Disney to invest $1bn in OpenAI, allowing characters in Sora video tool

Agreement comes amid anxiety in Hollywood over impact of AI on the industry, expression and rights of creators

Downing Street vows to force employment rights bill through Lords

No more concessions, says minister after legislation was thwarted in upper house despite manifesto climbdown

EU watchdogs raid Temu’s Dublin HQ in foreign subsidy investigation

Chinese online retailer targeted under rules limiting state help to companies

No guarantee tobacco tax cut would lure Australian smokers from illegal trade and raise more revenue, report says

New research points to need for ‘holistic approach to combating illicit tobacco’ including having support of health advocates

There is a fund to create jobs in the poorest areas, and Labour has quietly gutted it. This is what betrayal looks like

It’s a scandal laid bare. A stark new report highlights the price paid in Britain’s former industrial heartlands for this silent piece of ministerial vandalism, says Guardian columnist Larry Elliott

Britain slipping down global league table for youth employment, says report

PwC warns that future of a generation is at risk and that jobs crisis is costing UK economy £26bn a year

Toffee Crisp and Blue Riband no longer called ‘chocolate’ after recipe change

Nestlé confectionery treats now described as being ‘encased in a smooth milk chocolate flavour coating’

Fed cuts interest rates by a quarter point amid apparent split over US economy

Divisive vote to lower rates highlights uncertainty within the Fed as economy absorbs major shakeups, including tariffs

No 10 publishes list of 34 new political peerages including 25 Labour, five Liberal Democrats and three Conservatives – as it happened

Downing Street publishes list including ex-Olympic swimmer Sharron Davies and Iceland supermarket chief Richard Walker

Leon to cut jobs and close fast food restaurants

The 54-outlet chain was recently bought back by its co-founder, who says Leon must downsize as more customers work from home

Nick Clegg takes role at London-based venture capitalists Hiro Capital

Former deputy prime minister, who left Meta this year, to be joined by Facebook-owner’s chief AI scientist

Evoke considers sale or break-up after budget tax hikes; SpaceX aims for $1.7tn valuation – as it happened

Rolling coverage of the latest economic and financial news…

Reeves criticises budget leaks and says income tax decision taken ‘in partnership’ with PM

Chancellor defends budget but tells MPs there were ‘too many leaks’ and that and much of them were inaccurate

No wonder Michele Bullock’s dramatic departure from the RBA’s interest rate script left markets swinging wildly

Less than two months ago the market was predicting the cash rate would be at 3.35% but that by May next year a further cut to 3.1% was almost certain

Consumer test drive: can AI do your Christmas gift shopping for you?

The short answer is yes, but if you don’t want big brands or to use Amazon then more time and a lot more prompts are needed