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Gas prices surge 25% and oil jumps 6% as Middle East conflict ‘spooks the markets’ – business live

The Guardian 12 minutes ago

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Gas prices surge 25% and oil jumps 6% as Middle East conflict ‘spooks the markets’ – business live

Rolling coverage of the latest economic and financial news, as Donald Trump’s threaten to “massively blow up” the world’s largest gasfield hits marketsUK wage growth slows sharply as unemployment holds steadyFed holds interest rates steady as Iran war drives up oil prices and inflation fearsMiddle East crisis live: Trump threatens to ‘blow up’ entire South Pars gasfield if Iran strikes QatarThis chart shows how UK gas prices have surged over 170p a therm today, as the Iran war has caused prices to more than double since late February.That jump is likely to drive up household energy bills this summer, unless the Middle East conflict deescalates. Continue reading...

The Guardian 12 minutes ago

UK pay growth sinks to five-year low as younger workers hit by hiring slowdown

Unemployment holds steady, but Bank of England is unlikely to be convinced by ONS data to cut interest rates Business live – latest updatesWage growth slowed sharply in the three months to January according to the latest snapshot of the jobs market from the Office for National Statistics.Average earnings fell to 3.8% in the three months to January, from 4.2%, which was a larger fall than forecast by City economists. It was the slowest rate of wage growth in more than five years. Continue reading...

The Guardian 22 minutes ago

Middle East crisis live: Trump threatens to ‘blow up’ entire South Pars gasfield if Iran strikes Qatar

US president says Israel will not launch another attack on the giant gasfield shared by Iran and Qatar, but promises to destroy it if Tehran retaliatesFull report: Trump threatens to ‘blow up’ all of Iran’s South Pars gasfield if Tehran strikes QatarFighting intensifies between Israel and Hezbollah in southern LebanonTurning to Australia now, a petrol tsar will manage “unprecedented” supply issues caused by the Middle East conflict as the finishing touches are put on measures to address dire shortages in many regional areas.Prime minister Anthony Albanese convened a snap virtual meeting of the national cabinet on Thursday to discuss major price shocks and shortages driven by the US-Israel war on Iran.My government will be announcing more measures to prepare the nation for supply chain challenges over coming days and weeks.Our fuel supply is currently secure. However, I want us to be over-prepared. Continue reading...

The Guardian 39 minutes ago

‘Eerily silent’: Cape York residents batten down the hatches ahead of Tropical Cyclone Narelle’s arrival

Residents of Coen and surrounding towns in far north Queensland spent Thursday sandbagging, stockpiling food and preparing for power outages ahead of possible category 5 stormCyclone Narelle path tracker mapGet our breaking news email, free app or daily news podcastIn some ways, it seemed a pleasant, wet season morning in the remote Aboriginal community of Coen in tropical far north Queensland on Thursday – and Sara Watkins was preparing for a sausage sizzle.“It’s a day that you’d spend going fishing,” she said. Continue reading...

The Guardian 1 hour ago

Tropical Cyclone Narelle to make landfall in far north Qld on Friday as category 5 storm, bringing 315km/h wind gusts

Massive storm tracking a path to Queensland coast, which intensified offshore Thursday morning to category 5, fuelled by warm waters in Coral SeaCyclone Narelle path tracker mapGet our breaking news email, free app or daily news podcastSevere Tropical Cyclone Narelle is expected to make landfall in far north Queensland on Friday morning as a monster category 5 storm, bringing destructive wind gusts of 315km/h, according to the Bureau of Meteorology.The severe cyclone rapidly intensified over the past 48 hours and on Thursday morning had built to a category 5 storm that was barrelling west, sitting about 355km east of the small town of Coen. Coen has a population of approximately 330. Continue reading...

The Guardian 1 hour ago

Leo Varadkar: LGBTQ+ rights in Europe face ‘chill wind’ from east and west

Ireland’s former taoiseach warns of conservative Russian influence and says US is now ‘off the pitch’ under TrumpLGBTQ+ rights in Europe are caught in a “chill wind” from east and west as Vladimir Putin’s Russia exports its conservative agenda and the “Americans are off the pitch” under Donald Trump, Ireland’s former taoiseach Leo Varadkar has said.Varadkar, who in 2017 became Ireland’s first out gay prime minister, said Europe needed to “step up” to avoid the continent becoming further squeezed by global forces seeking to chip away at recent progress. Continue reading...

