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UK Chancellor Rachel Reeves is poised to raise the government's windfall tax on low-carbon electricity generators to help limit household energy bills. The levy, introduced in 2022, targets excess profits made by owners of older renewable energy and nuclear plants.The chancellor is ready to hike the electricity generator levy, which currently stands at 45%, as electricity market prices soared following Russia's invasion of Ukraine. The increased tax will help shield consumer energy bills in the short term while the government consults on long-term plans to reform the wholesale market.The government is also expected to consult on plans to shift older, low-carbon projects onto newer set-price contracts, providing electricity at a guaranteed price. This move aims to weaken the link between gas market prices and electricity costs, which has led to a surge in electricity market prices across Europe.Executives across the industry have been informed to expect contact from officials on Monday to outline the government's determination to protect electricity costs from the surge in gas markets. The plans have already impacted shares in energy companies, with SSE falling over 6% and Centrica closing down 5% on Friday.The proposed reforms have sparked concerns within the industry, with some viewing them as a fundamental reform of energy markets. The government is considering radical proposals, including removing gas plants from the market and holding them in strategic reserve.

Cuban President Miguel Diaz-Canel has declared that his country is prepared to fight if necessary, despite not seeking conflict with the United States. This statement comes as Cuba marks the 65th anniversary of its socialist revolutionary character, amid heightened tensions with the US.Diaz-Canel's defiant remarks were made before a crowd commemorating Fidel Castro's declaration of the socialist nature of the Cuban Revolution and the failed Bay of Pigs invasion by US-aligned forces. He emphasized Cuba's readiness to confront serious threats, including military aggression, stating, 'We do not want it, but it is our duty to prepare to avoid it and, if it becomes inevitable, to defeat it.'The US, under President Donald Trump, has been increasing pressure on Cuba, threatening the island nation's government and tightening energy restrictions. Trump has suggested that the US could overthrow the Cuban government, following the US-Israel conflict with Iran. These actions have contributed to fuel shortages and energy blackouts in Cuba, straining workers and businesses.Cuba's economy has long suffered from a US economic embargo, economic mismanagement, and political repression, prompting many Cubans to leave the country. A United Nations vote in 2025 saw 165 countries demand an end to the US embargo, with only seven countries, including the US, Israel, Argentina, and Hungary, voting against.Diaz-Canel has strongly defended Cuba, stating, 'Cuba is not a failed state. Cuba is a besieged state,' facing multidimensional aggression through economic warfare and an intensified blockade.

The United States is pushing for de-escalation in the region, with President Donald Trump announcing that Israeli and Lebanese leaders will speak for the first time in 34 years. This development has raised cautious hopes for a diplomatic solution to the fighting that has continued for more than six weeks.The conflict has resulted in over 2,000 people killed and more than 1 million displaced across Lebanon. Israel's military operations in Lebanon and its invasion of the country's south have intensified, with Hezbollah entering the war by launching rockets, missiles, and drones towards a missile defense site near Haifa in northern Israel.Iran's speaker of parliament, Mohammad Bagher Ghalibaf, told his Lebanese counterpart, Nabih Berri, in a phone conversation that a ceasefire in Lebanon is vital. Ghalibaf led the Iranian delegation at the first round of US-Iran talks in Pakistan last week, which ended without a deal.The prospective talks between Israel and Lebanon follow a rare direct engagement between the two countries' US ambassadors in Washington on Tuesday – also their first such direct contact in decades. However, with both sides maintaining starkly different objectives, and the Lebanon front closely tied to broader negotiations involving Iran, it remains unclear whether the talks can produce tangible results.Analysts say that even if a phone call were to take place between Israel's Netanyahu and his Lebanese counterpart, it would be “mostly symbolic rather than substantive”. Lebanon wants a ceasefire as a priority to enter into negotiations whose aim would be to liberate lands currently occupied by Israel.A key demand from Iran in its dialogue with the US is that Israel end its offensive against Hezbollah in Lebanon. Hezbollah is Tehran's most powerful regional ally and a central part of the “axis of resistance”, a network of armed groups across the Middle East aligned with Iran against Israel.

