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Ukraine is facing a critical spring as the country's situation continues to deteriorate. US financial support has dried up under Donald Trump, making European aid crucial. However, Hungary's Prime Minister Viktor Orbán is blocking a €90bn EU loan to Kyiv, causing exasperation for Ukrainian President Volodymyr Zelenskyy.Orbán's opposition is driven by his nationalist base and allegations of collusion with Russia to undermine European decision-making. With US attention shifting to the Middle East, Ukraine has become more vulnerable and reliant on European support. Higher oil prices and the lifting of restrictions on Russian oil have boosted Vladimir Putin's war economy, while stocks of US Patriot missile interceptors are dwindling.Meanwhile, peace negotiations with Moscow have paused, and the White House's priorities in the Gulf are taking precedence over Kyiv's needs. Ukraine's president has stated that future US security guarantees are being linked to the surrender of unoccupied territory in the Donbas. Europe must develop stronger mechanisms to counter blocking tactics like Orbán's and provide crucial financial support to Ukraine.

The ongoing conflict in the Middle East, specifically the US-Israel war on Iran, has sent shockwaves through the global economy, with the Bank of England predicting that over 1.3 million more UK households could face increased mortgage payments. Financial markets have reacted swiftly, with banks pulling around 1,500 mortgage products and raising interest rates on their remaining 7,000 home loan products in recent weeks, according to the Bank's financial policy committee (FPC). The FPC warns that approximately 5.2 million borrowers, or roughly 58% of borrowers across the country, could face higher mortgage payments by the end of 2028, up from 3.9 million before the conflict began. The data provider Moneyfacts reported that the average two-year fixed residential mortgage rate has risen to 5.84%, up from 4.83% at the start of March. Caitlyn Eastell, a personal finance analyst at Moneyfacts, noted that the impact on borrowers has been almost immediate, with borrowing costs sharply rising. The FPC emphasized that a prolonged war increases the possibility of large, frequent and possibly overlapping shocks that could put global financial stability at risk. The UK's economic outlook has deteriorated, increasing pressure on households and businesses, with the FPC adding that a prolonged conflict could amplify risks that were already present before the conflict began. The Bank of England governor, Andrew Bailey, cautioned that markets may be getting ahead of themselves by pricing in interest rate hikes in response to the Iran war, stating that the Bank's remit is to cause the least damage to the economy and jobs.

Energy crises do more than lift household bills; they can reshape an entire economy. In the 1970s the United Kingdom responded to oil shortages by expanding North Sea extraction and becoming a net energy exporter. Today, with a 10 million‑barrel‑per‑day supply deficit and a fifth of global LNG trade under strain, that strategy no longer offers security.The UK is now acutely vulnerable to volatile gas prices. Inflation expectations are rising, markets anticipate higher interest rates, and borrowing costs have surged to levels not seen since the 2008 financial crisis. The ripple effect is already evident in food markets, where inflation hit 3.3 % in February and could climb sharply within three months.New data reveal that the hundreds of North Sea licences granted since 2010 have added merely 36 days of extra gas production. Major oil majors such as BP are re‑emphasising oil and gas to reassure investors, while Shell continues aggressive share‑buy‑backs. The reality is clear: fossil‑fuel giants cannot be the rescue plan.Gas should no longer set the price floor for electricity. As the grid leans more on wind and solar, gas must be treated as a backup resource, compensated with a fixed or regulated price rather than wholesale market volatility. Research from University College London and Common Wealth outlines a practical model for this approach.Beyond market reforms, households need a safety net. An essential energy guarantee—a capped, affordable band of consumption for every home—mirrors schemes adopted in Austria, the Netherlands and Poland after the 2022 crisis and would be more targeted than the current blanket price‑support guarantee.Similarly, a protected basket of staple foods, backed by long‑term procurement and direct support for domestic producers, could stabilise prices. France’s 2023 anti‑inflation shopping‑basket experiment offers a template, and the UK already supplies over 60 % of its own food, though it remains dependent on imports for fruits, vegetables, rice and fertilisers.The long‑term solution lies in renewable power. Record wind generation this year has already reduced gas‑fired output, while consumer interest in solar panels, batteries and heat pumps is soaring. A typical solar‑plus‑battery system can slash a household’s electricity bill to under £2 per month, and electric‑vehicle owners can save more than £1,000 annually on fuel costs.To unlock these savings, the government must back financing mechanisms such as zero‑interest loans, subscription‑style purchases for solar and heat‑pump kits, and leasing schemes for electric vehicles. On a larger scale, a dual‑interest‑rate policy—standard rates for the broader economy and preferential, low‑cost funding for clean‑energy projects—could mirror the green‑lending models already used by China’s central bank and the Bank of Japan.In short, the United Kingdom faces a decisive moment. The 1970s taught that energy shocks can remake a nation; the question now is whether the UK will seize this crisis to protect living standards and build a resilient, low‑carbon energy system for the decades ahead.

