US Postal Service to introduce 8% fuel surcharge on packages

The US Postal Service (USPS) plans to introduce its first-ever fuel surcharge on packages to offset rising energy costs, according to a statement.The surcharge, set at 8%, is expected to take effect on 26 April and remain in place until 17 January 2027, under the current plan.Packages under Priority Mail Express, Priority Mail, USPS Ground Advantage and Parcel Select will be affected by the surcharge.“Transportation costs have been increasing, and our competitors have reacted with a number of surcharges,” reads the statement by the USPS. “We have steadfastly avoided surcharges and this charge is less than one-third of what our competitors charge for fuel alone, so even with this change, the Postal Service continues to offer great value in shipping with some of the lowest rates in the industrialized world

Rising profit margins turbocharged Australia’s latest inflation figures – but something worse is just around the corner | Greg Jericho

It is rare for economic data to be out of date the moment it is published – and yet that is the case with the February inflation figures out on Wednesday at 11.30am. By 11.31am they had been digested and ignored amid a flurry of “before the full impact of the Iran war” comments.In February, annual inflation was 3

No escape from the energy shock for UK business. A long-term strategy is still essential | Nils Pratley

The cost of energy for British business was a crisis even before the Iran war sent prices higher: the UK already had the highest electricity prices for industry among G7 countries. Now comes the next whack. How big will it be?Projections from the energy consultancy Cornwall Insight are steep for electricity and gas. For the former, it thinks increases of 10-30% are on the cards; for the latter 25-80%. The ranges are wide because, unlike with households, there are no price caps for businesses

Stocks rise and oil dips on hopes of 15-point Iran peace plan

The price of oil has dipped and stock markets around the world have moved higher on reports that the US has sent a 15-point framework for peace to Iran, amid hopes of a ceasefire in the Middle East.Positive sentiment may also have been bolstered by reports that Iran had announced it was permitting “non-hostile” ships to pass safely through the strait of Hormuz, a move that could help to reopen the vital shipping lane.Oil prices had fallen by 4% in the early hours of Wednesday, with the Brent crude benchmark sinking below $100 a barrel, as traders reacted to the prospect of an easing of the squeeze on supplies.Stock markets in Asia moved higher, with Japan’s Nikkei closing up 2.9% and Hong Kong’s Hang Seng adding just over 1%

Crispin Odey tried to ‘manipulate’ sexual assault victim, FCA tells court

The financial watchdog has accused the former hedge fund manager Crispin Odey of attempting to “manipulate” a victim of sexual assault into silence.Odey texted his former employee, whose breasts he had groped, a warning in 2022 that the Financial Conduct Authority could question her about him.He said the regulator was “using” her to further its “vendetta” against him and his hedge fund, Odey Asset Management (OAM).The 67-year-old has previously accepted that he groped the woman without her consent in 2005, which he said happened while he was under the influence of sedatives after a root canal treatment.Odey, who faces a number of sexual harassment allegations, sent the woman a text in January 2022 saying the regulator would use her “to show that there were no controls and you were in fear of my position in the company which stopped you from speaking out”, according to evidence provided by the FCA at a court hearing on Wednesday

Iran war threatens to delay large offshore wind projects in EU and UK

A string of large offshore wind projects in Europe are facing potential delays as the Iran war threatens to disrupt shipping of crucial parts manufactured in the Gulf.Industry sources are concerned that components ordered from suppliers in the United Arab Emirates could become trapped if shipping remains effectively blocked through the strait of Hormuz.Iran’s chokehold on the crucial trade route has upended oil and gas deliveries from the Middle East. Sources fear contingency plans may have to be put into action to avoid delays to clean energy projects too.These include two giant offshore windfarms planned for UK waters, as well as a series of projects that will supply offshore wind power to Germany and the Netherlands