HSBC has a new chair but the succession process should have been slicker

It turns out that Sir Mark Tucker, 67, retired as chair of HSBC in September to make way for an older man. Say hello to Brendan Nelson, 76, a former KPMG partner, who has been doing the job on an interim basis for a couple of months but was regarded as a rank outsider to get the gig permanently.Just how permanent remains to be seen because the HSBC chief executive, Georges Elhedery, clearly unaware that Nelson had thrown his hat into the ring, appeared to rule him out when speaking at an FT conference only on Monday. He said Nelson didn’t wish to do a full term of six to nine years, a remark that didn’t feel controversial at the time. After all, while US presidents may go on into their 80s these days, chairs of globally important banks tend not to

UK using more wood to make electricity than ever, Drax figures show

Britain’s reliance on burning wood to generate electricity has reached record highs, even as the government moves to curb the controversial use of biomass power.The latest figures supplied by the owner of the huge Drax biomass plant in North Yorkshire have revealed that power generated from burning biomass wood pellets provided 9% of the UK’s electricity in July, its largest ever monthly share.Weeks later, biomass provided almost a fifth (17%) of the UK’s electricity for the first time during one morning in September when renewable energy resources were particularly low.Britain’s record reliance on biomass generation has reached new heights as the government set out its plans to dramatically reduce the controversial energy source under a new subsidy agreement with the FTSE 250 owner of the Drax power plant.Under the deal, Drax will continue to earn more than £1m a day from energy bills in exchange for burning wood pellets at its power plant

Thames Water profits surge on higher bills; Prada buys Versace for $1.4bn – as it happened

Time to wrap up…Thames Water reported its first half earnings this morning, warning that crisis talks to secure its future with lenders are taking “longer than expected” and will drag into 2026 as it faces the prospect of a collapse into government control.Britain’s biggest water company on Wednesday said it had swung to a profit of £414m for the six months to September helped by bills rising by nearly a third, after losing £149m in the same period in 2024.Despite the jump in reported profits, the company said there was “material uncertainty which may cast significant doubt” on its status as a going concern. A collapse into government control under a special administration regime (SAR) – a form of temporary nationalisation – “could occur in the very near term” if it is unable to agree the terms of a formal takeover by its controlling lenders.HSBC has appointed the former KPMG partner Brendan Nelson as its chair after a prolonged search process that left one of the world’s biggest banks without a permanent executive in the top role for months

Design boss behind new Jaguar leaves JLR weeks after change of CEO

The Jaguar Land Rover design boss behind the Range Rover and the polarising Jaguar relaunch has abruptly departed the business just four months after its new chief executive took charge.Gerry McGovern left the role of chief creative officer on Monday after 20 years at the business in which he oversaw the design of some of the company’s most successful cars as well as the launch of a new-look, pink electric Jaguar that drew the ire of Donald Trump.Britain’s largest carmaker appointed PB Balaji as chief executive in August. Balaji, an Indian national, was previously the chief financial officer of Tata Motors, the Indian owner of JLR.Balaji was due to take over the reins of a business that was performing well, generating nearly three years of consecutive quarterly profits

HSBC appoints interim chair Brendan Nelson to permanent role

HSBC has appointed the former KPMG partner Brendan Nelson as its chair after a prolonged search process that left one of the world’s biggest banks without a permanent executive in the top role for months.The decision to appoint Nelson, who has been serving as interim chair, came as a surprise, after a protracted hunt for a permanent successor for Mark Tucker which involved courting external candidates including the former chancellor George Osborne and the head of Goldman Sachs’s Asia-Pacific division, Kevin Sneader.HSBC failed to find a permanent chair before Tucker left at the end of September, raising questions about the succession planning and the board’s effectiveness, with Tucker having first announced his decision to leave in May.Tucker, a former trainee professional footballer, left after eight years, outlasting three chief executives, to join the Hong Kong-based insurer AIA. The role of HSBC chair has become increasingly politicised, with Tucker navigating simmering tensions between the west and Beijing

Thames Water faces collapse as crisis talks take ‘longer than expected’

