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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.

UK officials have entered exclusive talks with a Norwegian startup, Blastr, to buy the former Liberty Steel works in South Yorkshire, in a significant step towards its rescue. Blastr, owned by Vanir Green Industries, a Norwegian investor in renewable industries, is understood to be the bidder preferred by the government’s official receiver to take on ownership of the UK’s largest existing electric arc furnace in Rotherham and other works in Stocksbridge, both in South Yorkshire.The business, formally named Speciality Steel UK (SSUK), has been under the official receiver’s control since August, after the previous owner Sanjeev Gupta lost ownership in London’s high court. Finding a new buyer would remove a headache for the government, which also a year ago took control of the Chinese-owned British Steel blast furnaces in Scunthorpe, Lincolnshire.Blastr is run by Mark Bula, who has worked for and run large steel businesses in India and the US. The company does not yet operate any steel plants, although it is developing a site in Finland to use green hydrogen to produce iron and steel. It is likely to have to secure financing to take on the SSUK sites in South Yorkshire, but it would allow them to progress rapidly.Union officials welcomed the news after employees were informed. Charlotte Brumpton-Childs, a former steelworker and a national secretary of the GMB union, said Liberty Steel workers “have been at the sharp end of years of uncertainty at this point – this needs to be a deal that secures the long-term future of steelmaking in South Yorkshire”. She added: “Any sale of SSUK must include due diligence which guarantees ongoing operations and stability of the sites.”

A former Alabama defensive lineman, Luther Davis, who helped the Crimson Tide win the 2010 national championship, is preparing to plead guilty to a multi‑million‑dollar loan fraud that hinged on impersonating NFL athletes. According to a criminal information filing by the U.S. Attorney for the Northern District of Georgia, Davis and his associate CJ Evins obtained at least thirteen fraudulent loans totaling $19,845,000. The defendants chose to waive a grand‑jury indictment and will enter guilty pleas at a hearing scheduled for 27 April. The scheme targeted lenders that specialize in financing athletes, notably Aliya Sports and All Pro Capital Funding, with loan brokerage services provided by Sure Sports. Three of the loans are detailed in the filing: $4.025 million was secured for a fictitious company linked to Cleveland Browns tight end David Njoku. $4.35 million was obtained for a sham entity tied to Green Bay Packers safety Xavier McKinney. $3.3 million was borrowed for a fabricated venture associated with Atlanta Falcons quarterback Michael Penix Jr. Investigators say the duo created shell companies with names resembling the players’ initials, opened bank accounts, and fabricated email addresses and driver’s licenses. Davis then attended virtual loan closings in disguise—often wearing wigs, makeup, or a durag—to pose as the athletes and convince notaries to certify the fraudulent documents. One closing on 22 January 2024 for the Njoku loan involved Davis presenting a counterfeit Georgia driver’s license that displayed the player’s photo alongside a number belonging to an unrelated Savannah resident. Similar deceptions occurred for the McKinney and Penix loans, with forged Florida and Georgia licenses respectively. The fraud mirrors a separate case in which First Farmers Bank & Trust sued an insurer after a $5.265 million loan, also brokered by Sure Sports, was discovered to have been signed with a fake Njoku identity. While it is unclear whether that loan is part of the thirteen identified in Georgia, the modus operandi aligns closely. Both Davis and Evins face charges of aggravated identity theft and conspiracy to commit wire fraud, offenses that carry potential sentences of up to 20 years in prison. Their attorneys declined to comment on the pending pleas. Beyond the courtroom, the case underscores vulnerabilities in niche financing markets that cater to professional athletes, highlighting how forged identities and shell corporations can be leveraged to extract substantial capital from lenders.

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.

The Dutch insurer Aegon has agreed to sell its historic UK operation to Standard Life for a total consideration of £2 billion. The package includes a cash payment of £750 million and the issue of 181.1 million new Standard Life shares to Aegon. By merging Aegon's UK business—home to 3.7 million customers and 2,000 employees—with Standard Life, the combined group will serve 16 million customers and manage roughly £480 billion of assets under administration, creating the largest retirement‑savings and income platform in the United Kingdom. Aegon, which traces its UK roots back to the 1831 founding of Scottish Equitable, first acquired the business in 1998 and rebranded it in 2009. The sale is part of a broader restructuring that will see Aegon's headquarters relocate to the United States and the company rebrand as Transamerica. Following the transaction, Aegon will become Standard Life's biggest shareholder, holding a 15.3% stake and securing the right to appoint one non‑executive director to the board. Standard Life CEO Andy Briggs described the deal as a catalyst for the group's ambition to become the UK's leading retirement‑savings business. He outlined a plan to realise approximately £110 million of cost savings over the next three years, noting that only half of these efficiencies are expected to materialise in the initial period. Briggs also addressed potential job impacts, stating that while there will be some redundancies, the effect will be "more modest" compared with other recent industry consolidations. The transaction follows Standard Life's own recent evolution: Phoenix Group acquired the former Standard Life Aberdeen insurance arm for £3 billion in 2018, rebranded the business as Standard Life, and has since seen Aberdeen reduce its stake to around 10%. Analysts view the deal as a strategic win‑win: Aegon accelerates its pivot to the US market, while Standard Life gains scale, a broader customer base, and a stronger balance sheet to compete in a highly consolidated UK pensions market.

