A swelling queue of British exporters hoping to recoup money lost to Donald Trump’s now-discredited emergency tariffs may discover that they are entitled to precisely nothing, the audit, tax and business advisory firm Blick Rothenberg has warned.

According to John Havard, a consultant at the firm, roughly 126,000 claims have been lodged through the US Consolidated Administration and Processing of Entries (CAPE) system since it opened for business on 20 April. Yet a sizeable proportion of those applications are expected to be bounced, either because the claimant is not legally eligible or because the paperwork has fallen foul of the portal’s exacting requirements.

“Some UK businesses hoping for compensation may find they are ineligible for it and receive nothing,” Mr Havard said. “A number of small British firms may never have encountered tariffs until President Trump’s second term. They are likely unaware that, although falling sales and higher shipping costs have inflicted significant harm on their finances, legally they are owed nothing by the US Government.”

Who actually owns the tariff bill

The crux of the issue, Mr Havard argues, lies in the small print of international trade contracts. Where British firms shipped goods to American customers on an “ex-works” or “cost and freight” basis, the legal obligation to settle the tariff sat with the US importer rather than the UK seller.

“Reimbursing the US importer for its additional costs does not qualify the UK entity to apply for a tariff refund,” he explained. In other words, even where British exporters voluntarily absorbed the cost to preserve a customer relationship, they cannot now walk into the CAPE system and ask for it back.

It is a hard truth for the cohort of SMEs that scrambled to keep American buyers on side after Mr Trump invoked the International Emergency Economic Powers Act (IEEPA) to slap tariffs on a wide range of imports, measures that were subsequently struck down by the US Supreme Court, opening the door to refund claims in the first place.

A system creaking under the weight of claims

An official status report timed at 7am Eastern on Monday 11 May 2026 indicated that of the 126,000 claims received, roughly 87,000 had been validated. The remainder are sitting in limbo, with many of the rejections traceable to mundane formatting problems in the CSV files uploaded to the portal.

“Rejections may be because the CSV files submitted to the online portal could not be read and processed by the system due to formatting mistakes,” Mr Havard said. “But some rejections will be due to the claimants’ ineligibility for refunds.”

He added that before businesses can even attempt to file, they must hold an account with US Customs and Border Protection’s Automated Commercial Environment. “Anecdotally there has been considerable activity in new account registrations since the Supreme Court ruled the IEEPA tariffs to be unlawful, but this presents another system for businesses to navigate before they can attempt to get refunds.”

A further pitfall is mistaken identity. “Another reason for rejection could be that the person who filed for a tariff refund is not in Government records as the listed importer, or that person’s broker, for the particular tariffs identified in the claim. This could be people trying to game the system, but it is also potentially because individuals do not fully understand who is supposed to make the claim.”

Refunds trickling out – and bank details missing

Despite Washington signalling that no payments would land before 12 May, Mr Havard said there is reliable evidence that some refunds have already been paid out, with at least one claimant receiving interest on top.

But the process is being held up at the final hurdle for nearly 1,900 claimants who have failed to supply bank details. “As at 7am Eastern time on Monday 11 May 2026, there were 1,880 consolidated refunds which could not be passed from the Office of Trade to US Treasury for payment because the claimant had still to provide the necessary bank account details,” Mr Havard said.

Importers whose applications have been rejected can correct errors and resubmit. “However, no amount of resubmission will help if the claim is invalid in the first place – or if they are not getting clear messages from CAPE to explain why they were rejected.”

The next legal front: the 10% global tariff

Even as refunds for the IEEPA tariffs begin to flow, a second courtroom battle is unfolding over Mr Trump’s replacement measure, a blanket 10% “global tariff” introduced under Section 122 of the Trade Act of 1974 after the Supreme Court struck down the original duties.

A coalition of small businesses and roughly two dozen, mostly Democrat-led, states challenged the move at the US Court of International Trade, which ruled by a 2:1 majority on 7 May that the new tariffs were also invalid. The Government has appealed to the US Court of Appeals for the Federal Circuit, which has granted an administrative stay, meaning the 10% levy continues to be collected on US-bound shipments while the legal process plays out.

“Whatever decision the Appeals Court eventually hands down, it seems inevitable that the losing side, as with the IEEPA tariffs, will want to make a further appeal to the US Supreme Court,” Mr Havard said.

The sums at stake are far from trivial. Estimates suggest some $8 billion of Section 122 tariffs were collected in March alone, a substantial slice of the wider tariff burden being shouldered by British exporters, which has weighed heavily on UK trade flows and prompted British factories to cut their exposure to the US market.

