Here are the top business stories making the headlines in the morning newspapers.

Fears that US could default on its debt obligations by next month

The American Government could default on its debt obligations by next month unless Congress increases how much it can borrow, Janet Yellen warned yesterday.

The US Treasury Secretary said that President Joe Biden’s administration would run out of cash to pay all of its debts as early as June 1 unless the borrowing limit was lifted or suspended.

The warning comes as President Biden faces pressure to reach an agreement with Republicans on the debt ceiling - the legal limit for how much the US can borrow to pay its bills.

The Telegraph says it means breaking a deadlock with the Republican-controlled House of Representatives, which has made trillions of dollars in government spending cuts over the next decade a condition of raising the ceiling.

Investigation into ferry grounding

Transport Minister Kevin Stewart has called for an investigation into a ferry running aground on Orkney to be completed "sooner rather than later".

He confirmed MV Pentalina would be out of service until at least Wednesday.

Smoke was detected in the engine room on Saturday before it was grounded near the village of St Margaret's Hope.

Sixty passengers were evacuated. A sudden mechanical failure is likely to be the cause, the coastguard said.

says the Maritime and Coastguard Agency is surveying the ferry to assess damage and the Marine Accident Investigation Branch is expected to attend today.

Food prices still going up

Food prices in the UK continued to soar in April despite a drop in wholesale costs, new figures show.

Food inflation jumped to 15.7% last month compared to April in 2022, up from 15% in March, the British Retail Consortium (BRC) said.

But the cost of a food shop "should start" to come down in the next few months, the trade body claimed.

The BRC, which represents UK supermarkets, said customers will see savings on milk and other dairy goods.

Last week, Sainsbury's rejected suggestions that prices were too high after the BBCheard that falls in global food prices were not being reflected on supermarket shelves.

However Helen Dickinson, chief executive of the BRC, said customers should "start to see food prices come down in the coming months as the cut to wholesale prices and other cost pressures filter through".

First female CEO at Qantas

Australia's flagship airline Qantas has announced its chief financial officer Vanessa Hudson will replace current CEO Alan Joyce.

Ms Hudson will become Qantas' first female CEO, and will take over when Mr Joyce retires in November.

Chairman Richard Goyder said she has a "deep understanding" of Qantas.

says the airline suffered a turbulent spell under Mr Joyce, posting record losses during the Covid-19 pandemic.

Godfather of artificial intelligence regrets his work

A man widely seen as the godfather of artificial intelligence (AI) has quit his job, warning about the growing dangers from developments in the field.

Geoffrey Hinton, aged 75, announced his resignation from Google in a statement to the New York Times, saying he now regretted his work.

He told the BBC some of the dangers of AI chatbots were "quite scary".

"Right now, they're not more intelligent than us, as far as I can tell. But I think they soon may be."

Millions of jobs to go

Technology and slow economic growth will destroy 14million jobs around the world by 2027 with secretaries and bank workers facing the biggest losses, economists have warned.

Nearly a quarter of jobs around the world will change in the next four years as tech and the green transition disrupt labour markets, according to new research by the World Economic Forum.

In total, 83million jobs will be eliminated while just 69million new roles will be created, leaving a deficit of 14million. This will be equivalent to a 2% contraction in the overall jobs market.

While the drive to tackle climate change will bring new jobs, economic challenges such as low growth, high inflation and supply shortages will erode them.

Digitisation will also create massive labour market churn. Nearly half of an individual worker’s skills will need to be updated for the modern labour force.

The Telegraph
says that, in the UK, 21% of all jobs will change. This will be slightly lower than the 23% global average.

Clashes after French pension reforms

At least 108 police officers have been injured in clashes across France with protesters angry at pension reforms, the interior minister has said.

Gerald Darmanin said such a large number of police wounded was extremely rare, adding that 291 people had been arrested during the unrest.

Hundreds of thousands took part in May Day demonstrations against President Emmanuel Macron's reforms.

Most were peaceful, but radical groups threw petrol bombs and fireworks.
Police responded with tear gas and water cannon.

says it is not clear how many protesters have been injured.

Rush for seagull-scaring jobs

Nearly 200 people from around the world have applied for jobs at a zoo to wear bird costumes as part of official seagull-scaring duties.

Blackpool Zoo in Lancashire advertised after bosses said peckish pests had been persistently stealing food from visitors and animal enclosures.

The zoo said people had applied for the roles from as far away as Australia, India, Uganda and Ukraine.

Applicants have even sent in videos of themselves already dressed as birds.

The successful candidates would join the visitor services team as "seagull deterrents", the attraction's advert said.

says five positions are available at £10.80 an hour.

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