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Venezuela's interim President Delcy Rodriguez has urged the United States to remove the sanctions that have severely impacted the country's economy. Her comments come after the US Treasury Department announced new licenses allowing transactions with certain Venezuelan banks and individuals. However, Rodriguez argues that these measures are insufficient to help Venezuela overcome its economic crisis. She believes that a complete removal of sanctions is necessary to provide legal certainty to investors and foster sustained economic growth. “We reiterate the need to advance towards a Venezuela free of sanctions, as a means of providing institutional legal certainty to investors coming to our country – a setting where they are guaranteed sustained investment over time and a forward-looking perspective,” Rodriguez stated on social media. The Venezuelan government has been facing protests from workers demanding higher wages and better pensions, amid frustration over the country's sluggish economy. Rodriguez's administration has sought to cooperate with US President Donald Trump's demands, including opening Venezuela to foreign investment and loosening restrictions on oil exploration and mining. Since Maduro's removal, the US has moved to tighten relations with Venezuela, reopening its embassy in Caracas and gradually easing sanctions on certain sectors, including the oil industry. The US currently approves all Venezuelan oil sales abroad, with the proceeds placed in a US-controlled bank account. Rodriguez has pledged to address concerns over workers' wages on May 1, a day commonly associated with labor rights. She has also expressed interest in hearing from energy executives about potential projects in Venezuela and changes to regulation.

The UK government's goal to build 1.5m homes in England during this parliament has hit a major obstacle. Barratt, the country's largest housebuilder, has scaled back its land purchases, citing a 'less certain backdrop' due to the Iran war. This move is expected to result in the acquisition of between 7,000 and 9,000 plots, down from the previously anticipated 10,000 to 12,000 plots.The reduction in land purchases translates to approximately £100m less in spending, out of a budget of £800m-£900m. While Barratt's 'disciplined approach' is not a complete halt, it is a significant scaling back. This development comes as the government's target already seemed out of reach, with 208,600 new houses built in 2024-25, down 6% from the previous year and well below the required annual average of 300,000.The government's ambitious target was always dependent on big housebuilders like Barratt to drive growth. However, with interest rates and mortgage rates not expected to fall this year, and energy costs rising, the market conditions are becoming increasingly challenging. The industry is proposing more support for housebuyers, but the Treasury is likely to be cautious about the potential inflationary effects.In conclusion, the government's 1.5m housebuilding target is facing significant headwinds, and it is likely that the goal will be missed. The reforms to planning and the reintroduction of hard targets for local authorities are steps in the right direction, but the impact of the Iran war and economic uncertainty will likely act as a further brake on progress.

Former Treasury Secretary Janet Yellen sharply criticized President Donald Trump’s repeated calls for the Federal Reserve to slash borrowing costs, likening the approach to the fiscal tactics of a “banana republic.”Trump has publicly urged the central bank to deliver the lowest interest rate in the world, arguing that cheaper financing would ease the service burden on the United States’ staggering $39 trillion debt.Speaking at an HSBC investor summit in Hong Kong, Yellen asked, “How often does the president of a developed country demand that interest rates be set to reduce debt‑service costs? This is what you hear in a banana republic.” She warned that such political meddling could unleash inflation if the Fed’s independence is compromised.The Fed, under Chair Jerome Powell, last lowered its policy rate in December to a range of 3.5 %–3.75 %. However, policymakers are growing uneasy about inflationary pressures, especially as the ongoing Iran conflict threatens oil supplies.Powell is slated to step down next month, but his successor—Trump’s nominee Kevin Warsh—has yet to secure Senate confirmation. Powell has indicated he will remain in his role if a replacement is not confirmed, and he may continue as a Fed governor until a pending Department of Justice investigation concludes.Trump has openly dismissed the idea of Powell staying on, telling Fox Business that he would “have to fire him” if the chair does not leave. Powell, for his part, describes the DOJ probe as a “pretext” aimed at pressuring the Fed to cut rates.Warsh, who argues that potential productivity gains from artificial intelligence could justify lower rates, faces skepticism from Yellen, who doubts he commands the same respect as former Fed chair Alan Greenspan. She noted, “Greenspan was widely respected for his expertise; I don’t think Warsh walks in with that level of credibility.”Trump’s broader effort to reshape the Fed board includes an attempt to remove Governor Lisa Cook, who is currently facing a Supreme Court case over alleged mortgage fraud.Meanwhile, finance ministers and central bankers have gathered in Washington for the International Monetary Fund’s spring meetings. Bank of England Governor Andrew Bailey warned that rising oil prices, driven by the Iran conflict, constitute a “major supply shock” that central banks must assess carefully.The IMF has cautioned that a prolonged closure of the Strait of Hormuz could trigger a global recession, underscoring the interconnected risks of geopolitical tensions, sovereign debt, and monetary policy decisions.

