Tesco warns profits could fall amid Iran war uncertainty

Nadia Fall calls for bold thinking as she announces new shows including anti-Trump version of Thelma & LouiseTheatres facing financial difficulty can only prosper by “programming their way out of it”, according to the Young Vic artistic director, Nadia Fall, who has announces her new slate of shows, including an anti-Trump musical version of Thelma & Louise.Fall, who took the helm at the Young Vic in 2025 and oversaw staff cuts after a £500,000 deficit in the last financial year, said theatres must put on unmissable productions in order to balance the books. Continue reading...

Budget airline says passengers are leaving it later to book flights owing to economic uncertaintyBusiness live – latest updatesThe budget airline easyJet has warned the impact of the Iran war on bookings and oil prices will hit its profits, having driven up fuel costs by £25m in the last month alone.It said it expected to report an increased pre-tax loss of £540-£560m for the six months to March, up from £394m in the first half of 2024-25. The carrier typically makes its money in the second half of the year which includes the peak summer period. Continue reading...

Ministers drawing up contingency plans for ‘reasonable worst-case scenario’ if supply of CO2 is disruptedBusiness live – latest updatesThe UK could face some gaps on supermarket shelves this summer if disruption caused by the Iran war continues, with shortages of carbon dioxide potentially hitting supplies of chicken, pork and fizzy drinks.Government ministers are reportedly drawing up contingency plans for a “reasonable worst-case scenario” if the key shipping lane of the strait of Hormuz does not reopen, disrupting supplies of the CO2 required by the food industry. Continue reading...

Ukrainian president says nearly 700 Russian drones and 19 ballistic missiles mostly targeted Kyiv, Odesa and DniproUkrainian president Volodymyr Zelenskyy said Russia “does not deserve any easing … or lifting on sanctions” after an overnight attack killed 16 and wounded 100 people in Ukraine.He said:“Russia is betting on war, and the response must be exactly that: we must defend lives with all available means, and we must also apply pressure for the sake of peace with the same full force.”There can be no normalisation of Russia as it is today. Pressure on Russia must work. Continue reading...

Peter Kyle did not dispute Times’ report that under a ‘reasonable worst-case scenario’ supermarkets might start running out of some itemsGood morning. ‘We don’t comment on leaks,’ is the usual government response to an unsanctioned lobby scoop. But this morning Peter Kyle, the business secretary, took a different response. Asked about a Times splash saying the government is making plans to deal with possible food shortages in the summer, caused by the Iran war, he told Sky News:It is difficult for me, because, of course, these leaks are very unhelpful. But when people do read it, they need to be reassured that we are doing this kind of planning, and we are doing this kind of scenario planning.Britain could face shortages of chicken, pork and other supermarket goods this summer if the war in Iran continues, a secret government analysis has found.Officials have drawn up contingency plans for a “reasonable worst-case scenario” amid fears that the closure of the Strait of Hormuz will lead to shortages of carbon dioxide (CO2) which is critical to the food industry …I can tell you, because I’m in these meetings, the prime minister has been there since the very start, and he is going through personally and driving deep dives into lots of areas of resilience throughout our economy.People should be reassured that we are doing this kind of action behind the scenes to keep resilience in our economy, so that when the full extent of what may or may not emerge, because this situation is still unfolding in the Middle East, you have a government that is acting with creativity and boldness.If any of these things change, I will be up front with the public about it in advance so that we can prepare. But right now, people should go on as they are, enjoying beer, enjoying their meats, enjoying all the salads.But also there are critical uses for CO2 – MRI scanning, for example, water purification; it’s involved in our nuclear industry, our civil nuclear power industry, some defensive uses for it as well. Continue reading...

