Brent crude chalked up its biggest one-day jump of 2024, with remarks by US President Joe Biden spurring speculation among traders over whether Israel could engage in retaliatory strikes against Iran’s oil industry.

The international oil benchmark settled 5 per cent higher at $77.62 a barrel, its biggest jump since October last year. West Texas Intermediate, the US marker, also gained more than 5 per cent to $73.71 a barrel.

Vikas Dwivedi, a global energy strategist at Macquarie Group, said he expected oil prices to rise in the short term, potentially jumping to $85 a barrel.

“This is a replay of Russia-Ukraine,” Dwivedi said, adding that the only way for prices to surge near $100 a barrel would be if there was a direct hit to oil export facilities. “We don’t think [a hit to oil supply] is a big concern.”

A POPULAR drinks brand once stocked in Sainsbury’s and Amazon has been plunged administration.

Natural soft drink company Square Root Drinks appointed and administrator on October 3.

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It comes as the website link has been taken down, while stock is unavailable on Amazon.

The announcement was made on X (formally Twitter) by James Beeson, drinks editor at The Grocer.

He said: “Deeply saddened to hear Square Root London has gone into administration.

“I enjoyed my time working for Ed and Robyn – two people who put everything into the brand – tremendously, and owe them a great deal professionally and personally.

“My heart goes out to them both today.”

Square Root made its retail debut in February 2021, launching into Sainsbury’s through the retailer’s Future Brands initiative.

At the time, the company said it was “exciting to be recognised” by the supermarket as a “bold and authentic brand”.

The brand smashed a £250k crowdfunding drive, overfunding by 230 per cent to hit £577,444 from 570 investors in 2021.

Square Root offered a selection of alcohol-free mocktails and natural soft drink flavours, including Ginger Beer, Cola, non-alcoholic gin and tonic, lemonade, and more.

The company was founded in 2012 by Ed Taylor and Robyn Simms in East London.

Administration is when all control of a company is passed to an appointed licensed insolvency practitioner.

It doesn’t necessarily mean the end of the business.

Administration is when all control of a company is passed to an appointed licensed insolvency practitioner.

It doesn’t necessarily mean the end of the business.

But if the administration process can’t rescue the company or find a new owner, this can lead to liquidation.

Liquidation is the process of selling all assets and then dissolving the company completely.

COST OF LIVING PRESSURES

The number of craft breweries in the UK fell from 1,828 at the start of 2023 to 1,815 at the start of the year.

That now stands at 1,748 according to the latest figures up to June from the Society of Independent Brewers and Associates (SIBA).

The SIBA UK Brewery Tracker takes into account all brewery openings and closures to give an accurate picture of the number of active brewing businesses.

Craft breweries have been hit hard by the cost of living crisis and the pandemic.

While many producers pivoted to home deliveries during covid lockdowns, they were then hit by rising costs combined with people reigning ion their spending.

The prices of energy, rents and ingredients have all shot up. They have also faced higher interest rates when borrowing money to grow the business.

SIBA chief executive Andy Slee said when the latest figures on closures were published in July: “Independent brewers are reporting good sales growth and strong consumer demand, yet breweries continue to close.

“For most breweries the challenge is financial pressures from rising costs and market access, as well as lingering Covid debt – something SIBA has strongly lobbied Government for help on.”

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We kick off this year focusing on press freedoms. We welcome back to the program independent journalist Kevin Gosztola, author of Guilty of Journalism: The Political Case Against Julian Assange. Gosztola joins the program to discuss the latest updates on Assange’s extradition case, the CIA spying lawsuit and a Congressional resolution process that’s begun. Later in the program we air a conversation between Kevin Gosztola and our cohost Eleanor Goldfield from last year. Kevin joined Eleanor at Red Emma’s in Baltimore to talk about his book, Guilty of Journalism.

A long-serving former Harrods executive has claimed that his offer to become boss of the department store chain Fenwick was withdrawn because of his time working under Mohamed Al Fayed.

Al Fayed, who owned the luxury London store for more than two decades, has been accused of sexual assault or rape by more than 20 women following a BBC investigation.

Niegel Blow, who worked for 14 years at Al Fayed’s companies, said he “never heard about or witnessed” grooming, sexual assaults or rape.

He said he had been deemed “guilty by association” by Fenwick. Fenwick declined to comment.

“I worked at Harrods in senior roles from 2002 to 2007. I can confirm that, during my time at the business, I never heard about or witnessed any such behaviour by Mr Al Fayed.”

“I believe Fenwick’s action is unjustified, unfair and in breach of contract,” Mr Blow told the BBC.

Mr Blow also criticised the BBC over its reporting of executives who had worked with Al Fayed.

“It would appear that the BBC team is prepared to tarnish or ruin the reputation of every senior person who worked at Harrods during Mr Al Fayed’s ownership, under the serious and damaging misapprehension that of course they must have known.”

