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Pre-tax profits drop to £2.3bn between January and March, down from £2.6bn last year• Business live – latest updatesProfits at Barclays tumbled by 12% in the first quarter, as higher UK interest rates weighed on demand for mortgages and loans while a backdrop of economic uncertainty affected its investment bank.The UK bank said pre-tax profits fell to £2.3bn in the first quarter, down from...

Passengers numbers this year predicted to hit 82.4m but airport’s future uncertain, with proposed £6bn sale in doubtHeathrow is expecting its busiest ever summer holiday season but faces uncertainty over its long-term future as the proposed £6bn sale of the UK’s biggest airport remains in doubt.The airport said on Wednesday that the summer getaway this year was expected to be “the busiest on record”...

Investors lodge 58% protest vote against emissions report but defiant chair Richard Goyder maintains company is part of solution to climate changeGet our morning and afternoon news emails, free app or daily news podcastWoodside Energy has suffered an embarrassing rebuke of its climate credentials after its emissions plan was overwhelmingly rejected by shareholders at its annual general meeting on Wednesday.Investors lodged a 58% vote...

UK’s blue-chip index reaches 8,076, surpassing previous high of 8,047 in February 2023Business live – latest updatesThe UK stock market hit a record high on Tuesday, as shares were lifted by hopes of interest rate cuts and an easing of geopolitical tensions.The FTSE 100 index of blue-chip stocks listed in London hit 8,076 points on Tuesday, surpassing a previous high of 8,047 in February...

Shoppers spend more on promotions as Easter lifts sales of chocolate eggs and hot-cross bunsBusiness live – latest updatesGrocery price inflation in Great Britain has slowed to 3.2%, the lowest since November 2021, as the cost of toilet rolls, butter and milk fell and people spent more on store promotions.The decline in the four weeks to 14 April marked the 14th monthly drop in...

Government borrowed £120.7bn in the last financial year, with just under £12bn in MarchBusiness live – latest updatesJeremy Hunt’s scope for a substantial pre-election tax giveaway has been hit after the latest set of official figures showed the UK’s public finances in worse shape than thought at last month’s budget.Figures from the Office for National Statistics (ONS) showed the government borrowed £120.7bn in the...

International Energy Agency says 17m vehicles will be sold this year, up more than 20% compared with 2023Electric and plug-in hybrid car sales will jump to a new global record in 2024 despite slowing growth in some markets, according to forecasts from the influential International Energy Agency (IEA).The Paris-based forecaster said that 17m battery electric vehicles and plug-in hybrid electric vehicles will be sold...

FTC lawsuit to block Coach parent from buying Michael Kors owner says deal would deprive consumers of competitionThe US Federal Trade Commission said on Monday it was suing to block Coach parent Tapestry’s $8.5bn deal to buy Michael Kors owner Capri, saying it would eliminate competition.This comes at a time when several US lawmakers have sought increased scrutiny from the FTC of several multi-billion...

App feature could be suspended unless child safety concerns addressed, in first use of sweeping new digital powersThe EU has said it will ban a new service launched by TikTok in Europe that it believes could be “as addictive as cigarettes” unless the company offers “compelling” fresh evidence that children are safeguarded.If the ban goes ahead, it would be the first time the EU...

Embattled water supplier promises to invest up to £3bn more over the next five yearsBusiness live – latest updatesThames Water could raise bills to as much as £627 a year to pay to fix its leaky network, after promising to invest up to £3bn more over the next five years.The embattled water supplier said on Monday that it had updated its spending plans for...

Independent shopkeepers say prices they pay at supermarket’s cash-and-carry arm Booker are often higher than in Tesco storesVillage shopkeepers say Tesco is consistently undercutting them by selling products for less in its stores than via its wholesale business Booker, stoking concerns about the power of the UK’s biggest supermarket chain.Tesco, which has 27% of the UK grocery market, bought the cash-and-carry group in 2017...

High court action will claim US owner allowed access to app users’ private information in breach of UK lawGrindr faces the prospect of legal action by hundreds of users who will allege that the dating app shared highly sensitive personal information, including in some cases their HIV status, with advertising companies.The law firm Austen Hays is to file a claim on Monday in London’s...

