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Aramco’s Q1 Profit Surge Amid Middle‑East ConflictSaudi Arabia’s state oil giant reported a 26% jump in first‑quarter profit, reaching $33.6 bn, while revenue grew nearly 7% to $115.5 bn. The performance was achieved despite attacks on infrastructure and a shutdown of Gulf‑port exports.East‑West Pipeline Keeps Oil Flowing Despite Strait ClosureThe company’s east‑west pipeline, now operating at its maximum capacity of 7 million barrels per day, rerouted crude from the eastern fields to the Red Sea port of Yanbu, sidestepping the blocked Strait of Hormuz.Pipeline capacity: 7 m bpdAlternative route: East coast → Yanbu (Red Sea)Strait of Hormuz: effectively closed since late FebruaryFinancial Upswing: 26% Profit Jump and Revenue GrowthKey financial highlights:Profit: $33.6 bn (+26% YoY)Revenue: $115.5 bn (+7% YoY)Quarterly dividend maintained at $21.9 bn (up 3.5% YoY)Geopolitical Shockwaves: Oil Prices and Market OutlookWith the strait blocked, Brent crude surged to around $100 per barrel, roughly 40% above pre‑conflict levels. CEO Amin Nasser warned that even an immediate reopening would leave the market out of balance for months, and prolonged curtailment could push the normalization timeline to 2027.Future Outlook: Market Rebalancing and Pipeline’s Strategic RoleAramco expects the supply disruption to persist if shipping remains constrained, positioning the east‑west pipeline as a critical hedge against geopolitical risk. The company’s dividend stability and robust cash flow suggest continued capacity to fund Saudi domestic spending, even as the broader energy market navigates uncertainty.

The Lead: Europe's Defense AwakeningIn a small workshop in England's East Midlands, engineers at the British startup Skycutter are designing weapons for Ukraine. The swarms of cheap, deadly and often autonomous drones deployed in that war have already changed combat completely, forcing European militaries to scramble to catch up in a drive to spend billions on weaponry. This push comes with added pressure from Donald Trump's wavering on the Nato alliance and the US president's insistence that members increase defence budgets.The New Arms Race: Survivable vs. Attritable WeaponsMilitaries do not believe they can totally dispense with people or heavier machinery such as tanks, artillery and ships. But a big chunk of the planned spending will go on drones of various sizes, whether for the air, land, sea or below the waves. Gen Sir Roly Walker, the UK's chief of the general staff, last year said he wanted the forces' equipment to be 20% "survivable" (because they have people inside), 40% "attritable" (you aren't too worried if they're destroyed), and 40% "consumable" (single use).The growing feeling across Europe is that "we should be able to stand up on our own two feet," according to one person at a fast-growing weapons startup. "Sovereignty is about control. If you buy things off the shelf from elsewhere you are always ceding some control." That applies to parts and materials as well. The UK is consulting on how much needs to come from Britain for a product to be sovereign. Manufacturers cannot necessarily rely on parts and materials from various countries who could become adversaries – notably China.The Financial Surge: €800 Billion and CountingThe EU has responded by promising to spend €800bn on defence over four years. The UK has also pledged to put aside more, with Keir Starmer likely to come under pressure to show progress after Labour's heavy losses in recent elections. A crop of well-funded startups are gaining momentum and expanding production, making big promises – many still unproven – that they can do a better job than traditional manufacturers and Silicon Valley rivals.European defence tech unicorns include Helsing, a German company backed by the Spotify founder Daniel Ek, and the German drone makers Quantum Systems and Stark Defence. Stark and Helsing recently won orders from Germany's military for attack drones, while all but Quantum are investing in UK factories. The British missile maker Cambridge Aerospace – controversially chaired by the former defence secretary Grant Shapps – is reportedly also close to joining the billion-dollar ranks.Geopolitical Shifts: Redefining European Defence PostureThe unsettling combination of Trump and war on the doorstep has sharpened long-running criticism that the continent has relied too much on US weapons makers. "A lot of supply chain diversification dreams have evaporated," says Kusti Salm, a former Estonian defence mandarin turned chief executive of the anti-drone