President Donald Trump used his Truth Social platform on Wednesday to declare that the leaders of Israel and Lebanon will hold a conversation on Thursday, a breakthrough that would end a 34‑year hiatus in direct leader‑level dialogue. The announcement arrived a day after Israeli and Lebanese ambassadors conducted their first direct diplomatic talks in Washington, D.C. — a move aimed at easing the ongoing hostilities that have devastated Lebanon. Trump did not specify which officials would be involved, and both governments have yet to comment on the forthcoming discussion. Lebanon was drawn into the U.S.–Israel war on Iran on March 2 after Hezbollah, aligned with Tehran, fired rockets at Israel. Hezbollah claims the attacks were retaliation for Israel’s killing of Iran’s Supreme Leader Ayatollah Ali Khamenei on February 28 and for repeated violations of a November 2024 cease‑fire. Since the escalation, Israeli forces have killed more than 2,000 Lebanese civilians and displaced roughly 1.2 million people. The Israeli military has also launched a ground invasion in southern Lebanon, seeking to create a so‑called “buffer zone.” Earlier on Wednesday, Prime Minister Benjamin Netanyahu announced an expansion of the invasion eastward, stating that Israel is pursuing negotiations with the Lebanese government while simultaneously conducting a military campaign to disarm Hezbollah and achieve a “sustainable peace.” The Lebanese government, which is not a party to the conflict, has called for an immediate ceasefire and the withdrawal of Israeli troops. Al Jazeera reporter Zeina Khodr, reporting from Beirut, noted that the Lebanese authorities have not yet responded to Trump’s claim and described the president’s remarks as “controversial.” She suggested the United States is attempting to separate the Lebanon front from the broader Iran‑Israel confrontation, using the Washington talks as a “photo‑opportunity” to weaken Hezbollah’s influence. Despite diplomatic overtures, Israeli attacks on Lebanese civilians continue. On Wednesday, three consecutive strikes in the village of Mayfadoun killed four Lebanese paramedics and wounded six others. According to Lebanon’s Ministry of Public Health, Israeli forces have killed at least 91 Lebanese medical workers since March 2 and have targeted several medical facilities. Additional strikes have hit the vicinity of one of the last operational hospitals in southern Lebanon, in the town of Tebnine, prompting concerns that Israel aims to render the area uninhabitable. Fighting also persists around the strategic hilltop town of Bint Jbeil, where Israeli troops claim to have encircled the town while Hezbollah fighters continue to resist. Analysts warn that a full Israeli occupation of Lebanon would be required to completely disarm Hezbollah—a scenario that would be both costly and politically fraught. As Khodr concluded, “Israel can continue to kill and destroy, but that will not change the fact that Hezbollah is not going to give up its arms without a Lebanese government partnership.” The upcoming leader‑level talks will be closely watched for any indication of a ceasefire or a shift in the regional power balance.

The International Monetary Fund (IMF) has released its latest World Economic Outlook, warning of a significantly darkened global economic outlook. The report cites the outbreak of war in the Middle East on February 28, 2026, as a major factor in the deteriorating outlook.The IMF's January report was titled “Steady amid Divergent Forces”; whereas the latest outlook is headlined “Global Economy in the Shadow of War”. The IMF now expects the global economy to slow compared to its previous forecast in January.The latest outlook notes that the global outlook has abruptly darkened following the outbreak of war. Far be it for the IMF to gloat, but its suggestion in January that “steady” was not a word to describe the global economy unless you were desperately trying to make the madness of Donald Trump seem normal has aged quite well.The IMF remains unwilling to name Donald Trump, while noting the lingering effects of the persistent rise in energy prices since Russia’s invasion of Ukraine. However, it only talks about the Middle East conflict as though it sprang out of nowhere.The IMF warns of three possible scenarios: a bad scenario where Trump, Israel and Iran come to an agreement; an adverse scenario where things carry on for the rest of the year and oil stays around US$100 per barrel; and a severe scenario where nothing is resolved, oil prices reach $125 in 2027, gas prices increase by 200% over the same period, and food prices increase by 5% in 2026 and 10% in 2027.Even under the current bad scenario, the global economy is expected to slow compared to what the IMF forecast in January. But under the adverse and severe scenarios the global economy grows by just 2.0% this year and 2.2% next year.For context, over the past 40 years, the global economy has grown slower than 2.2% only three times – 1992 (global recession), 2009 (the GFC) and 2020 (Covid).The IMF has downgraded Australia’s growth by more than most. Even under the most optimistic scenario growth is 0.5% worse than was forecast last October – a bigger downgrade than all G7 nations.The IMF warns against governments doing popular things like energy caps or subsidies, designed to protect households and firms. It worries that such policies will increase inflation because we’ll all suddenly have so much more money to spend.Gas companies exporting LNG from Australia will be cheering on the war as it keeps gas prices – and their profits – ever higher. The senate is investigating changing the way gas is taxed. An ACTU proposal for a 25% tax on exports would raise roughly $17bn a year.

Eighteen Senegalese football supporters, who were convicted and sentenced to prison terms ranging from three to 12 months for a pitch invasion during the chaotic Africa Cup of Nations final in Rabat, have denied any wrongdoing.A Moroccan court in February sentenced the fans on charges of hooliganism, with prosecutors seeking stiffer penalties in the appeals court in Rabat. However, the initial sentences were upheld on Monday.The Senegalese fans argued that they had been forced onto the pitch because of a surging crowd or to avoid being spat upon and projectiles thrown towards them. They claimed it was not to protest against a refereeing decision at the end of the contentious AFCON final on January 18, which Senegal won 1-0.The Confederation of African Football (CAF) reversed Senegal’s win last month, awarding the title to Morocco two months after the final. The Senegalese Football Federation immediately instructed its lawyers to appeal to the Court of Arbitration for Sport (CAS).Defence lawyer Naima El Guellaf asked on Monday that videos of the incidents be shown to verify the identities of the 18 Senegalese in court, a move rejected by the prosecution.

