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Oil slides 6% as Iran reportedly signals halt to attacks if U.S. pause holds
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Oil slides 6% as Iran reportedly signals halt to attacks if U.S. pause holds

Oil prices fell after Iran reportedly said it would suspend attacks as long as a U.S. pause in hostilities remains in place.

Oil price slides as US and Iran pause fire; cancer treatments help AstraZeneca beat profit forecasts – business live
Oil price slides as US and Iran pause fire; cancer treatments help AstraZeneca beat profit forecasts – business live

Rolling coverage of the latest economic and financial news Energy companies BP and Shell are unsurprisingly the worst performers across the FTSE 100 this morning, with their shares down by 3.8% and 2% respectively thanks to the weaker oil price. Overall the energy sector is down by about 2.6%. JD Sports is the best performer, with shares in the fashion retailer up 3.6%. Vodafone is second, with its shares up 3% after an upbeat quarterly update this morning. Continue reading...

The Guardian Business 4 hours ago
The Ukrainian start-up taking the missile fight deep into Russia
The Ukrainian start-up taking the missile fight deep into Russia

Fire Point makes 100 long-range missiles and thousands of drones a month and is vital to Kyiv’s deep strike capability, says CEO Iryna Terekh Ukraine’s leading arms company is manufacturing about 100 long-range Flamingo cruise missiles a month, a rate able to support an enduring campaign of deep strike against targets hundreds of miles inside Russia. Fire Point is also making FP-1 and FP-2 fixed-wing drones at a rate of “hundreds per day”, according to chief executive Iryna Terekh. Manufacturing at scale is restarting after a pause caused by the delay in signing off €90bn of EU lending to Ukraine . Continue reading...

The Guardian Business 5 hours ago
I risk losing my livelihood because Nissan failed to repair my car
I risk losing my livelihood because Nissan failed to repair my car

I’m a self-employed driving instructor and I’m running out of cash to hire a replacement dual-control vehicle My livelihood as a self-employed driving instructor is under threat owing to Nissan’s failure to repair my leased dual-control car. It has been off the road awaiting a spare part for three months, and I’ve now been told it will take at least a further month to arrive. Continue reading...

The Guardian Business 6 hours ago
Liberty embraces sewing boom with craft classes as it expands fabrics section
Liberty embraces sewing boom with craft classes as it expands fabrics section

London store also plans bigger haberdashery area, where it will hold autumn workshops for crafters Liberty has more than doubled the size of its fabrics department as it prepares to embrace the social media interest in sewing by hosting crafting classes this autumn. Fabric sales rose 11% last year at the central London department store, which opened near Oxford Circus in 1924, and Liberty is expecting a similar pace of growth this year as crafters are joined by wealthy overseas shoppers who stock up on luxury fabrics to be tailored into bespoke outfits in their home countries. Continue reading...

The Guardian Business 6 hours ago
Water supply restored to Gatwick airport after hours without working toilets
Water supply restored to Gatwick airport after hours without working toilets

Airport’s bars and restaurants were also unable to serve drinks to passengers because of lack of running water Water supply has been restored to most of Gatwick airport after passengers spent hours without access to working toilets, and bars and restaurants were closed. Most toilets had reopened across both terminals on Sunday evening, with the remaining facilities, including bars and restaurants, expected to return to normal for the first of Monday’s flights. Continue reading...

The Guardian Business 14 hours ago
Gary Stevenson to quit YouTube channel, citing health concerns
Gary Stevenson to quit YouTube channel, citing health concerns

Former City trader’s weekly Gary’s Economics videos took off during the Covid pandemic The City trader turned wealth tax campaigner Gary Stevenson has announced he is quitting the YouTube channel that made his name, citing health concerns. His announcement, in a 48-minute address to camera, came after a mixed reaction to a televised documentary that brought him to a wider audience but drew some scepticism from left-leaning tax experts as well as more rightwing critics. Continue reading...

