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US president says tariff on cars and lorries will rise to 25% and accuses European Union of non-complianceDonald Trump has said he is tearing up part of the tariff deal he struck with EU leaders at his golf course in Scotland last summer, criticising Brussels for taking so long to ratify the deal.Blindsiding Brussels late on May Day bank holiday on Friday, he announced that he would be increasing tariffs on cars and lorries imported into the US from the EU from 15% to 25% from next week. Continue reading......

Company accepts it failed to prevent bribery in public sector contracts in Algeria and Oman, sought through use of agentsThe British defence company Ultra Electronics has accepted responsibility for 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. Continue reading......

Energy disruption abroad drives prices at home, showing how few safeguards are built in – which is why a call for resilience must be heededWhen the Bank of England warned this week that food inflation could reach 7% by the end of the year, it revealed how little stands between a geopolitical jolt and a domestic crisis in Britain. A shock wave in the Gulf feeds through energy, fertiliser and supermarket prices into falling incomes, weak growth and job losses. What it exposes is not just inflation but a system unable to absorb disruption.The Bank is right that interest rates cannot move global energy prices. Raising them will not fix the shock. Instead, rate hikes redistribute the impact by compressing wages and deterring investment to stop higher costs becoming embedded. What appears as inflation is, in reality, the price of dependence on the strait of Hormuz. Clearly, the UK's stability rests on security that the country that has yet to build into its infrastructure.Do you have an opinion on the issues...

President says any European car makers who produce vehicles in the US will not face tariffsSign up for the Breaking News US emailMeanwhile, the White House has said it will not detail private diplomatic conversations when Reuters asked about Iran's new proposal to the United States that was submitted to Pakistani mediators.“We do not detail private diplomatic conversations. President Trump has been clear that Iran can never possess a nuclear weapon, and negotiations continue to ensure the short- and long-term national security of the United States,” spokeswoman Anna Kelly told Reuters.I do have the impression from some of the briefings that I have received, as well as other sources, that an imminent military strike is very much on the table.There really is no coherent strategy, which came across very vividly and graphically in the hearing today with Secretary Hegseth.And it comes across in the president's comments, which oscillate between seeming open to negotiation and then foreclosing it entirely ...

US oil giants report big drops in profits due to Iran war disruptions but are expected to eventually reap benefitsExxon Mobil and Chevron reported drops in profit in their first quarter despite surging oil prices, a result of stalled deliveries and supply disruptions in the Middle East.Exxon's quarterly earnings fell to $4.2bn from about $7.7bn the same quarter last year, a decline of about 46%, while Chevron's profits fell to $2.2bn from about $3.5bn, down about 37%. Still, both companies beat Wall Street expectations. Continue reading......

Company had struggled to increase post-pandemic demand before war in Iran pushed up jet fuel costsSign up for the Breaking News US email to get newsletter alerts in your inboxSpirit Airlines is preparing to cease operations after the beleaguered company ran out of cash and a rescue attempt by the Trump administration appeared to stall.The company struggled to make a deal with its creditors and secure funding to maintain operations, according to a Wall Street Journal report citing people familiar with the matter. Continue reading......

Greg Jackson argues against costly investments in UK's power grid that are adding to household billsThe 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. Continue reading......

Colombia hosted nearly 60 countries at pivotal time on world stage for fight to transition to a clean energy futureLooking out to sea from the grey sandy beaches of Santa Marta, on Colombia's Caribbean coast, it is never hard to spot evidence of the country's thriving fossil fuel export trade. Oil tankers ride at anchor on the horizon, and sometimes, locals say, lumps of coal wash up on the shore, blown off the collier ships that carry cargos from the nearby mines.It was here, on Wednesday evening, that the Colombian government took a bold step to shift its economy – and that of the rest of the world – away from dependence on coal, gas and oil and into a new era of clean energy. With the first ever conference on “transitioning away from fossil fuels”, the host joined nearly 60 countries determined to loosen of the grip of petrostates on the world's future. Continue reading......

Loaded with extras and produced at a cut price, the crossover SUV has overtaken rival cars from US, Japanese and Korean firmsThe UK is no stranger to foreign cars. The bestseller lists in recent years have been dominated by the US's Ford Puma, Japan's Nissan Qashqai, Korea's Kia Sportage and occasionally even Tesla's Model Y.But in March the top 10 provided a shock: a Chinese car leapt into the lead. Continue reading......

In an unsettled world operators aim to entice jittery holidaymakers with simple pledges, from cancellations to surchargesForget the best infinity pool or alluring sea view: travel firms are now competing for the summer holidaymakers' pound with pledges of the least likely cancellation – or the fastest refund.Airlines and travel companies have been vying to announce fresh commitments to reassure jittery consumers, who are booking flights ever later since the start of the US-Israel war on Iran. Continue reading......

