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Time is running out to find agreement on areas such as tuition fees EU citizens would pay in Britain and rules for food safetyThe EU is hoping to urgently reboot talks on the “reset” of relations with the UK as negotiations are in danger of foundering before a planned July summit.At a public meeting of the EU-UK parliamentary partnership assembly in Brussels, the European Commission vice-president and trade commissioner, Maroš Šefčovič, said both sides had to “change gears” now to ensure the deal got over the line. Continue reading......

As protracted negotiations enters ninth month a framework of proposals to save utilities firm still remains sketchy It is two years since the shareholders of Thames Water threw in the towel, declared the company “uninvestible” and accepted their shares were worthless. Yet the water torture goes on and on. We are now in the ninth month of negotiations between Thames's senior creditors and the regulator, Ofwat, on a rescue deal – and still an outcome is thought to be weeks away.Monday's updated sketch of the proposal contained a few new details. The amount of fresh equity that would be injected into Thames has increased from £3.15bn to £3.35bn. The day-one debt facility has been boosted by a billion pounds to £3.25bn. Ofwat also appears to have insisted creditors underwrite a further £3.3bn debt facility in case Thames, circa 2028, can't raise borrowings from the market on commercial terms by then; that precaution is probably wise. Continue reading......

Lawyer for women who accused bank of facilitating their sexual abuse calls settlement 'one more step' to justiceSign up for the Breaking News US email to get newsletter alerts in your inboxBank of America has settled a civil lawsuit brought by women who accused the bank of facilitating their sexual abuse by Jeffrey Epstein, court records showed on Monday.Lawyers for the bank and the women told Manhattan-based US district judge Jed Rakoff in a 12 March telephone call that they had reached a “settlement in principle”, a court filing said. The terms of the settlement were not immediately clear. Continue reading......

PwC called in as administrators after company runs out of cash, leaving it unable to pay landlords and creditorsNational Car Parks, the UK's biggest car park operator, has fallen into administration, putting nearly 700 jobs at risk.NCP's board of directors called in PwC as administrators after it ran out of cash, leaving it unable to pay its landlords and creditors, with significant rent payments due at the end of March. Continue reading......

Hard choices lie ahead for Downing Street if higher fuel prices spark resentment and trigger a renewed cost of living crisisSeventy years ago this winter, the streets of Britain fell eerily quiet. After one last panic buying spree, many garages shut, and traffic even in the heart of London dwindled away. The formal introduction of petrol rationing had begun, limiting drivers to 200 miles' worth a month – with exceptions for farmers, doctors and vicars – after the Suez crisis blocked fuel supplies from the Gulf.Ancient history now, of course – or it would be if it weren't for what looks increasingly like the US's own version of Suez: a great power starting a war it seemingly doesn't know how to finish, against an enemy it woefully underestimated. If the strait of Hormuz – the vital shipping lane now rendered unsafe for shipping by Iranian drones and mines – cannot soon be reopened, then Britain could be only weeks away from needing to ration fuel, the former BP executive (and government advis...

Head of world's energy watchdog says it will take time for markets to recover from ongoing crisis in strait of HormuzThe world's energy watchdog will consider releasing further emergency crude stocks into the global market to cool rising oil prices after warning that it will take time for markets to recover from the ongoing crisis in the strait of Hormuz.Fatih Birol, the head of the International Energy Agency, said its members continued to hold large reserves of emergency oil stocks even after agreeing to the biggest release of government crude in the history of the market, meaning more emergency oil reserves could still be released “as and if needed”. Continue reading......

PM says the UK will not be drawn into wider war as he unveils plans to help with the impact Keir Starmer is speaking at his press conference.The war is entering its third week, he says.First, we will protect our people in the region.Second, while taking the necessary action to defend ourselves and our allies, we will not be drawn into the wider war.Moments like this also tell you about leadership … Now, there are others who would have made a different decision two weeks ago.They would have rushed the UK headlong into this war without the full picture of what they were sending our forces into and without a plan to get us out.It is no surprise that our closest and most important ally is so disappointed. The Labour government's response to the crisis in Iran has been shameful.We should have been supporting our allies, not making it harder for them. Even now Starmer is still trying to sit on the fence, which is a complete failure of leadership. Continue reading......

By imposing costs on the global economy, the Iranian government is ensuring that further attacks are not contemplatedThe US and Israeli decision to attack Iran has sent economic shockwaves around the world. About 20% of global oil supplies have been effectively blocked from transiting the strait of Hormuz since Iran began attacking ships, resulting in a huge jump in oil prices. Militarily, while the United States has the firepower to significantly reduce Iran's capacity to use the strait as leverage, it is unlikely to be able to eliminate the threat entirely.Reopening the strait, therefore, is not only a question of military capabilities but of diplomacy, and to negotiate it is necessary to understand what each party to the conflict is trying to achieve. Continue reading......

The company will open a research centre in Berkshire, in a move hailed by UK government as 'clear' vote of confidenceSyngenta is to build a new £100m research centre for agricultural bioscience, a move hailed by the government as a vote of confidence in the UK's science base.The Chinese-owned company, one of the biggest agrichemical groups in the world, will open the centreat its Jealott's Hill site in Berkshire to host hundreds of scientists. Continue reading......

