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Shares of Close Brothers, a UK-based specialist lender, jumped 17% on Wednesday following the bank's announcement that it can easily absorb the cost of a £320m compensation bill related to the car finance scandal. The Financial Conduct Authority's (FCA) compensation scheme, finalized last week, aims to address the issue of drivers being overcharged for loans due to commission payments between lenders and car dealers.The bank expects to pay out approximately £320m in compensation, which is 'broadly similar' to previous estimates and only £26m more than the £294m already set aside. Close Brothers stated that this additional amount can be 'comfortably absorbed by existing capital resources,' ensuring the group remains well-positioned to continue its strategy.The FCA's compensation scheme estimates that victims will receive an average payout of £830. This development has provided relief to investors, especially after concerns were raised by short seller Viceroy Research, which suggested that Close Brothers might need to significantly increase its provision for car finance losses.In contrast, Close Brothers' rival, FirstRand, announced hours earlier that it would sell its UK operations, citing frustration with the FCA's compensation scheme, which it described as 'deeply flawed.' FirstRand stated it would need to raise an extra £510m to cover compensation costs, taking its total provisions to £750m, and potentially slash its earnings forecast and offload its UK business.

Vietnam’s gig‑economy is under pressure as fuel prices soar following the Iran‑related blockade of the Strait of Hormuz. Nguyen, an e‑hailing driver in Ho Chi Minh City, reported that a 7‑hour shift earned him 240,000 VND (≈$9.11) while fuel alone cost 120,000 VND (≈$4.56), wiping out half his income.Diesel prices have more than doubled and petrol has risen by almost 30 %, straining riders who rely on motorcycles – the dominant transport mode in a city of over 7 million two‑wheelers.In response, Prime Minister Pham Minh Chinh announced a temporary suspension of the environmental tax on diesel, petrol and aviation fuel until 15 April, a move that will forfeit an estimated $273 million in revenue but aims to curb the price surge.Experts warn the shock highlights Vietnam’s vulnerability to external conflicts. Nguyen Khac Giang, a visiting fellow at the ISEAS‑Yusof Ishak Institute, said the tax cut is essential to “keep macro‑economic stability intact” amid “turbulence outside Vietnam”.Beyond gig workers, the ripple effect reaches public transport and airlines. Bus operators have raised fares by 3,000 VND (≈$0.11) yet still face losses, while Vietnam Airlines and Vietjet have trimmed flight schedules.Gig workers lack collective bargaining power. Do Hai Ha, a University of Melbourne research fellow, noted that platform drivers “have no chance to negotiate with the platforms” and are excluded from minimum‑wage or overtime protections, forcing many to work longer hours for diminishing returns.Small‑scale entrepreneurs are also feeling the pinch. A fisherman from Binh Thuan reported that his catch price fell from 800,000 VND (≈$30) to 650,000 VND (≈$24) as fuel costs climbed, while a bus fare collector on route 13 said the company cannot absorb the higher fuel bill despite modest fare hikes.Households are cutting back on essential goods. Uyen Pham of Saigon Children’s Charity observed that the price of bottled cooking gas has nearly doubled, prompting low‑income families to revert to wood‑fuel stoves and limit travel to see relatives.The crisis is prompting a strategic rethink on energy policy. Giang warned that Vietnam’s reliance on just two refineries – which currently meet only 40 % of national petrol demand – is unsustainable, urging accelerated investment in domestic refining capacity.Corporate responses are already shifting. Vingroup, the country’s largest conglomerate, announced it would pause a planned LNG‑fired power plant and redirect funds to renewable projects, citing “significant risk of high fuel prices” linked to the war.For workers like Duy, who runs a café near a petrol station, the tax suspension offers modest relief: projected price cuts of about 25 % for petrol and 5 % for diesel could ease daily expenses that had briefly doubled.

