Trump threatens to fire Fed chair Jerome Powell amid pressure campaign

Donald Trump threatened to fire Jerome Powell if he stays on as US Federal Reserve chair past the end of his tenure and doubled down on a criminal investigation into renovations of the central bank’s headquarters.As the White House pushes Trump’s new nominee to take charge of the Fed, Kevin Warsh, Powell has a month left in the role. The possibility of Powell staying on as chair past 15 May, the official end of his term, has grown amid mounting scrutiny of Trump’s approach to the Fed in the Senate, which is required to approve Warsh’s nomination.“I’ll have to fire him, OK, if he’s not leaving on time,” Trump said of Powell during an interview on Fox Business. “I’ve held back firing him

Norwegian group in talks to buy former Liberty Steel works in South Yorkshire

UK officials have entered exclusive talks with a Norwegian startup to buy the former Liberty Steel works in South Yorkshire, in a significant step towards its rescue.Norwegian-owned Blastr is understood to be the bidder preferred by the government’s official receiver to take on ownership of the UK’s largest existing electric arc furnace in Rotherham and other works in Stocksbridge, both in South Yorkshire.The business, formally named Speciality Steel UK (SSUK), has been under the official receiver’s control since August, after the previous owner Sanjeev Gupta lost the ownership in London’s high court.Finding a new buyer would remove a headache for the government, which also a year ago took control of the Chinese-owned British Steel blast furnaces in Scunthorpe, Lincolnshire. Ministers are understood to be looking at fully nationalising that plant

$30m an hour: big oil reaping huge war windfall from consumers, analysis finds

The world’s top 100 oil and gas companies banked more than $30m every hour in unearned profit in the first month of the US-Israeli war in Iran, according to exclusive analysis for the Guardian. Saudi Aramco, Gazprom and ExxonMobil are among the biggest beneficiaries of the bonanza, meaning key opponents of climate action continue to prosper.The conflict pushed the price of oil to an average of $100 (£74) a barrel in March, leading to estimated windfall war profits for the month of $23bn for the companies. Oil and gas supplies will take months to return to pre-war levels and the companies will make $234bn by the end of the year if the oil price continues to average $100. The analysis uses data from a leading intelligence provider, Rystad Energy, analysed by Global Witness

IMF chief Georgieva warns ‘everyone will feel the impact’ of energy price shock, as UK growth beats forecasts – as it happened

Over in Washington DC, the International Monetary Fund is holding a debate on the global economy.IMF chief Kristalina Georgieva says the world economy is facing another, large, shock:double quotation markThe world economy has been, very resilient over the last few years, facing shock after the shock. And this resilience is tested yet again, this time by a shock that is large.Twenty percent of oil and gas is stuck in the Strait of Hormuz, depriving primarily Asia, but also Europe, and other parts of the world of a vital resource. It is global

Europe has only six weeks’ supply of jet fuel left owing to Iran war, says energy chief

Europe has only six weeks of jet fuel left before shortages will hit because of the Iran war, according to the head of a global energy watchdog.Fatih Birol, the executive director of the International Energy Agency, said there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks.“I can tell you soon we will hear the news that some of the flights from city A to city B might be cancelled as a result of lack of jet fuel,” he told the Associated Press.KLM, part of the Air France-KLM group, said on Thursday it would cut 160 flights in the coming month because of high kerosene jet fuel prices. Although less than 1% of its schedule, the cancellations underline the financial pressures on the airline industry

Metro Bank boss handed record £2.6m a year after slashing 1,000 jobs

Metro Bank’s chief executive has been handed a £2.6m pay packet – the largest in its history – a year after slashing 1,000 jobs in response to the lender’s near collapse.The figure is more than double the £1.2m Dan Frumkin was paid in 2024. Metro pushed through the pay bump and complex bonus scheme for the former RBS and Northern Rock banker at a shareholder meeting last year