British fintech Revolut gets full banking licence

Revolut can finally launch as a fully fledged UK bank after a five-year wait for regulatory approval.The fintech said it had received the all-clear from the Prudential Regulation Authority (PRA) for a full banking licence, allowing it to offer accounts for retail and business customers.It will start introducing current accounts to a small number of new customers within days, the group said.The move follows Revolut being granted a UK banking licence – with “restrictions” – in 2024, having first lodged its application in 2021.Revolut bosses were said to have grown frustrated with UK regulators, who had been slow to grant a full licence allowing it to hold customer deposits and branch out into more lucrative products such as loans and mortgages

Porsche to cut more jobs after costly reversal of electric car strategy

Porsche is to cut more jobs after profits were largely cancelled out by a costly writedown on reversing its electric car strategy, as the luxury manufacturer also battled a prolonged sales slump in China.The German carmaker appointed a new chief executive, Michael Leiters, on 1 January after four profit warnings last year that also contributed to it tumbling out of Germany’s DAX stock index.“The streamlining of the company needs to be sharpened and this will lead to further job reductions,” said Leiters on Wednesday. Porsche employs about 40,000 people and has previously said it would make about 3,900 job cuts by 2030.“We will streamline our management structure, reduce hierarchies and cut back on bureaucracy,” said Leiters, adding that more details would come in the autumn

Aramco warns of oil market ‘catastrophe’ unless strait of Hormuz reopens soon

Saudi Arabia’s state oil company has warned of “catastrophic consequences” for the world’s oil markets if the US-Israeli war with Iran continues to block shipping in the strait of Hormuz.The world’s biggest oil exporter expects to be able to supply the market with about 70% of its usual crude output despite the stranglehold on the vital trade artery, but its chief executive warned that there would still be “drastic” consequences for the world economy if the disruption continued.Oil shipments from the Middle East have been blocked from passing through the narrow waterway since the US strikes on Iran 11 days ago, erasing about 20m barrels of oil from the global market every day.Despite the warning, oil prices fell on Tuesday after Donald Trump suggested the war could end “very soon”.The price of a barrel of Brent crude, the international benchmark, was down 14% on Tuesday evening, at about $85

Pipeline of new drugs to fight superbugs is ‘worryingly thin’, experts warn

The pipeline of new drugs to fight superbugs remains “worryingly thin” and has shrunk by 35% in the last five years, experts have said, predicting the annual number of deaths linked to drug-resistant infections globally will double to 8 million by 2050.The number of antimicrobial projects from large pharma companies has shrunk by 35% over the past five years, from 92 to 60 medicines in development, according to a report from the Access to Medicine Foundation (AMF), a Netherlands-based non-profit group, backed by the Wellcome Trust. Only five medicines are in development for children under five, who are more vulnerable to infections.“Overall, the research and development pipeline remains worryingly thin, and industry investment has lost momentum,” said Jayasree K Iyer, the foundation’s chief executive. She described drug resistance as the biggest single threat to healthcare worldwide

Trump’s re-election may have helped Albanese – but the US war in Iran is creating economic conundrums

Donald Trump’s re-election helped Anthony Albanese win a landslide election, but now threatens to derail his second term of government, with the Labor government’s fortunes increasingly tethered to the US president’s policy agenda.Trump’s Middle East incursion triggered a huge spike in energy costs, propelling oil prices to their highest level in four years, as fears of a prolonged regional conflict took hold.An elevated oil price is a major global inflation trigger, given it drives up costs across goods and services in the economy, pushing central banks, including in Australia, to consider rate hikes to keep a lid on inflation.The resurgence of Australian inflation, already a factor before the Middle East conflict, now risks intensifying, creating a problem for the incumbent government.Sign up: AU Breaking News emailIf interest rates move higher, as expected, many voters will be paying increased mortgage rates at the same time as they face elevated prices for everything from fuel to food

VW to cut 50,000 jobs by 2030 amid Trump tariffs and falling Chinese sales

Europe’s largest automaker, Volkswagen, is to shed 50,000 jobs by the end of the decade, as it faces falling sales in China and North America and punitive US tariffs imposed by Donald Trump.The 10-brand group, whose luxury subsidiaries Porsche and Audi are also under pressure, said the jobs would go in Germany, affecting the entire group, as part of a restructuring drive amid the darkening global business climate.The group had already struck a deal with German trade unions at the end of 2024 to cut 35,000 jobs by 2030, in part by natural attrition through retirement and other staff departures.Volkswagen revealed the updated plans as it announced a 54% drop in pre-tax profits. The group has been scaling back its targets for electric vehicle (EV) production in recent months, including at its Italian supercar manufacturer, Lamborghini

Why has the Iran war sparked fears of stagflation for the global economy?