The Guardian Business 19 hours ago
Blame privatised water firms for hosepipe bans | Lettters
Blame privatised water firms for hosepipe bans | Lettters

Gillian Metheringham , Dr Gillian Austen and others respond to articles about water shortages in the UK and the high and rising pay of water industry bosses I was dismayed, when reading your article about hosepipe bans leading to culture wars ( ‘People are scared their neighbours will call the police on them’: how the hosepipe ban got caught up in the culture wars, 23 July ), by the part that said: “Why has the ban been put in place, anyway? The answer, as with so many things, is the climate crisis.” No, it’s not. The climate crisis is only part of the answer, and probably the smaller part. The privatised water companies have, over many years, privileged the lining of their own pockets over proper maintenance and improvement of the water systems, a fact which has been revealed again and again in your own pages. Continue reading...

The Guardian Business 20 hours ago
New Jersey governor signs law banning surveillance pricing to protect shoppers
New Jersey governor signs law banning surveillance pricing to protect shoppers

New law prohibits retailers from using personal data to charge different prices for identical products New Jersey governor Mikie Sherrill recently signed a new law prohibiting businesses from using shoppers’ personal information to charge different prices for identical products, making her state the third in the US to ban the practice. The Fair Price Protection Act passed by New Jersey’s legislature seeks to protect consumers from surveillance pricing, in which retailers can use data including online activity, location and purchasing history to arbitrarily change prices for individual shoppers. Continue reading...

The Guardian Business 21 hours ago
Corporate America may be using AI to cut jobs, but small businesses are using it to keep them
Corporate America may be using AI to cut jobs, but small businesses are using it to keep them

Reports of wide-scale replacement of workers by AI are overblown. Small businesses use it to help workers I recently met the owner of a company that sells windows and doors. He told me he invested about $10,000 in an AI application that is used by his salespeople in his showroom. The application listens to the conversations between the salesperson and the prospective customer and then automatically creates a quote for the salesperson to review and send. “It allows my salespeople to talk to more customers and spend less time doing paperwork,” he said. “And it cuts down on errors.” Continue reading...

The Guardian Business 1 day ago
From the strait of Hormuz to the North Sea, a global maritime war rages around us – and more than the price of oil is at stake | Simon Tisdall
From the strait of Hormuz to the North Sea, a global maritime war rages around us – and more than the price of oil is at stake | Simon Tisdall

The collapse of the rules-based order is not confined to the land: we’re imperilled as centuries of maritime cooperation sink beneath the waves The US military campaign to protect merchant shipping from Iranian attacks by asserting direct maritime control in the strait of Hormuz is not an idea unique to Donald Trump’s administration. Almost exactly 200 years ago, in the period 1825-27, a powerful US naval squadron led by Commodore John Rodgers was sent to the Mediterranean to defend American ships from the depredations of Greek corsairs and pirates. For all the new-minted republic’s brave talk of liberty, the US squadron did not assist Greece’s ongoing “regime change” struggle for independence from the Ottoman empire. Its sole, self-serving purpose was to defend US trade, markets and business interests. After abandoning his call for a people’s revolution in Tehran , this, too, is what Trump’s reckless war with Iran has now boiled down to. Simon Tisdall is a Guardian foreign affairs commentator Continue reading...

The Guardian Business 1 day ago
Electrolyte lemonade to probiotic pop: do the new generation of ‘functional drinks’ live up to the hype?
Electrolyte lemonade to probiotic pop: do the new generation of ‘functional drinks’ live up to the hype?