Ukrainian unmanned aircraft have targeted the Russian Baltic port of Ust‑Luga for the fifth time within a ten‑day span, intensifying Kyiv's campaign against Russia's oil‑export infrastructure. Regional governor Alexander Drozdenko reported that three individuals, two of them children, received medical care after the latest overnight raid, and several structures sustained damage. He added that regional air‑raid alerts have since been lifted, though details on port damage remain scarce. Located on the southeastern coast of the Gulf of Finland, Ust‑Luga comprises an extensive network of oil‑processing plants and export terminals. The facility moved 32.9 million metric tonnes of oil products in the previous year and typically handles around 700,000 barrels of crude oil per day. The series of strikes on March 22, 25, 27, 29 and 31 forced temporary suspensions of export operations. According to market‑based calculations, the cumulative effect of drone attacks, a contested pipeline strike and the seizure of tankers has halted roughly 40 % of Russia's oil export capacity. The disruption has contributed to a surge in global oil prices, with Brent crude climbing above $116 a barrel – its highest level in nearly two weeks amid escalating conflicts involving the United States, Israel and Iran. While Kyiv continues to press its aerial campaign, the European Union dispatched senior diplomats, including top envoy Kaja Kallas, to the Ukrainian capital. Their visit, timed with the fourth anniversary of the Bucha massacre, underscored EU commitment to holding Russia accountable for alleged war crimes. Kallas posted on X, describing Bucha as a symbol of Russian brutality, and affirmed that the EU will not allow such atrocities to go unpunished. Ukrainian Foreign Minister Andrii Sybiha echoed the message, urging international partners to keep their focus on Ukraine despite the widening war in the Middle East. Financially, the EU’s planned €90 billion loan for Ukraine has been stalled by Hungarian Prime Minister Viktor Orban, who objects to Russia's oil transit through the Druzhba pipeline and is also impeding Ukraine's EU accession talks. In parallel, Kyiv announced that its air‑defence forces intercepted 267 of 289 Russian drones launched overnight, while Russian officials claimed control of the village of Mala Korchakivka in the Sumy region. The convergence of intensified drone attacks on Russian oil assets, soaring energy prices, and high‑level EU diplomatic activity highlights the expanding geopolitical ripple effects of the Ukraine conflict across Europe and the broader Middle‑East theater.

Japan's oyster industry is facing a severe crisis as a mass die-off of oysters in the country's Hiroshima prefecture threatens the livelihoods of local fishermen and the national cuisine. The die-off, which has resulted in up to 90% of oysters dying in some areas, is attributed to a combination of rising sea temperatures and a brutally hot summer last year.The oyster industry in Hiroshima accounts for almost two-thirds of Japan's supply of farmed oysters, producing 89,000 tons of the shellfish in 2023. The industry's struggles have prompted the government to step in with support measures, including five-year government loans at virtually zero interest and access to mutual aid programs for aquaculture businesses.Experts warn that mass die-offs could become more common due to climate change and global warming. 'It's difficult to put the brakes on climate change,' says Kazuhiko Koike, a professor at Hiroshima University. 'But if the rainy season ends early again with little rainfall, and is followed by prolonged high temperatures and hot weather, this could mean that low oxygen levels and food shortages will occur again.'The crisis has significant implications for local businesses and consumers, with oyster's being a popular Japanese dish. 'This is something out of the ordinary,' says Taketoshi Niina, a fishery owner in Kure. 'A lot of those that do survive are in poor condition … they are not of a high enough quality to sell to shops and restaurants.'