For SME exporters watching from this side of the Atlantic, the message from Blick Rothenberg is sobering: those who think a cheque is in the post would do well to check the terms of their export contracts, and the bank details on their CBP account, before they start spending it.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

NEW YORK — Netflix’s May 2026 viewing charts in the United States have been dominated by a powerful mix of returning flagship series, major new releases and unexpected sleeper hits, reflecting the platform’s ability to balance broad-appeal spectacles with compelling niche storytelling.

According to Netflix’s official Top 10 data for the United States through mid-May, here are the 10 most-watched shows based on minutes viewed and household reach:

1. The Lincoln Lawyer (Season 5) Manuel Garcia-Rulfo’s final season as Mickey Haller has dominated the charts since its premiere. The emotional conclusion to the popular legal drama has drawn massive audiences eager for closure on the long-running series.

2. Squid Game Season 3 The Korean survival phenomenon returned with its third and reportedly final season, maintaining enormous global and domestic viewership. Its intense storytelling and cultural resonance continue to captivate American audiences.

3. Wednesday Season 2 Jenna Ortega’s gothic hit expanded its universe in Season 2, blending dark humor, mystery and coming-of-age themes that have kept it a consistent Top 10 fixture.

4. Baby Reindeer The limited series based on real events has enjoyed remarkable staying power, with viewers continuing to discover and discuss its psychological depth months after initial release.

5. The Diplomat Season 3 Keri Russell’s sharp political thriller has built a loyal following with timely storylines and strong ensemble performances, proving a major draw for adult audiences.

6. Bridgerton Season 4 The lavish period romance series continued its reign, delivering the romantic escapism and high production values that have made it a perennial favorite.

7. The Night Agent Season 2 The fast-paced action thriller returned with more conspiracy and high-stakes drama, appealing strongly to fans of adrenaline-fueled entertainment.

8. Adolescence This surprise British coming-of-age drama has emerged as one of the month’s biggest breakouts, earning praise for its authentic characters and emotional honesty.

9. The Gentlemen Guy Ritchie’s stylish crime comedy series with Theo James has built a dedicated audience with its signature blend of humor, violence and sharp dialogue.

10. Outer Banks Season 5 The teen adventure drama wrapped up its run with high emotional stakes, maintaining strong popularity among younger viewers.

Netflix’s May performance demonstrates its continued strength in delivering both event-level programming and sustained catalog engagement. The strong showing of long-running series like The Lincoln Lawyer and Bridgerton highlights the value of building durable franchises, while breakout hits like Adolescence prove that fresh, character-driven stories can still cut through in a crowded market.

The platform’s algorithm and personalized recommendation system have played a key role in sustaining viewership across these titles. By surfacing both popular blockbusters and hidden gems, Netflix keeps subscribers engaged and helps smaller shows find their audience.

Industry analysts note that Netflix’s investment in diverse content — spanning international hits, prestige dramas and genre entertainment — has helped it maintain its lead in the streaming wars. The current Top 10 reflects a healthy balance that appeals to different demographics, from younger viewers drawn to Wednesday and Outer Banks to adult audiences favoring The Diplomat and The Lincoln Lawyer.

For viewers looking to catch up or discover new favorites, all of these shows are currently available to stream on Netflix. The platform’s Top 10 list updates regularly, reflecting real-time popularity trends across the country.

The success of these titles also underscores broader trends in television consumption. Audiences continue to favor high-production-value series with strong characters, engaging plots and emotional depth, whether they are thrillers, romances, comedies or prestige dramas.

As May continues, Netflix has several major releases lined up that are expected to shake up the rankings. The competition for attention remains fierce, but the current Top 10 shows the streamer’s ability to keep viewers coming back week after week.

Whether you prefer legal thrillers, international sensations, gothic mysteries or heartfelt coming-of-age stories, Netflix’s May 2026 lineup offers something for nearly every taste. The platform’s continued focus on quality and variety ensures it remains a dominant force in global entertainment.

The current chart leaders represent the best of what modern streaming has to offer — ambitious storytelling, strong performances and cultural relevance that keeps audiences talking long after the credits roll. As the month progresses, these shows and several new arrivals will continue shaping the conversation around television in 2026.

SAN FRANCISCO — OpenAI’s ChatGPT and related services experienced scattered disruptions for hundreds of users on Thursday, May 14, 2026, according to real-time alerts and community reports, though the issues appear limited in scope rather than a full-scale outage affecting the entire platform.

