Central bank bosses enlist for war game to gauge threat of Lehman-style bust

The bosses of the central banks and treasuries of the UK, US and EU are to take part in a war game in Washington on Saturday to test how they would handle the collapse of a globally significant bank.Amid growing unease over the risks to global financial stability, the most senior officials from the US Federal Reserve, the European Central Bank and the Bank of England – including its governor, Andrew Bailey – are expected to take part.In a so-called “desktop” stress test, behind closed doors in the US capital, the exercise will include the authorities wargaming how they would respond to another Lehman Brothers-style collapse.It comes as banking regulators from around the world sound the alarm over the growing risks to financial stability from AI, risky private credit lending, and potential disruption in markets linked to the US-Israel war on Iran.Finance ministers, executives and regulators discussed the potential risks as they gathered in Washington for the International Monetary Fund and World Bank spring meetings this week, including warning that the latest AI models from US tech companies could pose serious threats to financial stability

Iron will: Australia’s richest person counts the cost as court orders she share mining millions with rival family

Gina Rinehart, who’s been called Australia’s ‘female Donald Trump’, has long fought claims from the family of her father’s business partner – as well as her own childrenFull Story podcast: How Gina Rinehart lost hundreds of millions of dollars in courtAustralia’s richest person is reeling after a landmark court decision found her company must pay royalties worth hundreds of millions of dollars to a rival mining dynasty.Gina Rinehart, a multibillionaire with political connections in both the White House and the Australian parliament, has been described by members of the US conservative movement as “a female Donald Trump”. The 72-year-old, who inherited her father’s iron ore empire in Australia’s Pilbara region, has fought multiple claims against the family company Hancock Prospecting that were first launched in 2010.On Wednesday, in the Western Australian supreme court, Justice Jennifer Smith found that Wright Prospecting was entitled to its claim for a half share of royalties coming from one of the region’s largest projects – Hope Downs.Hope Downs is a joint venture between Rio Tinto and Hancock Prospecting and exports about 45m tonnes of iron ore annually from Australia’s north-west each year

Rachel Reeves to raise windfall tax on low-carbon electricity generators

Rachel Reeves is poised to raise the government’s windfall tax on low-carbon electricity generators to help limit UK household energy bills, the Guardian understands.The chancellor is ready to hike the levy introduced in 2022 to target the excess profits made by the owners of older renewable energy and nuclear plants as electricity market prices soared after Russia’s full-scale invasion of Ukraine.She could announce the plans to raise the so-called electricity generator levy as early as Tuesday, alongside a consultation on “radical” proposals to permanently weaken the link between soaring gas market prices and the cost of Britain’s electricity for the long term.Executives across the industry have been told to expect contact from officials on Monday to set out the government’s determination that electricity costs should be protected from the surge in gas markets and be set more often by cheaper renewable sources.Currently, the overall price is set by the most expensive source of power, which is usually gas power plants

Oil price drops below $90 a barrel after Iran says strait of Hormuz is open

Oil and gas prices fell sharply on Friday after Iran said the strait of Hormuz was open to commercial shipping, potentially clearing the way for tankers holding millions of barrels of oil and gas to reach the global market.Iran’s foreign minister said vessels would be free to transit the strait of Hormuz for the duration of the 10-day ceasefire between Israel and Lebanon, which was struck on Thursday.Brent crude, the international benchmark, fell more than 10% to $88.8 a barrel. That is well below a peak of $119 last month, but still much higher than the $72 before the war

Oil tumbles 10% and stock markets rally as Iran declares strait of Hormuz ‘completely open’ – as it happened

The oil price is tumbling, after Iran announced that the strait of Hormuz is now open.Crude oil has plunged by 10% on hopes that energy supplies could resume after weeks of disruption.Iran’s foreign minister, Abbas Araghchi, posted on social media that the waterway is ‘completely open’, following the ceasefire agreed between Israel and Lebanon overnight.double quotation markIn line with the ceasefire in Lebanon, the passage for all commercial vessels through Strait of Hormuz is declared completely open for the remaining period of ceasefire.Araghchi added that vessels must travel on the “coordinated route” previously announced by Iran’s Ports and Maritime Organisation

Employees at first ever Starbucks store seek to unionize amid fight for contract

Workers at the historic first Starbucks store are seeking to unionize as the coffee retail giant and its union appear stalemated over their first contract.The first Starbucks store opened in 1971 in Seattle’s Pike Place Market, and the store serves as a tourist site in Seattle.Nailah Diaz, a Starbucks barista for about five years, three of those at Pike Place, said the Pike Place store can often have lines out the door, with waits up to two hours for tourists to come inside and look around.She said workers at Pike Place are tasked with greater customer service responsibilities and the significant tourist traffic can bring about issues with disruptive customers and safety.“I myself have experienced unfair treatment, favoritism, discrimination and harassment with little to no support from management, and for me, joining this fight is me making sure that no one else has to go through what I have,” said Diaz

