FTSE 100 in biggest drop since April as stock market sell-off continues – as it happened

And finally, Britain’s stock market has recorded its biggest one-day fall since the early days of Donald Trump’s trade war.The blue-chip FTSE 100 share index has closed down 123 points, or 1.27%, at 9552 points, its lowest closing point since 22 October.That is the index’s biggest one-day drop since 7 April, shortly after Donald Trump announced his swathe of ‘Liberation Day’ tariffs.Engineering company Melrose (-3

ExxonMobil to shut chemicals plant in Fife with loss of up to 450 jobs

ExxonMobil is to close a chemicals plant in Scotland that employs hundreds of workers within months, blaming the decision on the UK government’s “economic and policy environment”.Workers at Fife Ethylene Plant were told on Tuesday that the oil company would shut the 40-year-old facility near Cowdenbeath by February next year owing to the difficult policy and market conditions in the UK.About 200 workers and 250 contractors were told that talks between the company and Westminster had failed to secure a lifeline for the plant because it lacked a “competitive future”.In a statement, Exxon said it had “tested the market” for a potential buyer, but said the UK’s “current economic and policy environment combined with market conditions, high supply costs and plant efficiency” meant it had been unable to secure the site’s future.The company also accused the government of creating a policy environment that was “accelerating the exit of vital industries, domestic manufacturing and the high-value jobs they provide”

Crest Nicholson plans job cuts and warns on profits, blaming budget uncertainty

The housebuilder Crest Nicholson has warned of job cuts and worse than expected profits after a summer of “subdued” sales amid uncertainty around the possible property taxes in the budget.The Surrey-based company said it planned to close one divisional office and cut 50 roles, including staff at that site and “selective other roles” across the business.Crest said its adjusted profit before tax for the year to 31 October would be at the low end or slightly below the previous estimated range of £28m to £38m, “reflecting a housing market that has remained subdued through the summer, and the continued uncertainty surrounding government tax policy ahead of the forthcoming budget” on 26 November.It cautioned that near-term market conditions were likely to remain challenging.Anthony Codling, a housing analyst at RBC Capital Markets, said budget uncertainty had “wiped out the autumn selling season, a critical period for Crest with an October year-end”

Eight firms under investigation in crackdown on additional online fees

Britain’s competition watchdog has begun investigations into eight companies about their online pricing practices, expressing concern over additional fees and sales tactics such as “drip pricing” and “pressure selling”.The Competition and Markets Authority (CMA) said it was looking into the ticket sellers StubHub and Viagogo; AA Driving School and BSM Driving School; the US gym chain Gold’s Gym; and the retailers Wayfair, Appliances Direct and Marks Electrical.The investigations are the first launched by the CMA using its new consumer protection powers. The watchdog said it had concerns over practices including drip pricing – when consumers are shown an initial price and then face additional fees in the checkout process – and the use of misleading countdown timers, which are banned under the new regime.The investigations follow a cross-economy review by the CMA since April of more than 400 businesses in 19 sectors to assess their compliance with price transparency rules

Lawyers for Fed governor accuse Trump administration of ‘cherry-picking’ facts in fraud case

Lawyers for Lisa Cook, the Federal Reserve governor, called Trump administration allegations of mortgage fraud against her “baseless” on Monday and accused the administration of “cherry-picking” discrepancies to bolster their claims.After accusing Cook of misrepresenting multiple residences as her primary residence to get a better mortgage rate, Donald Trump briefly fired Cook from her role as a Fed governor and as one of 12 voting members of the Federal Reserve board that sets interest rates. The supreme court reinstated her and will in January hear arguments over Cook’s removal.In the letter, addressed to Pam Bondi, the US attorney general, and Edward Martin, the deputy attorney general, Abbe Lowell, Cook’s lawyer, outlined for the first time Cook’s detailed defense against the accusations. Lowell said that the dispute involves three of Cook’s properties: a home in Ann Arbor, Michigan, a condo in Atlanta, Georgia, and a home in Cambridge, Massachusetts

Japan and Switzerland’s economies contract as US tariffs hit exports; Alphabet shares jump after Warren Buffett reveals stake – as it happened

Time to recap.Japan and Switzerland have both suffered an economic hit from Donald Trump’s trade wars.Japan’s GDP shrank by 0.4% in July-September, dragged down by a fall in exports.In a double-blow to Tokyo, shares in Japanese tourism and retail firms have fallen sharply after China warned its citizens not to travel to Japan

