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Analysts warn that the world is confronting the most severe energy shock since the 1970s, a looming global recession and a renewed surge in living‑cost pressures that are hitting the most vulnerable households hardest.Against a backdrop of sweltering Washington heat, the atmosphere at the International Monetary Fund’s spring meetings shifted dramatically as delegates confronted the fallout from the Iran war. The usual optimism about rising living standards was replaced by a palpable sense of unease.IMF Managing Director Kristalina Georgieva addressed finance ministers and central‑bank governors, noting that “some countries are in panic” and urging that “the sooner it ends, the better for everybody.”Such gatherings are rarely venues for open geopolitical confrontation. Yet, as a record‑breaking April heatwave baked the capital, the mounting economic damage from the conflict could no longer be ignored.During a G20 breakfast that included U.S. Treasury Secretary Scott Bessent and outgoing Fed Chair Jerome Powell, participants described the mood as somber, with frank discussions about the war’s ramifications.Former IMF deputy managing director Mohamed El‑Erian likened the session to a “twilight‑zone meeting,” identifying three looming shadows: the overall health of the global economy, the disproportionate impact on lesser‑discussed nations, and the paradox that the United States, as the war’s initiator, would suffer comparatively less.British Chancellor Rachel Reeves started her day with a jog alongside counterparts from Spain, Australia and New Zealand on the National Mall, posting an Instagram selfie captioned, “Friends that run together – work together.” The image underscored her resolve to confront the war’s economic fallout.Reeves had earlier condemned the conflict as a “mistake” and “folly,” arguing that the war had not enhanced global security and was driving up energy prices for UK families and businesses.In a one‑on‑one with Bessent near the White House, Reeves emphasized the urgency of the situation, noting that the UK, like many other nations, was feeling the pain of higher energy costs triggered by the conflict.Despite the tension, the UK and the United States continue to share deep interests in artificial intelligence, financial services and trade, though the British government signalled little tolerance for the Iranian regime.The IMF’s own warning that the war could precipitate a global recession singled out the United Kingdom as the “biggest G7 casualty,” highlighting the stakes for British growth forecasts.Observers noted Reeves’s vocal stance, recalling earlier disagreements between Bessent and European Central Bank President Christine Lagarde that had remained behind closed doors.A cocktail reception at the British ambassador’s residence brought together senior diplomats and financiers—including Bank of England Governor Andrew Bailey and Barclays CEO CS Venkatakrishnan—where transatlantic friction was a hot topic, just weeks before King Charles’s state visit to the United States.Meanwhile, revelations about former ambassador Peter Mandelson’s vetting process added another layer of political strain for the UK government.Before the war, the IMF agenda focused on global cooperation, AI adoption, job creation and poverty eradication. The conflict has now complicated each of these priorities, especially the goal of coordinated international action.Former UK Foreign Secretary David Miliband observed that many nations are now “hedging against American decisions,” acknowledging the United States’ outsized role—about 25% of the global economy—while noting its recent retreat from several forums.The irony was not lost on participants: the meetings were held in institutions born out of U.S. leadership after World War II to prevent the economic chaos of the 1930s, yet they now convene amid a war that threatens similar turmoil.Economists also recognized that real policy leverage sits “two blocks away,” behind the security cordons surrounding the White House, casting doubt on the ability of the IMF and World Bank to influence the conflict directly.Amid the uncertainty, the rapid growth of AI—exemplified by Anthropic’s Mythos model—offers a glimmer of economic resilience, but most countries cannot afford to sever ties with the United States entirely.El‑Erian summed up the dilemma: “People want to go long the private sector and short the mess, but it’s almost impossible to do.”