Australia’s recent fuel squeeze is reshaping the second‑hand car market, with used electric vehicles (EVs) now commanding higher prices while traditional petrol and diesel models face steep discounts.MotorMetrics’ live inventory data shows that dealers have lifted prices on a range of EVs, most notably a more than 6% increase for the Tesla Model Y during the final two weeks of March. Similar upward pressure is evident for the Model 3, MG4 and Polestar 2, indicating dealer confidence that new stock will settle at these elevated levels.At the same time, the supply of used EVs is tightening, creating a classic demand‑supply imbalance that fuels price growth.Conversely, the same data reveal that many used diesel and petrol vehicles have been slashed by as much as 20%, reflecting a rapid shift in consumer preference toward electric power as fuel costs climb.Rental platform Turo reports a 70% jump in bookings for EVs and hybrids compared with the same period last year. Managing director Rob Chan describes the surge as a “unique wave of consumer interest” reminiscent only of the post‑pandemic “revenge travel” boom.Australia’s EV fleet is expanding steadily; the Electric Vehicle Council estimates that over 454,000 battery‑electric and plug‑in hybrid vehicles were on the road at the end of 2025, giving EVs roughly 13% of new car purchases. Analysts expect this share to rise further as more models enter the market and charging infrastructure improves.Economist Peter Esho warns that while oil shocks are not new, this one “could very well be one of the last”, as the current price environment makes EVs a financially sensible alternative for many drivers.Petrol prices rose almost daily throughout March across major cities, only easing after a government fuel‑excise cut. In parallel, Commonwealth Bank data shows a 161% increase in weekly loan volume for new battery‑electric vehicles in March versus February, underscoring growing consumer financing for EVs.Individual stories echo the broader trend. Sydney motorist Har Rai Singh, who rented several EVs through Turo to test long‑distance capability, says he now sees little reason to stick with a combustion engine, noting that “people are waiting for petrol pumps and paying over $100 to fill a tank – it doesn’t make sense any more to hold on to a combustion engine.”

Across multiple states, motorists formed long lines at service stations that were handing out free gasoline in response to a recent surge in pump prices. Participants expressed frustration over the escalating cost of fuel and, according to on‑site interviews, many pointed to the economic legacy of former President Donald Trump as a contributing factor. The complimentary fuel offers, organized by local charities and community groups, aim to provide temporary relief while consumers grapple with higher transportation expenses. Observers note that the episode underscores the broader sensitivity of the U.S. fuel market to political narratives and policy debates.

When Corentin Roudaut arrived in Paris a decade ago, he swapped his student‑era bike for a car, daunted by the city’s traffic and lack of cyclist protection. After a protected lane opened on Boulevard Voltaire in the 11th arrondissement, he reclaimed his two‑wheel commute and now volunteers with the cycling advocacy group Paris en Selle, witnessing a city that has shed its car‑centric image.Roudaut notes that the shift “started slowly but really accelerated in the last ten years,” with a growing network of bike routes that is becoming safe and nearly complete in many districts.Mayor Anne Hidalgo’s 12‑year agenda reshaped Paris’s urban fabric. Since taking office in 2014, her administration planted 155,000 trees, created several hundred kilometres of segregated bike lanes, pedestrianised 300 school streets, and banned cars from the banks of the Seine. Former parking spaces have been turned into green plazas and café terraces, reducing the risk of children being hit while walking to school.As Hidalgo departs on Sunday, her legacy is touted as a blueprint for progressive European cities, especially as some national governments retreat from green initiatives.Nevertheless, the reforms have sparked pushback. Motorists object to the loss of road space, and recent referendums on higher parking charges for SUVs and further school‑street pedestrianisation suffered low voter turnouts. Right‑wing mayoral candidate Rachida Dati described the new public‑space regime as “anxiety‑inducing,” though she stopped short of promising a reversal.In a candid interview, Hidalgo described the Seine‑bank pedestrianisation as “a tough battle” that, once won, left residents reluctant to revert to car traffic. She highlighted a generation of children who have never known cars on those riverbanks, prompting awe‑filled reactions from visitors.Urban scholars attribute the rapid change to Paris’s tight administrative boundaries, which limit suburban influence on city transport decisions, and to groundwork laid by previous mayors. Yet they stress that political courage was essential to implement measures that inconvenienced drivers while delivering social and environmental benefits.Environmental epidemiologist Audrey de Nazelle of Imperial College London, a Paris native, praised the transformation as “fabulous” and warned that many cities lack the bravery to pursue similar legacies.A recent report placed Paris among 19 global cities that cut two major toxic air pollutants between 2010 and 2024. While Brussels and Warsaw saw faster declines in fine‑particle matter, London outpaced Paris in reducing nitrogen‑dioxide levels.By contrast, Berlin—despite opening a new inner‑city motorway and scrapping 30 km/h speed limits on key streets—still records a higher share of cyclists than Paris.Transport researcher Giulio Mattioli argues that Paris simply needed to add bike lanes to unlock latent demand, noting that the city started from a lower baseline but quickly caught up with peers.However, the transformation remains uneven. The extensive suburbs continue to be dominated by cars, hemmed in by the 35 km Boulevard Périphérique ring road. Analyst Jean‑Louis Missika of think‑tank Terra Nova stresses that “as long as this motorway encircles Paris, the Greater Paris metropolis will remain an administrative construct devoid of urban reality.” He calls for dismantling or repurposing the ring road to achieve a truly post‑car metropolis.

