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The International Monetary Fund (IMF) has issued a warning that emerging economies are facing a heightened risk of financial instability due to their increased reliance on market-based finance, particularly from hedge funds and investment funds. A cumulative $4tn flowed into emerging markets last year from outside the formal banking sector, which can bring benefits but also poses significant risks.The IMF's analysis suggests that this type of financing can be more volatile than traditional bank financing and is more likely to be withdrawn suddenly in times of financial stress. This can lead to abrupt retrenchments, intensify external financing pressures, raise borrowing costs, and trigger sharp currency depreciations, ultimately weighing on economic growth.The IMF highlights that some countries are already experiencing these challenges, particularly in the context of the war in the Middle East. Several emerging markets are experiencing a reversal of capital flows from non-resident non-bank investors, which can have a significant impact on their economies.The IMF also notes that hedge funds and mutual funds have the highest propensity to withdraw during market volatility, while pension funds and insurers tend to be more cautious. Additionally, the IMF warns about the growing flows of stablecoins into emerging economies, which can be vulnerable to wider fluctuations in cryptocurrency markets.The IMF's managing director, Kristalina Georgieva, warned that the conflict will lead to higher prices and slower growth, adding that even if the war were to stop today, there would be a lingering negative impact on the rest of the world.

The Artemis II crew, fresh from a record‑breaking lunar flyby, received an unexpected call from former President Donald Trump on Monday night. Facilitated by NASA administrator and Trump ally Jared Isaacman, the 12‑minute conversation was punctuated by long silences, anecdotes about Canadian hockey legend Wayne Gretzky, and the president’s claim that he had "saved NASA" from closure. Trump’s assertion sparked eyebrows among the astronauts, who had just set a new milestone as the farthest‑traveled humans from Earth. The president recounted a decision he allegedly faced in his first term: whether to revive or shut down the agency. "We’ve spent what we had to do," he said, implying the agency’s survival rested on his judgment. While Trump has publicly championed the Artemis program, his administration has repeatedly pursued deep cuts to NASA’s overall budget. In early 2025, the White House proposed a 24% reduction—bringing the budget down to $18.8 billion, the lowest level in a decade. Experts warned such cuts would constitute "extinction‑level" reductions to critical science programs. Congress, in a rare bipartisan move, rejected the proposed slashing and approved a near‑full budget of $24.4 billion in January. Yet, on 3 April 2026—just two days after Artemis II launched on the first crewed mission beyond low‑Earth orbit in over 50 years—Trump unveiled his FY 2027 budget request, again proposing a steep cut of 23% to NASA’s funding. Democratic leaders denounced the proposal as "morally bankrupt," while Isaacman issued a statement supporting the president’s fiscal stance, urging NASA staff to "leave the politics for the politicians and remain focused on the mission." During the call, Trump praised the crew’s "incredible journey into the stars" and claimed their mission had "inspired the entire world." He reiterated America’s ambition to lead space exploration, promising a permanent lunar base and eventual crewed missions to Mars. The conversation also featured a brief exchange with Canadian astronaut Jeremy Hansen, who highlighted the United States’ "intentional decision" to lead by example and collaborate with allies like Canada. Trump responded by recalling conversations with Gretzky, Canadian Prime Minister Mark Carney, and other Canadian friends, emphasizing national pride. After a minute of awkward silence, Isaacman returned for a "comm‑check," and Trump reiterated his stories about Canadian contacts. The Artemis II commander, Reid Wiseman, acknowledged the president’s remarks with a polite, "Yes, Mr. President, we heard that." Trump concluded by extending an invitation to the four astronauts for an Oval Office reception following their scheduled splashdown in the Pacific on Friday. "I’ll ask Jared to bring you over, and I’ll ask for your autograph, because you deserve that," he said, adding he would "find the time" to salute the crew on behalf of the American people. Pilot Victor Glover responded enthusiastically, "When you want us, we will be there," and thanked the president for what he called a "really special" call. He highlighted the mission’s significance, noting it was made possible by both the American and Canadian peoples.

