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JP Morgan's proposed 279,000 sq metre tower in Canary Wharf, which would serve as its European headquarters, is contingent on the UK government offering a business rates discount of up to 100% over a period of years. This potential sweetener could amount to hundreds of millions of pounds, as the site is estimated to generate up to £1.6bn in rates over 25 years.The development, which would house 12,000 JP Morgan staff, is part of a £3bn investment in London. The bank's CEO, Jamie Dimon, cited the UK government's priority on economic growth as a critical factor in the decision. However, documents from the local Tower Hamlets council reveal that JP Morgan is unlikely to progress with the project without clarity on the business rates incentive.The proposed discount has sparked controversy, as it would benefit a large corporation while potentially disadvantaging small businesses like pubs and restaurants that were recently hit with increased business rates in the budget. One proposal considers creating an enterprise zone around JP Morgan's development to enable time-limited business rates discounts.The negotiation highlights the significant influence of large corporations in securing favorable deals. Despite the potential economic benefits, including 7,800 construction-related jobs and an estimated £10bn contribution to the UK economy over six years, the deal raises questions about fairness and the cost to taxpayers.

The UK government is poised to fully nationalize British Steel within weeks, a significant move that would mark a major shift in the country's steel industry. British Steel, which employs 3,500 people at its Scunthorpe plant, has been under government control since last April, when the Chinese owner, Jingye, threatened to shut down the site. The steelmaker operates the last two remaining blast furnaces in the UK, crucial for producing steel from scratch. The government's decision to nationalize the company is driven by the need to maintain domestic steel production, which is considered vital for national security and economic growth. Ministers had offered Jingye £100m for British Steel earlier this month, but the offer was rejected. The Chinese company had initially demanded over £1bn. The government may now set Jingye a deadline to reach a deal or proceed with nationalization. The cost of keeping British Steel running has ballooned to £377m by the end of January, with projections suggesting it could exceed £1.5bn by 2028 if current trends continue. The National Audit Office has highlighted the need for a swift resolution to the ownership issue. Gareth Stace, director general of UK Steel, has expressed support for nationalization, stating it would provide vital certainty for the workforce, customers, and supply chain. The sector has seen significant interest from potential buyers, including Miami-based investor Michael Flacks. The UK government's move to protect the steel industry comes as part of broader efforts to counter cheap Chinese imports. Earlier in March, ministers announced plans to double tariffs on imported steel and reduce the amount of steel that can be bought from abroad.

Eli Lilly, the US pharmaceutical group behind the Mounjaro weight-loss drug, is seeking to resume its investments in the UK after pausing them last year. The company is in talks with UK ministers to regularly increase NHS drug prices and end a rebate scheme. Patrik Jonsson, president of Eli Lilly's international business, expressed optimism about reaching an agreement this summer.The talks will also explore 'innovative' pricing plans, such as linking payments for anti-obesity drugs to whether the treatment helps patients return to work. This comes as the US pharmaceutical industry increases pressure on the UK, with Keir Starmer agreeing to the first increase in NHS cost-effectiveness thresholds in 27 years. The threshold was raised from £20,000 to £30,000 a year for every year of life gained to £25,000 to £35,000.Eli Lilly was one of several pharmaceutical companies that ditched or paused almost £25bn in planned investments in the UK last year. The company paused its plans to invest in a laboratory site in central London. Jonsson stated that the resumption of Eli Lilly's investment would depend on the outcome of its talks with the government.He emphasized that prices for medicines in the UK had been 'far too low for far too long' and that the threshold couldn't remain static for another three decades. The UK agreed to pay 25% more for new medicines by 2035 as part of a US-UK drug pricing deal, which could eventually reach £9bn a year.Large pharmaceutical companies have protested about a 'rebate' scheme, under which they are required to pay back a chunk of revenue from sales of branded medicines. This scheme is expected to fall in 2026, although Jonsson believes payments 'should actually get down to zero' over time.

