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World Economy Apr 02, 2026

UK braces for deepening recession as Trump‑Iran war triggers worst energy shock since the 1970s

Larry Elliott argues that the United Kingdom is confronting its most severe energy shock since the …
Britain is confronting the most severe energy shock since the early 1970s, as exports of oil, gas and fertiliser from the Middle East have abruptly stopped. The government says a response plan exists, but details remain vague. It is unclear whether the UK is better prepared for the fallout from Donald Trump’s war with Iran than it was for the pandemic six years ago. Ministers are sending a "we have your back" message to the public while simultaneously signalling to financial markets that any assistance will be limited and targeted. Contingency planning is especially difficult when dealing with an unpredictable leader like Trump. Britain’s heavy reliance on imported energy and food means that reassurance can only hold for a short time. The economy entered the conflict already on shaky ground: unemployment rose steadily throughout 2025 and growth stalled to a virtual standstill in the final quarter of that year. The sudden loss of Middle‑East energy and fertiliser supplies now adds a colossal supply shock. Last year, Trump’s “liberation day” tariff hikes served as a dry run for a far more serious confrontation. This time, the war is taking place in a region that is both volatile and crucial to the global economy. In the past two weeks, the repercussions have been felt across Asia – the Philippines declared a state of emergency, Sri Lanka introduced a four‑day work week, and South Korea announced budget measures to help households cope with soaring energy bills. The continent is the most dependent on Gulf‑exported energy, making the impact there the sharpest. The International Monetary Fund warned that the shock will drive higher prices and slower growth worldwide. Shortages push fuel and food prices up, eroding disposable income, prompting businesses to cut staff, and increasing the risk of recession. The UK, already projected to be one of the poorest‑performing major economies in 2026, could see its fresh graduate cohort face a brutal job market. Trump’s claim that the war could end within two or three weeks appears desperate. Even a rapid cease‑fire would leave substantial collateral damage, creating a stagflation scenario that could hurt Republican prospects in the upcoming mid‑term elections. British officials hope a swift resolution will limit economic damage, allowing a short‑term inflation spike to subside and the Bank of England to resume interest‑rate cuts. Treasury plans include scrapping the planned autumn fuel‑duty rise and providing targeted help for the poorest households, though the path is unlikely to be that simple. Currently, the Treasury is hesitant to act boldly for fear of unsettling bond markets. History – the 2008 banking collapse and the 2020 pandemic – shows that governments can act decisively without triggering a market backlash, using tools such as aggressive rate cuts, increased borrowing, and quantitative easing. The Bank of England has warned of a "substantial negative supply shock" and is expected to soften markets for future rate cuts, which are inevitable. Finance Minister Rachel Reeves could mitigate labour‑market pain by reversing recent increases in employers’ National Insurance contributions, subsidising public transport, and even lowering speed limits to conserve energy. The war, like the pandemic and Russia’s invasion of Ukraine, underscores the fragility of global supply chains and the need for greater British self‑reliance. Investing heavily in renewable energy is essential, but the UK also imports roughly 40% of its food and has not run a manufacturing trade surplus since 1982. In a world of disrupted supply lines, a robust plan for economic self‑sufficiency is more urgent than ever. Larry Elliott is a Guardian columnist.
#war #but #global
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World Economy Apr 02, 2026

Chris Rokos gifts record £190 million to Cambridge, creating UK's largest university endowment and spotlighting hedge‑fund billionaire’s philanthropic surge