Oil prices surged on Monday, triggering a stark sell-off across some of the world’s leading stock markets amid growing concern that the US-Israel war on Iran could set the stage for a global economic shock.While they fell back on Tuesday after Donald Trump suggested the Middle East conflict could end “very soon”, oil continues to trade at high levels.The war has caused an energy supply crisis that could risk driving up inflation and interest rates, according to economists, who believe growth is set to weaken while prices rise. Fears of stagflation – where economic activity stagnates, but inflation increases – loom large.Here’s what you need to know

US stock markets close on high after Iran war drove oil prices above $100 a barrel

US stock markets closed on a high after oil prices swung wildly on Monday, reaching a four-year high in the morning that rattled Asian and European markets before settling down once Donald Trump said the US-Israel war with Iran is “very complete”.After surging past $100 a barrel on Monday morning, oil prices came down to $85 a barrel by the time that US stock markets closed in the afternoon. US stocks leaped at a report from a CBS News reporter that Trump thinks “the war is very complete, pretty much” because “they have no navy, no communications, they’ve got no air force”.The Dow closed at a 230-point jump, while the S&P and Nasdaq closed at 0.83% and 1

CMA to investigate heating oil suppliers over ‘blatant profiteering’ from Iran war

Heating oil suppliers are to be investigated by the competition watchdog after accusations that firms are “blatantly profiteering” from the conflict in the Middle East by doubling the prices they charge to households.The Competition and Markets Authority (CMA) said it had received “a number of concerning reports” in recent days from consumers reliant on heating oil about suppliers’ behaviour at a time of rising wholesale costs.About 1.7m households in the UK, mostly in rural areas that are not connected to the mains gas network, rely on heating oil to warm their homes, cook food and provide hot water.The CMA will look into consumer complaints about existing orders being cancelled, with customers then offered new quotes at significantly higher prices, and price increases for automated deliveries to customers that are triggered when the fuel in an oil tank drops to a certain level

IEA orders largest ever release of stockpiled oil to reduce crude price

The International Energy Agency has ordered the largest release of government oil reserves in its history to help calm the oil price shock triggered by the US-Israeli attacks on Iran.The world’s energy watchdog said its 32 members had agreed unanimously to release about 400m barrels of emergency crude, a third of the group’s total government stockpiles and more than double the IEA’s previous biggest release.The emergency intervention far outstrips the 2022 release of 182m barrels of oil by IEA countries after Russia’s full-scale invasion of Ukraine.The body’s executive director, Fatih Birol, said: “Oil markets are global so the response to major disruptions needs to be global, too. Energy security is the founding mandate of the IEA, and I am pleased that IEA members are showing strong solidarity in taking decisive action together

Labor must stop juicing house prices and make buying a home the Australian dream – not negatively gearing one | Greg Jericho

As uncertainty hits everywhere, the Australian housing market continues its usual path upwards.Less than two months ago, I let rip at the IMF for titling its latest World Economic Outlook as “Global Economy: Steady amid Divergent Forces” despite the fact a clueless fool sits in the White House ready to unleash chaos should his blood sugar levels fall too low.If the graph does not display click hereI can’t wait for the IMF’s April update, which will no doubt tell us that the forces remain “divergent” if steady.The war in Iran makes it rather impossible to say what will happen in the economy over the next six months – aside from gas companies profiting off human misery:If the graph does not display click hereBut there is, admittedly, one other constant in our economy: government policy that juices demand for housing will increase house prices and reduce affordability:If the graph does not display click hereOn Tuesday the latest dwelling price figures revealed that, in a shock to no one, the first home buyer 5% guarantee has caused dwelling prices to soar.In the December quarter, the average price of dwellings across Australia rose 2

Time for UK regulators to act against Saba Capital’s siege tactics | Nils Pratley

A year ago, the sometimes sleepy world of UK investment trusts – companies that invest in other companies – had a moment of genuine drama. A loud New York raider, Boaz Weinstein of hedge fund Saba Capital, bought significant stakes in seven trusts and lobbed insults at their boards, generally about poor investment performance or a failure to close the gap between the value of the assets and the share price.For all the fireworks, the campaign was a flop. Saba filed a variety of shake-’em-up motions at what it called the “Miserable Seven” and lost the lot. A 7-0 defeat, you’d think, would prompt Weinstein to slink away in embarrassment but, as quickly became clear, that’s not his style

Chicken wings and soup: Helen Graves’ spring onion recipes

March is a tricky pin in the seasonal calendar, with energising winter citrus fading and spring’s stars yet to emerge. It’s a time when I find pleasure in reappraising ingredients that are routinely overlooked. Spring onions, say, which are often considered a garnish, but which are good for so much more. Their contrasting colourway is a clue to their varying intensity, with the white roots holding pungency and the greens more akin to especially bolshie chives. Today’s recipes harness the properties of both, bridging the gap between the current need for comfort and the warmer weather ahead

Chefs the world over strive for a perfect score from Rate My Chives. Could I achieve one at home?