Energy supply shock from US-Israeli attack on Iran fuels record valuations for Shell, ExxonMobil and ChevronBeyond the strait: why attacks on Kargh Island could keep oil prices highShares in big oil companies have soared to all-time highs since the war in Iran began and sparked historic price rises on global oil and gas markets.The combined market value of the six stock market-listed western “super majors” has soared by more than $130bn in the two weeks since the first US-Israeli attacks on Iran. Continue reading......

UK and Japan among countries that are considering options but yet to commit warships to blockaded shipping routeMiddle East crisis – live updatesCountries including the UK, Japan, China and South Korea have said they are still considering their options but without making commitments after the US president, Donald Trump, urged them to send warships to the strait of Hormuz to secure the vital shipping route.In a post on his Truth Social platform, Trump called on the UK, China, France, Japan, South Korea and other countries to send ships to the waterway, the world's busiest shipping route, which is being violently blockaded by Iran. Continue reading......

Trams, buses and hire bikes will be integrated under molten orange and asphalt black brand highlighting industrial heritage, says Oliver CoppardSouth Yorkshire's transport system will be known as the “People's Network”, with trams, buses and hire bikes all coming under public control.The plan was unveiled on Monday by the region's mayor, Oliver Coppard, who said it would create an affordable, joined-up network in molten orange and asphalt black colours. A large fleet of electric buses and 25 new trams will be introduced over the next five years. Continue reading......

Hummus and pet grooming also join list of goods and services used to help judge the impact of rising prices Business live – latest updatesThe UK's increasing sobriety will be recognised from next month in the basket of goods used to calculate inflation after alcohol-free beer was added to a list by the Office for National Statistics totalling 760 items.Hummus and pet grooming were also included in the list of goods and services used to help judge the impact of rising prices on the cost of living. Continue reading......

Milan-based bank plans to up its near-30% stake in German lender to trigger formal talks despite strong opposition from BerlinTwo European banking powerhouses have become embroiled in a €35bn (£30bn) takeover battle after Italy's UniCredit stepped up its long-running pursuit of German lender Commerzbank, despite strong opposition from the German government.UniCredit first took a stake of 9% in Commerzbank in September 2024 and has since built up its holding to just under 30%. It said on Monday it was pushing to increase that holding further and push the rival lender into formal merger talks. Continue reading......

Latest effort involves paying off fines worth hundreds of millions of pounds as part of bid to stave off financial collapseBusiness live – latest updatesThames Water's lenders have put forward a £10bn rescue plan that would involve paying off the troubled water company's hundreds of millions of pounds-worth of fines for leaks and pollution, as part of an effort to stave off financial collapse.A group of private equity firms and investment groups said they would inject about £3.35bn of cash into Thames Water and raise £6.65bn in debt, in exchange for the company not falling into a government-handled administration, effectively a temporary nationalisation. Continue reading......

Rolling coverage of the latest economic and financial newsThe average shelf-life of a UK mortgage has shrivelled, even before the surge in energy price hammered hopes for interest rate cuts.Data provider Moneyfacts has calculated that the average shelf-life of a mortgage fell to 14 days, on the first of March, the lowest since August 2023.“Borrowers looking to refinance would be wise to act quickly to secure a new deal, as the significant push in mortgage activity during February has led to a significant fall in the average shelf-life of a mortgage to just 14 days.This is a complete contrast to the notable seasonal slowdown in activity during January. However, since this data was captured, there has been a notable shift in swap rates, amid the unrest seen in the Middle East. It is worth noting that the average shelf-life of a mortgage has not been this low (14 days) for over two years, last lower for August 2023, at 13 days. This was just one month after a record low of 12 days recorded for July 2023. C...

Latest Android superphone packs great cameras, fast chips, long battery, a stylus and first-of-its-kind privacy displaySamsung's latest Ultra superphone promises to keep shoulder surfers out of your business with a first-of-its-kind privacy display built into its huge 6.9in screen.The Galaxy S26 Ultra is Samsung's top-of-the-line phone costing £1,279 (€1,449/$1,299/A$2,199) and is one of the most feature-packed handsets you can get, with four cameras on the back, an integrated stylus and AI assistance in every corner. Continue reading......

Exclusive: revelation comes as company faces mounting scrutiny over use of AI to provide health tipsGoogle has dropped a new artificial intelligence search feature that gave users crowdsourced health advice from amateurs around the world.The company had said its launch of “What People Suggest”, which provided tips from strangers, showed “the potential of AI to transform health outcomes across the globe”. Continue reading......

Another weekend of violence compounded global market concerns over war in the Middle East, following US strikes on the vital oil hubOil prices have climbed again amid mounting supply fears after the US struck Iran's vital Kharg Island oil hub and Donald Trump demanded allies help reopen the strait of Hormuz.Brent crude, the international benchmark, rose 1.8% to $104.98 per barrel during early trading on Monday. Another weekend of violence across the Middle East compounded concerns over the conflict, and its ramifications for global energy markets. Continue reading......

US supreme court has 'ransacked' the country, president argues, in wake of its ruling against his trade agendaDonald Trump has claimed he has “the absolute right” to impose new tariffs after the US supreme court ruled many of the import duties he imposed last year were illegal.The president attacked the court in a late night broadside on Sunday, accusing it of having “unnecessarily RANSACKED” the US – and failing to show him sufficient loyalty. Continue reading......