At the Oxford Brookes Headington campus, a group of over 100 students are working tirelessly to build the fastest and best-designed race car possible for this year’s Formula Student competition.The Oxford Brookes Racing (OBR) team, the UK’s most prestigious Formula Student team, has won more design awards than any other UK university and frequently secures top spots in the international race held annually at Silverstone.Success in the competition is crucial as it gets the team noticed by the industry, where a handful of engineering jobs can have upwards of 10,000 applicants. Several OBR alumni are currently working in every Formula One team.“A lot of the coverage on TV is based around the drivers, but not really the actual engineers,” said Thomas Cawdery, a team manager and third-year motorsports technology student. “This is what you don’t see in Formula One. The engineers who make it happen.”The OBR team is entirely run by students and operates out of two buildings, where scores of people are working hard – cutting and shaping carbon fibre chassis by hand, and running simulations on computers. Students of all ages are teaching and learning from one another.While actual Formula One cars have much more power than the students are allowed for safety reasons, the complexity of the cars is very similar. “They’re the same if not more complex than Formula One cars,” Cawdery said.The OBR team surpasses industry expectations in some aspects, particularly in terms of gender balance. Unlike most Formula One teams, where only about 10% of engineers are women, OBR has a much better gender balance.Emma Deery, a first-year mechanical engineering student, finds the inclusive environment encouraging. “In the industry, a lot of women find themselves the only woman on their team. Here it’s different. We have a lot more women and a lot of women in leadership roles.”The OBR team will compete for the top spot this summer against 102 other teams from 27 countries. The competition is a useful recruitment tool for big industry names, as it showcases innovative engineering skills.Ross Brawn, the legendary former team principal, once said, “There are two really innovative forms of motorsport left. One of them is Formula One and the other one is Formula Student.”

Los Angeles residents are feeling the strain of soaring gas prices, with some stations charging as high as $8 a gallon. The Iran war has created the largest supply disruption in the history of the global oil market, according to the International Energy Agency, contributing to the price surge.For Jack Nooney, a musician and grocery deli employee, the daily commute from his San Fernando Valley apartment to Santa Monica has become a costly affair. To save gas, Nooney has started shifting his manual transmission into neutral and coasting down steep declines on the I-405. He also scouts for the best gas prices and prefers stations near his home.The impact of high gas prices is being felt across various industries. Chris Hardin, a music manager, says his clients are struggling with the increased costs, especially those who rely on touring. Hardin has started taking his motorcycle to work multiple times a week to save fuel.Professional drivers, however, have limited options. Jenise Blanc, owner of LA's Canyon Car Service, is absorbing the increased costs, but may be forced to re-evaluate her pricing strategy if the situation doesn't improve. Electric vehicles are becoming a more viable option, with Blanc's company now leaning into its two electric cars.The rising gas prices are also affecting small businesses, with Blanc noting that it's tough to pass on the increased costs to customers without risking a loss of business. As the situation continues, residents and businesses are looking for ways to adapt and mitigate the impact of high fuel costs.

