Iran war costs Toyota £3bn as prices of materials soar and sales fall

Toyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped.The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses.The biggest hit for the Japanese manufacturer was a 400bn yen (£1.9bn) increase in materials costs linked to the war, while it lost another 270bn yen in lower sales. Toyota is the dominant automotive brand in the Middle East

British Airways fares to rise in attempt to offset £1.7bn fuel cost hit

British Airways fares will rise to try to recoup most of a €2bn (£1.7bn) hit in fuel costs this year, its parent group has said, adding that the Iran war will dent profits.The International Airlines Group (IAG) said its annual fuel bill was now expected to be about €9bn, up from the forecast €7.1bn, as 70% of its supply was hedged, shielding it from the full impact of soaring jet fuel prices since the start of the conflict.It expects to recover about 60% of the €2bn additional fuel costs through “revenue and cost management actions”, with fare rises primarily loaded on BA rather than its sister airlines

GameStop CEO opens eBay storefront to pay for potential eBay acquisition

The CEO of GameStop, Ryan Cohen, said he was selling vintage video games, baseball cards, GameStop merchandise and a $14,000 pair of tube socks to help fund the company’s proposed $55.5bn acquisition of eBay.His platform of choice? eBay, of course.Cohen posted a link to his eBay storefront on Tuesday night, saying: “I’m selling stuff on eBay to pay for eBay.”Hours later, Cohen posted a screenshot with a notification that his account had been suspended

Gas-fired power still looks a safe bet for Centrica in the renewables era

The eye-catching non-Hormuz news in energy-land last month was that Great Britain is set for a record-breaking summer for wind and solar power generation. The national energy system operator even thought there could be periods – a sunny weekend or a bank holiday afternoon of low demand, for example – when more renewable power would be available than the electricity grid needed.So, on the face of it, it is an odd moment for Centrica, the owner of British Gas, to fork out £370m to buy a 16-year-old combined-cycle gas turbine plant in south Wales. After all, the government’s clean power plan imagines that, come 2030, Great Britain’s entire fleet of gas plants will be used to generate only 5% of its electricity, down from 31.5% in 2025

Senate Democrats press top media regulator Brendan Carr to back off ABC

A group of prominent Senate Democrats sent a letter on Thursday to Brendan Carr, the Trump-aligned Federal Communications Commission chair, asking him to rescind the US media regulator’s order last week requiring ABC to apply early to renew its television licenses.The eight ABC-owned station licenses were not originally up for renewal until 2028 at the earliest and 2031 at the latest; now, the renewal requests must be filed by the end of May.Although Carr told reporters that the early license renewal request stemmed from an ongoing investigation into the diversity, equity and inclusion (DEI) efforts of ABC’s parent company, Disney, the announcement came just a day after the president and his wife called on the network to fire Jimmy Kimmel, the late-night comedian, for a poorly timed joke. The letter called the early renewal demand an “extraordinary abuse of power” and an “unconstitutional abuse of the Commission’s powers”.“The campaign against Disney and its editorial decision-making, culminating in last week’s early-renewal order, is an egregious abuse of power and a clear violation of the First Amendment,” lawmakers state in the letter led by Senators Edward J Markey, Chuck Schumer, Maria Cantwell and Ben Ray Luján

Financial stability risks are rising as AI fuels cyber-attacks, IMF warns; oil below $100 on Iran peace hopes – as it happened

Newsflash: The International Monetary Fund is warning that financial stability risks are rising as artificial intelligence fuels cyber-attacks.In a new blogpost, just published, the IMF singles out Claude Mythos as an example of how quickly risks are increasing.The Fund is calling for “resilience, supervision, and international coordination” to safeguard global financial markets, and protect them against attackers with new AI tools.It warns that AI tools such as Mythos can “dramatically” cut the time and cost needed to identify and exploit vulnerabilities, which raises the risk of weaknesses in key systems being discovered and exploited.IMF experts Tobias Adrian, Tamas Gaidosch and Rangachary Ravikumar write:double quotation markMythos could find and exploit vulnerabilities in every major operating system and web browser—even when used by non-experts

Climate campaigners attack Shell over ‘windfall’ profits from Iran war

Shell has reported better than expected profits of $6.9bn (£5bn) after its oil traders reaped the benefits of soaring energy prices during the war in Iran, angering climate campaigners.Europe’s biggest oil and gas company posted a 115% jump in first-quarter profits from the $3.2bn reported in the last three months of 2025.The profits easily surpassed the $6