A BBC spokesperson said: “We stand fully behind our journalist and our journalism. This story, which was fully in the public interest, was produced in line with the BBC’s editorial standards, including contacting Mr Blow before publication.”

On Tuesday, Fenwick told the BBC that Nigel Blow had said he would no longer be taking up the position as their chief executive later this month.

No reason for the decision was given.

Mr Blow’s statement on Friday said that the Fenwick chair Sian Westerman told him it was not able to proceed with the employment “in order to safeguard the reputation of the Fenwick business.”

Fenwick declined to comment on this claim. The retailer, which is best known for its 140-year-old store in Newcastle, has eight stores around the UK.

Mr Blow joined Harrods in 1992.

There were several reports of Al Fayed’s alleged abuse of women in the following years including a profile in Vanity Fair alleging sexual misconduct against staff, an ITV documentary and a book detailing alleged sexual assaults.

Mr Blow said that Harrods staff had their offices, phones and cars bugged, and at one point he was followed by the Harrods security team.

“On multiple occasions I saw transcripts of my own telephone calls on Mr Al Fayed’s desk. Such behaviour prompted me to seek alternative employment from 2006,” he said.

In 1997 the Observer published detailed allegations of bugging of Harrods executives and staff carried out on Al Fayed’s orders – and the ITV documentary played excerpts from the tapes.

Mr Blow is currently chief executive of the department store chain Morley’s, based in Wimbledon, though he resigned the position to take up the new job.

THE RETURN of a McDonald’s burger has caused a wild frenzy among its loyal fans, with many calling for its permanent addition to the menu.

The McRib burger will be back on the Golden Arches menu from October 16 to the joy of many hungry diners who are begging for it to stay.

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Taking to social media, many expressed their enthusiasm for the burger’s return with one user calling it “the Greatest McDonalds burger of all time” .

Another commenter said: “My absolute favourite, welcome back Ribby. Please don’t leave us again”.

Whilst others wrote: “It’s what dreams are made of” and “cannot wait, it’s been way too long”.

Another user added: “I’m so getting one I loved them back in the day”

The pork-based patty, which is lathered in smoky BBQ sauce, pickles and onions and encased in a homestyle bun, is back on menus for a limited time from mid October.

The burger first launched in the UK in 1981 and has been hailed as one of the best Mcdonald’s burgers of all time by some fans.

Thomas O’Neill, head of menu at McDonald’s UK, said: “We have heard our fans loud and clear – the fan petitions and pleas on social – and after almost a decade of anticipation, we are thrilled to bring back this iconic menu item.

“Knowing how well-loved the McRib is, we had very little choice – we had to make it happen.”

Though the fast-food chain’s owners have not revealed how long the popular burger will be on the menu for, limited edition foods are usually around for about six weeks.

It will be on sale for £4.49 as an individual item or £6.19 as part of a medium extra-value meal deal, which means it comes with fries and a medium drink.

At 509 calories, the burger is more calorific than a Double Cheeseburger, McChicken and Bacon Double Cheeseburger as well.

Despite most diners excitement some have not been so keen, with one social media user likening the product to “gas station food”.

“I must be the only one that thinks it’s horrible,” said another.

Whilst another commenter wrote: “Yay, another reason for me to stay away from McDonald’s” .

One user even joked: “How about the McHeartAttack or the McBigBelly?”

According to one of our Sun reporters who tried it ahead of its launch, despite the burger looking visually unimpressive, the pork patty is super tender and “better than other burgers” .

But, he added, the burger felt quite sickly because of the abundance of BBQ sauce, which he felt was too sweet.

McRib’s addition comes after McDonald’s confirmed the arrival of a pack of mini hash browns, which will come in a portion of five or 15, with prices starting from £1.49.

These will roll out from October 16 but it is unclear whether or not the snack will become a permanent feature on the menu.

Shigeru Ishiba is a distinguished figure in Japanese politics, widely recognized for his expertise in defense and agricultural policy. He was a prominent contender in multiple Liberal Democratic Party (LDP) leadership races and was just elected Japan’s 102nd prime minister. His latest book, My Policies, My Destiny, offers profound insights into his political philosophy, which he defines as that of a “conservative liberal.” This label underscores Ishiba’s nuanced approach to governance — an idealism that seeks not just to solve the nation’s pressing issues, but to fundamentally elevate it and its people.

Ishiba’s idealism (or “Ishibaism”) has long placed him at odds with the late Prime Minister and LDP President Shinzo Abe, whose vision for Japan centered on bolstering national power and economic dominance. By contrast, Ishiba advocates “purer” solutions that aim for deeper structural improvements. This divergence is central to his critique of “Abe politics,” which he sees as prioritizing short-term gains over long-term national rejuvenation.