Lebanese President Joseph Aoun has declared that his country will no longer be treated as a pawn in international conflicts, following a recent ceasefire with Israel. In a televised address, Aoun emphasized that Lebanon is committed to protecting its rights, unity, and sovereignty. The ceasefire, which was announced after over 2,200 deaths and a million displaced due to Israeli attacks that began on March 2, marks a significant shift in the country's stance. Aoun stated that Lebanon is transitioning from a focus on ceasefire agreements to working on permanent agreements that ensure the rights of its people and the integrity of its land. The Lebanese president expressed gratitude to several international parties, including US President Donald Trump and the Kingdom of Saudi Arabia, for their role in ending the hostilities. He also assured that any future agreements would not compromise Lebanon's rights or territorial integrity. Aoun's statements come after direct talks between Lebanon and Israel in Washington, which drew criticism from the Lebanese public. The president outlined Lebanon's objectives, including the cessation of Israeli aggression, the withdrawal of Israeli forces, and the return of prisoners and displaced persons. Despite the ceasefire, Israel continues to occupy areas of southern Lebanon, with Prime Minister Benjamin Netanyahu asserting that troops would not withdraw during the ceasefire. Aoun's firm stance signals Lebanon's determination to assert its sovereignty and protect its interests in the face of ongoing challenges.

The U.S. Congress has passed a 10‑day extension of the controversial Section 702 provision of the Foreign Intelligence Surveillance Act (FISA), keeping the authority in place until April 30. The measure cleared the House of Representatives and was signed off by the Senate on Friday. Section 702 permits the National Security Agency and other intelligence agencies to gather data on foreign individuals located abroad, a scope that can encompass their communications with U.S. citizens. Critics argue this creates a “backdoor search” that sidesteps traditional warrant requirements, raising alarm among privacy advocates. President Donald Trump had earlier urged Congress to approve an 18‑month renewal without amendments, claiming the law is essential for protecting troops overseas and preventing foreign terror attacks. His effort stalled after resistance from within his own party, notably from Republican Congressman Thomas Massie, who warned he would vote against the bill unless it included a warrant provision and other privacy safeguards. Senate Majority Leader John Thune acknowledged the need for reform, stating, "We’ve got to pivot and figure out what can pass, and we’re in the process of figuring out how to do that here." This signals ongoing bipartisan discussions about tightening oversight while preserving national security capabilities. Supporters of the provision, including Trump, maintain that any dilution could create a "lapse in national security" and hamper efforts to counter foreign threats. The short‑term extension therefore serves as a stop‑gap, allowing intelligence operations to continue while legislators negotiate potential amendments. Originally enacted in 1978, FISA was amended in 2008 to add Section 702 amid the U.S. “global war on terror.” Since then, revelations that the Bush administration had already employed similar tactics have fueled ongoing debates over the balance between security and civil liberties.

Celebrations erupted in Lebanon after a 10‑day ceasefire took effect, with the U.S. State Department noting that the pause opens a window for longer‑term negotiations between Israeli and Lebanese officials.President Donald Trump declared that an agreement to end the war on Iran is "very close," hinting that the next round of talks could occur this weekend in Islamabad. Iran’s Foreign Ministry welcomed the truce, describing it as part of a broader effort with Washington to pause the regional conflict.Tehran‑based analyst Abas Aslani acknowledged progress in the U.S.–Iran dialogue but warned that significant gaps remain, noting that both sides are preparing for either a negotiated settlement or a possible return to hostilities, while Trump appears to be seeking an “off‑ramp” from the war.Trump also expressed hope that Hezbollah would "act nicely and well" during the truce and announced a White House invitation for Israeli Prime Minister Benjamin Netanyahu and Lebanese President Joseph Aoun.Speaking in Las Vegas, Trump dismissed warnings that the conflict could push oil prices to $300 a barrel, insisting that markets remain strong despite volatility and global fuel disruptions linked to the war.Netanyahu hailed the ceasefire as an opportunity for a historic peace agreement with Beirut, but reiterated that the disarmament of Hezbollah remains a non‑negotiable precondition.Hours before the truce began, an Israeli strike on the southern Lebanese town of Ghaziyeh killed at least seven civilians and wounded 33, intensifying Israeli public frustration over promises of a buffer zone in the north.Opposition leader Yair Lapid condemned the ceasefire, arguing it fails to remove the threat to northern communities and pledging that any future government would adopt a tougher stance.Lebanese Prime Minister Nawaf Salam welcomed the truce, and Trump confirmed that the agreement also encompasses Iran‑backed Hezbollah.Analyst Rami Khouri noted that Hezbollah is central to the ceasefire but operates “behind a curtain,” while residents in Sidon remain anxious as Israel demands Hezbollah’s disarmament yet refuses to withdraw, leaving the truce fragile and far from permanent.

