Britain’s biggest bank has issued a stark warning that the war in Iran is already corroding global business confidence, as a growing chorus of UK company bosses sound the alarm over spiralling costs, supply chain disruption and the threat of renewed inflation.
Speaking at HSBC’s Global Investment Summit in Hong Kong, chief executive Georges Elhedery told Bloomberg Television that the Lebanese-born banker was “saddened and concerned” by events in the Middle East, and increasingly worried about how long the conflict will drag on. He cautioned that uncertainty had begun to weigh on sentiment and warned the ripple effects would be felt well beyond the region, pushing up the price of oil, refined fuels, fertilisers and metals.
The comments came as Brent crude, which had breached the $100 (£74) a barrel mark on Monday, slipped 0.9% to $98.50 on Tuesday morning, even as an American blockade of Iran’s ports took effect. US and Iranian negotiators are understood to be preparing to return to Islamabad this week after 21 hours of weekend talks in the Pakistani capital closed without a breakthrough.
In London, the FTSE 100 edged 22 points higher, up 0.21% to 10,605. Imperial Brands, owner of the Davidoff and West cigarette labels and a growing stable of vaping products, was among the biggest fallers after it flagged a “more uncertain geopolitical and macro environment”.
Recruiter PageGroup added to the gloom, describing conditions across Britain, Europe, the Middle East and Asia as “tough” and warning that the Middle East crisis was driving an increasingly murky outlook for the remainder of the year. The firm noted that salaries had slipped below levels seen in 2022 and 2023.
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HSBC itself is among the European lenders most exposed to the region, thanks to its 31% holding in Saudi Awwal Bank. Analysts at JP Morgan Chase estimate the Middle East generates roughly 4% of the group’s pre-tax profits. However, Mr Elhedery insisted the bank had so far seen only “very benign movement” of capital out of the region, even as some wealthy Gulf-based investors have begun scouting relocation options in Singapore and Hong Kong since Washington and Israel launched strikes on Iran on 28 February.
HSBC chair Brendan Nelson, speaking alongside his chief executive, was blunter still. A peace settlement, he argued, was essential to restoring the flow of global energy supplies, with oil-driven inflation now shaping up as one of the most serious threats facing the world economy. “The longer the disruption continues, the more the indirect effects from higher energy costs will lift inflation and depress growth,” he said.
The warnings are landing hard on Britain’s small and mid-sized manufacturers, particularly those dependent on petroleum-derived inputs. Tom Beahon, co-founder and co-chief executive of sportswear firm Castore, which kits out Premier League football sides and the England cricket team, told BBC Radio 4’s Today programme that input costs had already jumped by 10% to 15%. If the conflict rumbled on for another couple of months, he said, some of that pain would have to be passed on to consumers.
For Mr Beahon, the volatility has been even more corrosive than the headline rises. Polyester and other synthetic fabric prices, he said, had at times leapt by as much as 40% in a single day before tumbling back, making it all but impossible to plan. Logistics has proved just as fraught, with carriers thinning out flight schedules and vessels still stuck in the Strait of Hormuz, though he expressed cautious optimism that a swift resolution could spare customers the worst of it.
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Virgin Atlantic chief executive Corneel Koster struck a similar note in comments to the Financial Times, revealing that jet fuel prices were now running at more than double their pre-war levels. Whatever the outcome in the Gulf, he argued, a portion of the energy price shock was likely to prove permanent.
The political temperature is also rising. As chancellor Rachel Reeves flew into Washington for the spring meetings of the International Monetary Fund and the World Bank, she called for a coordinated international response, declaring that the Iran conflict “must be a line in the sand on how we deal with global crisis and instability”.
For Britain’s SME community, already navigating sticky inflation, a sluggish recovery and a tight labour market, the message from boardrooms and bank chiefs alike is unambiguous: the longer the guns sound in the Gulf, the harder it will be to shield balance sheets, margins and, ultimately, customers from the fallout.
Amy Ingham
Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.
The legal industry is not known for moving fast. But Monica Goyal has built her career by doing exactly that.
She sits at the intersection of law and technology. And for more than a decade, she has helped push the legal field toward a more modern, accessible future.