Hedge‑fund founder Chris Rokos has pledged a historic £190 million to the University of Cambridge f…
When billionaire hedge‑fund manager Chris Rokos announced a £190 million contribution to the University of Cambridge, the move instantly became the largest single donation to any UK university in modern history. The funds will establish a new “school of government” aimed at bridging policy, science and emerging technologies. Rokos, a 55‑year‑old Oxford graduate, has amassed an estimated £2.6 billion fortune, primarily through his firm Rokos Capital Management (RCM), which he founded in 2015 after a high‑profile stint at Brevan Howard. RCM now oversees **over £22 billion** in assets, employs roughly 350 staff, and operates from offices in London, New York, Singapore and Abu Dhabi. In the most recent fiscal year ending March, Rokos paid himself nearly £500 million, according to Companies House filings, reflecting the firm’s strong performance amid volatile markets. Beyond finance, Rokos has kept a remarkably low public profile. He famously declined to provide a photograph when launching a £500 million fund in 2007, and he has avoided media attention despite owning one of England’s most expensive private residences. The £175 million refurbishment of the Grade I‑listed Tottenham House in Wiltshire – featuring a tennis pavilion, private cinema, basement squash court and a proposed “subterranean family link” to a pool house – has drawn local council scrutiny but stands as a tangible testament to his wealth. Rokos’s career trajectory began in banking at UBS and Goldman Sachs, moving to Credit Suisse where he was recruited by Alan Howard. He later joined the founding team of Brevan Howard in 2002, generating roughly $4 billion (≈£3 billion) in investor profits and about £600 million for himself before departing in 2012. His philanthropic philosophy emphasizes diversity of thought. In a video released by Cambridge, Rokos warned that a school populated only by “centrist, socially liberal” voices would be a failure, insisting on a broad spectrum of intellectual viewpoints. Earlier this year, RCM’s exploratory talks to bring former UK business secretary Peter Mandelson onto its advisory board collapsed after revelations about Mandelson’s connections to the late Jeffrey Epstein. Rokos also ranks among the UK’s biggest taxpayers and maintains a family office in Mayfair. A lingering legal dispute over a five‑year non‑compete clause with a former employer was settled out of court, clearing the way for his current venture. Overall, the record‑breaking Cambridge donation not only reshapes the university’s academic landscape but also underscores how hedge‑fund wealth is increasingly channeled into high‑impact philanthropy, blurring the lines between finance, education and public policy.
#rokos #university #school
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Economy Apr 02, 2026

Oil Prices Soar and Markets Tumble as Trump Warns of 'Hard' Action Against Iran

Oil prices surged and global stock markets plummeted after Donald Trump's warning of 'extremely har…
Global markets were jolted on Thursday as oil prices skyrocketed and stocks sank following a televised address by Donald Trump, in which he vowed to take 'extremely hard' action against Iran in the coming weeks. This development has dashed investor hopes of a swift resolution to the conflict in the Middle East.Brent crude prices jumped by 8% to surpass $109 a barrel, reversing the previous day's decline when hopes of de-escalation had briefly pushed the international benchmark below $100 a barrel.Asian markets were particularly hard hit, with Japan's Nikkei index falling 2.4%, China's CSI 300 index dropping 1.36%, and South Korea's Kospi tumbling 4.8%. In Europe, Germany's Dax fell 2%, France's Cac 40 dropped 1.15%, and Italy's FTSE Mib was down 1.45%. The FTSE 100 in London initially opened 0.7% lower but later stabilized, buoyed by gains in fossil fuel companies BP and Shell, which rose 4.5% and 3.1% respectively.Government borrowing costs also increased, with the yield on 10-year UK gilts rising four basis points to 4.886% and the two-year UK bond yield rising six basis points to 4.36%, reflecting growing fears of inflation due to higher energy costs.Chris Beauchamp, chief market analyst at IG, noted that investors are betting on the impact of delayed oil supply deliveries from the Gulf, given Trump's failure to provide guidance on a potential end to the US-Israeli conflict with Iran. 'Instead of 'no more war', we got 'no, more war!', Beauchamp said, highlighting the market's concerns about hundreds of millions of barrels of oil that may not be delivered soon.The US dollar gained 0.6% against a basket of major currencies as investors sought safe-haven assets, pushing the pound down by almost a cent to $1.321. The market turmoil is already affecting consumers, with the Bank of England warning that 1.3 million more homeowners may see their mortgage payments rise due to financial shocks from the Iran conflict.Additionally, data from the RAC showed that petrol and diesel prices jumped by a record amount in March, with the average price of a litre of unleaded petrol rising by 20p to 152.83p by the end of the month, surpassing the previous monthly record.
#Donald Trump #Iran #Crude Oil
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Sports Apr 02, 2026

Arsenal hit by unprecedented injury wave as international break looms over FA Cup and Champions League fixtures

