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Retail group with 4,800 stores worldwide expects drop in profits this year amid 'muted market'Business live – latest updatesThe sports fashion retailer JD has warned that profits will fall this year amid a “muted market” hit by weaker spending by young people and concerns about the Middle East conflict.The company, which runs 4,800 stores worldwide including the JD, Blacks and Millets chains in the UK, said it expected profits of between £750m and £850m in the year ahead, after reporting £852m in the year to the end of January. Continue reading......

Jason Atherton, who has restaurants in Dubai, St Moritz and now Tuscany, says it's tough to stay afloat in UK hospitality industryA British Michelin-starred chef says he is opening restaurants abroad to subsidise his UK venues against a backdrop of high taxes and a struggling hospitality sector.Jason Atherton is now in Forte dei Marmi, on the Tuscan coast in Italy, where he is preparing his newest opening, Maria's, which will be in the Principessa hotel. The Sheffield-born chef now has restaurants all over the world, including in Dubai and St Moritz. Continue reading......

Rolling coverage of the latest economic and financial newsClimate campaigners attack Shell over 'windfall' profits from Iran warElsewhere in the energy world, the owner of British Gas has agreed to buy the Severn gas power plant in South Wales for approximately £370m almost six years after its previous owner went bust.Centrica described its new acquisition as one of the most efficient gas plants in the UK, and said that it would play “a critical role” in stabilising the UK's electricity system.“The importance of reliable, flexible generation to balance the system continues to increase, keeping energy supplies secure and affordable as the energy transition progresses. Severn will play an important role in supporting that journey.With the delivery of replacement capacity being impacted by grid access, rising costs and supply chain constraints, alongside the closure of aging gas assets towards the end of the decade, the need for assets like Severn will increase.”On March 18, 2026, an attack on Ra...

Firm benefits from conflict to rake in $6.9bn as higher energy prices turbo-charge profitsShell has reported better than expected profits of $6.9bn after its oil traders reaped the benefits of soaring energy prices during the war in Iran, angering climate campaigners.Higher oil and gas prices during the Middle East conflict helped Europe's biggest oil and gas company post a 115% jump in first-quarter profits from the $3.2bn reported in the last three months of 2025, easily surpassing the $6.4bn forecast by City analysts. Continue reading......

Partnership between top startup DeepL and Amazon comes amid concern about Silicon Valley's monopoly over digital infrastructureAI companies in Europe risk losing their world-leading status in the field of machine translation, industry figures have said, after the decision by one of the continent's leading startups to partner with Amazon's cloud computing division provoked alarm.While businesses in the EU have generally lagged behind the US and China in AI adoption, a small group of European companies have cornered the global market for high-quality machine translations for professional use. Continue reading......

Approval for exploration in 70 new areas prompts fierce backlash from fossil fuel opponents The Norwegian government has been heavily criticised for approving plans to reopen three North Sea gasfields nearly three decades after they were closed to help fill the gap in energy supplies created by the Middle East war.Amid sharp price rises in oil and gas since the US and Israel's attack on Iran in February, Oslo has also given its approval for oil and gas companies to explore in 70 new locations in the North Sea, Barents Sea and Norwegian Sea. Continue reading......

Austrian capital mulls expanding tram network and park-and-ride car parks in effort to reduce private vehicle useWhen Leonore Gewessler hops on the underground trains and street-level trams that run like clockwork across the breadth of Vienna, she appreciates the ease, affordability and time she “gets as a present” instead of idling in traffic. But Austria's former climate and transport minister is also aware that cars still dominate the capital's streets. She says good public transport is just the “precondition” to changing how people move around the city.Vienna's network of trains, trams and buses have long been the envy of other European cities – let alone car-centric North American ones – but automobiles are still used for a quarter of journeys. In other capitals famed for world-class public transport, such as London, Paris and Prague, even higher use of cars has frustrated doctors and campaigners demanding cleaner air and safer streets. Continue reading......

Utz issues voluntary recall for certain varieties of Zapp's and Dirty potato chips over contamination linked to seasoningSign up for the Breaking News US newsletter emailUtz has issued a voluntary US recall of two potato chip brands after concerns that they could be contaminated with salmonella, a type of bacteria that can lead to food-borne illness.Certain varieties of Zapp's and Dirty potato chips may contain contamination linked to the seasoning used on the products, according to the US Food and Drug Administration in a recall issued on Monday. The recall applies to three flavors of Zapp's chips sold in various bag sizes, along with three flavors of Dirty chips packaged in 2-ounce bags. Continue reading......

Stonewood take minority stake in Champ clubPirates officials call it a 'landmark' dealCornish Pirates have stolen a march on some bigger sides in the Prem by becoming the first English rugby union club to complete a significant deal with wealthy American-based backers. The Champ club have joined forces with the Pittsburgh-based private equity firm Stonewood Capital with the aim of revitalising the prospects of the Penzance side.The long-term arrangement would give Stonewood a substantial minority stake in the club for what is understood to be an initial seven-figure sum. Pirates officials are calling it a “landmark” deal and a “major milestone in the club's evolution”. Continue reading......