Shoppers cut back in March, with data likely to increase pressure on Bank of England over interest ratesBusiness live – latest updatesRetail sales in Great Britain unexpectedly stalled in March as consumers cut back on spending because of the cost of living, according to new data.British retail sales volumes stagnated at 0% in March after an increase of 0.1% in February, according to the...

Company, which also makes Quality Street, says reducing sugar, salt and fats could harm ‘strategic freedom’Business live – latest updatesNestlé faces a resolution at its AGM on Thursday that could force the world’s largest consumer goods company to cut back on high levels of salt, sugar and fats in its food and drinks.The Swiss-headquartered multinational is urging investors to reject the proposal, arguing a...

Media executive’s exit comes as broadcaster faces a number of controversiesGet our morning and afternoon news emails, free app or daily news podcastJames Warburton, the chief executive and managing director of Seven West Media, left the company on Thursday, amid a tumultuous period for the broadcaster.The prominent media executive was due to step down before the end of the financial year, according to executive...

Shares in Beyoncé and Neil Young song fund rise amid hopes uncertainty over its future could be overBusiness live – latest updatesThe embattled British music royalties investment fund Hipgnosis, which owns the rights to songs by artists from Beyoncé to Neil Young, has agreed to a $1.4bn (£1.1bn) takeover by a music and theatrical rights rival after months of turmoil over the company’s structure...

Demand for private treatment booms as NHS waiting lists remain long, while more people also sign up for dental cover Britain’s health cover market has grown by £385m in a year as the NHS crisis prompted more people to seek out private medical treatment and demand for dental insurance increased, according to a report.The total health cover market, including medical and dental insurance and...

Predictions for when Bank of England will start lowering cost of borrowing pushed back Business live – latest updatesThe UK’s annual inflation rate fell by less than expected in March to 3.2%, complicating the timing of a first Bank of England interest rate cut.Figures from the Office for National Statistics (ONS) show inflation continued to fall from 3.4% in February to reach the lowest...

Carrier says three-week grounding of 737 Max 9 planes after Alaska Airlines blowout cost it profitUnited Airlines has blamed a $200m (£161m) hit to its earnings in the first three months of the year on the mid-flight blowout that forced it to ground many of its Boeing planes.The US carrier said the three-week grounding of 737 Max 9 jets after a cabin panel blew...

Time taken for Farhad Moshiri to attract new investors may have made a viable solution harder to find Everton fans are used to owner Farhad Moshiri telling them that better times will be arriving soon. He began his reign at the club in 2016 promising to give fans “whatever I have” – the type of soundbite he would continue to deliver during the following...

Swiss food firm’s infant formula and cereal sold in global south ignore WHO anti-obesity guidelines for Europe, says Public EyeNestlé, the world’s largest consumer goods company, adds sugar and honey to infant milk and cereal products sold in many poorer countries, contrary to international guidelines aimed at preventing obesity and chronic diseases, a report has found.Campaigners from Public Eye, a Swiss investigative organisation, sent...

Julian Dunkerton decided against takeover offer and company will delist from London Stock ExchangeBusiness live – latest updatesSuperdry is to embark on a restructuring plan including rent reductions in stores and a fundraising, backed by its boss and co-founder Julian Dunkerton, and will quit the London Stock Exchange.Trading in the shares was halted on Tuesday morning after they fell 25% to just over 5p,...

International Paper settles all-share deal after tussle with British rival MondiBusiness live – latest updatesThe FTSE 100 UK packaging firm DS Smith is to be taken over by a bigger US rival, International Paper, after the companies agreed a £5.8bn all-share deal.Tennessee-based International Paper, one of the largest paper and pulp companies in the world, moved in late March to gatecrash a £5.14bn all-share...

Pay growth is stronger than expected, underlining dilemma over when to cut interest ratesBusiness live – latest updatesThe number of people out of work rose by more than expected in February, raising concerns that employers are beginning to lay off staff in response to high interest rates.The Office for National Statistics said the unemployment rate increased to 4.2% in February from 3.9%, well above...