BP profits more than double as oil prices soar in Iran war

BP has provoked outrage by revealing its profits more than doubled in the first quarter of this year after its oil traders reaped the benefit of the war in Iran.The energy company capitalised on a surge in global oil market prices to report better than expected profits of $3.2bn (£2.4bn) for the first quarter, more than double the $1.38bn it made in the same period last year

Deloitte and Zoom’s trims to parental-leave benefits may hurt them in long run, experts say

Recent moves by US companies Deloitte and Zoom to reduce how much paid parental leave they offer employees could signal a larger reduction in benefits in corporate America, according to labor market experts.American workers are already seen as having less benefits and labor protections than many of their counterparts across the world, especially in Europe.Leadership at huge accounting and communication technology companies likely made the decisions because the labor market has stagnated, meaning that people looking for jobs do not have the same leverage when considering a job opening, the experts say.But while cutting the benefit might help companies save money in the short term, some consultants argue that the moves will ultimately hurt companies because it will make workers less productive, among other negative consequences.“It feels like someone is just looking at a spreadsheet saying, ‘How can I get more hours?’” said Bobbi Thomason, a professor of applied behavioral science at Pepperdine Graziadio Business School

Shares in buy-to-let mortgage lenders fall after report Reeves plans rent freeze

Shares in some of the UK’s biggest buy-to-let lenders such as Paragon and One Savings Bank have fallen after it emerged that the chancellor may make private landlords commit to a one-year rent freeze.In an effort to protect households from rising living costs as a result of the Iran war, Rachel Reeves is considering whether to ban landlords in England from increasing rents for a limited period of time, the Guardian revealed on Monday night.Shares in buy-to-let lenders fell when the London Stock Exchange opened on Tuesday.Stock in OSB Group, one of the UK’s biggest buy-to-let mortgage providers, was down 3.6% at 510p as investors worried the rent freeze would hurt the FTSE 250 company behind the lenders Kent Reliance and Precise Mortgages

Price rises in UK shops slow as retailers apply heavy discounts to lure shoppers

Price rises in UK shops have slowed as retailers applied “heavy discounting” to their goods in an effort to entice shoppers amid weakening consumer confidence, the industry’s trade group said.Shop price inflation rose by 1% year-on-year in April, a slowdown from 1.2% in March and below the three-month average of 1.1%, according to the British Retail Consortium (BRC).Retailers made discounts to clothing, furniture and DIY goods, the BRC said in its monthly survey of its members, compiled with NielsenIQ (NIQ)

Rachel Reeves’s fiscal rules buffer should be ‘significantly larger’, say peers

Rachel Reeves should aim to run a “significantly larger” buffer against her fiscal rules, according to a report from a House of Lords committee that says the UK’s public debt is on an unsustainable trajectory.The chancellor raised taxes at last year’s budget in order to more than double the “headroom”, or buffer, against her fiscal rules to £22bn – some of which is expected to be eroded by the impact of the Iran war.But the Lords economic affairs committee says Reeves should aim to raise it more, and complains that she and her recent predecessors have tended to allow themselves too little room for manoeuvre, compared with the £30bn average between 2010 and 2022.“Despite the recent increase in the size of the buffer, it remains at an historically low level and further substantial increases are still required,” it says. “Significantly larger buffers must become the norm

Nationwide should give its boardroom challenger a fair run

James Sherwin-Smith, who is aiming to become the first customer to be voted onto the board of Nationwide in nearly 25 years, deserves top marks for perseverance. A year ago his attempt to get his name on the ballot paper was stymied, or so it seemed, by data protection rules and so forth. This time, he has the necessary 250 nominations to be a candidate at the July annual meeting.It is a development to welcome. As argued here a year ago, there is something of a democracy deficit at Nationwide

Claire’s to close remaining UK stores on Tuesday with more than 1,000 job losses

Jewellery and accessories chain Claire’s is closing its final UK stores on Monday with the loss of more than 1,000 jobs and ending three decades on British high streets.Sources said staff at Claire’s, which had 154 stores when it collapsed in January, had been asked to pack up the final stock and equipment with the remaining outlets to formally close after successive waves of closures in recent weeks.Administrators at Kroll confirmed that all remaining shops ceased trading on Monday and “all store employees have been advised of redundancy”.The move does not affect the retailer’s 356 concessions, including many in Asda stores, and its head office.Talks are thought to be continuing to find a new owner for the Claire’s brand in the UK with French entrepreneur Julien Jarjoura, who controls the brand in several mainland European countries

