Category Archives: Business

Shipping firms question safety in strait of Hormuz despite Trump plan

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President says US navy will ‘guide’ stranded ships out of waterway but report says warship was hit by Iran

The world’s shipping industry has questioned whether vessels will be able to travel safely to and from the Gulf after Donald Trump announced his latest plan to open the strait of Hormuz.

Trump wrote on Monday that the US navy would “guide” stranded ships out of the waterway, writing on his social media site Truth Social that the operation, “Project Freedom”, would be a humanitarian gesture “on behalf of the United States, Middle Eastern Countries but, in particular, the Country of Iran”.

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Nigerian refinery accused of sacking union members is key to UK plan to tackle jet fuel shortage

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Heidi Alexander says part of answer to strait of Hormuz crisis is importing more fuel from US and west Africa

A refinery in Nigeria accused of dismissing workers for joining a union has emerged as key to the UK government’s hopes of saving the summer holiday amid a jet fuel shortage.

Heidi Alexander, the transport secretary, said at the weekend that part of the answer to the strait of Hormuz crisis was to import more fuel from the US and west Africa.

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Thousands of Just Eat couriers launch legal action to improve workers’ rights

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More than 7,000 join employment tribunal that will include claims for minimum wage and holiday pay

More than 7,000 Just Eat couriers are taking legal action against the food delivery company in an attempt to gain better employment rights including the minimum wage and holiday pay.

The employment tribunal, which begins on Tuesday and is set to run until 2 June, will determine if the couriers are classed as workers, a status that comes with improved rights, or self-employed independent contractors.

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Heathrow in talks with airlines to end row that could delay third runway

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Airport seeks deal with BA owner, Virgin and billionaire local landowner, who has own expansion plan, over cost and service issues

Heathrow’s new chair has opened talks with airlines and the billionaire local landowner Surinder Arora to defuse a row that threatens to further delay the £49bn plan to build a third runway at Europe’s busiest airport.

Philip Jansen, who was appointed at the start of the year, is understood to have held meetings with the airport’s carriers and with Arora, who has been promoting his own £25bn expansion scheme, in the hope of finding the middle ground in a row over cost and service issues.

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Starmer adviser held 16 undisclosed meetings with top US tech bosses

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Exclusive: Varun Chandra’s talks with Google, Meta, Apple and others raise fears of ‘lobbying behind closed doors’

An influential government adviser close to Keir Starmer and Rachel Reeves held 16 undisclosed meetings with top US tech executives, the Guardian can reveal.

The No 10 business aide Varun Chandra discussed regulatory changes, AI and Donald Trump’s second administration with tech corporations during confidential meetings between October 2024 and October 2025. In one meeting he offered to help a top executive meet the prime minister directly.

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Political blame game begins and passengers left adrift after Spirit ceases operations

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Republicans blame Biden administration block on JetBlue deal; Democrats point to fuel price surge amid Iran war

US airlines and government officials battled on Saturday to deal with stranded passengers and stricken employees after discount carrier Spirit Airlines abruptly ceased operations – and a political and business blame game got under way over the collapse of the low-cost carrier.

“If you have a flight scheduled with Spirit Airlines, don’t show up at the airport; there will be no one here to assist you,” the US secretary of transportation, Sean Duffy, warned at a press conference after laying out measures for customers booked with the Florida-based company to obtain refunds or find discounted flights on other airlines.

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New free financial advice plan aims to help Britons build savings

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‘Targeted support’ means certain banks and financial institutions can offer free extra help with investments and pensions

Many Britons are daunted by the world of investing, but new City rules mean certain banks and financial institutions can offer free extra help with investments and pensions.

Last month marked the launch of “targeted support”, a new regulated service that permits companies to suggest investments and pension products to customers that might provide a better return.

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UK defence firm Ultra Electronics to pay £15m after SFO bribery investigation

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Company accepts it failed to prevent bribery in connection with contracts in Algeria and Oman sought through agents

The British defence company Ultra Electronics has accepted responsibility for a failure to prevent bribery and agreed to pay £15m after an investigation by the Serious Fraud Office.

The penalties are part of a deferred prosecution approved by the high court on Friday, after an investigation opened in 2018 when the company referred itself to the UK law enforcement agency a month after corruption allegations were published by Algerian media.

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Octopus Energy boss: some people would accept blackouts if bills cut

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Greg Jackson argues against costly investments in UK’s power grid that are adding to household bills

The boss of the UK’s biggest energy supplier has suggested that some households would accept an occasional electricity blackout in exchange for much lower energy bills.

A year on from Europe’s largest power outage – which left tens of millions of people in Spain and Portugal without trains, metros, traffic lights, ATMs, phone connections and internet access – the chief executive of Octopus Energy argued against costly investments in the UK’s power grid that are adding to household bills.

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NatWest faces £140m hit from Iran war as UK growth slows and inflation rises

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Profits ahead of expectations but almost half of £283m impairment charge follows forecast reassessment

NatWest said the economic fallout from the conflict in the Middle East could cost it £140m amid slowing growth and rising inflation even as it reported profits ahead of expectations.

Overall, the FTSE 100 lender booked a £283m impairment charge and said that almost half of that was because of a reassessment of its economic forecast to “reflect increased geopolitical risk and weaker equity markets”.

