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UK manufacturers are facing a significant increase in business rates, with a projected annual hike of £940m due to changes introduced by Chancellor Rachel Reeves. These changes, effective this month, have sparked concerns among industry leaders.The increase is attributed to the government's decision to raise business rates at the budget in November, which included an additional surcharge on buildings with a rateable value of more than £500,000. This move has been criticized by MakeUK, an industry lobby group, as it disproportionately affects manufacturers with large factory floors.According to MakeUK, factories account for a fifth of England and Wales's property by rateable value, despite manufacturers only contributing a 10th of economic output. The lobby group argues that the current system of business rates is outdated and unfair, leaving manufacturers paying disproportionately more than other sectors relative to their size.Verity Davidge, policy director at MakeUK, stated: "The current system of business rates is outdated and is a blunt instrument that leaves manufacturers paying disproportionately more than other sectors relative to their size. This increase couldn’t come at a worse possible time and is set to hammer one of the government’s key strategic sectors which is already facing existential threats from increased energy and employment costs which are completely out of their control."The government has faced backlash from various sectors, including pubs and live music venues, and has made some concessions, such as announcing £80m in discounts in January. However, MakeUK is calling for further support, including a year's notice before raising rates and a more nuanced system that takes into account business turnover, size, and type.A government spokesperson responded to MakeUK's analysis, stating: "We have the right economic plan - we’re reforming business rates to back manufacturing, with a £4.3bn support package to limit bills rises, alongside capping Corporation Tax at 25%, cutting red tape and taking action on energy by reducing electricity bills by up to 25% for over 7,000 businesses."

Vietnam’s gig‑economy is under pressure as fuel prices soar following the Iran‑related blockade of the Strait of Hormuz. Nguyen, an e‑hailing driver in Ho Chi Minh City, reported that a 7‑hour shift earned him 240,000 VND (≈$9.11) while fuel alone cost 120,000 VND (≈$4.56), wiping out half his income.Diesel prices have more than doubled and petrol has risen by almost 30 %, straining riders who rely on motorcycles – the dominant transport mode in a city of over 7 million two‑wheelers.In response, Prime Minister Pham Minh Chinh announced a temporary suspension of the environmental tax on diesel, petrol and aviation fuel until 15 April, a move that will forfeit an estimated $273 million in revenue but aims to curb the price surge.Experts warn the shock highlights Vietnam’s vulnerability to external conflicts. Nguyen Khac Giang, a visiting fellow at the ISEAS‑Yusof Ishak Institute, said the tax cut is essential to “keep macro‑economic stability intact” amid “turbulence outside Vietnam”.Beyond gig workers, the ripple effect reaches public transport and airlines. Bus operators have raised fares by 3,000 VND (≈$0.11) yet still face losses, while Vietnam Airlines and Vietjet have trimmed flight schedules.Gig workers lack collective bargaining power. Do Hai Ha, a University of Melbourne research fellow, noted that platform drivers “have no chance to negotiate with the platforms” and are excluded from minimum‑wage or overtime protections, forcing many to work longer hours for diminishing returns.Small‑scale entrepreneurs are also feeling the pinch. A fisherman from Binh Thuan reported that his catch price fell from 800,000 VND (≈$30) to 650,000 VND (≈$24) as fuel costs climbed, while a bus fare collector on route 13 said the company cannot absorb the higher fuel bill despite modest fare hikes.Households are cutting back on essential goods. Uyen Pham of Saigon Children’s Charity observed that the price of bottled cooking gas has nearly doubled, prompting low‑income families to revert to wood‑fuel stoves and limit travel to see relatives.The crisis is prompting a strategic rethink on energy policy. Giang warned that Vietnam’s reliance on just two refineries – which currently meet only 40 % of national petrol demand – is unsustainable, urging accelerated investment in domestic refining capacity.Corporate responses are already shifting. Vingroup, the country’s largest conglomerate, announced it would pause a planned LNG‑fired power plant and redirect funds to renewable projects, citing “significant risk of high fuel prices” linked to the war.For workers like Duy, who runs a café near a petrol station, the tax suspension offers modest relief: projected price cuts of about 25 % for petrol and 5 % for diesel could ease daily expenses that had briefly doubled.

