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The United Kingdom’s new inheritance tax framework for agricultural holdings and family enterprises takes effect on Monday, and accountants warn it will create significant challenges for those affected.After the government’s October 2024 proposal to impose inheritance tax on farms sparked nationwide protests, ministers responded in December 2025 by raising the tax‑free threshold from the originally planned £1 million to £2.5 million per individual.Under the revised rules, the first £2.5 million of combined farm and business assets will continue to enjoy 100 % relief from inheritance tax, while any value exceeding that amount will receive only 50 % relief. Each heir is allocated a personal allowance of £2.5 million.Elsa Littlewood, private‑client partner at BDO, described the rollout as a watershed moment for the farming and family‑business community. She acknowledged the “welcome concessions” but stressed that the new regime represents a “significant departure” from previous policy, demanding earlier and more intensive succession planning.Littlewood highlighted that many farms are “asset‑rich but cash‑poor,” meaning the revised tax structure could force beneficiaries to liquidate land or other assets to meet inheritance‑tax liabilities. This risk underscores the need for owners to engage in proactive estate planning to preserve the long‑term viability of their enterprises.While the threshold increase was applauded by some sector representatives, critics argue the changes remain insufficient to quell rural anger, noting that only the largest estates will now face higher tax bills.

Iran is experiencing the longest nationwide internet blackout ever recorded, according to the global monitoring group NetBlocks. Since the United States and Israel launched their war on Iran on February 28, connectivity has hovered at about 1% of pre‑war levels, effectively cutting the country off from the global web. The blackout follows a prior 20‑day shutdown in January, which coincided with deadly nationwide protests. Combined, these measures mean that Iranian civilians have spent close to two‑thirds of 2026 in digital darkness, relying only on a slow, state‑controlled intranet for basic services and state‑run news. NetBlocks highlighted that while regions such as Myanmar, Sudan, Kashmir and Tigray have endured longer intermittent outages, no other war has forced an entire nation offline to this extent. The monitor added that Iran is the first country to lose previously functional internet connectivity by reverting to a national network. Economic analysts warned that the January shutdown already caused the economy to lose tens of millions of dollars each day in direct damages, with far‑reaching indirect effects. Companies reported that many online businesses could not survive more than three weeks without connectivity, leading to a wave of layoffs and reduced pay raises. One affected worker, Kamran, a product designer in Karaj, said he was dismissed after the latest wave of cuts. He now relies on a local skill‑matching group, but fears competition from thousands of similarly displaced workers. A senior data analyst from a Tehran firm disclosed that the firm is offering lower-than‑expected raises and shifting to three‑month contracts, creating uncertainty about future employment. Compounding the digital crisis, the war has targeted Iran’s steel factories, petrochemical plants and other civilian infrastructure, aggravating pre‑existing problems of high inflation and unemployment. Only a limited segment of the population can access the global internet—either because they are whitelisted by the state or because they pay steep fees for proxy connections that often disappear after a few hours. Government spokeswoman Fatemeh Mohajerani stated that internet access is being granted only to those who can “get the voice out,” such as officials, state‑affiliated entities and news agencies. Citizens on the ground describe a grim reality: frequent power outages, uncertainty about water supplies, and an inability to use services like Google Search or AI tools, even as they watch live feeds from space missions that remain inaccessible. In response to the prolonged shutdown, authorities have begun rolling out a tiered system dubbed “Internet Pro.” Business groups have received a “guide to connect to international internet,” urging them to contact a state‑run messaging app, Bale, for registration. Parallel efforts by a major telecom carrier offer one‑year data packages at prices higher than normal plans, while existing providers have not refunded customers for services they cannot deliver. President Masoud Pezeshkian’s administration, which campaigned on unblocking Iran’s internet, has offered no official explanation for the shutdown, leaving both the battered digital sector and the broader economy facing an uncertain future.

Iranian drone attacks on Sunday inflicted serious damage on two of Kuwait's power and water desalination plants and sparked a fire at the Shuwaikh Oil Sector Complex, though no injuries were reported.Fatima Abbas Johar Hayat, spokesperson for Kuwait’s Ministry of Electricity, Water and Renewable Energy, described the incident as “criminal aggression” that caused “serious material damage” and forced the shutdown of two electricity‑generating units.Al Jazeera’s Malika Traina highlighted the strategic importance of the facilities, noting that around 90 % of Kuwait’s drinking water is produced by these desalination plants, making the disruption a critical blow to the nation’s water security.The strikes come as Gulf states bear the brunt of Tehran’s retaliation to recent US and Israeli attacks on Iran. Kuwait and the United Arab Emirates have become the epicentre of these assaults, according to Al Jazeera’s Victoria Gatenby in Doha.Gatenby warned that if President Donald Trump and Israeli Prime Minister Benjamin Netanyahu follow through on threats to intensify pressure on Iran, Tehran may target similar civilian and energy infrastructure across the Gulf.Bahrain also suffered drone attacks, with its Gulf Petrochemical Industries Co reporting damage to several operational units and Bapco Energies confirming a hit on an oil storage tank. Both incidents caused fires that were quickly extinguished, and no casualties were reported.In Abu Dhabi, authorities responded to multiple fires at the Borouge petrochemical plant, attributing them to falling debris from an interception. Operations were suspended pending a damage assessment, but no injuries have been confirmed.Saudi Arabia announced the interception of missiles early Sunday, underscoring the heightened military alert across the region.Gatenby noted that while Iran claims it is only targeting US military assets, the pattern over the past five weeks shows a broader focus on civilian and critical energy infrastructure. Gulf nations have exercised “incredible restraint,” yet their leaders caution that patience is not unlimited and that Saudi Arabia is invoking its right to self‑defence under Article 51 of the UN Charter.The escalating series of attacks highlights the fragile security environment in the Gulf and raises concerns about the resilience of essential services such as power and water supply amid ongoing geopolitical tensions.