They make grand claims about beauty benefits or extra energy – and even actor Gillian Anderson has her own brand. We investigate what they’re really doing – and put them to a taste test Show yourself some love. Fuel your focus. Life’s too good for bad energy. Find your calm in the everyday chaos. Live fit. No, not new-age slogans or something you’d find scribbled in neon on the wall of a cocktail bar, but marketing taglines slapped across cans of functional soft drinks. Walk into any supermarket or newsagent and there they are, bright and cheerful, right next to the Tango, promising everything from improved mental clarity and zen-like calm, to a blast of highly caffeinated energy as part of your sandwich-and-a-snack lunchtime meal deal. Influencers love them. Your favourite podcasters are sponsored by them. Even Gillian Anderson has a functional drinks brand (brilliantly, she’s called it G Spot). If you have not yet swigged an electrolyte-loaded lemonade or opened a can of probiotic fizzy pop, you might be wondering what functional drinks even are. Because they are marketed as having one or more of many possible physiological and cognitive benefits, it’s a big category. There are functional drinks for focus, productivity, relaxation, calm, protein, energy, gut health and perhaps most confusingly, for hydration – which is, after all, the core function of most potable liquids. Continue reading...

The Guardian Business 1 day ago
‘We count every litre’: how Cuba’s energy crisis sparked a daily struggle for water
‘We count every litre’: how Cuba’s energy crisis sparked a daily struggle for water

Power cuts not only leave people in the dark but leave taps dry, forcing millions of Cubans to spend their days fetching water any way they can In the cramped kitchen of her flat in Havana’s Chinatown, Mirella Martínez pushes an old metal trolley stacked with empty jerrycans. Wiping the sweat from her forehead, she fans herself gently. “It’s so hot!” she says, as the electric fans remain still due to another power outage that has left her flat sweltering in near darkness for hours. Mirella Martínez’s flat in Havana has been without running water for nearly three years Continue reading...

The Guardian Business 1 day ago
‘Weekday games were amazing’: pubs toast extra £150m in World Cup sales
‘Weekday games were amazing’: pubs toast extra £150m in World Cup sales

England’s progress provides best football-related uplift of recent years, with one pub too packed to host its Dolly Parton tribute Late opening hours and England’s progress to the semi-final of an expanded World Cup helped provide the best football-related uplift of recent years for pubs, figures suggest. Pubs poured 30m extra pints over the course of the tournament compared with a normal trading period, with busy pumps delivering £150m in added sales, according to the British Beer & Pubs Association (BBPA). Continue reading...

The Guardian Business 1 day ago
Family of former Vodafone manager found drowned call for ‘Adrian’s law’ to protect franchisees
Family of former Vodafone manager found drowned call for ‘Adrian’s law’ to protect franchisees

Adrian Howe’s family believe that fears his deal would be financially ruinous led him to kill himself The family of a former mobile phone store manager who was found drowned days before his new Vodafone franchise was to open its doors is pressing the government to introduce a new franchising law in his name. The call comes a week after Vodafone settled a long-running legal claim filed by 62 of its former franchisees who alleged that the company “unjustly enriched” itself at their expense by up to £85m. Continue reading...

The Guardian Business 1 day ago
‘I never thought I’d fall for a scam’: the fake Spotify emails that put you at risk of fraud
‘I never thought I’d fall for a scam’: the fake Spotify emails that put you at risk of fraud

Criminals send victims to a cloned site that collects login, personal and payment details You have had a Spotify account for years and your credit card is linked for the monthly payments. When an email arrives telling you that your payment couldn’t be processed you are not surprised as the expiry date on the card is soon. “We encountered an issue while processing your recent payment,” it says. “To keep your access active and avoid interruption, please review and update your information.” Continue reading...

The Guardian Business 1 day ago
Always remember how Macquarie built its millionaires on outrageous tolls and charges | John Quiggin
Always remember how Macquarie built its millionaires on outrageous tolls and charges | John Quiggin

As Shemara Wikramanayake retires with shares worth hundreds of millions, the public is left counting the cost of high prices for utilities, roads and airports Follow our Australia news live blog for latest updates Get our breaking news email , free app or daily news podcast The recent retirement of the Macquarie Group CEO, Shemara Wikramanayake, marks the culmination of a highly successful career. She is leaving the company with shares worth hundreds of millions of dollars after nearly 40 years at the Sydney-based institution. Under her leadership, the “millionaires’ factory” has increased its annual revenue by about 80% and nearly doubled its profit. Wikramanayake has also overseen and consolidated the group’s transition from a firm specialising in privatised infrastructure to a global merchant bank earning profits from commodity trading, specialist asset finance and wealth management. Its demise is also the consequence of the relentless application of a neo-liberal political philosophy that for years has elevated financial engineering above real engineering; off-balance-sheet finance above paying for things openly; and lauded the private sector above the public sector. Continue reading...

