UK borrowing costs hit highest since 2008 as markets expect up to three interest rate rises

UK government borrowing costs have reached their highest level since 2008, while financial markets now expect up to three interest rate rises this year as investors digest the impact of the Iran conflict.The yield, or interest rate, on 10-year borrowing was pushed to heights not seen since the global financial crisis, as investors dumped UK government bonds.The market move followed the Bank of England’s decision on Thursday to leave interest rates on hold at 3.75% and hint at a future increase. By Friday, markets were pricing in as many as three interest rate rises in 2026

‘Huge build-up of risk’: London’s centuries-old shipping industry wrestles with Iran war

Shipping risk has been insured by Lloyd’s of London for more than 330 years, but now the centuries-old heart of maritime insurance is getting to grips with the most modern of threats – drones and missiles threatening hundreds of vessels stuck in the Gulf region amid the escalating Middle East conflict.For nearly three weeks the crucial strait of Hormuz has effectively been closed to the more than 100 gas and oil tankers and container ships that usually pass through each day.Pressure is building to find a way to safely reopen the narrow maritime channel to allow the estimated 1,000 vessels and their crews – mainly oil and gas tankers but also container ships – currently trapped in the Gulf to continue their journeys, restarting the global flow of fuel, chemicals and goods.A total of 23 vessels had been attacked between the start of the war and Thursday, according to analysts from Lloyd’s List Intelligence, including near misses and those that have sustained minor damage. Several crew members have been killed

JP Morgan Chase to use computer estimates to monitor hours worked by junior bankers

JP Morgan Chase has started to compare the hours junior investment bankers claim to have worked against logs on its IT system.The US bank said it would begin issuing reports to junior bankers that compare computer-generated estimates of their work weeks against their self-reported time sheets as part of a pilot scheme.The company said it planned to roll out the programme more widely across its investment bank, with IT estimates based on employees’ weekly digital activities including video calls, desktop keystrokes and scheduled meetings.“Much like the weekly screen time summaries on a smartphone, this tool is about awareness, not enforcement,” JP Morgan said in a statement. “It’s designed to support transparency, wellbeing, and encourage open conversations about workload

Marmite maker Unilever in talks to merge food business with US-based McCormick

Unilever, the owner of Marmite, Dove and Hellmann’s mayonnaise, is in talks to combine its food business with the US-based spice and seasoning maker McCormick.The Anglo-Dutch food company – which last year spun off its ice-cream division, the home to Ben & Jerry’s, Magnum and Wall’s – has entered discussions over the future of the “highly attractive” business.Unilever is valued at almost £100bn, and its food unit, which includes brands such as Knorr, could be worth tens of billions of pounds.McCormick, which owns brands including French’s yellow mustard, Old Bay seasoning and Cholula hot sauce, is valued at about $15bn (£11bn).“Unilever confirms that it has received an inbound offer for its foods business and is in discussions with McCormick & Company,” the Marmite maker said in a statement

Work from home and slow down on the road: world’s energy watchdog advises emergency measures as oil prices rise

The world’s energy watchdog has advised governments to reduce highway speeds and encouraged workers to carpool or, ideally, work from home to combat soaring oil prices and impending fuel shortages caused by the Middle East conflict.It has also recommended countries consider limiting car access to designated zones in large cities, by giving vehicles with odd-numbered plates access on different weekdays to those with even-numbered plates.The International Energy Agency (IEA) has advised member countries, including Australia, the UK and the US, to take the emergency measures to curb oil demand, following the military strikes on Iran that have triggered the most significant supply disruptions in the history of the global oil market.It comes amid concerns that crude oil imports from Australia’s top Asian suppliers are at risk, as countries scramble to shore up their own reserves.Last week, the IEA ordered the largest release of government oil reserves in its history to help calm the oil price shock

High charges, poor service: NCP hits the skids as drivers change habits

Nearly a century old and once host to London fashion week, the NCP car park in Brewer Street in London’s Soho is facing an uncertain future. Its former glories – which at one time included separate rooms for chauffeurs and changing rooms for theatregoers – have long given way to complaints about a lack of security and high parking charges, but this week things got worse.National Car Parks, one of the UK’s biggest car park operators, which dates back to 1931, filed for administration at the high court in London after struggling to pay its rents and buckling under a £305m mountain of debt. This means the future of 340 car parks across the UK, in town and city centres, at hospitals and airports, is uncertain along with the fate of 682 people who work for the Japanese-owned business.Car parks are regarded as a high-margin business, generating revenue from pay-as-you-go and season tickets, overstay fees and fines via modern payment systems while requiring little day-to-day maintenance, amid a general shortage of parking