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Good morning. The first results from last night’s UK elections are streaming in, with Rishi Sunak’s Conservatives suffering their first significant blow after losing Blackpool South to Labour in a by-election.

Labour overturned a slender Tory majority of 3,690 votes to take the parliamentary seat with a 7,607 majority — a swing of more than 26 per cent. Turnout was about 32 per cent, down from 57 per cent in the 2019 general election. The Conservatives finished second and only narrowly surpassed the populist Reform UK party.

Labour also made gains in local elections across the country, taking over at least four new councils as of 5.30am, including what it called a “historic” win in Rushmoor. The Conservatives have lost more than 80 seats so far, while Labour has added nearly 60.

Results for most of the councils are expected to be announced by the end of the day, while the first mayoral election results will be announced at around 12:30pm. Follow our live blog for a running analysis of the figures as they come in.

• Boris Johnson: The former prime minister was turned away from his polling station in South Oxfordshire after he fell foul of voter identification rules he pushed for in government.

• Birmingham: The equal pay claim that tipped its city council into bankruptcy last year is probably much smaller than the original £650mn-£760mn estimate, according to the commissioner appointed to oversee the local authority.

Sign up for Inside Politics by Stephen Bush to get his latest take on the results and what they mean for the upcoming general elections. The newsletter will also be hosting an event next Wednesday with our Political Fix podcast to break down the results — don’t miss it.

And here’s what I’m keeping tabs on today and over the weekend:

• Economic data: S&P Global publishes its services purchasing managers’ indices for the UK, US and Canada today. The EU and US release labour data while France has its monthly industrial production figures.

• Companies: Société Générale reports results today, after a trader dismissed over unauthorised risky bets hit back at the French bank yesterday. Crédit Agricole, Legrand and Trainline also report, while Berkshire Hathaway holds its annual meeting tomorrow.

• Panama: Barred from the ballot and avoiding arrest on a money laundering conviction in the Nicaraguan embassy, popular former president Ricardo Martinelli has backed José Raúl Mulino, the favourite to win Sunday’s election.

How well did you keep up with the news this week? Take our quiz.

Five more top stories

1. Exclusive: South Africa’s antitrust regulator has warned it will have the last word on BHP’s bid for Anglo American. After UK-listed Anglo last week rejected a £31bn approach, BHP sent a team led by chief executive Mike Henry on a charm offensive to South Africa, where Anglo was founded in 1917 and still operates iron ore, platinum, diamond and manganese mines. Read the full story.

2. Apple shares rose yesterday after the company exceeded analysts’ downbeat expectations for quarterly revenue and executives projected a positive outlook despite a bumpy start to 2024. Sales of its flagship iPhone in the first quarter were down 10 per cent from the year before, and sales in China fell to $16.3bn from $17.8bn. Here’s more on the tech giant’s earnings.

3. Joe Biden has denounced the violence associated with pro-Palestinian protests on elite campuses across the US. In his first public comments since police stormed university encampments set up by protesters from New York to Los Angeles, the president said he supported efforts by law enforcement to restore order and warned demonstrators that “acts of chaos” should not be permitted.

• US election: Why are opinion polls painting such divergent pictures of young people’s support for Biden and Donald Trump? John Burn-Murdoch explains.

• Israel-Hamas war: The militant group has said it will send negotiators back to Cairo “as soon as possible” to resume ceasefire talks, while Turkey has halted trade with Israel over the humanitarian crisis in Gaza. We have the latest updates here.

4. Exclusive: The UK culture secretary has demanded fortnightly updates on the sale of the Telegraph newspaper to encourage a speedy resolution to the saga. Lucy Frazer defended the decision to block the sale of the media group to an Abu Dhabi-backed company and insisted it was not a signal the government was turning its back on investment from the region. Read her full interview with the Financial Times.

5. Sony and buyout group Apollo have told Paramount Global they intend to make a $26bn cash offer for the entertainment company, just one day before an exclusivity window is set to expire for a competing bid from Skydance Media. The Japanese company would be the majority investor in the deal and have control, while Apollo would be a minority equity investor, according to people briefed on the approach. Here’s more on the offer.

The Big Read

At the recent gathering of G20 finance ministers in Brazil, delegates were gripped by a deep sense of unease over a pressing issue: whether hundreds of billions of euros in frozen Russian assets should be used to fund Ukraine. Doing so would deliver a financial boost with the potential to turn the war in Kyiv’s favour, argue those in support, led by the US. But critics say it sets a dangerous precedent — one that could endanger the interests of any country that falls out with the west and the international legal order itself.

We’re also reading . . . 

• Women and work: The ability to work remotely could help close the gender wage gap and allow women to be more productive, writes Soumaya Keynes.

• Berkshire after Buffett: Our third instalment in a series on the US group’s future explores the business that faces the greatest upheaval from climate change: its energy division.

• China’s AI start-ups: Four groups valued at between $1.2bn and $2.5bn are leading a pack of more than 260 companies vying to match the success of US rivals such as OpenAI and Anthropic.

• Retiring early: Escaping the 9 to 5 is an alluring proposal, but how can you ensure you don’t get bored — or run out of money?

Chart of the day

High flows of immigration into rich countries were helping to strengthen jobs markets and bolster growth, the OECD said yesterday, as it lifted its outlook for the global economy. 

Take a break from the news

Miami’s new Messi Experience is a nine-room, walk-through extravaganza of AI, 3D and CGI dedicated to arguably the greatest footballer of all time. Could it offer a glimpse of the future of visitor attractions? Or might it simply be a headache-inducing assembly of video screens and special effects? Ruaridh Nicoll visits to find out.

Additional contributions by Benjamin Wilhelm and Gordon Smith