BP plans to sell shares in flagship carbon projects as it pulls back from green agenda

BP plans to sell stakes in two flagship carbon capture and storage projects in the north-east of England as the company continues to retreat from the green agenda.The oil company hopes to reduce its share in the Net Zero Teesside (NZT) project, which aims to develop the UK’s first gas power plant to be fitted with a controversial carbon capture system to remove its emissions.It also plans to cut its stake in the Northern Endurance Partnership project (NEP), which plans to build a network of offshore pipelines to transport carbon dioxide from the Humber, including the Teesside power plant, and store it under the North Sea.BP’s flagship carbon capture projects were backed by Bernard Looney, the company’s former chief executive, as “the right thing for the world, a tremendous business opportunity” which would create the nation’s first major carbon capture project and “maybe the world’s first zero-carbon industrial cluster”.His departure almost three years ago has led to a tumultuous period for the 117-year-old company, including a leadership overhaul and a steady dismantling of Looney’s green agenda, which failed to win over BP shareholders

JD Sports says Iran war and youth unemployment to hit consumer spending

The sports fashion retailer JD has said that profits will fall this year amid a “muted market” hit by concerns about the Middle East conflict and weaker spending by young people facing rising unemployment.The company, which runs 4,800 stores worldwide including the JD, Blacks and Millets chains in the UK, said it expected profits of between £750m and £850m in the year ahead, after reporting £852m in the year to the end of January.Régis Schultz, the retail group’s chief executive, said its core youth market had been hit by rising unemployment, adding: “Those 10-30 hour contracts they do allow them to buy the sneakers they would love to have.”He said this was not just a UK problem, with sales to 14-18 year olds down by more than 10% across Europe, including the UK, according to industry data.JD said there had been “no material business impact to date” from the war in Iran, but the company warned that the conflict may end up pushing up costs and prices

Dawn airport drinkers call out Ryanair boss on proposal to ban ‘holiday ritual’

For most people, the idea of a pint with breakfast is pretty grim. But at the Wetherspoons in Stansted’s departure lounge on Thursday morning, it appeared to be the beverage of choice.“It’s a holiday ritual,” said Dee Wood, 60, a waste policy officer, who was enjoying a pint while waiting to board her Alicante-bound morning flight. “It’s like the start of holiday,” said her friend Rachel Almond, 59, a community planner, who was treating herself to a lager. “We don’t get drunk, we just have a pint, say cheers and off we go

Revealed: owner of former WH Smith stores is charging fee to use fictitious ‘family’ brand

The investment company that owns the former WH Smith high street stores is charging the retailer millions of pounds in licence fees for the right to use its widely derided TG Jones name, the Guardian can reveal.Modella Capital, which bought the chain from WH Smith’s parent company last year, on Wednesday blamed weak consumer spending as it laid out a restructuring plan that could shut 150 of its 450 shops. It also said “the forced name change from WH Smith has also negatively impacted consumer awareness”.However, documents seen by the Guardian showed Modella, which bought the paperclips to books chain for £76m last year, was so far owed £2.9m in royalty fees for use of the fictitious “family” name now used on the former WH Smith stores

UK construction firms face some of sharpest cost rises in nearly 30 years

Construction companies in the UK are experiencing some of the sharpest cost rises in nearly 30 years as the war in Iran drives up prices for fuel and raw materials, according to a closely watched survey.The poll of UK construction companies found that input cost inflation – which accounts for expenses such as raw materials, energy and labour – rose last month to the highest level since June 2022 when there was a spike in commodity prices caused by Russia’s invasion of Ukraine.April’s jump in purchasing prices was also one of the steepest since the survey began in 1997.The monthly purchasing managers’ index (PMI) for construction activity, considered one of the best indicators of growth in the sector, fell to 39.7 in April, the lowest level since last November and down from 45

Navel gazing: oranges, mandarins and persimmons top Australia’s best-value fruit and veg for May

“Sweet, low seed and great for snacking” imperial mandarins have just started their season, says Josh Flamminio, owner and buyer at Sydney’s Galluzzo Fruiterers. The tangy-sweet citrus is selling for between $2.99 and $3.99 a kilo in major supermarkets. At Galluzzo, Queensland-grown imperial mandarins are $3

