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A recent investigation by The Sentry has uncovered that Libyan businessman Ahmed Gadalla facilitated hundreds of millions of dollars in loans to support Khalifa Haftar's failed 2019-2020 assault on Tripoli. The report alleges that Gadalla, a key enabler for Haftar family members, secured $300m in loans from a minor bank based in Abu Dhabi, United Arab Emirates (UAE), ahead of the offensive. The months-long campaign by forces loyal to Haftar to seize the Libyan capital from the United Nations-recognised government resulted in hundreds of deaths and displaced hundreds of thousands of people. The cost of the campaign was significant, with an estimated $700 million effort mobilised upfront. The investigation suggests that the money likely helped finance operations, including payments to Russia's mercenary Wagner Group, which supported Haftar's offensive. After Haftar's offensive collapsed, the loans remained largely unpaid, leaving the Libyan public to bear the financial burden. Gadalla has faced no accountability, and the report warns that he has since expanded his influence across eastern Libya's financial system, exerting control over key banks and facilitating large-scale letter-of-credit fraud and laundering illicit profits. The Sentry's report also links Gadalla to efforts to procure and transfer military equipment to Sudan, in violation of a UN arms embargo. The group has called on Western governments to impose targeted sanctions on Gadalla and his network, warning that without concerted international action, Libya faces the continued erosion of its economic foundations.

U.S. Vice President JD Vance touched down in Budapest on Tuesday for a two‑day series of bilateral meetings, a move the White House billed as a show of support for Prime Minister Viktor Orban ahead of Hungary’s April 12 parliamentary election. Orban’s Fidesz Party faces its toughest test in more than a decade, with recent polls indicating the opposition enjoys an 8‑12 percentage‑point advantage, and some surveys showing a lead as high as 20 points. Princeton sociologist Kim Lane Scheppele warned that Vance’s visit, while symbolically important, is unlikely to significantly alter the electoral math. “One visit by a relatively low‑profile American vice president is not going to change that,” she said. Nevertheless, the trip underscores the close ties between the Trump administration and Orban. Former President Donald Trump endorsed Orban in February, and Secretary of State Marco Rubio visited Hungary that same month, signaling U.S. backing for the right‑wing leader. Orban’s 16‑year rule has been marked by the erosion of judicial independence and media freedom, reforms that critics argue tilt the electoral system in Fidesz’s favour. Yet the opposition, led by 45‑year‑old former Fidesz insider Peter Magyar of the Tisza Party, is rallying around anti‑corruption and economic grievances. Magyar’s campaign promises a more constructive relationship with the European Union, hoping to restore billions of euros in funding suspended in 2022 over democratic backsliding. He positions himself as centre‑right, sharing many of Orban’s policy stances but rejecting the incumbent’s alleged corruption. “Magyar is centre‑right; he’s basically a believer in much of what Orban has done, minus the corruption,” Scheppele noted, adding that his eurosceptic leanings could still facilitate the return of EU money. The Hungarian‑U.S. connection extends beyond politics to financial incentives. Scheppele highlighted that Trump has hinted—though not formally promised—a fiscal safety net for Orban if he wins, reminiscent of U.S. aid pledges made to right‑wing allies in Argentina’s 2025 elections. “If Vance makes that kind of announcement, it could be a real game‑changer,” she warned, suggesting that a concrete U.S. financial commitment could bolster Orban’s standing in the final days of the campaign. Orban’s appeal to the U.S. far right has been evident since Hungary hosted the Conservative Political Action Conference (CPAC) in 2024, where Trump lauded him as a defender of “Western civilisation.” The personal rapport between Orban’s political director and Vance—evident in a 2024 photo captioned ‘A Trump‑Vance administration sounds just right’—further cements this transatlantic alliance. As the election approaches, the key question remains whether symbolic diplomatic support or a tangible financial pledge will prove decisive in a race where domestic issues—corruption, social services, and economic stagnation— dominate voter concerns.