Iran’s foreign minister Abbas Araghchi posted on X that, in line with the 10‑day Israel‑Lebanon ceasefire, the Strait of Hormuz is "completely open" for all commercial vessels for the remainder of the truce. The declaration follows a fragile agreement between Israel and Lebanon, whose acceptance by Hezbollah remains uncertain. The Iranian Ports and Maritime Organisation has already outlined a coordinated routing system for vessels, ensuring that traffic proceeds under strict supervision by the Islamic Revolutionary Guard Corps Navy, which will permit only non‑military ships. U.S. President Donald Trump echoed the openness of the strait in a social‑media post, emphasizing that it is "ready for business and full passage." However, he added that the U.S. naval blockade will continue "until Iran reaches a deal with the United States to end the war," signalling that commercial freedom does not equate to a lift of sanctions. Trump also claimed that Iran has pledged to "never close the Strait of Hormuz again," describing the waterway’s previous use as a "weapon against the world." A senior Iranian military official clarified that this promise applies solely to non‑military vessels, with IRGC Navy oversight. The conflict, which began on 28 February, has already claimed over 3,000 lives and saw Iran previously block the strait—a chokepoint through which roughly 20% of global oil and LNG shipments flow. After stalled U.S.–Iran talks in Pakistan, the United States expanded its blockade to Iranian ports in the Gulf. In Washington, Trump reiterated his administration’s pressure on Tehran to abandon its nuclear ambitions. He suggested a potential "cash‑for‑uranium" deal worth $20 billion, later describing the prospect of acquiring Iran’s "nuclear dust" without payment—a claim dismissed by Iran’s state media, which said no such negotiations ever occurred. Trump also announced that Israel is now "prohibited" from bombing Lebanon, stating that any U.S.–Iran agreement is not contingent on developments in Lebanon. UN peacekeepers reported no air attacks since midnight, though they accused Israeli forces of violating Lebanese airspace and conducting artillery fire. According to the U.S. Department of State, Israel may act in self‑defence against imminent threats but is barred from offensive operations in southern Lebanon. Senior analyst Mairav Zonszein of the International Crisis Group described the direct talks between Lebanon and Israel as a "potential breakthrough," while cautioning that a durable settlement remains distant. He noted that a diplomatic track strengthening the Lebanese government could gradually diminish Hezbollah’s political influence. Overall, the simultaneous declaration of an open strait and the continuation of a U.S. blockade underscores the complex interplay of commercial interests, regional security, and the broader quest for a diplomatic resolution to the Middle‑East conflict.

Citizens of southern Lebanon have started to return to their homes, marking a significant shift towards normalcy in the region. The return of residents has been met with joyful celebrations on the roads, signaling a hopeful period ahead for the community.The calm atmosphere in southern Lebanon is a welcome change for locals who have faced numerous challenges. As people begin to rebuild and restart their lives, the region is slowly coming back to life.This development is a positive sign for the future of southern Lebanon, offering a glimmer of hope for peace and stability in the area.

Lebanese citizens took to the streets to celebrate the launch of a 10‑day ceasefire between Israel and Hezbollah, a move aimed at opening negotiations for a lasting security and peace arrangement, according to the U.S. State Department.The ceasefire, announced to facilitate dialogue between Israeli and Lebanese officials, has been welcomed as a hopeful step toward stabilizing a volatile border region that has seen repeated hostilities.In a separate development, U.S. President Donald Trump reiterated that a deal to end the war with Iran is "very close," suggesting that diplomatic talks could resume in Pakistan’s capital, Islamabad, as early as the upcoming weekend.Trump’s statement follows recent political turbulence in Washington, where the House of Representatives voted down an effort to limit the president’s authority to engage in a war against Iran.Both the ceasefire and the prospective Iran negotiations underscore a broader push by the United States to de‑escalate tensions across the Middle East, offering a potential shift in regional dynamics.