My goal: a perfect 10 from Rate My Chives, the ‘number one authority on chives worldwide’. Why is this so hard?Get our weekend culture and lifestyle emailChopping chives, I notice my weak wrists for the first time. My knife is connected to my hand which is connected to my wrist, which is flopping about like an overcooked piece of asparagus.“You’ve got to keep them more sturdy,” says chef Trisha Greentree. “Lock in that line

What’s the secret to crisp-skinned fish? | Kitchen aide

When I fry fish, the skin never goes crisp, and instead either sticks, rips or goes limp. What am I doing wrong?Emily, by email “The secret to perfectly crisp fish skin is heat,” says Mitch Tonks, founder of Rockfish in south-west England. Well, heat plus a little bit of prep. Fish are, of course, moist things, and moisture is the enemy in the quest for that golden-brown crust, so the first thing Emily is going to need to do is dry that skin out. “If the fish has any moisture on it, it will create steam while it’s being cooked, which, in turn, will make the skin go soggy and inedible, rather than crisp and delicious,” says British fish guru Nathan Outlaw, whose latest book, On Fish: A Seafood Handbook, is published next month

Trillium, Birmingham B4: ‘There’s a general feeling of people – gasp! – actually enjoying life’ – restaurant review | Grace Dent on restaurants

Trillium, the latest Birmingham restaurant by Glyn Purnell, is absolutely not one of those po-faced, sedate, mumbly kind of places where some Ludovico Einaudi is piped plinky-plonkily throughout the dining room while guests stiffly eat six teensy courses. In fact, it’s quite the opposite, even if Purnell, via the likes of Purnell’s and Plates, is pretty much synonymous throughout the Midlands with fancy, special-occasion, Michelin star-winning refinement. Yet on a recent Saturday night, in this brand new, glass-fronted, multicoloured mock birdcage, the talk is loud, the music is roaring and the plates of battered potato scallop with soured cream are appearing thick and fast.Trillium is a genuine attempt by a Michelin-starred restaurateur to translate some of their best bits into a semi-rowdier yet still upmarket stage. It’s been attempted many times by other chefs (see Corenucopia and Bar Valette for details), but, miraculously, Purnell seems to have pulled it off

Helen Goh’s recipe for lemon curd layer cake | The sweet spot

This is both simple and celebratory, which in my book makes it just right for Mother’s Day next weekend. It has a fine, tender crumb, which pairs beautifully with the soft, creamy tang of lemon mascarpone, and I use lemon curd in the batter (shop-bought for ease) to bring a particular smoothness and depth of lemon flavour. Finished with a little extra curd and a scattering of edible flowers, it is pretty and unfussy and will hopefully make your own mother’s day.Prep 5 min Cook 1 hr Serves 8-10330g plain flour 2½ tsp baking powder ½ tsp fine sea salt 225g room-temperature unsalted butter225g caster sugar Finely grated zest of 2 lemons 3 large eggs, at room temperature160g lemon curd 250ml whole milk Small edible flowers, to decorateFor the lemon mascarpone 250g lemon curd, plus extra to decorate250g mascarponeHeat the oven to 180C (160C fan)/350F/gas 4 and line the base and sides of two 20cm round cake tins with baking paper.Sift the flour, baking powder and salt into a medium bowl

The posh egg problem: how they became a status symbol – and shoplifting target

Pretty coloured eggs from fancy breeds can now cost as much as £4.50 for half a dozen. But some people have found a sneaky way to avoid paying a premiumName: Posh eggs.Age: Best before three weeks from now.Appearance: Multicoloured, oddly sized, often with bits of feather stuck to them

My whey: dairy milk back on menu as protein boom cuts demand for plant-based alternatives

Gabriel Morrison hadn’t touched dairy milk for a decade until he read the ingredients label on his cheap carton of oat milk.“It’s [so much] canola oil and you imagine that in your glass, and imagine discovering that much olive oil, you’re like, that’s actually really gross,” he says.“I was just like, ‘ooft, I should stop this’.”The 28-year-old cinematographer had exclusively drunk soy, then almond, then oat milks since 2015 but had started worrying about processed foods – despite expert reassurance.In early 2025, with his housemate already buying cheaper dairy, he gave the old classic another look

