Articles about Iran War

ABF, which owns Kingsmill, Twinings and Patak’s, to demerge fashion chain to maximise shareholder returnsBusiness live – latest updatesPrimark is to break free from its sister food company, which owns Twinings, Kingsmill and Patak’s, next year despite warning that the conflict in the Middle East is likely to hit consumer spending.The fashion chain’s owner, Associated British Foods (ABF), confirmed the plan to split off Primark from the rest of the group, first mooted last year. Continue reading...

Head of UN’s humanitarian agency frustrated $2bn a week cost of conflict comes amid dramtic cuts to aid budgetThe $2bn (£1.5bn) a week that Donald Trump was spending on his reckless war in Iran could have funded saving more than 87 million lives, the head of the UN’s humanitarian agency, Tom Fletcher, said on Monday.He also warned the normalisation of violent language, such as threatening to bomb Iran back to the stone ages, was very dangerous since it encourages every wannabe autocrat to use similar threats and tactics, including the destruction of civilians and civilian infrastructure. Continue reading...

Climate leaders say Democrats need to extol clean energy as a way to cut costs for Americans as war roils oil marketsDemocrats should get louder in championing clean energy’s affordability and resilience from global shocks, according to some of the party’s leading voices on the climate.As the Iran war roils economies by raising the cost of oil and gas, countries are aiming to accelerate their shift to cleaner energy. But in the US, Donald Trump has sought to kill off any alternative to fossil fuels while opposing Democrats have been reluctant to tie the conflict to any action on the climate crisis. Continue reading...

Norway leads the way in terms of switching as data shows 224,000 new EVs were registered in MarchBusiness live – latest updatesSales of electric cars soared 51% in continental Europe last month, amid a rise in petrol and diesel costs driven by the Iran war.Data shows that 224,000 new electric vehicles (EVs) were registered in March, and 500,000 across the first three months of the year – a 33.5% increase on a year earlier, according to analysis of national sales data in 15 countries by New Automotive and E-Mobility Europe, a trade body. Continue reading...

Unclear whether Iran will take part in talks as US president repeats threat to destroy Iranian infrastructureMiddle East crisis – live updatesDonald Trump’s representatives will return to Pakistan on Monday for another possible round of talks aimed at ending the US-Israeli war in Iran, as the US president repeated his threats to Iranian infrastructure unless Iran agrees to a deal.The return of a US delegation to Islamabad, led by vice-president JD Vance, along with Trump’s special envoy, Steve Witkoff, and his son-in-law, Jared Kushner, comes after Iran on Saturday reimposed tight restrictions on the transit of commercial shipping in the strait of Hormuz, reversing an agreement made hours before to reopen the strategic waterway, over the US’s refusal to lift its naval blockade. Continue reading...

HSBC, Barclays, Lloyds, NatWest and Santander will this week discuss with chancellor how to limit effects of conflict The bosses of Britain’s “big five” retail banks have been summoned to a meeting with the chancellor, Rachel Reeves, this week to discuss how to limit the economic impact of the crisis in the Middle East triggered by the US and Israel’s attacks on Iran.The chief executives of HSBC, Barclays, Lloyds, NatWest and Santander have been asked to attend an emergency summit that comes amid increasing acceptance that a major economic hit from the Iran war is unavoidable. Continue reading...

• The US Central Command issued an urgent alert Saturday concerning Iranian unmanned aerial vehicles operating in coordinated formations near major shipping lanes in the Persian Gulf, marking an escalation in regional tensions. • US Navy destroyers and coalition partners have increased surveillance operations, with officials reporting at least 15 drone incidents detected in the past 48 hours targeting commercial vessels near the Strait of Hormuz. • The escalation follows recent US military movements in the region and threatens global oil supply routes, with shipping insurance rates rising 12% since Friday morning.

Iranian parliamentary speaker also says passage through waterway will depend on Iranian authorisation and accuses Donald Trump of multiple falsehoodsIran says strait of Hormuz ‘completely open’ to commercial vessels as oil prices fallBritain will make “a wide-ranging military contribution” to an international mission to protect shipping in the strait of Hormuz trade waterway, the UK ambassador to the US has said.Christian Turner’s commitment comes amid long-running concerns over the state of Britain’s armed forces and warnings of under-funding. Continue reading...

US president says all major sticking points have been ironed out ahead of peace talks, but some of his assertions seem dubiousIt lacked the triumphalist symbolism of George W Bush’s memorable – and subsequently ill-fated – appearance before the “mission accomplished” banner aboard the aircraft carrier USS Abraham Lincoln six weeks after the 2003 invasion of Iraq.But there was no mistaking the boastful claims asserted on Friday by Donald Trump after a military assault on neighbouring Iran that has, so far, lasted a similar period and which, by widespread agreement outside the Trump administration, has not gone to plan. Continue reading...

Trump administration has riled head of Catholic church over use of theology to justify conflict in IranThe contrast in experience between the two men disagreeing over war and theology was striking.On the one side was Pope Leo XIV, the first North American to head the Catholic church and the first cleric from the Augustinian order, who this week visited the modern Algerian city where Saint Augustine once lived. For Leo, who wrote his doctoral thesis on Augustine’s ideas, it was the culmination of a lifelong intellectual interest. Continue reading...

• Russian President Vladimir Putin issued a bombshell speech from the Kremlin warning against Western military intervention in Iran, marking a significant strategic pivot and directly challenging Trump administration foreign policy. • The address has dramatically escalated geopolitical tensions and prompted immediate reactions from global capitals assessing implications for international security and the balance of power in the Middle East. • Putin's declaration signals Russia's strategic commitment to the region amid the ongoing US-Iran crisis and fragile ceasefire negotiations.