The outage-monitoring account @status_is_down on X posted at approximately 12:54 GMT, stating “OpenAI / ChatGPT is reportedly down for hundreds of users right now. Are you one of them?” and linking to a community forum discussion titled “Is ChatGPT / OpenAI down May 14 2026?” The post quickly gained traction as frustrated users sought confirmation that their connectivity problems were not isolated.

Downdetector and similar platforms showed elevated but not catastrophic reports for OpenAI and ChatGPT in the past several hours. Most complaints centered on slow responses, failed generations, login issues and intermittent connectivity rather than a complete service collapse. OpenAI’s official status dashboard indicated normal operations across major components as of mid-morning Pacific time, with no broad alerts posted.

This latest flare-up follows a relatively stable period after earlier incidents in May. On May 11, users reported elevated errors with certain GPT models that were quickly mitigated. A more substantial outage occurred on April 20 when ChatGPT was unavailable for around 90 minutes, affecting thousands and sparking widespread discussion. Those events highlighted the challenges of scaling AI infrastructure to meet surging demand from hundreds of millions of weekly active users.

Today’s reports appear more regional or device-specific. Customers in various markets described frozen loading screens, error messages during conversations and difficulties accessing advanced features like voice mode or custom GPTs. Some noted that refreshing the page or switching networks temporarily alleviated symptoms, while others reported the problems persisting across multiple devices on the same network. The volume of complaints — hundreds rather than millions — suggests localized congestion, maintenance activity or a targeted software glitch rather than a core infrastructure failure.

OpenAI serves tens of millions of subscribers and free users worldwide with conversational AI tools used for writing, coding, research and creative tasks. Peak usage hours often strain capacity, especially during business hours in major time zones. Any minor hiccups today likely coincide with heightened demand rather than systemic failure.

Users experiencing problems should follow standard troubleshooting steps recommended by OpenAI. Refreshing the browser, clearing cache and cookies, trying incognito mode or switching networks frequently resolves temporary glitches. For mobile app users, force-closing and restarting the app or checking for updates can help. OpenAI’s support pages also suggest signing out and back in or trying a different device.

The company has invested heavily in infrastructure resilience through multiple data centers and sophisticated load balancing. Despite occasional disruptions common to all major AI platforms, ChatGPT maintains strong overall uptime and responds quickly to reported issues. No formal statement has been issued for today’s scattered complaints, consistent with OpenAI’s approach to non-catastrophic events.

Recent technical difficulties, such as brief model-specific errors earlier in the month, underscored the complexity of running frontier AI systems at scale. OpenAI typically offers apologies or credits for significant outages, though none appear warranted for the current limited reports.

Customer frustration is understandable. AI tools like ChatGPT have become essential for work, education and daily productivity, and even brief interruptions disrupt workflows for students, professionals and casual users. Social media platforms lit up with memes and complaints, with hashtags like #ChatGPTdown and #OpenAIDown trending briefly as users shared screenshots of error messages.

For businesses and enterprise users relying on OpenAI’s APIs for applications, any downtime carries higher stakes. Dedicated support channels often provide faster resolution, but consumer accounts depend on self-service tools. The service’s integration with productivity apps and developer tools continues to drive loyalty despite occasional hiccups.

As of late morning Pacific time on May 14, the situation remained fluid. Some users reported partial restoration while others continued experiencing problems. Monitoring accounts like @status_is_down play a valuable role in crowdsourcing real-time information when official channels lag. The linked forum thread showed users sharing experiences and potential fixes.

Looking ahead, OpenAI is expected to continue expanding its model offerings and enterprise features. These expansions increase pressure on infrastructure but also drive subscriber growth. In the meantime, users can stay informed through OpenAI’s status page, the ChatGPT app and third-party trackers.

The May 14 reports serve as a reminder of how dependent modern work and creativity have become on AI services. While not rising to the scale of previous major incidents, the issues affecting some users highlight ongoing challenges in maintaining flawless performance across a vast global user base. OpenAI has historically resolved such matters quickly and offered goodwill gestures to impacted subscribers.

Users are advised to document any prolonged disruptions for potential credits and to explore alternative AI tools until service stabilizes. The platform’s commitment to infrastructure investments suggests these types of events will become less frequent over time, though complete elimination remains unlikely in such a complex system.

