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Hedge fund tycoon faces questions in court over sexual harassment allegations that have left his career in tattersFacing a litany of questions over sexual harassment allegations that have left his career in tatters, the hedge fund tycoon Crispin Odey has told a court he does not remember cornering a female employee after a boozy lunch and saying to her “I could attack you now”.The 67-year-old made the comments during his first day in the witness box as part of a three-week court case that Odey hopes will overturn the City regulator's decision to ban him from the UK's financial services industry. Continue reading......

Czech billionaire Daniel Křetínský 'deeply sorry' for late letters but says Royal Mail is delivering a service 'nobody else in Europe is doing'Daniel Křetínský, the Czech billionaire who bought Royal Mail's parent company for £3.6bn last year, has insisted that service has not declined under his ownership, despite heavy criticism of late deliveries and price rises.In a defensive and sometimes impassioned performance in front of MPs on the business select committee, Křetínský said he was “deeply sorry” for any letters that arrive late. Continue reading......

Industry groups say delay to defence investment plan (DIP) leaving UK behind in global race for fundingDefence manufacturers are going bust while others have been left in “paralysis” and “bleeding cash” as they wait for a long-delayed UK military spending plan for the next decade, MPs have heard.Industry groups said that a more than six-month delay to the defence investment plan (DIP) has also left the UK behind Germany and the US in attracting cash from global investors. Continue reading......

Social media full of complaints about digital nomads, while waiting list for social housing gets longerEarlier this month, graffiti appeared on the promenade in Sea Point, on Cape Town's wealthy Atlantic Seaboard: “Digital nomads go home! Now!”Social media is full of complaints about the abundance of American and German accents, foreign property buyers, and properties being listed on Airbnb, all of which are being blamed for soaring housing costs. Continue reading......

GB Energy chief Jürgen Maier says boost could bring economic benefits amid energy cost crisis and actually help transition from fossil fuelsThe head of the UK's national green energy champion has joined other high-profile renewable energy leaders in making the case for more North Sea oil and gas production as the government braces for an energy cost crisis.GB Energy boss Jürgen Maier used a social media post on LinkedIn to reject the claim that more North Sea oil and gas could help to bring down energy costs which have soared as the war in Iran has escalated. Continue reading......

PMI figure reveals impact on economy of rise in oil prices driven by Iran warBusiness live – latest updatesThe UK's manufacturers have suffered the sharpest one-month acceleration in costs since the aftermath of Black Wednesday in 1992 as conflict in the Middle East has driven up oil prices, new survey evidence shows.The closely watched purchasing managers' index (PMI) lays bare the impact of the conflict on the UK economy, with growth slowing sharply across manufacturing and services and costs rising. Continue reading......

What the chancellor could do to counter the economic impacts of Iran war, from stopping price gouging to cancelling fuel duty risesReeves rules out universal support on energy billsBusiness live – latest updatesRachel Reeves updated MPs on Tuesday about the steps the government is taking to cushion the impact of the Iran war on consumers and the UK economy. The chancellor stopped short of announcing specific immediate support but said she is contingency planning for the tough months ahead.Here are some of the levers she could pull: Continue reading......

Chancellor says package offered by Liz Truss's government was unaffordable and any future help will be targetedRachel Reeves has ruled out universal support to deal with any future rise in energy bills, saying any government help would be targeted, and criticised the support offered by Liz Truss's government as unaffordable and irresponsible.The chancellor also said she would review the planned fuel duty rise in September, but she did not commit to delaying or postponing it. Continue reading......

Critics say £15 toy designed for children aged two and over risks exposing them to 'a very adult, performative world'Argos has ignited a debate among parents and child development campaigners after promoting a wooden “influencer kit” aimed at toddlers.Critics have warned that the play set could normalise the precarious world of digital labour and prematurely expose children to the pressures of online visibility. Continue reading......

Ed Miliband says only clean power will provide 'energy sovereignty' amid opposition calls for oil and gas expansionUK politics live – latest updatesMinisters have said expanding North Sea drilling would put the UK at further risk from volatile fossil fuel markets, amid calls from the Conservatives and some Labour MPs to breach the manifesto pledge of no new oil and gas licences.The energy minister Michael Shanks said the UK was “learning the right lessons from this conflict so that we're not exposed to fossil fuels in the same way again, because this isn't the first time that households across the country have paid the price of our exposure to gas”. Continue reading......

Combination of US and Spanish companies would create $40bn fashion and beauty groupBusiness live – latest updatesThe US cosmetics company Estée Lauder is in talks over a potential merger with the Spanish group Puig, the owner of brands including Jean Paul Gaultier and Rabanne, to create a $40bn fashion and beauty giant.Estée Lauder is one of the world's biggest manufacturers of skin care, makeup and fragrances with a portfolio that includes Clinique, Bobbi Brown and Tom Ford Beauty. Continue reading......