The conflict between Iran, the US, and Israel has taken a severe turn with a series of coordinated attacks on Iranian universities and infrastructure. A research center at Shahid Beheshti University in Tehran was recently bombed, leaving it in ruins. This attack is part of a larger pattern of civilian sites being targeted by the US and Israel. Over 30 universities have been impacted since the start of the war on February 28, according to Hossein Simaei Saraf, the Iranian minister of science, research, and technology. The attacks have not only damaged educational facilities but also research centers, including those working on domestically made satellites and infectious diseases. The Pasteur Institute in Tehran, a renowned center for vaccine development and biological products, was also attacked, sustaining significant damage and disrupting health services. The World Health Organization (WHO) confirmed the damage and noted that no casualties were reported. In addition to educational and healthcare facilities, over 20 healthcare facilities have been targeted since March 1, according to WHO Director-General Tedros Adhanom Ghebreyesus. The attacks have also affected schools, houses, and businesses, resulting in over 2,000 deaths and widespread destruction. The economic sector has not been spared, with petrochemical and steel factories being destroyed in recent bombardments. The US and Israel have also targeted critical infrastructure, including power plants and water desalination plants, which are civilian targets protected under international law. The Iranian government and the Islamic Revolutionary Guard Corps (IRGC) have vowed to retaliate and escalate attacks across the region. The situation has drawn international condemnation, with over 100 US legal experts expressing concerns about potential war crimes and violations of international humanitarian law.

Italian Prime Minister Giorgia Meloni recently visited Qatar, meeting with Emir Sheikh Tamim bin Hamad Al Thani to address pressing energy concerns amid the ongoing conflict between Iran, the United States, and Israel. This meeting marks a significant step in Italy's efforts to bolster its relationships with key Gulf nations and ensure a stable energy supply.The discussions between Meloni and the Qatari leader focused on energy issues and potential measures to mitigate the shocks caused by the Iran war. Italy, being highly dependent on energy imports, is particularly concerned about the rising energy prices resulting from Iran's effective blocking of the Strait of Hormuz, a critical waterway through which approximately 20 percent of global oil and liquefied natural gas transits.During the meeting, Meloni expressed Italy's readiness to contribute to the rehabilitation of Qatari energy infrastructure, which is essential for global energy security. This commitment underscores Italy's proactive approach to addressing the energy crisis and its willingness to collaborate with Qatar to ensure a stable energy supply.The Qatari Emir's office stated that both sides stressed the need for de-escalation and prioritized political dialogue and diplomacy to contain the current crisis in the Middle East and its repercussions on energy and supply chains. They also reviewed bilateral cooperation between Italy and Qatar, exploring ways to support and develop it in various fields, particularly in the economy and energy sectors.Since the beginning of the war at the end of February, Iran has targeted US and Israeli targets in the region, as well as Gulf countries, including Qatar. Iran's attacks on Qatar's energy installations, such as the missile strike on Ras Laffan Industrial City, have caused significant damage and are expected to affect Doha's natural gas export capacity.Meloni's trip to the Gulf aimed to strengthen relations with these countries and reiterate Italy's support against Iranian attacks. As the first leader of a European Union or NATO country to travel to the region since the war broke out, Meloni's visit underscores Italy's commitment to regional stability and energy security.

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.

Iranian drones have launched a series of attacks on Kuwait's oil infrastructure, resulting in severe material damage and posing a significant threat to oil supplies that are already strained due to the ongoing US-Israel war on Iran.The drone strikes, which took place on Sunday, happened just hours before members of the Opec+ group of major global oil suppliers convened to discuss strategies for increasing output, despite Iran's effective blockade of the Strait of Hormuz shipping route.The Islamic Revolutionary Guard Corps of Iran claimed responsibility for the attacks, stating that they had targeted petrochemical plants in Kuwait, as well as in the United Arab Emirates and Bahrain. The Kuwait Petroleum Corporation reported damage and fires at its subsidiaries, including at the Shuwaikh oil sector complex, which houses the oil ministry and KPC headquarters.The attacks on Kuwait's oil infrastructure are part of a broader escalation of tensions in the Middle East, with Iranian drones also reportedly striking an office complex for Kuwaiti government ministries and two power and water desalination plants.The conflict has led to the largest disruption to oil supplies in history, with the price of Brent crude surging more than 50% since the start of the year to a peak of $119.50 a barrel in March. It is currently trading at about $109 a barrel.The disruptions have had a significant impact on energy costs for consumers, with the average price of a litre of unleaded petrol in the UK reaching 154.45p on Sunday, and the average US fuel price passing $4 a gallon for the first time in four years.Opec+ members have agreed in principle to raise output by 206,000 barrels a day in May, but the agreement remains largely symbolic while Iran continues to block the Strait of Hormuz, a vital trade artery through which about 20% of the world's total crude oil passes.