The Guardian 1 hour ago

UK to cut climate aid to developing countries by 14% to £2bn a year in ‘refocus’

Move will put national security and lives overseas at risk, critics say, as overall UK aid budget is slashed to 0.3% of gross national incomeClimate aid to developing countries from the UK will be cut by about 14% to roughly £2bn a year under government plans, in a move critics said would put national security and lives overseas at risk.The move follows bitter rows with the Treasury, which wanted deeper cuts owing to pressure on spending resulting from the war in Iran. Continue reading...

The Guardian 1 hour ago

Thursday briefing: The largest cluster of cases in a generation – what’s behind the meningitis B outbreak?

In today’s newsletter: After a spate of infections linked to a nightclub in Kent, some parents and experts are questioning the UK’s vaccination regime It is every parent’s worst nightmare. University students enjoying themselves at a nightclub, only to fall ill a few days later with a potentially deadly illness. So far, two young people have died and more are seriously unwell in hospital after a meningitis outbreak in Kent, which appears to have started at Club Chemistry in Canterbury in early March. Health authorities have launched a major response: 30,000 people have been given antibiotics and up to 5,000 University of Kent students will receive a meningitis B vaccine, the strain that is believed to be behind the outbreak.The health secretary, Wes Streeting, has urged calm, explaining that the risk of transmission is low, urging students to keep going to school and insisting that people do not need to seek private vaccinations. But that has not stopped a rush for jabs, causing a national shortage. The high street pharmacies Boots and Superdrug say they have seen a major spike in bookings, with some locations running out of stock.Middle East | Israel struck Iran’s giant South Pars gasfield on Wednesday, marking a major escalation of the war, hours after Israeli forces killed the regime’s intelligence minister and launched some of the most intense airstrikes in Beirut for decades.Reform UK | Nigel Farage called for the release of Sean “Diddy” Combs and commended the efforts to free a former Honduran president jailed in the US for drug trafficking. The remarks were made on the personalised video platform Cameo.Assisted dying | Senior ministers believe Keir Starmer will not intervene to give the assisted dying bill further time in parliament as he is wary of opening up new divisions among Labour MPs.Media | The former Google executive Matt Brittin is expected to be named as the BBC’s next director general within days, with the corporation’s board meeting this week for a final discussion about the appointment.Green party | A government led by the Green party would not set targets for GDP growth but would instead focus on people’s mental health, social cohesion and community welfare, Zack Polanski has said in a major speech to set out his plans for the economy. Continue reading...

The Guardian 1 hour ago

Malinauskas steps up One Nation attack ahead of SA election – as it happened

This blog is now closedTropical Cyclone Narelle tracker map: where and when will it hit the Queensland coast?Get our breaking news email, free app or daily news podcastAgriculture minister says government monitoring any price gouging of fertiliserJulie Collins, the federal minister for agriculture, said the government is monitoring any price gouging for fertiliser amid the turmoil in the Middle East.I think our government has been very clear that this should not be seen as a commercial opportunity for anybody. This is about what is in the national interest. This is a conflict that is impacting globally, and what we need Australians to do is to act in the national interest, and that includes everybody along that supply chain. Continue reading...

The Guardian 2 hours ago

Power prices expected to fall by up to 10% from July, bringing ‘welcome relief’ to Australia’s east coast

Increased wind and solar generation, along with falling electricity contract prices, are expected to deliver lower energy billsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastPower prices on Australia’s east coast are predicted to fall from July because of increased output from wind generation and batteries, and falling electricity contract prices, with potential savings up to $1,320 for some small businesses.In a draft decision on Thursday, the Australia Energy Regulator (AER) proposed a price reduction for customers on standing electricity plans – known as the “default market offer” – of between 1.3% to 10.1% for residential customers, and between 8.5% and 21.2% for small businesses, depending on the region. Continue reading...

The Guardian 2 hours ago

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