Shell to buy Canadian shale producer ARC Resources for $16.4bn

Shell has agreed to buy Canadian shale producer ARC Resources for $16.4bn, five years after Europe’s biggest gas and oil producer sold its US shale business.The deal, which includes $13.6bn in cash and shares and taking on ARC’s $2.8bn debt, would be Shell’s biggest acquisition since it bought BG Group a decade ago

Goldman raises oil price forecasts as Iran war deadlock continues; Shell buying Canada’s ARC in $13.6bn deal – as it happened

The deadlock in the Middle East confict has prompted Goldman Sachs to raise its oil price forecast.Goldman Sachs now estimate that Brent crude will trade at about $90 a barrrel in the last quarter of this year, up from an earlier projection of $80. US crude is forecast to average $83 in October-December, up from $75 before.Goldman blames “lower Persian Gulf production” for the upgrade, telling clients:double quotation markWe now assume a normalisation in Gulf exports by end-June (v mid-May prior) and a slower Gulf production recovery. The economic risks are larger than our crude base case alone suggests because of the net upside risks to oil prices, unusually high refined product prices, products shortages risks, and the unprecedented scale of the shock

What’s going on with Spirit Airlines and could the White House bail them out?

Soaring fuel prices are threatening air carriers around the world, and in the US the White House is scrambling to save the long-troubled Spirit Airlines.The carrier is in bankruptcy court and is quickly running out of cash. Reports last week suggested that the Trump administration was in talks to loan as much as $500m to the company as it teetered on the brink of liquidation. Then on Thursday, Donald Trump told reporters the federal government might buy the ailing airline.“We’re thinking about doing it, helping them out, meaning bailing them out, or buying it,” Trump said, adding that the government could “sell it for a profit” when oil prices come down

G7 central banks poised to hold borrowing costs amid concerns over prolonged Iran war

The world’s most powerful central banks are poised to hold borrowing costs unchanged this week amid growing concerns over the unfolding inflation shock from the Iran war.In a critical week for the global economy, each of the central banks in the G7 are expected to issue warnings over the risks from the Middle East war driving up prices for households and businesses.Financial markets are braced for signals from the central banks of the US, Canada, Japan, Britain and the eurozone on the prospects for interest rates amid concerns that a prolonged conflict could force them to keep borrowing costs higher for longer.“Another week of no fighting, no deal and no energy flows, another week that pressure on inflation and supply chains continues to build,” said Wei Yao, an analyst at the French bank Société Générale.“We will probably see all the major central banks sticking to the strategy of ‘keep clam but stay vigilant’

HSBC ‘reviewing’ private school perk for bankers in Hong Kong

HSBC is reportedly reviewing a perk that covers school fees for bankers in Hong Kong as part of a big overhaul of the bank under its chief executive, Georges Elhedery.Europe’s largest bank is considering whether to scrap the perk for new employees or make changes to total compensation, Bloomberg News reported. No decisions have been made yet.Hundreds of staff in Hong Kong – HSBC’s biggest market – benefit from the subsidy, which costs the lender tens of millions of dollars a year, and is not available in its other hubs around the world, reportedly leading to tension at its headquarters in London.It is also not offered to staff of Hang Seng Bank, which HSBC acquired in full in January for £10bn and delisted from the local stock exchange

The surprising boom in blouge wine: ‘It’s for 5pm, in the sun’

Twenty years ago, a winery could do well selling one white and two reds, says Konrad Pixner, a northern Italian winemaker who set up his vineyard, Domaine de L’Accent, in Languedoc, France, in 2019. But today, importers and bars always ask: “Do you have something new?” So up in the hills, surrounded by deep gorges and limestone plateaus, Pixner is constantly experimenting.After a good harvest in 2023, Pixner walked into the shed he shares with other winemakers at 4am to find that his biggest vat of white wine, pressed from carignan blanc grapes, had overflowed during fermentation. He had run out of space, so he quickly “pumped the white juice into the tank where whole bunches of carignan noir were,” he says, and left them to ferment for 10 days together. In contrast to rosé, made from red grapes left for a short time with their skins on before being pressed, he created “blouge” – a light, fresh wine blended from white and red grapes that’s best served chilled

