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The International Monetary Fund (IMF) has issued a stark warning that the ongoing conflict in the Middle East will lead to higher prices and slower global growth, affecting countries worldwide. The Washington-based organisation emphasised that a rise in energy and food costs will harm economic growth this year and could leave lasting scars on the global economy.The IMF's analysis, published in a blogpost by its main department heads, including chief economist Pierre-Olivier Gourinchas, noted that governments with high levels of borrowing will have limited access to funds to cushion the worst effects of the crisis. The organisation warned that all roads lead to higher prices and slower growth should the conflict continue to disrupt the supply of oil, gas, and fertiliser from the Gulf.While some countries, such as the US, may gain from higher fossil fuel prices as net exporters of oil and gas, the rise in bills for petrol, diesel, and food will harm living standards. Businesses are also forecast to come under pressure to raise prices, possibly forcing central banks to raise interest rates to combat inflation.The IMF highlighted that about a third of fertiliser production travels through the strait of Hormuz, which could push up prices. The UN Food and Agriculture Organisation projects that global prices could average 15% to 20% higher in the first half of 2026 if the crisis persists. Natural gas prices have more than doubled in the UK since last December to about £140 a therm, while a barrel of Brent crude that cost about $60 before the conflict hit more than $116 on Monday before falling back to $112.The IMF added that forecasts for sharp rises in the cost of gas and electricity in Europe next winter are forcing governments to consider higher subsidies and welfare payments to the worst-affected households. The organisation noted that countries such as Italy and the UK are especially exposed by their reliance on gas-fired power, while France and Spain are relatively protected by their greater nuclear and renewables capacity.

The Financial Conduct Authority (FCA) will unveil the final terms of its compensation scheme for the UK car finance scandal on Monday, providing clarity for millions of drivers who may be eligible for payouts. The scheme, which is expected to cost around £11bn, will offer redress to drivers who were overcharged for loans as a result of controversial commission payments between lenders and car dealers.The FCA's proposal, outlined over 360 pages, suggests that 14m motor finance agreements will be affected, with individual compensation payouts averaging around £700. However, some groups have argued that this amount is too low, and that consumers could be due £1,500 or more.The car loan providers most impacted by the scheme include Lloyds Banking Group, Santander, Barclays, and Close Brothers. These companies have been lobbying against the FCA's proposals, arguing that they are too generous and could disrupt the car finance market.The FCA's scheme aims to draw a line under the car finance scandal, but there are concerns that it could be circumvented or delayed by aggrieved parties. Some lenders and claims law firms have signaled that they may consider legal action against the FCA's final proposals.

Eli Lilly, the US pharmaceutical group behind the Mounjaro weight-loss drug, is seeking to resume its investments in the UK after pausing them last year. The company is in talks with UK ministers to regularly increase NHS drug prices and end a rebate scheme. Patrik Jonsson, president of Eli Lilly's international business, expressed optimism about reaching an agreement this summer.The talks will also explore 'innovative' pricing plans, such as linking payments for anti-obesity drugs to whether the treatment helps patients return to work. This comes as the US pharmaceutical industry increases pressure on the UK, with Keir Starmer agreeing to the first increase in NHS cost-effectiveness thresholds in 27 years. The threshold was raised from £20,000 to £30,000 a year for every year of life gained to £25,000 to £35,000.Eli Lilly was one of several pharmaceutical companies that ditched or paused almost £25bn in planned investments in the UK last year. The company paused its plans to invest in a laboratory site in central London. Jonsson stated that the resumption of Eli Lilly's investment would depend on the outcome of its talks with the government.He emphasized that prices for medicines in the UK had been 'far too low for far too long' and that the threshold couldn't remain static for another three decades. The UK agreed to pay 25% more for new medicines by 2035 as part of a US-UK drug pricing deal, which could eventually reach £9bn a year.Large pharmaceutical companies have protested about a 'rebate' scheme, under which they are required to pay back a chunk of revenue from sales of branded medicines. This scheme is expected to fall in 2026, although Jonsson believes payments 'should actually get down to zero' over time.