Resignation announced of Jai Patel, whose liquidated crypto firm was relaunched as Stack BTC this yearThe chief executive of a bitcoin company promoted by Nigel Farage has left his role as the venture attempts to convince investors that it is going to deliver “long-term value” for shareholders.Stack BTC was launched to much fanfare in March this year, with Farage and former chancellor Kwasi Kwarteng becoming some of its first shareholders. The company says its founder is Paul Withers, a friend of the Reform UK leader who owns a gold bullion company that Farage has also promoted, Direct Bullion. Continue reading...

ONS figure for February suggests economy was gaining momentum before conflict stoked inflation with soaring energy pricesThe UK economy unexpectedly expanded by 0.5% in February, before the war in the Middle East dashed hopes of an uptick in growth this year, official figures show.The unusually large increase reported by the Office for National Statistics, suggests the economy had gained momentum before the conflict began. Economists had forecast just a 0.1% expansion. Continue reading...

Map reveals most severe concentrations of ammonia emissions, which are dangerous to health and environmentAmmonia pollution hotspots have been identified in areas with some of the greatest numbers of intensive pig and poultry farms in Britain, research has revealed.A new map for the first time reveals the most severe concentrations of ammonia emissions are clustered in Lincolnshire, Herefordshire and Norfolk. These regions all have a high density of intensive poultry and pig units that drive dangerous levels of ammonia, according to researchers from Compassion in World Farming (CiWF) and Sustain. Continue reading...

AEC to recount votes in electorate of Narungga on Friday after Chantelle Thomas won the seat by just 58 votes at the March state electionFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastOne Nation’s claim to the seat of Narungga has hit a snag weeks after the South Australian election.Uncounted ballot papers were discovered on Thursday, forcing a recount in the Yorke Peninsula seat, which One Nation’s Chantelle Thomas won by just 58 votes. Continue reading...

Court finds law – which effectively meant protesters could not march without risk of arrest – is unconstitutionalFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastNew South Wales’ highest court has struck down an anti-protest law brought in after the Bondi beach terror attack which gave police the power to restrict marches, including at the anti-Herzog rally earlier this year.The court of appeal handed down its findings on Thursday after three activist groups – the Blak Caucus, the Palestine Action Group and Jews Against the Occupation ’48 – filed a constitutional challenge in early January against the legislation. Continue reading...

New meeting to come after rare direct talks between the countries mediated by US; Netanyahu earlier says Israel about to ‘overwhelm’ part of southern LebanonUS and Iran in indirect talks to extend two-week ceasefireHello and welcome to our live coverage of events in the Middle East.Donald Trump says the leaders of Israel and Lebanon will hold talks on Thursday, after the countries’ first face-to-face diplomatic negotiations in decades.Pakistan’s army chief met with Iran’s foreign minister in Tehran on Wednesday in the latest diplomatic move to ease Middle East tensions and arrange a second round of US-Iran negotiations. Trump said earlier that the war was “very close to over”.Leavitt said a second round of US-Iran talks would “very likely” take place in Islamabad again and that Pakistan was “the only mediator” in the discussions.Major Wall Street stock indices extended an upward climb on optimism about a US-Iran agreement.Israel’s security cabinet met to discuss a ceasefire after the Israel-Lebanon talks mediated by the US in Washington on Tuesday. But the Israeli military continues to strike the country, with Netanyahu saying Israel was about to “overwhelm” the southern Lebanese town of Bint Jbeil, calling it a Hezbollah stronghold.Four Lebanese rescue workers were killed in consecutive Israeli strikes in the southern Lebanon village of Mayfadoun on Wednesday, paramedic groups said. Six others were wounded.The US military’s Middle East command Centcom said it stopped 10 vessels from sailing out of Iranian ports during the first 48 hours of the US naval blockade. But ship tracking data indicated at least three ships sailing from Iranian ports crossed the strait of Hormuz, though some vessels taking the route later turned back.The finance ministers of 11 countries including the UK and Japan called for “coordinated emergency support” from the IMF and World Bank to help countries hit by disruptions from the Middle East war. Continue reading...