📈

Business

HS2 bill could rise to £102bn with first trains delayed until 2039, government admits

HS2 bill could rise to £102bn with first trains delayed until 2039, government admits

The HS2 high-speed railway will now cost up to £102.7bn and trains will not start running between London and Birmingham until as late as 2039, the government has admitted – £70bn more and 13 years later than originally promised. The transport secretary, Heidi Alexander , said that the truncated…

The Guardian Business·May 19

HS2 costs could top £100bn and trains will be slower than first planned

HS2 costs could top £100bn and trains will be slower than first planned

Katy Austin, Transport correspondent and Rachel Clun, Business reporter HS2 could now cost up to £102.7bn, the transport secretary has announced, but vowed the government will deliver the project "to completion". Trains will not start running until between 2036 and 2039, up to six years later…

BBC Business·May 19

Son of Mango fashion chain founder arrested in Spain over death of father

Son of Mango fashion chain founder arrested in Spain over death of father

Police in Catalonia have arrested the son of Isak Andic, the founder of the fashion chain Mango, and are questioning him in connection with the death of his father in the mountains near Barcelona almost 18 months ago. Andic, who was 71, died in December 2024 after apparently falling 100 metres…

The Guardian Business·May 19

Billionaires are trying to lull us into AI complacency. Don’t let them | Steven Greenhouse

Billionaires are trying to lull us into AI complacency. Don’t let them | Steven Greenhouse

A s Americans grow increasingly worried that AI will wipe out millions of jobs and create a permanent new underclass, tech billionaires are rushing to reassure us not to worry – the subtext being: please don’t bring out the anti-AI pitchforks. Even Elon Musk , who recently merged SpaceX with his…

The Guardian Business·May 19

Swatch boss defends watch launch that sparked chaos and closures

Swatch boss defends watch launch that sparked chaos and closures

The boss of Swatch has defended the launch of its collaboration with Audemars Piguet after shops in cities around the world saw disruption when large crowds attempted to buy its new pocket watch. CEO Nick Hayek Jr told the BBC there had been "overcrowding like hell" at some of its stores for the…

BBC Business·May 19

Former Spanish PM under criminal investigation as €53m bailout of airline examined

Former Spanish PM under criminal investigation as €53m bailout of airline examined

The former Spanish prime minister José Luis Rodríguez Zapatero has been placed under investigation for alleged influence-peddling and other offences by a judge examining the state bailout of a Venezuela-linked airline during the Covid pandemic. Zapatero, a socialist who served as prime minister…

The Guardian Business·May 19

Petrol hits highest price since start of Iran war

Petrol hits highest price since start of Iran war

Oliver Smith Business reporter The average price of unleaded petrol has risen to 158.52p a litre, its highest level since the start of the Iran war, according to the RAC. Petrol and diesel prices surged when the the conflict began on 28 February, with the production and transportation of energy…

BBC Business·May 19

Old Spanish Hen? Estrella owner buys Greene King ale brand

Pub chain Greene King has agreed to sell its Old Speckled Hen ale brands to the Spanish owner of Estrella lager, making it the latest in a series of British beers to be snapped up by overseas buyers. Barcelona-based brewer Damm has agreed to buy Old Speckled Hen brands, including its non-alcoholic…

The Guardian Business·May 19

Standard Chartered to cut more than 7,000 jobs as it steps up AI use

Standard Chartered to cut more than 7,000 jobs as it steps up AI use

Standard Chartered plans to cut more than 7,000 jobs over the next four years as it increasingly uses artificial intelligence. The London-headquartered lender is one of the first major global banks to lay out plans to cut thousands of jobs, citing AI as a driver to make its operations slimmer as…

The Guardian Business·May 19

Energy bills will rise by £200 in July to nearly £1,900 a year, forecast says

Energy bills will rise by £200 in July to nearly £1,900 a year, forecast says

Households in Great Britain could see their energy bills increase by over £200 a year to almost £1,900 from this summer in “a kick in the teeth” for millions struggling with the cost of living crisis. A typical gas and electricity bill is now forecast to reach £1,850 a year from July under the…

The Guardian Business·May 19

At least 15m Britons not saving enough to retire, Pensions Commission says

At least 15m Britons not saving enough to retire, Pensions Commission says

Millions of people across Britain are facing a “cliff edge” when they retire due to a chronic shortfall in saving that will require a radical shake-up of the pensions system to fix, a government-backed report has warned. The Pensions Commission said 15 million people were currently not saving…

The Guardian Business·May 19

UK wage growth slows and unemployment rate rises as companies react to Iran war – business live

UK wage growth slows and unemployment rate rises as companies react to Iran war – business live

15m ago Introduction: UK wage growth slows and unemployment rises as firms react to Iran war Introduction: UK wage growth slows and unemployment rises as firms react to Iran war Good morning, and welcome to our rolling coverage of business, the financial markets and the world…