The UK has witnessed a significant surge in online sextortion attempts reported by children, with a record 394 cases in 2025, representing a 34% increase from the previous year. The majority of victims, 98%, were boys aged 14 to 17.Sextortion involves a person being manipulated into sending explicit selfies or videos to a predator, who then threatens to publish them online unless the victim sends money or further intimate images. This crime has been linked to the suicides of several British teenagers who have taken their own lives after receiving extortion threats.Campaigners, including the Molly Rose Foundation and the Internet Watch Foundation, are calling on tech companies to take more decisive action to disrupt blackmail attempts. They argue that social media platforms, where initial grooming of victims often occurs, should introduce nudity-detection technology to prevent the spread of explicit content.The parents of 16-year-old Murray Dowey, who took his own life after being duped by criminals online, are suing Meta, the owner of Instagram and Facebook, for allegedly failing to implement adequate safeguards. The company continues to challenge the suit.The Report Remove service, which allows children to flag intimate images or videos that have appeared or could appear online, reported a 66% increase in under-18s seeking help in 2025, with 1,175 out of 1,894 reports classified as child sexual abuse material.Tech companies, including Google and Apple, have invested in protections against sextortion, but campaigners argue that more needs to be done. Google has implemented sensitive content warnings in its messaging app, while Apple has a communication safety system that warns under-18s about potentially explicit content.

The nursery I visited, with its free croissants and Scandinavian-style furniture, seemed like a luxury, but it was just one example of how private equity has quietly infiltrated our daily lives. These firms now own a vast array of essential services, including water companies, apartment blocks, student accommodation, care homes, and children's homes.The problems arise when profit-driven fund managers prioritize returns over social welfare. Nurseries backed by private equity have reported profits up to seven times greater than non-profit nurseries, while spending up to 14% less on staff and experiencing higher staff turnover rates. This model is unsustainable and can leave parents without childcare and workers without jobs.Private equity's business model, which often involves leveraged buyouts and loading debt onto companies, can have disastrous effects on public services. The industry's lack of transparency and accountability makes it difficult to track the flow of money and hold fund managers accountable.The rise of private equity reflects a broader shift in capitalism, where debt-driven speculation has become a dominant route to building wealth. This has led to a zero-sum game where some individuals' gains come at the expense of others. As capitalism evolves, it's clear that those on top have discovered a new formula for building wealth: buying up essential services, loading them with debt, and passing the consequences on to the public.

In a confidential set of proposals, the Football Association (FA) is looking to reshape the Women’s National League (WNL) by admitting four Women’s Super League academy sides into the third tier of the English women’s football pyramid starting in the 2027 season. The plan also introduces a mid‑season split—mirroring the format used in Scotland—intended to create a more compelling competition and generate greater media and fan engagement. Accompanying the structural overhaul is an investment package of about £1 million. This includes a £500,000 grant earmarked for prize money at tiers three and four, and a further £500,000 that the FA hopes to secure through a title‑sponsorship deal. Beyond financial support, the FA intends to enhance legal and medical insurance for clubs using the loan system and to provide limited grants for clubs establishing academies, thereby increasing competitive minutes for emerging talent. The new third‑tier format would expand from 24 to 28 clubs, split evenly between a northern and a southern division (14 teams each). Each region would host two Pro Game Academies (PGAs) operating under a three‑year licence awarded on the basis of academy strength and the proportion of English talent developed. After 13 rounds, the league would divide into three groups: an eight‑team WNL Premier (four clubs from each region) and two regional groups of ten. Academy sides would be excluded from the Premier, while the top two Premier teams would earn promotion to the second‑tier WSL2. The bottom three clubs in each regional group would face relegation, meaning PGAs could also be demoted. Promotion from the fourth tier would involve six clubs, with the runners‑up from the four fourth‑tier divisions contesting playoffs for the final spots. These proposals follow the FA’s decision last year to abandon a previous expansion that would have placed B teams in tier four—a plan that had secured just under 55% support from 144 surveyed clubs. The current blueprint, still pending board approval, does not reference B teams and emphasizes the goal of enhancing competitiveness, better preparing clubs for the WSL, and attracting more fans and media coverage. FA officials stressed that the initiative is being developed in full consultation with leagues, clubs, and other stakeholders, with a focus on sustainable growth, professionalism, and expanded development pathways for young English players. Comparative analysis shows that youth internationals from Spain, the Netherlands, and France typically accrue far more top‑flight minutes in their teens than their English counterparts, underscoring the FA’s urgency to create more high‑level playing opportunities domestically. The Women’s National League, now in its 35th year, currently sees Burnley leading the northern third tier and Watford crowned champions of the southern division.