Ishiba and incumbent Prime Minister Fumio Kishida are committed to refocusing Japan’s growth strategies on rural regions, which have been disproportionately affected by economic disparities. While Ishiba is inclined towards fiscal discipline, he is unlikely to pursue immediate austerity measures; rather, he will probably consider carefully timed tax increases to finance rising defense expenditures.

Ishiba’s policies to manage economic turmoil

In March 2024, the Bank of Japan (BOJ) raised interest rates for the first time in 17 years. This signals an end to its negative interest rate policy in response to persistent inflationary pressures. In July, the yen dropped to its lowest value in 38 years; a second rate hike followed. Political pressure had been building for such hikes to address the yen’s devaluation.

By early August, Japan’s stock market experienced a historic decline. It was partly triggered by concerns over the BOJ’s hawkish stance — a stance advocating immediate, vigorous action — and a hard slowdown in the US economy predicted by the Sahm Rule. Yet a soft landing was also predicted, as the US economy is currently strong. The decline caused political sentiment in Nagatachō — the district in Tokyo where the prime minister resides — to shift.

The Salm Rule observes the unemployment rate over the past 12 months to identify economic struggle; if the rate increases by half a percent or more in a three-month period, the rule is triggered. This usually happens at the start of a recession. Via Federal Reserve Bank of St. Louis.

Ishiba is expected to uphold the principle of central bank independence, a cornerstone of sound monetary policy as exemplified by institutions like the US Federal Reserve (or the Fed). By maintaining the BOJ’s autonomy, economists evaluate that Ishiba will allow Governor Kazuo Ueda the space needed to pursue further rate normalization, which will enhance Japan’s economic stability.

Ishiba emphasized that the government is in no position to direct monetary policy. However, he expressed his expectations that Japan’s economy will continue to progress sustainably under the BOJ’s accommodative stance, ultimately eradicating deflation. He underscored the importance of maintaining close collaboration with the central bank to observe market trends calmly and cautiously, while engaging in careful communication with market participants.

Prior to the prime minister’s remarks, Ueda indicated that the BOJ is strongly supporting Japan’s economy through its highly accommodative monetary policy. Future adjustments to monetary easing are contingent on economic and inflationary developments aligning with BOJ projections. Regardless, Ueda noted that there is ample time to evaluate these conditions, and the BOJ will proceed carefully.

Ueda further clarified that there were no specific requests made by the prime minister regarding monetary policy. Additionally, the joint 2013 accord between the government and the BOJ, prioritizing the early elimination of deflation and sustainable economic growth, was not part of their discussion.

Takaichi’s opposition to monetary tightening

Ishiba plans to appoint former Chief Cabinet Secretary Katsunobu Kato as Minister of Finance. Kato, who is a former member of the Ministry of Finance, was first elected to the House of Representatives in the 2003 general election. He served as Deputy Chief Cabinet Secretary during the Abe administration and championed the continuation of Abe’s economic policy, “Abenomics,” during the party presidential election. As always, this is the mysterious LDP way of saying, “inadequate knowledge and strategies can lead to harm.”

Sanae Takaichi, another strong conservative-leadership contender from the House of Representatives, is a staunch advocate of continued monetary easing. She has publicly opposed the BOJ’s rate hikes. During a recent online discussion, she argued that tightening monetary policy at this juncture would be premature, calling it “foolish.” Takaichi’s stance has raised fears about potential political interference in the central bank’s operations, reminiscent of certain US political figures like former President Donald Trump, who seeks to exert control over the Fed.

Meanwhile, some observers worry about having a repeat of the United Kingdom’s experience in 2022: The government of then-UK Prime Minister Liz Truss employed aggressive fiscal expansion which, compounded by concurrent rate hikes by the Bank of England, led to sharp currency depreciation and a surge in interest rates. Observers caution Japan to avoid a similar scenario, where ill-considered political statements trigger a destabilizing “Truss shock.” Indeed, Takaichi’s remarks have already contributed to volatility in the foreign exchange market, causing fluctuations in the US dollar/Japanese yen rate.

The yen depreciated from 143,000 to 146,000 following Takaichi’s rally, reversing the earlier appreciation from 146,000 to 142,000 that occurred after Ishiba’s selection. Via TradingView

Ishiba envisions the creation of an “Asian NATO” as essential for securing robust regional deterrence, with serious consideration of nuclear sharing with the US. He also desires a revision of the US–Japan Status of Forces Agreement, addressing concerns related to jurisdiction, environmental protection and the balance of legal authority between both nations over military activities and personnel.

In line with this strategic vision, it appears that he is willing to prioritize short-term economic gains over central bank independence. This signals a potential shift in his economic approach moving forward.

[Lee Thompson-Kolar edited this piece.]

The views expressed in this article are the author’s own and do not necessarily reflect Fair Observer’s editorial policy.