Sergey Lavrov touched down in Beijing as Washington intensified its pressure on Iran by attempting to block the Strait of Hormuz, a waterway that carries roughly one‑third of China’s oil imports. The Russian foreign minister was greeted with a red‑carpet reception, according to photos released by Russia’s Ministry of Foreign Affairs. Both Beijing and Moscow condemned the United States and Israel over their involvement in the ongoing war on Iran, noting that the conflict has already strained China’s energy supplies. China, a major purchaser of Iranian crude, denounced a newly announced U.S. plan to prohibit vessels from entering or leaving Iranian ports and coastal waters, calling the measure an unjustified interference with international trade. “The Strait of Hormuz is a vital international trade route for goods and energy, and its security and uninterrupted flow serve the common interest of the global community,” Chinese MFA spokesman Guo Jiakun said on Monday. According to Al Jazeera’s Alan Fisher, the U.S. hopes that by choking Iran’s trade it can force China to pressure Tehran into returning to negotiations, given that Beijing imports about a third of its oil from Iran. Lavrov also held a telephone conversation with Iranian Foreign Minister Abbas Araghchi, emphasizing the need to prevent any resurgence of hostilities in the Middle East and reiterating Russia’s “unwavering readiness” to assist in a diplomatic settlement. Araghchi relayed details of recent U.S.–Iran talks in Pakistan, which ended without a breakthrough, underscoring the limited diplomatic progress on the issue. The visit comes as China‑Russia relations have deepened since Russia’s full‑scale invasion of Ukraine in 2022. Earlier in the week, Chinese Foreign Minister Wang Yi spoke with Lavrov, agreeing that the two capitals would cooperate to de‑escalate tensions in the region. Beijing’s diplomatic calendar this week also featured meetings with Spanish Prime Minister Pedro Sanchez, United Arab Emirates President Mohamed bin Zayed Al Nahyan, and an upcoming visit by Vietnamese President To Lam, highlighting China’s active role in global diplomacy despite its low‑profile stance on the Iran conflict. Analysts note that China’s restrained approach allows it to position itself as a “reliable, stable and predictable partner” for states seeking alternatives to U.S. influence, especially given its extensive trade ties with Tehran. Former U.S. President Donald Trump, slated to visit Beijing next month, warned he would impose a 50 percent tariff on Chinese goods if China provides military assistance to Iran. The claim followed a CNN report citing U.S. intelligence that China might deliver new air‑defence systems to Tehran. Chinese officials dismissed the report as “completely fabricated” and warned of “resolute counter‑measures” should the United States use it as a pretext for additional tariffs.

The Sea of Azov, once a cherished destination for Ukrainians, has become a casualty of the ongoing conflict between Ukraine and Russia. The 2022 invasion resulted in Russia seizing the entire sea, creating a 'land bridge' to safeguard its control of Crimea. For Ukrainians like Mariya Bubnova, the sea holds fond memories of sailing and family traditions.Bubnova, a displaced person and mother of two, recalls the warm and barely salty waters of the Azov, where she and her friends would rent sailboats. However, the Russian invasion destroyed her family's business, and they were forced to flee to the Netherlands. The loss of Azov has had a devastating impact on Ukraine's economy, with estimated losses of 10-12% of its GDP and $12.4 trillion in resources, including coal mines, metals, and rare earth minerals.While Russia has gained control of Azov, the victory is considered a Pyrrhic one, with destroyed industrial assets and infrastructure rendering the area largely unusable. The steel plants of Mariupol, once a major industrial hub, lie in ruins, and the seawater is polluted due to the destroyed sewage system and shelling. Furthermore, Russia's gains in terms of industrial assets are estimated to be 'almost zero', as Moscow can only utilize the industrial area of the city of Melitopol.The conflict has also led to a significant brain drain, with refugees from the area settling in other parts of Ukraine or in the West. Bubnova and her family have had to adapt to a new life in Slavutych, a former company town north of Kyiv. Despite the challenges, she and her husband have started a new company to produce canned soups, and her daughter has developed a new recipe for borscht.A possible development that could dramatically boost Azov's geopolitical status is the proposed canal between Azov and the Caspian Sea, which would give Caspian nations access to the Black Sea and the Mediterranean. However, this project would rival the Suez Canal and bolster Russia's role in the region, potentially working against China, Türkiye, and Iran.

World Aquatics has announced that Russian and Belarusian athletes will be allowed to compete under their national flags and anthems in international swimming and aquatic sports events. This decision marks the end of restrictions imposed after Russia's invasion of Ukraine in February 2022. The move follows a similar decision by the International Paralympic Committee, which allowed Russian and Belarusian athletes to compete under their own national flags at the 2026 Winter Paralympics. Senior athletes with Belarusian or Russian sport nationality will be permitted to compete in World Aquatics events in the same way as their counterparts representing other sport nationalities, with their respective uniforms, flags and anthems. To compete, athletes from Russia and Belarus must pass at least four consecutive anti-doping controls. World Aquatics President Husain Al Musallam stated, 'We are determined to ensure that pools and open water remain places where athletes from all nations can come together in peaceful competition.' This decision signals a further easing of limits on Russian and Belarusian athletes, who have been allowed to compete as neutrals since September 2023. The next world swimming championships will take place in Budapest, Hungary, in 2027.