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Economy Apr 07, 2026

UK pushes to auto‑release £1.5 bn in dormant child trust funds when holders turn 21

Around 758,000 young adults in Britain are missing out on unclaimed Child Trust Funds worth an esti…
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.
#Child Trust Fund #UK Government #Department for Work and Pensions
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News Apr 07, 2026

Trump's Threat to Crush Iran's Power Grid Raises Stakes for Strait of Hormuz and Regional Energy Security

President Donald Trump has warned Iran that failure to reopen the Strait of Hormuz by a set deadlin…
President Donald Trump issued an ultimatum demanding that Iran reopen the Strait of Hormuz by 8 p.m. Eastern Time on April 7 (midnight GMT on April 8) or face the destruction of national power plants and major bridges.This demand mirrors a March 21 warning in which Trump threatened to strike Iran’s power plants – “the biggest one first” – if the waterway was not fully reopened within 48 hours.Since then, the deadline has been extended several times, with the White House citing progress in secret negotiations aimed at ending the ongoing conflict, a claim Iran publicly denies.While Trump has repeatedly declared that Iran would “lose every power plant and every other plant they have in the whole country,” he has not identified specific facilities as targets.The president has also threatened to demolish Iran’s bridges; a recent U.S.–Israeli strike damaged the B1 bridge in Karaj, a high‑profile structure slated for inauguration, underscoring the tangible risk to civilian infrastructure.Legal analysts warn that such attacks could constitute “collective punishment,” a practice prohibited under international humanitarian law.Iran’s electricity network comprises hundreds of power stations that together form one of the Middle East’s largest grids, supplying power to approximately 92 million people. Most facilities cluster around major population centres—Tehran, Mashhad, and Isfahan—where demand is highest.The generation mix is dominated by natural‑gas‑fired plants, supplemented by coal, oil, hydro, and a single nuclear facility. In the north and centre of the country, dense clusters of gas‑fired stations serve Tehran, Karaj, Isfahan and Mashhad.Along the Gulf coast, a second concentration of plants benefits from proximity to vast gas fields and ports, enabling large thermal stations to operate on abundant natural gas. This coastal belt also hosts the Bushehr Nuclear Power Plant, Iran’s only nuclear reactor with a capacity of 1,000 MW, a site that has been repeatedly targeted by U.S. and Israeli forces, raising concerns about potential radioactive fallout.Hydropower generation is centred on a series of dams along the Karun River, the country’s primary source of hydroelectric power.All electricity is transmitted through a national grid managed by the Iran Grid Management Company, delivering power to cities, industry and households.A map of Iranian power stations with capacities of 100 MW or more shows that a single 100 MW plant can typically supply electricity to 75,000–100,000 homes, depending on consumption patterns.The nation’s largest facility is the Damavand Power Plant in Pakdasht, about 50 km southeast of Tehran, boasting a capacity of 2,868 MW—enough to energise more than two million homes.Key high‑capacity plants include:Damavand (Pakdasht) – Natural‑gas combined‑cycle, 2,868 MW.Shahid Salimi – Neka, Caspian Sea coast, natural gas, 2,215 MW.Shahid Rajaee – Near Qazvin, natural gas, 2,043 MW.Karun‑3 Dam – Khuzestan Province, hydropower, 2,000 MW.Kerman – Natural gas, 1,912 MW.Other strategically important stations are the Ramin Power Plant (1,903 MW, gas), the Bushehr Nuclear Power Plant (1,000 MW, nuclear), and the Bandar Abbas Power Plant (1,330 MW, oil) near the Strait of Hormuz.Iran’s electricity generation is heavily fossil‑fuel dependent: in 2025, 86 % of power came from natural gas, 7 % from oil‑fired plants, about 5 % from hydropower, 2 % from nuclear, and less than 1 % from solar and wind. This makes Iran one of the world’s most gas‑reliant power systems.Targeting the grid would therefore cripple energy supply for millions, disrupt industrial output, and could trigger a humanitarian crisis, while also escalating geopolitical tensions in an already volatile region.
#power #iran #plants
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World Economy Apr 07, 2026

