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Government emphasises need to 'get off the rollercoaster of fossil fuel markets' in response to Offshore Energies UKThe UK government has dismissed a warning from an energy trade body that failing to produce more homegrown North Sea oil and gas will leave the UK increasingly reliant on imports at a time of rising global instability.The industry group, Offshore Energies UK, has said the UK “urgently” needs a greater supply of domestically produced energy or consumers will be left “more exposed to global volatility and higher emissions”. Continue reading......

The hot, dry summer and an increase in vineyard planting resulted in the third-largest UK grape harvestEnglish and Welsh winemakers have reported a sharp rise in production, after the hot, dry summer in 2025 and an increase in vineyard planting resulted in the third-largest UK harvest.The equivalent of 16.5m bottles were produced across the UK last year – or 124,377 hectolitres – according to figures from the wine regulator, the Food Standards Agency (FSA). Continue reading......

Awarding US spy-tech company deal involving sensitive financial data is 'huge error of judgment', Liberal Democrats sayMPs have urged the government to halt its latest contract with Palantir after the Guardian revealed that the US spy-tech company is to gain access to a trove of highly sensitive UK financial regulation data.The Financial Conduct Authority, the watchdog for thousands of financial bodies from banks to hedge funds, has hired Palantir to apply its AI systems to two years' worth of internal intelligence data to help it tackle financial crime. Continue reading......

European shares start to rise after US president says talks have been 'very good and productive'Business live – latest updatesMiddle East crisis – live updatesGlobal stock markets swung wildly and oil prices fell on Monday after Donald Trump postponed US attacks on Iranian power plants for five days.European stock markets, which had been falling sharply in the hours before Trump's social media post, mostly rose on Monday as relieved investors digested the update. Continue reading......

Many of the decisions predate this government but the notion that Britain was better prepared for this crisis is fanciful“Because of the choices we made before the conflict in the Middle East began, we are better prepared for a more volatile world”, claimed the chief secretary to the Treasury, James Murray, last week. That statement – surprise, surprise – failed to calm the bond vigilantes who had pushed the yield on 10-year government debt to a punishing 5% before Monday's modest retreat.Murray seemed to be referring to tax increases and the chancellor's decision to shift £150 of green levies from energy bills into general taxation. Count those if you wish but, come on, they are minor entries. The UK's vulnerability to energy price shocks flows from bigger forces, such as our large and growing dependency on imports. Continue reading......

Trump administration announces deal with TotalEnergies to redirect investment in wind to oil and gas insteadAs a fuel crisis triggered by the war in Iran drives up global fossil fuel prices, the Trump administration has announced it will pay French energy major TotalEnergies $1bn to kill plans to construct wind farms off the US east coast.The deal is the latest blow to the US offshore wind industry, which has faced repeated disruptions to multi-billion-dollar projects under Donald Trump. Continue reading......

Company will assess whether drop to 186mph from 224mph will save money and help bring forward launchMinisters have told High Speed Two to consider running its trains at lower speeds, in an attempt to rein in the spiralling budget and begin operations as soon as possible.HS2 Ltd will assess whether limiting the speed to 186mph (300km/h) instead of 224mph could save money – potentially billions of pounds – and bring the railway into being earlier in the 2030s. Continue reading......

It had been possible to observe this presidency in abstract terms, but no more. The consequences of the Iran attack will affect our lives and our politicsNothing has changed. Yet. But we stand on the edge of inevitable economic cataclysm, such as not seen in our lifetimes. It's an odd, hold-your-breath moment, waiting for what the International Energy Agency (IEA) says is now certain to happen: an energy crisis so critical it will be the equivalent of the two oil crises in 1973 and 1979 and Russia's 2022 full invasion of Ukraine, put together.The IEA says it's already too late to prevent this impending energy crisis. President Donald Trump has swerved the Armageddon destruction of oil and gas facilities threatening the entire Middle East, but too late. The deep recession, probably depression, that his war has caused is heading around the globe. Britain will be hard hit.Polly Toynbee is a Guardian columnist Continue reading......

Bill was introduced in the Senate on Monday as prediction market companies face greater scrutiny on state levelPrediction markets are facing fresh bipartisan scrutiny in the US Senate as companies like Kalshi and Polymarket continue to battle state-led efforts to regulate online betting.A bill was introduced in the US Senate Monday that would ban federally regulated platforms from allowing wagers on sporting events, what would be a huge blow to marketplaces where billions of dollars have been traded on major events like the Super Bowl and the NCAA's March Madness. Continue reading......

Readers respond to articles on the causes and effects of youth unemploymentRegarding Polly Toynbee's article (Young people want to work: now there may be jobs for them, 17 March), as a young person, I believe that the government must rebuild trust in its support, or young people will continue to be held back. I am now working, but I know what it's like to leave university and face unemployment: constant rejection, confusion and anxiety about what comes next. It is scary. But what Polly describes isn't unusual; it's the reality for many, and repeated rejections knock your confidence.Support on offer has struggled to keep up with the growing challenges that young people face. The issue runs deeper than “lingering stigma” – it's embedded in the system. The constant threat of losing your benefits if you fail to meet job search requirements undermines trust and engagement. Continue reading......

