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Starbucks's UK retail arm secured a significant £13.7m corporation tax credit last year, even as it reported a 6% increase in sales to £556.3m and added over 90 new stores, bringing its total to 1,304. The tax credit, which can be used to offset future tax bills, follows losses widening to £41.3m in the 12 months to September.The company's financial performance was impacted by £40m in royalty and licence fees paid to its parent company, Starbucks Emea. These fees, which are paid to a UK-based entity that collects similar fees from across Europe, the Middle East, and Africa, significantly contributed to the losses.Despite the losses, Starbucks UK's sales growth was driven by price increases, new loyalty schemes, and the introduction of “freshly baked in-store food”. The company also shifted its workforce towards full-time staff, reducing overall staff numbers by 244 to 5,352.Critics, such as the Fair Tax Foundation, argue that this situation highlights a recurring issue where large corporations like Starbucks use complex financial structures to minimize their tax liabilities. “This all feels so very Groundhog Day,” said Paul Monaghan, chief executive of the Fair Tax Foundation. “As per a decade ago, Starbucks UK reports annual growth in income and store numbers, whilst at the same time declaring a loss due to the payment of hefty royalty fees to other Starbucks subsidiaries. The end result, no corporation tax is paid.”In response, a Starbucks spokesperson emphasized the company's commitment to paying all taxes due, stating that it “manages its global tax responsibilities in keeping with its mission and values.”The company's financial challenges are expected to continue, with Starbucks UK citing a “challenging consumer environment” characterized by inflationary pressures, reduced discretionary spending, and increased competition. The company has received financial support from its parent group, including £30m in cash to keep the business afloat and a further £60m in February.

Stefano Gabbana left his post as chair of Dolce & Gabbana effective 1 January 2026, describing the move as part of a "natural evolution" of the company’s organisational structure and governance.The luxury house stressed that the resignation will not affect Gabbana’s creative responsibilities within the group.According to Bloomberg, Alfonso Dolce – Domenico’s brother and the group’s chief executive – assumed the chairmanship in January, taking over the role from the co‑founder.Sources indicate that Gabbana is exploring options for his 40 % equity stake as the brand continues negotiations with its bank lenders. In parallel, former Gucci chief Stefano Cantino has been appointed to a senior management position as part of the reshuffle.A D&G spokesperson added that the company “has no statement to make at this time” regarding its debt position, as talks with banks remain ongoing.The Italian label, founded in 1985, is grappling with a slowdown in the high‑end fashion market, a trend intensified by uncertainty surrounding the war in Iran – a region that represents a crucial market for luxury brands.In March, Dolce & Gabbana hired Rothschild & Co as its financial adviser to prepare for creditor discussions. At that point the group carried €450 million (£391 million) of bank debt, incurred after a 2025 refinancing aimed at supporting a new growth strategy while preserving independence. Lenders had temporarily waived certain borrowing terms.Ownership of the company remains split: each designer holds a 40 % stake through a holding vehicle, while the remaining shares are owned by Alfonso Dolce and their sister Dorotea.Founded by Stefano Gabbana and Domenico Dolce, the brand quickly became synonymous with a “molto sexy” Italian aesthetic, gaining global visibility after Madonna commissioned costumes for her 1993 Girlie tour. By 2009, Dolce & Gabbana reported a turnover of €1 billion.Despite its commercial success, the house has faced a series of controversies over the past 15 years, ranging from accusations of racism and homophobia to backlash over culturally insensitive advertising, which have at times threatened its market position.

European airports have issued an urgent warning that jet fuel shortages could materialise within the next three weeks if the Strait of Hormuz remains closed.Airports Council International (ACI) Europe addressed a letter to EU transport commissioner Apostolos Tzitzikostas, stating the bloc is only three weeks away from a systemic shortage.The threat is linked to the ongoing US‑Israel conflict with Iran, which has effectively shut the strait—a key shipping lane for Gulf oil exports—pushing Brent crude to around $96 per barrel, up from roughly $72 before the hostilities.ACI warned that without a stable resumption of traffic through Hormuz within three weeks, a “systemic jet fuel shortage is set to become a reality for the EU.”Jet‑fuel prices have more than doubled year‑on‑year, reaching $1,650 per tonne according to IATA data. Europe’s price surge stands at 138%, while Asia has seen a 163% increase.Ryanair chief Michael O’Leary highlighted that the United Kingdom, heavily dependent on Kuwaiti supplies, is the most vulnerable market in Europe.Shipping data from Vortexa shows the last Gulf‑origin jet fuel cargo for Europe is due in Copenhagen tomorrow, following a partial delivery to Rotterdam earlier this week. The final tanker bound for the UK arrived in Kent on Tuesday.More than 60% of Europe’s jet fuel traditionally comes from Gulf refineries, with over 40% shipped via the Hormuz corridor. The blockade forces European buyers into direct competition with Asian carriers for alternative cargoes.Australian investment bank Macquarie notes that jet fuel lacks the pipeline alternatives available to crude oil, making the market especially vulnerable. Even if shipments resume, the refined‑product market could take two to three months to normalise, lagging behind crude markets.Airlines have already begun trimming schedules and raising fares, a trend that will feed into broader inflationary pressures. A genuine shortage could force travelers and businesses to postpone trips and shipments, deepening economic damage.ACI called for proactive EU monitoring and action, warning that the peak summer travel season—critical to many economies—could be hit hard if fuel supplies falter.IATA director‑general Willie Walsh cautioned that even with the strait reopened, restoring adequate supply will take months due to disrupted refining capacity in the Middle East. IATA had previously projected a 4.9% year‑on‑year growth in passenger traffic for 2026.

