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US bank will get deal it doesn't really need as it would be far too embarrassing for Treasury to see investment sail awayThe way Rachel Reeves told it last November after her budget, it seemed to be a done deal that JP Morgan would build a 279,000 sq metre (3m sq ft) tower in Canary Wharf to serve as its European headquarters. The chancellor was “thrilled” the Wall Street bank had chosen London and hailed “a multibillion-pound vote of confidence in the UK economy and this government's plans for growth”.And, to be fair to Reeves, Jamie Dimon, JP Morgan's big boss, also presented the plan as final. “The UK government's priority of economic growth has been a critical factor in helping us make this decision,” he said. Continue reading......

Washington-based fund says rising energy and food costs will hit economies worldwide and could leave lasting scarsThe International Monetary Fund has warned that “all roads lead to higher prices and slower growth worldwide” should the conflict in the Middle East continue to throttle the amount of oil, gas and fertiliser making its way out of the Gulf.In a stark message that countries on all continents will be affected, the Washington-based organisation said a rise in energy and food costs would harm economic growth this year and could leave lasting scars on the global economy. Continue reading......

UK plans to take economic control from Chinese owner Jingye a year after stepping in to run plant, sources sayBritish Steel is on track to be fully nationalised within weeks, the Guardian understands, a year after the government took over the daily running of the loss-making business from its Chinese owner.The steelmaker, which employs 3,500 people at its plant in Scunthorpe, was taken under government control last April amid fears that the owner Jingye was planning to shut down the site. Continue reading......

Scheme for accusers of store's former owner Mohamed Al Fayed to close before end of retailer's internal investigationHarrods has been accused of being “neither fair nor just” over its decision to close a compensation scheme for survivors of alleged sexual abuse by the luxury department store's former owner Mohamed Al Fayed.Kingsley Hayes, partner at KP Law, which is representing nearly 280 survivors, questioned why the scheme was being closed on Tuesday 31 March, before Harrods had completed an internal investigation into what happened and who knew about it. Continue reading......

Michael Rousseau faced mockery for speaking English and not French while addressing fatal LaGuardia airport crashThe head of Canada's largest airline is stepping down after his video tribute to pilots killed in a fatal collision became a public relations nightmare for Air Canada, prompting a wave of mockery and indignation at him from both the public and politicians for not speaking French.Air Canada's CEO, Michael Rousseau, will retire by the end of the third quarter of 2026, the company said Monday. He will continue to lead the company and serve on the board of directors until that time, the carrier said. Continue reading......

Investors nervous over escalation of Middle East conflict as US president says he wants to 'take the oil in Iran'Business live – latest newsThe price of oil rose sharply to $116 a barrel on Monday as Donald Trump threatened to “blow up” and “completely obliterate” Iranian electricity plants, oil wells and its export hub Kharg Island if it did not agree to a deal.Brent crude, the international benchmark for oil, rose by 1.6% on Monday after Trump wrote on his social media platform Truth Social that if a deal was not agreed and the strait of Hormuz was not reopened, the US would take further action. Continue reading......

As Iran war continues, ministers debate several options for extending support to householdsBusiness live – latest newsFamilies hardest hit by the looming energy crisis caused by the conflict in the Middle East could be given funds dispensed by local councils, under plans being considered by UK ministers keen to keep a lid on costs.As concerns increase about the impact of rising fuel and energy costs in response to a drawn-out war in Iran, a government official said several options for extending support were being debated inside Whitehall. Continue reading......

The Maseratis are borrowed, the helicopters rented by the hour. But deep down Dubai is a lonely place, built by oppressed people For people living in close proximity to a war zone, the lack of sympathy for Australian and British expats and influencers in Dubai has been, on the face of it, curious.Since their adopted home was bombed in the initial days of the war, they have faced mostly ridicule and contempt in their home countries. Continue reading......

Mikhail Khodorkovsky says Russian security services may seek to create a 'sense of vulnerability' in BritainVladimir Putin is likely to stage another Salisbury-style attack on UK soil unless the government adopts more aggressive tactics against the Kremlin, the exiled Russian billionaire Mikhail Khodorkovsky has said.The former oil tycoon has emerged as a leading figure in Russian diaspora opposition circles and claims to be well-informed about current thinking and developments among Moscow's elite. Continue reading......

Redress programme for 14m motor finance agreements will be set out by regulator on Monday afternoonBusiness live – latest updatesMillions of drivers will discover how much can they claim over the car finance scandal on Monday, as the City regulator sets out the final terms of its compensation scheme.The Financial Conduct Authority (FCA) will release the details of its redress programme for 14m motor finance agreements after 4:30pm, ensuring that the information comes out after stock markets close for trading. Continue reading......

