UK trade policy: time to stop the secret deals and get systematic

Trade can be a dirty business. Andrew Mountbatten-Windsor was tolerated as a “special representative for trade and investment” in the noughties despite allegations that he kept convicted gun smugglers for friends, while Peter Mandelson’s ability to schmooze the rich and famous repeatedly overruled concerns about his probity.To close a deal, there are always compromises to be made, and sometimes the terms are unsavoury.Britain is at the forefront of international deal making. It has been a trading nation for as long as it has existed

Dow Jones hits 50,000 milestone amid tech gains and hopes of lower interest rates

The Dow Jones industrial average crossed 50,000 for the first time, as ballooning tech valuations, robust corporate earnings and hopes of lower interest rates drive it to new highs.Leading stock markets on Wall Street came under pressure earlier this week as technology stocks fell amid scrutiny of extraordinary levels of investment into artificial intelligence.Cryptocurrencies including bitcoin have also suffered sharp falls in recent days, although they recovered some lost ground on Friday.But US equities have been rallying for months as investors largely shrugged off geopolitical tensions and grew increasingly optimistic about the economy.The Dow closed at 50,015

Amazon shares tumble as $200bn AI rollout plan worries markets – as it happened

Amazon’s shares are tumbling in early trading, though, as investors balk at its plans for an artificial intelligence spending blitz.Amazon’s shares have dropped by over 9%, a day after it announced plans to spend $200bn on artificial intelligence and robotics this year.Amazon’s CEO Andy Jassy sounded bullish last night, declaring:“With such strong demand for our existing offerings and seminal opportunities like AI, chips, robotics, and low earth orbit satellites, we expect to invest about $200 billion in capital expenditures across Amazon in 2026, and anticipate strong long-term return on invested capital.”But as flagged earlier (9.59am), investors fear companies are wasting their money, given the hundreds of billions of dollars being committed to AI rollout this year

Stellantis takes €22bn hit after ‘overestimating’ pace of shift to EVs

The carmaker Stellantis has said it will take a €22bn (£19.1bn) charge and sell a stake in its battery joint venture after admitting that it “overestimated” the pace of the shift to electric vehicles.Shares in the European-based carmaker, which owns marques including Peugeot, Fiat, Jeep and Citroën, plunged after it said that the move was part of a reset of its business as it also admitted “poor operational execution”.Antonio Filosa, the chief executive of Stellantis, said: “The charges announced today largely reflect the cost of overestimating the pace of the energy transition that distanced us from many car buyers’ real-world needs, means and desires.“They also reflect the impact of previous poor operational execution, the effects of which are being progressively addressed by our new team

Price of average UK home passes £300,000 for first time, Halifax says

The average cost of a UK home passed £300,000 for the first time in January, as house prices increased at the fastest rate since November 2024.Data released by Halifax showed that house prices rose 0.7% month on month last month, the fastest rate since a 1.1% increase was recorded in November 2024. On an annual measure, prices grew 1%

Almost a quarter of soup on sale in UK supermarkets has too much salt, study finds

Nearly a quarter of all soup bought in supermarkets contains too much salt, with one brand containing more salt than two McDonald’s cheeseburgers, according to research.Soup has long had a reputation for being a healthy choice for lunch. The analysis of nearly 500 varieties of tinned and chilled soups sold in supermarkets found that 23% contained too much salt.Of the 481 soups Action on Salt and Sugar (AoSS) tested, nearly half (48%) of branded soups and 6% of supermarket own-brand soups still exceeded the government’s voluntary salt target of 0.59g per 100g serving

Bald eagles and Lynyrd Skynyrd: is Budweiser’s all-American Super Bowl ad serious?

