European stock markets fall and oil and gas prices jump as strait of Hormuz ‘chaos’ worries investors – as it happened

European stock markets have dropped at the start of trading, as last Friday’s optimism about a Middle East peace deal evaporates.In London, the FTSE 100 has dropped by 42 points, or 0.4%, to 10,626 points, away from a six-week high at the end of last week.Germany’s DAX has fallen by 1.3%, and Italy’s FTSE Mib is down 1

Victoria Beckham ties up with Gap as retailer hopes luxe push will drive comeback

From the 80s through to the early noughties it was the go-to high street store for casual hoodies and jeans, before falling out of favour. Now almost 30 years after its heyday, Gap is hoping to turn things around. Key to its comeback strategy? A pivot to more premium fashion.On Friday the retailer will unveil a collection with the luxury fashion designer Victoria Beckham. The collaboration is the next step in the luxification of Gap being led by Richard Dickson, who joined Gap Inc as its president and chief executive from Mattel, the US toymaker, in 2023

Tim Cook to step down as Apple chief as John Ternus named replacement

Apple announced on Monday that it had named a replacement for Tim Cook as CEO after nearly 15 years, with head of hardware engineering John Ternus succeeding him on 1 September. Cook will stay at the company in the role of executive chair.“It has been the greatest privilege of my life to be the CEO of Apple and to have been trusted to lead such an extraordinary company. I love Apple with all of my being,” Cook said in a press release.Cook, 65, who succeeded Apple co-founder Steve Jobs, has been CEO since 2011

Sonos Play review: a great jack-of-all-trades portable speaker for home or away

The Play is a new portable wifi and Bluetooth home speaker that packs the best of Sonos into a jack of all trades that is intended to be a reset point in the company’s recovery from its app debacle that lost it faith, favour and a chief executive.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more.It is the first truly new music speaker since Sonos launched its new app in May 2024, which junked fan-favourite features while causing stability and usage problems for new and old customers alike

FIA confirms F1 rule changes in reaction to driver unhappiness and safety fears

The FIA has confirmed rule changes for the ongoing Formula One season as the sport reacts to driver dissatisfaction and safety concerns with the new regulations. The adapted rules address the energy management issues that have proved controversial across the opening three meetings this year.Technical and sporting considerations had been discussed twice since the last round in Japan and on Monday senior representatives, including the FIA, team principals and their chief executives, the power unit manufacturers and F1’s chief executive, Stefano Domenicali, formally agreed the changes. They remain subject to ratification by the world motorsport council, a formality expected to be concluded before the next round in Miami on 3 May.There has been disquiet among many drivers at the role energy management now plays in the sport with an almost 50-50 split between power from the combustion engine and electrical energy

County cricket: Abell defies Hampshire’s fiery Baker to keep Somerset on high – as it happened

A micro-round of Championship games finished with three knuckle gnawers and one that petered quietly into a bad-light induced draw.At Southampton, Tom Abell guided Somerset to their second win of the season, leaving them top of Division One and flames ablaze in every West Country heart. His calm 101 not out, his second century of the season, defied even an eye-catching bowling performance from Hampshire’s Sonny Baker (five for 62). Run-up almost back to the rope, Baker pistoled in and, with a last-chance new ball, caterwauled Lewis Gregory’s middle stump and had Alfie Ogborne, a former housemate, tickling behind. But Abell, with stoic support from Jack Leach, saw Somerset home by two wickets