The UK government is facing pressure to increase its military budget to ensure national security during a period of global volatility. A Treasury minister has argued that balancing welfare and defence spending is not a zero-sum game, suggesting that it is possible to increase investment in both areas.James Murray, the chancellor's deputy, stated that the government is committed to the biggest sustained increase in defence investments since the cold war. However, he did not provide a timeline for the publication of the delayed defence investment plan.Former defence secretary and head of Nato, George Robertson, has accused the Treasury of 'vandalism' for not sufficiently boosting the armed forces. He suggested that defence should be prioritized over welfare spending, warning that the UK cannot defend itself with an ever-expanding welfare budget.The government has committed to reaching 2.5% of GDP on defence from April next year and 3% in the next parliament. However, military chiefs believe there is still a £28bn shortfall after years of the armed forces being hollowed out by successive administrations.Murray countered Robertson's views, stating that the welfare system is not a fixed entity and includes targeted measures like the removal of the two-child benefit cap, which helps hundreds of thousands of children out of poverty.The debate over public spending cuts to fund defence has sparked an angry reaction on the left, with veteran MP Diane Abbott accusing Robertson of prioritizing 'guns over butter' and warning that such an approach could cost Labour votes.

Leeds, the largest European city still without a mass‑transit system, may finally see a tram line – but not before the late 2030s. The latest West Yorkshire Mass Transit plan, championed by combined‑authority mayor Tracy Brabin, received a fresh £200 million in development funding, part of a broader £2.1 billion allocation for the region.City council leader James Lewis, who began his career on a 1993 work‑experience placement with the council’s highways department, says the new scheme differs from past attempts. Instead of squeezing trams onto existing bus routes, the proposal envisions a dedicated line that could “float over or under the M621 motorway, similar to the Docklands Light Railway,” linking the White Rose shopping centre, Elland Road stadium, Leeds railway station and St James’s Hospital.The Treasury’s independent review, however, forced the government to demand a fresh business case that proves the need for trams rather than buses. This procedural hurdle has added roughly two years to the timetable, pushing the projected opening into the late 2030s. Brabin acknowledges the setback, noting critics now claim the project is effectively “cancelled,” but she insists the work is merely delayed, not abandoned.Leeds’ transport woes date back to the removal of its historic double‑deck tram network in 1959 and the construction of the M621, which many locals blame for isolating the city’s south side. A 2025 Treasury review warned that previous “Supertram” proposals failed because they could not demonstrate sufficient value for money, leading to the withdrawal of funding in 2005 and the abandonment of a trolley‑bus plan in 2016.Supporters argue the tram is essential for unlocking massive regeneration. Leeds United investor Pete Lowy predicts the line could catalyse up to £1 billion of investment, including 2,500 new homes, retail and leisure space, and a 15,000‑seat stadium expansion. Northern Powerhouse Partnership chief executive Henri Murison points to the emerging South Gateway development in Bradford as evidence that transport‑led investment is already materialising.Critics remain sceptical. Leeds University transport professor Greg Marsden questions how an 18‑year‑long project can still be justified, while local residents voice doubts that a tram can ever be built in a city they consider “not big enough.” Tom Forth, co‑founder of data‑city firm Information Group, blames centralised decision‑making in London, arguing that devolved funding would accelerate delivery.In the meantime, the council is focusing on improving bus services, which will come under public control in 2027. Centre for Cities analyst Rob Johnson notes that increasing bus frequencies could immediately benefit the 390,000 residents currently poorly connected, potentially delivering more mobility gains than a tram in the short term.Nevertheless, Brabin maintains that trams are “more attractive, carry more passengers, and generate more jobs and growth” than buses, and she reaffirms her promise: “I promised a tram, and a tram is what we’re going to get.” The pledge to have “spades in the ground” by 2028 for preparatory works remains on the table, even as the project navigates the Treasury’s stringent process.

The recent conflict in the Gulf has served as a harsh wake-up call for the British public regarding the state of the UK's armed forces. While air defence systems and fighter jets were swiftly deployed, the delayed arrival of a single destroyer, HMS Dragon, to Cyprus underscored concerns about Britain's military preparedness. Former Nato secretary general George Robertson criticised Keir Starmer for showing a 'corrosive complacency towards defence', warning that this put the UK in peril. In response, ministers pointed to 'decades of underinvestment' by previous governments and announced plans for the largest sustained increase in defence spending since the Cold War. The Ministry of Defence aims to spend 3.5% of GDP on defence by 2035. However, defence analysts argue that the UK's military has suffered from a 'lethal combination' of Treasury hostility to defence spending and the Ministry of Defence prioritising investment in ships and aircraft over the army. The British army has shrunk significantly since 1991, from 155,000 troops to 75,000 troops, with a reduction in armoured and infantry brigades. Defence experts, such as Ben Barry of the International Institute for Strategic Studies, blame this decline on inadequate resource allocation. Matthew Savill, director of military sciences at the Royal United Services Institute, notes that the UK has a decent spread of reasonably modern capabilities but faces several problems, including a lack of mass and reliance on allies. 'We've cut a lot of corners and in many cases we rely on our allies. That means we're particularly reliant on the US and others in certain areas and it can come back to bite,' Savill added. Britain's commitment to increase defence spending to 2.5% of GDP from April 2027 is more ambitious than France's, but experts suggest that the UK can learn from France's approach. The UK's plans have been influenced by Poland's military transformation, which has seen defence spending rise to 4.8% of GDP, the highest among Nato countries.