In less than two years in parliament, the Reform UK leader has brought in £2m on top of his Commons salaryNigel Farage's income since being elected MP has hit £2m, analysis shows“There's no money in politics,” Nigel Farage complained almost a decade ago, describing himself as “53, separated and skint”.He has since proved himself wrong. In less than two years in parliament, Farage has brought in £2m, including hospitality, through speeches, presenting, writing news articles, promoting gold bullion – and even recording modestly priced Cameo clips for his fans. It seems that every £70 video counts when it comes to making cash. Continue reading......

Cap of 20mph in towns and cities and 60mph on motorways would cut fuel demand and combat rising prices, IPPR saysBritain should lower speed limits for drivers as part of a package of measures to reduce the impact of the Iran war on consumers, a thinktank has said.Capping legal speeds at 20mph in towns and cities and 60mph on motorways would help reduce fuel demand and combat soaring oil prices triggered by conflict, according to the Institute for Public Policy Research (IPPR). Continue reading......

Al Nahyans' control over farmland in Europe has meant they receive proportion of payments to farmsThe United Arab Emirates' ruling royal family is benefiting from tens of millions in EU subsidies to grow crops destined for the Gulf, it can be revealed.A cross-border investigation by DeSmog and shared with the Guardian found subsidiaries controlled by the Al Nahyans collected more than €71m (£61m) in six years for farmland it controls in Romania, Italy and Spain. Continue reading......

Powerful property and farming firm Grosvenor Group says knock-on effect of Iran war could arrive next yearFertiliser shortages caused by the Iran war have driven up costs for UK farmers by up to 70% and will have a “dramatic” impact on food prices globally next year, according to one of Britain's most powerful property and farming companies.Mark Preston, executive trustee of the 349-year-old Grosvenor Group, controlled by the Duke of Westminster, said fertiliser “was already quite expensive” before the 50% to 70% surge in prices since the start of the Iran war in late February. Continue reading......

Zilis, an executive at Musk's brain implant startup Neuralink, served on OpenAI's board from 2020 to 2023Shivon Zilis, a Neuralink executive and the mother of four of Elon Musk's children, took the stand on Wednesday as one of the most highly anticipated witnesses in Musk's case against OpenAI. The ChatGPT maker has argued that, while Zilis worked with OpenAI between 2016 and 2023, she was also involved in a secret relationship with Musk, acting as an informant for him.Musk's case against OpenAI alleges that the company's CEO, Sam Altman, and president, Greg Brockman, co-founders of the company with Musk, broke a founding agreement when they restructured it from a non-profit to a for-profit enterprise. The Tesla CEO accuses Altman and Brockman of unjustly enriching themselves and wants both removed from their positions at the startup, one of the most valuable in the world. He is also seeking the undoing of the for-profit restructuring and $134bn in damages to be redistributed to OpenAI's non-profit...

Latest proposal, derided by Tehran as a 'wishlist', could yet be a way out – but with 5,000 dead, it comes at an awful priceMiddle East crisis – live updatesAnother day, another hairpin turn in the world of Donald Trump's foreign policy.The weekend was all about war, and Trump insisting Iran had not yet “paid a big enough price”. Tuesday was Project Freedom, styled as a grand “humanitarian gesture” to allow trapped ships and their crews to escape the Gulf, but also aimed at weakening Iran's chokehold on the strait of Hormuz. Continue reading......

Markets rally as US president announces 'short' pause to operation escorting ships through strait of HormuzBusiness live – latest updatesOil prices have fallen below $100 and stock markets rose as Donald Trump touted “great progress” towards a “final agreement” with Iran, and Tehran indicated it was ready to reopen the strait of Hormuz.The US president said he would briefly pause his “Project Freedom” operation escorting ships through the strait, which carries about a fifth of the world's oil supplies but has been blockaded by Iran since late February, triggering a global energy crisis. Continue reading......

New owner Modella Capital, which rebranded shops to TG Jones, blames weak consumer spending Dozens of former WH Smith stores are likely to close, putting thousands of jobs at risk under a radical restructuring plan by their new owner, which had rebranded the shops to TG Jones,The investment company Modella Capital, which bought WH Smith's chain of 480 high street stores for £76m last year, blamed “weak consumer spending” as it set out the plan to landlords on Wednesday. Continue reading......

Profits jump to £122m at ticketing retailer but it expects flat or declining revenues over the coming year Business live – latest updatesTrainline has said the US standoff with Iran is hitting its revenues, with rail ticket sales to foreign visitors to Europe affected.The UK-based ticketing retailer said it expected revenues to stay flat or decline over the coming year, citing “the effects of geopolitical tensions in the Middle East on inbound air traffic into Europe”. Continue reading......

Firms raising prices at fastest rate in three years, driven by soaring energy and wage bills but also extra materials costsBusiness live – latest updatesOil prices fall as Trump hails 'progress' on Iran dealAirlines and other companies are increasingly using fuel surcharges to cover soaring costs, a survey has found, in a further sign of Iran war-linked inflation hitting the economy.A poll of companies in the services sector, which includes airlines, found rising fuel prices had contributed to businesses raising prices at the fastest pace in more than three years in April. Continue reading......

G77 nations spend $8tn a year servicing debts, but analysis shows how comprehensive relief could benefit social spendingCutting debt servicing costs for the world's poorest countries could free up $900bn (£660bn) a year for development, a new report to the UN secretary general has claimed.Prepared by advocacy group Development Finance International (DFI) with the support of the Norwegian government and launched in Oslo today, the analysis warned that the world is facing “the worst ever debt-provoked development crisis”. Continue reading......