Billionaire Brexiter’s energy giant Ineos nets £474m profit thanks to soaring prices

Oil and gas division at Jim Ratcliffe’s company had reported loss of £226m in 2020

This is not the 1970s. Tory pledges to cut taxes are absurd

Sunak and Truss have no grasp of how low personal taxation is now – or how much a battered Britain needs public spending

Europe on the brink: the states battling to stave off recession

War, drought and Covid have blighted prospects not just in Britain but continent-wide. Which countries are most at risk?

‘I am not blaming anyone’: Estonians shrug off 23% inflation

Those in Europe’s inflation hotspot remain calm about rising prices, but a lack of government intervention could fuel further increases – and discontent

Gibraltar prepares for first auction of a Russian oligarch’s detained superyacht

Proceeds of the sale of the Axioma, valued at £65m, will benefit JP Morgan rather than the Ukrainian people

Power station owner Uniper posts £10bn loss as gas shortages bite

German energy firm, which operates many UK power stations, has been bailed out by federal government

Kosovo stops import of electricity and begins energy rationing

Power blackouts after wholesale prices soar as a result of Russia’s invasion of Ukraine

Despite climate, war and Covid, is everything actually … getting better?

The psychologist Steven Pinker has long believed we should be more optimistic – and even current crises do not dissuade him

Production of French salers cheese halted due to drought

Farmers in Auvergne despair as cows cannot be fed on grass left parched by hot summer

UK fuel exports to Netherlands up by 67% in June, data shows

HMRC figures come as Europe rushes to bank supplies for winter in absence of Russian pipeline

The grey Zara market: how ‘parallel imports’ give comfort to Russian consumers

Western brands that pulled out are still on sale, due to legal changes that have fuelled entrepreneurship

Russian oil production falls less than 3% as sanctions have ‘limited’ effect

In July production was only 310,000 barrels a day below prewar levels, IEA finds

Ryanair boss blames Brexit for airport chaos and says era of €10 airfares over

Michael O’Leary warns of rising cost of fuel and says policymakers need to get inflation back to about 2%

EDF sues French government for £7bn after being forced to sell energy at a loss

Company has to sell power at prices below market rates as ministers try to tackle cost of living crisis and support households

Flight disruption in UK was worst in Europe in recent months, says Tui

Travel company takes €75m hit after ‘significant challenges and interruptions’