Libya's Oil Disputes Mirror Hormuz Crisis, Threatening European Energy Security

Libya's oil disputes are escalating, mirroring the crisis in the Hormuz Strait and posing significa…
The global oil trade is facing a chokepoint crisis, with Libya's oil disputes mirroring the situation in the Hormuz Strait. The Strait of Hormuz, a critical waterway for oil transportation, was briefly closed after US and Israeli strikes on Iran in late February, causing Brent crude oil prices to soar to nearly $120 a barrel.Libya, with its strategically located oil terminals on the northeastern coast, has become a crucial player in the global oil trade. The country's light, sweet grades of oil are particularly valuable to European refiners. However, Libya's political instability and factional oil deals are threatening to disrupt oil supplies, with Europe's energy security hanging in the balance.The Libyan National Army (LNA), led by Khalifa Haftar, controls the territory where Libya's oil is located, while the Government of National Unity (GNU) in Tripoli signs oil contracts. This has led to a situation where Tripoli may sign oil contracts, but Haftar decides whether oil actually flows. The Arkenu agreement, a private oil company linked to the Haftar family, was recently terminated due to corruption allegations, leaving the future of Libya's oil supplies uncertain.The US is attempting to broker new talks between Tripoli and Haftar's camp, but a deal is not yet certain. Meanwhile, European energy security is at risk, with the Mediterranean Sea becoming a battleground for proxy wars between Russia and Ukraine. The sabotage of oil infrastructure and attacks on tankers are exacerbating the situation, highlighting the need for a stable and secure oil supply to Europe.
#oil #libya #libyan
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News Apr 07, 2026

Iran, Hezbollah, and Houthis Launch Coordinated Missile and Drone Strike on Israel

In a significant escalation of the Middle East conflict, Yemen's Houthi rebels, backed by Iran and …
Yemen's Houthi rebels have announced that they, along with their backers Iran and Lebanon's Hezbollah, have launched a coordinated attack on Israel. The assault involved a barrage of cruise missiles and drones aimed at several vital and military sites belonging to Israel. The attack was confirmed by Houthi military spokesman Yahya Saree, who stated that the operation was a show of solidarity with the Palestinians. This development marks a significant escalation in the Middle East conflict, drawing in multiple actors from the region. The Houthis, who control much of northern Yemen, have been involved in the conflict since March 28, when they officially joined the war in support of Iran. They have previously targeted Israel and disrupted shipping in the Red Sea and Gulf of Aden as a show of solidarity with the Palestinians during the Israeli war on Gaza. In related developments, Israeli officials reported that the bodies of four people killed in an Iranian strike on a residential building in Haifa had been recovered. This comes as Israel continues to target Hezbollah in Lebanon, with recent strikes hitting Beirut's southern suburbs and other areas in the country's south. The Israeli military has been pounding Lebanon, saying it is targeting Hezbollah terror targets. On Sunday, Israel struck two Amana petrol stations controlled by Hezbollah, which served as significant financial infrastructure for the group. In south Lebanon, four people were killed in a raid on a car in Kfar Rumman. Lebanon's Health Ministry reported that an Israeli attack killed a paramedic from the Hezbollah-allied Risala Scout Association on Monday. Two paramedics from the Islamic Health Committee were also killed in an Israeli strike a day earlier. The World Health Organization (WHO) has verified 92 attacks on health facilities, medical vehicles, personnel, and warehouses in the region. The conflict has resulted in significant casualties, with Lebanon reporting 1,497 people killed since the war erupted, including 57 health workers. The situation remains volatile, with ongoing strikes and counter-strikes threatening to expand the conflict further.
#iran #hezbollah #houthis
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News Apr 07, 2026