Featuring an unlikely animal friendship, the commercial boasts enough patriotic iconography to verge on self-parodyThree years after its sister brand, Bud Light, faced a rightwing boycott over a transgender spokesperson, Budweiser’s new Super Bowl ad, American Icons, contains absolutely nothing that could be mistaken for social progress. Instead, it features an unlikely friendship between two animals whose blood runs red, white and blue: a bald eagle and a Clydesdale horse, the Budweiser icon. An adorable foal trots out of a barn, and the viewer is injected with a single minute of American iconography so pure that it would make Lee Greenwood nauseous.The horse meets a struggling baby bird who gets caught in the rain, prompting the horse to stand over the bird as a roof. The pair become pals and grow up together, the bird riding on the horse’s back as it grows larger

Barclays reportedly cuts ties with lobbying firm co-founded by Peter Mandelson

Barclays has reportedly cut ties with the lobbying firm co-founded by Peter Mandelson, after intense scrutiny of the founders’ dealings with the late child sex offender Jeffrey Epstein.Vodafone has also said it is reviewing its contract for public affairs services with Global Counsel, which Mandelson co-founded in 2010 after Labour lost the general election.Mandelson has tried to distance himself from the lobbying firm after the revelations of the extent of his relationship with Epstein sparked a major political scandal. Mandelson resigned from the Labour party on Sunday.The former minister was sacked as ambassador to the US in September after the emergence of emails that suggested he had a close relationship with Epstein, who died in prison in 2019 while awaiting trial over child sex-trafficking charges

Shell will consider fossil fuel investment in Venezuela, says chief executive

Shell is considering fossil fuel investments in Venezuela worth billions of dollars, according to its chief executive.Wael Sawan said Europe’s largest oil company is weighing plans for production projects off the Venezuelan coast that could begin yielding gas in the next couple of years. “These are opportunities that could potentially be activated within months,” he told CNBC, adding that the company was now awaiting approvals.Shell’s fresh interest in the South American country has emerged a week after Venezuela passed sweeping reforms to its hydrocarbon laws to encourage increases in oil and gas production and foreign investment, in line with calls from the US president, Donald Trump, to revive the industry.Trump called for America’s biggest oil companies to reignite Venezuela’s struggling oil industry after removing the former president Nicolás Maduro last month, but the suggestion received a tepid response from executives, including the chief executive of ExxonMobil, Darren Woods, who said that political stability was vital before investments could take place

Rio Tinto and Glencore abandon revived $260bn merger plan

Rio Tinto and Glencore have abandoned plans for a $260bn merger, walking away from a deal that would have created the world’s largest mining company.Rio Tinto said it was no longer considering a “merger or other business combination” with Glencore after it “determined that it could not reach an agreement that would deliver value to its shareholders”.Glencore said the key terms of the potential offer, which would have seen Rio keep both the chair and chief executive roles, “significantly undervalued Glencore’s underlying relative value contribution to the combined group”.The company added the deal did not adequately value its copper business and growth pipeline, and concluded that the merger was not in the best interests of its shareholders.It marks the third time that talks to combine the two commodities giants have collapsed, after discussions were revived last month

US job openings dropped to a five-year low in December 2025, report shows

US job openings dropped to the lowest level in more than five years in December and data for the prior month was revised lower amid a softening in labor market conditions at the end of 2025.Job openings, a measure of labor demand, decreased by 386,000 to 6.542m by the last day of December, the lowest level since September 2020, the labor department’s Bureau of Labor Statistics said in its Job Openings and Labor Turnover Survey, or Jolts report, on Thursday.Data for November was revised down to show 6.928m job openings instead of the previously reported 7

Bank of England holds interest rates and ‘shocked’ over Mandelson; Rio-Glencore merger talks collapse – as it happened

Bank of England governor Andrew Bailey has added his voice to those condemning Peter Mandelson for leaking market-sensitive information at the time of the global financial crisis, our economics editor Heather Stewart writes.“I am shocked by what we are hearing,” Bailey said (see earlier post), when asked about the revelations at a Bank press conference.We do learn from that that there are times when … lobbying happens which has ethics attached to it which I do find shocking, frankly.Asked again about his personal feelings, Bailey, who worked with the Treasury on the response to the 2008 financial crisis, appeared to become emotional as he compared the actions of Mandelson to those of the late chancellor, Alistair Darling.Bailey reminds journalists at the Bank that he and his colleagues at the press conference, Clare Lombardelli and Dave Ramsden, all knew Darling (who died in 2023)

What a ​four-​year-​old ​taught ​us ​about the ​magic of ​baking​ a chocolate ​cake