Amnesty International has raised concerns that the 2026 Fifa World Cup, set to take place across the US, Canada, and Mexico, may become a 'stage for repression' rather than a celebration of football and unity. The organization published a report titled 'Humanity Must Win,' calling on Fifa and the host countries to take immediate action to protect fans, players, and local communities.The report highlights that while Fifa has promised a tournament where everyone feels safe, included, and free to exercise their rights, the reality on the ground, especially in the US, tells a different story. Amnesty International describes the US as facing a 'human rights emergency' under the Donald Trump administration, marked by mass deportations, arbitrary arrests, and 'paramilitary-style' Immigration and Customs Enforcement (ICE) operations.ICE has announced it will be a key part of the security apparatus for the World Cup, despite concerns over its actions, including the killing of two American citizens by ICE agents in Minneapolis in January. Amnesty International also noted that none of the published US host city plans address how fans or local communities will be protected from ICE operations.The organization pointed out that fans from several countries, including Côte d'Ivoire, Haiti, Iran, and Senegal, face US travel bans, and LGBTQ+ fan groups from England and Europe have expressed concerns about attending matches in the US due to risks to transgender supporters. The report emphasizes that urgent efforts are needed to bridge the gap between Fifa's original promise of a safe and inclusive tournament and the current reality.Fifa stands to earn $11bn from the tournament cycle, but Amnesty's head of economic and social justice, Steve Cockburn, stressed that 'fans, communities, players, journalists, and workers cannot be made to pay the price' for the tournament's success. 'It is these people – not governments, sponsors, or Fifa – to whom football belongs, and their rights must be at the centre of the tournament.'

A commercial court in France has dismissed Cardiff City's claim for £106m in compensation following the death of Emiliano Sala in a plane crash seven years ago. The court found that Nantes, Sala's former team, was not at fault in relation to the flight that resulted in Sala's death.The 28-year-old Argentine player was traveling from France to begin his career with Cardiff City when the single-engine Piper Malibu aircraft crashed into the sea near Guernsey, killing both Sala and pilot David Ibbotson. Cardiff had sought €122m (£106m) for loss of income and other damages from Nantes, claiming the French club was responsible because the flight was organized by an intermediary, Willie McKay.However, the court rejected Cardiff's contention, finding that McKay served as an agent for Nantes but did not organize the flight and was not aware of its illegality. The court also ruled that Nantes suffered moral damage and ordered Cardiff to pay €300,000 to the French club.Cardiff's lawyer, Céline Jones, expressed disappointment with the decision, stating that the club had initiated the process to uncover the truth and show respect for Sala's memory. In contrast, Nantes welcomed the decision, with their lawyer Jérôme Marsaudon saying the club was not responsible for the incident.This ruling follows previous decisions by Fifa and the Court of Arbitration for Sport (Cas), which have also gone against Cardiff in their legal dispute with Nantes. In 2022, Cas ruled that Sala's transfer had been finalized at the time of his death, and Fifa ordered Cardiff to pay Nantes the balance of Sala's transfer fee, amounting to just over €11m out of a total of €17m.

UK savers who want to maximize their cash Isa allowance are being warned not to leave it until the last minute, as the deadline for applications is on Easter Sunday, April 5. The cash Isa allows individuals to save or invest up to £20,000 per tax year, with returns free of tax. Experts are advising savers to take action now, as the allowance for those under 65 will be reduced to £12,000 from the next tax year. This change, announced in last year's budget, aims to encourage younger savers to consider investing in the stock market. In April 2025, a record £14 billion was paid into cash Isas, and this year is expected to see a similar surge. Anna Bowes, personal savings expert at The Private Office, emphasized that savers need to act quickly, as some providers may withdraw their offerings early to process applications before the deadline. Savers can currently find competitive interest rates, with fixed rates of around 4.45% available from providers like Close Brothers Savings, Furness building society, and Vida Savings. For variable-rate Isas, Plum is offering 4.66%, and Tembo Money is paying 4.55%, both including a bonus for the first 12 months. Rachel Springall, finance expert at Moneyfactscompare.co.uk, warned that savers should not delay, as missing the deadline could mean losing the chance to use this year's allowance. She also recommended exploring options beyond traditional high street banks, as challenger banks and building societies are offering some of the best deals.