Today, as VP of Legal Innovation at Briefly Legal, she leads enterprise AI transformation across multiple legal entities. But her path to this role was anything but traditional.
“I work in legal innovation,” she says. “To be successful, you need to understand both the law and the technology behind it.”
From Engineering to Law: A Non-Traditional Path
Monica Goyal did not start her career thinking she would become a legal innovator.
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She grew up in Toronto and pursued engineering first. She earned a BASc in Electrical Engineering from the University of Waterloo. Then she went on to complete a master’s degree in Electrical Engineering at Stanford.
That technical foundation would later shape her entire career.
After engineering, she made a shift. She earned her law degree from the University of Toronto and was called to the bar in 2009. She also became a licensed Professional Engineer.
This dual background gave her a unique edge.
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“I’ve always worked between two worlds,” she explains. “That’s where I’ve found the most opportunity.”
Building Early in Legal Tech Before It Was Popular
Before legal tech became a buzzword, Monica was already building in the space.
In 2010, she founded My Legal Briefcase. At the time, the idea of using technology to improve legal access was still early.
“It was an early-stage legal tech company,” she says. “The field wasn’t mainstream yet.”
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The platform grew to serve over 5,000 users. It focused on improving access to legal tools and services.
She later founded Aluvion Law, running her own practice focused on business and technology law.
These experiences gave her a deep understanding of both the business of law and the limits of traditional systems.
“I wanted to make a difference to the profession,” she says. “But also create impact for people who can’t afford legal services.”
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Teaching and Shaping the Next Generation of Lawyers
Alongside building companies, Monica spent years teaching legal technology.
She held roles as an adjunct and visiting professor at Osgoode Hall Law School. She also developed courses and led programs at the Institute of Future Law Practice. She also was formerly a lecturer at Lincoln Alexander Law School. In her current role within Briefly she works with lawyers and law firm staff on the training and use of legal AI solutions.
Her focus is clear. The next generation of lawyers must be ready for change.
“Legal tech can help bridge the gap,” she says. “But people need to understand how to use it.”
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Her teaching reflects her career. It blends practical tools with big-picture thinking.
Leading AI Transformation in Legal Services
Monica’s current role at Briefly Legal puts her at the center of one of the biggest shifts in the legal industry: AI.
She leads enterprise AI transformation across four legal entities. Her work includes generative AI and workflow automation.
This is not just about tools. It is about changing how legal services are delivered.
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“Little steps over a year can have a huge impact,” she says. “That’s how I approach long-term change.”
Her approach is structured. She sets long-term goals each year and works toward them daily.
This steady execution has helped her stay ahead in a fast-moving field.
Overcoming Barriers and Staying Focused
Monica is open about the challenges she has faced.
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“I would say one of the biggest hurdles is my gender and ethnicity,” she says. “I just have to work hard and keep talking to people to break down those barriers.”
Like many leaders in emerging fields, she has also dealt with self-doubt.
“I’m plagued with self-doubt,” she admits. “I do lots of meditation. I focus on the positive and work with people who lift me up.”
She credits strong support systems and mentorship for helping her stay on track.
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Measuring Success by Impact, Not Titles
For Monica, success is not about titles or milestones.
“It’s hard to measure,” she says. “I think it’s about impact. Anecdotal feedback and what you see changing.”
That mindset aligns with her broader mission. She wants to improve the legal system, not just work within it.
Her work in AI, education, and legal tech all point to the same goal: making legal services more accessible and efficient.
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A Leader in a Changing Industry
Monica Goyal’s career reflects where the legal industry is going.
It is becoming more technical. More data-driven. More focused on access and efficiency.
She has helped shape that shift from the inside.
At the same time, she stays grounded in simple habits.
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She sets goals. She works through them daily. She makes time for balance.
“It’s important to have both in life,” she says. “You can’t just work all the time.”
In an industry known for tradition, Monica continues to push forward.
Not by chasing trends. But by anticipating where technology and law are headed.
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Jane Fraser, CEO of CitiGroup, speaking at the World Economic Forum in Davos, Switzerland on Jan. 20th, 2026.
Oscar Molina | CNBC
Citigroup beat on the top and bottom lines during the first quarter.
