Billionaire Zara founder Amancio Ortega to receive €3.23bn dividend

The billionaire founder of Zara is to receive a company record €3.23bn (£2.8bn) dividend this year from the world’s biggest fashion retailer.Amancio Ortega, who still controls 59% of Spain’s Inditex and whose daughter Marta Ortega Pérez is now chair, will receive half his dividend in May and half in November – as will other shareholders.Inditex, which owns a raft of high street chains including Bershka, Massimo Dutti, Pull&Bear, Stradivarius and Oysho, said on Wednesday it would increase its dividend by 4% after a “robust operating performance” in 2025

Sir Ronnie Hampel obituary

Ronnie Hampel was a businessman’s businessman, a major force in the reshaping of ICI, Britain’s largest manufacturing company, in the 1990s and in the birth of the pharmaceutical company Zeneca (now part of AstraZeneca), as well as a powerful influence on other company boards.He was exceptionally well-connected. His place at the heart of the UK business establishment as chairman of ICI – from 1995 to 1999 – was highlighted by his regular golfing four which included the then cabinet secretary, the chairman of BP and the permanent secretary of the Treasury.Hampel, who has died aged 93, joined ICI in 1955 – in those days the company was known as “the bellwether of British industry”. He learned fast in a range of posts in its sprawling divisions

Will releasing millions of barrels of oil stockpiles really bring down fuel costs?

When the global economy was still in the grip of the devastating 1970s oil crises, exposing the chokehold exerted by a few important oil states, the International Energy Agency (IEA) was created, in the hope of limiting future shocks.Almost half a century on, the IEA’s 32 members have drawn up plans to hit the emergency button, for only the fifth time in its history.On Wednesday, the IEA said 400m barrels of emergency crude, a third of the group’s total government stockpiles, would be released to help calm the oil price shock triggered by the US-Israel war on Iran. It is the biggest release of oil reserves in its history.The cost of a barrel of crude oil quadrupled between October 1973 and January 1974, after members of the Opec cartel cut production; then fell back, before nearly trebling again in 1979, after the Iranian revolution

Lloyd’s of London stresses it is still insuring shipping in strait of Hormuz

There is a price for everything: even the cost of insuring a ship travelling through the strait of Hormuz.Donald Trump’s proposals for the US to provide political risk insurance for seaborne trade in the Gulf may have given the impression a lack of cover was the reason why traffic through the key waterway has almost halted.However, Lloyd’s of London, the heart of maritime insurance globally, emphasises it has not stopped providing contracts to those who ask – although at the right tariff.Fending off criticism over cancelled policies and sharp price rises, Lloyd’s said it still provided insurance cover for hull and cargo for vessels in the Persian Gulf and the Gulf of Oman, including in the strait of Hormuz. However, last week it extended the restricted areas where clients needed to notify insurers to agree an appropriate premium in terms of the risk

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

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

World’s energy watchdog orders emergency release of 400m barrels of oil to curb prices – as it happened

It’s official: 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 UkraineThe body’s executive director, Fatih Birol, sad: “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.”The IEA said the emergency stocks would be made available to the global market, which has lost around 15m barrels of crude a day because of a block on trade via the strait of Hormuz, over a timeframe appropriate to the national circumstances of each member, bolstered by supplementary emergency measures from some countries

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

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

US inflation stayed flat at 2.4% in February before effects of war on Iran kicked in

US inflation stayed flat at 2.4% in February, according to government data released Wednesday that provides a snapshot of the US economy before it was thrown into a tailspin by the US-Israel conflict with Iran.The levelling comes after prices swung last year, reaching a four-year low in April before shooting back up in September. In late fall, inflation crept down again, reaching 2.4% in January

Richard Orna obituary

My son, Richard Orna, who has died aged 40 of a brain tumour, was an inspiring and well-respected IT manager. In his last years he became an ambassador for Brain Tumour Research.As managing director of Callisto, an energy solutions company, Rick had vision and strategy. He worked to secure the IT for its smart meters and ensured that half-hourly readings could be delivered. He also supervised the takeover of a rival IT company, bringing it within Callisto to make their product more secure

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

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

Thomasina Miers’ recipe for stuffed cabbage in white wine and escabeche, with buttered dill and pea rice | Sunday best

I love stuffed vegetables. When I was young, I came across a recipe for stuffed aubergines in an old book of my mother’s and must have cooked it a score of times. Later, in the early 1990s and to the echoes of nouvelle cuisine, Delia Smith showed us how we could work similar magic with peppers and tomatoes. Then the technique went deeply out of fashion, but I stayed loyal, and continued quietly stuffing tomatoes, pumpkins and courgettes, all no doubt influenced by my travels in Mexico. Thoday’s stuffed cabbage is inspired by the most delicious tongue in a tantalisingly light escabeche that I once had at Nicos in Mexico City, and also because I can’t get enough of cabbage at the moment

Georgina Hayden’s quick and easy recipe for cauliflower, lentils and chorizo | Quick and easy

The transformation that cauliflower undergoes in a very hot oven means there is now rarely a time when I don’t roast it first. Making cauliflower cheese? Roast, don’t boil – you’ll end up with a richer, potentially less watery finish. Soup? Absolutely roast it first – it is a gamechanger and almost feels insulting to boil it, because that doesn’t release its full potential. Here, roasting cauli with a few spices and paprika-laced chorizo is a dream, resulting in a salad or side that’s packed with flavour and creates its own intense dressing. It is the sort of dish I will make just for me, then proudly tub up leftovers for meals the following days

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

‘Peas are criminally overlooked!’ Seven fabulous forgotten superfoods

Yes, we all know blueberries and kale are good for us. But what about some of the other less well-marketed food heroes that have fallen out of favour?Think of a superfood. What comes to mind? Avocado? Turmeric? Quinoa? Many of us will have a grasp of the most mainstream so-called superfoods. The ones that have become dietary superheroes thanks to savvy marketing. Larger-than-life in the public imagination, they walk among us with a sheen: blueberries with their polyphenols; kale and its vitamin K; goji berries and all their antioxidants

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

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

Has dinner been served with a side of romance? | Brief letters

I can’t be the only person wondering if Dining across the divide (1 March) is possibly resulting in more romantic liaisons than Blind date? Some of them are heartwarming.Ed ClarkeManchester Why all the excitement about a cricket ground within the boundaries of a World Heritage Site (Letters, 27 February)? Derwent Valley Mills has five (viz Cromford Meadows, Ambergate, Belper Meadows, Duffield Meadows and Darley Abbey).Paul EnglishBelper, Derbyshire My anorak has a “funnel” neck (Hiding in plain sight: everyone from Meghan to the Beckhams wants a funnel neck, 27 February). Fortunately, it doesn’t allow rain to cascade through it.Theresa GrahamClevedon, Somerset I was surprised and pleased to see Felicity Cloake’s reference to Farmhouse Fare (How to make the perfect bara brith – recipe, 1 March)

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