Business

The largest oil companies in the world are expected to collect more than $95bn (£71bn) in profits during the third quarter, as conflict in the Middle East pushes fossil fuel prices higher. These wartime gains have renewed demands for companies including Saudi Aramco and BP to contribute towards environmental repair and support the shift to renewable power. Research from investment platform AJ Bell suggests that nine of the largest publicly traded oil producers could generate more than $95bn

Andy Burnham has said local leaders in England should no longer be forced to go “cap in hand to Westminster” as the government prepares a new push to hand more spending authority to the regions in next week’s budget. In his statement on Wednesday, the chancellor, John Healey, is expected to unveil proposals for a new £1.5bn borrowing facility, developed jointly with metro mayors over the next two years. Regional leaders have long argued that their ability to borrow is too restricted, especially

A Saudi citizen accused of covertly placing a listening device in an OpenAI meeting room received what US prosecutors described as “substantial support” from the Saudi government, according to a court document filed in California. Prosecutors said Abdulrahman Alfozan, an employee of the company behind ChatGPT, had been in regular contact with a member of Saudi Arabia’s royal family. They also alleged that a Saudi military official paid for a one-way ticket to Saudi Arabia for his wife and child

Improving insulation in British homes and expanding the use of heat pumps could do more to reduce living costs, support employment and strengthen the UK economy than opening new oilfields, according to new analysis. The government’s £15bn warm homes programme, which faces possible reductions as ministers look for spending cuts, could lower household energy bills by £1bn a year nationwide, with the largest benefits going to lower-income households, research from the thinktank E3G suggests. The

Coach companies have warned that record diesel costs could lead to reductions in services, including school transport, while haulage businesses say escalating fuel bills are forcing hundreds of operators to close. The average cost of diesel at UK filling stations climbed above £2 a litre last week, setting a new high as the conflict in the Middle East continues to affect worldwide fuel supplies. Alison Edwards, policy director at the Confederation of Passenger Transport (CPT), said fuel

OpenAI has cancelled plans to release a new artificial intelligence model after internal researchers identified safety issues during testing. The model, known as GPT-6.1 Astra, had been expected to arrive in ChatGPT and Codex in October, with the aim of carrying out more demanding tasks with less human supervision. Saachi Jain, OpenAI’s head of safety systems, said the model had not reached the company’s required safety threshold. The UK AI Security Institute released a separate assessment of

Research has found that three-quarters of the UK’s 20 best-selling plug-in hybrid electric vehicles (PHEVs) are unable to use rapid public chargers, prompting fresh criticism that many function largely as “petrol cars carrying a heavy battery”. These vehicles combine a rechargeable battery with a combustion engine and have been marketed by manufacturers as a bridge between conventional cars and fully electric models. They are intended to offer electric driving for shorter journeys while

The Dutch central bank confirmed this week that it had shifted tonnes of the country’s gold reserves away from North America, saying the move would leave it “better prepared for severe crises”. About 86 tonnes from roughly 313 tonnes previously held in the US and Canada were moved to London, citing rising geopolitical tensions. The aim was to ensure the gold would be easier to access should an emergency arise. The announcement naturally raised questions. Why had the Netherlands chosen to act

US President Donald Trump has said Canada wants “the advantages of being a state without actually becoming one” after trade negotiations between the two countries collapsed late on Friday. In his first remarks since the talks failed, prompting new US tariffs of 50% on a selection of Canadian products, Trump also claimed American farmers had faced “enormous tariffs” for many years. His comments followed Canadian Prime Minister Mark Carney’s description of the new duties as a “miscalculation”

A new round of US tariffs targeting a broad range of Canadian products took effect on Saturday after trade negotiations collapsed at the last moment. Announcing the suspension of talks shortly before Friday night’s deadline, Canadian Prime Minister Mark Carney said his government would respond with matching tariffs on US products “dollar for dollar”. Carney argued that late revisions to the American proposal were unfair and economically unsound, while also raising doubts about whether any