The US Treasury secretary, Scott Bessent, recently convened a meeting with major American bank chiefs in Washington to address growing concerns over the cyber risks associated with Anthropic's latest AI model, Claude Mythos. This model has reportedly exposed thousands of vulnerabilities in software and popular applications.The meeting, which included Jerome Powell, the Federal Reserve chair, and CEOs from prominent banks such as Goldman Sachs, Bank of America, Citigroup, Morgan Stanley, and Wells Fargo, was called to discuss the potential risks posed by this advanced AI technology. Jamie Dimon of JP Morgan was invited but could not attend.Anthropic has restricted the release of Claude Mythos to a limited number of businesses, including Amazon, Apple, and Microsoft, due to concerns that hackers could exploit the model's capabilities to compromise data security. The company has noted that the model uncovered vulnerabilities up to 27 years old that had not been previously identified.This development comes as the US government has designated Anthropic as a supply chain risk, a designation the company is contesting in court. The meeting highlights the increasing concern among regulators and financial leaders about the potential for AI to both enhance and threaten cybersecurity.

Hours after the US and Iran announced a ceasefire, Israel launched a series of airstrikes on Lebanon, killing hundreds and injuring thousands. The attacks have been widely condemned, with many questioning whether Israel's actions were intended to undermine the ceasefire.The bone of contention lies in whether or not Israel's strikes on Lebanon were included in the ceasefire agreement. Pakistan, which brokered the deal, said they were, while Israel claimed they were not.The US has sided with Israel, with President Donald Trump calling the violence in Lebanon 'a separate skirmish'. However, this stance has been met with criticism from many, including Iran, which has reimposed its blockade of the Strait of Hormuz in response to the attacks.Israel's Prime Minister Benjamin Netanyahu has faced intense political pressure since the US and Iran signed the ceasefire, which had little or no active involvement from Israel. Netanyahu's war aims have not been achieved, angering those who supported the war.Under the terms of the truce, a 10-point peace plan put forward by Iran has been accepted as a starting point for negotiations. However, Israel's attacks on Lebanon have raised concerns about the viability of the ceasefire and the potential for further escalation in the region.Some analysts have accused Israel of trying to prolong the broader war against Iran and collapse any ceasefire prospects. 'Israeli officials will no doubt claim that this was a super sophisticated operation against necessary security targets', but others see it as an attempt to 'act as provocateurs-in-chief'.The attacks have also sparked criticism within Israel, with opposition leaders Yair Lapid and Yair Golan condemning Netanyahu's actions and accusing him of lying about the war aims and outcomes.

Israel's wave of air attacks on Lebanon has resulted in a significant escalation of violence, with over 250 people killed and 1,165 wounded. The attacks, which occurred just hours after the announcement of a two-week US-Iran ceasefire, have raised concerns about the fragility of the agreement.The Israeli military claimed it was targeting Hezbollah's military infrastructure, but Lebanese officials and aid groups reported that entire neighborhoods were devastated, with hospitals overwhelmed and emergency services struggling to cope. The United Nations described the casualty figures as 'appalling', with its human rights chief Volker Turk calling the destruction 'horrific'.The attacks have exposed major disagreements over the scope of the ceasefire, with the US and Israel claiming it excludes Lebanon, while Iran and Pakistan argue it includes the country. Pakistani Prime Minister Shehbaz Sharif, whose government helped broker the deal, stated that the ceasefire deal included the halting of attacks on all fronts, specifically mentioning Lebanon.The continuation of Israeli attacks in Lebanon poses a significant threat to the prospects for the ceasefire between the US and Iran. Analysts warn that if Hezbollah continues to be targeted while attacks on Iran remain paused, Tehran could lose both its leverage and credibility within its network of resistance groups.International reaction has largely focused on condemning the scale of the Israeli attacks on Lebanon and calling for Lebanon's inclusion in the ceasefire. Several countries, including Qatar, Egypt, and Turkey, described the attacks as a 'dangerous escalation' and urged the international community to act.

