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The UK automotive market has reached a pivotal moment in its shift towards electric vehicles (EVs), as the average price of new electric cars has fallen to £42,620, making them £785 cheaper than their petrol counterparts, which average at £43,405. This development is a significant milestone in Britain's transition away from fossil fuels, with the higher upfront cost of electric vehicles being a major deterrent for many drivers. However, with total running costs for electric cars being lower for some time, the decrease in upfront costs is expected to drive increased adoption. The decrease in electric car prices can be attributed to several factors, including the electric car grant introduced last summer, which offers up to £3,750 off certain models, and the influx of Chinese competitors that have been able to undercut traditional brands. Carmakers have also been under pressure to meet electric car targets, known as the zero emission vehicle (ZEV) mandate. According to Bex Kennett, head of new car at Autotrader, the electric car market is becoming increasingly competitive, with manufacturers and retailers working hard to improve both the supply and affordability of new electric vehicles. The recent rise in petrol and diesel prices due to the war in Iran has also contributed to increased inquiries for electric cars from consumers looking to cut their energy costs. Gurjeet Grewal, chief executive of Octopus Electric Vehicles, noted that this milestone removes one of the biggest barriers to switching to electric vehicles, as they are now cheaper than petrol cars on upfront cost and have long been cheaper to run. With growing competition and more choice, electric vehicles are becoming the obvious option for drivers. Despite this progress, the transition to electric cars in the UK still faces some barriers, particularly for households without driveways that rely on the public charging network, which remains patchy in some areas.

A fire erupted at one of Australia’s most important oil refineries, prompting authorities to assess the impact on the nation’s fuel supply chain. The incident comes at a time when regional fuel markets are already under pressure due to shortages linked to the Iran war, raising the risk of tighter gasoline and diesel availability for consumers and businesses.Officials have mobilised emergency response teams to contain the blaze and evaluate damage to processing units. While the refinery’s full operational status remains uncertain, preliminary reports suggest that production could be curtailed for several days, potentially affecting export volumes and domestic distribution.Energy analysts warn that any prolonged disruption could push fuel prices higher across Australian markets, especially as the country already faces import constraints from the broader geopolitical tension surrounding Iran. The incident underscores the fragility of supply chains that rely on a limited number of large‑scale facilities.Stakeholders are monitoring the situation closely, with the government urging consumers to practice fuel‑saving measures while the refinery works to restore normal operations.

In a heated congressional session, Democratic lawmakers pressed the U.S. Energy Secretary on two pressing issues: the United States’ policy regarding the ongoing Iran war and the recent spike in domestic gasoline prices. The legislators argued that the administration’s approach to the Middle‑East conflict could have direct repercussions for energy markets, while also demanding clearer strategies to alleviate the financial burden on American consumers. The exchange underscored growing political tension over foreign policy decisions that intersect with domestic economic concerns.

California's attorney general has filed a lawsuit accusing Amazon of orchestrating price‑fixing schemes, based on newly unsealed court records released this week. The filing alleges the e‑commerce giant colluded with vendors to artificially set product prices, violating state antitrust statutes and potentially harming consumers.The unsealed documents, obtained through a freedom‑of‑information request, detail internal communications suggesting Amazon pressured sellers to maintain uniform pricing across its platform. Prosecutors argue this practice restricts competition and inflates costs for shoppers in the Golden State.While the case is still in its early stages, legal experts warn that a ruling against Amazon could set a precedent for broader antitrust scrutiny of online marketplaces nationwide. The lawsuit also underscores growing regulatory focus on big‑tech firms' market power.Amazon has declined to comment on the allegations pending further proceedings. The outcome may influence future policy debates on how digital platforms should be regulated to ensure fair pricing and competition.

