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The New Economics Foundation (NEF) has proposed that the UK government provide subsidized energy to all households, funded through North Sea tax revenues. The plan would ensure that every household receives a set amount of energy at current rates, helping to protect the poorest households from rising energy costs.According to NEF, providing enough energy to heat two rooms, provide hot water, and run key appliances like a fridge and washing machine at frozen rates would require a subsidy of about £4.5bn. This amount is roughly equal to the expected windfall in tax revenues from the North Sea, generated by the high price of oil.The proposed measure, known as a price guarantee, would save all households more than £160 on their annual bills. However, this would amount to a saving of about 17% for those on low incomes compared with 11% for wealthier people. NEF argues that this would encourage those who can afford to pay to reduce their energy consumption and invest in energy-efficient measures.Alex Chapman, a senior economist at NEF, stated that similar measures have been successfully implemented in countries like Japan, South Korea, China, and India, as well as several European countries. He emphasized the need for the government to protect households' ability to meet their essential energy needs and to tax energy companies on their windfall profits.The energy cap is expected to rise by about £388 in July and could reach nearly £2,000 a year for dual-fuel households. NEF's proposal aims to mitigate the impact of rising energy costs on vulnerable households.

As the clock ticked down to President Donald Trump’s 8 p.m. deadline to force the reopening of the Strait of Hormuz, the six‑week Middle East conflict teetered on the brink of a far more devastating escalation.Trump’s rhetoric had escalated dramatically, with his Truth Social posts warning that the United States would unleash strikes capable of “decimating every bridge and power plant in Iran” and that “a whole civilisation will die tonight.” Legal experts labeled the language as bordering on a genocidal threat.Amid the rising tension, a series of rapid developments unfolded on Tuesday:12:06 GMT – Trump announced a plan to target Iran’s civilian infrastructure, promising total destruction of bridges and power facilities.15:21 GMT – Iranian media confirmed that US strikes hit Kharg Island, the nation’s primary oil‑export hub, but reported no significant damage.15:40 GMT – In the UN Security Council, China and Russia vetoed a Bahraini resolution aimed at protecting commercial shipping in the Strait of Hormuz, arguing the draft was biased against Tehran.16:54 GMT – Qatar’s defence ministry reported a successful missile interception, while the United Arab Emirates warned of a barrage of missile and drone attacks.18:23 GMT – Iran’s envoy to Pakistan, Reza Amiri Moghadam, signalled a “step forward” after a “critical, sensitive stage,” praising Pakistan’s “positive and productive” peace efforts.19:17 GMT – Pakistani Prime Minister Shehbaz Sharif appealed to Trump to extend the deadline by two weeks, urging Tehran to keep the Strait open as a goodwill gesture.20:25 GMT – Iran warned it would target US and Gulf‑allied energy infrastructure, threatening to block regional oil and gas supplies for years.20:41 GMT – Joint US‑Israeli airstrikes struck the Amirkabir Petrochemical Plant in Mahshahr, Iran, prompting local assessments of damage.With less than ninety minutes remaining, diplomatic channels intensified. Pakistani officials, including the military chief Asim Munir, facilitated talks that culminated in a two‑week, double‑sided cease‑fire announced by Trump at 22:45 GMT. The United States claimed to have received a “workable” 10‑point proposal from Tehran.Iranian Foreign Minister Abbas Araghchi quickly confirmed the truce, stating Iran would honor it provided attacks on its territory ceased. Sharif then invited both Iranian and US delegations to Islamabad for further negotiations aimed at a permanent settlement.Early Wednesday, Trump’s tone shifted dramatically. In a Truth Social post he hailed the cease‑fire as a potential “Golden Age for the Middle East,” celebrating the pause in hostilities and the reopening of the Strait of Hormuz.The episode underscores how last‑minute diplomacy, spearheaded by Pakistan, averted a catastrophic escalation and opened a narrow window for a broader peace process in a region long mired in conflict.