How to save asparagus trimmings from the food-waste bin – recipe | Waste not

Asparagus butts are a particularly tricky byproduct to tame because they’re so fibrous. I usually cut them very finely (into 5mm-thick discs, or even thinner), then boil, puree and pass them through a sieve (as in my green goddess salad dressing and asparagus soup), but even then you’ll still end up with a fair bit of fibrous waste. Enter asparagus-butt butter: a recipe that defies all odds, making the impossible possible by transforming a tough offcut into an intense compound butter that’s perfect for grilling or frying asparagus spears themselves, or for eggs, bread, gnocchi or whatever you can think of. The short fibres brown and caramelise in the butter, and in the process become the highlight of the dish, rather than the problem.This transforms an unwanted byproduct into an intense expression of the plant’s flavour

Thoran and chaat: Romy Gill’s Indian-style asparagus recipes

Spring’s first asparagus always feels like a celebration, but there’s so much more to cooking those spears than just butter and lemon. Here, those tender stems combine with bold Indian flavours in two playful dishes. The thoran, inspired by Keralan home cooking, involves stir-frying asparagus with coconut, mustard seeds and curry leaves to create something warm and comforting (my friend Simi’s mum always used to drizzle it with a little lemon juice to give the flavours a lift). The chaat, meanwhile, tossed with tangy tamarind, yoghurt, spices, crunchy chickpeas and sweet pomegranate, is a delicious snack or side. Together, they show how versatile asparagus can be: easy to cook, vibrant and moreish even in unexpected culinary traditions

Australian supermarket sauerkraut taste test: one is ‘like eating the smell of McDonald’s pickle’

It’s ‘Gut Coachella’ for Nicholas Jordan and friends, who blind taste a line-up of 20 shredded and fermented cabbage productsIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailI cannot tell you how many times I’ve been introduced to a fatty, salty hunk of meat and thought, “my god, I’m going to need a pickle”. I feel the same eating cheese toasties or deli sandwiches with rich mayo-based sauces. Where is the pickle, hot sauce, citrus or ferment? Even the most savoury, juicy slab of umami is a bit much without acidity to balance it.What is the point of sauerkraut without acidity? It’s just wet, salty cabbage, and what is that for, other than deflating my spirits and inflating my gastrointestinal system? Sauerkraut should be sour; it’s the hallmark of the very thing that created it – fermentation.Why am I saying all this? After eight friends and I tasted 21 supermarket sauerkrauts, I was shocked to find some lacked not just acidity but any vigour at all

Fears for spears: how to cook asparagus without blanching | Kitchen aide

I always blanch asparagus, but how else can I cook it?Joe, via email“Blanching captures that green, verdant nature of asparagus so well, and saves its minerality, too,” agrees Bart Stratfold of Timberyard in Edinburgh, but when the season is going full tilt, it’s just common sense to expand our horizons. For Billy Stock, chef/owner of the Wellington in Margate, that means salads, especially with spears that are really fresh: “Use a peeler to shave thin strips off the raw asparagus, and use them in a delicious variation on salade Niçoise.”Another approach would be the grill, Stratfold says: “Coat the spears in rapeseed oil, then grill on an excruciatingly high heat for just a few seconds, until they develop some char.” After that, he rolls them in a tray of vinegar or preserves: “At the restaurant, that’s usually sweet pickled elderflower and elderflower vinegar.”Joe could even abandon the kitchen altogether

Georgina Hayden’s quick and easy recipe for spanakopita orzo | Quick and easy

For me, it isn’t really spring until the first May bank holiday; the days are longer, the flowers are out, and an abundance of green graces our shelves. This spanakopita orzo is a celebration of all things light, bright and spring. It’s a great weeknight dinner that will instantly transport you to Greece.This dish should be oozy, like a good risotto, so if your orzo absorbs all the stock, add a little more hot water to give it that requisite creamy finish.Prep 15 minCook 25 min Serves 425g butter 2 tbsp extra-virgin olive oil, plus extra to serve1 bunch spring onions, trimmed and sliced2 garlic cloves, peeled and finely sliced220g baby leaf spinach, chopped1

Spring soup and bean and cheese quesadillas: Thomasina Miers’ Mexican-inspired seasonal recipes