Senate Democrats move to stall Trump’s ‘absurd’ bid to install new Fed chair

Democrats have moved to stall Donald Trump’s effort to exert greater control over the US Federal Reserve, condemning the president’s “absurd” bid to install a new leader of the central bank while it is targeted with criminal investigations.Democratic lawmakers on the Senate banking committee urged its Republican leadership on Thursday to postpone the planned confirmation hearing for Kevin Warsh, the financial executive and former Fed governor Trump has nominated to replace Jerome Powell as Fed chair.In a letter to banking committee chair Senator Tim Scott, a Republican from South Carolina, the 11 Democrats called for a hearing currently scheduled for Tuesday to be delayed until investigations into Powell and Lisa Cook, a current Fed governor, are closed.Powell – whom the president has frequently and publicly chastised over his refusal to dramatically lower interest rates – is facing a criminal investigation into the renovations of the central bank’s headquarters, which he dismissed as a “pretext” tied to the Fed’s refusal to bow to Trump’s demands.The Trump administration also tried to fire Cook, an appointee of Joe Biden, for alleged mortgage fraud

Next chief Simon Wolfson paid record £7.4m – and could get far more this year

The Next chief executive, Simon Wolfson, took home more than £7m last year, his highest ever pay package, and could be handed up to £9.27m this year after the retailer announced plans to increase his basic salary and bonuses.The listed company said it was increasing its pay deal for the long-term leader of the fashion and homewares retailer, which now controls a string of brands in the UK including Gap, Victoria’s Secret, Cath Kidston, Reiss and FatFace, as his remuneration was 30% below the average for FTSE 100 bosses.The directors on its remuneration committee said in the annual report published on Thursday that the changes were also being made as Next’s returns to shareholders had been higher than other leading listed companies over several years.“Given this sustained outperformance, the committee does not consider the current levels of remuneration to be appropriately aligned with performance,” the report said

It will take more than £600m a year to boost UK industrial competitiveness | Nils Pratley

It is “bold action” to boost UK competitiveness, claimed the government. Not everybody shared that assessment of the British industrial competitiveness scheme (Bics), the long-awaited plan to cut electricity bills for UK manufacturers by up to 25% – or, at least, to cut them for a subset of firms that are aligned with the eight chosen sectors of the “modern” industrial strategy.“Gas intensive industries in the UK have been shamefully ignored by the government in this announcement – it’s a total disgrace,” said Gary Smith, the general secretary of the GMB union, banging the drum for the likes of ceramics-makers and brickmakers that aren’t deemed modern enough for support. Employer bodies mostly did the polite thing of welcoming government assistance of any form before using phrases such as “drop in the ocean”.And, it’s true, £600m a year across 10,000 companies isn’t much

IMF chief Georgieva warns ‘everyone will feel the impact’ of energy price shock, as UK growth beats forecasts – as it happened

Over in Washington DC, the International Monetary Fund is holding a debate on the global economy.IMF chief Kristalina Georgieva says the world economy is facing another, large, shock:double quotation markThe world economy has been, very resilient over the last few years, facing shock after the shock. And this resilience is tested yet again, this time by a shock that is large.Twenty percent of oil and gas is stuck in the Strait of Hormuz, depriving primarily Asia, but also Europe, and other parts of the world of a vital resource. It is global

Europe has only six weeks’ supply of jet fuel left owing to Iran war, says energy chief

Europe has only six weeks of jet fuel left before shortages will hit because of the Iran war, according to the head of a global energy watchdog.Fatih Birol, the executive director of the International Energy Agency, said there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks.“I can tell you soon we will hear the news that some of the flights from city A to city B might be cancelled as a result of lack of jet fuel,” he told the Associated Press.KLM, part of the Air France-KLM group, said on Thursday it would cut 160 flights in the coming month because of high kerosene jet fuel prices. Although less than 1% of its schedule, the cancellations underline the financial pressures on the airline industry

Metro Bank boss handed record £2.6m a year after slashing 1,000 jobs

Metro Bank’s chief executive has been handed a £2.6m pay packet – the largest in its history – a year after slashing 1,000 jobs in response to the lender’s near collapse.The figure is more than double the £1.2m Dan Frumkin was paid in 2024. Metro pushed through the pay bump and complex bonus scheme for the former RBS and Northern Rock banker at a shareholder meeting last year

