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The biggest public backer of World Liberty Financial, the crypto venture co‑founded by the Trump family, has publicly accused the firm of embedding a covert "backdoor blacklisting" feature that allows it to freeze token holdings at will. On Sunday, blockchain entrepreneur Justin Sun posted on X, alleging that World Liberty’s smart contracts for the WLFI token contain a tool that can unilaterally freeze, restrict, or confiscate any user’s assets without cause or recourse. Sun did not provide evidence, but said his own wallet was locked in September, making him the "first and single largest victim" of the alleged mechanism. World Liberty responded on X, stating, "We have the contracts. We have the evidence. We have the truth. See you in court, pal," and directed observers to its own posts for clarification. The company’s official risk disclosures do note that it may block or freeze addresses deemed linked to illegal activity or terms violations – a practice also employed by other crypto issuers such as Tether. Sun, who invested tens of millions of dollars in WLFI and later increased his stake to at least $75 million according to his 2025 posts, has not shared the purported blockchain records that supposedly show his wallet being blacklisted by a single administrative account. World Liberty, launched in 2024, claimed it would empower small investors through a decentralized‑finance app that has yet to launch. Reuters analysis indicated the venture generated **more than $460 million** for the Trump family in the first half of 2025. In March, the U.S. Securities and Exchange Commission settled a 2023 lawsuit against Sun for $10 million, alleging fraud and the sale of unregistered crypto securities. Sun made no admission of wrongdoing. The dispute highlights the murky regulatory environment for crypto in the United States, where the SEC has limited jurisdiction and has declined to comment on the legality of token‑freezing practices.

In the first three months of 2026, the United States’ six biggest banks collectively generated $47.4 bn in net profit, edging close to the $50 bn mark. The earnings surge reflects a sharp rise in trading activity as market participants scrambled for safety after the US‑Israeli offensive against Iran sparked a wave of volatility. Bank of America and Morgan Stanley led the pack with profit jumps of 17% and 30% respectively, while Goldman Sachs posted a 19% increase. JPMorgan Chase reported a 13% rise to $16.5 bn, Citi posted a striking 42% jump to $5.8 bn, and Wells Fargo added a modest 7% gain to reach $5.3 bn. Chief Executive David Solomon of Goldman Sachs described the results as a “very strong performance … even as market conditions became more volatile,” noting that the shift in client behavior toward cash‑preserving strategies boosted fee‑based trading revenue. Meanwhile, Bank of America’s CEO Brian Moynihan cautioned that the board remains “watchful of evolving risks,” acknowledging the broader uncertainty surrounding the Middle‑East conflict. The conflict has disrupted tanker traffic through the Strait of Hormuz, pushing energy prices higher and feeding inflationary pressures. The International Monetary Fund responded by trimming its 2026 US growth forecast by 0.1 percentage points to 2.3%, warning that a deeper escalation could trigger a global recession, especially for net energy importers and developing economies. Higher borrowing costs and inflation expectations have dampened demand for loans and mortgages, potentially curbing future investment‑banking fees tied to mergers and acquisitions. Yet, the immediate impact on trading desks has been lucrative, prompting banks to return cash to shareholders. JPMorgan set a quarterly record with a $8.3 bn share‑buyback, Bank of America followed with $7.2 bn, Citi spent $6.3 bn—its biggest buyback in two decades—while Goldman, Wells Fargo and Morgan Stanley allocated $5 bn, $4 bn and $1.8 bn respectively. Analysts view the earnings surge as a short‑term windfall that may not be sustainable if the geopolitical tension persists. Prolonged conflict could suppress corporate earnings, reduce merger activity, and ultimately erode the trading‑driven profit model that has underpinned this quarter’s success.

