Good morning. Amid all the news of rising prices, Tesco has cut the price of milk for the first time since May 2020 in a hopeful sign that surging food inflation may soon ease.

Big Stories

Cash no longer king

Shares in banknote printer De La Rue fell to a record low yesterday after it warned that demand for cash around the world is at its lowest level in 20 years. The 202-year-old UK firm is the largest commercial printer of banknotes, supplying cash in 140 countries. The rise of credit cards, contactless payments and online shopping has led to fall in cash usage but the pandemic accelerated the trend. In the UK 15% of all payments are now made in cash, compared with 60% a decade ago.

US inflation cools further

Price rises in the world’s biggest economy slowed to an annual rate of 5.0% in March – the lowest in nearly two years and down from 6.0% the previous month. The fall which was the ninth in a row, was driven by lower energy prices. Last June US inflation peaked at a 40-year-high of 9.1% but has dropped amid the Federal Reserve’s aggressive interest rate hiking campaign. However inflation remains well above the 2% target so the US central bank is still expected to raise interest rates further next month.

Disgraced ex-billionaire prison bound

Former Theranos CEO Elizabeth Holmes has had her request to stay out of prison while she appeals her conviction rejected by a US judge. Holmes was found guilty of defrauding investors out of $1bn after falsely claiming that her startup could deliver revolutionary blood-testing technology. The astonishing rise of Theranos saw Holmes become America's youngest-ever self-made female billionaire in 2014. Holmes will begin her 11-year sentence later this month.

Elsewhere...

Slimmed down: Elon Musk has laid off more than 6,000 people - 80% of the workforce - at Twitter since taking over the company.

Closing down: Barclays is set to close another 15 sites across the UK in July, adding to the loss of hundreds of branches across the banking sector in 2023.

Office bound: JP Morgan has demanded all senior bankers to return to the office five days a week.

Good times: The world's richest man Bernard Arnault has received a boost after his luxury goods company LVMH reported a 17% rise in global sales.

Pot of gold: Joe Biden has dangled a $6bn carrot in front of Northern Ireland’s leaders with a promise to boost the country’s economy with US investment if power sharing is restored.

Paying up: E-cigarette manufacturer Juul Labs has agreed to pay $462m to settle claims by six US states after being accused of targeting teenagers.

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Number Of The Day

23%

The proportion of UK parents who had either quit work or dropped out of their studies to avoid childcare costs, compared with 17% of their counterparts in Brazil, 16% in Turkey and 13% in Nigeria.

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