Thames Water has said crisis talks to secure its future with lenders are taking “longer than expected” and will drag into 2026 as it faces the prospect of a collapse into government control.Britain’s biggest water company on Wednesday said it had swung to a profit of £414m for the six months to September helped by bills rising by nearly a third, after losing £149m in the same period in 2024.Despite the jump in reported profits, the company said there was “material uncertainty which may cast significant doubt” on its status as a going concern. A collapse into government control under a special administration regime (SAR) – a form of temporary nationalisation – “could occur in the very near term” if it is unable to agree the terms of a formal takeover by its controlling lenders.Those creditors have asked the regulator, Ofwat, and the government for Thames to be let off future fines for pollution, arguing the prospect of hundreds of millions of pounds of extra costs is making a turnaround impossible

There are two big drivers of Australia’s economic growth – but shape matters as much as size | Greg Jericho

Australia’s economy grew 2.1% over the past year, and with that came improved household living standards – in part due to income from rooftop solar panels.But another big driver of economic growth was investment in datacentres, which hinders emissions reductions from renewable energy.These two facts lead us to the question: is all growth good?GDP figures are excellent at telling us the size of the economy, but those figures can also hide a lot of what Richard Denniss, the co-executive director of the Australia Institute (where I work), describes as “the shape of the economy”.A good example of this is that, in the past year, household spending was by far the biggest driver of economic growth

UK temporary workers: tell us have you received less holiday pay than you are due?

Harrods warehouse staff have been underpaid thousands of pounds after the temporary recruitment agency employing the workers failed to award them the correct levels of holiday pay.The warehouse workers were underpaid by a temporary staffing agency that employs staff and then supplies them to Harrods.Now we would like to hear from temporary workers, whose agency has supplied them to a well known UK business, who may have received less holiday pay than they are due.You can get in touch with our journalists by responding to the form below. Our journalists will contact with you if we wish to take your submission further

Airbus cuts plane delivery target amid A320 fuselage problem

Airbus has cut its plane delivery target for this year after it identified a problem with the fuselage panels on its bestselling A320 family of aircraft that has forced it to inspect hundreds of jets.The world’s largest plane manufacturer said it would now deliver “around 790” commercial aircraft this year, a drop of 30 from its previous target of 820 planes.Airlines around the world cancelled and delayed flights over the weekend after the French firm ordered immediate fixes to software updates on 6,000 of its A320s, more than half of its global fleet.While most of the glitches were fixed by Monday, the company then identified separate quality problems on metal panels at the front of some planes.Reuters reported that a presentation to airlines showed that the total number of planes needing inspections was 628, including 168 already in service, 245 on assembly lines and 215 in an earlier stage of production known as major component assembly

Chop and change: pork is ‘new beef’ for money-saving Britons, report finds

Pork is the “new beef”, with Britons increasingly making the money-saving meat swap for dishes such as spaghetti bolognese or T-bone steak, according to a new report.With the latest official figures showing beef price inflation running at 27%, customers are looking to buy pork cuts that you would typically associate with beef. That list runs to free-range fillets and short ribs as well as T-bone and rib-eye steaks, Waitrose says in its annual food and drink report.Recipe searches for “lasagne with pork mince” have doubled on its website, while searches for “pulled pork nachos” are up 45%. Its sales of pork mince are up 16% on last year, as home cooks adapt favourite recipes

Australian economy crawls back into growth mode thanks to datacentre boom and household spending uptick

Surging investment in datacentres to fuel the AI tech boom and rising household spending on essentials like electricity and rents buoyed economic growth through the three months to September.National accounts figures showed real GDP expanded by 2.1% in the year, accelerating from 2% in June.Despite positive signs that the private sector is starting to drive economic activity after a period of strong government support, the quarterly pace of growth was a disappointing 0.4% – well shy of the predicted 0

Production of French-German fighter jet threatened by rivalries, chief executive says

The leaders of France and Germany have a “strong willingness” to build a new fighter jet together despite bitter internal rivalries, according to the chief executive of engine manufacturer Safran.A row over who should lead between French aerospace company Dassault and the German unit of Airbus has threatened to break apart the countries’ efforts to make a next-generation fighter jet.France’s Safran, one of the world’s biggest engine-makers, is due to co-produce turbines for the aircraft. Its chief executive, Olivier Andriès, told reporters in London on Tuesday that relations were “very strained” between the lead partners on the Future Combat Air System (known as Scaf in France)However, he added that the offices of the French president, Emmanuel Macron, and the German chancellor, Friedrich Merz, wanted a solution. “Obviously the relationship between Airbus and Dassault is extremely difficult,” Andriès said

Australian supermarket sorbet taste test: is this the most enjoyable taste test yet?