The United States is grappling with unprecedented levels of income and wealth inequality. The average household income in New York City stands at $131,000, yet this figure belies the stark reality that a small elite captures a disproportionate amount of wealth, leaving millions struggling to make ends meet. This extreme inequality has far-reaching economic, political, and social consequences, eroding trust in institutions and leading people to believe that the system is rigged. The issue is not unique to the U.S., as nearly one-fifth of the world's super-rich live in New York, but it is more pronounced in the U.S. than in almost any other advanced economy. A recent global inequality report found that between 2000 and 2024, the richest 1% captured 41% of all new wealth, while the bottom half of humanity received just 1%. The concentration of wealth is staggering, with billionaires now owning 16% of global GDP, up from 3% in 1987. The main driver of this trend is the failure to effectively tax the super-rich. Research has shown that in the 1960s, the 400 richest Americans paid about 50% of their income in taxes, but today they pay around 24%. This pattern is not unique to the U.S., as similar trends have been observed in Europe and other countries. Experts argue that a progressive tax system is necessary to address this issue. A minimum tax of 2% on the wealth of the super-rich has been proposed as a straightforward way to ensure they meet their obligations to society. Several countries, including Spain and Brazil, have committed to implementing this tax, and other nations are considering similar measures. In the U.S., there are signs of a paradigm shift. California voters will consider a tax on billionaire wealth this November, and Washington state has approved a 9.9% income tax on million-dollar incomes. In New York, there are calls to increase taxes on the rich and large corporations to fund essential public services. The authors of the article, Joseph E. Stiglitz, Zohran Mamdani, and Gabriel Zucman, emphasize that the idea of billionaires paying higher tax rates than working people is not radical, but rather a necessary step towards restoring a basic social principle: that those with the most should contribute their fair share so that everyone can live with dignity.

When the U.S. men’s national team (USMNT) arrived in France for the 1998 World Cup, 16 Major League Soccer (MLS) players featured in the 22‑man squad – a deliberate move by the fledgling league to showcase its talent after its 1996 launch.Since that high point, the MLS presence has steadily receded: the 2002 quarter‑final run averaged 5.4 MLS starters per match, 2006 fell to 3.33, 2010 to 2, and the 2022 tournament saw only oneno MLS players at all, a first since the league’s inception.The 2014 World Cup in Brazil was an outlier, with an average of 4.75 MLS starters across four matches. That spike reflected a brief MLS push to lure high‑profile Americans – Clint Dempsey from Tottenham and Michael Bradley from Roma – back to Seattle and Toronto.Looking ahead to the 2026 World Cup on home soil, the realistic outlook is that only two MLS players could start: goalkeeper Matt Freese (NYC FC) or, less likely, Matt Turner (New England Revolution), alongside veteran defender Tim Ream (Charlotte FC). Even head coach Mauricio Pochettino’s favored midfielder Diego Luna (Real Salt Lake) is unlikely to displace established stars such as Christian Pulisic, Weston McKennie or Malik Tillman.This contraction raises the question of whether the World Cup serves as a referendum on MLS’s quality. With the tournament split between the United States and Canada, the scarcity of MLS starters will be starkly visible, yet it does not mean the league’s influence has vanished.Indeed, the league’s impact now lies in its academy pipeline. Of the 27 players the Guardian’s US soccer desk identified as “on the squad” or “in contention,” 19 were products of MLS academies – up from 16 in the 2022 roster. Including Tim Weah’s brief stint with the New York Red Bulls youth set‑up would raise that figure to 20.The only non‑academy players are dual nationals who grew up abroad, with the notable exception of Christian Pulisic, who left the U.S. as a teenager to develop at Borussia Dortmund.Unlike 2014, MLS has not supplied any established national‑team regulars for the 2026 campaign (aside from Toronto FC’s Josh Sargent, whose World Cup chances appear slim). Consequently, American fans may not see the tournament’s stars on their local MLS pitches, a factor that could challenge fan‑base growth.Nevertheless, this aligns with MLS’s long‑term strategy: investing in the development of domestic youth and promising talent from the wider hemisphere rather than chasing marquee signings. The forthcoming USMNT may lack a pronounced MLS imprint on the field, but its DNA will still be rooted in the league’s developmental system.

