John Lewis Partnership (JLP) has announced its first annual bonus since 2022 following further progress in its post-pandemic transformation. The employee-owned retailer, which includes not only the department store chain but also Waitrose supermarkets, revealed that its staff, known as partners, will receive an award of 2% of pay for their last financial year until…
The International Energy Agency (IEA), a developed nation body established in the 1970s to deal with the oil crisis like the one we are facing now, has announced something extraordinary. Its members, i.e., most of the world’s rich countries, will release unprecedented amounts of oil from their national stockpiles to the global market in the coming…
According to Forbes, the number of billionaires has reached a record-breaking 3,428, with Elon Musk retaining the title of the world’s richest person. of the magazine’s latest ranking The boss of Tesla and SpaceX, who dominates the tech sector, came out on top with a net worth of $839bn (£623bn), followed in second place. Google…
Iran’s move to close the Strait of Hormuz has brought navigation in the 24-mile stretch of water to a near halt. Only a few ships have transited in recent days, many of them having turned off their tracking systems or joined “shadow fleets.” “They can’t physically close a waterway of that size, but the threat…
The conflict in Iran is hurting millions of people – bills are rising and energy markets are in decline. But a distorting effect of war is that some industries do well: that’s how our global financial system works, as certain sectors, like energy, can thrive amidst turmoil while others suffer. In this case, a group…
For years, geopolitical analysts had warned us that the most dire of all scenarios for the world economy was the closure of the Strait of Hormuz. Well, now, in practice, that is exactly what has happened. Shipping through this narrow channel, the gateway to the Persian Gulf, has declined to near zero. This situation has…
Average diesel prices in Britain have hit a 16-month high, less than a week after the Middle East was hit by war and oil prices soared. Global energy prices have been the main financial market focus ever since Tehran launched attacks against the Gulf states in response to US-Israeli attacks on their countries, disrupting both…
