US stock markets dip for fourth straight week over US-Israel war on Iran

US stock markets dropped again on Friday, capping off a fourth week of market turbulence as investors worried about the US-Israel war on Iran and its widespread impact on global oil prices.The Dow lost over 400 points on Friday, with the S&P 500 slipping 1.5% and the tech-heavy Nasdaq down 2%.The biggest losses of the week were seen in the Russell 2000, which tracks the performance of small-cap companies. The Russell 2000 entered correction territory on Friday after dipping 2

Lowering speed limits among contingency plans to curb UK oil demand

Lowering speed limits to minimise fuel consumption is among potential contingency plans being drawn up by the UK government as the crisis in the Middle East threatens global oil supplies.Sources stressed that there is no shortage of fuel in the UK, but said that officials in the Department for Transport were working with the Department for Energy Security and Net Zero (DESNZ) on an analysis of what measures could be taken to curb oil demand.The world’s energy watchdog has advised its government member states, including the UK, to consider lowering road speeds and limiting when cars can drive.The International Energy Agency (IEA) recommended a raft of Covid-style emergency measures, including working from home, to cope with soaring oil prices and looming supply problems triggered by the US-Israel strikes on Iran.The agency said governments should encourage shared transport, whether public or car-pooling, and efficient driving, and tell citizens to avoid air travel where possible

FTSE 100 loses all its 2026 gains as Middle East conflict hits shares, and UK borrowing costs reach highest since 2008 – as it happened

Shares in London are suffering an end-of-week sell-off, following a report that the US is to send more troops to the Middle East.The blue-chip FTSE 100 share index is now down 90 points, or 0.9%, at 9970 points, back below the 10,000-point mark. That’s its lowest level since 5 January, as the Iran war wipes out almost all of its gains during 2026.Energy company BP (-3

FCA investigates collapsed lender MFS amid £1.3bn mortgage scandal

The UK’s financial regulator has launched an investigation into Market Financial Solutions (MFS), the mortgage lender that collapsed last month amid allegations of fraud.The move follows the granting of a £1.3bn worldwide asset-freezing order on MFS founder Paresh Raja on Wednesday, as creditors successfully gained court orders in London and Dubai barring the tycoon from dissipating assets.On Friday, the Financial Conduct Authority said it had “opened an enforcement investigation” into the stricken mortgage lender, which borrowed £1.3bn from a string of financial companies and slumped into administration in February

UK borrowing costs hit highest since 2008 as markets expect up to three interest rate rises

UK government borrowing costs have reached their highest level since 2008, while financial markets now expect up to three interest rate rises this year as investors digest the impact of the Iran conflict.The yield, or interest rate, on 10-year borrowing was pushed to heights not seen since the global financial crisis, as investors dumped UK government bonds.The market move followed the Bank of England’s decision on Thursday to leave interest rates on hold at 3.75% and hint at a future increase. By Friday, markets were pricing in as many as three interest rate rises in 2026

‘Huge build-up of risk’: London’s centuries-old shipping industry wrestles with Iran war

Shipping risk has been insured by Lloyd’s of London for more than 330 years, but now the centuries-old heart of maritime insurance is getting to grips with the most modern of threats – drones and missiles threatening hundreds of vessels stuck in the Gulf region amid the escalating Middle East conflict.For nearly three weeks the crucial strait of Hormuz has effectively been closed to the more than 100 gas and oil tankers and container ships that usually pass through each day.Pressure is building to find a way to safely reopen the narrow maritime channel to allow the estimated 1,000 vessels and their crews – mainly oil and gas tankers but also container ships – currently trapped in the Gulf to continue their journeys, restarting the global flow of fuel, chemicals and goods.A total of 23 vessels had been attacked between the start of the war and Thursday, according to analysts from Lloyd’s List Intelligence, including near misses and those that have sustained minor damage. Several crew members have been killed

JP Morgan Chase to use computer estimates to monitor hours worked by junior bankers

JP Morgan Chase has started to compare the hours junior investment bankers claim to have worked against logs on its IT system.The US bank said it would begin issuing reports to junior bankers that compare computer-generated estimates of their work weeks against their self-reported time sheets as part of a pilot scheme.The company said it planned to roll out the programme more widely across its investment bank, with IT estimates based on employees’ weekly digital activities including video calls, desktop keystrokes and scheduled meetings.“Much like the weekly screen time summaries on a smartphone, this tool is about awareness, not enforcement,” JP Morgan said in a statement. “It’s designed to support transparency, wellbeing, and encourage open conversations about workload