missile startup Frankenburg. "I think it's natural if Europe wants to sustain its prosperity and freedom."Ricardo Mendes, chief executive of the drone maker Tekever, says the advent of unmanned aerial vehicles has prompted "a radical transformation in how defence technology is built", with companies betting on future demand for kit rather than locking in long-term contracts before starting. Tekever, which Mendes co-founded in Portugal in 2001, reached a billion-dollar "unicorn" valuation last year, and has 1,200 people, including new factories in the UK's drone cluster in Swindon, Wiltshire, and another in Cahors, south-west France.The Future Outlook: European Defence Innovation EcosystemUS rival unicorns include the drone maker Shield AI, the autonomous boat company Saronic Technologies, and the anti-drone weapons company Epirus. But two companies with names taken from JRR Tolkien's Lord of the Rings lead the American pack: the software company Palantir and the autonomous weapons maker Anduril. Both are making significant inroads into Europe, particularly the UK, but that expansion is coming under scrutiny as European politicians balk at their stridently pro-Trump backers.Palantir was backed by the billionaire Trump donor Peter Thiel. Thiel, a vocal critic of liberal democracies, has also backed Stark, which has raised concerns in Germany, though Stark says Thiel has no direct operational or strategic influence. Palantir's chief executive, Alex Karp, has repeatedly extolled American dominance, while Anduril is run by 33-year-old Palmer Luckey, who has personally hosted a Trump fundraiser and has cultivated close ties with the administration.As Europe pours billions into defense technology and sovereignty, the landscape of global defense manufacturing is being reshaped. The coming years will determine whether European startups can deliver on their promises and establish a sustainable defense ecosystem independent of traditional suppliers and geopolitical dependencies.

The Quest for a Winless, Point‑Free Season While point deductions are a common way for clubs to end a campaign on zero, a far smaller group have hit the rock bottom purely by losing every single fixture. The Guardian’s Q&A; explores which sides have actually finished a full season with 0 points on the books. Record‑Breaking Zero‑Point Campaigns Across the Globe Antigua Barracuda – 2013 United Soccer League (USL) season: 26 matches, 0 wins, 0 draws, 0 points. The club operated on a shoestring, with unpaid players and long minivan trips to games. Woodford United – Southern League Division One Central, 2012‑13: 42 league defeats, 0 points. Budget cuts forced youth coaches to field a makeshift squad, resulting in a record 185 goals conceded. Longford AFC – Gloucestershire Northern Senior League Division Two, 2015‑16: 30 losses, 0 points. Even a cameo from former England star Stuart Pearce could not spark a goal. Gibraltar Phoenix – Gibraltar Premier Division, 2013‑14: 14 games, 0 points in the league’s inaugural UEFA‑recognised season. Grêmio Barueri – Campeonato Paulista, 2016: 19 matches, 0 points despite playing in a 31,000‑seat stadium. Glasgow Women FC – Scottish Women’s Premier League, 2022‑23: 22 defeats, 0 points, 6 goals scored. Billericay Town Women – Women’s National League Southern Premier Division, 2022‑23: 0 points in a similar fate. Yeni Malatyaspor – Turkish TFF First League, 2022‑23: 38 straight losses, 0 points amid financial collapse. Numbers That Define the Infamy The raw statistics underline the severity of these campaigns. The longest winless streak recorded in the list is 42 matches (Woodford United), while the highest goals‑against tally sits at 185 in the same season. In the United States, the 26‑game USL season of Antigua Barracuda remains the only professional league where a club finished with a perfect loss record. What Zero‑Point Seasons Reveal About Club Viability Across continents, the common thread is financial distress. Unpaid wages, inadequate travel budgets, and stadiums that outsize the fanbase all contributed to on‑field collapse. These seasons often trigger relegation, loss of league licences, or outright dissolution, highlighting how fragile lower‑tier football ecosystems can be. Will Modern Football Prevent Another Point‑Free Year? Governance reforms—stricter licensing, financial fair‑play checks, and emergency funding mechanisms—aim to stop clubs from reaching such extremes. However, as long as revenue gaps persist between elite and grassroots levels, the risk of another zero‑point season remains, especially in leagues with limited oversight.