UK officials ‘working day and night’ to resolve NHS drug pricing row’

The UK science minister has said officials are “working day and night” trying to resolve the standoff with big pharmaceutical companies over drug pricing.Speaking to industry leaders and investors at London life sciences week, Patrick Vallance, a former GSK executive, said the government was “clear eyed about the challenges”.“Recent headlines have not always been favourable, and we are acutely aware of the pressures that companies face in the current commercial environment here in the UK,” he said.“Many of us are working day and night right the way across government to make progress on these issues. And rest assured that we are laser focused on getting that resolved

GWR train fitted with F1 tech for two-month superfast wifi trial

Train wifi in the UK, long a source of frustration for passengers, is about to get radically faster – for a lucky few at least.A two-month trial has begun on one Great Western Railway (GWR) train, fitted with technology from Formula One that switches between the signals from 5G masts to low Earth-orbit satellites to provide almost seamless, superfast wifi.For now, only one of GWR’s 57 intercity express trains will have a connection good enough to deliver a Netflix series to the seat. However, a successful trial and the promise of lower costs could spell a wider rollout to the rest of the mainline railway by 2030.On a test run from London Paddington to Newbury and back, the Guardian found the wifi fast and reliable enough to video call editors at the office, catch up on old Match of the Days on iPlayer and listen to songs on YouTube at the same time, with only occasional blips and pixelation

TotalEnergies buys €5.1bn stake in Czech tycoon’s power plants business

The Czech billionaire Daniel Křetínský is to become one of the largest shareholders in TotalEnergies after selling a stake in his electricity generation business, which includes several UK power plants, to the French oil company.Křetínský, whose companies own stakes in Royal Mail and West Ham United football club, agreed to sell a 50% stake in his stable of European power plants to TotalEnergies for about €5.1bn (£4.5bn) in exchange for about 4.1% of Total’s share capital

Thames Water bidder says it is offering £1bn extra cash injection

A bidder for Thames Water has said it would inject £1bn more into the struggling utility company than rival proposals if it gained control.John Reynolds, the chief executive of the independent water retailer Castle Water, said the current plans under discussion with creditors to rebuild Thames Water’s finances did not go far enough and did not properly address its environmental crisis.Castle Water would provide a cash injection of at least £1bn over current proposals, he told the Times.“No one wants a restructuring that does not stick. The negotiations are not heading anywhere,” he said

WPP shares leap amid takeover bid speculation

Shares in WPP have risen sharply amid speculation that the advertising group could be the subject of a takeover by a rival or a private equity buyer.Its French rival Havas, which was listed on Euronext in Amsterdam in December and is controlled by the billionaire Vincent Bolloré, has reportedly held internal talks about a potential bid as WPP’s share price languishes at levels not seen since the mid-1990s.The company’s shares rose 11% on Monday, making it the biggest riser on the FTSE, after the Sunday Times report, which also suggested private equity groups Apollo and KKR had held internal discussions about certain WPP assets.However, Apollo has ruled out making a bid. KKR, which last year acquired WPP’s PR operation FGS Global, declined to comment

Reeves could allow holiday tax on English hotel and Airbnb stays

British holidaymakers could have to pay a nightly tax on hotel stays and Airbnb-style visits in plans expected to be announced by Rachel Reeves in the budget next week.The chancellor is reportedly preparing to give mayors powers to raise taxes by charging tourists on the cost of an overnight stay in their cities.The tax could raise hundreds of millions of pounds for mayors to invest in transport and public services, but it would represent a further blow for the hospitality industry, which was squeezed by tax rises and extra employment costs announced in the last budget.The trade body UKHospitality, which represents thousands of restaurants, hotels and pubs, said a tourism tax of 5% – the rate to be set by Edinburgh from next July – would mean an effective consumer tax of 27%. That figure includes standard 20% VAT on the hotel stay, as well as VAT on the holiday tax itself, making it one of the highest tourist tax rates in Europe, the trade body said