Fuel prices in Northern Ireland have experienced the sharpest increase in the UK since the beginning of the Iran war. Petrol prices have jumped by 19% and diesel by 35% since the end of February. A 50-litre tank now costs an average of £75 for petrol and £91 for diesel, up from £63 for petrol and £67 for diesel on 28 February.Northern Ireland previously had some of the lowest fuel prices in the UK due to tighter competition and links to Ireland. However, the gap with other regions has narrowed, with prices remaining the lowest in the UK. Across the UK, fuel prices continue to rise as the Middle East conflict shows no sign of de-escalation. Petrol prices have jumped by 16% and diesel by 30% since the start of the war.Analysis of Eurostat and UK government data reveals that only seven other European countries have recorded larger increases in petrol prices than Northern Ireland. The pattern is similar for diesel, with prices jumping by up to 44% in Estonia. In the UK, the north has seen the sharpest increase in petrol prices among English regions, with drivers paying an average of 154p a litre, up 17% from 132p a litre on the day the war broke out.Price increases in rural areas are similar to urban areas, but data shows that at least 100 stations in mostly rural parts of England and Scotland are charging between 180p and 210p a litre for petrol. The average petrol price for 10 major retailers has risen sharply, with Shell petrol stations charging an average of 158p a litre for standard unleaded petrol.Simon Williams, head of policy at the motoring services company RAC, said: “Drivers hitting the roads this Easter weekend will be faced with some truly eye-watering fuel prices.” Separate official data analysed by RAC showed that petrol prices have gone up nearly 22p a litre – or 16% – to an average of 154.45p since the beginning of the war.

UK drivers are being urged to hunt for the cheapest petrol as they prepare for an estimated 21.7 million journeys over the Easter bank‑holiday weekend – the busiest on the roads since 2022. Data from the RAC shows that the average price of a litre of unleaded petrol jumped 20p in March, rising from 132.83p on 1 April to 152.83p on 31 April. This is the fastest monthly increase on record, eclipsing the previous high of 16.6p recorded in June 2022 after Russia’s invasion of Ukraine. RAC policy chief Simon Williams called the rise “unprecedented” but stressed that travellers should fill up as usual and seek the cheapest forecourts nearby ahead of the holiday rush. To ease congestion, National Highways will temporarily suspend 1,500 miles (2,400 km) of roadworks on motorways and major A‑roads in England from Thursday through Easter Monday. The AA predicts this will accommodate roughly 1 million additional trips compared with last year, with traffic expected to peak on Thursday when schools break up. Analysts warn that the sharp fuel‑price surge may curb spending on trips. Susannah Streeter, chief investment strategist at the Wealth Club, noted that shorter journeys and fewer on‑the‑road purchases, such as chocolate treats, are likely. AA survey data shows that just over half of travellers plan to drive less than 50 miles, 5 % expect journeys of 50‑100 miles, about 1 % aim for 100‑200 miles, and fewer than 1 % anticipate trips beyond 200 miles. Rail disruptions are set to push more motorists onto the motorways. Engineering works will suspend west‑coast mainline services between London Euston and Milton Keynes from Good Friday to 8 April, and there will be no trains on several routes—including Preston to Lancaster (4‑5 April), Winchester to Southampton, and Herne Bay to Ramsgate—while services between London Waterloo and Clapham Junction will be reduced. Despite domestic challenges, the travel trade body ABTA estimates that 2 million UK residents will travel abroad this weekend. EasyJet is gearing up for its busiest Easter period yet, planning to operate 16,000 flights from UK airports over the two‑week school break. Passengers heading to the European Union should also prepare for potential two‑hour delays due to the rollout of the EU’s Entry‑Exit System, which requires third‑country nationals, including UK travellers, to submit photographs and fingerprints before entering the Schengen area.