CEO of asset manager says only a few firms and investors may reap rewards from growth in the technologyThe boom in artificial intelligence risks widening inequality, with only a handful of companies and investors likely to reap its financial rewards, the BlackRock chief executive, Larry Fink, has warned.The boss of the $14tn (£10.4tn) asset manager used his annual letter to investors on Monday to highlight potential hazards around the exponential growth in AI, which has attracted rapid investment and become “central to strategic competition” between global powers such as the US and China. Continue reading......

Pet owners fear there is no viable alternative service after Great Western Exotics owner deems business unviableOn a nondescript industrial estate on the outskirts of Swindon, visitors may hear a faint squawking in the distance as bird lovers from Exeter to Edinburgh bring their brightly coloured budgies and macaws to an exotic animal hospital.But now, the UK's premier parrot surgery, which treats all kinds of creatures, is to be shut down after it was bought out by a conglomerate that has decided the business is not viable. Continue reading......

The EU's reluctance to replace petrol cars and gas boilers keep it hooked on foreign fuels, say industry groupsEurope has made “staggering progress” in producing clean power but neglected efforts to phase out fuel-burning machines, the head of an industry group said as the global oil crisis deepens.Adrian Hiel, director of the Electrification Alliance, said the EU has “radically transformed” its power supply and must now focus on getting “more electricity into the stuff we use every day”. Continue reading......

Exclusive: Food systems of low-income nations projected to deteriorate seven times as fast as those of wealthy onesThe number of countries falling into critical food insecurity could almost triple to 24 if global temperatures increase by 2C, research has shown.Analysis by the International Institute for Environment and Development (IIED) shows the climate crisis will disproportionately affect food systems in poorer nations, widening the gap between the most and least vulnerable countries. Continue reading......

Authorities in Independence say store security contacted them about a 'suspicious powder substance' in the packagesFentanyl has been discovered inside the packaging of five Barbie dolls sold at a Missouri discount store, local authorities said.Police in Independence, Missouri, said in a statement on Saturday that store security at Cargo Largo, a local discount store, contacted authorities “regarding a suspicious powder substance located in the packaging of a Barbie Doll”. Continue reading......

Ukrainian-American billionaire who owned subscription service for adult content died of cancer, the company saysLeonid Radvinsky, the owner of OnlyFans, has died of cancer at the age of 43, the company announced on Monday.“We are deeply saddened ​to announce the death of Leo ​Radvinsky. Leo passed away peacefully after a ⁠long battle with cancer,” said a spokesperson for the company, best known for subscriptions to pornographic content creators. “His family have requested privacy at ​this difficult time.” Continue reading......

Airline has hedged much of fuel into 2027, avoiding soaring prices, but costs likely to hit passengers by end of summerBusiness live – latest updatesThe boss of easyJet has said the war in the Middle East has started to hit flight bookings, while the soaring price of oil would probably mean a rise in air fares by the end of the summer.The chief executive, Kenton Jarvis, said that while the airline had hedged much of its fuel into next year, avoiding soaring kerosene prices, it was “unavoidable” that some of the costs would be passed on in fares. Continue reading......

Google, Amazon, Apple and Samsung control operating systems, allowing them to act as gatekeepers, letter claimsBusiness live – latest updatesThe world's largest broadcasters have pushed for the EU to enforce its toughest regulations against virtual TVs and smart assistants built by Google, Amazon, Apple and Samsung.The call came in a letter from the Association of Commercial Television and Video on Demand Services in Europe (ACT), whose members include Canal+, RTL, Mediaset, ITV, Paramount+, NBCUniversal, Walt Disney, Warner Bros Discovery, Sky and TF1 Groupe. Continue reading......

New study finds that employees impressed by corporate speak may be least equipped to make effective decisionsEver sat in a meeting where someone declares that your company is “growth-hacking” and “working at the intersection of cross-collateralization and blue-sky thinking” and called bullshit? Turns out you were right.A new study out of Cornell University published in the journal Personality and Individual Differences found workers most excited and impressed by corporate speak may be the least equipped to make effective, practical business decisions, and it can leave companies with dysfunctional leaders. Continue reading......

Founder Julian Hearn, actor and fellow investor Jonathan Ross likely to get big payday after takeover by French groupBusiness live – latest updatesHuel, the protein shake maker which counts actor Idris Elba and TV presenter Jonathan Ross among its investors, has agreed to be acquired by the French consumer goods group Danone in a deal worth about €1bn (£870m).The British company, which makes food powders, snack bars and meals from a blend of plant-based ingredients and fortified with vitamins, started out selling its powders online. It is now available in more than 25,000 stores around the world. Continue reading......