Sportswear retailer JD has lowered its profit outlook as rising living costs, intensified by the US conflict with Iran, reduced demand for trainers. JD Sports, which stocks major athletic labels such as Nike and Adidas, said broad-based inflation had squeezed household finances. This contributed to weaker sales in key regions, including the US, where the retailer found it difficult to clear trainers and other footwear quickly. Executives also warned that subdued consumer spending was likely to

Water companies may be permitted to increase customer bills during droughts under proposals being examined by the regulator for England and Wales. Ofwat’s plans would allow suppliers to reflect “water scarcity” in their charges as part of measures intended to curb consumption. The idea has been compared with surge pricing, where taxi and private-hire operators increase fares when demand is high. The proposals emerged only days after senior political figures expressed anger at water companies

Fragments from a damaged engine shattered a window on a Ryanair aircraft, leaving a passenger partially pulled outside the cabin during a flight in July, according to US investigators. A preliminary report from the National Transportation Safety Board (NTSB) said an engine fan blade separated shortly after the 10 July service departed Greece for Germany. Serbian businessman Ljubisa Karović, who was seated beside the window in 11F, had his head and right arm drawn through the broken opening

Repeated and disruptive heatwaves this summer are expected to have cost the UK economy more than £4bn in lost output by the end of July, according to new analysis. Environmental thinktank Verdant previously estimated that June’s unusually hot conditions caused £2.36bn in economic damage. After expanding its assessment to cover July’s high temperatures, it now puts the total loss at £4.4bn. With temperatures climbing again this week, Verdant director James Meadway said: “The economic

For generations, a typical visit to a British pub has meant waiting at the bar, trying to catch the bartender’s attention to order a pint, and then returning to stand with friends for a chat. This informal, bustling atmosphere has long defined the traditional pub experience. However, Westminster city council has been accused of attempting to change that custom. The council, which oversees one of Europe’s busiest nightlife areas – including Soho and the West End – has proposed discouraging what

BP has announced plans to sell its North Sea oil and gas operations, signalling the end of nearly 60 years of activity in the region. On Friday morning, the company confirmed it had begun a formal process to market its North Sea assets for a possible sale. The decision forms part of a broader strategy by BP’s new chief executive, Meg O’Neill, to streamline operations and reduce overall debt. O’Neill stated: “The North Sea continues to play a key role in the UK’s energy system. However, as we

Wessex Water granted its chief executive a pay rise well above inflation despite being prohibited from issuing bonuses due to sewage discharge incidents, newly released accounts show. Ruth Jefferson’s base salary rose by 14% in October, increasing from £590,000 to £670,000, before additional benefits were included. This uplift significantly exceeded the 3.5% awarded to staff and placed her earnings at 18 times the company’s median salary. Executive compensation in the water sector has faced

The co-founder and chief executive of Ocado has said he has “no intention of being a puppet master” overseeing staff decisions, amid signs of tension in the boardroom over succession plans at the grocery technology group. Tim Steiner, who is due to step down as chief executive in 2028, indicated that any incoming leader would be comfortable continuing to work alongside him. Shares in the company fell by almost 15% on Thursday, reaching their lowest level in more than ten years, after Ocado

China’s economic expansion slowed markedly from April to June, as subdued domestic demand and the effects of the Iran conflict on oil prices weighed on the economy, despite robust export performance. Official gross domestic product (GDP) data indicated that the world’s second-largest economy grew by 4.3% in the second quarter, falling short of Beijing’s yearly target and down from the 5% growth recorded in the first quarter. The figures were released a day after separate statistics showed that

Apple on Friday accused OpenAI of misappropriating trade secrets as the artificial intelligence company moves forward with plans to develop its own hardware for ChatGPT, marking a significant breakdown in relations between the longtime partners. In a lawsuit filed in federal court in California, Apple alleges that OpenAI encouraged Apple employees it was attempting to hire to share confidential company information, and even advised them on how to avoid detection during the transition. “This