The price of oil has surged to $116 a barrel after Donald Trump's comments on seizing Iranian oil, sparking concerns over a potential escalation in the Middle East conflict. Brent crude, the international benchmark for oil, rose by 2% in early trading on Monday.Trump told the Financial Times that his 'favourite thing is to take the oil in Iran,' which led to a significant increase in oil prices and a drop in Asian stock markets. Japan's Nikkei fell by 3%, while the South Korean Kospi dropped 3.4%. Hong Kong's Hang Seng index shed about 1%.The conflict in the Middle East has escalated with the arrival of 3,500 US troops and Houthi rebels in Yemen firing ballistic missiles at Israeli sites. This has led to concerns over a potential disruption in oil supplies, causing natural gas prices to increase in Europe.Analysts warn that if the conflict doesn't end quickly, crude could rise to $150 or even $200 per barrel, which could lead to a global recession. The UK's Keir Starmer is set to hold talks with bosses from Shell, BP, and Equinor to discuss emergency measures to contain the crisis.The war in the Middle East has driven Brent crude to its biggest monthly gain ever, up by 59% since the start of March. Industry figures have warned of potential temporary shortages at petrol pumps in the UK due to the conflict.

On Palm Sunday, Israeli police restricted access to Jerusalem's Holy Sepulchre, a site considered holy by Christians worldwide. A priest was prevented from entering the site, highlighting ongoing tensions in the region.The Holy Sepulchre, located in Jerusalem's Old City, is a key pilgrimage site for Christians, marking the place of Jesus Christ's crucifixion, burial, and resurrection. Palm Sunday, which commemorates Jesus' triumphal entry into Jerusalem, is a significant event in the Christian calendar.The incident has raised concerns about religious freedoms and access to holy sites in Jerusalem, a city considered sacred by Jews, Christians, and Muslims. The Israeli police's actions have been criticized by some as an infringement on religious rights, while others may view it as a security measure to maintain order in the sensitive area.

US Representative Nancy Mace, a Republican, has emphasized that Congress should have a say in any decisions to deploy troops to Iran. Her comments come amid concerns over the administration's plans and reports that the Pentagon is preparing for limited ground operations in Iran. Mace's stance underscores division within President Donald Trump's political party on the issue of military action in Iran. She expressed her concerns during an interview on CNN, stating, 'If we're going to do a conventional ground operation with Marines and 82nd Airborne that is a ground war that I believe Congress should have a say and we should be briefed.' The Washington Post reported that the Pentagon is preparing for limited ground operations in Iran, including raids on Kharg Island and sites near the Strait of Hormuz. Mace added, 'We don't want troops on the ground. I think that's a line for a lot of people. If we're going to do that, then come to Congress and get the proper authorities to do so.' President Trump has not publicly supported deploying US troops to Iran but has maintained that all options remain on the table. His endgame and final timeline for the conflict have remained unclear. Military analysts and Trump's own director of national intelligence have noted that while Iran's military capabilities have been diminished, the country still maintains the ability to inflict damage on the region and potentially rebuild. Inter-party divisions are evident, with some Republican lawmakers expressing concerns about the potential consequences of a ground invasion. Former member of Congress and Trump ally Matt Gaetz directly decried any possible ground invasion, stating, 'A ground invasion of Iran will make our country poorer and less safe.' The US has increased its military presence in the region, with about 3,500 additional soldiers arriving in the Middle East on board the USS Tripoli on Saturday. The Wall Street Journal reported that Trump was weighing sending an additional 10,000 troops to the region, where about 40,000 US troops are typically stationed.