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Here’s what the firm reported on Tuesday, compared with Wall Street estimates compiled by LSEG:
Earnings per share: $3.06 vs. $2.65 estimate
Revenue: $24.63 billion vs. $23.55 billion estimate
Those results marked the firm’s best quarterly revenue in a decade and a 56% year-over-year jump in earnings per share.
Citigroup posted net income of $5.8 billion, or $3.06 per share, compared with $4.1 billion, or $1.96 per share, a year earlier. Revenue rose 14% to $24.63 billion.
Citigroup’s return on tangible common equity, a measure of profitability, came in at 13.1%, the highest since 2021 and above the firm’s goal of between 10% and 11% ROTCE.
CEO Jane Fraser said in a statement the bank is on track to deliver that ROTCE target this year and said of the firm’s recent streamlining, “We’ve entered into the final phase of our divestitures and 90% of our transformation programs are now at or near our target state.”
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Citigroup, whose stock is the best performer year to date among the large banks, has gotten a boost from its turnaround effort and relatively low valuations. The firm has been streamlining its operations and working through several regulatory consent orders, which it reportedly expects to complete this year.
However, with its global footprint, Citigroup is also perceived to be more impacted by the geopolitical environment than many of its peers.
The bank’s markets division was a big driver of its first-quarter beat, with its larger, fixed income division gaining 13% to $5.2 billion in revenue, topping the StreetAccount estimate of $4.68 billion. Equities jumped 39% to $2.1 billion, beating the estimate by about $500 million.
Investment banking came in light compared with estimates, except for equity underwriting, which was $208 million and beat estimates of $186.3 million, according to StreetAccount. The unit comprising services showed revenue that increased by 17% in the quarter to $6.1 billion and surpassed Wall Street expectations of $5.8 billion.
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Citi’s wealth and U.S. consumer cards divisions were slightly reconfigured in the quarter and not comparable to estimates. However, they each saw gains thanks to Citigold and retail banking.
The firm’s provision for credit losses was higher than expected — at $2.81 billion versus $2.64 billion expected, per StreetAccount — due to net credit losses in consumer cards and an allowance for credit loss build of $579 million.
Expenses were higher by 7% due to severance and foreign exchange translation.
— CNBC’s Laya Neelakandan contributed to this report.
FOX Business’ Gerri Willis joins ‘Varney & Co.’ to report on South Hadley, Massachusetts, residents voting on a 50% property tax hike as retirees warn of being priced out and a broader tax revolt grows nationwide.
A Massachusetts town is asking homeowners to absorb what many are calling a staggering increase, a proposed 50% increase in property taxes that could add thousands of dollars to annual bills and intensify pressure on already strained household budgets.
FOX Business’ Gerri Willis joined FOX Business’ Stuart Varney on “Varney & Co.” to report on a contentious vote in South Hadley, where the proposal is exposing a widening gap between rising municipal costs and what residents say they can realistically afford.
FOX Business’ Gerri Willis joins ‘Varney & Co.’ to report on the growing red vs. blue state divide over taxes, as new wealth levies target billionaires, property tax revolts spread nationwide and a wave of income tax cuts reshapes the economy
The scale of the increase stands out even as property taxes climb nationwide. Homeowners collectively paid nearly $400 billion in property taxes in 2025, with the average bill rising to more than $4,400, according to ATTOM data. At the same time, home values dipped slightly last year, creating a disconnect that is leaving many taxpayers paying more on assets that are not gaining value.
Voting booth at a polling location during early voting in North Carolina. (Getty Images)
In South Hadley, officials argue the hike is necessary to keep pace with sharply rising expenses, including employee health care costs that have surged more than 40%. Without additional revenue, local services, from school programs to public safety, could face cuts.
Those pressures are not unique. As pandemic-era federal aid fades, municipalities across the country are increasingly leaning on property taxes to close budget gaps, particularly in the Northeast and Midwest, where rates are already among the highest.
New York gubernatorial candidate Bruce Blakeman discusses how he plans to defeat Kathy Hochul and addresses New York tax and regulatory issues on ‘Mornings with Maria.’
That reliance is raising broader concerns about sustainability.
Government Finance Officers Association CEO Chris Morrill said relying heavily on property taxes to fund local governments is “not sustainable” long-term and could lead to more referendums like the one currently underway in South Hadley.