How to make risotto alla milanese – recipe | Felicity Cloake's Masterclass

Risotto alla milanese is, like the city it calls home, elegantly simple, but very rich. The saffron that gives the dish its striking colour is rightly expensive (it takes about 150 flowers to produce a mere gram), but you don’t need much and, though it’s often served alongside osso buco, I think it makes a fine meal on its own with a bitter-leaf salad.Prep 5 min Cook 30 min Serves 41 onion 75g butter, or 15g butter plus 60g bone marrow350g risotto rice (carnaroli, arborio, vialone nano)1 litre beef stock, or chicken or vegetable stock75ml dry white wine (see step 4)1 level tsp saffron threads75g finely grated parmesan, or grana padano or a vegetarian alternativePeel and finely chop the onion; the aim is for it almost to disappear into the dish, rather than remaining as distinct chunks, so take your time over doing this (you could substitute two shallots, if you prefer – their sweetness works particularly well with the flavour of the wine and cheese).Melt a generous tablespoon of the butter in a frying pan set over a medium-low heat, then fry the chopped onion until soft, golden and limp, but not coloured.Turn the heat up to medium-high, add the rice and fry, stirring constantly, until the grains are hot and starting to turn translucent around their edges

2210 By Natty Can Cook, London SE24: ‘Much more than just posh jerk chicken at fancy prices’ – restaurant review | Grace Dent on restaurants

There’s an attention to detail in every dish that makes this place more than fit for a special occasionIt’s 6pm in Herne Hill, south-east London, and I’ve popped out for some Caribbean food wearing fancy athleisure wear. Yoga trousers and a smart hoodie, but PE kit nonetheless. And, once I arrive at 2210 By Natty Can Cook, I realise I am severely underdressed.When chef Nathaniel Mortley announced that he was opening a restaurant that aimed to celebrate Caribbean culture “in style” and to win a Michelin star, his loyal Instagram following, as well as their families and friends, took the brief and dressed accordingly. As fancily plated ackee and saltfish spring rolls passed by, as well as a lot of rum punch, I rustled in my handbag for some bigger earrings and more makeup

‘Simple, well-crafted and excellent’: supermarket chutneys, tasted and rated | The food filter

Our resident taster dipped, spread and dolloped his way through 10 chutneys in time for Christmas, so you don’t get in a pickle choosing one for yourself The fair price for 14 everyday items, from cleaning spray to olive oilThe Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.Chutney is a heritage recipe that’s been largely unchanged for a century, and some of the best versions are the simplest and most traditional. That said, even when it’s made on an industrial scale, chutney usually features just fruit, sugar, vinegar and perhaps some pectin

It’s not all about roasting on an open fire – there’s so much more you can do with chestnuts

If I’d ever spared a thought for how chestnuts – the sweet, edible kind, not the combative horsey sort – were harvested, I would probably have conjured rosy-cheeked peasants bent low in ancient forests and filling rough-hewn hessian sacks by hand. Back-breaking labour, sure, but so picturesque!I was delighted, therefore, while on a writing retreat in Umbria last month, to get the opportunity to watch an elderly couple manoeuvre a giant vacuum around their haphazard orchard, followed by their furious sheepdog. The fallen crop was sucked into a giant fan that spat their bristly jackets back out on to the ground, and the nuts then went to be sorted by other family members on a conveyor belt in the barn – the good ones to be sold in the shell, the less perfect specimens swiftly dropped into a bucket for processing.Later in the week, a lorry turned up in the village square to pick up bags from other small local producers, and that evening I roasted a pan of chestnuts on the fire with new appreciation, while loudly bemoaning the disappearance from the streets of London of the chestnut sellers of my childhood (though this makes me sound positively Dickensian, I can confirm that I’m talking about this century. Note also that Nigel Slater is less starry-eyed on the subject

Benjamina Ebuehi’s recipe for apple, brown butter and oat loaf | The sweet spot

I adore a good loaf cake. There’s something about them that’s just inherently cosy and wholesome, and this one in particular is perfect for the colder months, not least because it’s simple and sturdy in the very best way. It’d be right at home with a coffee for breakfast, as well as gently warmed in a pan with butter and served with hot custard on a rainy evening. A real all-rounder.Prep 5 min Cook 1 hr 25 min Serves 8180g unsalted butter 200g light muscovado sugar 2 large eggs 50g soured cream 210g plain flour ½ tsp cinnamon 40g porridge oats, plus extra to finish1½ tsp baking powder ¼ tsp salt 2 eating apples 2 tbsp demerara sugarHeat the oven to 180C (160C fan)/350F/gas 4 and grease and line a 2lb loaf tin