Marmite maker Unilever in talks to merge food business with US-based McCormick

Unilever, the owner of Marmite, Dove and Hellmann’s mayonnaise, is in talks to combine its food business with the US-based spice and seasoning maker McCormick.The Anglo-Dutch food company – which last year spun off its ice-cream division, the home to Ben & Jerry’s, Magnum and Wall’s – has entered discussions over the future of the “highly attractive” business.Unilever is valued at almost £100bn, and its food unit, which includes brands such as Knorr, could be worth tens of billions of pounds.McCormick, which owns brands including French’s yellow mustard, Old Bay seasoning and Cholula hot sauce, is valued at about $15bn (£11bn).“Unilever confirms that it has received an inbound offer for its foods business and is in discussions with McCormick & Company,” the Marmite maker said in a statement

Work from home and slow down on the road: world’s energy watchdog advises emergency measures as oil prices rise

The world’s energy watchdog has advised governments to reduce highway speeds and encouraged workers to carpool or, ideally, work from home to combat soaring oil prices and impending fuel shortages caused by the Middle East conflict.It has also recommended countries consider limiting car access to designated zones in large cities, by giving vehicles with odd-numbered plates access on different weekdays to those with even-numbered plates.The International Energy Agency (IEA) has advised member countries, including Australia, the UK and the US, to take the emergency measures to curb oil demand, following the military strikes on Iran that have triggered the most significant supply disruptions in the history of the global oil market.It comes amid concerns that crude oil imports from Australia’s top Asian suppliers are at risk, as countries scramble to shore up their own reserves.Last week, the IEA ordered the largest release of government oil reserves in its history to help calm the oil price shock

High charges, poor service: NCP hits the skids as drivers change habits

Nearly a century old and once host to London fashion week, the NCP car park in Brewer Street in London’s Soho is facing an uncertain future. Its former glories – which at one time included separate rooms for chauffeurs and changing rooms for theatregoers – have long given way to complaints about a lack of security and high parking charges, but this week things got worse.National Car Parks, one of the UK’s biggest car park operators, which dates back to 1931, filed for administration at the high court in London after struggling to pay its rents and buckling under a £305m mountain of debt. This means the future of 340 car parks across the UK, in town and city centres, at hospitals and airports, is uncertain along with the fate of 682 people who work for the Japanese-owned business.Car parks are regarded as a high-margin business, generating revenue from pay-as-you-go and season tickets, overstay fees and fines via modern payment systems while requiring little day-to-day maintenance, amid a general shortage of parking

Shrinkflation takes a bite out of Easter eggs as shoppers pay more for less

Shoppers are shelling out for smaller eggs again this Easter as shrinkflation takes another bite out of the favourite seasonal treat.The price of popular branded chocolate eggs has risen by more than 40% in some cases while some have also shrunk in size, according to research by the consumer champion Which?.At Asda, this year the Galaxy milk chocolate extra large Easter egg is £5.97 and weighs in at 210g. That compares with £4

Markets keep the faith – but oil staying above $100 could test that optimism | Nils Pratley

Was it only at the new year that the fanfare was heard for the FTSE 100 index breaking through 10,000 for the first time? It was – on 2 January – and the index then added another 900 points by the end of February. On Thursday, the Footsie briefly fell below that round number as Iran struck Qatar’s enormous Ras Laffan complex, which normally supplies a fifth of the world’s liquefied natural gas, before closing at 10,063, down 2.3% on the day.There are two ways to view that price action. One is to say the sharp reversal from the peak represents a necessarily severe reaction to the war on Iran

Helen Goh’s recipe for peanut and blackcurrant thumbprint cookies | The sweet spot

