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Economy Apr 15, 2026

Lagos Housing Crisis: Soaring Rents and Long Commutes

The article discusses the severe housing crisis in Lagos, Nigeria, where soaring rents and a shorta…
Lagos, one of Africa's most dynamic cities, is facing a severe housing crisis. The city's population of approximately 22 million people is putting immense pressure on its housing market, leading to soaring rents and a shortage of affordable accommodation.Oluwatobi Ogundipe, a 32-year-old product manager, commutes four hours daily from his small flat in Sango Ota to his office on Lagos Island. Despite working in one of Nigeria's growing technology sectors, he cannot afford to live closer to his office, highlighting the affordability crisis in the city.Rents across Lagos have surged beyond wage growth, with prices increasing by as much as 400% in some areas. On the mainland, flats that rented for ₦500,000 two years ago now cost up to ₦2.5m a year. On the island, rents have tripled, making it even more challenging for residents to find affordable housing.The city's deputy governor, Obafemi Hamzat, attributes the crisis to persistent migration pressure, with about 6,000 new inhabitants arriving and 3,000 leaving each day. This has led to a shortage of over 3.4 million housing units, according to Prof. Taibat Lawanson, a professor of urban management and governance at the University of Lagos.The shortage of affordable homes is exacerbated by developers prioritizing high-end projects over affordable housing, driven by high construction costs, soaring urban land prices, and limited housing finance. This has led to a proliferation of luxury flats, even as people struggle to secure basic accommodation.The crisis has also fueled the popularity of short-term rentals, with many landlords converting their homes into short-let properties, further reducing the availability of long-term rentals and driving prices higher.For now, Lagos's residents adapt, making long commutes through the city's infamous traffic. As Ogundipe says, "We all come to Lagos chasing something, but these days, it feels like the city is slowly pushing us away."
#Lagos #Nigeria #real estate
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World Economy Apr 15, 2026

Cuba's $8bn Renewable Energy Plan to Outsmart US Blockade

Cuba can achieve energy independence from the US with an $8bn investment in renewable energy, poten…
Cuba is on the brink of transforming its energy landscape with a bold plan to invest $8bn in renewable energy, which could reduce its reliance on fossil fuels and pave the way for energy independence from the US. The proposal, put forth by the Common Wealth thinktank's Transition Security Project (TSP), suggests that this investment could cover 93.4% of Cuba's electricity generation needs.The US has imposed a crippling energy blockade on Cuba, severely limiting the island nation's access to oil. Since January, Cuba has received only one shipment of oil, from Russia, and its national electric grid has collapsed, leading to repeated blackouts and widespread disruptions.The TSP analysis outlines four different scenarios for Cuba's transition to renewable energy, with costs ranging from $5bn to $19.2bn. The most ambitious proposal would see three-quarters of electricity generation provided by solar power, with wind, hydropower, and bioenergy making up the remainder.The report argues that electricity costs would decrease in every renewable investment scenario, with the cost per unit of energy falling from 14.3¢ per kWh in the baseline scenario to 6.5¢ with $8bn of investment. The transition would require a society-wide transformation, but Cuba has demonstrated its ability to adapt in the past, such as its rapid shift to agroecology and self-sufficiency in the 1990s.The question remains: who would pay for this transition? The report suggests that financing should be understood as "reparative climate finance", with Cubans able to pay back investments through savings on cheaper energy. The transformation would not only benefit Cuba but also set an important example of a rapid energy transition under conditions of external constraint.
#energy #cuba #renewable
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World Economy Apr 14, 2026

Strait of Hormuz Traffic Plummets as Only 279 Vessels Pass Since War, 22 Attacked – US Blockade Fuels Oil Surge

