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Naval blockade an attempt to choke off flow of Iranian oil as US president threatens to 'eliminate' nearby ships Explainer: strait of Hormuz blockadeBusiness live – latest updatesOil prices jumped back above $100 a barrel and global stocks fell after weekend talks between the US and Iran ended without an agreement and Donald Trump imposed a blockade of the strait of Hormuz.The US president said on Sunday the blockade would target Iranian vessels and ships that have paid a toll to Iran for passage through the strait, in an attempt to choke off the flow of Iranian oil. Continue reading......

Digital avatar being trained on his thoughts, tone and mannerisms to help workers feel connected If you're one of Meta's 79,000 employees and can't get hold of the boss, don't worry. The owner of Facebook and Instagram is reportedly working on an AI version of Mark Zuckerberg who can answer all your queries.The AI clone of Zuckerberg, the company's founder and chief executive, is being trained on his mannerisms and tone as well as his public statements and thoughts on company strategy. Continue reading......

Developing countries face possible shelving of crucial green action plan at IMF and World Bank spring meetingsGovernments desperate for cash to protect their citizens from the growing impacts of the climate crisis are being put in a “beyond absurd” situation this week at global finance talks: they are being urged not to mention the climate, even as they address the current oil crisis.The International Monetary Fund (IMF) and the World Bank Group (WBG) spring meetings take place this week amid a fragile ceasefire in Iran and upended geopolitics. One of the priorities was to forge a new “climate change action plan” (CCAP) for the world's biggest provider of funds to developing countries, to replace the current strategy, which expires in June. Continue reading......

Platform says it will reward original creators as it penalises 'aggregators' for flooding timelines with 'stolen posts'Business live – latest updatesElon Musk's X has reduced payments to users who post clickbait and recycle news stories as it warned account holders against “flooding the timeline” with low-quality content.Nikita Bier, X's head of product, wrote on the social media platform that all “aggregators” – users who quickly repackage and repost news from other accounts – had received less money from the creator revenue sharing programme. Continue reading......

Undisclosed number of names, contact and reservation details are accessed in latest cybercrime attemptBusiness live – latest updatesThe accommodation reservation website Booking.com has suffered a data breach with “unauthorised parties” gaining access to customers' details.The platform said it “noticed some suspicious activity involving unauthorised third parties being able to access some of our guests' booking information”. Continue reading......

Resolution Foundation says Britons face rising costs from higher bills for energy and filling upBusiness live – latest updatesHigher energy prices as a result of the Iran war are likely to deal a blow to Britons' living standards, leaving them nearly £500 worse off this year, a thinktank has warned.The Resolution Foundation said households faced rising costs from both higher gas and electricity bills and at the petrol pump. Continue reading......

Engine-maker CEO hails 'critical milestone' for company in race to deliver SMR technology built at Wylfa plant on Anglesey Business live – latest updatesRolls-Royce has secured up to £599m from Britain's national wealth fund as it races to develop the UK's first small modular nuclear reactors.The fund will help support Rolls-Royce's design of small modular reactors (SMRs) at Wylfa on the island of Anglesey (called Ynys Môn in Welsh). Continue reading......

Rolling coverage of the latest economic and financial newsStrait of Hormuz blockade explained: why is Trump threatening it now and will it increase the price of oil?Every barrel of risk added to oil markets carries an inflation price tag for the global economy, warns Priyanka Sachdeva, analyst at brokerage Phillip Nova:Oil markets have decisively re-entered geopolitical mode, with prices vaulting back above the psychological $100 per barrel threshold as the United States moved to impose a naval blockade targeting Iranian shipping through the Strait of Hormuz. Both benchmarks, WTI and Brent, opened gap-up and currently hover with almost 8% gains. The market reaction underscores a simple but powerful reality: Hormuz risk is not theoretical; it is structural, and it is real.The latest catalyst came after talks mediated by Pakistan failed to produce a durable agreement, prompting the U.S. to announce enforcement of maritime restrictions on vessels moving to and from Iranian ports. The mere threat of enforce...

Exclusive: MPs say profit-making levels in England are 'scandalous' and call for cap on amount private companies can make from NHSPrivate firms providing services to the NHS including healthcare and consultancy have made £1.6bn in profits over the last two years, research reveals.The findings – on the basis of contracts worth £12bn – have prompted claims of “scandalous” profiteering, concern that the health service is being “taken for a ride” and calls for ministers to impose a cap on maximum profit levels.£2bn of the £12bn of contracts went to firms with owners based outside the UK.£533m of that £2bn went to companies owned by people living in tax havens such as Jersey and the Cayman Islands.Firms, especially those owned by private equity outfits, used £353m of their £12bn NHS income to pay interest on debts. Continue reading......

The threat from the US president has left markets in another period of uncertainty, with questions over how the blockade will be enforcedDonald Trump has said the US will begin a blockade of the strait of Hormuz, after ceasefire talks with Iran ended without an agreement over the weekend.The strait has emerged as Iran's most effective weapon in its asymmetric war with the US. Since 28 February, the US and Israel have pounded Iran, striking thousands of targets and killing dozens of the country's most senior leaders. Iran has responded by effectively closing the strait – a vital waterway through which in normal times about 20% of global oil moves – driving up oil prices and fuelling fears of a rise in inflation. Continue reading......