Arsenal manager Mikel Arteta faces a historic spate of international withdrawals, with eleven playe…
When asked before Arsenal’s win over Everton how the upcoming international break might affect his squad, Mikel Arteta stressed the club’s “good communication” with national team coaches and promised to make “the right decisions” after assessing each player’s condition. That cautious optimism was quickly shattered. Following the Carabao Cup final loss to Manchester City, a cascade of withdrawals began. William Saliba pulled out of France’s squad with a left‑ankle injury, and Jurriën Timber missed the Netherlands call‑up due to a lingering groin problem. Within 24 hours, Gabriel Magalhães (Brazil) and Leandro Trossard (Belgium) also withdrew, while Eberechi Eze was forced out of England duty because of a calf strain that kept him out of the cup final. Captain Martin Ødegaard, still recovering from a previous ankle‑ligament injury sustained on international duty, did not feature in the final and subsequently withdrew from Norway’s squad. Arsenal’s injury list continued to grow on Friday when Noni Maduke (England) and Piero Hincapié (Ecuador) limped out of their respective friendlies. Both are doubtful for the FA Cup clash with Southampton at St Mary’s, though the club hopes they may return sooner. Mid‑week, Martín Zubimendi became the eleventh Arsenal player to pull out of an international roster, citing pain in his left knee. The Spain midfielder has logged more Premier League minutes than any Arsenal player this season, edging out Declan Rice and Jurriën Timber. Despite the setbacks, Viktor Gyökeres showed full commitment to Sweden, scoring a hat‑trick in the play‑off against Ukraine and later netting the decisive goal against Poland. By contrast, Riccardo Calafiori returns to London after Italy’s 120‑minute defeat to Bosnia and Herzegovina, a match that highlighted Italy’s ongoing World Cup qualification woes. Arteta’s dilemma mirrors the challenges faced by Sir Alex Ferguson in the early 2000s, when the Manchester United legend famously limited his players’ international minutes. The modern Arsenal squad, arguably one of the deepest in Premier League history, now faces a delicate balancing act: preserving player fitness while competing on three fronts – the league, the FA Cup, and the Champions League quarter‑final against Sporting Lisbon next week in Portugal. With the club already having contested over 50 matches this season and potentially adding another 15 if they reach both cup finals, the psychological impact of another major‑trophy loss could be significant. Arteta will need his remaining fit players to step up and deliver, or risk seeing the season’s ambitions slip away.
#Arsenal #Mikel Arteta #FA Cup
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Health Apr 02, 2026

US Health Aid Deals Spark Concerns of Exploitation in African Nations

The US has proposed bilateral health agreements to developing countries, mostly in Africa, in excha…
The United States has been proposing unusual bilateral health agreements to developing countries, mostly in Africa, in exchange for access to sensitive health data and critical minerals. These deals have sparked concerns of exploitation and have been met with resistance from several countries.In November, the US approached Zimbabwean authorities with a proposal that would have provided over $300m in funding in return for sensitive health data. However, Harare felt that the negotiations were 'lopsided' and promptly pulled out.Zambia also pushed back against a similar proposal, citing 'problematic' clauses that sought access to the country's minerals, including copper, cobalt, and lithium. The US had offered $1bn in funding over five years, but Lusaka requested a review of the proposal.Several African countries, including Nigeria and Kenya, have signed the health pacts, but the terms agreed remain unclear.Data or mineral demands in return for health aid are unprecedented in the history of US-Africa relations. Policy experts argue that tying crucial funding to sensitive national assets could have negative consequences for African nations and the US itself.'Supporting global health has clear benefits to the United States in terms of prevention of pandemics that can affect Americans too,' said Sarang Shidore, Africa director at the Quincy Institute for Responsible Statecraft. 'Linking such aid to payoffs in the extraction of critical minerals smacks of exploitative practices.'African nations have long relied on US funding to foot many of their health bills. In 2024, African countries received $5.4bn in US assistance, largely spent on humanitarian, health, and disaster needs.However, the US has argued that aid cuts suit its America First agenda, which prioritizes national interests. The stance has been met with criticism, with some economists arguing that aid is often ineffective and causes overreliance.Washington is now focused on government-to-government deals, which have typically required governments to take on an increasing share of their own health budgets in the next four to five years.Some analysts see this as a positive move to reduce overdependence on foreign funding and force governments to prioritize health spending in their budgets. However, the clauses that Washington is demanding to leverage its aid for data, rare earth elements, and other minerals have caused widespread outrage in some countries.In the case of Zambia, the US reportedly asked for access to the country's critical minerals in return for $1bn over five years. The US also asked for a one-way data-sharing agreement for 10 years.If Lusaka fails to ink a deal, US aid funding to the country will be discontinued, which could mean losing the remnants of funding Zambia still receives from the PEPFAR programme.
#United States #Nigeria #Cobalt
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News Apr 02, 2026

Supreme Court Hears Landmark Challenge to Birthright Citizenship as Trump Becomes First Sitting President to Attend Oral Arguments

