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Brent crude rises over $85 a barrel after US carries out third night of strikes against IranGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.Oil prices rose more than 2% after the conflict in the Middle East worsened, with the US carrying out a third consecutive night of strikes against Iran. Two tankers came under fire in the strait of Hormuz.Stasis has taken over markets as investors wait for the latest twist in the Iran confl

Civil liberties groups say Facewatch system in stores such as Sainsbury’s and B&M is ‘dangerous escalation’Facial recognition technology in shops will soon alert police in real time to the presence of serious offenders, with civil liberties groups warning of a “dangerous escalation” towards surveillance and criminalisation in the retail sector.Facewatch, a facial recognition system used by more than 100 businesses including Sainsbury’s, B&M and Spar to monitor thieves, said it

The supermarket’s central Europe stores may be sold as it doubles down on domestic dominance A couple of decades ago, Tesco was going to bestride the globe. Little ol’ UK, plus Ireland, didn’t offer enough room for the country’s biggest supermarket chain to expand, ran a theory that was encouraged from outside by complaints about a “Tescopoly”.“We are on the threshold of becoming one of the few successful international retailers,” declared Sir Terry Leahy, then the chief executive, in

Seven consumers sue the retailer, alleging it violated consumer protection and false advertising lawsA group of consumers have filed a proposed class-action lawsuit against Costco Wholesale Corporation, accusing the retailer of selling protein powder “tainted” with toxic heavy metals with no warning to consumers.The lawsuit, filed on Tuesday in federal court in Washington state, names seven consumers as plaintiffs. They allege that Costco violated consumer protection and false advertis

Reputation for frumpiness is over as M&S wins over younger audience with shows at Silverstone, Ibiza and now LFWThis autumn’s London fashion week boasts plenty of familiar labels, from Burberry to Alexander McQueen, ready to show off their wares. But on Wednesday there was an unexpected addition: Marks & Spencer is joining the luxury lineup.The British high-street retailer will celebrate its 100th anniversary in the fashion industry by staging a catwalk show in September highli