Israeli police have taken unprecedented action by blocking Cardinal Pierbattista Pizzaballa, the Latin patriarch of Jerusalem, from entering the Church of the Holy Sepulchre on Palm Sunday. This move marks a significant escalation in tensions, as it is the first time in centuries that the Heads of the Church have been prevented from celebrating the Palm Sunday Mass at this sacred site.The Catholic Church strongly condemned the decision, describing it as a 'manifestly unreasonable and grossly disproportionate measure' that disregards the sensibilities of billions of people worldwide. The Church emphasized that this incident represents an extreme departure from basic principles of reasonableness, freedom of worship, and respect for the status quo.Israeli police cited safety concerns due to the ongoing US-Israeli war on Iran as the reason for closing all holy sites in Jerusalem. However, this explanation has been met with criticism from various countries, including Italy and France. Italian Prime Minister Giorgia Meloni described the incident as 'an offence not only to the faithful, but to any community that respects religious freedom.'The incident has sparked international condemnation, with French President Emmanuel Macron emphasizing that worship 'for all religions' must be guaranteed in Jerusalem. The Italian Foreign Minister Antonio Tajani also summoned Israel's ambassador over the incident, highlighting the growing diplomatic fallout.

The Pentagon is gearing up for weeks of limited ground operations in Iran, potentially including raids on Kharg Island and coastal sites near the Strait of Hormuz, according to US officials. These plans, which fall short of a full invasion, may involve special operations and conventional infantry troops.The operations would expose US personnel to Iranian drones and missiles, ground fire, and improvised explosives. The plans have been discussed within the administration over the past month, with objectives under consideration including the seizure of Kharg Island, a key Iranian oil export hub in the Gulf.According to officials, the objectives would likely take weeks, not months to complete. The Pentagon has not responded to requests for comment, and Iran has yet to respond to the report.The developments come as Pakistan mediates between Washington and Tehran, hosting talks with the foreign ministers of Saudi Arabia, Turkey, and Egypt. Iranian parliament speaker Mohammad Bagher Ghalibaf warned that Iran is prepared to respond to any ground attack, stating that the enemy's plans for a ground attack are being met with readiness from Iranian forces.Iran's navy chief, Shahram Irani, also warned that the USS Abraham Lincoln aircraft carrier would be targeted if it comes within range. The situation remains tense, with Iran posing a credible threat in the Bab al-Mandeb Strait, which lies between Yemen and Djibouti.

The US-Israel war on Iran has entered its 30th day, with diplomatic efforts intensifying to bring an end to the conflict. Foreign ministers from Pakistan, Turkiye, Egypt, and Saudi Arabia are scheduled to hold talks in Islamabad, aimed at de-escalating the situation.The conflict has escalated across the Middle East, with Yemen's Houthis joining the war by firing missiles at Israel on Saturday. Tehran has threatened retaliatory attacks on Israeli and US universities in the region after the United States and Israel bombed Iranian universities.US-Israeli strikes have continued, with powerful explosions rocking Tehran on Sunday morning, killing two people and wounding five in a residential area. The Iranian Fars news agency reported that US-Israeli attacks also hit the Saadat Abad neighbourhood of northern Tehran and another residential area in the west of the capital.In the Gulf, Saudi Arabia intercepted and destroyed 10 drones in the early hours of Sunday, while the UAE Ministry of Defence said its air defences responded to missiles and drone threats. Emirates Global Aluminium reported that an Iranian attack on Saturday inflicted significant damage on one of its sites in Abu Dhabi and wounded six employees.Iran's power has been underestimated, according to Al Jazeera's Mohamed Vall, reporting from Tehran. He said that one month into the war, Iran has proved that its power was underestimated by the enemy, who thought that the war would be a short excursion and that the country would capitulate after just a few days of bombardment.The conflict has also led to protests in Lebanon, with protesters taking to the streets in Beirut after Israeli forces killed journalists Fatima Ftouni and her brother and colleague, Mohammed, of Al Mayadeen, as well as Al-Manar's Ali Shuaib on Saturday.In Israel, people took to the streets in Tel Aviv, rallying against the war and increased settler violence, as they clashed with police. The Israeli military announced the death of a soldier, Moshe Yitzhak HaCohen Katz, in southern Lebanon as Hezbollah's attacks on northern Israel continue.The US Central Command (CENTCOM) said some 3,500 additional soldiers arrived in the Middle East on board the USS Tripoli. The Washington Post reported that the Pentagon is preparing for weeks of ground operations in Iran, although Al Jazeera could not independently verify the report.