The United States and Iran have agreed to a two-week ceasefire, with Iran reopening the strategic Strait of Hormuz and talks set to begin in Islamabad, Pakistan. The agreement was reached after a request from Pakistan's Prime Minister Shehbaz Sharif and pressure from China.Iran's Minister of Foreign Affairs, Abbas Araghchi, confirmed that safe passage through the Strait of Hormuz will be ensured for two weeks through coordination with the country's armed forces. Under the agreement, Iran and Oman will be allowed to charge transit fees on passing ships, with Tehran planning to use the revenue for post-war reconstruction.The ceasefire was agreed upon just an hour before US President Donald Trump's deadline to escalate the conflict expired. Trump's move followed a request from Pakistan's Prime Minister, who urged Washington to extend its deadline for a deal and called on Iran to reopen the strait. The breakthrough came after talks with Pakistan's leadership, which had pushed for a ceasefire.Iran has proposed a 10-point peace plan, which includes lifting sanctions, creating a war-loss fund, a potential US troop withdrawal from the Gulf, and recognition of Iran's right to enrich uranium in exchange for a pledge not to build nuclear weapons. However, it is unclear whether the US has agreed to any of these proposals.The ceasefire has triggered street celebrations in Tehran and Baghdad, with Iranian leaders declaring the conflict is ending 'on Iran's terms'. However, some citizens remain skeptical, warning the US and Israel may be using the pause to 'buy time' and regroup.The agreement has also had an impact on the global economy, with crude prices falling below $100 after Trump's announcement. However, analysts remain cautious, with markets in 'wait-and-see mode' as a 'big gap' remains in negotiations.

Cheng Li-wun, chairwoman of Taiwan’s main opposition party the Kuomintang (KMT), used a high‑profile trip to mainland China to advocate for renewed dialogue with Beijing. On Wednesday she laid a wreath at Sun Yat‑sen’s mausoleum in Nanjing, invoking the revolutionary’s legacy of “equality, inclusiveness and unity” as a moral foundation for cross‑strait reconciliation. Her visit marks the first time a KMT leader has set foot in China in ten years. Cheng said the core values of Sun’s ideal—"all under heaven are equal"—should guide efforts to promote reconciliation and regional prosperity across the Taiwan Strait. During the trip Cheng also expressed hopes to meet Chinese President Xi Jinping, framing the potential encounter as a diplomatic test that could demonstrate the effectiveness of dialogue over deterrence. The timing of the trip is notable. It comes amid heightened friction between Taipei and Beijing, with China continuing to assert sovereignty over Taiwan while refusing to engage with President William Lai Ching‑te, whom it labels a “separatist”. Amid concerns that a distracted United States may be less able to guarantee Taiwan’s security, some Taiwanese voters view a thaw in relations as attractive. Wen‑ti Sung, a non‑resident fellow at the Atlantic Council’s Global China Hub, told Al Jazeera that a cordial photo‑op between Cheng and Xi could bolster the KMT’s argument that dialogue is more effective than military deterrence. Domestically, Cheng’s outreach occurs as Taiwan’s opposition‑controlled parliament has stalled a proposed $40 billion increase in defence spending. She acknowledged Taiwan’s democratic evolution, referencing the legacy of the “White Terror” period, while also praising China’s recent development achievements. The governing Democratic Progressive Party (DPP) sharply criticized the trip, accusing the KMT of undermining national security. Party spokesperson Wu Cheng argued that if the opposition truly seeks stability, it should stop blocking the defence budget increase. Neither Beijing nor Taipei formally recognises the other’s government, leaving any dialogue fragile and heavily politicised. Cheng’s visit therefore represents both a symbolic gesture toward historic ties and a contested move within Taiwan’s polarized political landscape.