The US naval blockade of Iranian ports in the Gulf has taken effect, marking a significant escalation in the ongoing conflict between the US-Israeli coalition and Iran. The blockade, which began on Monday at 5:30 pm Iranian time, applies to any ships entering or departing Iranian ports or coastal areas.US Central Command (Centcom) did not make a formal announcement, but the move is seen as a test of economic endurance for both nations. The blockade aims to restrict Iran's oil exports and imports, potentially costing the country approximately $276 million a day in lost exports and disrupting $159 million a day in imports, according to Miad Maleki, a former US treasury official.Iran has warned that the blockade will lead to higher petrol prices, which could impact ordinary Americans. The country's parliamentary speaker, Mohammad Bagher Ghalibaf, taunted the US, saying Americans would soon be nostalgic for $4-$5 gas. The current average petrol price in the US is $4.13 a gallon, up from $2.98 before the conflict began.The conflict has also drawn in other nations, with France planning to organize a conference to create a multinational mission to restore navigation in the Strait of Hormuz. However, Germany, Spain, Italy, Poland, and Greece have ruled out sending naval forces to support the blockade. The UK has also stated that it does not support the blockade and will not be drawn into the war.The situation remains volatile, with Iran threatening to retaliate if its ports are threatened, and the US warning that any Iranian attack boats approaching the US flotilla will be "immediately eliminated". The conflict has also sparked a war of words between US President Donald Trump and Pope Leo XIV, with the pope condemning the use of religious language to justify the war in Iran.

Goldman Sachs's chief executive, David Solomon, has expressed heightened awareness of the capabilities of Anthropic's Mythos AI model and is collaborating closely with the tech firm following warnings about the cybersecurity risk it poses.The US bank has been closely monitoring the rapid advancements in artificial intelligence, including large language models (LLMs), as part of broader efforts to protect itself from hackers.“Obviously the LLMs are making rapid progress and we’re hyper-aware of the enhanced capabilities of these new models with the help of the US government and the model publishers,” Solomon told analysts on an earnings call on Monday.Anthropic, the company behind the Claude family of AI tools, claimed last week that its latest model, Mythos, posed an unprecedented risk due to its ability to expose flaws in IT systems. The company warned that AI models have reached a level of coding capability where they can surpass all but the most skilled humans at finding and exploiting software vulnerabilities.Solomon emphasized that Goldman Sachs is working closely with Anthropic and all of its security vendors to harness frontier capabilities. “We are very focused on supplementing our cyber and infrastructure resilience. And this is part of our ongoing capabilities that we have been investing in, and are accelerating our investment in.”The news comes after the US Treasury secretary, Scott Bessent, summoned Solomon and other big American bankers to Washington to discuss the Mythos model last week. The meeting focused on heads of so-called systemically important banks, where regulators believe that a major disruption to their operations, or their potential collapse, would put financial stability at risk.On Monday, the UK government’s AI Security Institute (AISI) warned that Mythos was a “step up” over previous models in terms of the cyber threat it posed. AISI said Mythos could carry out attacks that required multiple actions and discover weaknesses in IT systems without human intervention.

The ongoing global finance talks between the International Monetary Fund (IMF) and the World Bank Group (WBG) have taken a contentious turn. Governments are being urged not to mention climate change, despite its growing impacts and the pressing need for climate finance.The climate crisis has significant implications for developing countries, which are already paying billions to repair damage from droughts, floods, and storms. The World Bank Group aims to devote 35% of its funding to climate-related activities, but US pressure may hinder these efforts.US Treasury Secretary Scott Bessent has demanded the removal of some climate finance targets from the World Bank's aims, insisting on an 'all-of-the-above approach to energy' that includes financing for gas, oil, and coal. This move has sparked alarm among other countries, including large developed economies.Experts warn that sidelining climate change discussions would be disastrous for the developing world. Mohamed Adow, director of the Power Shift Africa thinktank, described the situation as 'beyond absurd', emphasizing that fossil fuels and the climate emergency are inextricably linked.The World Bank is the biggest single source of climate funding, and many donor countries channel their climate finance largely through the multilateral development banks. At the Cop29 UN climate summit in Azerbaijan in 2024, countries agreed that at least $1.3tn a year should flow to the developing world by 2035 to help countries cut greenhouse gas emissions and cope with the impacts of extreme weather.Lord Stern, a former World Bank chief economist, suggested that much could still be achieved without formally labelling projects as climate-related, emphasizing that investing in low-carbon infrastructure and energy systems is crucial for sustainable development.