‘Inevitable’ jet fuel shortages will drive up air fares this summer, says Willie Walsh

Impact of disruption from Iran war may be felt into 2027 even if strait of Hormuz reopens, says aviation body boss

Increases in air fares for travellers in Europe are “inevitable” over the peak summer period because of the high cost of jet fuel, according to the head of the international aviation body.

While some airlines faced with weak demand have reduced their European fares recently, Willie Walsh, the former British Airways boss who leads the International Air Transport Association, said there was no way carriers could absorb the extra costs in the long run.

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Court rules Coles misled shoppers with its ‘Down Down’ discount campaign

Landmark finding against supermarket giant comes after competition watchdog argued that markdowns did not represent genuine savings

Coles misled Australian shoppers by promoting fake “Down Down” discounts on everyday grocery products, the federal court has ruled in a landmark decision for the supermarket industry.

Justice Michael O’Bryan handed down his judgment on Thursday, delivering a significant blow to Australia’s second-largest supermarket chain, which had argued that the discounts represented genuine savings during a period of high inflation.

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Milka maker milked shoppers over size of chocolate bars, German court rules

Brand owner Mondelēz was accused of reducing weight of Alpine Milk bar from 100g to 90g without significantly altering the packaging

Many chocolate lovers consider shrinkflation a serious crime – and they have been vindicated after a German court ruled that the makers of Milka cheated consumers by cutting the bar’s size, while keeping the wrapper the same.

The three-week case in a regional court was brought by Hamburg’s consumer protection office. It accused the chocolate brand’s US owner Mondelēz of deceiving shoppers by cutting the weight of Milka’s classic Alpine Milk bar from 100g to 90g without significantly altering the distinctive purple packaging.

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1MDB financier Jho Low seeks pardon from Donald Trump

Fugitive faces charges including corruption and money laundering in US and Malaysia for role he allegedly played in scandal

The fugitive Malaysian financier Jho Low, a central figure in the multibillion-dollar scandal at the state fund 1Malaysia Development Berhad (1MDB), is reportedly seeking a pardon from the US president, Donald Trump.

Low faces multiple charges including corruption and money laundering in the US and Malaysia for the important role he allegedly played in the misappropriation of at least $4.5bn (£3.3bn) from 1MDB.

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Iran war oil shortage forces Japan snack giant to use black-and-white packaging

Calbee to switch its brightly coloured packaging to black and white because war has disrupted supply of certain raw materials used in ink

Japan’s biggest snack maker has been forced to use black-and-white packaging for some flagship products because of ink ingredient shortages caused by the strait of Hormuz blockade.

Calbee, whose potato chip brands in particular are known for brightly coloured bag designs, said 14 of its products would switch to monochrome branding by the end of May.

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Advisers urge JP Morgan investors to vote to split chair and CEO positions

SS and Glass Lewis back shareholder resolution amid fears over power wielded by Jamie Dimon, who holds both roles

Investors in JP Morgan have been urged to vote in favour of splitting the role of chief executive and chair at America’s largest bank, amid concerns over the power wielded by its billionaire boss Jamie Dimon.

ISS and Glass Lewis, which issue advice to some of the world’s biggest fund managers on how to vote at annual investor meetings, have thrown their weight behind a shareholder resolution that would ensure two separate people hold the office of chair and chief executive “as soon as possible”. Investors are due to vote on the resolution at the bank’s annual general meeting on 19 May.

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Trump Media and Technology Group lost $406m in first three months of 2026

Parent company of president’s Truth Social platform generated only $870,000 even as net sales were up 6%

The parent company of Donald Trump’s Truth Social platform – one of the president’s preferred communications channels – lost nearly $406m in the first three months of the year while generating a little over $870,000 in revenue, according to financial filings.

The Trump Media and Technology Group’s quarterly report for January to March 2026 showed that while net sales were up 6% year over year, the company took sizable losses related to other investments.