How to turn old bread into a brilliant Italian cake – recipe | Waste not

Old sourdough is my secret ingredient. To stop it going mouldy, I take it out of any plastic packaging and keep it in the bread bin with plenty of airflow around it – that way, it will dry out slowly, rather than turning mouldy. Any odds and ends, meanwhile, I store in a cloth bag to use in various dishes, from pangrattato (or poor man’s parmesan) to strata, a savoury bread-and-butter pudding.My new favourite recipe discovery for using up stale bread is today’s torta paesana, or village cake, from Lombardy. The best way I can come up with to describe it is that it’s a bit like a firm baked custard

Roast chicken, cheesy scones and a genius cocktail: Ravinder Bhogal’s recipes for cooking with lime pickle

I’m obsessed with lime pickle. It’s savoury, sour, funky, spicy and full of bold personality that enlivens anything it’s smeared on. It’s made by salting and fermenting limes with chillies and spices for a fierce, flavour-packed condiment that’s traditionally eaten as a side to poppadoms or with simple dal and rice. Over the years, I have also folded it into grilled cheese toasties, marinades for fat prawns to barbecue in the summer or made compound butters with it to smother over sweet potatoes before roasting. It’s an instant flavour bomb and my pantry is never without a jar

Vegemite is recognised globally – but how many people know Milo was invented in Australia?

The chocolate malt powder is sold in more than 40 countries, and Australian cafe owners say there’s ‘jingoistic pride’ in serving it on their menusGet our weekend culture and lifestyle emailWhen I order the jumbo-sized Milo Godzilla at Ho Jiak in Sydney’s Haymarket, it arrives as advertised – it’s comically large. The Malaysian restaurant prepares the drink by swirling Milo powder with hot water, adding sweet drizzles of condensed milk then chilling the mix with ice. Scoops of ice-cream are added and extra choc-malt powder is showered on top. Served in a one-litre jug, it’s so big I can’t finish it solo: staff hand me three takeaway cups to transport the leftovers.Like many beloved Milo drinks, the Godzilla is native to south-east Asia

What can I do with leftover rice? | Kitchen aide

How do I store cooked rice safely, and what can I make with it the next day?Michael, by email“It’s a bit of a running joke with rice, because I think of all the people in China who aren’t spreading their leftover rice immediately on to a tray to cool and are still alive,” says Amy Poon, of Poon’s at Somerset House in London. “But I have to be responsible and say: cool the rice as quickly as possible, within the hour, and put it in an airtight container and pop it in the fridge [or freezer] straight away.” The reason being, as food science guru Harold McGee notes in his bible On Food & Cooking, “Raw rice almost always carries dormant spores of the bacterium Bacillus cereus, which produces powerful gastrointestinal toxins. The spores can tolerate high temperatures, and some survive cooking.” In short: good storage practices will prevent bacterial growth, not to mention open a whole world of dinner opportunities

José Pizarro’s recipe for nettle (or wild garlic) and goat’s cheese tortilla

When I was growing up in the small village of Talaván in Extremadura, Spain, we never ate nettles. They were wild plants that grew along the edges of the fields, and the sort you tried to avoid: like many children, I learned about them the hard way, brushing against them while playing and getting stung. It was only when I came to the UK that I first saw nettles used in cooking, which surprised me: suddenly, this wild plant had a place in the kitchen. Now, whenever I visit my mum, Isabel, I see them everywhere. It makes me smile to think that at this year’s Spring Garden at the Chelsea flower show, I will be cooking among a world of magnificent plants and gardens

Gone from shop shelves, but not forgotten | Letters

How lucky for Adrian Chiles that he didn’t live in the German Democratic Republic (Rose’s Lime Marmalade? Gone. Dark chocolate Bounty? No more. But what about their heartbroken fans?, 8 April). After reunification, there were street markets selling the last of products from the old days, and there was an exhibition in a national museum – memorably called “They’ve even taken our tomato ketchup” – lamenting the loss of many food products and other features of former times, such as children’s TV programmes.Derek JanesDuns, Scottish Borders Can Adrian Chiles tell me where to find Halls’ chocolate sour lemons? Maybe they stopped being made because they turned your tongue black, but they tasted great

Cornichon shortage leaves British sandwich shops in a pickle

With their sharp flavour and crunch, pickled cucumbers are an essential component of any sandwich worth its salt.But an unexpected shortage of cornichons has caused consternation in sandwich shops across the country as cafes scramble to get their hands on jars of the small green pickles.A favourite sandwich of hungry office workers is the simple jambon beurre. A staple across the Channel, the French sandwich contains ham, a generous amount of butter, and, crucially, a sharp, crunchy cornichon to cut through the fat.Sandwich chain Pret a Manger brought it to popularity in the UK, and a jambon beurre retails for about £4 in its shops

Rukmini Iyer’s quick and easy recipe for chilli eggs with miso beans and spinach | Quick and easy