Celebrations erupted in Tehran after officials announced a two‑week ceasefire with the United States, creating a window for diplomatic talks aimed at de‑escalating the regional conflict.Iran consented to suspend hostilities, with negotiations slated to begin on Friday in Pakistan. President Donald Trump pledged to halt military operations provided Tehran fully reopens the Strait of Hormuz, a vital maritime corridor. Iran’s foreign minister added that safe passage through the strait will be coordinated with Iranian armed forces throughout the truce.The breakthrough followed a direct appeal by Pakistan’s Prime Minister Shehbaz Sharif, who urged Trump to extend his negotiation deadline and called on Iran to restore strait access.Iranian officials framed the ceasefire as a “victory”, asserting that their preconditions for talks were accepted and that Trump’s acknowledgment of progress on key disputes validates Tehran’s stance. They emphasized that national unity, patience, and military resilience were decisive factors.In their assessment, the earlier U.S.–Israeli strategy of targeting Iranian leadership failed, while the ensuing conflict demonstrated Iran’s capacity to sustain prolonged military operations.Trump, speaking to AFP, described the agreement as a “total and complete victory”, insisting that Iran’s uranium stockpiles would be “perfectly taken care of” under the deal and crediting China for facilitating the negotiations.Despite the truce, Democratic lawmakers announced they will continue impeachment efforts against Trump, condemning his rhetoric toward Iran as “genocidal” and “unhinged.”

Chinese swimming authorities have initiated an investigation into cyberbullying targeting Quan Hongchan, the 19-year-old diving champion who has won three Olympic gold medals. The General Administration of Sport's swimming management centre announced the probe on Wednesday, stating that it is working with officials in Quan's home province of Guangdong to address the issue.Quan, who won her first gold at the Tokyo 2020 Olympics at just 14 years old and added two more golds at the Paris 2024 Olympics, has faced intense scrutiny and pressure. She has spoken publicly about the toxic online commentary she has faced, particularly regarding her weight and diet.The cyberbullying has been described as 'malicious' and has included false information and abnormal fan culture. Chinese authorities have pledged to crack down on such behavior, which has been termed 'toxic fandom'. Quan's swimming club has also reported the case to police, emphasizing that athletes are a valuable national asset and that such acts of slander and insult are unacceptable.Quan's success has made her a popular figure in China, with her hometown becoming a tourist destination. However, this has also led to intense media scrutiny and pressure to conform to certain standards. The investigation aims to address these issues and ensure a safer online environment for athletes.

Djibouti, a country with a population of less than a million people and no significant natural resources, has become a crucial hub for foreign military bases. The nation's strategic location at the entrance to the Red Sea, a vital maritime chokepoint through which roughly 12 percent of global maritime trade passes daily, has made it an attractive location for global powers.The country's President, Ismail Omar Guelleh, has leveraged Djibouti's strategic importance to advance his own aims, welcoming bases from the US, China, France, Japan, and Italy. These countries pay significant fees for the privilege of hosting their bases, with the US paying $65 million annually, France $30 million, China $20 million, and Italy and Japan over $3 million each.The Bab-el-Mandeb strait, a narrow corridor barely 30 kilometers wide, is a critical passage for global trade and communication cables. The region's instability, particularly with the US and Israel at war with Iran, has heightened Djibouti's importance. Federico Donelli, author of 'Power Competition in the Red Sea,' notes that Djibouti sits at the center of many global interests, including trade, shipping, and fiber optic connectivity.Djibouti's base-for-cash model is part of a broader development strategy, including significant infrastructure investment from Chinese firms and a new railway linking landlocked Ethiopia to the coast. However, the country's economic benefits have not trickled down to its citizens, with official unemployment near 40 percent and over one in five people living in extreme poverty.The opposition leader, Daher Ahmed Farah, has criticized Guelleh's rule, stating that the country's strategic position and hosting of military bases have not benefited the Djiboutian people. The US embassy has warned Americans to avoid areas near Camp Lemonnier, citing threats against US interests, while Finance Minister Ilyas Dawaleh has expressed concerns about the Iran war risks pushing Djibouti into deeper economic uncertainty.