The government touts the British industrial competitiveness scheme (Bics) as "bold action" to sharpen the United Kingdom’s industrial edge, offering up to a 25% reduction in electricity bills for firms operating in eight "modern" sectors of its industrial strategy. Union leader Gary Smith of the GMB immediately challenged the claim, warning that gas‑intensive industries such as ceramics and brickmaking have been "shamefully ignored" and left out of the support package. At a cost of roughly £600 million a year for 10,000 companies, the scheme is widely viewed as a modest drop in the ocean. While the rollout has been broadened from the originally announced 7,000 firms and now includes a back‑dated claim period starting in April 2025, the financial scale remains limited. Eligibility is deliberately intricate: firms must belong to a "frontier" or "foundational" industry and meet strict electrical‑intensity thresholds for specific product lines. Those that qualify receive relief from three policy charges on their electricity bills, including two green levies, amounting to up to £40 per megawatt‑hour. Two broader observations emerge. First, the programme marks the clearest governmental admission to date that the UK’s business energy costs – the highest among developed economies – are eroding competitiveness. The stated ambition is to bring electricity prices for the targeted sectors in line with European averages. Second, policymakers are beginning to untangle the web of levies that inflate bills. The carbon price support mechanism, a charge on generators passed through to consumers, is slated for abolition by April 2028, after it helped phase coal out of the grid. Nevertheless, the £600 million figure underscores a deeper debate about how to fund the energy transition and new grid infrastructure. Countries such as Germany absorb a larger share of policy costs through general taxation to keep industry competitive, whereas the UK has traditionally shifted those costs onto electricity bills. The Bics announcement signals a tentative shift toward rebalancing, but the scale remains modest. In an ideal, fiscally unconstrained scenario, a broader scheme could run into the billions and target a wider swath of industry. Treasury officials, however, remain skeptical that a larger outlay would generate sufficient long‑term growth and tax revenue to justify the expense, a view reportedly shared by Chancellor Rachel Reeves. Ultimately, Bics can be seen as an unsatisfactory stopgap. It acknowledges that soaring electricity prices are a structural problem but confines the remedy to a narrow slice of the economy, leaving the broader competitiveness challenge largely unaddressed.

The ongoing conflict between Israel and Iran has led to a substantial increase in global fuel prices, affecting Americans and forcing them to make difficult trade-offs. Many are struggling to access essential items, including medication and groceries, while others are facing financial insecurity and even homelessness.The impact of rising gas prices is being felt across various aspects of life, from accessing essential medicines to facing the brink of homelessness amid an already rising cost of living. For Mandy, a 42-year-old mother in central Utah, higher gas prices have made it harder to visit one of her children, who has disabilities and lives hours away.“Before [Donald] Trump and [Israeli prime minister Benjamin] Netanyahu started their war, gas in my town was $2.70 a gallon. Now it’s $4.19 and I’m terrified it’s going to go closer to $5 before all is said and done. One of our children is disabled and lives in a group home two and a half hours away,” she said.Rising gas prices are also affecting people’s ability to access necessary medication. Lisa, a 56-year-old living with disabilities on a tribal reservation in Oregon, said rising gas prices had disrupted her ability to access necessary medication.“My caregiver and I have had to cut back our trips to pick up my prescriptions, even though they are necessary. Because I live in rural Oregon, the basic necessities are 40 minutes away, so if a doctor calls in an additional prescription after I’ve already been in town for the week, that prescription has to wait for the following week for me to pick it up,” she said.The strain is also being felt by food banks and pantries. Melissa Meyer, chief executive of IPM Food Pantry in Cincinnati, Ohio, said rising gas prices had driven more people to rely on food pantries – even as those same costs strain the operations of local food banks and their volunteers.“Increased gas prices put additional costs on our operations as we must increase gas costs for picking up and delivering food across five counties of south-west Ohio … We are not cutting back our services in any way, yet,” she said.The rising cost of fuel is also having indirect effects, such as impacting small businesses and artists. Cathi Newlin, a 63-year-old ceramic artist in Sacramento, California, who also cares for her husband with Parkinson’s disease, said her income had been hit as consumers pull back.“A substantial portion of our household income is generated from the sale of my art and the classes I teach. These are surely luxury items in any economy but when people have to spend more on basics like gasoline, they don’t have as much money or desire to spend on art. The rise in oil prices very much affects my income and the price of my materials,” Newlin said.