The U.S. Supreme Court heard oral arguments on the Trump administration’s effort to restrict birthr…
Washington, D.C. – In a historic session, the United States Supreme Court examined the Trump administration’s bid to curtail the long‑standing practice of granting citizenship to anyone born on American soil. The hearing drew a sizable crowd of civil‑rights and immigration advocates who decried the proposal as unconstitutional. Lawyers representing the administration argued that the 14th Amendment has been misread for over a century and that citizenship should be limited to children of parents who are legally domiciled in the United States. They contended that the phrase “subject to the jurisdiction thereof” permits the exclusion of infants born to undocumented or temporary‑status parents. Opposing counsel from the ACLU and other groups countered that the amendment’s language, reinforced by the 1898 United States v. Wong Kim Ark decision and the 1952 Immigration and Nationality Act, unequivocally guarantees citizenship regardless of parental status. “The rule was enshrined in the 14th Amendment to keep it out of reach of any official who might try to destroy it,” ACLU attorney Cecillia Wang said. The proceedings were underscored by President Donald Trump’s unprecedented presence in the courtroom, making him the first sitting president to attend Supreme Court oral arguments. Trump left the hearing abruptly, later posting on Truth Social that the United States is “the only country in the world stupid enough to allow ‘birthright’ citizenship.” Protesters such as 21‑year‑old Luis Villaguzman of LULAC expressed personal stakes, noting that the policy would strip benefits from pregnant immigrant mothers and jeopardize their children’s future. “This hits close to home,” he said. Justices probed the administration’s claims, with Justice Kentanji Brown Jackson asking, “Who is domiciled?” while Justice Samuel Alito highlighted the repeated references to “domicile” in the Wong Kim Ark opinion. Justice Brett Kavanaugh questioned why Congress had not clarified the citizenship scope in the 1952 statute, and Justice Amy Coney Barrett warned of the logistical chaos the order could create. Legal scholars warned that the executive order could affect roughly 255,000 infants annually, according to a joint analysis by the Migration Policy Institute and Penn State’s Population Research Institute, potentially creating a “self‑perpetuating, multigenerational underclass.” Outside the court, immigration advocates emphasized the broader implications: the measure could disenfranchise hundreds of thousands of children, many of Latino heritage, and compound the administration’s aggressive deportation agenda. The Court has not set a date for a final ruling, but the hearing offered a glimpse into the judicial scrutiny the case will face as the nation watches a potential reshaping of a core constitutional right.
#trump #citizenship #court
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News Apr 02, 2026

Israel Enacts Ethnicity‑Based Death Penalty Law, Prompting Fresh Apartheid Accusations

Israel’s new legislation authorising the death penalty exclusively for Palestinians tried in West B…
Israel’s parliament has approved a law that authorises the death penalty solely for Palestinians convicted in West Bank military courts for what the courts define as "terrorism" killings of Israelis. The measure was greeted with celebration by far‑right politicians, yet it has drawn swift rebuke from the United Nations human‑rights chief, who warned it could constitute a war crime, and from a broad coalition of international observers.Israeli rights organisations argue that the law is the latest manifestation of an apartheid‑style legal framework that systematically privileges Jewish citizens while imposing severe penalties on Palestinians. They contend that such legislation entrenches a system of codified discrimination that has evolved since the state’s founding.Under the new rule, military tribunals in the occupied West Bank – which exclusively try Palestinians – will, by default, impose the death sentence on anyone found guilty of an unlawful killing of Israelis classified as terrorism. In contrast, Israeli citizens charged with comparable offences in the same territory are tried in civilian courts, where the death penalty is not applied.Statistics underscore the disparity: conviction rates for Palestinians in military courts hover at an astonishing 99.74%, whereas Israelis tried for crimes committed in the West Bank have a conviction rate of roughly 3% between 2005 and 2024. These figures highlight the stark imbalance in judicial outcomes.Arab‑Israeli lawmaker Aida Touma‑Suleiman of the Hadash party expressed her dismay, leaving the parliamentary chamber after the vote and stating she anticipated “scenes of happiness” from far‑right figures but was “painful” to see the public echo the same sentiment.The law follows a series of statutes that critics say have progressively eroded Palestinian rights, including the 1950 Absentees’ Property Law, the 2003 Citizenship and Entry into Israel Law, and the 2018 Nation‑State Law, which enshrines Jewish supremacy in identity, settlement policy, and constitutional hierarchy while marginalising Arabic.Human‑rights advocate Yair Dvir of B’Tselem described Israel as an “apartheid regime,” noting that a “whole set of laws” differentiate between Jews and Palestinians and that the death‑penalty legislation is less an outlier than a logical extension of existing policies that deny Palestinians the right to life.Analysts argue that the dehumanisation of Palestinians has deepened to the point where capital punishment can be enacted with minimal dissent and even public celebration by parliamentarians.Physician‑rights activist Tirza Leibowitz of Physicians for Human Rights – Israel warned that the law exemplifies a broader pattern of violations, ranging from inhumane prison conditions to a legal system that often refuses to investigate crimes against Palestinians or actively shields abusive practices.She cited the unresolved deaths of more than 100 Palestinians in the West Bank since the October 2023 Gaza conflict, highlighting the case of 17‑year‑old Walid Ahmad, whose death by starvation in custody was ruled “undeterminable” by an Israeli judge, as evidence of the low value placed on Palestinian lives.Leibowitz also pointed to the recent dropping of charges against soldiers accused of sexual abuse at Sde Temain prison, noting that far‑right protesters, including lawmakers, rallied in support of the accused, further normalising systemic abuse.Touma‑Suleiman linked the new law to the 2018 Nation‑State legislation, recalling a confrontation with Prime Minister Benjamin Netanyahu in which he dismissed her criticism, insisting Israel remains “the Middle East’s only democracy.” She later observed that far‑right leader Itamar Ben‑Gvir has openly chanted “Death to Arabs,” rebranding it as “Death to terrorists,” thereby blurring the line between extremist rhetoric and state policy.Overall, the death‑penalty law is being portrayed by critics as a stark illustration of an entrenched apartheid system, raising serious questions about Israel’s adherence to international legal standards and the future of Palestinian rights under occupation.
#israel #palestinians #law
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Sports Apr 01, 2026