Niki Segnit writes in The Flavour Thesaurus that, while grape jelly is the familiar partner to peanut butter in the classic PBJ, she thinks blackcurrant, with its sharper, more complex character, would be a far better match for the fatty and salty peanuts. I couldn’t agree more, though I’ll admit I’m not entirely impartial: blackcurrant is my favourite jam. Here, it’s spooned into the centre of a tender, peanut-crusted shortbread, where it bakes into a glossy, slightly chewy jewel that sits in perfect contrast to the crumbly, buttery biscuit. It’s the sort of small pleasure I find myself returning to again and again.Prep 15 min, plus chilling and cooling Cook 35 min Makes 13110g unsalted butter, at room temperature50g caster sugar¼ tsp salt 100g plain flour, sifted60g ground almonds 1 tsp vanilla extract 60g salted roasted peanuts 60g blackcurrant jamPut the butter, sugar and salt in the bowl of an electric mixer fitted with the paddle attachment and beat for two minutes on medium–high speed, until pale and creamy

Spring has officially sprung – reawaken your palate with zingy, zesty seasonal ingredients

After what felt like months and months of endless rain this winter, in the UK at least, the arrival of spring is more welcome than ever this year. It’s undeniable that a few days of sunshine and milder temperatures change everything: my mood, my palate, my dinner table (see below for my achilles heel: serveware).And to mark the change in season, the Guardian is launching a new seasonal food magazine. This Saturday will see the arrival of the Guardian Food Quarterly, for which I have showcased crab – one of my favourite spring arrivals. I have written five recipes, including a speedy, spicy crab cake banh mi with quick pickles, and a hot cheesy crab and chive dip inspired by the American south

There’s more to Mexican spirits than tequila

“We were amazed,” wrote the Spanish conquistador Bernal Díaz del Castillo as he beheld the extent of the Aztec empire in 1521. “Some of our soldiers even asked whether the things that we saw were not a dream.” I remember feeling a similar vertigo when I first saw the wall of agave spirits at the long-since-closed Los Angeles mezcaleria Petty Cash more than a decade ago. Agave spirits are distilled from the fermented heart (or piña) of the agave plant – not a cactus, but a succulent, like aloe vera or that thing dying on your windowsill.The Guardian’s journalism is independent

Buzz kill: US breweries shutter as fanfare over craft beers appears to fade

In the early 2000s, Chris Bell, then a student at University of Colorado Boulder, followed a common path among people interested in brewing beer. He started doing so at home, then spent years working at established craft beer makers Long Trail Brewing in Vermont and Avery Brewing in Colorado before opening Call to Arms Brewing Company in 2015 in Denver.In a crowded market, the business was successful. Its More Like Bore-O-Phyll beer won a gold medal in the fresh or wet hop ale category at the 2018 World Beer Cup. A local outlet called it one of the city’s best breweries, and it had a 4

Stir-fries, crab cakes and carbonara: Georgina Hayden’s crab recipes

It’s hard not to be excited by the arrival of spring and all the produce that will soon be gracing our kitchens. Asparagus, spinach and new potatoes can’t come soon enough, but it’s not just fruit and vegetables that I count down the days for – there’s plenty of seafood to celebrate too, and in particular crab. Sweet and delicate, its freshness mirrors the arrival of brighter, sunnier days. If you’re lucky enough to pick through a fresh crab, then it needs very little in way of adornment – a squeeze of lemon perhaps, and warm bread and salty butter. Thankfully for the time-poor among us, you can also buy pots of it pre-cooked and picked, which is glorious lightly spiced in a dip or for folding through pasta

Rachel Roddy’s recipe for spaghetti with mushrooms, soft cheese and herbs | A kitchen in Rome

Before cooking something, it is never a bad idea to turn to the expert on the science of food and cooking, Harold McGee. This week, I had mushrooms, which, as he notes, are fruiting bodies, specialised structures that, encouraged by the parent body underground, force themselves up through the soil and open their umbrella-like cap so the gills or pores can release spores into passing air currents. The aim is the same as for all pushy parents: get the next generation into the world and hope they don’t get eaten in the process.I am hoping that a few million spores got out before the white and chestnut mushrooms I bought at our local supermarket were picked and packed. Mushrooms are often described as smelling and tasting earthy, but, as with most things, McGee is right

How to turn puff pastry offcuts into a brilliant cheesy snack – recipe | Waste not