Labour called SNP first minister John Swinney 'shameless' for claiming credit when it was the result of king's US visitDonald Trump's announcement that he will lift punishing US tariffs on scotch whisky has been overshadowed by a row between rival Scottish party leaders over claiming credit for the decision.The whisky industry and business leaders were delighted by the US president's sudden announcement on his Truth Social network on Thursday that he would end the tariffs to mark the visit by King Charles and Queen Camilla. Continue reading......

Exclusive: Sev.en Global Investments could turn state-owned businesses into Britain's biggest steelmakerBusiness live – latest updatesThe owner of the UK's largest electric steelworks has said the government should find a single buyer for British Steel and Speciality Steel UK (SSUK), a move that would create the country's biggest steelmaker.Sev.en Global Investments, owned by the Czech billionaire Pavel Tykač, said it not only plans to invest £100m in the UK – mainly in the electric arc steelworks in Cardiff it bought last year – but also has the ability to invest “hundreds of millions of pounds” more in Britain under its 7 Steel brand. Continue reading......

Watchdog says legal challenges from Consumer Voice and three lenders 'create fresh uncertainty for millions of consumers'Business live – latest updatesThe UK financial watchdog is facing four legal challenges against its £9.1bn compensation scheme for victims of the motor finance scandal.The Financial Conduct Authority (FCA) said that it will defend the scheme “robustly” as the “fastest, simplest route for consumers and the most efficient way for firms to put things right”. Continue reading......

Walkouts, marches and other gatherings planned for 'May Day Strong' demonstrations across the countryThousands are set to join an economic blackout for International Workers' Day on Friday, as part of 3,500 “May Day Strong” events across the country. Organizers are calling for “no school, no work, no shopping” with walkouts, marches, block parties and other gatherings planned into the evening.May Day has long been an annual day of protest for the labor movement, and this year, many active movements are converging to fight for “a nation that puts workers over billionaires”. Demanding no ICE, no war, and taxing the rich, the May Day Strong coalition includes labor unions, immigrants rights groups, political organizations such as the Democratic Socialists of America, and the organizers behind the No Kings protests. Friday's economic disruption builds on a similar coordinated effort out of Minnesota in January, when tens of thousands of Twin Cities residents took off from school and work to fl...

Court heard woman asked fashion boss to stop but he did not even when she started cryingJames Holder, a co-founder of the clothing firm Superdry, has been found guilty of raping a woman after a night out in the Gloucestershire town of Cheltenham.Gloucester crown court heard Holder, 54, had been due to get a taxi back to his mansion in the Cotswolds with a male friend. Instead, the pair got into the victim's taxi and went to her flat, where the fashion boss raped her. Continue reading......

Analysis finds real wages fell 12% since 2019, with inequality widening in the US beyond global levelsCEO pay increased 20 times faster than worker pay around the world in 2025, according to a new analysis from Oxfam and the International Trade Union Confederation, the world's largest trade union federation.When adjusted for inflation, global worker pay declined 12% between 2019 and 2025, the equivalent of 108 days of free work during that time period. In comparison, CEO compensation increased by 54% between 2019 and 2025. Continue reading......

Americans are fed up with an establishment that has abandoned the working class. It's time to organize for changeOn Friday, more than 3,000 May Day protests will take place across the United States – more than double last year's number. Workers, students and families are calling for a strike: no school, no work, no shopping, and an end to billionaire rule. I'm headed to the streets with members of my own union, the United Auto Workers, in New York City.Americans are fed up – and not just with Donald Trump. People are angry at a Democratic party establishment that has abandoned the working class, that treated the labor movement like a turnout machine instead of the pillar of democracy it is, that funded a genocide in Gaza while ignoring a cost of living crisis, and that took its own base so completely for granted that it pushed millions out of the political process entirely.Claire Valdez is a New York state assemblymember, union organizer, and Democratic socialist running for Congress Continue readi...

Rise of 3% in April, the fastest annual pace in 11 months, leaves typical property worth £278,880, says NationwideBusiness live – latest updatesHouse price growth in the UK has surprised estate agents and economists by jumping in April at the fastest annual pace in 11 months, according to Nationwide.The UK's biggest building society said its mortgage data showed that house prices unexpectedly rose by 3% in April on a year earlier, from 2.2% in March, leaving the typical UK property worth £278,880. Continue reading......

Profits ahead of expectations but almost half of £283m impairment charge follows forecast reassessmentBusiness live – latest updatesNatWest 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”. Continue reading......

Electoral Commission reviewing whether Reform UK leader should have declared billionaire's gift before entering parliamentAnalysis: Farage's bid to get ahead of story only raises more questionsFarage referred to standards watchdog over undisclosed £5m giftThe UK elections watchdog is considering whether to investigate an undisclosed £5m donation received by Nigel Farage before he announced his candidacy at the last general election.The move comes after the Guardian revealed this week that the Reform UK leader was given the money by the crypto billionaire Christopher Harborne. Continue reading......