Trump tariffs will mean world uses less oil this year, IEA says

The world will use less crude oil than expected this year due the “substantial risks” posed by Donald Trump’s trade tariffs to the global economy, according to the global energy watchdog.The International Energy Agency slashed its forecasts for global oil demand growth by a third for the year ahead, and warned that it could make further downward revisions depending on whether a trade war develops.The Paris-based agency had previously forecast that the world’s appetite for crude, which is a key economic indicator, would rise by 1.03m barrels a day this year to a record high.But after Trump’s “liberation day” tariffs on global trade it has cut its forecast growth to 730,000 barrels a day

EU mulls plan to let importers break Russian gas contracts without penalties

The European Commission is considering plans that would allow European companies to break long-term Russian gas contracts without paying penalties to Moscow, it has been reported.Citing three officials with knowledge of the plan, the Financial Times reported that the commission was studying the possibility of allowing companies to declare force majeure, which would absolve importers of their obligations to pay penalty fees for ending contracts.The plans are said to be part of a roadmap on how the EU will rid itself of Russian fossil fuels by 2027, a document scheduled to be published on 6 May, following repeated delays.A commission spokesperson declined to comment.The commission president, Ursula von der Leyen, said last month at a press conference, when asked about the delays, that she was committed to phasing out Russian gas, saying it was “an absolute must”

Global carmaker shares rise on tariff exemption hopes; British Steel to get furnace supplies today

Shares in carmakers have risen around the world, after Donald Trump said last night that he was considering possible temporary exemptions to his tariffs on imported vehicles and parts, to give carmakers more time to set up US manufacturing. “I’m looking at something to help some of the car companies,” the US president told reporters in Washington, adding that automotive manufacturers “need a little bit of time” before they can start making components in the US, rather than in countries such as Canada and Mexico.The European car and parts share index rose by 2.3%. Shares in Japan’s Toyota and Honda increased by 3

US firm in £263m takeover bid for Bank of England banknote printer

A bidding war could be heating up for De La Rue, the 200-year-old British firm that prints banknotes for the Bank of England, after its board recommended an all-cash offer from the US buyout firm Atlas Holdings.De La Rue’s shares climbed by as much as 16% on Tuesday morning after the company released a statement to investors saying that its board had recommended shareholders accept Atlas’s offer of 130p a share, which valued the company at £263m.The all-cash takeover bid was at a 16% premium to De La Rue’s closing price on Monday, which the company board described as “fair and reasonable”.The City financier Edi Truell, however, is reportedly considering a higher offer of 132.17p a share, which could trigger a bidding war

Data shows little sign that tax increase on employers is leading to mass layoffs | Heather Stewart

The UK jobs market continues to cool but Rachel Reeves will be relieved that there is little sign as yet in the latest data that her tax increase on employers is leading to mass job losses.Targeting employer national insurance contributions (NICs) to raise an extra £25bn in October’s budget sparked a furious business backlash and dire warnings about the impact for workers.So far there is little sign of a dramatic shakeout – but the labour market slowdown that began last year has continued.The number of vacancies across the economy, which peaked at 1.3m in early 2022, has now been declining for 33 quarters, and at 781,000 has slipped below the pre-pandemic level

‘It felt like a big call’: the property boss who bet workers would return to the office … and won

Simon Carter of British Land says that, with high-end facilities at a premium again, gambling on construction during the pandemic has paid offA winter garden filled with plants, dedicated areas to suit both extrovert and introvert workers, a “social lobby”, and a cycle ramp into the building: this is the office of the future.Well, at least a version of it – as envisioned by property ­developer British Land and to be made ­reality within a vast new project at 2 Finsbury Avenue, or “2FA”, in the City of London. With the world of work upended by the pandemic, the bells-and-whistles development is designed to offer companies every­thing to keep the modern white-­collar worker satisfied in the office.FTSE-listed British Land believes 2FA will provide an “instantly recognisable addition” to the London skyline, with one 36-storey and one 23-storey tower, linked by the winter garden at the top of a 12-storey-high “podium”.In the post-Covid world of work, large companies on the hunt for high-end workplaces have new demands, including outdoor space, says British Land’s chief executive, Simon Carter