Business

Spring forecast: Reeves to insist she has ‘right economic plan’; Markets plunge as Middle East crisis drives UK gas price to three-year high – live updates
Posted on Tuesday March 03, 2026

Rolling coverage of the latest economic and financial news, including the UK’s spring forecastRachel Reeves’s plans could be hit by Middle East conflict, say economistsUK grocery price inflation has risen, showing that people are being hit in the pocket even before the surge in energy prices feeds through to the economy.Data provider Worldpanel by Numerator has reported that annual grocery inflation rose to 4.3% in February, after four consecutive months of falls, in a blow for households. That’s up from 4% in January.Sentiment towards BP and Shell has strengthened significantly off the back of oil price spikes. But it’s a complex picture. Neither company has production in Iran. But BP’s significant production in Iraq and Abu Dhabi risks being bottlenecked through disruption to the Strait of Hormuz. For Shell the same applies to its LNG facilities in Qatar and the Emirates. If a moderate sustainable regime is established in Iran, there is the potential for substantial derisking, and for prices to be rebased downwards. If sanctions are removed, it also opens the door for investment into Iranian oil fields.But uncertainty remains high. This could prove to be highly profitable for both Shell and BP’s trading arms with Shell’s optimisation capabilities in LNG transit likely to be in particularly strong demand. Shell’s balance sheet strength also leaves it better placed to deal with any prolonged volatility and while BP’s buybacks remain on pause, we’re expecting Shell’s generous payouts are likely to continue this year. Continue reading...

‘Peak Greggs’? Bakery chain’s profits slump and sales slow
Posted on Tuesday March 03, 2026

Retailer known for its sausage rolls and steak bakes says it has been resilient in a challenging marketBusiness live – latest updatesGreggs has reported a slump in profits as it bemoaned “challenging” market conditions hitting consumer confidence and disposable income, amid pressure to prove the UK has not hit “peak Greggs”.The high street bakery chain, known for its sausage rolls and steak bakes, said statutory pre-tax profits fell by 17.9% to £167.4m for the year to 27 December, compared with a year earlier. It also reported a slowdown in sales growth over the start of the new year. Continue reading...

UK grocery inflation in surprise rise as experts warn of worse to come
Posted on Tuesday March 03, 2026

Extended war in Middle East could cause ‘substantial spike’ in inflation and ‘sharp drop in output’ in eurozone and UK, ECB official saysBusiness live – latest updatesShoppers faced a surprise jump in grocery inflation last month after four successive months of falls, as experts warned there is worse to come if there is prolonged war in the Middle East.In a blow to households struggling with the cost of living, grocery price inflation rose to 4.3% in the four weeks to 22 February, after falling to 4% in January from 4.7% in December, according to the market research company Worldpanel by Numerator. Continue reading...

How escalating Iran conflict is driving up oil and gas prices – a visual guide
Posted on Monday March 02, 2026

A halt to shipping in strait of Hormuz and attacks on Middle East refineries are threatening supplies and stoking inflationNils Pratley: A gas shock – not an oil shock – looks more threateningUS-Israel war on Iran – live updates Iran has responded to US and Israeli attacks by launching a series of counterstrikes against states across the Middle East, with serious consequences for the oil and gas industry and the global economy.Tehran has attacked oil facilities in neighbouring countries, while shipping traffic through the strait of Hormuz – the crucial bottleneck at the mouth of the Gulf – has all but ground to a halt. Continue reading...

Anthropic’s AI model Claude gets popularity boost after US military feud
Posted on Monday March 02, 2026

Claude climbs to top of app store charts in US and UK after being blacklisted by Pentagon over ethics concernsThe AI model Claude has surged in popularity after being blacklisted by the Pentagon last week over ethics concerns.Claude climbed to the No 1 spot on Apple’s chart of top free apps on Saturday in the US – dethroning OpenAI’s ChatGPT, just one day after the Pentagon tapped OpenAI to supply AI to classified military networks. The bot’s app climbed the iPhone app charts in the UK but did not beat out ChatGPT. Claude also raced up the Android charts in the US and UK, though ChatGPT reigned supreme, according to data from Sensor Tower. Continue reading...

BrewDog bought by US cannabis and drinks firm for £33m, costing nearly 500 jobs
Posted on Monday March 02, 2026

Many early-stage crowdfunders left empty-handed as Tilray acquires beer company’s UK and Irish assetsBusiness live – latest updatesThe UK and Irish assets of BrewDog, the Scottish self-styled “punk” brewer, have been sold to the US cannabis and drinks firm Tilray for £33m, in a deal that will cost nearly 500 jobs and leave legions of the company’s early-stage crowdfunders empty-handed.Tilray agreed a deal to buy BrewDog’s brand, intellectual property, UK brewing operations and 11 “strategic” bars in the UK and Ireland, the two companies confirmed, preserving 733 jobs. The remaining 38 bars will close immediately, at a cost of 484 jobs. Continue reading...

Paramount+ and HBO Max to become one streaming service, Ellison says
Posted on Monday March 02, 2026

Billionaire Paramount Skydance chief announces plan days after winning takeover battle for Warner Bros DiscoverySign up for the Breaking News US email to get newsletter alerts in your inboxParamount Skydance plans to combine HBO Max and Paramount+ into one streaming service, chief executive David Ellison announced during a call with investors, days after the company said it would acquire HBO parent company Warner Bros Discovery.The deal would allow major HBO Max titles, such as The Sopranos, Sex and the City, and Succession, to sit alongside Paramount offerings including Yellowstone and Survivor. Ellison said combining the two platforms would give the company more than 200 million direct-to-consumer subscribers. Continue reading...