The debate unfolding in one small town is quickly becoming part of a much larger national conversation over how far property taxes can be pushed before homeowners push back.
SYDNEY — Kesha Oayda, the 21-year-old skier-turned-singer from Jindabyne, was crowned Australian Idol 2026 on Tuesday night in a historic grand finale that ended an 18-year drought for female winners, while runners-up Harlan Goode and Kalani Artis prepare to capitalize on their top-three exposure through the show’s expanded career support package and their own “Idol Collection” releases.
Kesha Oayda Wins $100,000 Cash Plus Career-Boosting Prize Package as Australian Idol 2026 Champion
Oayda claimed victory in the two-night finale broadcast on Channel 7 and 7plus after delivering standout performances including a powerful rendition of “The Climb” dedicated to her father and a show-closing collaboration with Vanessa Amorosi on “Shine.” Her smoky, emotional vocals and genuine stage presence resonated strongly with voters, making her the first woman to win the revived competition since 2007. Harlan Goode, the polished 18-year-old from Brisbane, finished as runner-up, while Kalani Artis, the 23-year-old soulful landscaper from the NSW Central Coast, placed third.
The announcement capped an emotional evening that included a group performance of Donna Lewis’ “I Love You Always Forever” with the top 12 returnees, heartfelt judge feedback, and tributes from eliminated contestants. Hosts Ricki-Lee Coulter and Scott Tweedie guided the results show as public votes poured in during the Monday performance episode, where the top three delivered final solo sets and duets that showcased their growth since auditions began in February.
For Oayda, the win triggers an immediate and comprehensive prize package designed to fast-track her professional career. She receives $100,000 in cash, an exclusive recording package at Hive Sound Studios, entry into a songwriting camp with Sony Music Publishing, marketing and social media development support from The Annex, and VIP tickets to the ARIA Awards and TV WEEK Logie Awards. The package emphasizes long-term artist development rather than short-term fame, reflecting producers’ focus on sustainable success in the modern music industry.
All three top finalists will benefit from shared post-show opportunities. Their key performances have been compiled into “The Idol Collection,” a digital album set for release across streaming platforms via The Orchard, providing instant exposure and potential royalty income. The emphasis on songwriting camps, studio time and branding support applies broadly, giving Goode and Artis tools to build on their momentum even without the title.
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Oayda’s victory carries extra cultural weight as the first female winner in nearly two decades. Growing up in a musical family while pursuing competitive skiing in the Snowy Mountains, she brought a unique blend of raw talent, resilience and storytelling to the competition. Her journey included overcoming a bottom-four placement earlier in the season, which fans cited as evidence of her determination. In pre-finale interviews, she described herself as “ready to go on tour” and eager to release original material, signaling ambitious plans for the coming months.
Runner-up Harlan Goode impressed throughout with consistent vocal delivery and emotional ballads, including a memorable Elton John tribute. At just 18 and still finishing high school when he auditioned, Goode’s polished presence and range positioned him as a potential pop star. Industry watchers expect him to leverage the runner-up spotlight for independent releases or collaborations, with the shared Idol Collection and possible Sony Publishing connections providing early professional validation.
Third-place finisher Kalani Artis connected deeply with audiences through heartfelt, soul-infused performances that highlighted his storytelling ability. The landscaper from the Central Coast brought authenticity and emotional depth, resonating with viewers who valued genuine artistry. His post-show path may include original song releases and touring opportunities, bolstered by the marketing support offered through The Annex.
The 2026 season marked a renewed commitment by producers to career outcomes. Unlike earlier iterations that sometimes left contestants without structured follow-up, this year’s partnerships with Hive Sound Studios, Sony Music Publishing and The Annex aim to equip finalists with practical skills in recording, songwriting, branding and audience building. Contestants participated in workshops throughout the competition to prepare them for the industry beyond the television stage.
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Immediate next steps for the top three include media rounds, potential live performances at shopping centres and community events, and the rollout of their digital album. Oayda is expected to enter the studio soon to begin work on original material, with the songwriting camp offering opportunities to co-write with established professionals. All three will attend major industry events as VIP guests, providing valuable networking chances at the ARIAs and Logies.