The new Apple TV series 'Margo's Got Money Troubles' marks a significant milestone in Michelle Pfeiffer's career renaissance. The show, a comedy-drama created by David E Kelley, is based on the 2024 bestselling novel by Rufi Thorpe and directed by Dearbhla Walsh.Elle Fanning stars as Margo, a young woman who becomes pregnant after having a relationship with her English professor. Her mother, Shyanne, played by Pfeiffer, also got pregnant at a young age and has been struggling to make ends meet. The series explores their complex relationship and the challenges they face.Pfeiffer delivers a powerful performance, particularly in a scene where she expresses her grief and disappointment at Margo's pregnancy. “Will I love him? Of course. Just as I loved you from the moment you were born … But this life as you know it – this life that you never got to know – is over. I can’t rejoice in that.” This scene showcases Pfeiffer's talent and adds depth to the show.However, the series remains a David E Kelley production, which means it stays light and firmly on the side of the angels. The drama avoids exploring darker themes in depth, making it a cosy commentary on family and relationships.The show also stars Greg Kinnear as an Episcopalian minister and Nicole Kidman as a former wrestler turned lawyer. Despite its talented cast, the series could have been more impactful with a more nuanced approach to its themes.'Margo's Got Money Troubles' is now available on Apple TV.

Kevin Warsh, a former Federal Reserve governor nominated by President Donald Trump to replace Jerome Powell, has filed ethics disclosures showing personal assets well above $100 million. If confirmed, he would become the wealthiest central‑bank leader in U.S. history. The 69‑page filing, released on Tuesday, lists two private‑fund investments each valued at over $50 million in the Juggernaut Fund LP, plus $10.2 million in consulting fees from the investment office of Wall Street titan Stanley Druckenmiller. Many holdings are described only in broad categories because “pre‑existing confidentiality agreements” prevent full disclosure; Warsh has pledged to divest these assets should his nomination be approved. Federal Reserve ethics rules, tightened in 2022, prohibit officials and their families from owning bank stocks, crypto‑related assets, and impose strict limits on buying and selling securities. The Fed’s own standards, set by the Federal Open Market Committee, are stricter than those governing other federal employees. Beyond the large private‑fund stakes, Warsh’s disclosures reveal a portfolio concentrated in emerging sectors such as artificial intelligence and cryptocurrency. Notable entries include the robotic‑coffee‑bar platform Cafe X, wearable‑tech firm Cionic, an Ethereum layer‑two project dubbed “Blast,” and a reversible male‑contraceptive solution called Contraline. Details for many of these positions are omitted, again citing confidentiality. The filing also enumerates assets held by Warsh’s spouse, Jane Lauder—a member of the Estee Lauder family with an estimated net worth of $1.9 billion. Her holdings feature municipal bonds listed simply as “over $1 million.” Liabilities appear modest in comparison: a 2015 mortgage of up to $5 million with JPMorgan Chase at a 2.75% rate, a revolving credit line of up to $5 million from PNC Bank at roughly 6%, and a $1.95 million capital commitment to THSDFS LLC, an interest Warsh has also pledged to divest. Ethics analyst Heather Jones of the Office of Government Ethics confirmed that Warsh’s divestiture promises would bring him into compliance with the Ethics in Government Act. Nonetheless, the breadth of undisclosed holdings is likely to dominate his upcoming confirmation hearing, scheduled for April 21. Political dynamics add further uncertainty. A key Republican senator has signaled intent to block Warsh’s confirmation until a Department of Justice investigation into Powell’s oversight of Fed‑headquarters renovations concludes. Although a federal judge recently dismissed two subpoenas targeting Powell—citing a perceived attempt to pressure him on interest‑rate policy—the Justice Department plans to appeal, potentially delaying any Senate vote. Powell has indicated he will remain “pro tem” if Warsh is not confirmed by the end of his term on May 15, and he could retain his governor seat until 2028 if he chooses.