For Konstantin, a 53‑year‑old resident of St Petersburg, the war in Ukraine has become a literal scent in the air. Over the past fortnight he has repeatedly detected the acrid odor of burning crude, fuel and chemicals drifting from Ukrainian drone strikes on Russia’s two largest Baltic oil terminals. The facilities at Ust‑Luga and Primorsk together handle about 40% of Moscow’s seaborne oil exports and roughly 2% of global oil supply, according to the International Energy Agency. Both ports lie within 150 km of St Petersburg, making the smoke visible – and smelt – to locals. Ukrainian drones have flown more than 1,000 km from the front lines to strike storage tanks and loading infrastructure, igniting fires that have burned for days. The smell, described by Konstantin as a mix of diesel exhaust, burning plastic and rotten eggs, first appeared in late March. These attacks are a key element of Kyiv’s strategy to erode Russia’s “unexpected windfall” from oil exports, a revenue stream that has surged as the US‑Israel campaign against Iran pushed global oil prices higher. Satellite imagery shows extensive damage at both terminals, with Ust‑Luga’s sprawling processing complex blackened by fire. As a result, both ports are currently unable to dispatch cargo, forcing traders to reroute oil to smaller Baltic and Black Sea ports that lack the capacity to absorb the displaced volume. Financial analysts estimate that the disruption has already cost Moscow roughly $1 billion in lost export earnings, according to Bloomberg data released on March 31. Moreover, every $10 rise in global oil prices translates into about $1.6 billion of additional monthly income for the Kremlin. Russian officials have blamed European nations for allegedly facilitating the drone overflights, but Ukrainian experts dispute this claim. Andrey Pronin, a pioneer of Ukraine’s drone warfare, emphasized that the strikes are meticulously planned to stay within Russian airspace, bypassing air‑defence systems. Since the campaign began, Ukrainian forces have targeted 13 oil sites, seriously damaging at least eight refineries from the Baltic coast to the Volga region. The attacks are timed to coincide with the heightened profitability Russia enjoys from the Iran‑related oil price surge, according to researcher Nikolay Mitrokhin of Bremen University. Beyond the immediate economic impact, Kyiv views the strikes as leverage in negotiations with Moscow. President Volodymyr Zelenskyy has floated the idea of a temporary moratorium on attacks against Ukrainian energy infrastructure in exchange for concessions, though the strategy also inadvertently benefits Iran by sustaining higher oil prices. On the tactical side, Ukraine now relies heavily on FP‑1 drones produced by the domestic Firepoint company. These unmanned aircraft can carry up to 120 kg of explosives and travel roughly 1,500 km, enabling strikes deep inside Russian territory. For civilians living near the conflict zones, the nightly “fireworks” of explosions have become a grim routine. Abdulla, a Tatar resident of Crimea, described the constant shelling as a new normal, while analysts note that President Vladimir Putin remains resolute, using the ongoing talks with the White House as a diplomatic façade. Overall, the Ukrainian drone campaign illustrates how modern warfare increasingly intertwines kinetic attacks with strategic economic disruption, reshaping the dynamics of the Russia‑Ukraine war and its broader geopolitical reverberations.

Ukraine's military has launched a significant drone strike on Russian energy infrastructure in the Black Sea, targeting the port of Novorossiysk. According to Ukrainian drone forces commander Robert Brovdi, the overnight attack hit the Admiral Makarov missile carrier in the port, which serves as Russia's largest oil exporting outlet on the Black Sea.The attack is part of Ukraine's broader strategy to disrupt Russian energy exports and reduce Moscow's revenues. Ukraine has increased its attacks on Russian energy infrastructure in recent weeks, aiming to halt Russian oil exports and impact the Russian economy.Russian authorities reported that at least eight people, including two children, were injured in Novorossiysk. Videos posted on Telegram showed a fire at one of the oil port's docks. Novorossiysk Mayor Andrei Kravchenko stated that debris from drones had fallen on two locations in the city, including a residential area.Russia's military claimed that air defense units had downed 148 Ukrainian drones over a three-hour period. The Caspian Pipeline Consortium (CPC) terminal, located in the Novorossiysk port area, exports oil from Kazakhstan and has major US oil companies, such as Chevron and ExxonMobil, as shareholders.The attack on Novorossiysk comes amid a series of Ukrainian drone strikes on Russian oil infrastructure. On the previous day, Ukrainian drones struck Russia's Baltic Sea port of Primorsk and the NORSI oil refinery in Nizhny Novgorod. These attacks are part of Ukraine's efforts to reduce Moscow's revenues from oil sales, which are crucial for the Russian economy.In response to the attacks, Russia's Ministry of Defence accused Ukraine of deliberately targeting the CPC terminal to inflict economic damage on its largest shareholders, including US and Kazakh energy companies.