Manchester United's Harry Maguire will miss his team's upcoming match against Chelsea due to an additional one-match ban imposed by the Football Association. The ban comes as a result of Maguire's reaction to being sent off during a match against Bournemouth last month.The 33-year-old defender was shown a red card at the Vitality Stadium for a foul in the area on Evanilson, which led to Bournemouth sealing a 2-2 draw. Following the incident, Maguire allegedly made a comment towards the officials, stating they were 'a joke.'The FA's written reasons confirmed that the fourth official, Matthew Donohue, submitted an Extraordinary Incident Report Form, claiming Maguire shouted: 'You're a joke. You're all a fucking joke.' Maguire, however, claimed he said 'something along the lines of 'it is a fucking joke.''As a result, Maguire has been imposed a one-match suspension and a £30,000 fine by an independent Regulatory Commission. This suspension adds to the absence of fellow centre-backs Matthijs de Ligt and Lisandro Martínez, potentially leading to young players Ayden Heaven and Leny Yoro lining up at the heart of defence against Chelsea.

The Philharmonia's upcoming concert, 'Forged in Sound: Heavy Metal Orchestrated', at the Southbank Centre's Multitudes festival, brings together two seemingly disparate genres: heavy metal and classical music. But, as Tom Service argues, these two styles have more in common than one might think.Both heavy metal and classical music share a love of volume, virtuosity, and spectacle. From Stravinsky to Black Sabbath, and Vivaldi to Van Halen, the boundaries between these genres are blurred. The heavy metal guitar sound, for example, was forged in the classical tradition, with artists like Ritchie Blackmore and Randy Rhoads drawing inspiration from composers like Vivaldi and Pachelbel.The article also touches on the shared obsessions of classical and heavy metal music, including technique, boundary-pushing, and the pursuit of faster, louder, and more intense sounds. While the Philharmonia's concert may not push the boundaries of extremity, it highlights the fascinating connections between these two genres.Looking to the future, the article suggests that collaborations between extreme metal bands like Napalm Death and orchestras could lead to truly innovative and groundbreaking music.

Former Treasury Secretary Janet Yellen sharply criticized President Donald Trump’s repeated calls for the Federal Reserve to slash borrowing costs, likening the approach to the fiscal tactics of a “banana republic.”Trump has publicly urged the central bank to deliver the lowest interest rate in the world, arguing that cheaper financing would ease the service burden on the United States’ staggering $39 trillion debt.Speaking at an HSBC investor summit in Hong Kong, Yellen asked, “How often does the president of a developed country demand that interest rates be set to reduce debt‑service costs? This is what you hear in a banana republic.” She warned that such political meddling could unleash inflation if the Fed’s independence is compromised.The Fed, under Chair Jerome Powell, last lowered its policy rate in December to a range of 3.5 %–3.75 %. However, policymakers are growing uneasy about inflationary pressures, especially as the ongoing Iran conflict threatens oil supplies.Powell is slated to step down next month, but his successor—Trump’s nominee Kevin Warsh—has yet to secure Senate confirmation. Powell has indicated he will remain in his role if a replacement is not confirmed, and he may continue as a Fed governor until a pending Department of Justice investigation concludes.Trump has openly dismissed the idea of Powell staying on, telling Fox Business that he would “have to fire him” if the chair does not leave. Powell, for his part, describes the DOJ probe as a “pretext” aimed at pressuring the Fed to cut rates.Warsh, who argues that potential productivity gains from artificial intelligence could justify lower rates, faces skepticism from Yellen, who doubts he commands the same respect as former Fed chair Alan Greenspan. She noted, “Greenspan was widely respected for his expertise; I don’t think Warsh walks in with that level of credibility.”Trump’s broader effort to reshape the Fed board includes an attempt to remove Governor Lisa Cook, who is currently facing a Supreme Court case over alleged mortgage fraud.Meanwhile, finance ministers and central bankers have gathered in Washington for the International Monetary Fund’s spring meetings. Bank of England Governor Andrew Bailey warned that rising oil prices, driven by the Iran conflict, constitute a “major supply shock” that central banks must assess carefully.The IMF has cautioned that a prolonged closure of the Strait of Hormuz could trigger a global recession, underscoring the interconnected risks of geopolitical tensions, sovereign debt, and monetary policy decisions.