Courtney Lawes has confirmed a one‑year deal with the Sale Sharks, a move that reignites hopes of a return to the England squad after two seasons in France’s Pro D2 with Brive.Approaching his 38th birthday in February, Lawes retired from Test rugby following the 2023 World Cup but insists he can still compete at the highest level. Sale’s director of rugby, Alex Sanderson, expressed enthusiasm about the former Northampton stalwart joining the Manchester‑based side.Sanderson emphasized that the signing was not driven by a paycheck: “He’s still got the ability and experience to play great rugby this season and possibly beyond.” He added that Lawes is “robust, dynamic around the park and hits hard, but his skill set makes him far more than a mere banger.”Lawes’ résumé includes 105 caps, participation in four World Cups, two Premiership titles, two Challenge Cup trophies, and three Six Nations championships. The veteran believes his body feels “good” and that retiring now would be a regretful decision.Speaking on his “un‑retirement” from international duty, Lawes said, “I’d love to play for England again, but first I want to perform well for Sale and see what happens afterward.”Sale, however, faces a potential manpower crunch ahead of their Champions Cup quarter‑final in Dublin against Leinster. England internationals Luke Cowan‑Dickie and Bevan Rodd are sidelined for the rest of the season, and hooker Nathan Jibulu awaits the outcome of a disciplinary hearing after being cited for biting former Harlequins teammate Will Hobson.The alleged incident occurred during Sale’s 26‑17 victory over Harlequins at the Twickenham Stoop. If Jibulu is suspended, Sale’s forward options will be further depleted, with brothers Tom and Ben Curry already unavailable.Despite the controversy, Jibulu remains a contender for England’s summer tour, as head coach Steve Borthwick evaluates his options ahead of the Nations Championship clash with South Africa in Johannesburg on 4 July. Sanderson praised the 23‑year‑old, noting, “He’s good now, he’ll be brilliant – he has the attributes to be an international hooker.”

Opening night of the Pet Shop Boys’ Obscure tour turned the Electric Ballroom in Camden into a shrine for deep‑cut enthusiasts. Frontman Neil Tennant opened with a cheeky promise – “no hits tonight” – and the crowd responded with delighted roars, eager for the rare material the duo had promised.The Obscure moniker is no accident. Tennant and synth‑master Chris Lowe rehearsed 35 songs from their 42‑year catalogue, deliberately sidestepping the familiar chart‑toppers in favour of B‑sides, album tracks and fan‑favourite deep cuts. A fan‑compiled Spotify playlist of 226 non‑single tracks illustrates just how vast the selection pool is, yet even that list fell short of the band’s final set.Two songs made their live debut: a never‑performed track from the unreleased stage show Naked titled “I Dream of a Better Tomorrow,” and the 1986 B‑side “Jack the Lad” from the Suburbia era, which had never before been heard on stage. Phones rose in the audience as Tennant sang the cheeky tale of a ne’er‑do‑well, capturing a moment that will likely become a new fan legend.Highlights included a soulful rendition of the 1990 ballad “To Face the Truth,” where Tennant’s hand‑over‑stomach gesture added a rare glimpse of vulnerability, and the 1987 piano‑driven “Do I Have To?” showcasing Lowe’s most tender synth‑piano work. The set also featured “King of Rome” (2009), its horn‑laden refrain enveloping the room in a warm, nostalgic glow.Interspersed with the music, Tennant acted as an urbane quizmaster, prompting the audience to shout B‑side titles and rewarding them with trivia – for example, a medley that combined 1993’s “One in a Million” with Culture Beat’s “Mr Vain,” performed for the first time since its original 1994 Latin America appearance.Closing the main set, the 2005 anthem “The Performance of My Life” evoked the duo’s early club‑scene roots, while the encore opened with the poignant B‑side “Your Funny Uncle” (1989), a lament that still resonates with listeners who first found solace in its lyrics during the AIDS crisis.In a final, forward‑looking moment, Tennant introduced “I Dream of a Better Tomorrow,” a brand‑new song taken from the unreleased stage production based on *The Emperor’s New Clothes*. He declared, “change is coming… the start of something new,” hinting at fresh creative directions beyond the archival focus of the tour.The Obscure run, part of the broader Dreamworld tour that began in 2022, demonstrates the Pet Shop Boys’ mastery of both pop craftsmanship and archival curation, offering fans a rare chance to hear the hidden gems that have long lived in the shadows of their massive catalogue.

Universal Music Group (UMG), the world's largest music company, has received a takeover offer from billionaire Bill Ackman's hedge fund, Pershing Square. The deal values UMG at over €50bn (£44bn). Pershing Square, based in New York, has offered a cash and stock deal to acquire the business, which is home to renowned artists such as Taylor Swift and Elton John.Ackman stated that while UMG, led by British-born Sir Lucian Grainge, has done an excellent job in nurturing its artist roster and generating strong business performance, its share price has lagged due to issues unrelated to the performance of its music business. He specifically mentioned the delay in UMG's US listing, underutilization of its balance sheet, and uncertainty around the French conglomerate Bolloré Group's 18% stake in the company.Shares in UMG, listed in Amsterdam since 2021, have lost more than a quarter of their value in the past year. The company is one of the 'big three' record labels, alongside Sony Music Entertainment and Warner Music Group, with a diverse roster ranging from classical music to stars like Adele, Drake, and Ariana Grande.Ackman also cited a 'lack of investor credit' in the company's valuation of its €2.7bn stake in the music streaming service, Spotify. Pershing Square, which Ackman established in 2004, controls over $26bn in assets and bought a 10% stake in UMG in 2021.As part of the proposed deal, Pershing Square would add Michael Ovitz, a veteran talent agent, as chair, along with two representatives from Pershing Square to UMG's board. The deal would also involve a new employment contract and compensation arrangement for Sir Lucian Grainge. Under the terms, UMG would merge with a blank-cheque company set up by Pershing Square and then list on the New York Stock Exchange. Shareholders would receive a total of €9.4bn in cash and 0.77 shares in the new company for every Universal share they own, representing a 78% premium compared to the company's closing share price on Thursday.