The temporary cease‑fire in the US‑Israel‑Iran war has given Iran and China a strategic opening to challenge the US dollar’s supremacy in global finance. Both nations share a common objective: to reduce reliance on the greenback, especially in the oil sector where, according to a 2023 JP Morgan estimate, roughly 80% of transactions are settled in dollars. In a practical step toward this goal, Iran’s de‑facto toll‑booth system in the Strait of Hormuz—a chokepoint that handles about one‑fifth of the world’s oil and LNG shipments—has started accepting transit fees in Chinese yuan. Lloyd’s List reported that at least two vessels had already paid in yuan by March 25, and China’s Ministry of Commerce later acknowledged the reports on social media. Iran’s embassy in Zimbabwe even called for the introduction of a “petroyuan” to the global oil market, underscoring the political symbolism of the move. While Tehran pledged to guarantee safe passage for two weeks under a US‑brokered cease‑fire, Beijing declined to comment. Harvard economist Kenneth Rogoff told Al Jazeera that Iran’s actions serve a dual purpose: they “poke a thumb in the United States’s eye” and provide a practical alternative to dollar‑based sanctions. Rogoff added that Iran’s shift to yuan aligns with China’s broader effort to redenominate trade among BRICS nations. For both countries, the yuan offers a way to sidestep US sanctions and lower transaction costs. Their trade relationship, cemented by a 25‑year strategic partnership signed in 2021, sees China buying over 80% of Iran’s oil—often at discounted rates—while Iran imports Chinese machinery, electronics, chemicals, and industrial components. Data from Kpler and TankerTrackers indicate that, despite the conflict, Iran’s oil exports to China have remained near pre‑war levels, ranging between 12 million and 13.7 million barrels in the first two weeks of hostilities. China’s ambition to elevate the yuan is long‑standing. President Xi Jinping, in a 2024 address, expressed hope that the yuan would become a global reserve currency. Yet significant hurdles remain: the yuan is not freely convertible due to strict capital controls, and the Chinese financial system is perceived as opaque, limiting broader adoption. According to the IMF, the dollar still dominated global foreign‑exchange reserves at 57% last year, far ahead of the euro’s 20% and the yuan’s modest 2%. Cross‑border trade settled in yuan rose to 3.7% in 2024, up from under 1% in 2012, per S&P; Global—an encouraging but limited shift. Natixis chief economist Alicia Garcia‑Herrero cautioned that the Strait of Hormuz experiment adds only “incremental pressure” and that a true “de‑dollarisation” would require Gulf states, which have priced oil in dollars since the 1970s in exchange for US security guarantees. European analyst Hosuk Lee‑Makiyama highlighted that China’s ability to supply Iran with essential goods makes the yuan a viable alternative, a dynamic not possible for Europe or Japan. He described China as the closest the world has seen to a “manufacturing one‑stop shop.” Consultancy founder Dan Steinbock echoed that while the dollar’s supremacy is unlikely to crumble overnight, the gradual increase in yuan usage could “chip away” at US dominance in specific sectors over time. Rogoff concluded that the long‑term impact hinges on the war’s outcome. If Iran and China emerge stronger, many countries may diversify away from the dollar to avoid US‑imposed financial constraints. Conversely, a decisive US victory could reinforce dollar hegemony for the foreseeable future.

Pakistan's diplomatic efforts have yielded a significant breakthrough, securing a temporary ceasefire between the US and Iran. The development comes after intense negotiations led by Pakistan's Prime Minister Shehbaz Sharif and Army Chief Asim Munir.The crisis had escalated to a point where Pakistan's government and military were deeply concerned about the potential consequences for the country's economy, defense, national security, and sectarian harmony. A defense pact with Saudi Arabia meant that if Riyadh entered the war, Pakistan would be drawn into it as well.Behind the scenes, Munir and Asim Malik, the country's head of army intelligence and national security adviser, played a crucial role in mediating the ceasefire. Munir's strong personal rapport with US President Donald Trump and his longstanding relationship with Iran's Revolutionary Guards were instrumental in brokering the deal.China emerged as a key player in the negotiations, with Pakistani officials claiming that Beijing directly encouraged Iran to accept a ceasefire, promising to act as a guarantor of Iran's safety in any talks. This included assurances that Iranian leaders would not be assassinated if they traveled for negotiations.The ceasefire deal was secured by 4am in Islamabad, with both the US and Iran agreeing to a temporary and fragile truce. Michael Kugelman, south Asia fellow at the Atlantic council, described it as Pakistan's 'biggest diplomatic win in years'.Pakistani officials have expressed concerns that Israel and the United Arab Emirates could still try to sabotage the peace process. However, the successful brokering of the ceasefire has been hailed as a 'shining moment' in Pakistan's history and a 'first step' towards peace.