The Lead Ascot's announcement to leave the Racecourse Association (RCA) at the end of the year has sent shockwaves through the horse racing industry, potentially triggering a constitutional crisis and a significant shift in power dynamics. Ascot's Bold Move The decision, communicated via email on a bank holiday, signals Ascot's dissatisfaction with the RCA's governance structure, which it believes favors smaller venues over major tracks like itself. This move may be followed by other prominent tracks, including the Jockey Club, which operates major courses such as Cheltenham and Aintree. The Governance Dispute The dispute centers on the RCA's one-track, one-vote structure, which Ascot and its allies argue gives too much influence to smaller venues, particularly those operated by the Arena Racing Company (ARC). Ascot, along with the Jockey Club and other major tracks, had called for a formal governance review to ensure that significant views from key racecourses could influence outcomes. The Potential Impact If the Jockey Club follows Ascot's lead, the British Horseracing Authority (BHA) will face a constitutional crisis, as the RCA's representation on the BHA board would lose legitimacy. This could lead to a major shift in power towards the biggest tracks, potentially altering the sport's governance and decision-making processes. The Future of Horse Racing Governance The RCA chair, Wilf Walsh, faces a challenging task in negotiating a balance that satisfies both major and smaller tracks. The outcome will likely determine the future direction of horse racing in the UK, with implications for the sport's governance, commercial operations, and overall stability.

The Manager Market ConundrumIn the high-stakes world of football management, clubs often find themselves in a cycle of hiring and firing managers when results don't go their way. Nottingham Forest and Tottenham provide recent examples of this pattern, yet both have seen dramatic improvements under new leadership. Forest brought in Vítor Pereira, who took 15 points from his first nine league games, lifting them six clear of the relegation zone. Tottenham appointed Roberto De Zerbi after a disastrous start to the season, and the team has shown renewed spirit and tactical clarity in recent matches.The Economic Theory Behind Manager MarketsThe article references the work of Finnish economist Marko Terviö, whose theory suggests that in markets for very talented individuals where ability is only revealed on the job, companies have limited incentives to find the very best. Once that ability is revealed, the individual will simply sell themselves to the highest bidder. This, the article argues, sounds very much like the market for football managers.Simon Kuper and Stefan Szymanski, in their book Soccernomics, build on this theory, suggesting that managers don't actually matter all that much in determining team performance. This idea gained prominence earlier this year when Chelsea director Daniel Finkelstein allegedly made similar comments to a fans' protest group regarding why the club hadn't pursued Luis Enrique.The Financial Reality of Football PerformanceResearch consistently shows that the biggest single factor in determining football performance is wage spending. The club with the greatest revenues will typically be near the top of the table, and it would be unrealistic to expect a club operating on a League Two budget to qualify for the Champions League.However, the article notes that when a manager can take a team with the second-highest wage bill and make them champions, or when someone like Andoni Iraola can take a team with the 17th-highest wage bill to the verge of Champions League qualification (as he has done with Bournemouth), they are clearly adding value beyond what financial resources alone would suggest.The Emotional Factor in ManagementDespite economic theories suggesting managers have limited impact, the emotional aspect of football cannot be ignored. Studies may suggest that the 'new manager bounce' doesn't really exist, but few at Forest would believe they would be as close to safety under Sean Dyche, and few at Spurs would think the situation would have improved as much under Igor Tudor, who lasted just 44 days in the job.The article points out that poor results can quickly lead to a negative cycle where a manager doubts themselves, feels beleaguered, and makes poor decisions as a result. Once that happens, as one club owner put it, 'the light goes out in their eyes,' and termination becomes the only solution.The Future of Football ManagementThe football manager market may be inefficient, but perhaps necessarily so, because everything in football changes constantly. The multiple interlocking contingencies of the sport make it resistant to simple analysis. Clubs must balance economic theories with the reality that leadership, motivation, and tactical approach do make a difference, even if that difference is difficult to quantify.Ultimately, the success of managers like De Zerbi and Pereira may not be about defying the 'roll of the dice' but about finding the right approach for the specific circumstances at each club. As the course keeps changing, different managers may be better suited at different times, creating what appears to be unpredictability but may actually be a complex system responding to changing conditions.

