Monday newspaper round-up: Clean energy, OpenAI, Marks & Spencer

Rachel Reeves will warn G7 nations they must move faster on clean energy to insulate economies against global price shocks from oil and gas as she and the energy secretary Ed Miliband meet G7 finance and energy ministers on Monday. Keir Starmer will also gather major energy industry and insurance figures to thrash out what emergency measures might be needed to contain the continuing crisis from the blockade of the strait of Hormuz. – Guardian

The Iran war has led to a surge in pessimism in the UK as half of households are already struggling to afford everyday essentials. The escalating conflict in the Middle East, which has driven the price of oil, gas, crop fertiliser and other raw materials sharply higher, threatens to cause another cost of living shock. The latest Which? consumer insight tracker found that price pressures were forcing half of households, an estimated 14 million, to make at least one adjustment – dip into savings, sell possessions or borrow money – to cover the cost of essentials on a daily basis. – Guardian

Spending cuts at OpenAI have hit memory chip prices as fears grow about the tech company’s ability to fund its expansion. OpenAI’s boom helped spark a surge in the price of random-access memory (RAM), a key component in both consumer electronics and data centres, as suppliers struggled to keep pace with huge demand. Prices have risen by around 700pc over the last year, according to market research firm TrendForce. – Telegraph

European companies have entered the latest energy crisis in greater financial distress than before Russia’s invasion of Ukraine, with those in the UK the most exposed to higher borrowing costs amid a resurgence in inflation. Businesses are in a weaker position than they were at the start of 2022, leaving them with less financial headroom to absorb the potential economic fallout from the conflict in the Middle East, according to the latest Weil European Distress Index. – The Times

Marks & Spencer is launching its womenswear ranges in America in partnership with the Nordstrom department store chain after retreating from the market 25 years ago with the sale of Brooks Brothers. The FTSE 100 retailer has signed a deal to sell more than 60 products from its fashion brands in Nordstrom after launching its food products in America in 2022. – The Times