The Dutch insurer Aegon has agreed to sell its historic UK operation to Standard Life for a total consideration of £2 billion. The package includes a cash payment of £750 million and the issue of 181.1 million new Standard Life shares to Aegon. By merging Aegon's UK business—home to 3.7 million customers and 2,000 employees—with Standard Life, the combined group will serve 16 million customers and manage roughly £480 billion of assets under administration, creating the largest retirement‑savings and income platform in the United Kingdom. Aegon, which traces its UK roots back to the 1831 founding of Scottish Equitable, first acquired the business in 1998 and rebranded it in 2009. The sale is part of a broader restructuring that will see Aegon's headquarters relocate to the United States and the company rebrand as Transamerica. Following the transaction, Aegon will become Standard Life's biggest shareholder, holding a 15.3% stake and securing the right to appoint one non‑executive director to the board. Standard Life CEO Andy Briggs described the deal as a catalyst for the group's ambition to become the UK's leading retirement‑savings business. He outlined a plan to realise approximately £110 million of cost savings over the next three years, noting that only half of these efficiencies are expected to materialise in the initial period. Briggs also addressed potential job impacts, stating that while there will be some redundancies, the effect will be "more modest" compared with other recent industry consolidations. The transaction follows Standard Life's own recent evolution: Phoenix Group acquired the former Standard Life Aberdeen insurance arm for £3 billion in 2018, rebranded the business as Standard Life, and has since seen Aberdeen reduce its stake to around 10%. Analysts view the deal as a strategic win‑win: Aegon accelerates its pivot to the US market, while Standard Life gains scale, a broader customer base, and a stronger balance sheet to compete in a highly consolidated UK pensions market.

Leeds, the largest European city still without a mass‑transit system, may finally see a tram line – but not before the late 2030s. The latest West Yorkshire Mass Transit plan, championed by combined‑authority mayor Tracy Brabin, received a fresh £200 million in development funding, part of a broader £2.1 billion allocation for the region.City council leader James Lewis, who began his career on a 1993 work‑experience placement with the council’s highways department, says the new scheme differs from past attempts. Instead of squeezing trams onto existing bus routes, the proposal envisions a dedicated line that could “float over or under the M621 motorway, similar to the Docklands Light Railway,” linking the White Rose shopping centre, Elland Road stadium, Leeds railway station and St James’s Hospital.The Treasury’s independent review, however, forced the government to demand a fresh business case that proves the need for trams rather than buses. This procedural hurdle has added roughly two years to the timetable, pushing the projected opening into the late 2030s. Brabin acknowledges the setback, noting critics now claim the project is effectively “cancelled,” but she insists the work is merely delayed, not abandoned.Leeds’ transport woes date back to the removal of its historic double‑deck tram network in 1959 and the construction of the M621, which many locals blame for isolating the city’s south side. A 2025 Treasury review warned that previous “Supertram” proposals failed because they could not demonstrate sufficient value for money, leading to the withdrawal of funding in 2005 and the abandonment of a trolley‑bus plan in 2016.Supporters argue the tram is essential for unlocking massive regeneration. Leeds United investor Pete Lowy predicts the line could catalyse up to £1 billion of investment, including 2,500 new homes, retail and leisure space, and a 15,000‑seat stadium expansion. Northern Powerhouse Partnership chief executive Henri Murison points to the emerging South Gateway development in Bradford as evidence that transport‑led investment is already materialising.Critics remain sceptical. Leeds University transport professor Greg Marsden questions how an 18‑year‑long project can still be justified, while local residents voice doubts that a tram can ever be built in a city they consider “not big enough.” Tom Forth, co‑founder of data‑city firm Information Group, blames centralised decision‑making in London, arguing that devolved funding would accelerate delivery.In the meantime, the council is focusing on improving bus services, which will come under public control in 2027. Centre for Cities analyst Rob Johnson notes that increasing bus frequencies could immediately benefit the 390,000 residents currently poorly connected, potentially delivering more mobility gains than a tram in the short term.Nevertheless, Brabin maintains that trams are “more attractive, carry more passengers, and generate more jobs and growth” than buses, and she reaffirms her promise: “I promised a tram, and a tram is what we’re going to get.” The pledge to have “spades in the ground” by 2028 for preparatory works remains on the table, even as the project navigates the Treasury’s stringent process.