The UK's retail industry is bracing for the impact of reforms to guaranteed working hours, which could affect over half of retail jobs. The British Retail Consortium (BRC) has warned that the changes, set to take effect from April, may make it harder for shops to employ people, particularly young workers, in part-time roles. The Employment Rights Act will introduce new protections for workers on sick pay, sexual harassment, parental leave, and trade union recognition. Additionally, the act will provide rights to guaranteed hours for those on zero or 'low hours' contracts, flexible working, payment for short-notice cancellation of shifts, and barring fire-and-rehire practices in most circumstances. The BRC, representing major UK retailers, suggests that guaranteed hours protections should only apply to contracts of eight hours a week or fewer, and the reference period to be at least 26 weeks – or ideally a full year. This, they argue, would better reflect seasonal working patterns and ensure reforms address genuine problems without undermining jobs. Helen Dickinson, the chief executive of the BRC, emphasized that flexible retail jobs are vital for millions of people, providing opportunities for students, parents, and those managing health conditions. She warned that if reforms treat flexibility as a problem rather than something workers actively choose, the risk is fewer opportunities and reduced access to work. The BRC noted that 55% of retail roles are part-time, significantly above the UK average of 33%. A survey of 2,000 adults by Opinium for the BRC found that 52% of UK adults think the ability to flex working hours around their lives is important. However, the shop workers' union Usdaw and the TUC have expressed support for the reforms, arguing that they will deliver benefits to those in insecure employment, particularly women and disabled workers, and provide greater job security and predictability for working people.

A pensioner's financial struggles were eased thanks to the kindness of an online stranger. The pensioner had been experiencing issues with his recently purchased second-hand car, which began overheating. Despite visiting multiple mechanics, the problem persisted. The pensioner turned to an online car forum for help, where several users suggested replacing the radiator as a potential solution. However, the carmaker quoted $1,200 for a replacement, which was unaffordable for the pensioner. One forum user, known only by their online handle, recommended purchasing a different type of radiator from an online marketplace for about $150. When the pensioner expressed concerns about buying online, the stranger offered to pay for and ship the new radiator to him. A week later, the radiator arrived, and with the help of a friend, the pensioner was able to install it successfully. The kindness of the stranger not only repaired his car but also restored his faith in humanity. Inspired by the act, the pensioner paid it forward when his town flooded later that year, helping another pensioner fix their water-damaged car. The radiator has continued to run perfectly, and the pensioner's finances have started to recover. The Guardian invites readers to share their own experiences of kindness from strangers, providing a form for submissions on their website.

Los Angeles is saying goodbye to a piece of its history as Taix, a cherished French restaurant in the Echo Park neighborhood, closes its doors for good. The restaurant, which has been a staple of the community for 64 years, will be torn down to make way for a large-scale luxury apartment development. The impending closure has sparked an end-of-an-era frenzy, with lines down the street, packed tables, and loyal fans pinching menus and other memorabilia for their personal collection. Taix, pronounced 'Tex,' has been a de facto museum of a long-gone era of fine dining, offering classic dishes like french onion soup, mussels, and a decadent hamburger. While the restaurant will reopen on the ground floor of the new apartment complex, customers are skeptical that it will retain its historic charm. The current space, a 15,000 sq ft building, is simply too expensive to maintain, with repairs estimated to cost hundreds of thousands of dollars. The Taix family had been using personal savings to cover payroll, but the developer, Holland Partner Group, offered a lifeline with a dollar-a-year rent for the last seven years. The loss of Taix is significant for the Echo Park community, which has been impacted by gentrification. The restaurant has been a hub for creatives, hosting events like 'Gay Guy Night,' and its closure leaves a void in the neighborhood. As one customer noted, 'It’s just gonna be one of those condo buildings, giant, modern condo complexes.' Despite the closure, the legacy of Taix lives on through the memories of its customers, who recall the restaurant's role as a launching pad for nights out, a soft landing spot at the end of one, and a safe space for the LGBTQ+ community. As one regular put it, 'People are the thing that animates the space. Without people, it’s just a building.'