Maritime insurers cancel war risk cover in Gulf as Iran conflict disrupts shipping

Leading maritime insurers have cancelled war risk cover for vessels operating in the Gulf as the escalating Iran conflict disrupted shipping and sent some freight costs surging.At least 150 vessels including oil and liquefied natural gas tankers have dropped anchor in the strait of Hormuz and surrounding waters, and at least three tankers were damaged and one seafarer killed over the weekend.The vital shipping route, through which about 20% of the world’s oil supplies and 20% of seaborne gas tankers pass, is effectively closed after the US and Israel began intense airstrikes on Iran on Saturday.Several leading mutual marine insurers, including Norway’s Gard and Skuld, the UK’s NorthStandard and the London P&I Club, and the New York-based American Club, said they were cancelling war risk cover for ships operating in the region.This is likely to further dissuade shipowners from traversing the Gulf

BrewDog bought by US cannabis and drinks firm for £33m, costing nearly 500 jobs

The UK and Irish assets of BrewDog, the Scottish self-styled “punk” brewer, have been sold to the US cannabis and drinks firm Tilray for £33m, in a deal that will cost nearly 500 jobs and leave legions of the company’s early-stage crowdfunders empty-handed.Tilray agreed a deal to buy BrewDog’s brand, intellectual property, UK brewing operations and 11 “strategic” bars in the UK and Ireland, the two companies confirmed, preserving 733 jobs. The remaining 38 bars will close immediately, at a cost of 484 jobs.Tilray said it was negotiating separately to buy BrewDog assets in the US and Australia.“No offer was made at any stage of the sales process, from any prospective bidder, which would have preserved BrewDog in its entirety,” AlixPartners, which acted as the administrator for BrewDog, said in a statement

McDonald’s CEO’s awkward taste test sparks mocking online: ‘His aura screams kale salad’

Business leaders are increasingly placing themselves in front of the camera, in an effort to appear more relatable to a social media-first audience. When it goes well, it can be a huge hit. When it doesn’t, you risk becoming the subject of online ridicule.In the recent case of Chris Kempczinski, the McDonald’s CEO and president, it’s the latter.A video of the head of the iconic fast food chain trying a new menu item has gone viral, with social media and online comedians mocking his awkward taste test and citing it as evidence that he did not enjoy the experience of his own firm’s burger

FTSE 100 share index records biggest fall since November as Iran war drives up oil and gas prices – as it happened

Britain’s stock market has recorded its biggest daily loss in three and a half months, as the Middle East crisis hammered shares in airlines, luxury goods makers and banks.The blue-chip FTSE 100 share index has closed down 130 points, or 1.2%, at 10,780 – away from the record highs seen last week.That’s its biggest daily fall, in percentage terms, since 18 November 2025.British Airway’s parent company, IAG, were the top faller today, down 5

What to do if your flight is cancelled due to the US-Israel war on Iran

Hundreds of thousands of passengers have been left stranded after the US-Israeli attack on Iran. Retaliatory strikes by Iran have led to airspace being closed across the Gulf and triggered the biggest disruption to global air travel since the Covid pandemic. If you are a UK holidaymaker struggling to get home or are booked to fly to an affected destination, here is a guide to your rights.Israel, Syria, Qatar, Iran, Iraq, Kuwait and Bahrain have shut their airspace and there are no flights over the United Arab Emirates.Emirates, the word’s largest international carrier, has suspended all flights to and from Dubai

UK competition watchdog investigates hotel groups over alleged data sharing

The UK competition watchdog has opened an investigation into three of the world’s biggest hotel chains – Hilton, InterContinental Hotels (IHG) and Marriott – amid suspicions they could be sharing “competitively sensitive” information with each other.The Competition and Markets Authority (CMA) is investigating allegations that the businesses, which together operate more than 25,000 hotels worldwide, could be sharing information through the data analytics tool STR. CoStar, the real estate data firm that owns STR, is also under investigation.While it is common for hotel chains to use data analytics and algorithms to help them set prices, which can improve competition and lower costs, sharing this information with competitors can be harmful to their customers.The watchdog said: “When rival businesses share competitively sensitive information – including through a third-party data analytics provider – this reduces the uncertainty competing businesses normally have about how each other will act