After blind-tasting more than a dozen supermarket sorbets, Nicholas Jordan and friends award a rare nine out of 10 score to a magical iced confectionIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailThe only bad sorbet I’ve ever had was made by me. If it wasn’t for that syrupy pineapple-flavoured stack of ice shards, I don’t think I’d be able to imagine the characteristics. What’s a bad version of winning the lottery? You’d only know when it happens.To make a bad sorbet you need to be inept or cheap. But supermarkets distribute the cheapest foods on earth and usually the range in quality is hellish to “huh, pretty good”

Christmas main course made easy: Max Rocha’s braised turkey legs with colcannon – recipes

Roast turkey breast is often dry and overcooked, so why not give everyone a leg instead and serve it with a traditional Irish potato-and-cabbage side?We often braise chicken and rabbit legs at Cafe Cecilia, because all the preparation and cooking can be done ahead of time, and it’s then just about heating them gently to serve. For Christmas, I often employ much the same process for turkey legs – it’s a lovely way to eat them. Serve with colcannon, although basmati rice, boiled new potatoes or roast carrots would also go great.This can easily be scaled up to feed more people – you’ll just need a larger pan.Prep 20 min Cook 1 hr 30 min Serves 2Sunflower oil Salt and black pepper 2 bone-in turkey legs 1 tbsp butter 5 garlic cloves, peeled and finely chopped2 shallots, peeled and halved 5 slices streaky bacon, diced8 sage leaves 70ml white wine60-100ml chicken stock ½ tbsp dijon mustard1 tbsp creme fraicheFor the colcannon500g large floury potatoes, peeled and cut into chunks

Christmas mains: Georgina Hayden’s pan-fried monkfish in a herby champagne butter – recipe

A fishy festive centrepiece that’s ready in next to no time but still has pizzazzWhile I tend to stick pretty close to tradition when it comes to my Christmas Day side offerings, I can’t remember the last time I cooked a turkey or goose as the showstopper. You see, my family is mostly made up of pescatarians, so anything larger than a chicken or cockerel (my personal favourite) for the meat eaters is just excessive. So, alongside a lovingly cooked smaller bird, I also make something fishy – hopefully something with a bit of star-quality, but not too shouty. A dish that will be delicious, fancy, but stress-free all at the same time. These pan-fried monkfish fillets are this year’s solution

How to make coquilles St-Jacques – recipe | Felicity Cloake's Masterclass

’Tis the season for food that makes everyone feel a little bit loved and special; for showstoppers – but preferably the kind that don’t stop the show for too long, given how much else is likely to be going on. This French classic, which can be made a day ahead, if necessary, and/or bulked out with other seafood, is a luxurious light starter or fancy canapé.Prep 20 min Cook 15 min Makes 66 large sustainably-sourced scallops (diver-caught, ideally), cleaned and on the shell, or frozen and defrosted scallops (or see method)2 tbsp butter 2 banana shallots, or 4 round ones150ml white wine (optional; see method)100ml double creamFor the topping1 small garlic clove 25g parsley 2 tbsp butter 70g dried breadcrumbsIf you’d like to keep costs down, go for frozen scallops, or for smaller queen scallops (farmed or hand-dived ones tend to be the most sustainable), or mix scallops with other seafood such as small shelled clams and prawns, etc, and cook and serve them in gratin dishes. Store live scallops in the fridge round-side down. For a more substantial dish, add another chopped scallop, or other seafood, per person

KFC’s bánh mì has its name but not its nature. Who is this sandwich for?