Independent Football Regulator (IFR) has been urged to prohibit Premier League clubs from accepting sponsorship from gambling operators that are not licensed in the UK, following a response from Entain during the regulator’s latest licensing consultation.IFR consultation sparks call for a ban on unlicensed gambling sponsorsThe industry body’s second licensing consultation attracted a formal submission from Entain, which asked the IFR to clarify that its draft code should bar clubs from deals with operators lacking a UK licence. This season, clubs including Everton (Stake), Sunderland (W88), Fulham (SBOTOP), Bournemouth (bj88) and Burnley (96.com) have front‑of‑shirt deals with unlicensed firms, and 18 of the 20 clubs have displayed ads for such operators on stadium LED boards.Financial stakes: £4.3bn unlicensed betting market and club revenue£4.3bn – estimated annual turnover of the unlicensed gambling market in Britain (Betting and Gaming Council).£12bn – total Premier League TV rights value, with £6.7bn generated in the UK.89% – share of illegal streams that feature adverts for unlicensed bookmakers (Campaign for Fairer Gambling report).1.5 million Britons placed £4.3bn bets on unlicensed sites last year, representing a 9% market share (Frontier Economics).Approximately 420,000 British schoolchildren are estimated to gamble with unlicensed operators (Yield Sec).Implications for the Premier League’s commercial model and fan protectionThe symbiotic link between sports piracy and unlicensed gambling, highlighted by Stella David of Entain, threatens the league’s broadcast‑driven revenue model. Unregulated operators do not pay UK gambling tax and are reported to target vulnerable users, with 67% of GamStop‑excluded players exposed to their advertising.What the next regulatory round may bring for clubs and operatorsThe IFR’s draft licensing code already bans income “connected to serious criminal conduct”. If the regulator adopts Entain’s clarification, clubs could be forced to move existing front‑of‑shirt deals to sleeve placements or terminate them entirely. A stricter code could also trigger broader “mission‑creep” concerns from clubs wary of the IFR’s expanding remit.

The Lead: A Conceptual Artist Turns a Pier into a Biennale HighlightLydia Ourahmane, a 33‑year‑old British‑Algerian artist, opens a site‑specific exhibition at the Nicoletta Fiorucci Foundation during the 2026 Venice Biennale, built around a community‑constructed pier on the quarantined island of Poveglia. The Pier Project: From Cooperative Vote to Exhibition CoreOurahmane partnered with local craftspeople and producer Giorgio Mastinu to design and build a functional pier that allows boats to dock on Poveglia. The cooperative voted to accept her offer in March, and the structure now serves both as artwork and as lasting infrastructure for the island’s residents. Location: Poveglia Island, Venice lagoonMaterials: Local timber, traditional Venetian boat‑building techniquesPurpose: Facilitate access, symbolise non‑extractive collaboration Numbers that Matter: Scale, Weight, and the Euro‑Coin Light MachineThe exhibition incorporates several striking metrics: 1.3 tonnes of decommissioned Venetian hotel bed‑linen repurposed into a sculptural installationA historic coin‑operated lighting device from the church of San Giovanni Crisostomo, requiring visitors to insert a €1 coin to illuminate the workThe Biennale runs until November 2026, after which the artworks will disperse globally Impact Analysis: Challenging Extractivism and Rethinking Museum EconomicsOurahmane’s decision to build a pier rather than extract materials directly from Poveglia confronts the legacy of tourism‑driven development on the island. By embedding the artwork in a functional public amenity, she highlights the tension between cultural capital and local agency, questioning the “pay‑to‑see” model that underpins many museums. Future Outlook: Community‑Centred Art as a Model for Global BiennalesIf the pier endures beyond the Biennale, it could become a permanent example of how large‑scale art events collaborate with host communities. The approach may inspire future curators to prioritize co‑creation over consumption, potentially reshaping the economics of cultural institutions worldwide.