Former Kursk Governor Sentenced to 14 Years for Corruption That Weakened Border Defences During Ukraine’s 2024 Incursion

A Russian court sentenced ex‑governor Alexei Smirnov to 14 years in a penal colony for taking bribe…
A Russian court on Monday handed former Kursk governor Alexei Smirnov a 14‑year prison term in a penal colony after finding him guilty of corruption that left the region’s border defenses vulnerable during Ukraine’s August 2024 offensive. According to the verdict, the 52‑year‑old official accepted bribes from construction firms tasked with building anti‑tank barriers. Investigations revealed that the barriers were erected with substandard materials incapable of stopping Ukrainian armored units, directly contributing to the rapid advance of an estimated 11,000 Ukrainian soldiers into Kursk. The court also imposed a fine of 400 million roubles (≈ $4.9 million), confiscated more than 20 million roubles (≈ $220,000) from Smirnov’s assets, and barred him from any employment for ten years. Smirnov, who had been appointed governor in May 2024 and resigned in December of the same year, pleaded guilty and was subsequently detained. He claimed that his predecessor, Roman Starovoit, encouraged the practice of accepting kickbacks. Starovoit, later appointed transport minister, was dismissed by President Vladimir Putin in July 2025 and died under circumstances ruled as suicide. The incursion marked the first time in decades that foreign troops entered Russian soil, forcing an estimated 78,000 Russian soldiers to engage the Ukrainian force and exposing systemic weaknesses in Russia’s border security. The Kremlin responded with a sweeping crackdown on regional and military officials deemed responsible for the failure. Russian forces eventually expelled the Ukrainian units from Kursk in April 2025, reportedly with assistance from several thousand North Korean troops. The episode remains a diplomatic embarrassment for President Putin, highlighting the strategic and political fallout of corruption within Russia’s regional administrations.
#russia #kursk #ukraine
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News Apr 07, 2026

South Korean intelligence says North Korea pulls back from Iran to court U.S., hints at grooming teenage daughter as heir

South Korea’s National Intelligence Service reports that North Korea is distancing itself from Iran…
South Korean intelligence officials say Pyongyang is deliberately stepping back from its long‑standing partnership with Iran as it seeks to open a diplomatic channel with the United States.The National Intelligence Service (NIS) found no evidence of weapons or material transfers to Tehran since the US‑Israel conflict over Iran erupted at the end of February.Unlike its allies China and Russia, which have issued frequent statements on the Middle‑East war, North Korea’s foreign ministry has released only two muted comments, condemning the US and Israeli attacks but remaining silent on internal Iranian leadership changes.Analysts interpret this restraint as a strategic move to position North Korea for a new diplomatic chapter with Washington once the regional conflict subsides.In a separate revelation, the NIS disclosed that Kim Jong Un appears to be grooming his teenage daughter, Ju Ae—estimated to be around 13 years old—as a potential successor, citing recent footage of her driving a tank.The display mirrors Kim’s own early‑2010s public military appearances, which were designed to showcase his readiness to inherit power.Previously, Kim’s sister Kim Yo Jong was considered a leading heir candidate. She recently praised South Korean President Lee Jae Myung for apologising over a January drone incursion, calling the gesture “wise” and “fortunate.”Lee admitted that government officials were involved in the drone incident and expressed regret, part of his broader effort to repair inter‑Korean ties since taking office.Despite these overtures, North Korea has largely ignored Seoul’s diplomatic initiatives, with Kim labeling South Korea the “most hostile state” in a March policy address.
#north #korea #iran
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Australia News Apr 06, 2026