Public reaction to Oayda’s win has been overwhelmingly positive, with fans celebrating the historic female victory and praising her authentic journey from the ski slopes to the national stage. Social media has been flooded with congratulations, fan edits of her performances, and calls for her to tour regional areas. The finale drew strong viewership, continuing the show’s solid engagement on the Seven Network.
For Goode and Artis, the exposure from reaching the top three already translates into increased streaming numbers and public recognition. Past Australian Idol contestants have used similar platforms to launch touring careers, secure independent deals or transition into television and live performance work. The structured support this season increases the likelihood of sustained activity for all three.
Broader industry context shows Australian Idol adapting to a streaming-dominated landscape where visibility on the show serves as a launchpad rather than a guaranteed career. The prize package’s focus on songwriting and marketing addresses common post-reality TV pitfalls, where many contestants struggle with audience retention without professional infrastructure.
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Oayda has spoken about her readiness to embrace the spotlight, noting she has been writing songs daily and feels prepared for the demands of touring and releasing music. Her “secret weapon” in the finale — a combination of emotional delivery and stage command — translated into voter support that secured the crown.
As the immediate post-finale dust settles, the top three will shift from competition mode to career-building mode. Oayda’s $100,000 prize provides financial breathing room to focus on creativity, while the studio package and songwriting camp accelerate her entry into professional recording. Goode and Artis are expected to pursue similar independent or collaborative paths, potentially collaborating with each other or other Idol alumni on future projects.
The grand finale also featured emotional reunions and judge tributes, underscoring the bonds formed during months of intense rehearsals, workshops and live shows. Eliminated contestants expressed pride in their journeys and excitement for the top three’s futures, highlighting the camaraderie that defined the 2026 season.
Looking ahead, Australian Idol 2026’s emphasis on post-show development could serve as a model for future seasons. By partnering with established industry players, the production aims to improve long-term success rates and justify the show’s role as a genuine talent incubator in an increasingly competitive entertainment landscape.
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For Kesha Oayda, Harlan Goode and Kalani Artis, the competition may be over, but their musical journeys are just beginning. With cash prizes, studio access, songwriting opportunities, industry events and a shared digital release, the top three now step into the next chapter equipped with tools, exposure and public goodwill to turn their Idol moment into lasting careers.
Oayda’s historic win not only ends a long wait for a female champion but also signals a new era for the franchise — one focused on nurturing talent beyond the finale lights and into the Australian music industry.
Bradford-based supermarket group launches redundancy consultation affecting head office roles as it plans to increase use of AI across operations.
Coreena Ford Chronicle and Journal business writer and Henry Saker-Clark Press Association Deputy Business Editor
17:58, 14 Apr 2026
Morrisons is carrying out a head office restructure(Image: Leah Cassidy)
Approximately 200 positions are under threat at Morrisons as part of a new restructuring programme at the supermarket chain’s head office. The Bradford-based retailer informed employees on Monday afternoon that it was initiating a consultation regarding redundancies, while also announcing plans to increase its deployment of AI throughout its operations.
The reductions will affect roles at its Hilmore House headquarters, impacting fewer than 10% of positions at the location. Last year, the business launched a long-term initiative to transform its central business operations.
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Morrisons said it will focus on its core activities, streamline processes and structures, and automate a number of manual tasks as part of this. The firm will also “capitalise on the potential of data and AI to improve performance”, the retailer added.
It follows around a month after it announced up to 100 office personnel were at risk as part of proposals to merge two divisions which source products for its convenience stores and supermarkets.
Last month, Morrisons reported further sales growth as it continues to pursue a turnaround under chief executive Rami Baitieh. The retailer said it was “tough for customers right now”, and pledged to further investment in pricing to support shoppers.
A Morrisons spokesman said: “As we evolve and adapt, we are proposing to make some changes to a number of areas within our central structure. This will involve making some tough but necessary decisions which will impact on colleagues in our head office, where we are proposing to place a number of roles at risk of redundancy.
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“We understand this will be difficult news for these colleagues and will be offering them our full support, including helping them to find alternative roles elsewhere in the business wherever we can.
“A consultation process with colleagues has now commenced.”
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