I have always loved the evident (though not proven) link between how foodie a country is and its love of soups. In Mexico, where nose-to-tail eating is a given, broths maintain a steadying presence in any self-respecting cantina, and soups are commonplace on most menus. We don’t eat a crazy amount of meat at home, but having homemade stock in the freezer is an ingenious fast track to flavour and goodness. Here, whether your stock is chicken or vegetable, homemade or shop-bought, the joy is in the gentle spicing, a scattering of herbs, zingy tomatillos and some lovely spring leaves.There are so many different herbs in Mexico that are impossible to find here, so I’ve used bundles of more common soft herbs to try to capture the lovely breadth of flavour in this soup

How to make the perfect Spanish broad bean stew – recipe | Felicity Cloake's How to make the perfect …

I always feel sorry for broad beans, the lumpy cousin perpetually overshadowed by the charms of slender, elegant asparagus and sweet, bouncy, little peas. They’re in season at roughly the same time, but asparagus in particular gets all the glory, perhaps because so many of us are scarred by childhood experiences of large, grey wrinkly beans served in a floury white sauce (my own parents are so averse to the things that I vividly remember the first time I came across them on a Sunday roast as a teenager and had to ask a friend what they were).The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

‘We don’t want to make the same mistakes’: Jamie’s Italian reopens in London

Jamie Oliver’s head of restaurants is optimistic about new recipe of smaller site, slimmed-down menu and no burgersWhen Jamie’s Italian crashed and burned in 2019, with the company in £83m of debt and causing 1,000 job losses, no one imagined the celebrity chef would try again.But seven years later, Jamie Oliver has opened a flagship site under the same name in Leicester Square in central London, and believes he has a new recipe for success: a smaller restaurant with a slimmed-down menu, which features cheaper cuts of meat and no burgers.At its peak the chain, which opened in 2008, had 47 UK restaurants. Now it just has the one.Ed Loftus, the global director of Jamie Oliver Restaurants, has worked with Oliver for 20 years and is charged with making the reopening a success

Willy’s, Margate, Kent: ‘It chortles in the face of small plates’ – restaurant review | Grace Dent on restaurants

This cute and jovial eatery is reason enough to make a break for the coastAs summer looms, and with it the urge to stampede towards the edges of Britain in search of paddling opportunities, I proffer another coastal dining idea: Willy’s in Margate – and, yes, that name does have about it something of the naughty seaside postcard. Tucked away in the back of Margate House hotel on Dalby Square, a few minutes’ walk from the seafront, Willy’s is a blur of frilly red-and-pink seaside adorableness. It’s cool, cute and jovial, with pork scratchings and apple chutney on the menu, as well as black pudding scotch eggs, sticky toffee pudding and Sunday lunches of beef rump and baked cauliflower cheese. This menu is short, intentional and hearty, rather than airy-fairy, and it chortles in the face of small plates.But, for the foodie/sippy crowd, the signifiers are all here: there’s a paper plane and a penicillin on the cocktail menu, throwbacks to New York’s iconic Milk and Honey bar

Helen Goh’s springtime spinach sponge cake with cream cheese icing – recipe | The sweet spot

There is a particular green that belongs to spring: pale and luminous, it’s softer than the dark foliage of winter, and quieter than the glossy abundance of summer herbs. Spinach, the colour of new growth, captures this moment perfectly. Tender and almost impossibly vivid, this cake loses its metallic edge in the heat of the oven, leaving a gentle, vegetal brightness. Baked in a shallow tin and spread with cream cheese icing, when sliced into squares, it produces the perfect ratio of cake to icing and tastes uncommonly good.Prep 10 min Cook 50 min serves 8-10For the cake120g baby leaf spinach, stems removed 120ml milk 200g plain flour 1½ tsp baking powder ¼ tsp bicarbonate of soda (baking soda) ¼ tsp fine sea salt 3 large eggs, at room temperature180g caster sugar Finely grated zest of 1 lime 120ml solid coconut oil, melted and cooled to tepid1 tsp vanilla extractFor the icing200g cream cheese 100g icing sugar, sifted Finely grated zest of 1 lime, plus 1 tsp juice80ml double creamLine the base and sides of a standard 23cm x 33cm x 5cm baking tin and heat the oven to 185C (165C fan)/360F/gas 4½

Why we care so much about preserving family recipes

“Chicken, leek, flour, a few more ingredients.” That was it: my grandma’s WhatsApp response to me earnestly asking if she’d mind sharing her time-honoured chicken pie recipe. She wasn’t being obtuse – well, not deliberately. She had simply never before committed a dish that was second nature to paper, let alone an iPhone screen.It wasn’t how she’d learned it and it wasn’t how I’d go on to learn it, either