The US Department of Education has been notifying approximately 164,000 federal student loan borrowers about their eligibility for automatic student loan forgiveness. This move comes after allegations of misconduct against more than 150 colleges, including misrepresentation of graduation rates, post-graduation employment, and the cost of degrees.Borrowers whose colleges engaged in such misconduct can apply for loan discharge. The Guardian is seeking to hear from individuals who have successfully had their student loans forgiven. We are interested in understanding how this development will impact their lives, what new plans they will make, and what advice they have for other borrowers.Share your experience with The Guardian using their online form. The form allows for anonymous submissions and includes fields for name, location, background information, and details on how the loan forgiveness affects their life and future plans.If you’re having trouble using the form, click here. Read terms of service here and privacy policy here.

The UK's Financial Conduct Authority (FCA) has confirmed that millions of victims of the country's car finance scandal will receive payouts this year. The regulator has unveiled a long-awaited industry-wide scheme to compensate people who were treated unfairly when taking out motor finance to buy a new or second-hand vehicle. The scheme, which will put £7.5bn back into people's pockets, is expected to result in a likely total bill of £9.1bn for lenders. The FCA had previously estimated that 14.2m loan agreements would be considered unfair and therefore due compensation, but this number has been cut to 12.1m. The average payout is expected to be around £830 per agreement, up from the previously estimated £695. The scheme will largely focus on people whose deal included a 'discretionary commission arrangement' (DCA), a type of car finance banned in 2021. Millions of claims will be paid out later this year, with the vast majority settled by the end of 2027. The FCA has advised people to 'complain now to get compensation sooner' and has provided a template letter on its website for those who want to make a claim. Lenders will have three months from the end of the implementation period to let people know whether they are owed compensation and, if so, how much. The payout timings vary, but for a post-April 2014 agreement, a lender must confirm if someone is owed money, and how much, by 30 September this year. The individual has a month to accept or challenge the offer, by 31 October. Then compensation is paid within one month, by November.

A leading Rembrandt scholar, Gary Schwartz, has concluded that a portrait titled 'Old Man with a Gold Chain' and dated to the early 1630s is, in fact, an authentic work by the 17th-century Dutch master. The painting, which has been on loan from Sir Francis Newman, a Cambridge-based entrepreneur, has been reunited with its counterpart at the Art Institute of Chicago.Each of the paintings depicts an older man wearing a gold chain and a plumed hat. For almost four centuries, the two portraits have been separated, with the Chicago version considered the undisputed original. The Newman portrait, slightly smaller and painted on canvas, was previously labelled as a 'copy' by an artist in Rembrandt's workshop.However, Schwartz's research suggests that both paintings are by Rembrandt. He argues that the quality of the brushwork and the practice of Dutch artists creating replicas of their own paintings support this conclusion. In 1699, a French contemporary of Rembrandt noted that it was common for Dutch artists to repeat their works.X-ray and infrared imaging of the Chicago picture revealed underdrawing and adjustments to the man's costume, which were absent from the Newman canvas. This led Schwartz to conclude that the Newman painting was not a workshop reproduction but an original work by Rembrandt.The Hamilton Kerr Institute at the University of Cambridge found that the UK version's canvas and colour pigments matched those used by Rembrandt and his studio. If confirmed as a Rembrandt, the painting will go to a museum, according to Newman.

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.