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Watchdog weighs investigation into Farage’s undisclosed £5m gift

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Electoral Commission reviewing whether Reform UK leader should have declared billionaire’s gift before entering parliament

The UK elections watchdog is considering whether to investigate an undisclosed £5m gift received by Nigel Farage before he announced his candidacy at the last general election.

The Guardian revealed this week that the crypto billionaire Christopher Harborne gave the Reform UK leader the money.

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Iran supreme leader issues defiant statement on strait of Hormuz

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Mojtaba Khamenei says Tehran will eliminate ‘enemy’s abuses of the waterway’ and guard its nuclear and missile programmes

Iran’s supreme leader has broken his recent silence with a defiant statement hailing Iran’s control over shipping in the strait of Hormuz and vowing to guard the country’s nuclear and missile programmes.

“Today, two months after the largest military deployment and aggression by the world’s bullies in the region, and the United States’ disgraceful defeat in its plans, a new chapter is unfolding for the Persian Gulf and the strait of Hormuz,” Mojtaba Khamenei said in a statement read by a state television anchor.

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Exclusive: Nigel Farage was given undisclosed £5m by crypto billionaire in 2024

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Reform leader changed his mind about standing as MP after gift from Thai-based crypto tycoon Christopher Harborne

Nigel Farage was given £5m by the crypto billionaire Christopher Harborne shortly before announcing he would stand in the 2024 British general election, the Guardian can reveal.

Farage had stated he did not intend to stand as a prospective MP but U-turned in June 2024, within weeks of receiving the personal gift from the Thailand-based businessman.

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CEOs of US’s top energy firms received average pay raise of $12.3m, review finds

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Utility bills are up as much as 40% in some regions, and companies shut off power to customers 13m times in 2025

The US’s top utilities’ CEOs enjoyed a 16% pay raise last year – to an average of $12.3m – even as consumers shoulder the pain from high bills spurred by continuing inflation, the Iran war and datacenter growth, a new review of industry financial documents shows.

Utility bills are up as much as 40% in some regions since 2021, and, nationwide, utilities shut off power to customers 13m times last year, federal data shows.

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How the UAE’s decision to leave Opec could recast the Middle East

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Defection is damaging to Saudi Arabia’s prestige – and could strengthen the US hand in the region

The United Arab Emirates’ decision to walk out of Opec is a political as much as business decision, and will reignite the simmering rows between the UAE and Saudi Arabia – which had been covered up by their shared anger with Iran over its attacks on the Gulf states since the start of the US-Israel war on Tehran.

In the short term, leaving the oil producing cartel it joined in 1967 gives the UAE the freedom to respond quickly to a long-term prospect of constrained supplies, and to maximise profit. But it is a decision the UAE has considered before, as UAE and Saudi tensions over production quotas have been longstanding.

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UAE quits Opec in win for Trump as oil cartel weakened

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US president has accused organisation of ‘ripping off the rest of the world’ by inflating oil prices

The United Arab Emirates has quit the Opec oil cartel after 60 years of membership, in a heavy blow to the group and its de facto leader, Saudi Arabia, as global energy markets contend with the biggest supply crisis in history.

The shock loss of the UAE, Opec’s third-largest oil producer, is expected to weaken the group, which for decades has worked together to use its collective oil production to influence global oil market prices.

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Russian oligarch’s superyacht allowed through strait of Hormuz, source says

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Billionaire Alexei Mordashov’s vessel, Nord, reportedly able to cross blockaded strait with US and Iranian approval

A superyacht owned by the Russian billionaire Alexei Mordashov was able to transit the blockaded strait of Hormuz after undergoing maintenance in Dubai because neither Iran nor the US objected, a source close to Mordashov said on Tuesday.

It has been unclear how the multi-deck pleasure vessel, worth more than $500m (£370m), gained permission to sail on Saturday through the commercially important waterway at the heart of the US-Iran conflict, where traffic has been severely restricted since February.

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US supreme court weighs blocking lawsuits against Roundup makers alleging weedkiller causes cancer

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Case centers on glyphosate, pesticide used in Roundup and other products that has been linked to cancer in some studies

Members of the US supreme court peppered lawyers for the former Monsanto Company with a barrage of questions over pesticide regulation on Monday, wrestling over whether federal law preempts state actions that permit consumers to sue companies for failing to warn of product risks such as cancer.

The case, Monsanto v Durnell, centers on glyphosate – a weedkilling chemical used in the popular Roundup brand and numerous other herbicide products sold by the former Monsanto company, which is now owned by Germany’s Bayer.

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HSBC ‘reviewing’ private school perk for bankers in Hong Kong

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Hundreds of senior staff in territory benefit from nearly £30,000-a-year grant per child not available to staff in group’s other hubs

HSBC is reportedly reviewing a perk that covers school fees for bankers in Hong Kong as part of a big overhaul of the bank under its chief executive, Georges Elhedery.

Europe’s largest bank is considering whether to scrap the perk for new employees or make changes to total compensation, Bloomberg News reported. No decisions have been made yet.

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Nationwide could have first customer on board for nearly 25 years

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James Sherwin-Smith will be up for election after securing more than 250 nominations to run alongside existing directors

Nationwide building society could have a customer on its board for the first time in nearly a quarter of a century after one of its longtime members secured enough support for a spot on the lender’s annual ballot.

James Sherwin-Smith will be up for board elections at Nationwide’s annual general meeting (AGM) in July, having gathered more than the 250 peer nominations necessary to run alongside existing directors.

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