Eric Swalwell, a Democratic U.S. Representative from California, announced his resignation from Congress after a fifth woman accused him of unwanted sexual contact, alleging he drugged and raped her during a 2018 encounter. The claim was made public on Tuesday, intensifying a series of allegations that have already derailed his bid for the California governorship. Swalwell had suspended his gubernatorial campaign earlier in the week, a race in which polls had shown him as the front‑runner to replace Governor Gavin Newsom. The campaign collapsed after the San Francisco Chronicle and CNN reported multiple accusations, including a 2024 rape allegation by a former staffer in a New York City hotel that left the victim bleeding and bruised. Additional allegations surfaced that three other women received inappropriate Snapchat messages from Swalwell, a platform that automatically deletes interactions, complicating verification. In response, Lonna Drewes—one of the accusers—stated at a Los Angeles press conference that her hesitation to act earlier was driven by fear of Swalwell’s political power, not doubt about the allegations. Drewes’s attorney, Lisa Bloom, announced that a police report would be filed with the Los Angeles County Sheriff’s Office. The backlash was swift: supporters withdrew endorsements, and a coalition of bipartisan lawmakers called for an immediate vote to expel Swalwell from the House. The Manhattan District Attorney’s Office also confirmed it is investigating the sexual assault claims. Swalwell issued an apology to his family, staff, and constituents, describing his actions as “mistakes in judgment.” He emphasized his intent to fight what he called “serious, false allegations” and criticized the prospect of an expulsion vote without due process, stating, “Expelling anyone in Congress without due process, within days of an allegation being made, is wrong.” Republican Representative Anna Paulina Luna said she would withdraw her motion to expel Swalwell once his resignation became effective, confirming that his resignation letter had been submitted “effective immediately.” Meanwhile, Republican Representative Tony Gonzales announced his own retirement from Congress amid similar calls for expulsion over unrelated sexual misconduct allegations. Swalwell’s departure marks a dramatic end to a campaign that once positioned him as a leading contender for California’s top executive office, underscoring how personal misconduct allegations can swiftly upend political trajectories and trigger extensive legal scrutiny.

The Valuation Explosion: From $7.5B to $18BFluidstack is currently in advanced talks to secure a $1 billion funding round that would value the AI infrastructure startup at $18 billion. This represents a more than doubling of its valuation from the previous round in December, which reportedly raised around $700 million at a $7.5 billion valuation. The potential lead investor for this new round is Jane Street, a major trading firm expanding into venture capital.Previous Round Details: Led by Situational Awareness, an AGI-focused fund founded by former OpenAI researcher Leopold Aschenbrenner.Supporters: The round was backed by the Collison brothers from Stripe, former GitHub CEO Nat Friedman, and entrepreneur Daniel Gross.Google's Interest: Reports indicate Google was considering a $100 million contribution to the round in February.The Anthropic Partnership: A $50 Billion Bet on InfrastructureThe primary driver behind Fluidstack's skyrocketing valuation is its strategic partnership with Anthropic. In November, Anthropic signed a massive $50 billion deal with Fluidstack to build custom-designed data centers in Texas and New York.Custom Infrastructure: Unlike hyperscalers like AWS or Google Cloud that offer general-purpose computing, Fluidstack builds specialized hardware specifically for AI workloads.Strategic Independence: This deal allows Anthropic to bypass the capacity constraints of public cloud providers and gain greater control over its infrastructure.Market Context: Anthropic primarily relies on AWS and Google Cloud for Claude, but the rapid growth of AI models necessitates bespoke solutions.Strategic Pivot: Relocating HQ and Exiting European ProjectsThe deal with Anthropic has fundamentally altered Fluidstack's global strategy, shifting its focus entirely toward the United States.Headquarters Move: The startup, originally spun out of Oxford and a rising star in Europe, has relocated its headquarters from the U.K. to New York.European Exit: Fluidstack pulled out of a key €10 billion AI project in France to focus exclusively on U.S. opportunities.Client Base: Beyond Anthropic, the company counts Meta, Poolside, Black Forest Labs, and Mistral as key customers.The Future of AI Infrastructure: Specialization Over GeneralizationFluidstack's rapid ascent signals a critical shift in the AI industry. As AI models become more complex and compute-intensive, general-purpose cloud providers are struggling to keep up with demand. The market is increasingly favoring specialized infrastructure providers that can offer bespoke hardware and dedicated capacity, a trend that validates Fluidstack's aggressive expansion strategy.