Stock markets are wobbling, but £10bn cash bids at fat premiums can still happen

It was a bad day for the FTSE 100 index on Tuesday – down 1.4% – but the puzzle in many quarters is why share prices haven’t fallen further since the start of the US-Israel war on Iran. The index is still up by a couple of percentage points since new year, which is not a bet most would have made at the time if they had been told an inflationary energy price shock lay around the corner.An absence of Iran-related corporate profits warnings partly explains the relative resilience, even if those usually take a while to arrive. So, too, the fact that the Footsie is overpopulated with overseas earners for whom the US economy, which isn’t suffering Europe’s soaring natural gas prices, matters more than their home market

UK electric car sales leap ‘could be hit by Iran war inflation and energy price rises’

A recent jump in electric car sales in the UK is likely to be “tempered” by worries over rising inflation and energy prices caused by the Iran war, a leading industry body has warned.New car sales in the UK rose by 24% year on year to 149,247 in April, according to the Society of Motor Manufacturers and Traders (SMMT).The trade body said battery electric vehicle (BEV) sales jumped by 59.1% last month and the two millionth electric car had been registered. They accounted for more than a quarter (26

‘There is a good deal of fear’: what would a Labour leadership challenge mean for bond markets?

Who calls the shots on the bin collections in Sunderland, potholes in Hackney, or schools in Cardiff is not normally of interest to City traders in the multitrillion-pound sovereign bond market.But for those dealing in UK government debt, Thursday’s local and devolved government elections are significantly more important than usual, amid speculation that a dire showing for Keir Starmer’s Labour party could topple him as prime minister.“Usually local elections should not be a market relevant event, but this has indeed become one,” said Sanjay Raja, the chief UK economist at Deutsche Bank.“Mainly as the repercussions, not just from a leadership challenge, but also any changes to fiscal policy and any pressure on fiscal rules the chancellor had signed up to. That is what the market is really signed up to

Thousands of Just Eat couriers launch legal action to improve workers’ rights

More than 7,000 Just Eat couriers are taking legal action against the food delivery company in an attempt to gain better employment rights including the minimum wage and holiday pay.The employment tribunal, which begins on Tuesday and is set to run until 2 June, will determine if the couriers are classed as workers, a status that comes with improved rights, or self-employed independent contractors.Judgment is expected later in 2026.Just Eat dismissed about 1,700 couriers in the UK in 2023 when it returned to a gig economy model and scrapped an experiment that offered guaranteed minimum pay, sick pay and holiday pay in six cities in the UK and Europe.Under its “Scoober” experiment, couriers who Just Eat said handled less than 5% of UK orders at the time and also worked set shifts, were provided with e-bikes or e-mopeds and had the option to operate from a central hub, where they could pick up equipment and take breaks

Our national energy transition is a rare opportunity to enrich and reward Australian workers | Thom Woodroofe

Norway, where both of my daughters were born, was not an exceptionally prosperous nation before 1969. That changed when they struck oil in the North Sea that year. In Norway, each child is now born with a national inheritance that individually runs into the hundreds of thousands of dollars, and collectively now stands at over US$2tn dollars. This is thanks to a far-sighted government decision to establish a sovereign wealth fund (colloquially known as “the oil fund”) that now controls the equivalent of 1.5% of all shares in the world’s listed companies

Trump may not be a fan of clean energy but Iran war is accelerating global shift from oil and gas | Heather Stewart

Operation Epic Fury has thus far achieved none of Donald Trump’s war aims, but it may well accelerate the global transition towards the clean energy he loves to hate.Last week brought the latest exchange of verbal blows in the standoff over the strait of Hormuz. Iran was “choking like a stuffed pig” on the oil it was unable to export because of the US blockade, Trump claimed.From Tehran, the supreme leader shot back that foreigners who “maliciously covet” the waterway “have no place there except at the bottom of its waters”. To the rest of the world, the exchange raised the spectre of a prolonged impasse