Apple is escalating its legal war with Epic Games by petitioning the U.S. Supreme Court to review the court's ruling on App Store fees. This move signals a critical juncture in the tech giant's defense of its revenue model, as it attempts to overturn a decision that limits its ability to charge developers for external payments. The Strategic Shift to the Highest Court After losing its appeal at the Supreme Court in a previous phase of the case, Apple is now taking its fight to the highest level of the U.S. judiciary. The tech giant filed a petition to review the Ninth Circuit Court's ruling, which found Apple in contempt for charging a 27% fee on external payments—a slight discount from its standard 30% fee. Current Status: Apple secured a temporary stay on the Ninth Circuit's ruling on April 6, 2026, effectively pausing the enforcement of the lower court's decision. Epic's Response: Epic Games immediately challenged this stay, arguing it is merely a delay tactic to prevent the court from establishing permanent bounds on Apple's fees. Legal Timeline: The battle began in 2020 when Epic bypassed Apple's fees, leading to a 2021 ruling where Apple was not deemed a monopoly but was ordered to allow external payment links. The Economics of the 27% External Fee The core of Apple's legal strategy revolves around the justification of its fee structure. While Apple reduced its commission to 27% for external transactions, Epic argues this effectively defeats the purpose of the court order, as developers still do not save significant money due to processing fees. Apple's Stance: The company argues the fee covers more than just payment processing; it includes hosting, discovery, software, and developer tools, reflecting the value of the ecosystem. Competitor Benchmark: Google settled with Epic Games last month, dropping its Play Store commissions to 20%, highlighting the pressure Apple faces to lower its rates. Developer Impact: Only a few developers, including Spotify, Kindle, and Patreon, have been willing to utilize the external payment links due to Apple's aggressive tactics. Erosion of the App Store Moat This legal battle represents a significant threat to Apple's primary revenue stream. If the Supreme Court upholds the lower courts' rulings, it could force Apple to lower its commissions or abandon its current fee structure entirely. Market Dynamics: As consumers increasingly turn to AI chatbots and agents for transactions, the traditional gatekeeper role of the App Store is being challenged. Regulatory Pressure: The court's decision will set a precedent for how tech giants can regulate commerce within their ecosystems, potentially opening the door for more developer freedom. A High-Stakes Legal Verdict Looking ahead, the Supreme Court's willingness to hear this case is uncertain. The Court previously declined to hear a similar appeal regarding Apple's monopoly status. If they reject this petition, the Ninth Circuit's decision stands, and Apple will be forced to comply with the lower fee structure. However, if the Court agrees to hear it, Apple will push to convince judges that courts should not have the authority to limit the fees it charges for its services, potentially reshaping the digital economy for years to come.