Just as the industry is set to capitalize on country's political and economic instability, president accused in $5m schemeThe Argentinian president, Javier Milei, is facing his lowest approval ratings since taking office in 2023 as newly published evidence allegedly reveals a $5m financial agreement connected to his public endorsement last year of a controversial crypto project.The scandal has tarnished crypto's reputation across Argentina and set back the ambitions of industry insiders who saw the country as fertile soil for the growth of digital money. Continue reading......

'Development in reverse' taking place involving rising energy and food costs and weaker economic growthMore than 32 million people worldwide could be plunged into poverty by the economic fallout from the Iran war, with developing countries expected to be hit hardest.In a report issued amid doubts over a fragile ceasefire, the United Nations Development Programme (UNDP) said the world was facing a “triple shock” involving energy, food and weaker economic growth. Continue reading......

US senator appears at Manhattan rally alongside New York City mayor Zohran Mamdani, who cautioned that AI is 'coming for human jobs'Bernie Sanders has sounded an alarm over the US economy, warning “the worst is yet to come” unless workers overcome a “ruling class” of billionaires.The US senator spoke at a rally in Manhattan on Sunday alongside Zohran Mamdani, the New York City mayor, who cautioned that artificial intelligence was “coming for human jobs” amid mounting concern over the technology's rapid development. Continue reading......

Demand at online marketplaces could settle at a new, higher normal, with the crisis leaving consumers 'scarred'Car buyers' interest in electric cars has surged across Europe since the start of the war in Iran, as the rising cost of petrol highlights the cheaper power available from a plug.Online marketplaces in the UK, Germany, France and Spain reported huge increases in inquiries about electric vehicles since the start of the conflict in February. Continue reading......

Exclusive: Ministers planning new legislation for alignment without full parliamentary scrutiny if in national interestMinisters are planning to fundamentally reshape Britain's relationship with the European Union, with new legislation that could result in the UK signing up to EU single market rules without a normal parliamentary vote.In a major development in the prime minister's push for closer ties with the continent in after the Iran war, the Guardian understands ministers are bracing to face down opposition to “dynamic alignment” with the EU from those who “scream treason” over the powers in a new EU-UK reset bill. Continue reading......

Mo-Rez reduced or eliminated tumours in over 60% of patients and is expected to be a blockbuster drugGSK has revealed positive results for a treatment for gynaecological cancers as its chief executive, Luke Miels, steps up drug development efforts at the group.The company said that in an early-stage trial Mocertatug Rezetecan, known as Mo-Rez, shrank or eliminated tumours in 62% of patients with ovarian cancer where chemotherapy had failed, and in 67% of those with endometrial cancer. Continue reading......

Oil prices and borrowing costs are expected to rise this week as tankers remain stranded in Persian gulfMiddle East crisis live – latest updatesThe failure of the US and Iran to reach a peace deal after marathon negotiations has put markets on alert for further oil and gas price rises.With large numbers of oil tankers remaining stuck in the Persian gulf, the US vice-president, JD Vance blamed the collapse of the talks on Tehran's refusal to abandon its nuclear weapons programme, while Iranian sources hit back at “excessive” demands from Washington. Continue reading......

Last year's drop may reflect rising unemployment and improved right to request flexible working, experts sayThe number of workers in Great Britain taking their bosses to employment tribunals over remote working fell last year for the first time since Covid hit, with a tightening labour market making some more reluctant to leave roles despite return-to-office mandates.There were 54 employment tribunals decided in England, Scotland and Wales in 2025 that cited remote working, according to an analysis of records by the HR consultants Hamilton Nash: down 13% compared with 2024. Continue reading......

As World Bank and IMF chiefs gather in Washington the Iran war is driving up energy prices, fuelling inflation and making voters impatientThe world's finance ministers and central bank governors gather in Washington this week for the half-yearly meetings of the International Monetary Fund and the World Bank, with the global economy in a perilous spot.Not since the foundation of the Bretton Woods institutions late in the second world war have global conflicts triggered this much economic turbulence. The volatile 1970s come close. But the US-Israeli war on Iran, coming so soon after the Covid pandemic and Russia's invasion of Ukraine, take the prize. Continue reading......

The firm says it withheld an AI model on cybersecurity grounds but sceptics say this was hype to lure investmentThis week, the AI company Anthropic said it had created an AI model so powerful that, out of a sense of overwhelming responsibility, it was not going to release it to the public.The US treasury secretary, Scott Bessent, summoned the heads of major banks for a chat about the model, Mythos. The Reform UK MP Danny Kruger wrote a letter to the government urging it to “engage with AI firm Anthropic whose new frontier model Claude Mythos could present catastrophic cybersecurity risks to the UK”. X went wild. Continue reading......