Iraq Clinches 2026 FIFA World Cup Spot with 2-1 Win Over Bolivia

Iraq secured a 40-year-awaited spot in the 2026 FIFA World Cup by defeating Bolivia 2-1 in the inte…
Iraq's national team, known as the Lions of Mesopotamia, ended their four-decade wait for a World Cup appearance with a hard-fought 2-1 victory over Bolivia. The match took place at the Monterrey Stadium in Guadalupe, Mexico, on Tuesday. Ali al-Hamadi opened the scoring in the 10th minute, giving Iraq a strong start. However, Bolivia's Moises Paniagua equalized 28 minutes later, making the match closely contested.The deadlock was broken shortly after halftime when Aymen Hussein scored the winning goal in the 53rd minute, slotting in a cross from Marko Farji. This goal secured Iraq's place as the 48th team to qualify for the tournament.Iraq's journey to the World Cup was not without challenges. The team's participation was in doubt due to travel chaos caused by the ongoing conflict in the Middle East. Coach Graham Arnold had pleaded with organizers to delay the match to allow the squad to assemble and train. The players and coaching staff eventually arrived in Mexico just a week before the match and began preparations.Arnold expressed his delight with the win, stating, 'I must congratulate the players who played with real Iraqi mentality, fighting and putting their bodies on the line and that's why we won the game.' He added, 'I am so happy that we've made 46 million people happy, and especially with what's going on in the Middle East at the moment.'Iraq will face a tough challenge in the World Cup, placed in Group I alongside France, Norway, and Senegal. Their opening game is against Norway on June 16 in Boston, followed by matches against France on June 22 in Philadelphia and Senegal on June 26 in Toronto, Canada.
#iraq #world #cup
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Sports Apr 01, 2026

DR Congo clinches 2026 World Cup berth with extra‑time winner over Jamaica

The Democratic Republic of the Congo secured a place at the 2026 FIFA World Cup by beating Jamaica …
The Democratic Republic of the Congo (DRC) earned a spot at the 2026 FIFA World Cup after a tense intercontinental playoff final against Jamaica ended 1‑0 in extra time.The match‑winner came from former Manchester United defender Axel Tuanzebe, who now plays for Burnley in the English Premier League. He headed the ball home from a corner in the 100th minute, and after a brief VAR check for a possible handball, the goal was confirmed.Tuanzebe reflected on the moment, saying, “We made it very difficult for ourselves, perhaps the occasion got the better of us. To score the winning goal for your country… this is what every player dreams of.” He added, “I am so proud of what I could do for the country, I’m so proud of the country, and now it is time to celebrate.”The DRC dominated the fast‑flowing encounter despite the scarcity of clear‑cut chances, and the victory ensures that ten African teams will line up for the 2026 tournament – the highest representation ever.Having previously defeated Nigeria in the CAF playoff, the DRC entered the intercontinental stage directly into the final due to their higher ranking. Jamaica reached this stage by beating New Caledonia.This will be only the second World Cup appearance for the DRC, the first being in 1974 when the nation competed as Zaire. Jamaica’s sole previous appearance came in 1998 in France.In the upcoming group stage, the DRC will join Portugal, Colombia and Uzbekistan, opening the tournament against Portugal.The final intercontinental slot remains undecided, with a clash between Iraq and Bolivia scheduled for later on Tuesday.
#list #world #cup
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