Gold rises as markets await US tariffs; Heathrow airport was warned about power supply in days before closure – as it happened

The sell-off in European stock markets has gathered pace, and pharmaceutical stocks are among the biggest fallers ahead of Donald Trump’s tariff announcement later today.The Stoxx 600 healthcare index fell as much as 2.5% to its lowest level since December.Analysts said US tariffs this time round could focus on the pharmaceutical sector.Germany’s Bayer and France’s Sanofi dropped by 4

You never know what you’re gonna get: Australians will have to wait until after the election to see if there’s an interest rate cut | Greg Jericho

“Life is like a box of chocolates,” said Forrest Gump, who had clearly never looked at the label descriptions on the box. “You never know what you’re gonna get.” And so it was for the RBA on Tuesday when they announced that it was keeping the cash rate steady at 4.1%.Not the actual decision – we all knew they were not going to cut rates

‘Liberation day’: what are tariffs and why do they matter?

Tariffs are border taxes charged on the import of goods from foreign countries. Importers pay them upon entry to the customs agency of the country or bloc that levies them.The taxes are typically charged as a percentage of a product’s value. For example, a tariff of 10% on a £100 product would carry a £10 charge at the point it is brought into the country.As well as finished goods, tariffs are levied on components and raw materials, pushing up the costs to manufacturers significantly; particularly in a world of complex supply chains where borders are crossed many times

Brighton Pier owner to delist from London stock market and go private

The leisure group that owns the 126-year-old Brighton Palace Pier is planning to delist from the London stock market and return to life as a private company, in the latest blow to the capital’s junior market.Brighton Pier Group, which also owns several bars and mini-golf sites around the country, told investors it intended to cancel its listing on the capital’s Alternative Investment Market (Aim) after more than 11 years, blaming bad weather, falling consumer spending, rising wage costs and higher interest rates.The news led to shares in the company tumbling by around 60% on Wednesday.The group, which is chaired by the business veteran and former Pizza Express and Patisserie Valerie boss Luke Johnson, said it had faced “persistent challenging trading conditions” since the coronavirus pandemic, forcing it to cut costs and sell off underperforming assets.In a statement to the market, the group said it had carried out “a careful review of the benefits and drawbacks” to the company and its investors of remaining listed on Aim, adding that it believed it was in the “best interests” of the business to return to private hands

‘Business Vikings’ in line for payday as deal agreed to create £4bn UK food giant

Two Icelandic brothers, described as “business Vikings”, are in line to make millions after their ready meals company, Bakkavor, agreed a takeover deal with the competitor Greencore, in a move set to create a £4bn food-to-go giant.Greencore, the UK’s largest sandwich maker, said it had agreed to buy its rival Bakkavor in a deal valuing the company at £1.2bn.Two of its earlier bids for the company had been rejected because Bakkavor considered they undervalued the business.Greencore, which specialises in prepared food, employs about 13,300 staff and has 14 factories across the UK that make products including sushi and chilled ready meals for all the big UK supermarkets

Thousands of Ford Kuga hybrid drivers ‘left in limbo’ after fire risk warnings

Thousands of drivers have reportedly been left in limbo after warnings that their car could catch fire due to a battery defect.Ford issued an urgent recall of its Kuga plug-in hybrid car in early March, warning drivers not to charge the battery because of a risk it might short-circuit while on the road. The problem could cause a loss of power or a fire, according to the recall notice. Four weeks later, the manufacturer has yet to announce a timescale for repairs and owners report that it is failing to respond to their requests for an update.David Ellis is one of an estimated 26,000 owners to have received the red-hatched letter from Ford warning of potential injury if the battery is plugged in