The Guardian Business 1 day ago
The AI jobs apocalypse probably isn’t coming anytime soon
The AI jobs apocalypse probably isn’t coming anytime soon

Artificial intelligence may not deliver on its promise of vast economic opportunity at a price that humanity is willing to pay In March, Anthropic, the cutting-edge artificial intelligence business that gave us the chatbot Claude, published an analysis on the impact of AI on employment, to help us assess the claim that intelligent robots were about to redefine human existence, ending demand for human labor. Last year in May, Anthropic’s co-founder, Dario Amodei, claimed AI could wipe out half of all entry-level jobs in one to five years. Last January, he told us AI would probably become a “general labor substitute for humans”. In June he said we risk “a world where the economic trade-off dial is stuck on the hypergrowth, hyper-inequality setting”. Continue reading...

The Guardian Business 1 day ago
‘Really inappropriate’: teachers decry plan for humanoid robot in New York high school
‘Really inappropriate’: teachers decry plan for humanoid robot in New York high school

Robot from company that acquired sex doll maker to be introduced in school with large Native American population A humanoid robot is being introduced as part of a pilot program, along with an AI teaching assistant, at Salamanca high school in Salamanca, New York, located on the Allegany territory of the Seneca nation. Teachers have criticized the program, deeming it “inappropriate” and claiming it dehumanizes the profession with the introduction of human-like robots. Some local Native American residents have also criticized the pilot program, citing its implementation as “culturally tone deaf”. Continue reading...

The Guardian Business 2 days ago
‘I’m over the moon’: New York’s small business owners rejoice as Mamdani cuts red tape
‘I’m over the moon’: New York’s small business owners rejoice as Mamdani cuts red tape

Initiatives including cutting permits just to serve ice-cream amount to a sweeping program of deregulation Red Scare? The democratic socialist mayor of New York City spent this week talking about red tape. On Tuesday, Zohran Mamdani – the politician at the center of a revived rightwing panic about socialists and purported communists winning elections across America - posted a video on X of himself putting a sheet of paper with the phrase “RED TAPE” into a paper shredder. Other pieces of paper, with phrases such as “cumbersome fees and fines” and “a permit you need just to serve ice-cream”, were shredded too. The video, set to Wu Tang Clan’s If Time Is Money, shows Mamdani joining a handful of city officials and small business owners throwing the resulting paper shreds into the air like confetti. Continue reading...

The Guardian Business 2 days ago
Summer holiday car hire: drive a great deal and avoid hidden fees
Summer holiday car hire: drive a great deal and avoid hidden fees

Unclear terms and expensive extras can turn what seemed like a cheap rental into a costly one It is not too late to get a good deal on your holiday car rental, even if you have booked already and are travelling soon. But there are many pitfalls to avoid so that you do not end up paying over the odds. A survey from Which? found that one in eight people who had hired a car in the past two years had ended up paying more than they were first quoted. Continue reading...

The Guardian Business 2 days ago
UK savings deals: the heat is on as banks offer up to 8%
UK savings deals: the heat is on as banks offer up to 8%

Don’t delay in taking advantage of the competition that is pushing up interest rates and increasing choice, experts say It is shaping up to be a decent summer for savers as fierce competition among providers pushes up interest rates and increases choice. You can currently get instant- and easy-access accounts that pay up to 5% interest, and fixed-rate savings bonds that pay almost that much. Meanwhile, those looking for a regular savings account can now get up to 8%. Continue reading...

The Guardian Business 2 days ago