When Elle Middlemas turned 18, she began wondering whether she owned a Child Trust Fund (CTF) – a government‑backed savings account created for children born between 1 September 2002 and 2 January 2011. Her search hit a dead end; she could not confirm if she was entitled to any money and an email to HMRC yielded no response.Middlemas, a Whitby college student, explained that the loss of her mother at age 11 left her with little guidance. “My sister is 21 and spent three years looking for a fund and found nothing, so we assumed we didn’t have one,” she said, expressing the frustration felt by many of her peers.She and her sister are part of an estimated 758,000 people aged 18‑23 who have unclaimed CTFs. Collectively, these dormant accounts hold roughly £1.5 bn, a substantial sum that disproportionately belongs to low‑income families who are often unaware of its existence.Advocates are now pressing the government to automatically release CTFs when holders reach 21 years of age. Experts estimate that such a policy could inject up to £286 m directly into the pockets of young people who need it most.Middlemas finally learned of her entitlement after a conversation with a friend’s parent six months after her birthday. She discovered the Share Foundation, a charity that helps reconnect youths with their funds, and located a NatWest account bearing her name.“I had £700 sitting in my bank and thought, ‘What is going on?’ My sister also had one but never knew how to access it,” she recalled. The sisters plan to use the money to support university expenses and repay debts, underscoring the tangible impact of the scheme.The CTF programme was launched by the Labour government in 2005 to encourage parental savings. Every child received a £250 government contribution, with an additional £250 for those from low‑income families or in local authority care. Parents could add up to £9,000 per year, and any investment gains accrued until the child turned 18.If a parent failed to open an account within 12 months of birth, HMRC would create one on the child’s behalf. Today, the average value of a CTF stands at about £2,200.More than two‑thirds of the six million original recipients are now over 18 and eligible to claim their funds, with HMRC‑allocated accounts representing 28 % of all CTFs.Geographically, the North‑East of England has the highest concentration of HMRC‑allocated accounts, totalling £48 m. Across the UK, youths from the most disadvantaged 15 % of families hold accounts averaging £2,900 in value.Gavin Oldham, chief executive of the Share Foundation, warned that the scheme is hampered by poor communication, limited financial education, and “policy neglect”. He indicated the charity is considering a judicial review to compel the government to release the unclaimed assets.Oldham noted that the charity has already linked “well over 100,000 accounts to young adults”, yet the “sheer quantum of these unclaimed accounts remains a major problem”.“It is strange to find a government which expresses concern over youth poverty while doing so little to deliver on a groundbreaking scheme,” Oldham added.The charity’s proposal to release HMRC‑allocated funds automatically at 21 would free roughly £500 m, including £350 mOldham cautioned that a legal challenge, while potentially successful, could delay payouts for years, leaving vulnerable youths “denied their birthright for far too long”.Beyond immediate release, the Share Foundation is urging the creation of a new, targeted scheme for low‑income youths that embeds a financial‑awareness component, allowing participants to top up their funds through education‑linked incentives.Labour MP Laura Kyrke‑Smith echoed these concerns, describing the CTF system as “confusing and opaque” and calling for proactive tracing of account holders and clearer public information.HMRC responded that it is “directly sending every eligible young person information to help them find their child trust fund”, while also raising awareness via social media, broadcast interviews, and an online tracing tool. The agency added that banks, building societies, and investment firms managing the funds share responsibility for communicating with account holders.