The LeadLike the rest of the western world, our household is currently binging medical drama The Pitt, revelling in its visceral depiction of life in a modern emergency department. So far the series has yet to inspire a video game tie-in (though there has been an amusing parody), but fans wishing to try their hand at tense medical (mal)practice, should not despair. Here are eight of the best hospital games spanning more than 40 years of gruesome interactive surgery. Microsurgeon (1982, Mattel Intellivision) Created by lone developer Rick Levine, this early oddity shrank players down and put them into the bloodstream of a sick patient where they had to blast diseased cells and unclog arteries. Clearly inspired by the movie Fantastic Voyage, the title features strange, colourful, almost psychedelic depictions of human anatomy. Life & Death (1988, PC, Mac, Atari ST, Amiga etc) This point-and-click abdominal surgery simulation was groundbreaking in its realism. Players had to diagnose a variety of conditions (kidney stones! aortic aneurysm!), before ordering tests and scans and finally operating while an ECG display showed your victim’s – sorry, patient’s – heart rate. Sanitarium (1998, PC, smartphones from 2015) The asylum has always been a popular trope for horror games, from the imaginatively titled 1981 adventure Asylum to the Silent Hill series. I’m going for this disturbing psychological thriller in which a patient wakes up in a seemingly abandoned sanatorium, his memory gone, his face completely bandaged. Emergency Call Ambulance (1999, arcade) You’ve no doubt heard of Crazy Taxi, Sega’s hectic arcade game about careering around a city picking up annoying passengers. But did you ever play its stablemate, Emergency Call Ambulance, about driving around a city picking up desperately ill passengers? Trauma Center: Under the Knife (2005, Nintendo DS) If you thought the Nintendo DS was all about cosy puzzle games, you were wrong. Developed by veteran publisher Atlus, this fascinating game was part surgery sim, using the handheld’s touchscreen and stylus for realistic operations, and part visual novel as lead character Dr Derek Stiles navigated life in a futuristic hospital. Surgeon Simulator (2013, PC, PlayStation, Switch, Xbox) Surgeon Simulator is a game where you play as a surgeon with a goal to perform operations. The game became famous for its challenging gameplay and realistic physics.

The Guardian’s review of the Royal Opera’s triple‑bill, Tales of Love and Loss, finds the evening more funny than foreboding, with each one‑act using ghostly motifs to explore love, loss and absurdity.Laughing Through the Ghosts: The Triple‑Bill’s Concept and ExecutionThe programme pairs three English‑language one‑acters: Elizabeth Maconchy’s 1961 drama The Departure, Charlotte Bray’s Making Arrangements and Elena Langer’s newly arranged Four Sisters. Staged at the Linbury Theatre until May 9, the works juxtapose melodrama with comic relief, using period sets, flashing‑light effects and a chamber‑orchestra rewrite to keep the mood buoyant.Critical Reception and Musical HighlightsThe Departure – praised for its “mawkish” ending and the Britten Sinfonia‑sized sound that supports mezzo‑soprano Ellen Pearson and baritone Sam Hird.Making Arrangements – noted for Bray’s lean score, Peggy Wu’s conducting and the “gothic rampage” performed by Hird and soprano Hannah Edmunds.Four Sisters – highlighted for Langer’s witty, genre‑shifting music and the ensemble of Pearson, Jingwen Cai and Madeline Robinson, with Edmunds as the dark‑horse maid.What This Means for the Royal Opera’s Contemporary ProgrammeThe success of the triple‑bill demonstrates the Royal Opera’s willingness to blend serious subject matter with humor, attracting audiences who might shy away from traditional tragedy. By showcasing emerging composers and the Jette Parker Artists, the house signals a commitment to fresh, English‑language works that can compete with the classic repertoire.Looking Ahead: Future Directions for Jette Parker Artists and New OperasGiven the positive response, the Royal Opera is likely to commission more one‑act pieces that balance darkness with levity. Audiences can expect further collaborations with composers like Bray and Langer, and a continued platform for young talent to experiment with narrative and musical form.