The Guardian Business·May 19

Job vacancies fall to lowest level in five years

Job vacancies fall to lowest level in five years

The number of UK job vacancies has fallen to its lowest level in five years, with hospitality and retail experiencing some of the biggest drops. The unemployment rate rose slightly to 5% in the three months to March, from 4.9% in the three months to February, according to the Office for National…

BBC Business·May 19

UK unemployment unexpectedly rises to 5% as firms squeezed by Iran war

UK unemployment unexpectedly rises to 5% as firms squeezed by Iran war

Unemployment in the UK has unexpectedly risen to 5% while wage growth has slowed, according to official figures, in the first snapshot of how companies are reacting to the impact of the Iran war. The Office for National Statistics (ONS) said the rate of unemployment was up in the three months to…

The Guardian Business·May 19

Fears of new China shock as EU industry’s reliance on imports grows

Fears of new China shock as EU industry’s reliance on imports grows

Europe is facing a fresh China shock that threatens to cannibalise local factories, leading to job losses and de facto colonisation of industry by Beijing, trade analysts and representatives have said. They fear the plunging exchange rate and support for Chinese “zombie firms” has echoes of the…

The Guardian Business·May 19

Thames Water rescue deal threatened by uncertainty over next prime minister

Thames Water rescue deal threatened by uncertainty over next prime minister

A rescue deal for Thames Water is under threat because of a potential change in prime minister, government insiders have said. Ministers are negotiating a takeover deal for the stricken water company with a consortium of creditors led by American investment firm Elliott Management. But government…

The Guardian Business·May 19

Starbucks Korea sacks CEO over controversial 'Tank Day' promotion

Starbucks Korea sacks CEO over controversial 'Tank Day' promotion

Jake Kwon, Seoul correspondent Starbucks Korea's chief executive has been sacked over a campaign perceived as referring to a bloody historical incident. Launched on Monday, the anniversary of the Gwangju Uprising crackdown, the "Tank Day" coffee tumbler promotion sparked calls to boycott…

BBC Business·May 19

Belfast harbour operator to invest £1.3bn as NI economy grows

Belfast harbour operator to invest £1.3bn as NI economy grows

The operator of Belfast harbour plans to spend £1.3bn over the next 25 years to take advantage of strong economic growth in Northern Ireland , in what would be one of the largest non-governmental investments in the region’s history. The Belfast Harbour Commissioners said the money would be spent…

The Guardian Business·May 19

Standard Chartered to cut thousands of roles as AI use increases

Standard Chartered to cut thousands of roles as AI use increases

Peter Hoskins Business reporter Banking giant Standard Chartered has become the latest major company to announce job cuts as it increases its adoption of artificial intelligence (AI). The firm, which has its headquarters in the UK, said it will cut more than 15%, or around 7,800, back-office…

BBC Business·May 19

How Sam Altman’s victory over Elon Musk clears way for OpenAI’s trillion-dollar ambitions

How Sam Altman’s victory over Elon Musk clears way for OpenAI’s trillion-dollar ambitions

On Monday morning, a jury in Oakland, California, handed a resounding victory to Sam Altman and OpenAI in their long, bitter courtroom battle with Elon Musk. The federal jury found Altman, OpenAI and its president, Greg Brockman, not liable for Elon Musk’s claims that they unjustly enriched…

The Guardian Business·May 18

Faisal Islam: Burnham seeks to manage the markets and Makerfield

Faisal Islam: Burnham seeks to manage the markets and Makerfield

Faisal Islam Economics editor Greater Manchester Mayor Andy Burnham has committed to sticking to the government's existing borrowing limits, known as its fiscal rules. And the markets appear to have reacted. In recent weeks, Burnham had suggested the rules might be changed, for example by…

BBC Business·May 18

New High Street crime unit to target gangs fronting shops after BBC investigation

New High Street crime unit to target gangs fronting shops after BBC investigation

New High Street crime unit to target gangs fronting shops after BBC investigation A new £30m High Street organised crime unit has been announced by the government after the BBC's year-long investigative reporting into illegal mini-marts, vape shops and barbers. Over 12 months BBC News exposed…

BBC Business·May 18

Prediction market Kalshi to give $2m to problem gambling group as it fights ‘gambling’ label

Prediction market Kalshi to give $2m to problem gambling group as it fights ‘gambling’ label

The prediction market Kalshi, which maintains it is not a gambling platform, has announced plans to give $2m to the National Council on Problem Gambling (NCPG) as it continues to ride a nationwide surge. While prediction markets allow users to bet – or “trade” – on the outcome of almost anything,…

The Guardian Business·May 18

$The Guardian view on India’s Iran shock: Asia’s neoliberal era starts to fracture | Editorial$

The Guardian view on India’s Iran shock: Asia’s neoliberal era starts to fracture | Editorial

T he Indian prime minister’s call for sacrifice last week marks a fundamental shift. He urged the country’s 1.4 billion people to consume less fuel and fertiliser, buy less gold and curb foreign travel as global energy prices surge because of the war in Iran.

The Guardian Business·May 18

24 of 1,501 stories