Fresh Israeli airstrikes have struck southern Lebanon, resulting in multiple fatalities and injuries, just a day after a devastating attack that claimed over 200 lives. The escalation has sparked concerns about the stability of the recently announced US-Iran ceasefire, which Tehran says includes Lebanon.Lebanon's National News Agency reported that an Israeli strike on the town of Abbassiyeh killed at least seven people and wounded several others, with the total expected to rise. The attacks have targeted various towns, including Kafra, Jmaijmeh, Safad al-Battikh, Majdal Selm, and Deir Antar near Qasmiyeh bridge.The Lebanese army confirmed that four of its soldiers were killed in Israeli strikes on Wednesday. The Israeli military claimed that it carried out overnight strikes in Beirut, killing Ali Yusuf Harshi, a close aide to Hezbollah leader Naim Qassem.The scale and intensity of the attacks suggest a broader campaign that continues despite the ceasefire agreement. Al Jazeera's Nida Ibrahim reported from Ramallah that the ongoing strikes reflect a deeper alignment between Israel and the US. Hezbollah has insisted that the ceasefire deal between the US and Iran should include the Lebanon front.According to the Lebanese health ministry, 203 people were killed on Wednesday, with over 1,000 wounded in Israeli attacks across Lebanon. Lebanon's prime minister declared a national day of mourning on Thursday, ordering public offices to close and flags to be lowered in tribute.International leaders have condemned the attacks, with UN human rights chief Volker Turk describing the scale of killing as 'horrific'. French Foreign Minister Jean-Noel Barrot said: 'We strongly condemn these massive strikes which, in ten minutes, killed more than 250 people, adding to the 1,500 victims of this conflict initiated by Hezbollah against Israel on March 2.'Lebanon's Health Ministry reports that Israeli attacks since March 2 have killed at least 1,739 people and wounded 5,873 people.

Janett and Erika Liriano, growing up in Queens as daughters of Dominican immigrants, were encouraged to dream big. By their late 20s, Janett had been named a Forbes 30 Under 30 Listmaker and was chief of staff at a biopharmaceutical firm, while Erika was making a name for herself in venture capital.However, feeling unfulfilled, they decided to leave their lucrative jobs and move to the Dominican Republic to start a chocolate company. Inspired by their parents' homeland and the country's rich cacao resources, they aimed to create a vertically integrated cacao company that would benefit local farmers.The Dominican Republic produces about 60% of the world's organic cacao, but most of its export is raw beans, with the majority of profit made in countries like Belgium, Germany, and the US. The sisters saw an opportunity to change this and create a more equitable supply chain.After months of research and planning, they launched Inaru Chocolate, a company that contracts directly with farmers and pays them a fixed rate, ensuring fair prices and better livelihoods. The company pays farmers 3% of every product sold, resulting in 30 to 50% higher earnings than what most other buyers offer.In 2023, they opened a 7,000-sq-ft chocolate factory outside Santo Domingo, employing 35 people and producing high-end chocolate. Their business model has attracted brands like the W Hotel and Zingerman's, with 80% of their business coming from B2B sales.The sisters' journey hasn't been easy, facing challenges like securing funding and navigating language barriers. Despite these obstacles, they have raised $12m in investments and are committed to creating jobs and empowering local farmers in their parents' homeland.

Israel's devastating bombardment of Lebanon in the hours after a US-Iranian ceasefire was announced has been widely condemned amid global efforts to salvage the truce. The bombing, which killed more than 200 people, including strikes with heavy munitions on densely populated areas, drew outrage from the International Committee of the Red Cross and other international humanitarian organisations.Benjamin Netanyahu insisted Lebanon was not included in the Tuesday night ceasefire agreed by Donald Trump, and vowed the Israeli military would continue to strike Hezbollah targets “wherever necessary”. The Israeli prime minister said his forces had killed the secretary to Hezbollah’s leader, Naim Qassem.The US vice-president, JD Vance, backed Netanyahu, claiming the US had never agreed to the inclusion of Lebanon in the truce. However, Iran’s president, Masoud Pezeshkian, said that further Israeli strikes on Lebanon would render negotiations “meaningless”. Iran would not abandon the Lebanese people, he said.Pakistan, which led the efforts to broker a ceasefire after Trump threatened a civilisation-ending onslaught, has said Lebanon had been part of the agreement. Robert Malley, a former American envoy who led earlier US-Iranian negotiations, said: “I would trust the Pakistani mediator that Lebanon was included.The EU foreign policy chief, Kaja Kallas, said on Thursday: “Hezbollah dragged Lebanon into the war, but Israel’s right to defend itself does not justify inflicting such massive destruction.” France’s foreign minister, Jean-Noël Barrot, condemned the Israeli strikes as “unacceptable” and his British counterpart, Yvette Cooper, described them as “deeply damaging”, adding that failure to include Lebanon in the ceasefire would “destabilise the whole region”.