Article 52 of the first Additional Protocol to the Geneva Conventions bars attacks on civilian targets. The International Criminal Court has already issued arrest warrants for Russian officers involved in strikes on Ukraine’s energy grid, a precedent that would apply to the United States if President Donald Trump’s threats to bomb Iran were carried out. Trump, alongside Defense Secretary Pete Hegseth, has adopted a tone that resembles a “blood‑thirsty fever dream.” Hegseth framed the proposed Operation Epic Fury as a 21st‑century crusade, while Trump unleashed a profanity‑laden tirade demanding the immediate reopening of the Strait of Hormuz, warning that “Tuesday will be Power Plant Day, and Bridge Day… Open the Fuckin’ Strait, you crazy bastards, or you’ll be living in Hell.” This rhetoric, emerging just before the United States’ 250th independence anniversary, undermines the credibility of the presidency and the nation’s moral standing. The editorial notes that, in a more restrained political climate, senators like Chris Murphy might explore constitutional avenues to remove Trump, but the current cabinet’s “craven complicity” makes such prospects remote. The international community now watches anxiously, fearing that a broader escalation between the United States, Israel, and Iran could trigger “unknowable and spiralling consequences.” Iran has signaled it could widen its attacks across the region, and the recent closure of the Hormuz Strait demonstrates that Trump’s threats are not merely rhetorical. NATO allies have declined to endorse Trump’s approach, citing the absence of a coherent strategy and a lack of legal justification. They hope the president’s apocalyptic language masks a genuine search for a rapid de‑escalation, especially as global economic pressure mounts. Trump later claimed there was a “good chance” of a cease‑fire with Iran before his deadline, yet hours later Israel bombed a key petrochemical plant in Iran’s largest gas field, contradicting any notion of imminent peace. During a White House press briefing, Trump and Hegseth highlighted the rescue of a missing U.S. fighter crew shot down over Iran, a moment that starkly contrasted with the looming threat to thousands of lives and the stability of the global economy, now hanging on the whims of a president driven by self‑aggrandizement and an echo chamber of advisers.

After a decade of becoming a staple of Augusta National’s gift shops, the beloved 14‑inch ceramic Masters gnome may be facing retirement at the 2026 tournament. While the club has declined to comment, collectors are already scrambling to purchase the final batches before the item potentially disappears from the merchandise lineup.First introduced in 2016 as a hospitality giveaway, the gnome was opened to the public in 2018 and quickly turned into a hot‑ticket collectible. The 2020 “Santa” edition, released during the pandemic‑shifted November Masters, has become especially prized, with complete sets now fetching upwards of $20,000 (£15,000) on the secondary market.According to sporting‑auctions specialist Ryan Carey, a 2016‑era gnome could command around $10,000 at auction, despite its original retail price of just $49.50. Resale platforms routinely list the figures at several multiples of cost, prompting owners to guard their gnomes as if they were cash.The demand is so intense that estimates suggest roughly 1,000 gnomes are stocked each day, yet they sell out within an hour. Fans line up for hours before the gates open, eager to secure the item that can dramatically boost their pension pots. Because attendees may re‑enter the course, many purchase the gnome, park it in their vehicle, and return later, turning the shop into a high‑stakes arena each Masters week.While the gnome trade thrives in a quasi‑black‑market environment, Augusta officials appear unconcerned about the financial implications. The tournament generates an estimated $70 million in annual merchandising revenue, and the removal of the gnome would likely elevate its underground value even further.For 2026, the gnome arrives with a functional umbrella—a whimsical nod to the fair weather forecast—but critics argue that the relentless “gnome‑hunting” may be eroding the overall patron experience. Limits on the number of gnomes an individual can purchase have done little to curb the frenzy.If Augusta decides to discontinue the gnome, its brief but spectacular lifespan will have left an indelible mark on golf culture, turning a simple ceramic figurine into one of the sport’s most coveted memorabilia.

Billy Livsey, an American musician who arrived in England in the 1970s, transitioned from touring with Slim Chance and Gallagher & Lyle to writing hits for Shakin’ Stevens, Elkie Brooks and Paul Young before being tapped to write for the teen pop group Five Star. In the mid‑80s Livsey co‑wrote the chart‑topping single “System Addict” with Gary Bell, and a few months later his publisher suggested a partnership with lyricist Peter Sinfield. After a brief exchange of a rough melody, Sinfield asked Livsey to pen the words over the phone, resulting in the lyric sheet for what would become “Rain Or Shine.” The demo featured the renowned session vocalist Tessa Niles, whose résumé includes touring with The Police and singing on Eric Clapton’s “Layla” on his Unplugged album. Livsey recalls that her effortless delivery set the tone for the final recording. Recording took place at London’s iconic Mayfair Studios, a venue that had hosted legends such as George Michael and Tina Turner. Livsey admits he “stole” a sequencer fragment from Donald Fagen’s “New Frontier” to give the track a subtle, progressive‑pop edge. Five Star’s lead vocalist Deniece Pearson remembers the demo’s female vocal as a revelation compared to an earlier male‑sung version of “All Fall Down.” Her father and manager, Buster Pearson, urged her to “listen to the lady on the demo and articulate your words.” Because she was wearing braces, Deniece deliberately over‑enunciated to keep the metal from sticking to her lips – a quirky detail she still laughs about. Studio sessions were far from smooth. Frequent electrical glitches prompted Livsey to joke, “Gremlin. Gremlin.” Yet he remained confident, insisting that such hiccups often precede a hit record – a prediction that proved accurate. Upon release, “Rain Or Shine” became a staple of Five Star’s live repertoire, earning spots on Top of the Pops, the Royal Variety Performance and the Miss World stage. During a tour, a fan pulled Deniece into the audience pit, only to be rescued by her “hunky Italian” security guard, a moment she now recounts with affection. Today the song closes the group’s concerts as an encore, with audiences singing along and often moving Deniece to tears. She credits Livsey’s melodic craftsmanship, noting that the 80s songwriting formula – a strong melody followed by soaring vocals – remains the song’s enduring charm.

