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5 Things You Need To Know, Today, on Tuesday 2nd May 2023
5. US Treasury Secretary Janet Yellen has warned that the US may run out of cash by 1 June if Congress fails to raise or suspend the debt ceiling.
Ms Yellen urged Congress to act "as soon as possible" to address the $31.4tr (£25.12tr) limit which would mean that the government is unable to borrow any more money.
4. A man widely seen as the godfather of artificial intelligence (AI) has quit his job, warning about the growing dangers from developments in the field.
Geoffrey Hinton, aged 75, announced his resignation from Google in a statement to the New York Times, saying the chatbot could soon overtake the level of information that a human brain holds.
3. JP Morgan Chase has taken over the troubled US bank First Republic in a deal brokered by regulators.
The Wall Street giant said it would pay $10.6bn (£8.5bn) to the Federal Insurance Deposit Corp (FIDC), after officials shut down the smaller bank.
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2. HSBC says its profits got a $1.5bn (£1.2bn) boost from the purchase of collapsed Silicon Valley Bank's British business (SVB UK) which it bought for £1 ($1.25), in a deal led by the government and the Bank of England.
Europe's biggest bank posted a pre-tax profit of $12.9bn for the three months to the end of March more than three times the amount it made for the same time last year.
1. Food prices in the UK continued to soar in April despite a drop in wholesale costs, new figures show.
Food inflation jumped to 15.7% last month compared with April in 2022, up from 15% in March, the British Retail Consortium (BRC) said But the cost of a food shop "should start" to come down in the next few months, the trade body claimed.