Ryanair closes frequent flyers club after members take advantage of discounts

Ryanair is shutting its frequent flyers members’ club after only eight months because customers exploited its benefits too much.The budget airline said on Friday it was closing the scheme, which offered benefits including flight discounts, free reserved seating on up to 12 flights a year and travel insurance.It said 55,000 passengers had signed up to Prime, generating €4.4m (£3.5m) in subscription fees but customers had received more than €6m in benefits, making it a lossmaker for the company

JP Morgan boss gave go-ahead for new £3bn tower in London after UK assurances

The boss of JPMorgan Chase approved plans for a new £3bn tower in London after a senior adviser to the UK prime minister travelled to New York to reassure the bank over the government’s pro-business stance, it has emerged.The Wall Street bank, which along with Goldman Sachs announced substantial investment plans in the UK hours after they were spared tax increases in Rachel Reeves’s autumn budget, only signed off on the plan for its new UK headquarters last Friday.This followed a trip to the US by Varun Chandra, Keir Starmer’s business envoy, to meet Jamie Dimon, the chair and chief executive of JPMorgan Chase, according to the Financial Times.The visit came days before the chancellor announced £26bn in tax rises in a budget that did not impose higher levies on banks, after furious lobbying by the sector.The Treasury had not decided whether or not to increase taxes on banks when Chandra flew to New York, according to the Financial Times

Pub chain Mitchells & Butlers faces £130m hit from rising wage and food costs

The All Bar One owner, Mitchells & Butlers, has warned that it is facing about £130m in extra costs over the next year because of a soaring wage bill and rising food prices.The group, which also owns brands including Toby Carvery, Harvester and Miller & Carter, said the cost increases were largely being driven by April’s increases to the minimum wage and employers’ national insurance contributions.The company also said it was facing increases in food costs, particularly for meat.The additional bill also includes a “preliminary assessment” of the impact of Wednesday’s budget, which included an above-inflation rise in the minimum wage from April. The national living wage will rise to £12

Amid ‘instability and fear’ in Trump’s economy, Americans are cutting holiday spending

In addition to rising prices and tariffs, readers cite growing unemployment as a reason not to exchange gifts this yearAmericans are feeling rattled about the state of the economy. Donald Trump has batted away question after question from reporters on concerns over higher prices, just a year after he won an election promising to bring down costs.While the White House has tried to reduce concern, floating tariff-funded $2,000 stimulus checks and removing import levies on certain agricultural imports, many consumers remain anxious.Preparing for the holiday season, and bracing for the spending it often demands, Guardian readers across the US expressed apprehension – and explained how they plan to spend – in this economy. Many said the higher cost of necessities, like groceries, was imposing on their ability to buy gifts for family and friends

US regulators ‘taking seriously’ allegations of bankers’ support for Epstein

US regulators say they are taking allegations that top banks may have facilitated Jeffrey Epstein’s criminal activity “very seriously”, as they faced calls to investigate executives including the former Barclays boss Jes Staley.In correspondence seen by the Guardian, bosses from the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) said they had reviewed a letter from the Democratic senator Elizabeth Warren, which raised concerns over bankers’ alleged support for the convicted child sex offender Epstein.That includes Staley, who Warren said had allegedly protected Epstein’s access to the banking system while working at JP Morgan in the early 2000s. Staley has already been banned from the UK banking sector for playing down his relationship with Epstein.While the regulators would not publicly confirm whether they were opening formal inquiries, their directors assured Warren they would take action over any potential misconduct

‘A step-change’: tech firms battle for undersea dominance with submarine drones

Flying drones used during the Ukraine war have changed land battle tactics for ever. Now the same thing appears to be happening under the sea.Navies around the world are racing to add autonomous submarines. The UK’s Royal Navy is planning a fleet of underwater uncrewed vehicles (UUVs) which will, for the first time, take a leading role in tracking submarines and protecting undersea cables and pipelines. Australia has committed to spending $1