Kids have a wobble in the face of rabbit jelly | Brief letters

I sympathise with Tim Dowling and the challenges of releasing blancmange from a rabbit mould (Jelly’s back! Here are three worth making – and three that should wobble off to the bin, 12 November). My mistake was adding chopped pineapple to the jelly mix, with the resulting jelly looking as though we were seeing the undigested contents of a rabbit’s stomach. My children refused to eat it.Dee ReidTwyford, Berkshire Tim Dowling has missed out one important ingredient from his otherwise commendable recipe for blancmange rabbit: the two sultanas you stick on for the eyes.Jane GregoryEmsworth, Hampshire Regarding concerns over Epstein Road in Thamesmead (Letters, 12 November), spare a thought for those unfortunate residents of Savile Row in central London

Think autumn, think Piedmont – wine from ‘the foot of the mountain’

By the time this column comes out, it will be Big Coat weather, so those collars will be getting higher and the scarves thicker. And, when there’s a chill in the air, I like to eat food than leans towards smoky and earthy flavours: charred vegetables, stews, sausages and mushroom everything.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

‘I’m now a one-issue voter’: US shoppers fear Italian pasta tariff will cause shortage

On Monday night, Kelly planned to make dinner and spend the night inside with her family. Instead, she told her husband to put the kids to bed so she could get in the car, drive to Wegmans and “panic buy” $100 worth of Rummo pasta.Kelly, a 42-year-old product manager who lives outside Philadelphia, has celiac disease, which means that eating gluten triggers an immune response that leads to digestive issues. She saw fellow gluten-free people on Reddit and TikTok freaking out over the fact that the US is mulling a 107% tariff on Italian pasta imports. According to the Wall Street Journal, the hike could lead to those companies withdrawing from the US market as early as January

Jimi Famurewa’s recipe for puff-puff pancakes

Efteling is a fairytale-themed, 73-year-old amusement park in the south of the Netherlands that, after two consecutive years of visits, has become an acute obsession among my family. We love the vaguely folk-horror animatronic trees, witches and giant sea monsters lurking within a labyrinthine real forest. We love the anthropomorphised talking bins that plead (in a haunting, perpetual sing-song) for crumpled pieces of paper to be shoved into their suction-powered mouths. We love the inventive rides that, variously, judder along rattling wooden tracks, plunge cursed pirate ships into water, or nudge gondolas serenely through sylvan scenes of bum-flashing goblins showering beneath waterfalls.But our very favourite thing about the place might well be the poffertjes stand, a perennially busy kiosk where exhausted families gather for dinky paper boats filled with these yeast-puffed and sugar-dusted miniature buckwheat pancakes that are a Dutch institution

Polpa position: budget tinned tomatoes score well in Choice taste test

Consumer advocacy group Choice has taste-tested 18 brands of chopped and diced tomatoes, finding three cheaper cans outranked many more expensive brands.Four judges ranked tinned tomatoes from Australian supermarkets and retailers, assessing them on flavour, texture, appearance and aroma – with flavour accounting for the biggest percentage of overall scores.Italian brand Mutti’s Polpa Organic chopped tomatoes, costing $2.95 for a 400g tin, was awarded the highest score of 80%. It was the most expensive product tested, described by judge Fiona Mair (who also judges at the Sydney Royal Fine Food Show) as having “an earthy fresh tomato aroma, really rich juice and flesh”

Three plant-based chocolate mousse recipes by Philip Khoury

Mousse au chocolat is one of the most exquisite ways to enjoy chocolate – so here are three recipes that offer it in different textures and levels of chocolate intensity. Each one works beautifully with dark chocolate containing 65-80% cocoa solids. Blends with no specific origin can be further rounded out with one teaspoon of vanilla paste or the seeds from a vanilla bean.Once the mousses have been prepared, they can be frozen and gently defrosted in the refrigerator. Top with chocolate shavings, cocoa nibs or a dusting of unsweetened cocoa powder for texture and contrast

Don’t pour that olive brine down the drain – it’s a flavour bomb | Waste not

When I taste-tested olives for the food filter column a few months ago, it reminded me that the brine is an ingredient in its own right. This intensely savoury liquid adds umami depth to whatever it touches, and, beyond seasoning soups and stews, it can also be used to make salamoia, the aromatic brine that’s traditionally used to top focaccia and create that perfect salty crust.Pouring olive brine down the sink is like washing pure flavour down the drain. Instead, save it to supercharge your focaccia, creating a beautifully flavoured, salted crust that elevates an ordinary loaf into something extraordinary. While I’m partial to rosemary and olives as toppings, this focaccia delivers heaps of flavour even when kept completely plain and simple