Apple is escalating its legal war with Epic Games by petitioning the U.S. Supreme Court to review the court's ruling on App Store fees. This move signals a critical juncture in the tech giant's defense of its revenue model, as it attempts to overturn a decision that limits its ability to charge developers for external payments. The Strategic Shift to the Highest Court After losing its appeal at the Supreme Court in a previous phase of the case, Apple is now taking its fight to the highest level of the U.S. judiciary. The tech giant filed a petition to review the Ninth Circuit Court's ruling, which found Apple in contempt for charging a 27% fee on external payments—a slight discount from its standard 30% fee. Current Status: Apple secured a temporary stay on the Ninth Circuit's ruling on April 6, 2026, effectively pausing the enforcement of the lower court's decision. Epic's Response: Epic Games immediately challenged this stay, arguing it is merely a delay tactic to prevent the court from establishing permanent bounds on Apple's fees. Legal Timeline: The battle began in 2020 when Epic bypassed Apple's fees, leading to a 2021 ruling where Apple was not deemed a monopoly but was ordered to allow external payment links. The Economics of the 27% External Fee The core of Apple's legal strategy revolves around the justification of its fee structure. While Apple reduced its commission to 27% for external transactions, Epic argues this effectively defeats the purpose of the court order, as developers still do not save significant money due to processing fees. Apple's Stance: The company argues the fee covers more than just payment processing; it includes hosting, discovery, software, and developer tools, reflecting the value of the ecosystem. Competitor Benchmark: Google settled with Epic Games last month, dropping its Play Store commissions to 20%, highlighting the pressure Apple faces to lower its rates. Developer Impact: Only a few developers, including Spotify, Kindle, and Patreon, have been willing to utilize the external payment links due to Apple's aggressive tactics. Erosion of the App Store Moat This legal battle represents a significant threat to Apple's primary revenue stream. If the Supreme Court upholds the lower courts' rulings, it could force Apple to lower its commissions or abandon its current fee structure entirely. Market Dynamics: As consumers increasingly turn to AI chatbots and agents for transactions, the traditional gatekeeper role of the App Store is being challenged. Regulatory Pressure: The court's decision will set a precedent for how tech giants can regulate commerce within their ecosystems, potentially opening the door for more developer freedom. A High-Stakes Legal Verdict Looking ahead, the Supreme Court's willingness to hear this case is uncertain. The Court previously declined to hear a similar appeal regarding Apple's monopoly status. If they reject this petition, the Ninth Circuit's decision stands, and Apple will be forced to comply with the lower fee structure. However, if the Court agrees to hear it, Apple will push to convince judges that courts should not have the authority to limit the fees it charges for its services, potentially reshaping the digital economy for years to come.

Romanian director Radu Jude is known for his wildly improvised and low-budget filmmaking style, often incorporating elements of TV ads, AI-generated content, and amateur dramatics into his movies. His latest film, 'Dracula', continues this trend, presenting a satirical take on Romania's dark past and the country's most reliable export: the legend of Dracula. The film is a meta-cinematic experiment, featuring a smug and supercilious film-maker, Adonis Tanta, who introduces the audience to his cheapo film about Dracula, created on his iPad using unbearable AI. The story is interspersed with set-piece mini-films-within-a-film on Dracula-adjacent themes, including a communist-era tale of a truck driver who falls in love with a local woman. Jude's film is a scathing critique of Romania's persistent strains of fascism, antisemitism, clerical arrogance, exploitative service economy, and stakeholder capitalism. Specifically, it relates to a proposal for a Dracula theme park in the late 1990s, in which thousands of Romanian citizens invested money that they would never see again. While the film may test the audience's patience at times, it features moments of startling insanity and is a testament to Jude's innovative filmmaking style. As the reviewer notes, 'one day, I predict, Jude will make a biopic of political vampirism about the most pressing Romanian subject of all: Nicolae and Elena Ceaușescu.' 'Dracula' is set to premiere at the ICA in London on April 10.

Japan's economic strategy has inadvertently created a Japanese century in global finance, driven by the yen's role as a cheap and reliable funding currency. The Bank of Japan's loose monetary policy has suppressed yields on public debt, effectively creating a publicly subsidized funding pipeline for bankers.By borrowing cheaply in yen and investing in higher-return assets, such as US equities, global investors have profited tens of billions of dollars from the 'yen carry trade'. This trade surged after the pandemic, with speculators betting $435bn in the two years to 2024 out of the estimated $1.7tn worth of yen supplied.Despite Japan's first rate hike since 2007 in March 2024, the carry trade remains popular. However, a persistent fear exists that the BoJ may aggressively raise rates, risking a global financial shock. A stronger yen would increase the cost of repaying yen-denominated debts, and heavily leveraged hedge funds could face significant losses.Japan's economic success has created an external dependency on the carry trade to manage internal crises. The country's reflationist prime minister, Sanae Takaichi, is committed to fiscal expansion, which may continue to stabilize the private sector but not necessarily drive growth.Economic analysis suggests that Japan's growth constraints are rooted in its macroeconomic prices, including profit, exchange rate, interest, wages, and inflation. While Japan has seen recent real wage growth, wages have historically been flat or falling, and the country's firms lack a reliably competitive exchange rate and viable profit rate to drive demand and reform.