How to make the perfect custard creams – recipe | Felicity Cloake's How to make the perfect …

Prue Leith reckons the custard cream is “arguably Britain’s most iconic biscuit” – and, certainly, we’ve been dunking this fern-patterned treat in our tea for well over a century, with early advertisements for this “delicious biscuit” placing it, perhaps aspirationally, in the “fancy” category. By 1920, Bermondsey baking behemoth Peek Frean could confidently declare the custard cream “far and away the most popular of all the cream sandwich biscuits”, a status only slightly dented by the time I was at school about seven decades later, when it sat just below its contemporary, the chocolate bourbon, in the playtime snack ratings.Despite my love of both custard and cookies, however, I’ve always found this particular custard-flavoured product a bit sugary and dull. As historian Lizzie Collingham explains in her magisterial book, The Biscuit: The History of a Very British Indulgence, it combines two early industrial foodstuffs, namely custard powder and machine-made biscuits, and though they may have been created in a factory, I think they’re much better made at home.Let’s be honest, the biscuit isn’t really the point of the packet variety – as children, we’d prise them open to scrape out the sugary filling, like bears sucking honey from a split log – but when you bake them yourself, it can be

Impala, London W1: ‘Shamelessly, brilliantly too much’ – restaurant review | Grace Dent on restaurants

Impala is like no restaurant I’ve ever been to, yet it somehow has echoes of almost all of themLate last month, Impala drove into Soho already flaming hot in the hype stakes: this was a sizzling booking to brag about even before executive chef and co-founder Meedu Saad had turned on the stoves. Impala, after all, is a Super 8 restaurant, the group that has, among others, Tomos Parry’s Brat in Shoreditch, which has been constantly, unfalteringly brilliant since 2018. It also runs Parry’s second baby, Mountain, which is likewise wonderful; sometimes weird, yes, but always wonderful. Long before that, back in 2016, they opened Kiln, the famed live-fire Thai counter hangout that cheffy boys in beanies have tried and failed to emulate all over Britain, while Super 8’s beginnings were with the boundary-pushing and much-loved Smoking Goat. That is nothing less than a litany of solid-gold bangers, and now they’ve unleashed Impala by Saad, the former head chef at Kiln

Ifrah F Ahmed’s debut cookbook is a love letter to Somali cuisine, history and people

On a video call from Brooklyn, between stops on her book tour, Ifrah F Ahmed is drinking ginger-root tea. The smell transports her to her childhood kitchen, where her mother often baked aromatic cardamom cake.“That’s a core childhood memory for me,” she said.For Ahmed, food isn’t just about sustenance. It is memory, inheritance and, perhaps most importantly, a record: “Somali history on a plate,” as she puts it

Lure of being a social media chef means youngsters forgoing classic training, Michelin star cook warns

Scroll through your timeline of choice and it won’t be long until you land on a video posted by a social media chef trying to send their recipes viral.Such is the popularity of cooking videos that everyone from Michelin star masters to self-taught beginners like Brooklyn Beckham are setting up tripods on their kitchen counters to capture the perfect cut, cuisson or crust on their culinary creations.But the lure of social media could, according to some industry figures,be causing young cooks forgo the formal training of a catering college.Will Murray, who worked at the double Michelin-starred restaurant Dinner by Heston before opening his own critically acclaimed venue, Fallow, said social media cooking videos sometimes stretch the boundaries of what is possible.“Social media has helped people get into cooking

Disco hit: Penne alla vodka, popular in New York 80s clubs, is now a menu staple

Despite most traditional Italians considering it sacrilegious, penne alla vodka is quickly becoming one of the most in-demand Italian dishes.Previously popular in suburban Italo-American restaurants during the 80s, the dish is now enjoying a widespread resurgence that is being driven by several factors including nostalgia and social media.Featuring a tomato and cream base with a splash of vodka, the silky smooth sauce sits somewhere between coral and carrot on the colour wheel. The Guardian’s Rome-based food writer Rachel Roddy describes it as “luxurious and a bit racy”.Dara Klein, a chef and founder of Tiella Trattoria in London, says the dish “hits lots of comforting notes”, comparing it to a slightly more grownup take on the Italian childhood favourite pasta al pomodoro which is “eaten from day dot”