After testing puff pastry for the Filter a few weeks ago, I had loads of trimmings left over, which reminded me of one of my favourite zero-waste recipes. Malfatti are biscuits made from pastry offcuts, which are seasoned, rolled in seeds and spices, baked and served with cheese. Determined to create something new with all my excess puff, I realised that it would be perfect for making misshapen cheese straws. Even if you have only a few offcuts, I implore you to top them with cheese and some sauerkraut or kimchi, then twist and bake alongside a tart or pie. They’re a brilliant little cheeky snack

Tips for downsizing recipes | Kitchen aide

Any tips for downsizing recipes to serve one? Dividing by the number of servings doesn’t always work.Melanie, by email“It’s often just common sense,” says Kitty Coles, author of Make More With Less, plus a little maths – though, as Melanie so wisely points out, you can’t always simply divide the ingredients and be done with it.First, you need to consider your cookware: “It’s really worth investing in smaller pans and a smaller skillet,” says Alexina Anatole, who is behind the Small Wins Substack. A tiny amount of liquid in a large pan, say, will get too much exposure to heat, so it’s very likely you’ll under- or overcook its contents. As Shelina Permalloo, author of What to Cook When Everyone’s Hungry, says, “The absorption method for rice is a nightmare if you’re using a wrong-sized pan

Loaded crisps: four recipes for the ‘perfect finger food’ – ranked from best to worst

Ready salted, prawn cocktail, pickled onion and smoky bacon – crisps are undoubtedly the nation’s favourite snack food, subject to a variety of staple and sometimes suspicious flavour varieties. According to one recent report, they were the UK’s snack of choice on 94% of “all consumption occasions”, often enjoyed with a complementary dip, or served in a packet ripped open on a pub table. But now, the humble bag of crisps is having a revamp.Enter: the loaded crisp bag. It’s a lot like loaded fries or nachos, in that it can be a vehicle for a whole gamut of flavours – as served, for example, at Pablos, a fast food outlet in Nottingham where anything from ground beef to molten cheese is dolloped into an opened bag of crisps

José Pizarro’s recipe for chicken and white bean stew

Chicken and beans are two of the foods I grew up with, and were often cooked in one pot and designed to be shared. It’s the kind of cooking we do at my restaurant Lolo: generous, relaxed and made to be eaten together. March sits between the seasons, when we still need comfort, but also start to look for freshness, too, and this stew feels just right for the moment. As the days get longer and spring starts to show itself, it is warming without being heavy, while the mojo verde lifts everything and gives the dish energy.Prep 10 minCook 1 hr 20 minServes 4-61 tbsp olive oil 3 banana shallots, peeled and finely sliced3 garlic cloves, peeled and sliced 3-4 sprigs fresh oregano 1 tsp smoked sweet paprika 1 pinch saffron strands Sea salt and black pepper 1 large chicken (1

Peter Smith obituary

My father, Peter Smith, who has died aged 97, set up a pioneering health food store in the unlikely setting of Scunthorpe, Lincolnshire, in the late 1950s, at a time when the pursuit of vegetarianism and healthy eating was a fringe interest.He ran the shop until the mid-1960s before spending a number of years living and teaching in Japan and then opening up another health food outlet in Surrey in the early 70s, guiding it successfully into the late 90s, by which time his advocacy of healthy diets had become much more mainstream.Born in Cottam, on the Nottinghamshire-Lincolnshire border, to Jack and Doris (nee Womble), Peter was raised in the lively setting of their pub, the Railway Inn in Leverton, where he flourished. As a child he showed a talent for snooker, touring local halls to play in charity matches and displaying the confidence that would mark his later life.After leaving Scunthorpe technical high school he did three years of national service from 1946 to 1949 with the Royal Air Force as an engineer and was posted to Iraq, an experience that sparked a fascination with foreign cultures, food and travel

Rukmini Iyer’s quick and easy reccipe for crispy baked gnocchi puttanesca | Quick and easy

Puttanesca purists, look away now. This dish takes the classic elements of a puttanesca – that is, anchovies, capers, olives, tomatoes – and combines them into a rich sauce for gnocchi, which are then covered in mozzarella, breadcrumbs and parmesan, and flashed under the grill. It’s exactly what you want on a rainy night. In fact, my sauce-averse toddler thought it smelled so good that she stole half of my plate – a win all round. (Although her pretty decent suggestion was that next time I use it as a pizza sauce, rather than on pasta or gnocchi