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Kemi Badenoch claims increased UK oil and gas production would cut bills by £200, but critics say plan won't workOil prices hit $100 a barrel soon after the US and Israel launched their attack on Iran, and though prices have wobbled since, ongoing supply issues from the partial closure of the strait of Hormuz mean they could leap higher, to $150 a barrel or more, by some estimates.The impacts could be severe – not just increases in the price of petrol, and oil for home heating, but also in the cost of gas, with knock-on inflationary pressures on food, consumer goods and industrial components. Continue reading......

Brutal past experience has taught us that a cost of living crisis doesn't affect us all the same, because we don't all go into it with the same income or wealthPerhaps the most celebrated writer on oil markets is Daniel Yergin. His work has won a Pulitzer and his advice sought by every president from Bill Clinton to Donald Trump. Let's start by looking at an example.Fifteen years ago, before the US and Israel started their war on Iran, killing thousands of civilians in the process, before the strait of Hormuz became as infamous as the Bermuda Triangle, and before experts declared “the greatest global energy security threat in history”, Yergin published The Quest: Energy, Security and the Remaking of the Modern World. After hearing Trump announce a “very soon” end to the conflict for the second – or was it the third? – time, I dug out my copy. Just as I remembered, it devotes a chapter to the Persian Gulf.Aditya Chakrabortty is a Guardian columnistDo you have an opinion on the issues raised ...

Distressed riders who were stranded for hours say Apollo Go customer service agents offered 'useless platitudes'A “system malfunction” has caused several self-driving robotaxis to stall in the middle of the road in China, police have confirmed, after distressed riders were stranded for hours.Local authorities in the central Chinese city of Wuhan said they began receiving calls “one after another” on Tuesday night from riders reporting that autonomous vehicles operated by the Chinese internet company Baidu had frozen. Continue reading......

Elon Musk's rocket company could go public as early as June, Bloomberg reportsSpaceX has confidentially filed for an initial public offering on the US stock market, according to reports from Bloomberg and the Wall Street Journal. The IPO is set to be one of the most closely watched and highly valued listings in market history.Elon Musk's company, which has become a dominant power in both space travel and satellite communications, could potentially seek a valuation upwards of $1.75tn. The confidential filing will give regulators a period to review and discuss the company's financial disclosures before investors and the public are able to view them. Continue reading......

Two of the points were measures on energy bills from the autumn budget, another restated the existing energy strategy“We have a five-point plan for the immediate crisis,” declared the prime minister during his remarks from Downing Street on Wednesday. Really? Two of his five points were measures on energy bills that pre-date the Iran war. One was a description of support for a sub-set of consumers but dodged the key question of who else could get help. Another stated the government's longstanding energy strategy in unchanged terms. The last was a diplomatic policy, presumably shoe-horned into the cost-of-living passage because a five-point plan sounds better than a four-point one.Let's take them in order. First: “We're cutting energy bills by over £100 per household today.” That, very obviously, is not a response to “the immediate crisis.” Continue reading......

South Korea will delay the shutdown of coal-fired plants, while the Philippines also plans to boost the output of its coal-burning plantsGovernments across Asia are ramping up their use of coal, the dirtiest fossil fuel, as they try to cover huge energy shortfalls triggered by the US-Israel war on Iran.The move has triggered warnings from climate experts who point to coal's devastating environmental impact, and say the energy crisis should be a wake up call for governments to invest in renewables, which can offer a more stable supply that is not exposed to price shocks. Continue reading......

Discussion on how to ease impact from Iran war coincides with Food and Drink Federation almost tripling forecastFood inflation could hit 9% in the UK this year even if the strait of Hormuz opens within the next few weeks, figures suggest, as the Iran war pushes up energy prices.The Food and Drink Federation (FDF), which represents 12,000 food and drink manufacturers, has predicted prices will rise by “at least” 9% by the end of 2026, almost tripling a forecast of 3.2% that was made before the Middle East conflict. Continue reading......

Michael O'Leary says UK's reliance on Kuwait for jet fuel supply amid Iran war exposes it to possible shortagesThe UK is the most vulnerable country in Europe to potential jet fuel shortages as the Iran war throttles supplies from the Gulf, the boss of Ryanair has said.Michael O'Leary, the chief executive of the budget airline, said Britain would be the most exposed to jet fuel shortages because it relies on Kuwait for about 25% of its supply. Continue reading......

More than 100 of the Baidu driverless vehicles stopped running because of a system malfunctionSome robotaxi passengers were left stranded in the middle of fast-moving traffic in a major Chinese city after their driverless vehicles stopped running, according to police and media reports on Wednesday.A preliminary investigation indicates more than 100 robotaxis came to a halt because of a “system malfunction”, police in the city of Wuhan said in a statement, without elaborating. No injuries were reported. Continue reading......

US president's claim that conflict is nearing end prompts 15% drop in Brent crude and stock market climb in AsiaBusiness live – latest updatesOil prices tumbled and stock markets have rallied across the world after Donald Trump said the war in Iran would end in “two to three weeks”.Brent crude, an international benchmark for oil, fell as low as $98.35 a barrel on Wednesday, down more than 15% on the previous day and its lowest level in a week. It later recovered some ground, down 2.5% on the day at $101. Continue reading......