Monday, 6 April 2026 marks the most consequential day for human spaceflight in over half a century, as NASA’s Artemis II mission prepares to eclipse the Apollo 13 distance record.At 13:56 EDT (17:56 GMT) the Orion spacecraft will pass the 400,171 km (248,655 mi) mark set by Apollo 13, and by 19:07 EDT (23:07 GMT) it is slated to reach a maximum of 406,773 km (252,760 mi) from Earth – roughly 6,600 km farther than any human has ever traveled.The Artemis programme is NASA’s multi‑decade effort to return people to the Moon, establish a sustainable presence there, and use the lunar foothold as a springboard to Mars. The initiative currently comprises five missions (Artemis I‑V).Artemis I, an uncrewed test flight launched on 16 November 2022, spent 25 days orbiting Earth and validating Orion’s performance, paving the way for the crewed flight.Artemis II lifted off from Kennedy Space Centre on 1 April 2026 at 18:35 EDT (22:35 GMT) with a four‑astronaut crew for a ten‑day deep‑space test.Crew members:Reid Wiseman (50), commander – veteran ISS commander and test pilot.Victor Glover (49), pilot – first Black astronaut assigned to a lunar mission; previously flew on SpaceX Crew‑1.Christina Koch (47), mission specialist – holds the record for longest single women’s spaceflight (328 days) and has extensive EVA experience.Jeremy Hansen (50), mission specialist – Canada’s first astronaut to travel to the Moon, former fighter pilot.The crew will manually pilot Orion at key phases, verify life‑support, propulsion, power, thermal control, navigation and proximity‑operations systems, and rehearse critical procedures such as course corrections, long‑range communications, re‑entry and splashdown.Scientific work will include lunar observations, human‑health experiments, and extensive photography. On 2 April, Commander Wiseman captured a striking “Hello, World” image of Earth from Orion, showing upside‑down continents, vivid auroras, city lights across Africa, Europe and South America, and a faint zodiacal glow.Nutrition for the ten‑day flight comes from a fixed menu of 189 shelf‑stable items – tortillas, nuts, beef brisket, macaroni‑and‑cheese, cookies, chocolate, and rehydratable drinks – all prepared without a refrigerator, using a water dispenser and a small heater to keep crumbs from floating in microgravity.NASA plans the splashdown in the Pacific Ocean near San Diego at about 20:07 EDT on 10 April 2026. Recovery helicopters will retrieve the crew for medical checks aboard the USS John P Murtha before they return to Johnson Space Center in Houston.The Moon lies an average 384,400 km (238,855 mi) from Earth – roughly ten Earth‑equator circumferences. Its diameter is about one‑third that of Earth; if Earth were a basketball, the Moon would be a tennis ball. Surface temperatures swing from –173 °C (–180 °F) at night to 127 °C (260 °F) in daylight, and gravity is only one‑sixth of Earth’s, so a 60 kg person would feel the weight of a 10 kg mass.Between 1961 and 1972 NASA’s Apollo programme conducted 33 missions (11 crewed, 22 uncrewed), achieving six successful lunar landings. The last humans to walk on the Moon were Eugene Cernan and Harrison Schmitt on 14 December 1972 (Apollo 17).Other nations have also left their mark: the Soviet Luna 9 (1966) delivered the first soft‑landing images, China’s Chang’e 4 (2019) explored the far side, and India’s Chandrayaan‑3 (2023) achieved the first soft landing near the lunar south pole – a region rich in permanently shadowed craters that may hold water ice.Looking ahead, Artemis III (targeted for 2027) will test integrated operations in low Earth orbit with commercial landers, Artemis IV (early 2028) aims for the first crewed lunar landing since Apollo 17 at the south pole, and Artemis V (late 2028) will begin construction of a lunar base.