Fintech company's profits leap to £1.7bn as it gears up for US push after getting UK banking licence this month Business live – latest updatesThe UK banking app Revolut has said it could face a backlash over its support for energy-intensive sectors such as crypto and AI, as it posted a 57% increase in annual profits.The fintech, which can now launch as a fully fledged UK bank after a five-year wait for regulatory approval, warned in its 2025 results that such activities posed a “reputational risk”. Continue reading......

Energy minister Michael Shanks reassures drivers ahead of chancellor's statement to MPsGood morning. At lunchtime Rachel Reeves, the chancellor, will give a statement to MPs that will cover what the government is doing, and (more tentatively) might do, in response to the soaring global energy prices caused by the Iran war. After Russia invaded Ukraine in 2022, also creating a global energy shortage, the Conservative government ended up spending £40bn supporting families and firms with energy bills over the following winter. Reeves's problem is that she has not got £40bn spare. With spring upon us, and people starting to turn down their central heating, the issue may not seem particularly pressing in many households (although heating oil and petrol prices are already soaring.) But, by the end of this year, this could be the sort of colossal economic crisis that gets remembered for half a century.As Chris Mason explains in a good preview, Reeves is expected to cover three points. She is expected to conf...

Practices must publish price lists, cap prescription fees and reveal if they are part of a large group, watchdog saysBusiness live – latest updatesThe UK's competition watchdog has ordered vets to cap prescription fees at £21 and proposed a price comparison website, after finding consumers had faced huge price rises and been “left in the dark” over bills.The Competition and Markets Authority (CMA) said public satisfaction with the cost of services was “low” after an investigation into the £6.3bn market found “there is not strong competition between veterinary businesses”, with large chains dominant. Continue reading......

Rolling coverage of the latest economic and financial newsMiddle East crisis live: Iran dismisses Trump claim of talks; von der Leyen says global energy situation is 'critical'Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The dust is settling in the markets after a classic roller-coaster session yesterday, when hopes of de-escalation in the Middle East drove up shares and hit oil.Iran initially denied any knowledge of the talks, although reports suggest the US administration may have identified a potential new negotiating partner open to a ceasefire. However, some of this optimism has been overshadowed this morning by fresh reports of US and Israeli strikes on energy-related buildings in Iran's Isfahan region, which has seen [US] crude oil bounce 3% to $91.53.Presumably, these latest strikes are designed to get all of Iran's new leadership group on the same ceasefire page ahead of Trump's revised deadline for Iran to reopen the Strait of Ho...

New online accounts on Polymarket platform betting a total of $70,000 suggest 'some degree of inside info'Middle East crisis – live updatesSeveral accounts on the online platform Polymarket laid bets on a US-Iran ceasefire over the weekend that appeared to show signs of insider knowledge, according to experts.Eight accounts, all newly created around 21 March, bet a total of nearly $70,000 (£52,000) on there being a ceasefire. They stand to make nearly $820,000 if such a deal is reached before 31 March. Continue reading......

Homes built from March 2028 will produce 75% less greenhouse gas emissions than those built to 2013 standardBuyers of new homes are likely to be shackled to high gas prices for years to come, as the government has delayed bringing into force new regulations on low-carbon housing.Most newly built homes will come equipped with solar panels and heat pumps from March 2028, according to updated regulations for England called the “future homes standard” (FHS), but the government has relented on plans for more stringent rules under pressure from housebuilders. Continue reading......

Tehran denied negotiations that delayed US strikes and Trump was vague on the details, but talks signal renewed push for peace from regional powersMiddle East crisis – live updatesThere have been so many abortive rounds of diplomacy between the US and Iran – the latest appearing to be led by Pakistan after Washington has burned through many other regional mediators – that it was hardly a surprise that President Trump's claims of “very good” talks with Tehran initially provoked disbelief – especially after Iran denied that any negotiations were taking place at all.Nonetheless, standing beside Air Force One, Trump did his best to sell the sudden detente with little detail as a US ultimatum to bomb Iran's power plants loomed unless Tehran opened up the strait of Hormuz. It was lost on few that the sudden about-face came just hours before US markets were to open for what promised to be another punishing round of trading on Monday. Continue reading......

Bank of England likely to make two quarter-point increases amid sustained rise in inflation, investors believeBusiness live – latest updates'Trumpflation': how the Iran war's economic storm could affect BritonsHomeowners' choice of mortgage deals has shrunk and interest rates on home loans are expected to rise this week despite financial markets reacting positively to Donald Trump's pause on his threat to attack Iranian power plants.Early on Monday, as the end of a two-day deadline set by Trump for a deal with Iran grew closer, financial market data implied that investors believed the Bank of England would attempt to tackle rising prices with four quarter-point increases in rates before the end of December. Continue reading......

Attorney general decries 'outrageous federal overreach' after government restarted pipeline closed over 2015 spillCalifornia attorney general Rob Bonta said he has sued the US energy department to stop it from using a cold-war era law to restart the long-disputed Sable Offshore pipeline system linking the Santa Ynez offshore platform to California refineries.US energy secretary Chris Wright earlier this month restarted the pipelines using powers granted to him by Donald Trump through an executive order that invoked the Defense Production Act to supersede state laws. Continue reading......