Resolution needed two more votes to pass, but Democrats now appear solidified in oppositionSign up for the Breaking News US email to get newsletter alerts in your inboxThe US House of Representatives on Thursday narrowly rejected a war powers resolution that would have prevented further military action against Iran, as Democrats united against continued US involvement in the conflict amid peace talks that have yet to make a breakthrough.The resolution introduced by Greg Meeks, the top Democrat on the House foreign affairs committee, failed by a vote of 213-214, with one Republican member voting present. It required at least two more votes to pass, as tied votes fail in the House. Continue reading...

There will be flight cancellations ‘soon’ if oil supplies are not restored in coming weeks, says head of IEABusiness live – latest updatesMiddle East crisis – live updatesEurope has only six weeks’ supply 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 (IEA), said there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks. 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...

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...

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...

UK’s biggest supermarket voices caution for year ahead despite annual profits rising 8.5% to £2.4bnBusiness live – latest updatesTesco has warned that profits could fall back in the year ahead amid “increased uncertainty caused by the conflict in the Middle East”.The warning came after the UK’s biggest supermarket hit its highest share of the market in a decade. 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...

Scheme cutting bills by up to 25% expanded to cover 10,000 firms, but they will not be paid until next yearRachel Reeves has announced an expansion of support for the most energy-intensive UK businesses, as they face soaring bills as a result of the Middle East conflict.The chancellor said the long-promised British Industrial Competitiveness Scheme (BICS) would be expanded to cover 10,000 companies, up from the 7,000 originally announced. Continue reading...

The S&P breached 7,000 points for the first time in history, in a rally that erased stark losses incurred at start of warWall Street scaled a fresh all-time high on Wednesday amid growing optimism among investors that the US-Israel war on Iran will soon be over.The benchmark S&P 500 breached 7,000 points for the first time in history, after climbing 0.8% over the course of the day, finishing at 7,022.95. The tech-heavy Nasdaq also rose 1.6% to 24,016.02, its own record high, while the Dow Jones industrial average remained broadly flat. Continue reading...

UK chancellor tells US audience she is ‘not convinced that this conflict has made the world a safer place’Middle East crisis – live updatesBusiness live – latest updatesRachel Reeves has stepped up her criticism of Donald Trump’s war on Iran, describing it as a “mistake” that has destabilised the global economy and damaged living standards around the world.In a marked fraying of the transatlantic relationship, the UK chancellor said Trump breaking off from diplomatic talks with Iran and launching airstrikes had not made the world a safer place. Continue reading...

Six lenders, including Bank of America, Morgan Stanley and JP Morgan report jump in first-quarter earningsBusiness live – latest updatesBig US banks raked in nearly $50bn (£37bn) worth of profits in the first three months of the year, as they benefited from stock market turbulence triggered by the US-Israeli war on Iran.Wall Street’s largest lenders have reported a jump in first-quarter earnings, reflecting the surge in demand for trading services as investors dumped risky stocks and bonds and sought safer havens for their cash. Continue reading...

Conflict is pushing up price of energy and food, fuelling higher borrowing costs and hitting growth, report saysIran war escalation could trigger global recession, IMF warnsBusiness live – latest updatesThe Iran war risks triggering a rise in global debt levels, forcing governments to choose between cushioning a cost of living shock and maintaining sound public finances, the International Monetary Fund has warned.Against a volatile backdrop of the Middle East conflict, the Washington-based fund said the war could add to the already strained position of government finances throughout the world. Continue reading...

Beijing may be reaping some diplomatic benefit but Trump’s war holds risks for its energy security and economyTwo months ago, China’s foreign minister, Wang Yi, promised it would be a “big year” for China-US relations. He was right, but perhaps not in the way he expected.Wang was speaking before a planned visit by Donald Trump to Beijing in March, which would have been Trump’s first trip to China since 2017. But the trip, and a meeting with China’s president, Xi Jinping, was kicked back by several weeks after Trump decided to launch strikes with Israel against Iran, starting a war in the Middle East that has caused a global energy crisis and roiled diplomatic relations across the board. Continue reading...

Congressman says keeping gas supplies at home could lower costs for Americans amid price hikes sparked by warAmid historic jumps in gas prices triggered by the US-Israeli war on Iran, California congressman Ro Khanna is to introduce legislation on Tuesday that would ban the export of gasoline during price spikes.“The country is crying out for a new energy policy,” said Khanna in an interview with the Guardian, “that doesn’t have us subject to the whims of the profits of big oil companies.” Continue reading...

UK suffers sharpest downgrade and is predicted to face joint highest inflation in G7 as growth forecasts are cutBusiness live – latest updatesA further escalation in the Iran war could trigger a global recession, spiralling inflation and a sharp backlash in financial markets, the International Monetary Fund has warned.Against an increasingly volatile backdrop, the Washington-based fund said the economic damage from the Middle East conflict was steadily rising as it cut its growth forecasts for 2026 based on the impact from the war so far. Continue reading...

Citi analysts upgrade profit forecast by 20% to $2.6bn for January to March despite flat oil and gas productionBusiness live – latest updatesBP expects to post “exceptional” earnings from its oil trading desk, reaping a windfall from choppy energy markets triggered by the US-Israeli war on Iran.Energy traders are navigating significant market volatility after Tehran’s effective closure of the key strait of Hormuz shipping route. Continue reading...

Oil-driven inflation is big challenge to world economy, lifting inflation and depressing growth, says bank’s chairBusiness live – latest updatesHSBC bosses have said the Iran war is already hitting global economic confidence, as a string of business leaders warned over the impact of the conflict.Georges Elhedery, the Lebanon-born chief executive of the bank, told Bloomberg Television at a HSBC conference in Hong Kong: “We’re saddened and concerned with what’s happening in the Middle East, and we’re concerned not just with what’s happening but also with how long this will take. Continue reading...