Uncovering Australia's Oldest Playable Musical Instruments

The article explores the discovery of Australia's oldest playable musical instruments, including a …
The quest to find Australia's oldest playable musical instrument has led to the discovery of several remarkable pieces. A 16th-century double bass crafted by Gasparo da Salò, a renowned luthier, has been found to be one of the oldest playable instruments in the country. Currently on loan to Max Bibeau, principal double bass for the Australian Chamber Orchestra (ACO), this instrument was made around 1580 in Brescia, Italy. Only a handful of such instruments exist globally, and Bibeau's relationship with the double bass was not immediate. He notes that it took considerable time and effort to 'wake it up' and make it playable again. The instrument had been stored in an abbey in northern Italy for centuries before being discovered by German bass player Prof Günter Klaus in the late 1960s. Culturally, the yidaki (didgeridoo), a sacred instrument to the Yolŋgu people, is likely Australia's oldest instrument, with a history spanning thousands of years. For an exhibition in 2017, curators at the South Australian Museum worked with Yolŋgu community members to restore a selection of the oldest and most unique yidaki to playing condition. The oldest restored yidaki was made around 1890. Another contender for the oldest instrument is a piano from the First Fleet, a 'square' piano made by Frederick Beck in 1780. This instrument, now housed at the Western Australian Academy of Performing Arts, has a softer and smaller sound compared to modern pianos. The oldest instrument found in Australia is an ocarina from Colombia, estimated to have been made around AD 1200. This ancient vessel flute is part of a collection of 830 musical instruments donated to the Queensland Museum. While it can produce a sound, its original sound and playability are uncertain due to its fragility and age. The wood used for the front of Bibeau's da Salò bass has been dated to a tree growing as early as 1266. According to Bibeau, age can enhance an instrument's sound, but it requires careful preservation and play to maintain its quality. He notes that 'instruments need to be played' and that 'the more it vibrates, the better it vibrates.'
#instrument #says #but
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Sports Apr 06, 2026

Bastoni Redemption: Inter Milan Triumphs Over Roma Amidst Italy's World Cup Woes

Alessandro Bastoni, an Inter Milan defender, faced backlash after Italy's World Cup qualifying play…
Italy's World Cup qualifying playoff woes continued as they lost to Bosnia on penalties, following a 1-0 win over Northern Ireland. Alessandro Bastoni's first-half red card in the Bosnia game was pivotal.Bastoni had been jeered by fans in away games for Inter Milan due to his actions in February's Derby d'Italia against Juventus, where he got Pierre Kalulu sent off. He apologized for his behavior, calling it 'really ugly'.Inter Milan bounced back from their slump with a convincing 5-2 win over Roma, Lautaro Martínez scoring. Marcus Thuram and Hakan Calhanoglu also shone, with the latter scoring a goal of the season contender from 30 yards.The win eased Inter's nerves ahead of Serie A title contention, keeping their lead intact. Alessandro Bastoni received a standing ovation when substituted, with fans chanting his name.
#Inter Milan #Alessandro Bastoni #AS Roma
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World Apr 06, 2026

Netanyahu's 'Easy' War on Iran Unravels with Devastating Consequences

The article discusses the ongoing conflict between Israel and Iran, and how Israeli Prime Minister …
The recent conflict between Israel and Iran has highlighted the consequences of Israeli Prime Minister Benjamin Netanyahu's promise of an 'easy' war. When Netanyahu met with US President Donald Trump at Mar-a-Lago in December, he came with an appeal and a subtle inducement.Netanyahu had suggested a final benefit to Trump: defeating Iran would allow Israel to wean itself off its massive reliance on US military aid. However, the reality of the conflict has been far from easy, with Iran's resilient regime and the ongoing Middle East war showing no signs of abating.The conflict has also had significant implications for global diplomacy, with Emmanuel Macron reflecting a widespread view that US and Israeli strikes on Iran would not provide a durable solution to Tehran's nuclear program. The war has undermined Nato and potentially emboldened China, Russia, and North Korea.The conflict has also led to a decline in support for Israel globally, with polls showing a decline in support for Israel across the political spectrum in the US, particularly among Democrats and young voters. A Gallup survey released recently showed that Americans are more sympathetic to Palestinians than Israelis for the first time since Gallup began measuring that question in 2001.
#israel #netanyahu #war
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