I bite into my KFC bánh mì, and there is silence. No crunch, no crackle. My teeth sink into a bread roll that is neither crusty nor flaky. There is a slaw of cabbage, carrot and cucumber, a whisper of coriander, a fillet of fried chicken, a splodge of mayonnaise and a slightly spicy, barbecue-adjacent “supercharged” sauce. There is no pate, no pickled daikon, no lineup of industrious sandwich-making Vietnamese aunties asking if I want chilli

Skye Gyngell obituary

The pioneering chef Skye Gyngell, who has died of Merkel cell carcinoma, a rare skin cancer, aged 62, was the first Australian woman to win a Michelin star, an early supporter of the slow food movement, and a champion of charities such as StreetSmart and the Felix Project.Gyngell was a quiet radical. She came to public attention when she opened the Petersham Nurseries Café in south-west London in 2004. Until that point, she had been honing her own distinctive cooking personality that emphasised the quality of ingredients and the simplicity of their treatment and presentation. Her dishes were light, graceful and deceptively simple, but were founded on a serious understanding of how flavours and textures worked together, sometimes in surprising ways

‘Premium but not ostentatious’: the best extra virgin olive oils to gift instead of wine

This festive season, olive oil is the new bottle of wine. If booze or a scented candle used to be a fail-safe gift option for a party, retailers and food experts are reporting a surge of interest in the kitchen cupboard staple.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

Benjamina Ebuehi’s coffee caramel and rum choux tower Christmas showstopper – recipe

Christmas is the perfect time for something a bit more extravagant and theatrical. And a very good way to achieve this is to bring a tower of puffy choux buns to the table and pour over a jugful of boozy chocolate sauce and coffee caramel while everyone looks on in awe. To help avoid any stress on the day, most of the elements can be made ahead: the chocolate sauce and caramel can be gently reheated before pouring, while the choux shells can be baked the day before and crisped up in the oven for 10 minutes before filling.Prep 10 min Cook 1 hr 15 min Serves 10-12120ml milk 120g butter ½ tbsp sugar A pinch of salt 160g strong white flour 4-5 large eggs, beatenDemerara sugar, for sprinkling400ml double cream ½ tsp vanilla bean paste ½ tbsp icing sugarFor the coffee caramel140ml double cream 2 tsp instant coffee or espresso powder110g sugar 50g unsalted butter A big pinch of flaky sea saltFor the chocolate sauce 150g dark chocolate 1½ tbsp brown sugar 2-3 tbsp rum A pinch of saltHeat the oven to 210C (190C fan)/410F/gas 6½ and line two large baking trays with baking paper. To make the choux, put the milk, 120ml water, butter, sugar and salt in a saucepan and bring to a rolling boil

Facing burnout, she chased her dream of making pie - and built an empire: ‘Pie brings us together’

Thanksgiving may be a holiday steeped in myth and controversy – but there’s still something Americans largely agree on: there’s nothing wrong with the holiday’s traditional dessert. So says Beth Howard, expert pie maker, cookbook author, memoirist, and now documentary film-maker.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

Yes, there are reasons to be cynical about Thanksgiving. But there’s also turkey …

It’s easy to be cynical about Thanksgiving. The origin story that we’re all told – of a friendly exchange of food between the pilgrims and the Native Americans – is, at best, a whitewashed oversimplification. And then there’s Black Friday, an event that has hijacked one of our few non-commercialised holidays and used it as the impetus for a stressful, shameless, consumerist frenzy.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

Wine magnums aren’t just for Christmas – or even champagne

There are many reasons you may want to buy a magnum, and those reasons multiply and proliferate around this time of the year. Your usual night in with your partner becomes a party for six. Dinner with the family becomes an enormous pre-Christmas do, with thirsty adults and kids in the way everywhere. And watering the masses can get expensive, not to mention cumbersome.The Guardian’s journalism is independent

Danish delight: Tim Anderson’s cherry marzipan kringle recipe for Thanksgiving

Kringles are a kind of pastry that’s synonymous with my home town of Racine, Wisconsin. Originally introduced by Danish immigrants in the late 19th century, they’re essentially a big ring of flaky Viennese pastry filled with fruit or nuts, then iced and served in little slices. Even bad kringles are pretty delicious, and when out-of-towners try them for the first time, their reaction is usually: ”Where has this been all my life?”We eat kringles year-round, but I mainly associate them with fall, perhaps because of their common autumnal fillings such as apple or cranberry, or perhaps because of the sense of hygge they provide. I also associate kringles with Thanksgiving – and with uncles. And I don’t think it’s just me; Racine’s biggest kringle baker, O&H Danish Bakery, operates a cafe/shop called “Danish Uncle”