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HSBC says Iran war is hitting confidence as businesses warn over economic risks

about 7 hours ago
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HSBC bosses have said the Iran war is already hitting global economic confidence, as a string of business leaders warned over the impact of the conflict.Georges Elhedery, the Lebanon-born chief executive of the bank, told Bloomberg Television at a HSBC conference in Hong Kong: “We’re saddened and concerned with what’s happening in the Middle East, and we’re concerned not just with what’s happening but also with how long this will take.“Unfortunately, some of these uncertainties have initially started to weigh on general confidence.We worry that the continuation of this conflict will have that impact globally way beyond the Middle East,” he said, pointing to the price of goods, oil and refined products, but also fertilisers and metals.After rising above $100 (£74) a barrel on Monday, Brent crude dipped 0.

9% to $98.5 a barrel on Tuesday morning, despite a US blockade on Iran’s ports coming into effect on Monday.Negotiating teams from the US and Iran could return to Pakistan’s capital, Islamabad, for more talks this week after 21 hours of discussions at the weekend ended without an agreement.In London, the FTSE 100 rose 22 points, or 0.21%, to 10,605.

Imperial Brands, which makes Davidoff and West cigarettes as well as vapes, was leading the FTSE 100 losers after flagging a “more uncertain geopolitical and macro environment”.The UK recruitment company PageGroup said the Middle East conflict was “driving an increasingly uncertain outlook for the rest of the year”, with the UK and Europe, the Middle East and Asia “tough markets” and salaries below those in 2022 and 2023.HSBC has a 31% stake in Saudi Awwal Bank.The London-headquartered lender is among the European banks most exposed to the Middle East, a region that accounts for roughly 4% of its pre-tax profit, according to analysts at JP Morgan Chase.However, Elhedery said the bank had seen only “very benign movement” of capital out of the Middle East so far.

Since the US and Israel began attacking Iran on 28 February, some wealthy investors based in the Middle East have been exploring whether to relocate to places such as Singapore and Hong Kong.The HSBC chair, Brendan Nelson, stressed that a Middle East peace ​deal was essential to ensure a substantial resumption of global energy ‌flows, with oil-driven inflation posing a big risk to the world economy.Nelson, also speaking at the HSBC Global Investment Summit in Hong Kong, said: “The longer the ​disruption continues, the more the indirect effects from higher energy costs will lift ‌inflation ⁠and depress growth.”Garment makers that use polyester and other synthetic fabrics, which are derived from petroleum products, have been hit.Tom Beahon, a co-founder and co-chief executive of the sportswear company Castore, which makes Premier League football kits and England cricket kits, said costs had gone up between 10% and 15%, and if the Iran war went on for another couple of months then some of this would be passed on to consumers.

Beahon told BBC Radio 4’s Today programme: “The biggest challenge has been around the volatility.So it’s very difficult to plan when prices might be going up as high as 40% one day but then dropping down significantly again the next day.”He said the other challenge was to ship products, as airlines had reduced flights and ships were still stranded in the strait of Hormuz.“But there is a hope that if things start to get sorted out in the next few weeks, they won’t have a significant impact on customers,” he said.The chief executive of Virgin Atlantic, Corneel Koster, told the Financial Times that jet fuel prices were more than double prewar levels.

He said: “No matter what happens in the Gulf going forward … some of this disruption to global energy prices will be here to stay.”As Rachel Reeves headed to the International Monetary Fund and World Bank’s spring meetings in Washington, she called for coordinated economic action.“The Iran conflict must be a line in the sand on how we deal with global crisis and instability,” the chancellor said.
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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

1 day ago
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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

2 days ago
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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

2 days ago
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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

4 days ago
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Gentleman’s Relish is toast after its maker axes the pungent anchovy spread

Fans of traditional British cuisine were heartbroken by news that Gentleman’s Relish was being discontinued by its manufacturer.But Jeremy King, who last month reopened Simpson’s in the Strand, has instructed his chef to create a version of the pungent anchovy-based condiment almost identical to the real thing for the 198-year-old London restaurant.King, who has run famed establishments including the Ivy, the Wolseley and Le Caprice, told the Guardian: “We actually make our own, due to the difficulty in obtaining, so are able to continue to serve it.”Simpson’s, which offers traditional fare including spotted dick and roast beef carved on a silver trolley, serves the relish on toast for £6.50

5 days ago
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Cream sherry: a forgotten taste that’s worth rediscovering

By the time I knew her, my granny was in her whisky and water era, but my dad clearly remembers a bottle of Harveys Bristol Cream in the drinks cupboard, ready to pour for friends after church in the 1970s. This is the enduring image of cream sherry, one that it has struggled to shake off. While other sherries – bone-dry fino and manzanilla (made by ageing palomino grapes under a yeast layer called flor), oxidative amontillado or oloroso, and sweet, single varietals such as pedro ximénez (PX) – have acquired new cachet among younger drinkers, not least because they’re relatively affordable, cream is the emblematic Little English tipple of a bygone time.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

5 days ago
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Qantas cuts domestic flights and raises fares as travel patterns shift due to Middle East turmoil

about 10 hours ago
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Holidays take a hit as UK cost of living fears and Iran war bite

about 11 hours ago
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The UK needs more North Sea gas; imports from the US are the real enemy | Nils Pratley

about 17 hours ago
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Oil price dips below $100 a barrel after Trump claims Iran wants deal

about 21 hours ago
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Goldman Sachs chief ‘hyper-aware’ of risks from Anthropic’s Mythos AI

about 23 hours ago
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Oil price tops $100 a barrel as US blockades strait of Hormuz; Goldman Sachs posts rise in profits – as it happened

1 day ago