US understood not to be invited directly to talks that will explore ways of reopening critical waterwayMiddle East crisis – live updatesThe UK will convene 35 countries – excluding the US – to explore ways to reopen the strait of Hormuz, the vital shipping route for oil and gas that has been blocked by Iran.Keir Starmer, the prime minister, said the next phase of discussions in the joint British and French efforts to secure the waterway would be held on Thursday, with Yvette Cooper, the foreign secretary, alongside international leaders. Continue reading......

How much do you know about the history of one of the most powerful computing companies on the planet?In the 50 years since it was founded, Apple has long been seen as one of the most significant technology companies globally. The design and manufacturing decisions taken in Cupertino, California have affected product design across the world, helping usher in an era of ubiquitous touchscreen computing while insisting on exacting user experience design principles. How much do you know about the history of one of the most powerful computing companies on the planet? Test yourself with these 12 questions.The Guardian's Apple at 50 quiz Continue reading......

Head of committee says it was appropriate for government to seek guidance on way out of £330m deal with US data companyClaims by Palantir that concerns over the US data analytics company's multimillion-pound NHS contract are “ideologically motivated” have been rejected by the chair of a parliamentary committee.It was also appropriate for the government to seek guidance on activating a break contract in the deal, said Chi Onwurah, a Labour MP who heads the science, innovation and technology select committee. Continue reading......

Group cuts costs as shares plunge while it grapples with impact of Iran war on property market Business live – latest updatesOne of Britain's biggest housebuilders has said it will stop buying new land and hiring new staff, as it grapples with the impact of the Iran war on the property market.Berkeley, a London-focused housebuilder, said it would cut costs as it warned that “geopolitical volatility” and “reduced potential” for interest rate cuts could weigh on the business. Continue reading......

The Iran war will hit food prices, fuel costs and interest rates. But with a few smart moves, we could could turn this crisis to our advantageEnergy shocks don't just raise our energy bills – they can be turning points in how our economy runs. The UK responded to the energy crises of the 1970s by reshaping its energy system and doubling down on extracting its own fossil fuels from the North Sea. Investment poured in and the UK became a net energy exporter. When energy security is on the line, serious countries act at scale. Today, as the war in Iran continues, scraping the North Sea barrel for the last of its planet-heating fuel is no longer a solution. If the UK is to weather the shocks to come, we need to build a clean energy system for the next generation.A supply deficit of 10m oil barrels a day and a fifth of global liquefied natural gas (LNG) trade is already having significant effects around the world. The UK is painfully exposed to international gas prices. The public expect inflation to soar, ...

Meg O'Neill's memo comes as company tries to rebuild strategy amid oil shock of Iran war and after failed green pivotBusiness live – latest updatesThe new boss of BP has told staff that the oil company is operating in a world of “significant complexity” as it attempts to rebuild its strategy under a fresh leadership team.In her first message to staff as BP's chief executive, Meg O'Neill promised a “clear direction and consistency” after a tumultuous period for the 117-year-old fossil fuel company, in which it has pivoted away from a failing green strategy. Continue reading......

Financial policy committee makes warning over 'Trumpflation' increases, as average two-year fixed rate hits 5.84%Business live – latest updatesThe US-Israel war on Iran could end up increasing monthly mortgage payments for more than one million more UK households, the Bank of England has warned, adding that the conflict had dealt “a substantial negative supply shock” to the world economy.Financial market jitters over the conflict in the Middle East have resulted in banks pulling about 1,500 mortgage products, with many banks raising interest rates on their remaining 7,000 home loan products in recent weeks, the Bank's financial policy committee (FPC) said. Continue reading......

We need a 5% wealth tax on America's 938 billionaires. Over a ten-year period, this bill would raise much-needed $4.4tn for public coffersNever before in American history have so few had so much wealth and power. Today, the top 1% owns more wealth than the bottom 93%. One person, Elon Musk, worth $805bn, owns more wealth than the bottom 53% of American households. And that inequality is getting worse. Last year alone, after receiving the one of the largest tax breaks in history from Donald Trump, 938 billionaires in America became $1.5tn richer. Since he was re-elected, Trump and his family have become $4bn richer.Never before in American history have we had such concentration of ownership. While profits soar, a handful of giant corporations dominate virtually every sector of our economy, charging higher and higher prices for the products they sell. Four Wall Street firms combined – BlackRock, Vanguard, Fidelity, and State Street – are the major stockholders of more than 90% of American corporations....

Within the lunar dirt is a type of helium so rare on Earth that a palm-sized container is estimated to be worth millionsIn the silent vacuum of space, five autonomous robots churn through the lunar surface, digging up a loose layer of rock and dust and leaving rows of uniform tracks in their wake.Stopping only to recharge at a central solar power station, the car-sized machines process the lunar dirt internally to extract a type of helium so rare on Earth that a palm-sized container is estimated to be worth millions. Once processed, the precious resource is loaded into a launcher and ejected back to Earth. Continue reading......

Company chaired by Trump ally Larry Ellison seeks to reassure investors that bet on AI infrastructure will pay offOracle is cutting thousands of jobs as the US technology company seeks to reassure investors that its bet on AI infrastructure will pay off.The $420bn firm, headquartered in Austin, Texas, started letting employees go on Tuesday, with thousands of Oracle's 160,000-strong workforce expected to leave. Continue reading......