reform UK is widely expected to make significant gains.

MarketStarmer out by June 30, 2026?44%

World

Australian Women Charged With IS Crimes Against Humanity

Three Australian women who returned from IS-controlled Syria now face serious criminal charges, with two — Kawsar Ahmad, 53, and her daughter Zeinab Ahmad, 31 — charged with crimes against humanity including slavery offences, appearing in a Melbourne court. A third woman, Janai Safar, 32, faces separate charges including joining a terrorist organisation in Sydney. The arrests mark one of Australia's most significant prosecutions linked to the Islamic State's rule in Syria.

Tech

Microsoft-OpenAI Partnership Redrawn as AI Race Shifts

OpenAI and Microsoft have restructured the terms of their landmark partnership, with OpenAI capping the revenue share payments it owes Microsoft and gaining new freedoms to deploy independently — a move the New York Times described as the two companies loosening their ties. Newly surfaced emails from a Musk v. Altman lawsuit also reveal that Microsoft executives were privately skeptical of OpenAI as far back as 2018, but feared pushing it toward Amazon. The restructured deal signals OpenAI is pivoting from model-builder to full-stack enterprise platform.

MarketWill OpenAI IPO by December 31 2026?28%