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Brent crude rises after Trump says he wants to ‘take the oil’ in Iran; Starmer to gather business leaders to discuss emergency measures – business live

Asian stocks fall and Brent rises to over $115 a barrel; Trump says US could seize Iran’s export hub on Kharg IslandBritish fashion retailer Debenhams has raised its 2027 profit forecast after beating forecasts for last year, as its turnaround strategy is paying off.The shares rose more than 6% on the news. The well-known brand made a comeback last March after the online retailer Boohoo rebranded as Debenhams. It embarked on measures to cut costs and debt amid fierce competition from low-cost fast fashion rivals such as Shein and the resale app Vinted.Our multi-year turnaround strategy continues at pace. Our pivot to the stock-lite, capital-lite, highly profitable marketplace is working.The cost base has been reset, the warehouse consolidation completed, the tech re-platform delivered, the stock base rightsized, most of the onerous costs exited and the brand management teams strengthened. This is significant progress, ahead of our plan, but there is still more to be delivered and we now focus on growth.This is the third upgrade this year and FY26 EBITDA has now been upgraded 51% since the same time last year.Net debt is not overly stretching and is predicted to fall organically before we even see the sale of non-core assets. Continue reading...

The Guardian 20 minutes ago

Easter bank holiday expected to be UK’s busiest on roads in four years

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...

The Guardian 27 minutes ago

UK savers told to act now before Easter Sunday cash Isa deadline

Interest rates as high as 4.45% and a steep cut in next year’s allowance fuel forecast of last-minute rushCost of living: how to prepare for the ‘awful April’ shower of bill increasesSavers 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...

The Guardian 2 hours ago

Pessimism takes root in UK as shoppers struggle to afford essentials

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...

The Guardian 2 hours ago

Cost of living: how to prepare for the ‘awful April’ shower of bill increases

From council tax to water, broadband to stamps, costs climb again from next month …. and that’s before any knock-on effects from Iran warUK savers told to act now before Easter Sunday cash Isa deadlineNext month, UK households face a bill surge in which the annual cost of essentials, including council tax and water, increase by more than £200 – and that is before the full impact of price jumps caused by the Iran war hit your pocket.The “awful April” increases are particularly unwelcome as the financial turmoil caused by the Middle East conflict has pushed up mortgage rates, fuel prices and energy bills for rural households. Continue reading...

The Guardian 2 hours ago

Will Trump bring peace, or more bombs? Shady speculators seem to bet right every time | Nesrine Malik

The president may not be benefiting directly from betting markets, but he has encouraged a culture that treats politics like a casino floorOdd things are happening in the markets. Last Monday, 15 minutes before Donald Trump posted an announcement that “productive talks” with Iran had taken place, oil traders placed half a billion dollars’ worth of bets on the future price of oil. Trump’s statement triggered a drop in crude oil prices, and it seems as if some people knew that the announcement was coming, and so a profitable wager was made. Do not be envious; some people are just born lucky.We do not know if the transactions were made with prior knowledge of political developments, but it’s a hell of a coincidence. It all appears “abnormal for sure”, an oil analyst told the BBC.Nesrine Malik is a Guardian columnist Continue reading...

The Guardian 4 hours ago

Big retailers say UK jobs at risk from guaranteed hours reforms

More than half of roles could be hit and young shop workers in particular could lose out, trade body warnsMore than half of retail jobs could be affected by reform to guaranteed working hours, making it harder for shops to employ people – particularly young workers – in part-time roles, the industry’s lobby group has warned.From April, the Employment Rights Act will introduce new protections for workers on sick pay, sexual harassment, parental leave and trade union recognition. Continue reading...

The Guardian 4 hours ago

UK’s big, risky AI bet – podcast

Reporter Aisha Down explores the UK’s ‘phantom investments’ in AI, and the risk the government has taken in betting so heavily on the technology if it all goes bustFor years now, the UK has bet big on AI. As Keir Starmer put it last year, he wanted to ‘unleash AI’ to boost growth across the country.Yet what has become of the billions promised in AI investment? Reporter Aisha Down charts the murky world of building projects behind schedule, vague spending commitments, and even vast sums being thrown at chips at risk of being out of date. Continue reading...

The Guardian 6 hours ago

China’s ‘teapot’ oil refineries keep economy brewing – but surging crude prices leave them strained

The factories, which buy cheap crude and turn it into fuel, are struggling as higher oil prices threaten their razor-sharp margins The towns that are the bulwark of China’s energy security can, at a moment of global crisis, appear deceptively quiet. Trucks carrying oil trundle along wide-open highways that have little traffic, while a few boarded-up shops in crumbling low-rise buildings hint at a long-forgotten local buzz.A ramshackle noodle shop serving hand-pulled ribbons of dough was empty at lunchtime, save for a few construction workers and a teacher watching videos on Douyin, the social media platform, with his meal. Continue reading...

The Guardian 8 hours ago

Trump appears to relax de facto oil blockade on Cuba as Russian oil tanker nears island

Donald Trump says he has ‘no problem’ with Russia sending some oil into Cuba, as tanker Anatoly Kolodkin heads for Cuba with 730,000 barrels of crudeDonald Trump has signalled a new flexibility in allowing oil into Cuba, hours before a Russian oil tanker under US sanctions was due to arrive in the Caribbean island amid a de facto oil blockade imposed by Washington.Speaking to reporters aboard Air Force One the president said: “If a country wants to send some oil into Cuba, right now, I have no problem whether it’s Russia or not.” Continue reading...

The Guardian 9 hours ago

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