Cargo of tofu was spilled in highway accident near town of Jerome and left to ripen and rot in the open for weeksA staggering 40,000lbs of extra-firm tofu was spilled in an accident near a small town in Missouri and left in the open for weeks, creating a smell that local officials called “unforgettable”.The cleanup – dubbed the “Great Battle of the Jerome Tofu Monster” – began near the town of Jerome, in south-western Missouri, on 1 March, when a tractor-trailer vehicle with a cargo of tofu crashed off a local highway and plunged into a ravine. Continue reading......

Home to one of the largest deposits of freshwater on the planet, the Great Lakes region will soon host next-generation tidal-powered generators – just as prices are being hiked across the USSubmersible hydroelectric technology deployed across the Great Lakes could become a key cog in clean energy efforts, supporters say, amid surging electricity demand and costs.Home to one of the largest deposits of freshwater on the planet, the Great Lakes region has on its shores some of the largest cities in North America in Chicago, Toronto, Montreal and Detroit, where electricity demand is growing. While none of the five Great Lakes have significant tides or currents to fuel hydropower, several of the waterways that link the lakes do. Continue reading......

Apple Distribution International, based in Ireland, made payments worth £635,000 to a Russian streaming serviceA subsidiary of Apple has been fined £390,000 by the UK government for breaching sanctions against Moscow over payments it made to a Russian streaming platform.Apple Distribution International (ADI), based in the Republic of Ireland, instructed an unnamed UK-based bank to make two payments to a company owned by a sanctioned Russian entity. Continue reading......

If there is any consistency to Trump's policy, it is a series of frantic attempts to justify his original blunder and extricate himself from its dire consequencesDonald Trump has lost his Iran war. He is the Iranian hostage. Unlike the US embassy personnel captured as hostages for 444 days, Trump threw himself into Iranian hands. Less than a month into his “short-term excursion”, his stated objectives have been scattered to the winds. There is no regime change, no uprising and no access to oil wealth along the Venezuelan model. The decapitation gambit – assassinating Ayatollah Ali Khamenei and senior Iranian leadership – has failed to destroy the regime. Despite the massacre, it is Trump who stands exposed to slings and arrows for the rashest military adventure since Custer at Little Bighorn.Iran maintains a chokehold on the strait of Hormuz and, through its narrowest passage of 21 miles, on the global economy. The Organization for Economic Cooperation and Development forecasts a spike of inflati...

Woman assaulted after man was given key card to her room criticises CEO Jo Boydell over cancelled meetingA woman who was sexually assaulted by a man who was handed a key card to her room at a Travelodge has said she was shocked to learn the hotel chain's boss cancelled a meeting with a group of MPs seeking to discuss concerns about the case.More than 20 MPs had demanded the meeting this month to discuss the matter – including details of the chain's security processes and procedures that led to it offering the victim an “insulting” £30 refund after the incident. Continue reading......

US firm Eli Lilly, which is also pushing for end to rebate scheme, optimistic about talks with ministersThe US pharmaceutical group behind the Mounjaro weight-loss drug has said it will unpause its UK investments if ministers agree to regularly increase NHS drug prices and end a rebate scheme.Patrik Jonsson, the president of Eli Lilly's international business, said the company was in talks with UK ministers and that he was optimistic about reaching an agreement this summer for Britain to pay more for its medicines. Continue reading......

Drivers planning nearly 21m leisure journeys from Thursday to Monday despite soaring fuel prices, say expertsThe four-day bank holiday weekend is expected to be the busiest Easter on the roads in four years, despite a surge in fuel prices caused by the conflict in the Middle East.Drivers are planning nearly 21m leisure journeys between Thursday and Easter Monday, according to a study by the RAC and the traffic analytics specialists Inrix. Continue reading......

Asian stocks fall and Brent rises to over $115 a barrel; Trump says US could seize Iran's export hub on Kharg IslandGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Asian stock markets have fallen while oil prices have climbed further, after Donald Trump said he wants to “take the oil” in Iran.To be honest with you, my favourite thing is to take the oil in Iran, but some stupid people back in the US say: 'why are you doing that?' But they're stupid people. Continue reading......

Millions are dipping into savings or borrowing to get by as the Iran war drives up prices, survey showsThe Iran war has led to a surge in pessimism in the UK as half of households are already struggling to afford everyday essentials.The escalating conflict in the Middle East, which has driven the price of oil, gas, crop fertiliser and other raw materials sharply higher, threatens to cause another cost of living shock. Continue reading......

Interest rates as high as 4.45% and a steep cut in next year's allowance fuel forecast of last-minute rush Savers who want to make the most of this year's cash Isa allowance are being urged not to leave it to the last minute, as the deadline for applications falls on the Easter weekend.The Isa wrapper allows people to save or invest money and benefit from the returns free of tax. Each tax year, people can pay in up to £20,000, which can then be moved around in subsequent years without the tax benefits being lost. Continue reading......