My go-to cheat ingredient for a dash of heat is White Mausu’s peanut rāyu – it has a gentler flavour profile than, say, Lao Gan Ma crispy chilli in oil, and works perfectly in this dish of creamy, lemon-spiked beans and eggs. I recommend using jarred white beans for the speediest cook time. For an easy, get-ahead breakfast, make and chill the spinach and beans the night before, then reheat the next morning and crack in the eggs when the beans are piping hot.Prep 10 min Cook 20 min Serves 2-32 tbsp neutral oil 2 onions, peeled and roughly sliced2 garlic cloves, peeled and finely grated200g baby spinach, roughly chopped570g jar white haricot or butter beans, drained and rinsed (400g net)2 heaped tsp red miso paste (white will work, too) 150ml single cream Juice of ½ lemonSalt (optional)2 eggs 2-3 tbsp White Mausu peanut rāyu, to tastePut the oil in a large, heavy-based saucepan on a medium heat, then add the onions and stir-fry for five minutes, until just colouring around the edges. Stir in the garlic, turn down the heat to low, then partly cover the pan and cook for five minutes, to soften

The US small town coffee shop that created a viral drink: ‘I still don’t understand how it went so far’

A viral coffee drink created by a little college town coffee shop on the outskirts of Minneapolis is now making its way around the world after its inventors decided to give the recipe away for free.After Little Joy Coffee’s raspberry danish latte, a spring seasonal drink, went viral in March, the shop’s owners decided to encourage coffee shops to rip off the recipe directly and add it to their menus.Posting both a home recipe and step-by-step instructions for coffee shops, they asked shops if they wanted to be added to a map of places that will serve the raspberry danish latte. Hundreds of shops quickly signed up. A map of the shops shows a presence on every continent except Antarctica, with pins in dozens of countries

How to make Southern fried chicken – recipe | Felicity Cloake's Masterclass

Let’s be honest, fried chicken is one of those things that’s almost always good, but making it yourself has the benefit of allowing you to be sure of the provenance of the meat. Where fast-food restaurants tend to rely on pressure fryers for a juicy result, at home I brine the meat first using buttermilk – its slight acidity will also have a tenderising effect. Double win.Prep 5 min Marinate 4 hr+Cook 40 min Serves 2-3300ml buttermilk (see step 1)2¼ tsp salt 6 pieces of chicken of your choice – I like a mixture of drumsticks and thighs110g plain flour 40g cornflour, or rice or potato flour (see step 4)½ tsp freshly ground black pepper ½ tsp smoked paprika ¼ tsp MSG (optional)Neutral oil (vegetable, sunflower, groundnut or lard), for fryingButtermilk is the ideal consistency for this, but if you can’t get hold of any, instead whisk a little water into natural yoghurt to make it pourable. Put 275ml in a container large enough to hold all the meat, then stir in two teaspoons of salt – this improves the chicken’s ability to hold on to moisture, giving a juicier texture

Simpson’s-in-the-Strand, London WC2: ‘A rollicking list of cosy British joys’ – restaurant review | Grace Dent on restaurants

The British may not have the most sophisticated palates, but we are adorable in our culinary urgesAs we sit awaiting the beef rib trolley in the Grand Divan dining room at the whoppingly sized Simpson’s-in-the-Strand, we fizz with ideas of how to describe its wildly unfettered quaintness. “It’s all a bit Hogwarts, isn’t it?” I say to my friend Hugh.He’s been four times already, but then, Simpson’s is that kind of place: a handy-as-heck, posh canteen a short stroll from Covent Garden. There’s a twinkly, ye olde cocktail bar upstairs as well as Romano’s with its more European-style menu. But, for now, let’s concentrate on the Grand Divan

Benjamina Ebuehi’s sweet and salty chocolate chip cookies recipe | The sweet spot

Everyone has different ideas on what makes the perfect chocolate chip cookie, with everything from thickness and chewiness to the amount of chocolate up for debate. In my opinion, no cookie is worth eating if it’s not well salted; without it, everything feels a little off balance and flat. My not-so-secret way of salting cookies is to use a bit of miso. Not so much that it becomes a miso cookie, but just enough to bring a slightly savoury, umami vibe that makes the cookies a bit more complex-tasting and not sickly sweet.Prep 5 min Cook 30 min Chill 3 hr+ Makes 12100g unsalted butter, softened 110g dark brown sugar 110g caster sugar 35g white miso paste 1 large egg 220g plain flour ½ tsp baking powder ½ tsp bicarbonate of soda 100g milk chocolate, roughly chopped100g dark chocolate, roughly choppedPut the butter and both sugars in a large bowl and beat for two to three minutes until creamy, scraping down the sides of the bowl often