Valentine’s is on the horizon, which means we are about to officially enter chocolate cake season – that soft-focus part of winter when confectionery and romance blur together. For our four-year-old goddaughter, it is always that time of year. Just hearing the two words together makes her roll her eyes and roll out her little tongue in anticipation of pleasure, like a cartoon kid. When we told her we would come and bake a chocolate cake with her, there were squeals of joy.Settling on a recipe was the first challenge – Ravneet Gill’s fudgy one, Felicity Cloake’s perfect one and Benjamina Ebuehi’s traybaked one were all contenders

Rachel Roddy’s recipe for pork ragu with herbs (for gnocchi or pasta) | A kitchen in Rome

It’s 10.30am and steam carrying the smell of onions, beans, cabbage and braised meat escapes from the kitchen in the corner of box 37 on Testaccio market. In the small kitchen is Leonardo Cioni, a tall chef from San Giovanni Valdarno, midway between Florence and Arezzo, who, for the past three-and-a-half years, has run box 37 as Sicché Roba Toscana, which roughly translates as “therefore Tuscan stuff”. The escaping steam is effective advertising, leading eyes to the blackboard above the counter to discover exactly what is going on in the back.Always on the menu is lampredotto

Rich plums and ripe tomatoes: Australia’s best-value fruit and veg for February

Tomatoes ripe for cooking, cheap watermelon and cucumbers for $2 a piece – but it’s the final call for apricots, cherries and mangoesGet our weekend culture and lifestyle emailJuicy watermelon, deep-purple plums and ripe roma tomatoes are some of the vibrant fruit and veg highlights this month, says Graham Gee, senior buyer at the Happy Apple in Melbourne.“Tomatoes are plentiful, in particular the saucing varieties,” he says. “Roma varieties are sold nice and ripe, ready to make passata.” Cooking tomatoes are roughly $2 a kilo at the Happy Apple, with Australian field tomatoes going for about $5 a kilo in supermarkets.Watermelon is “very cheap”, says Michael Hsu, operational manager at Sydney’s Panetta Mercato

How to make moreish cookies from store-cupboard odds and ends – recipe | Waste not

I often eat a bag of salty crisps at the same time as a chewy chocolate bar, alternating bite for bite between the two, because the extreme contrast of salt from the chips and the sweetness of the chocolate fire off each other and create an endorphin rush. The same goes for these cookies, adapted from a recipe by Christina Tosi at New York’s legendary Milk Bar.Christina Tosi writes in Gourmet Traveller Australia how she first learned to make these cookies at a conference centre on Star Island, New England, where they’d bake them each week with a hodge-podge of different ingredients. Being on an island, they didn’t always have access to what they wanted, so they had to come up with a new recipe every week using whatever they had. In the spirit of the recipe’s origins, I’ve adapted Tosi’s recipe for the UK, and made it flexible, so you can raid your own store-cupboards and adapt and invent your own version from it

Camilla Wynne’s recipes for blood orange marmalade and no-bake marmalade mousse tart

If you’re intimidated by making marmalade, the whole-fruit method is the perfect entry point. Blood oranges are simmered whole until soft, perfuming your home as they do so, then they’re sliced, skin and all, mixed with sugar and a fragrant cinnamon stick, and embellished with a shot of amaro. Squirrel the jars away for a grey morning, give a few to deserving friends, and be sure to keep at least one to make this elegant mocha marmalade mousse tart. A cocoa biscuit crust topped with a chocolate marmalade mousse and crowned with a cold brew coffee cream, it’s a delightful trifecta of bitterness that no one will ever guess is an easy no-bake dessert.If you’re not up for preserving, make this using shop-bought thick-cut marmalade

The dump dinner: spaghetti is now being served straight on to the table – but why?