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Worried Britons ‘prepping’ for major disruption with stash of tins and cash, survey shows

Fears over a natural disaster or cyber attack are pushing households into contingency planning, Link survey shows

Millions of Britons are “prepping” for a potential “major disruptive event” by keeping a stash of cash at home, stockpiling tinned goods or ensuring they have a battery-powered torch close to hand, new data suggests.

With war raging in the Middle East and Ukraine, extreme weather becoming more frequent, and warnings that the UK’s critical infrastructure is at risk from cyber-attacks and power outages, many people feel the world has become a more dangerous and chaotic place.

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Iran war costs Toyota £3bn as prices of materials soar and sales fall

Carmaker gives one of biggest warnings yet of conflict’s impact on businesses while Trump tariffs also take toll

Toyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped.

The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses.

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Airline emissions in Europe top pre-Covid levels despite pledge to decarbonise

Promises to cut emissions and use more fuel-efficient planes fail to stop rise, with Ryanair’s carbon footprint 50% up on 2019

Emissions from flying in Europe have now passed pre-pandemic levels, with Ryanair’s carbon footprint 50% higher than in 2019, research has shown.

Total aviation emissions continue to increase despite industry pledges to decarbonise and the introduction of more fuel-efficient planes, driven by the massive expansion of low-cost carriers.

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Cut UK speed limits to reduce Iran war impact on consumers, thinktank urges

Cap of 20mph in towns and cities and 60mph on motorways would cut fuel demand and combat rising prices, IPPR says

Britain should lower speed limits for drivers as part of a package of measures to reduce the impact of the Iran war on consumers, a thinktank has said.

Capping legal speeds at 20mph in towns and cities and 60mph on motorways would help reduce fuel demand and combat soaring oil prices triggered by conflict, according to the Institute for Public Policy Research (IPPR).

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Fertiliser shortages will have ‘dramatic’ effect on global food prices, warns farming boss

Powerful property and farming firm Grosvenor Group says knock-on effect of Iran war could arrive next year

Fertiliser shortages caused by the Iran war have driven up costs for UK farmers by up to 70% and will have a “dramatic” impact on food prices globally next year, according to one of Britain’s most powerful property and farming companies.

Mark Preston, executive trustee of the 349-year-old Grosvenor Group, controlled by the Duke of Westminster, said fertiliser “was already quite expensive” before the 50% to 70% surge in prices since the start of the Iran war in late February.

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Trainline says Middle East tensions hitting European rail bookings

Profits jump to £122m at ticketing retailer but it expects flat or declining revenues over the coming year

Trainline has said the US standoff with Iran is hitting its revenues, with rail ticket sales to foreign visitors to Europe affected.

The UK-based ticketing retailer said it expected revenues to stay flat or decline over the coming year, citing “the effects of geopolitical tensions in the Middle East on inbound air traffic into Europe”.

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Airlines among companies using fuel surcharges to cover surge in costs, UK survey shows

Firms raising prices at fastest rate in three years, driven by soaring energy and wage bills but also extra materials costs

Airlines and other companies are increasingly using fuel surcharges to cover soaring costs, a survey has found, in a further sign of Iran war-linked inflation hitting the economy.

A poll of companies in the services sector, which includes airlines, found rising fuel prices had contributed to businesses raising prices at the fastest pace in more than three years in April.

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Oil and gas prices fall sharply, driven by hopes of strait of Hormuz reopening – business live

Iran’s Islamic Revolutionary Guard Corps navy has announced the strait of Hormuz could reopen following the end of ‘threats from aggressors’

Job vacancies in the UK bounced back in March but remained near a five-year low, and openings for graduates slumped more than a third.

UK job vacancies showed signs of recovery in March, rising 3.74% month-on-month to 752,711 – the second monthly increase after an extended period of decline, according to the job matching platform Adzuna. Yet despite this tentative rebound, the overall picture remains tough for job seekers. Vacancies are still 13.60% lower than in March 2025, and the market remains near its weakest level since 2021.

Like BP last week, these are unearned windfall profits driven by Trump’s war with Iran.

