Saudi Arabia’s state oil company’s profits up 26% to £26.9bn in first three months of year

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Saudi Arabia’s state oil company reported a 26% jump in profits in its first quarter as its east-west pipeline allowed it to ship millions of barrels of oil out of the Gulf despite conflict in the Middle East.

Profits at Saudi Aramco hit $33.6bn (£26.9bn) in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to $115.5bn.

CEO of Danish shipping group says increased costs due to higher fuel bills passed on to customers

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The boss of the shipping company Maersk has said the reopening of the strait of Hormuz would have a “limited impact” on cargo flows, as the industry grapples with a sharp rise in energy costs.

Vincent Clerc, the chief executive of the Danish shipping group, said its fuel bill had nearly doubled since the start of the conflict, adding as much as $500m (£367m) in costs per month, but it had passed this on to its customers through higher freight rates.

US president says war will end if Tehran agrees to deal, but that ‘bombing starts’ again if it does not

Oil prices fell and stock markets rose as Donald Trump said the war with Iran would end and the strait of Hormuz would be “open to all” if Tehran struck a deal with Washington.

The US president posted on social media: “Assuming Iran agrees to give what has been agreed to, which is, perhaps, a big assumption, the already legendary Epic Fury will be at an end, and the highly effective Blockade will allow the Hormuz Strait to be OPEN TO ALL, including Iran.”

Trade body warns that changes are likely to drive up costs and push pupils to find somewhere to buy junk food

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A government push to get schoolchildren eating more lentils, pulses and beans at lunch could have a “devastating effect”, making catering services unviable, school meal providers have warned.

Proposals for healthier meals in English schools, which would limit the amount of desserts and reduce “grab-and-go” items such as pizzas and sausage rolls, would pile pressure on an already struggling sector, caterers said.

Australia’s Corporate Travel Management is ‘negotiating commercial arrangements’ to refund the money

The Australian company that ran the Bibby Stockholm asylum barge has admitted it overcharged the British government by £118m.

Corporate Travel Management (CTM) said its auditor had found evidence of “erroneous billing” of its UK clients, increasing its estimate of how much it owes the government by £40m.

There are now 3,110 billionaires but analysis shows ‘deep structural acceleration’ in wealth creation around world

The number of billionaires in the world could reach nearly 4,000 by 2031, figures suggest, as the super-rich accumulate wealth at an accelerating rate.

There are now 3,110 billionaires globally, according to analysis by the estate agent Knight Frank. This is forecast to rise by 25% over the next five years, taking the total to 3,915.

FTSE 100 slides and UK gas prices up amid fears strait of Hormuz will be closed for extended period

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Oil prices have risen sharply and European stock markets have fallen, after the US seizure of an Iranian vessel hit hopes for a peace deal.

Brent crude, the international benchmark for oil prices, rose by as much as 5% on Monday to $95.50 (£70.75) a barrel.

Holiday park firms say such bookings are on the rise because of impact of Iran war on aviation

Holiday companies have predicted a surge in bookings for UK summer breaks after a jump in interest from Britons fearful of flight cancellations linked to the Iran war.

Summer bookings are expected to rise in the coming weeks amid warnings of possible jet fuel shortages and resulting cancellations by airlines across Europe.