‘Where the magic really happens’: the influencers out to celebrate – and save – Britain’s ‘proper boozers’

The Calthorpe Arms on Gray’s Inn Road is a fairly atypical central London pub. With patterned red carpets, brass fittings, leather bar stools, a pool table and Christmas tinsel still hanging in early February, it feels very much a “local”, although on a Thursday evening it’s busy with the post-work crowd.It’s the fifth time Niall Walsh, who works nearby and runs the Proper Boozers Instagram account, has visited in recent months. “It’s just off the beaten track, but easy to get to,” Walsh says over a pint of Harvey’s. “You can get a real, authentic pub experience

Rukmini Iyer’s quick and easy recipe for chard borani soup with yoghurt, crispy garlic and beans | Quick and easy

I am emphatically not a dip person (see also: salad), but the first time I tried chard borani, a Persian dip made with chard and yoghurt, I became so obsessed that we’ve been having it on repeat at home ever since. Today, I’m sharing my soup version, thickened with beans and topped with crisp garlic and brown butter. It’s perfect served with flatbreads, and takes just minutes to put together: a homage to the excellent original.If you’re making this in advance, reheat it very gently so as not to split the yoghurt.Prep 15 min Cook 30 minServes 3-42 tbsp olive oil 1 large onion, peeled and roughly sliced2 garlic cloves, peeled and finely grated400g rainbow or Swiss chard, stems roughly chopped, leaves roughly sliced2 tsp sea salt flakes 1 400g tin haricot beans, drained and rinsed (260g drained weight)Juice of ½ lemon150g natural or greek yoghurt, at room temperature , plus extra to serve For the crisp garlic butter 40g salted butter2 garlic cloves, peeled and finely sliced2 tsp aleppo pepper (optional)Heat the oil in a large, wide-based pan, add the onion and stir-fry on a medium to high heat for five minutes

How to use up limp herbs in a flavoured butter – recipe | Waste not

Compound butter is simply butter that’s been mixed with flavourings, both sweet and savoury, and is a tasty and easy way to give a small bunch of tired herbs new life. It can be melted over vegetables, stirred through pasta, grains or pulses, basted over meat or fish, spread on toast, or frozen in slices to use a little at a time. Think of this less as a recipe and more as a framework: taste as you go and decide whether you want something bold and explosive or a more gentle experience.Long before the TikTok revival, compound butter was something most home cooks admired on restaurant plates rather than made themselves. But it’s a really simple way to save a few tired herbs and give a meal a welcome boost, adding both serious flavour and visual impact

Meal-breakers: can any relationship survive food incompatibility?

For Anna Jones, it’s lemons. For Ben Benton, it’s rice. For Gurdeep Loyal, it’s anchovies on pizza and, for me, it’s Yorkshire Tea in the morning. I could – did – date someone who “didn’t drink hot drinks”, but I would never have married a man I couldn’t make tea for when I woke up, or who couldn’t make me tea in turn.The Guardian’s journalism is independent

How to make salt and pepper squid – recipe | Felicity Cloake's Masterclass

This crisp, salty, pungently aromatic dish is a strong contender to kick off my fantasy final meal – it wouldn’t really go with the steak frites and trifle to follow, but I find the combination of hot, crunchy batter and soft, creamy squid utterly irresistible. Happily, there’s no need to save it for the end times when it’s so easy to make for dinner tonight.Prep 10 min Cook 15 min Serves 2350g small sustainably-sourced squid, cleaned and defrosted, if necessary¾ tsp black or white peppercorns ¾ tsp Sichuan peppercorns ¼ tsp fine salt 50g potato starch, or cornflour 1 generous pinch MSG (optional)1 egg, beatenNeutral oil, to deep fry1 red chilli, stalk, pith and seeds discarded, flesh finely sliced2 spring onions, trimmed, white and green parts finely sliced1 garlic clove, peeled and slicedIf you’re not a fan of the cephalopod, this recipe can be easily adapted to suit anything from small pieces of chicken or fish to whole prawns or mushrooms (king oysters seem to be the most popular, if you can get hold of them; as with anything with a high water content, however, you’ll need to blanch and drain them first).I prefer to use smallish rather than baby squid for this, but it will work with all sizes. Ask your fishmonger to clean them for you, if they’re not already done (those sold frozen generally are), or look at a guide online to help if you’re unsure of how to do this