Benjamina Ebuehi’s recipe for orange, grapefruit and bay jelly | The sweet spot

You’re never too old for jelly, and I think we should all be eating more of it. Unmoulding a jelly and immediately giving it a good wobble is by far the best bit, and makes me giggle every time. Infusing the mixture with fresh bay leaves brings a grownup feel and gentle, earthy notes. While jelly and ice-cream is a classic combination, I love this just with some lightly whipped, unsweetened cream.Prep 5 min Cook 20 min Infuse 30 min+ Chill 4 hr+ Serves 6Neutral oil for greasing220ml freshly squeezed red grapefruit juice (from about 2 grapefruit)700ml fresh orange juice (from about 8-10 oranges)4 fresh bay leaves120g caster sugar11 gelatine leaves (I use Dr Oetker platinum grade leaf gelatine) 200ml double creamLightly grease the insides of a 1 litre jelly mould with a little neutral oil – you can skip this step if you’re serving the jelly straight from a dish or bowl

‘As intense as perfume’: which eaux de vie are worth trying?

Nearly every European country has its own fruit brandy. Some are a bit agricultural so here’s a taste of the bestThe Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.“I’ve had people burst into tears tasting these – it takes them straight back to a moment in their past

​Folded​, whipped or baked into something golden, ricotta ​i​s brilliant and adaptable

My record for making ricotta and lemon ring cake is three minutes and 42 seconds. That doesn’t include heating the oven or baking, or finding a recipe, which is in my head. It does include getting out the utensils (bowl, spatula, grater, scale, ring tin) and the ingredients (ricotta, olive oil, flour, sugar, baking powder, eggs, lemons), then speed-mixing everything in one bowl, scraping the batter into the tin and getting the tin in the oven via a discus throw. The timer is stopped as the oven door is closed. This is not relaxing cooking, it is entertaining cooking

Rachel Roddy’s recipe for almond and lemon spiced treacle tart | A kitchen in Rome

It wasn’t that dessert trolleys were banned in Italy during Covid, but guidelines from the Instituto Superiore di Sanità (national institute of health) were so (necessarily) rigorous around these “potential vehicles of the virus” that most places banished them to storerooms. Happily, many restaurants have since retrieved them from their long stay, so they glide or rattle between tables once more, or sit parked in an admirable position. This isn’t my first time mentioning the dessert trolley at La Torricella here in Testaccio, having written about its fabulous puff pastry and cream millefoglie in the past. But another dessert that might catch your eye as you enter the restaurant and look right at the cloth-covered trolley parked under the bar is what owner Augusto refers to as torta medievale, because of its spiced almond and dried fruit filling. It’s an unassuming but extremely good thing

I’m welcoming ​in spring ​with ​big ​Mediterranean ​flavours

A combination of the warmer weather, dusting off my sunglasses and the impending release of my new book, MEDesque (out on Thursday!), has got me fully focused on sunshine food and Mediterranean flavours. OK, so I’m not quite in rosé-in-the-garden territory just yet, but it’s close. And I am counting down the days. At home, I am leaning heavily on recipes from the queen of all things Med, Claudia Roden, to get my fix. Big hitters such as her bean stew with chorizo and bacon and chicken traybake with olives and boiled lemon deliver on all fronts, and immediately transport me to my favourite region

Save blue cheese rind for this unbeatable dressing – recipe | Waste not

On a single crumb of cheese rind there are more than 10 billion microbes: that’s more microbial cells than there are people on Earth. Cheese rind is an intensified expression of the cheese, with a powerful flavour and highly concentrated community of good bacteria, yeast and mould. But it is misunderstood and underrated, and often removed and discarded. Though it can be intense, it’s almost always edible, unless it’s grown new mould or contains synthetic plastic, wax or cloth, which should be removed.Like an apple or slice of bread, the skin, crust or rind add texture, flavour and nutrients to the eating experience