Tesco, the UK's largest supermarket chain, has issued a warning that its profits could decline in the upcoming year due to increased uncertainty caused by the conflict in the Middle East. This announcement comes on the heels of the company achieving its highest market share in a decade.In the year ending February 28, Tesco reported a profit increase of 8.5% to £2.4bn, with sales rising by 4.3% to £66.6bn, driven largely by strong growth in the UK. The retailer attributed its success to increased investments in keeping prices low and improving quality and service.Despite these positive results, Tesco has widened its profit guidance for the year ahead to £3bn to £3.3bn, citing the potential implications of the Middle East conflict on UK households and the broader economy. Ken Murphy, Tesco's chief executive, emphasized the company's commitment to keeping prices low and helping consumers navigate cost pressures.In a move to further enhance its pricing strategy, Tesco aims to make £500m in new savings in the year ahead, leveraging artificial intelligence (AI) to optimize price markdowns and finance tools.

A New York jury has ruled against Ticketmaster and Live Nation, finding that the concert giant and its subsidiary had a harmful monopoly over big concert venues. The verdict is a significant loss for the companies, which were sued by dozens of states in the US over claims of anticompetitive practices.The jury deliberated for four days before reaching its decision, which could cost Live Nation and Ticketmaster hundreds of millions of dollars. The companies were found to have overcharged consumers in 22 states by $1.72 per ticket. The verdict also opens the door for potential penalties and sanctions, including court orders to divest some entities, such as venues.The civil case, initially led by the US federal government, accused Live Nation of using its reach to smother competition by blocking venues from using multiple ticket sellers. The company's lawyers argued that it is not a monopoly, saying that artists, sports teams, and venues decide prices and ticketing practices.Live Nation Entertainment owns, operates, controls booking for, or has an equity interest in hundreds of venues. Its subsidiary Ticketmaster is widely considered to be the world's largest ticket-seller for live events, controlling 86 percent of the market for concerts and 73 percent of the overall market when sporting events are included.The verdict marks a significant victory for fans and some artists who have long complained about Ticketmaster's high fees and limited competition. The company has faced criticism from artists such as Pearl Jam, which battled the business in the 1990s and filed an antimonopoly complaint with the US Department of Justice.

The ongoing conflict in Iran has led to a significant increase in oil prices, with the world's top 100 oil and gas companies reaping enormous profits. In the first month of the war, these companies banked more than $30m every hour in unearned profit, according to exclusive analysis for the Guardian. This translates to estimated windfall profits of $23bn for the month of March, with Saudi Aramco, Gazprom, and ExxonMobil among the biggest beneficiaries.The surge in oil prices to an average of $100 (£74) a barrel has resulted in a substantial increase in profits for these companies. If the oil price continues to average $100, the companies are expected to make $234bn by the end of the year. The analysis uses data from a leading intelligence provider, Rystad Energy, analysed by Global Witness.The excess profits come from the pockets of ordinary people as they pay high prices to fill up their vehicles and power their homes, as well as from businesses incurring higher energy bills. Dozens of countries have cut fuel taxes to help struggling consumers, but this has resulted in reduced revenue for public services.Pressure is growing for windfall taxes on the war profits of oil and gas companies, with the European Commission considering a request from the finance ministers of Germany, Spain, Italy, Portugal, and Austria. The ministers argue that this would help ease the burden on the general public and finance temporary relief measures.Aramco is expected to make a war profit of $25.5bn in 2026 if the oil price averages $100. This is on top of the huge profits habitually made by the majority state-owned Saudi company – $250m a day between 2016 to 2023. ExxonMobil, which has a long record of denying climate change, will take in $11bn in unearned war profits in 2026 if the $100 price endures.The impact of the Iran war is likely to be long lasting, with the head of the International Energy Agency, Fatih Birol, describing it as the biggest shock ever to the global energy market. The UN's climate chief, Simon Stiell, warned that fossil fuel dependency is ripping away national security and sovereignty, and replacing it with subservience and rising costs.