Since the outbreak of hostilities, ship movements through the Strait of Hormuz have collapsed by mo…
On Tuesday, shipping data from LSEG and Kpler confirmed that at least three tankers entered the Gulf via the Strait of Hormuz, including the Panama‑flagged Peace Gulf, which is bound for Hamriyah port in the United Arab Emirates. Earlier that day, two U.S.–sanctioned vessels, the Rich Starry and the Elpis, also transited the waterway. Because none of these ships were destined for Iranian ports, they remain exempt from the U.S. blockade that began on Monday. The U.S. Central Command (CENTCOM) announced that, as of 10 a.m. ET (14:00 GMT) on Monday, a naval blockade was in effect against all maritime traffic to and from Iranian ports, in line with the presidential order issued by former President Trump. The directive applies to "vessels of all nations" operating in Iranian coastal waters, including the Arabian Gulf and the Gulf of Oman. Tehran has warned of possible retaliation against ports in neighboring Gulf states. In response to the blockade, the Islamic Revolutionary Guard Corps (IRGC) ordered every ship to follow a newly‑drawn navigation map that forces vessels to enter the strait north of Larak Island and exit south of it, citing the risk of anti‑ship mines in the former main traffic zone. Before the conflict, the strait functioned like a divided highway with two dedicated lanes—each about 3.2 km long—carrying roughly one‑fifth of the world’s oil and gas shipments. The IRGC now classifies the original lanes as "restricted" and has effectively closed them. Ship traffic has collapsed by **more than 95 %** since the war began. Kpler’s tracking data shows that only **279 vessels** passed through the strait between Feb. 28 and Apr. 12, a stark contrast to the pre‑war average of around **100 ships per day**. Even after a cease‑fire took effect on Apr. 8, a mere **45 ships** have entered or exited the waterway. The disruption has left hundreds of tankers and other vessels stranded in the Gulf, slashing global oil and gas supplies by an estimated **20 %**—the largest fuel‑supply shock on record. Damage to Gulf energy infrastructure and the sharp reduction in shipments have pushed crude prices up by roughly **50 %**, with Asian importers bearing the brunt of the price spike. According to the same Kpler data, **22 ships** have been attacked in the Strait of Hormuz since the conflict started. The incidents are distributed as follows: eight in United Arab Emirates waters, six in Omani waters, two each in Iraqi and Qatari waters, and one each in Bahraini, Kuwaiti, Saudi and Iranian waters. These figures underscore the strategic vulnerability of the world’s most critical energy chokepoint and highlight how the combined effect of the U.S. naval blockade and Iran’s alternate routing has reshaped global shipping patterns and commodity markets.
#iran #irgc #kpler
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News Apr 14, 2026

Super Typhoon Sinlaku Threatens Northern Mariana Islands and Guam with Destructive Winds and Heavy Rains

Super Typhoon Sinlaku, the strongest storm of 2026, is approaching the Northern Mariana Islands and…
Super Typhoon Sinlaku, a powerful storm system, is bearing down on the remote Mariana Islands in the northern Pacific Ocean. The storm, which formed on April 9, has sustained winds of 278 km/hour (173 mph) and is moving at a slow pace of about 14 km/hour (9 mph).The super storm was approximately 68 nautical miles (126km) southeast of the island of Saipan in the Northern Mariana Islands at about midday on Tuesday local time. While Sinlaku appears to be weakening and could pass by the Northern Mariana Islands with the strength of a Category 4 or Category 5 storm, it still remains extremely dangerous.The Guam’s Office of Civil Defence warned of widespread rain and flooding along with destructive winds that could cause power outages. Although Guam will likely avoid a direct hit from Sinlaku, the island will still encounter high winds of up to 64 to 80 km/hour (40 to 50 mph) and gusts of up to 105 km/hour (65 mph).The office also warned the island’s 170,000 residents to stay out of the water, as dangerous sea conditions are expected to last until Thursday. Before turning towards Guam and the Northern Marianas, the storm left significant damage to the outer islands and atolls of Chuuk in the Federated States of Micronesia.
#storm #islands #guam
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Entertainment Apr 14, 2026

Steve McQueen’s Grenada Exhibition Captured in Powerful Photo Essay

The Guardian presents a visual tour of Steve McQueen’s Grenada exhibition, using striking images of…
The Guardian’s latest photo feature offers a vivid look at Steve McQueen’s exhibition titled “Grenada”, a work that intertwines art and history through a series of compelling images.Central to the visual narrative are flowers that have “witnessed horrific things”, serving as silent witnesses to the island’s turbulent past. The photographs juxtapose the natural beauty of the flora with the lingering shadows of colonial trauma, inviting viewers to contemplate the complex legacy of Grenada.Each picture is carefully composed to highlight the contrast between the bountiful landscape and the weight of historical memory, underscoring McQueen’s intent to provoke reflection on how beauty can coexist with suffering.By presenting the exhibition in a picture‑rich format, the article allows readers to experience the emotional depth of the work without leaving the page, emphasizing the power of visual storytelling in contemporary art.
#Steve McQueen #Grenada #The Guardian
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World Economy Apr 14, 2026