President Donald Trump told Fox News host Trey Yingst that the United States had dispatched a substantial cache of firearms to Iranian protesters, routing them through Kurdish groups. He said, “We sent them a lot of guns. We sent them to the Kurds,” and added that the Kurds likely kept the weapons. This admission lends weight to Tehran’s long‑standing narrative that the December‑January demonstrations were not spontaneous but were driven by “foreign‑backed terrorists.” Iran’s Supreme Leader Ali Khamenei has repeatedly blamed the United States and Israel for hijacking the economic unrest that began on December 28, when Tehran shopkeepers protested the plunging rial. The protests quickly spread nationwide, drawing hundreds of thousands onto the streets. Rights groups and the United Nations report that at least 5,000 people were killed, with some estimates suggesting the death toll could rise to 20,000. The crackdown also saw thousands arrested and an internet blackout imposed to conceal the violence. As the US‑Israel war on Iran entered its 38th day, official tallies record 2,076 deaths and over 26,000 injuries across the country. Despite Trump’s statements, several Kurdish opposition groups have categorically denied receiving any U.S. weapons. A senior official of the Democratic Party of Iranian Kurdistan (KDPI) told Iraqi broadcaster Rudaw that the claims were “baseless,” noting that their armaments are decades‑old and sourced locally. The Komala Party issued a similar denial. Analysts caution that Trump’s remarks are difficult to verify. Neil Quilliam of the United Kingdom’s Chatham House said the comments “reveal nothing material” and may reflect Trump’s personal rhetoric more than concrete policy. Nonetheless, such statements could undermine the cohesion of Iranian opposition groups and influence international perceptions of the conflict. In the broader geopolitical context, the United States has framed its February 28 strikes—carried out jointly with Israel—as a response to Iran’s nuclear program and as a means to “free” Iranians from the Islamic Republic’s repression. Trump linked the military action directly to the protests, claiming Tehran had “killed tens of thousands of its own citizens on the street as they protested.” While Kurdish factions continue to advocate for peaceful, civil protest methods, the U.S. and Israeli governments have not yet committed to ground operations in Iran. Opposition Democrats in the U.S. Congress remain skeptical of any escalation involving troops. Overall, Trump’s confirmation of arms shipments adds a new layer to the already complex narrative surrounding the Iranian protests, the US‑Israel military campaign, and the broader struggle for influence in the region.

A federal appeals court has ruled that New Jersey gaming regulators cannot prevent Kalshi from allowing people in the state to use its prediction market to place financial bets on the outcome of sporting events. The decision marks a significant victory for Kalshi and similar prediction market operators.The three-judge panel of the Philadelphia-based third US circuit court of appeals ruled 2-1, finding that the US Commodity Futures Trading Commission (CFTC) has exclusive jurisdiction over the sports-related event contracts that Kalshi allows people to trade on its platform.This ruling is a major setback for states like New Jersey, which had argued that firms like Kalshi were operating without required state licenses, in violation of gaming laws, including bans on wagers by those under 21. New Jersey had sent Kalshi a cease-and-desist letter last year, stating that its listing of sports-related event contracts on its platform violated state gambling laws.Kalshi had sued the state, arguing that its event contracts qualify as “swaps”, a type of derivative contract, that under the Commodity Exchange Act can only be regulated by the CFTC, which had granted the company a license to operate a designated contract market (DCM).The ruling was in line with the position advanced by the CFTC under Donald Trump’s administration. The regulator sued Arizona, Connecticut, and Illinois last week to prevent them from pursuing what it called unlawful efforts to regulate prediction markets.“Congress gave the CFTC exclusive jurisdiction over trades on DCMs, and this decision affirms the goals of Congress,” said Brooke Nethercott, a CFTC spokesperson.However, US circuit judge Jane Richards Roth dissented, saying Kalshi was facilitating gambling and that its “offerings were virtually indistinguishable from the betting products available on online sportsbooks, such as DraftKings and FanDuel”.The New Jersey attorney general's office said it was evaluating its options, including potentially asking the full third circuit to rehear the case.

The UK Prime Minister's recent comments on seeking closer relations with the EU are a step in the right direction, but a piecemeal approach to repairing the damage done by Brexit is unlikely to succeed.A more ambitious plan would be for Labour to announce a referendum on whether the UK should open negotiations on re-entry to the EU, promising a general election to secure a mandate to implement the proposal should the British public vote in favour. This would allow the government to seize the initiative and provide it with an issue around which to rally a broad base of electoral support.This approach would also expose the increasing reluctance of Reform UK and the Conservatives to defend Brexit and silence accusations of the betrayal of British voters.Ultimately, it would provide a practical route for restoring Britain to its rightful place within the EU, at a time when shifts in the global order make that task more urgent than ever.