For now, most OpenAI and ChatGPT users appear unaffected, with the reported problems limited to a subset of subscribers. The situation underscores the importance of diversified AI options and staying informed during peak usage periods. As the day progresses, further updates from OpenAI or monitoring services will clarify the full scope and resolution timeline.

Available for 29 days

As US President Donald Trump travels to Beijing to meet Chinese President Xi Jinping, we look at the tensions and the relationship between the world’s two biggest economies.

Presenter: Will Bain, Michelle Fleury and Rahul Tandon
Producer: Gideon Long

(Photo: US President Donald Trump shakes hands with Chinese President Xi Jinping in Busan, South Korea, 30 October, 2025. Credit: Evelyn Hockstein/Reuters)

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The UK’s largest luxury watch retailer hailed a 13 per cent jump in revenue to £1.8bn in the year to May

Shares in Watches of Switzerland soared after the company announced record revenue growth, driven by affluent Americans snapping up luxury timepieces.

The UK’s leading luxury watch retailer reported a 13 per cent rise in revenue to £1.8bn for the year ending May, with its US market alone posting a 24 per cent increase to £1.2bn.

Shares in the FTSE 250 company leapt 13 per cent to 600p when markets opened on Thursday, putting the stock up 28 per cent for the year to date.

The retailer had faced headwinds from Trump’s unpredictable tariff policy over the past 18 months, yet has successfully capitalised on booming demand across the Atlantic, which it describes as the world’s largest and fastest-growing luxury watch market.

Watches of Switzerland posted 25 per cent growth in its US retail market, while revenue at Roberto Coin — the Italian luxury jeweller it owns — surged by 22 per cent, as reported by City AM.

The US emerged as the firm’s largest market, with revenue climbing to £927m, while UK revenue grew by five per cent to £901m.

The Leicestershire-based retailer said it had succeeded in strengthening its domestic performance despite consumer confidence falling to a two-year low.

Chief executive Brian Duffy celebrated “a major milestone in the world’s largest and fastest growing luxury watch market, achieved in just over eight years from entering the US”.

He said: “In the UK, performance has improved despite the challenging macroeconomic backdrop, with resilient demand for luxury watches and jewellery.”

The toll being inflicted on some luxury giants by the decline in tourism after the Iran conflict was laid bare last month, when the owners of brands such as Gucci, Louis Vuitton and Birkin saw the situation dent their revenues.

However, Watches of Switzerland insisted it will not be pulled down by the conflict, noting it has minimal exposure to tourist consumers and to the Middle East market.

The company recently snapped up Texas-based luxury jeweller Deutsch & Deutsch and reported strong performance across its four US locations.

The outlets, which predominantly deal in Rolex watches, have delivered £16m in revenue since the acquisition, while the transaction pushed Watches of Switzerland’s net debt up to £57m.

The business was established in 1924, when Maurice Lane opened its first office in Ludgate Hill, London.

BEIJING — President Donald Trump and Chinese President Xi Jinping concluded two days of high-stakes talks in Beijing on Friday with modest agreements on agricultural purchases and new trade dialogue mechanisms, but failed to achieve significant progress on core disputes including Taiwan, technology restrictions and China’s role in easing tensions over Iran.

The summit, Trump’s first visit to China since 2017, wrapped up after roughly four hours of formal discussions and side meetings at the Great Hall of the People. Both leaders described the talks as “productive” and “candid” in separate readouts, but analysts characterized the outcome as a tactical stabilization rather than a substantive reset in the world’s most consequential bilateral relationship.

Trump, flanked by U.S. tech executives including Elon Musk, Tim Cook and Jensen Huang, secured commitments from China for increased purchases of American soybeans, energy products and Boeing aircraft. White House officials described the deals as “tangible wins” for American farmers and manufacturers, though the exact dollar figures were not immediately disclosed. The two sides also agreed to establish new bilateral boards on trade and investment to monitor implementation and resolve disputes — mechanisms reminiscent of previous attempts that often faltered.

Xi emphasized “mutual respect” and warned that differences over Taiwan could lead to conflict if not managed carefully. Chinese state media highlighted Xi’s firm stance on sovereignty issues while portraying the meeting as a step toward stable relations. No breakthroughs were announced on U.S. arms sales to Taiwan or semiconductor export controls, two persistent flashpoints.

On Iran, Trump pressed China to use its influence to help reopen the Strait of Hormuz and support diplomatic efforts amid ongoing disruptions. Beijing offered symbolic language calling for calm but stopped short of concrete commitments, prioritizing its energy security interests as Iran’s largest oil customer. U.S. officials described the discussions as “constructive” but acknowledged limited movement on the issue.

