‘Degree of complacency’: are supply chains prepared for impact of ongoing Iran war?

The biggest energy shock in modern history, jet fuel shortages “within weeks”, a global recession – since Iran throttled shipping flows through the strait of Hormuz at the end of February the economic warnings have become increasingly dire.Yet 10 weeks on from the first US-Israeli attacks, share indices, companies and governments have been surprisingly sanguine. Every day the divergence grows between the eerie quiet on markets and alarming warnings of an imminent supply chain crunch.It is true that some countries have taken significant steps to mitigate soaring fossil fuel prices, with many in Asia that depend on Gulf oil urging citizens to take action to conserve energy – or, in some cases, resorting to outright rationing.Yet in Europe, the response has been more muted: motorists are feeling the pinch from higher petrol and diesel costs, and central banks have warned they may raise interest rates to constrain inflation, but wider supply chains appear to be holding up

Advisers urge JP Morgan investors to vote to split chair and CEO positions

Investors in JP Morgan have been urged to vote in favour of splitting the role of chief executive and chair at America’s largest bank, amid concerns over the power wielded by its billionaire boss Jamie Dimon.ISS and Glass Lewis, which issue advice to some of the world’s biggest fund managers on how to vote at annual investor meetings, have thrown their weight behind a shareholder resolution that would ensure two separate people hold the office of chair and chief executive “as soon as possible”. Investors are due to vote on the resolution at the bank’s annual general meeting on 19 May.Dimon, who is worth an estimated $2.6bn (£1

Saudi Aramco profits jump despite conflict in Middle East

Saudi Arabia’s state oil company reported a 26% jump in profits in its first quarter as its east-west pipeline allowed it to ship millions of barrels of oil out of the Gulf despite conflict in the Middle East.Profits at Saudi Aramco hit $33.6bn (£26.9bn) in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to $115.5bn

From fringe issue to the heart of politics: the UK Living Wage campaign marks 25 years of success | Heather Stewart

A paragon of the kind of people-powered progress that feels all the more necessary in divisive times, the Living Wage campaign is celebrating its 25th anniversary this year.Born out of Telco (The East London Citizens Organisation), which ultimately became the nationwide group Citizens UK, the campaign has always involved communities working together to press for social and economic change.A quarter of a century on from its foundation among the churches, mosques and community groups of east London, it has just signed up its latest living wage employer, the Department for Business and Trade.It is a particularly symbolic victory, because one of the campaign’s more high-profile actions over the years, back in 2012, involved contracted-out cleaners placing letters on the desks of senior ministers, outlining the low pay rates they were forced to survive on, while keeping Whitehall’s maze of offices spick and span.More than a decade on, staff including cleaners and security guards at the department will now be paid a minimum of the London living wage of £14

City & Guilds London Institute trustees accused of stalling inquiry into £166m sale

The trustees of City & Guilds London Institute have been accused of attempting to dodge accountability for a “catastrophic failure of governance” by stalling on the launch of an independent inquiry into the £166m sale of the vocational charity’s training and accreditation business last October.Members of the 148-year-old body voted overwhelmingly last month for the trustee board to trigger what would be the third investigation into how the foundation sold its operations to the private operator PeopleCert in October.However, members complained that the process then seemed to have stalled.The poll followed the Charity Commission opening a statutory inquiry in January, which was mirrored a day later by PeopleCert commissioning its own internal investigation into the deal.Neil Bates, an elected member of the City & Guilds council, which appoints and advises the trustees, said: “Why would they not be accountable for decisions made if everything was above board? It is shocking there has been such a catastrophic failure of governance – and subsequently a failure of accountability

Worried Britons ‘prepping’ for major disruption with stash of tins and cash, survey shows

Millions of Britons are “prepping” for a potential “major disruptive event” by keeping a stash of cash at home, stockpiling tinned goods or ensuring they have a battery-powered torch close to hand, new data suggests.With war raging in the Middle East and Ukraine, extreme weather becoming more frequent, and warnings that the UK’s critical infrastructure is at risk from cyber-attacks and power outages, many people feel the world has become a more dangerous and chaotic place.While some are taking steps to make sure they are not left high and dry in the event of a bank IT failure, others are preparing for a possible natural disaster, or even a societal collapse. UK experts recently advised people to have an emergency store of food in their home in case something happens that causes shortages.Link, the UK’s ATM network, tracks how people are using, and thinking about, cash and, for the first time, its researchers have asked the public about what “contingency planning” they are doing to prepare for an event that would cause “major disruption to normal services”