Name: Dump dinners.Age: Horribly new.Appearance: Feeding time at the zoo, but for humans.I’ve just Googled this. Apparently a dump dinner is a make-ahead slow cooker recipe

Australian supermarket coconut water taste test: ‘Smells like an island holiday’

Overcoming his irrational fear of coconut products, Nicholas Jordan tests a lovely – and lowly – bunch of coconuts in a rowIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailI have a fear of coconut products. Like all fears it’s based on a questionable rationale and trauma, and my trauma is taste testing “health” coconut-heavy products that taste like soap. Which is why, until recently, almost all the coconut water I’d drunk was from a straw reaching out of a fresh coconut.Surely there’s no way a bottled coconut water, made from 100% coconut, could be that bad. Maybe it could be better than the real thing? I enjoy Melona more than the average honeydew melon

Miso mystery: red, white or yellow – how does each paste change your dish? | Kitchen aide

What’s the difference between white and red miso, and which should I use for what? Why do some recipes not specify which miso to use? Ben, by email“I think what recipe writers assume – and I’m sure I’ve written recipes like this – is that either way, you’re not going to get a miso that’s very extreme,” says Tim Anderson, whose latest book, JapanEasy Kitchen: Simple Recipes Using Japanese Pantry Ingredients, is out in April. As Ben points out, the two broadest categories are red and white, and in a lot of situations “you can use one or other to your taste without it having a massive effect on the outcome of the dish”.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

The pie and mash crisis: can the original fast food be saved?

There used to be hundreds of pie and mash shops in London. Now there are barely more than 30. Can social media attention and a push for protected status ensure their survival?Outside it’s raining so hard that the sandwich board sign for BJ’s pie and mash (“All pies are made on the premises”) is folded up inside. The pavement along Barking Road in Plaistow is a blur through the front windows and deserted, and there are only two customers in the shop. Another sign – this one on the counter – says “CASH ONLY”

Sami Tamimi’s recipes for spiced bulgur balls with pomegranate, with a herby fennel side salad

I have always dreamed of a return to the golden age of Arab trade, when spices, fruits and ideas voyaged across deserts and seas, creating extraordinary food cultures through exchange and curiosity. I’ve imagined bringing new flavours home, letting them transform the kitchen – but with all the madness in today’s world, that dream must stay a dream, for now. So, these recipes become my journey, a way to reconnect with that spirit and taste the magic of the Arab golden age today.This dish originates in Latakia, a port in Syria. Kbeibat bulgur in Arabic translates to “small kibbeh”, and refers to a range of dishes that are popular across the Arab world and beyond

Rukmini Iyer’s quick and easy recipe for mushroom and artichoke puff-pastry quiche | Quick and easy

No time to make shortcrust? Bought puff pastry makes an instant (and decadent) alternative. Yes, I know you can buy ready-rolled shortcrust, but I wouldn’t: it’s trash. If this column didn’t have a 30-minute time constraint, I’d blitz 200g plain flour and 100g cold cubed salted butter to sand, then add one egg yolk and a tablespoon of cold water, then blitz for a few seconds, and no longer, until it just comes together. I’m unorthodox, so I then tip the pastry straight into a pie dish, quickly pat it into place and freeze for 15 minutes. Blind bake for 10 minutes at 180C(160C fan)/350F/gas 4, before removing the paper and baking beans and tipping in the filling – it’s really not very much work

How to make mulligatawny – recipe | Felicity Cloake's Masterclass

I have yet to see anyone eating mulligatawny in an Indian restaurant – perhaps unsurprisingly, given that it’s a product of the British occupation, and the very name has an off-putting Victorian feel, which is a shame, because it’s aged a lot better than imperialism. Based, historians think, on the Madrassi broth molo tunny, it’s a lovely, gently spiced winter soup that’s well worth rediscovering.Prep 15 min Cook 50 min Serves 4-61 onion 1 carrot 1 parsnip 1 celery stick 2 tbsp ghee, or oil (eg, coconut)4 garlic cloves 1 knob fresh ginger ½ tsp cayenne pepper or mild chilli powder 2½ tsp madras curry powder (see step 5) 1½ litres good-quality chicken stock, or vegetable stock1 chicken thigh, bone in. skin on (optional; see step 1)150g masoor dal (AKA split orange lentils)4 tbsp flaked almonds (optional; see step 7)100ml hot milk, or water1 tbsp lemon juice Salt 1-2 tbsp fruity chutney (eg, mango; optional)1 small bunch fresh coriander, roughly chopped, to servePlain yoghurt, to serveThough often made with chicken, mulligatawny was also traditionally prepared with mutton or goat, and works well with lamb, too; any fairly tender cut of either will be fine (or, indeed, you could just add some cooked meat at the end). For a lighter dish, leave it out; to make it plant-based, just swap the fat and stock as suggested below