The presence of top American CEOs underscored the commercial dimension of the trip. Musk, Cook and Huang participated in side meetings focused on market access and supply chain stability. Tesla’s Shanghai operations and Apple’s manufacturing footprint in China give these executives direct stakes in any easing of tensions. No specific new deals involving their companies were announced, but sources indicated productive conversations on investment frameworks.

The atmosphere was notably more restrained than Trump’s lavish 2017 state visit. No “state visit-plus” pageantry or major cultural spectacles were featured this time, reflecting cooler bilateral ties shaped by years of tariffs, technology competition and military posturing. Security around the event was tight, with significant portions of Beijing locked down.

Global markets reacted with cautious optimism. U.S. futures showed modest gains, while Asian indices found support on hopes for reduced uncertainty. Oil prices remained elevated due to ongoing Hormuz concerns but eased slightly on expectations of continued dialogue.

Domestic political reactions varied. Republican allies praised Trump for engaging directly with Xi and securing purchase commitments. Democratic critics called for a more multilateral approach and greater emphasis on human rights and strategic competition. In China, state media framed the summit as evidence of Beijing’s global centrality and willingness to cooperate on equal terms.

The summit’s modest deliverables align with lowered expectations set by both sides in advance. Analysts from Goldman Sachs and other institutions had predicted limited breakthroughs, focusing instead on tactical agreements and confidence-building measures. The creation of new trade and investment boards aims to provide structured follow-up mechanisms, though similar bodies in the past have produced mixed results.

For Trump, the trip offers optics of strong personal diplomacy and economic wins ahead of midterm elections. For Xi, hosting the first U.S. presidential visit in nearly a decade projects strength and stability during China’s economic transition. Both leaders have met multiple times since Trump’s return to office, establishing a working rapport built on transactional deal-making.

The two-day schedule included bilateral meetings, a welcoming banquet and limited cultural elements. Trump’s delegation pushed for reciprocal economic deals, while Chinese counterparts stressed non-interference and mutual respect. No joint press conference was held, with each side releasing separate statements emphasizing their priorities.

Broader implications extend beyond the immediate outcomes. The summit sets the tone for U.S.-China relations through the remainder of Trump’s term. A smoother-than-expected meeting could open doors for future cooperation on global issues, while unresolved tensions risk hardening positions on Taiwan, technology and trade.

As Trump departs Beijing, the focus shifts to implementation of agreed purchase commitments and the effectiveness of new dialogue mechanisms. Markets, businesses and allies will closely monitor whether this summit marks a genuine step toward managed competition or merely a temporary pause in escalating rivalry.

The Trump-Xi relationship has defined much of global politics in recent years. This Beijing meeting, though more restrained than previous encounters, carries significant weight for the international order. Incremental progress on trade and energy issues provides cautious optimism, but deep structural differences remain unresolved as the world’s two largest economies continue navigating complex interdependence and strategic competition.

Unknown Executive

Hi everyone. Greeting, everyone. Welcome to Asia X (sic) [ AirAsia X] First Quarter Results briefing. Today here with me, I have Bo Lingam, Group CEO; Farouk Ahmad, Deputy CEO; Kar Chuan, Group CFO; Lavinia, Group Head of Finance; Amanda, Chief Commercial Officer.

The Bursa results has just been uploaded, and we would like to go through the results. But before that, I can give you some reporting structure guide. [Technical Difficulty]

So in — on 16th January, we completed the acquisition by AirAsia X of acquiring AirAsia Berhad and AirAsia Group. However, under accounting standard [Technical Difficulty] — however, under accounting standard, this is treated as a reverse accounting. For reporting purposes, AAGL (sic) [ AAAGL ] is treated as the acquirer. In the Bursa statement that you will see today, there is no comparative P&L and cash flow as it is not an apple-to-apple comparison. So therefore, we have only the first quarter 2025 comparatives for P&L and cash flow.

As for the balance sheet, the 31st December 2025 actually refers to only AAAGL, which is the Thai, Indonesia, Philippines and Cambodian entities, but excludes the original AirAsia X and AirAsia Berhad. Therefore, it does not represent the enlarged group. And at the back of this presentation, we have included the pro forma financials for your guidance in terms of when one to do the comparison. I’ll pass the presentation to Farouk.

Farouk Kamal

Hi, good evening, everybody. So I’ll just run through the presentation before we go to questions. The