Ten years after Prince’s death, friends and collaborators such as George Clinton, Apollonia Kotero and drummer Charles “Chazz” Smith share personal memories that illuminate his musical brilliance and private life.George Clinton, the legendary leader of Parliament‑Funkadelic, remembers meeting the 19‑year‑old Prince in 1977 and immediately recognizing a talent “a new version of Sly Stone.” Clinton praised Prince’s ability to master guitar, keyboards, bass and drums, noting his “arranging genius” inherited from his pianist father and his dance flair “like James Brown.” Clinton also recalled how Prince later signed him to Paisley Park Records and inducted him into the Rock and Roll Hall of Fame, cementing a friendship that survived countless late‑night studio sessions.Apollonia Kotero, actress and singer who starred alongside Prince in the 1984 film Purple Rain, describes a bond that spanned 33 years. She recounts the grueling shoot—jumping into a freezing lake, suffering hypothermia, and Prince’s frantic plea, “Please don’t die, Apple. I love you.” Their relationship, she says, was “family, not romance,” and Prince’s protective nature shone when he cared for her during illness. Kotero also recalls a surreal moment when Prince hummed the opening melody of “When Doves Cry” into her answerphone, urging her “Don’t erase this!” as a reminder of his creative process.Beyond the studio, Kotero notes Prince’s voracious appetite for literature and politics, his 3 a.m. visits that turned into midnight drives across Hollywood, and his habit of showing her walls plastered with fan mail—a testament to his deep connection with his audience.Charles “Chazz” Smith, Prince’s cousin and original drummer in the early band Grand Central, paints a picture of Prince’s childhood obsession with music. After a spontaneous Sly and the Family Stone concert in Minneapolis, Prince declared, “We’re gonna form a band, and you’re gonna be the drummer.” Within weeks, a newly gifted guitar allowed him to replicate Santana’s “Black Magic Woman” note for note, signalling the start of an insatiable drive to master every genre—from rock to funk to ballads.In the final months of his life, Prince’s friends observed a shift. He reclaimed the rights to his catalog in 2014, began repaying debts, and expressed grief over the death of Vanity, his longtime muse. Smith recalls a poignant encounter six weeks before Prince’s passing: after a brief hug, they exchanged the words “I love you,” marking the last conversation they ever shared.These testimonies collectively reveal a portrait of Prince that goes beyond his public persona: a relentless virtuoso, a compassionate confidant, and an artist whose influence continues to reverberate a decade after his untimely death.

London, 17 April 2026 – The International Monetary Fund (IMF) has advised the Bank of England (BoE) to keep its policy rate at 3.75% for the remainder of the year, warning that the ongoing Iran war is fuelling inflation and could shave 0.5 % off euro‑area growth.Alfred Kammer, director of the IMF’s European Department, told reporters in Washington that the BoE should maintain “a restrictive monetary policy stance” and keep the rate unchanged, stating: “That means keeping the policy rate unchanged for the remainder of the year, i.e., not proceeding with the expected cuts.”BoE Governor Andrew Bailey echoed a cautious tone, saying the bank would not “rush to judgments” on how to respond to an inflation shock driven by higher energy prices – a shock the central bank cannot directly offset with rate moves. Money markets are already pricing in at least one quarter‑point rate rise later in 2026, despite the current hold.The IMF also signalled a similar stance for the European Central Bank, urging a “neutral monetary policy stance” that would involve two quarter‑point hikes in 2026, with the possibility of reversal in 2027 if conditions improve.These monetary‑policy warnings come as the live‑blog highlighted broader economic stress: Chicago wheat futures have surged 4.5 % this week, the biggest weekly jump since February, driven by dry weather in the U.S. Plains and the Iran war’s impact on fertilizer and diesel costs. Humanitarian group Mercy Corps warned that fuel, fertilizer and shipping disruptions are already locking in food‑insecurity risks for fragile economies in Somalia, Ethiopia and Pakistan.Analysts note that the IMF’s advice underscores the delicate balance the BoE faces between curbing inflation and avoiding a premature rate cut that could undermine credibility. With inflationary pressures from energy and food still elevated, a hold‑and‑monitor approach may preserve policy flexibility, but markets will watch closely for any shift toward tightening if inflation proves stickier than anticipated.