Donald Trump’s demand that Iran reopen the Strait of Hormuz has an immediate impact on U.S. gasoline prices, but analysts warn that a prolonged conflict will push energy costs higher across the globe, far beyond the fuel pump. Systemic increases in power prices and disrupted supply chains are set to compress margins for industries worldwide; in the United States, the effect could be especially damaging to the fragile economics of the AI boom. Oil‑importing nations in the Global South are already feeling the strain: Egypt has imposed curfews, Indonesia is trialling work‑from‑home Fridays, and the Philippines has declared a national energy emergency. While the United States, as a major oil exporter, can partially insulate itself, the country cannot escape the global rise in energy costs. Experts predict that price pressure will linger for months even if the strait reopens within days. Companies are revisiting cash‑flow forecasts, and the AI sector—characterised by energy‑intensive model training and debt‑laden expansion—faces a particularly acute risk. OpenAI chief Sam Altman attempted to downplay environmental concerns, likening the energy required to train an AI model to the cumulative food intake over a human’s 20‑year development. The Bank of England’s Financial Policy Committee warned that rising energy costs could depress AI share prices, noting that investors were already uneasy about the sector’s heavy reliance on debt financing and uncertain return prospects before the war began. "The conflict could increase these concerns, particularly given the energy‑intensive nature of the supply chain for key components and the operation of datacentres," the committee said. World Trade Organization chief economist Robert Staiger echoed this view, cautioning that a prolonged period of high energy prices could "crimp" AI investment. He highlighted that AI‑related goods accounted for 70% of U.S. investment growth in the first three‑quarters of last year. A forensic note from US law firm Quinn Emanuel revealed that the AI sector generated roughly $60 billion in revenue last year while committing $400 billion to capital expenditure. The financing structure mirrors the 2008 crisis, with off‑balance‑sheet special purpose vehicles and asset‑backed securities playing a central role. Leading "hyperscalers" and infrastructure providers such as CoreWeave are borrowing enormous sums to build out datacentres, although some analysts argue that many projects lag behind their lofty promises. Much of this borrowing comes from private‑credit lenders, making total liabilities opaque and challenging for regulators—an issue the Bank of England has repeatedly flagged. Complex financing arrangements see datacentres owned by special purpose vehicles, debt pooled and sold to pension funds, and other layered structures that obscure true exposure. Quinn Emanuel estimates that $120 billion of datacentre debt has been moved off‑balance sheets in the past two years. The firm warns that distress at any single node could cascade through the tightly interconnected AI ecosystem. Extended higher energy costs, combined with volatile interest rates and weaker consumer demand—both likely fallout from the Middle East war—could trigger that distress. The fundamental question remains: can the AI sector generate sufficient revenue to justify its sky‑high valuations? Even modest energy price hikes may force a market rethink, with potential spill‑over effects across U.S. markets and beyond. As the article concludes, the economic fallout may be yet another unintended consequence of Trump’s aggressive stance on Iran, unleashing forces beyond his control.

The Accelerator's Withdrawal: A Signal of Loss of ConfidenceDelve's relationship with Y Combinator has officially ended following a series of damaging allegations regarding compliance and data security. This severance marks a significant blow to the startup's credibility, compounded by the distancing actions of other major investors like Insight Partners.The Catalyst: Anonymous Allegations and Data BreachesThe controversy stems from an anonymous Substack campaign by "DeepDelver," which accused the company of misleading clients about regulatory compliance and passing off open-source tools as proprietary technology. These claims were further fueled by a security researcher's ability to access sensitive Delve data and a malware incident involving a customer, LiteLLM.YC's Response: Delve was removed from the accelerator's portfolio directory, with COO Selin Kocalar confirming the split on X.Insight Partners: The firm initially deleted posts about its investment but later restored the primary blog entry.The Defense: A Coordinated Attack or Operational Failure?In a bid to set the record straight, Delve's leadership team, including CEO Karun Kaushik, claims the attacks are a coordinated smear campaign orchestrated by an attacker who exfiltrated internal data. They argue that the "evidence points to a malicious attack rather than a genuine whistleblower."However, the company also acknowledged "growing too fast and falling short of our own standard." To mitigate the damage, Delve has hired a cybersecurity firm, offered complimentary re-audits to customers, and clarified that their open-source usage is compliant with Apache 2.0 licensing.Future Outlook: Rebuilding Trust in a Fragile EcosystemThe departure from Y Combinator suggests that the startup's growth trajectory is now in jeopardy. For a compliance-focused company, trust is the primary currency; the current allegations threaten to devalue this currency permanently. The coming months will determine if Delve can survive this reputational crisis or if it will become a cautionary tale in the compliance tech sector.