Equinor now wants to cash in even more by developing the Rosebank oil field, which would be a terrible deal for the UK. This government must put the needs of the British public – for affordable energy and a safe climate – ahead of this Norwegian oil giant’s relentless pursuit of profit.

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Wednesday briefing: How Trump’s attempt to reopen to strait of Hormuz brought war closer again

In today’s newsletter: ​The brief US effort to ​s​teer trapped vessels through the ​waterway ​put the fragile ceasefire under strain

Good morning. Uncertainty once again reigns in the Middle East. The uneasy ceasefire between the US and Iran threatened to disintegrate after Donald Trump launched an initiative – dubbed “Project Freedom” – to help thousands of sailors stranded in the Gulf by the war to pass through the strait of Hormuz.

To Iran, the announcement was a cynical provocation. Flurries of fighting restarted as Iran sought to maintain its grip on the critical passageway out of the region.

UK politics | Zack Polanski falsely claimed to be a spokesperson for the British Red Cross while campaigning for the Green party leadership, the charity has said.

Fuel shortages| Two million airline seats have been cut from this month’s schedules as airlines redraw their operations because of soaring jet fuel prices amid the Middle East conflict.

UK news| A British crew member who became ill after a suspected outbreak of hantavirus on luxury cruise ship the MV Hondius is to be medically evacuated, officials have said.

Tax | An increased windfall tax should be imposed on the UK’s largest banks, say trade union leaders, after the big four lenders reported almost £14bn in first-quarter profits, partly fuelled by market turbulence amid the Iran war.

Society | People from black backgrounds in England are twice as likely to experience strokes as their white counterparts, while also being less likely to receive timely care, according to the largest study of its kind.

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Concierge firm co-founded by queen’s nephew went on ‘ill-timed’ hiring spree before Iran war

Quintessentially almost quadrupled staff in Middle East and Asia less than year before wealthy began to flee Gulf

The embattled luxury concierge service co-founded by Queen Camilla’s nephew Ben Elliot embarked on what appeared to be an inopportune hiring spree in the Middle East and Asia before wealthy individuals began fleeing the region because of the US-Israel war on Iran.

Quintessentially almost quadrupled staff in the regions from 22 to 84 during its financial year to 30 April 2025, according to newly released annual accounts, which again reported multimillion-pound losses and warned of “material uncertainty” about its future.

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Jaguar Land Rover could have shifted production from UK without £380m battery subsidy, officials warned

Government officials said in December that Britain’s largest automotive employer could lead exodus from UK

Jaguar Land Rover would have considered moving car production out of the UK and slashing jobs if not for a £380m subsidy for its sister battery company, government officials claimed privately.

Officials at the Department for Business and Trade (DBT) warned in December that Britain’s largest automotive employer may have triggered an exodus from the UK car industry, according to state aid documents prepared by the competition regulator.

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Next Scottish government faces ‘really difficult’ spending choices, economists say

Parties accused of ‘fiscal denial’ and failing to tell voters the scale of the challenge

The next Scottish government will need to make “really difficult” spending decisions soon after taking power, including tackling its large public sector pay bill, senior economists have said.

Economists with the Fraser of Allander Institute, at the University of Strathclyde, believe the manifestos published by Scotland’s political parties during the campaign failed to tell voters about the true scale of the challenge.

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Trump’s World Liberty Financial venture sues crypto entrepreneur for defamation

Suit alleges that Hong Kong-based Justin Sun engaged in a campaign to ‘torch’ the company’s reputation

World Liberty Financial, the crypto venture co-founded by Donald Trump and his sons, said on Monday it had filed a defamation lawsuit in Florida state court against the Hong Kong-based crypto entrepreneur Justin Sun, as a dispute escalates between the project and one of its most prominent backers.

World Liberty posted a copy of its lawsuit on X in which it accused Sun of launching a “public smear campaign”. It alleged that Sun had improperly transferred some of his WLFI tokens that come with voting and governance rights to crypto exchange Binance and, separately, that he had placed bets that WLFI would decline in market value, known as short selling. That was part of a coordinated effort to push the token’s market price down as public trading began in September, the lawsuit alleged.

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