Qantas hikes fares and trims domestic schedule as Iran‑driven Middle East unrest redirects travelers to Europe

Qantas is raising ticket prices and cutting roughly 5% of its domestic capacity for May‑June, reall…
Qantas announced a fare increase and a 5% reduction in domestic capacity for May and June, responding to a rapid shift in passenger demand away from airlines that transit the conflict‑ridden Middle East. In a market update released on Tuesday, the carrier said it is redeploying aircraft from its U.S. and domestic networks to capture strong interest in Europe‑bound travel, especially to Paris and Rome. The move follows service cuts by Persian Gulf carriers such as Emirates, Etihad and Qatar Airways, which have scaled back flights amid the escalating Iran conflict. To accommodate the new focus, Qantas and its low‑cost arm Jetstar will cut capacity across their domestic networks by about 5%, trimming frequencies on key inter‑city routes and suspending several regional services. Four temporary suspensions will take effect in mid‑May: Melbourne‑Hamilton Island, Melbourne‑Coffs Harbour, Sydney‑Busselton and Darwin‑Gold Coast. In addition, the Adelaide‑Mount Gambier route will be discontinued indefinitely due to low demand and soaring fuel costs. The airline warned that its jet‑fuel expenses are set to rise sharply, projecting a second‑half 2026 fuel bill of $3.1‑$3.3 billion, up from the previously forecast $2.2 billion. This surge is driven by higher oil prices linked to the Iran conflict. To offset the cost pressure, Qantas has already raised ticket prices and signalled that “further action” – likely additional fare hikes – may be necessary. While airlines typically use hedging contracts to lock in fuel prices, the current volatility limits the effectiveness of such safeguards. Following the market update, Qantas shares slipped more than 3% in early trading before stabilising, reflecting investor concern over the combined impact of higher fares, reduced domestic capacity, and elevated fuel costs.
#qantas #jetstar #australia
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World Economy Apr 13, 2026

Rolls-Royce Secures £599m for UK's First Small Modular Nuclear Reactors

Rolls-Royce has secured up to £599m from the UK's national wealth fund to develop small modular nuc…
Rolls-Royce has secured a significant investment of up to £599m from the UK's national wealth fund to develop the country's first small modular nuclear reactors (SMRs). The funding will support Rolls-Royce's design of SMRs at Wylfa on the island of Anglesey, Wales. The investment is expected to create around 1,000 jobs at Rolls-Royce and contribute to the UK's goal of generating electricity without carbon dioxide emissions. The project also offers the potential for a large new export industry in SMRs. The UK government has embraced nuclear energy as a key component of its clean energy strategy, and this investment marks a significant milestone in the development of SMR technology. SMRs aim to produce nuclear power stations in factories, driving down costs and speeding up installation. The Wylfa site has a history of nuclear power generation, having operated from 1971 until 2015. Hitachi had previously attempted to build a new nuclear power station at the site but abandoned its plans in 2020 due to funding issues. The site was later acquired by the state-owned Great British Energy – Nuclear (GBE-N) in 2024. The chancellor, Rachel Reeves, highlighted the importance of the investment, stating that it will strengthen energy security, create skilled jobs, and help build a new generation of homegrown nuclear technology that will power the UK's economy for decades to come. Tufan Erginbilgiç, chief executive of Rolls-Royce, described the investment as a critical milestone for the business and for the UK, marking the beginning of a golden age of new nuclear. The company owns the majority of Rolls-Royce SMR, alongside Qatar's sovereign wealth fund, France's BNF Resources, and the Czech utility CEZ.
#rolls-royce #nuclear #fund
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News Apr 11, 2026

UK postpones Chagos Islands handover to Mauritius after US President Trump blocks agreement