Two weeks after the United States and Israel entered a direct conflict with Iran, the White House faced mounting criticism that the war would drive up fuel costs and anger voters. Former President Donald Trump attempted to calm concerns on Truth Social, noting that the United States is the world’s largest oil producer and that higher prices translate into higher revenues for American companies. Now, five weeks into the hostilities, the reality is becoming clear: defense contractors and oil companies are the primary beneficiaries of the escalating energy market. The Department of Defense announced that Boeing will partner with Lockheed Martin to triple U.S. production of missile seekers, a move that sent Lockheed Martin’s stock up 25% since the start of the year. The announcement also lifted Boeing’s share price, underscoring how wartime procurement is boosting aerospace valuations. At the same time, Iran’s continued blockade of the Strait of Hormuz—through which roughly one‑fifth of global oil and gas flows—has pushed U.S. crude from $65 to over $110 per barrel in just a month. Pump prices have mirrored this surge, breaking the $4‑a‑gallon barrier for the first time since 2022. Oil majors have responded with sharp stock gains; ExxonMobil, Shell and Chevron have each risen more than 20% year‑to‑date. According to market‑research firm Rystad Energy, U.S. oil producers stand to earn an additional $63 billion as barrels trade above $100. “Oil prices in March have been materially higher than anyone expected, delivering a windfall for the vast majority of U.S. energy companies,” said Leo Mariani, senior analyst at Roth Capital Partners. The last comparable price shock occurred in 2022 after Russia’s invasion of Ukraine, when U.S. gasoline peaked at $5 per gallon and inflation surged to 9%. That episode generated $916 billion in global oil‑and‑gas profits, with U.S. firms accounting for $281 billion. Chevron’s subsequent $75 billion stock‑buyback program—seven times its prior year’s amount—illustrates how quickly companies can translate price spikes into shareholder returns. Research by economists Gregor Semieniuk and Isabella Weber revealed that in 2022, 50% of oil‑company profits went to the top 1% of Americans, while the bottom half of the wealth distribution captured just 1% of those gains. Analysts warn that the current conflict could generate even larger windfalls because it has damaged actual production capacity in the Middle East, not merely reshuffled supply. “You’re benefiting a lot more from higher prices than you are from lost production,” Mariani noted, emphasizing the outsized profit potential. Even if hostilities cease, restoring pre‑conflict output in the region may take months, prolonging the supply crunch. As senior fellow Clay Seagle of the Center for Strategic and International Studies explains, the current situation differs from 2022: “Now we’re dealing with a much more severe supply event because the oil has been actually removed from the market.” Prolonged high prices could eventually curb demand, as consumers and businesses seek alternatives—a shift seen after the 1970s oil shocks when the U.S. moved away from oil‑generated electricity. Nonetheless, many sectors remain vulnerable: diesel, a key fuel for trucks and aircraft, has risen 40%, and airline stocks such as United and American have fallen more than 15% since the year began. Moreover, disruptions to liquefied natural gas (LNG) production threaten fertilizer supplies essential for agriculture. Semieniuk cautions that “we’re approaching the kinds of disruption levels we saw in 2022, and with that, the kinds of profits that we saw there. If this takes longer, it’s going to surpass that.”