The United Kingdom has shelved legislation to transfer sovereignty of the Chagos archipelago to Mau…
The British government announced that it is putting on hold a bill that would return the Chagos Islands to Mauritius, after President Donald Trump signaled a lack of US support for the arrangement.A UK spokesperson told Reuters and AFP that the deal would only move forward with American backing, stating, "We have always said we would only proceed with the deal if it has US support." The statement added that the islands, particularly Diego Garcia, remain a critical military asset for both nations.Last May, London and Port Louis unveiled a plan under which Britain would cede full sovereignty of the 60‑plus islands to Mauritius while retaining a 99‑year lease on Diego Garcia to preserve the US‑run base that anchors American power in the Indian Ocean.Trump dismissed the proposal in January as an "act of great stupidity," arguing that relinquishing the archipelago would undermine the strategic partnership. In response, the UK reiterated that the base’s long‑term security is the primary reason for the agreement and that it continues to engage with both Washington and Mauritius.At an Indian Ocean conference in Mauritius, Foreign Minister Dhananjay Ramful pledged that his government would "spare no effort" to pursue every diplomatic and legal avenue to complete the decolonisation of the Chagos archipelago, calling the issue a matter of justice.After an initial softening of tone following a February conversation with Prime Minister Keir Starmer, Trump later resumed his criticism on Truth Social, labeling the cession a "big mistake" and a "blight on our Great Ally." The dispute has unfolded against a backdrop of strained US‑UK relations over the ongoing US‑Israel conflict in Iran and the UK's leadership of a 30‑nation coalition protecting shipping in the Strait of Hormuz without US participation.Former senior civil servant Simon McDonald told BBC Radio that Trump’s hostility has forced the agreement into a "deep freeze," noting that when the US president is openly opposed, the British government must reassess its position.Britain has administered the Chagos Islands since 1814, even after Mauritius gained independence in the 1960s. The Diego Garcia base has been pivotal in US operations in Vietnam, Iraq and Afghanistan. The displaced Chagossian community continues to seek compensation, and a 2019 International Court of Justice advisory opinion recommended that the archipelago be returned to Mauritius.
#mauritius #trump #deal
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Politics Apr 11, 2026

Caribbean Complicity in US Drive to Expel Cuban Doctors

The Caribbean and Latin America are complicit in the US drive to expel Cuban doctors, terminating d…
The Caribbean and Latin America are facing a critical moment in their relationship with Cuba, as they succumb to US pressure to expel Cuban doctors. These medical professionals have been a lifeline for many in the region, providing essential healthcare services, particularly in rural and underserved areas. Cuban doctors have been a cornerstone of healthcare in the Caribbean and Latin America, with programs dating back 50 years. However, under pressure from the US, countries such as Guatemala, Honduras, Jamaica, the Bahamas, Antigua and Barbuda, Guyana, and St Vincent and the Grenadines have terminated these agreements. Only St Kitts and Nevis and Trinidad and Tobago have yet to follow. The US has branded these programs "forced labor" and "human trafficking" because the Cuban state retains a share of salaries. However, this ignores the fact that Cuban doctors are trained free of charge by the Cuban government, unlike their counterparts in countries like the UK, who often graduate with significant student debt. The consequences of expelling Cuban doctors are severe. Millions could lose basic healthcare, with Indigenous communities particularly exposed. The region's healthcare systems, already fragile, are being strained, and the poorest will pay the price in untreated illnesses, unattended births, and undiagnosed cancers. Cuba has built a global medical network of more than 50,000 professionals working across dozens of countries, generating billions in foreign revenue and sustaining its economy under embargo. However, US pressure is disrupting this model, and Cuban medical personnel are being withdrawn, cutting off one of the island's few reliable sources of income. The Caribbean and Latin America are complicit in this economic warfare against Cuba. Sanctions restrict trade, finance, fuel, and medicine, shrinking economies, deepening poverty, and punishing citizens rather than governments. In Cuba, the effects are stark: blackouts, shortages, and collapsing productivity. A notable exception is Barbados, whose Prime Minister Mia Mottley has defended Cuba's medical missions and rejected the insinuation of "trafficking." She has made it clear that Barbados will stand by what is right, even at the cost of US punishments, highlighting that sovereignty is not merely constitutional but also moral.
#United States #Cuba #Caribbean nations
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