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After Tehran announced a two‑week ceasefire in the Iran war, financial markets breathed a noticeable sigh of relief. Oil prices tumbled by more than 10% on Wednesday, stock indices rallied, and optimism about the global economic outlook resurfaced. However, the reprieve is far from complete.For six weeks the world’s economy has been under pressure as Iran effectively closed the Strait of Hormuz, a chokepoint that handles roughly one‑fifth of global oil and gas shipments. The closure sparked what analysts have called the worst energy crisis of the modern era, driving oil to historic highs.Any progress toward re‑opening Hormuz would ease fears of a supply crunch that could otherwise trigger a cascade of recession risks. Yet the situation remains volatile: Tehran and Washington continue to send mixed signals about the waterway’s status, and Israel’s ongoing strikes in Lebanon add further uncertainty.Consumers already feel the strain. Despite the recent price dip, Brent crude remains above $90 a barrel, a sharp contrast to the sub‑$73 levels recorded before the conflict began. While this is an improvement from the period when prices hovered above $100, it still represents a significant premium over pre‑war benchmarks.Most economists expect oil to stay above its pre‑war price throughout 2026. In its baseline forecast, consultancy Capital Economics projects Brent to settle around $80 per barrel by year‑end. Under that scenario, headline inflation in the United States and Europe would hover between 3% and 4% year‑on‑year, while GDP growth is likely to decelerate across major economies.The lingering uncertainty is amplified by the unpredictable stances of both Iran and the United States, as well as the broader geopolitical turbulence involving Israel. Prior to the conflict, few analysts believed Tehran would actually close Hormuz, a threat it has floated intermittently since the 1979 revolution.Given the strait’s pivotal role in the world economy, any prolonged disruption could add a costly premium to global business operations. The International Monetary Fund (IMF) warned in a recent report that wars since 1946 have left “economic scars” lasting more than a decade. The IMF cautioned that even after a ceasefire, persistent political and economic uncertainty can depress investment returns, fuel capital outflows, and constrain both investment and labor supply.In short, while the ceasefire has delivered a short‑term boost to markets, the underlying energy‑price pressures and geopolitical risks mean that the relief is far from absolute.

Major League Baseball has handed down seven-game suspensions to Los Angeles Angels designated hitter Jorge Soler and Atlanta Braves pitcher Reynaldo López after a heated brawl during a game between the two teams. The suspensions, announced by MLB's senior vice-president for on-field operations, Michael Hill, also come with undisclosed fines. Both players are appealing their suspensions, which were set to begin on Wednesday but are currently on hold.The incident occurred on Tuesday night when Soler homered off López in the first inning, and later was hit by a 96mph fastball from López. The situation escalated when López threw a high-and-inside wild pitch, prompting Soler to charge the mound. The two players began throwing punches, leading to a brawl that involved players and coaches from both teams.Atlanta Braves manager Walt Weiss described the situation as a 'big man' on a 'warpath,' saying he had to intervene to prevent Soler from hurting someone. Soler and López were teammates during the second half of the 2024 season with the Braves.The Braves went on to win the game 7-2, with Soler's two-run shot in the first inning contributing to the victory. Soler has impressive stats against López, going 14 for 23 with five homers and three doubles.Both players expressed regret over the incident, with López stating there was 'never any intent to hit him' and Soler criticizing López for missing 'way too high and close to my head.'

Footage captured on the streets of Tehran shows small groups of citizens gathering around Enghelab Square – a historic rally point for pro‑regime supporters – some waving Iranian flags, others draped over their backs. The atmosphere is far from uniform; debates and arguments erupted shortly after the ceasefire announcement, reflecting a spectrum of emotions from shock to tentative hope.The video, posted by Majid Nouri – son of former prison official Hamid Nouri – includes his running commentary. He notes that the discussions began around 3 a.m. and continued into the morning, with participants expressing both anger and disbelief. "In no way do we trust America," Nouri declared, echoing a sentiment he says is shared by virtually every Iranian.Pro‑government demonstrators were heard chanting "Death to America, death to Israel, death to compromisers!" and burning U.S. and Israeli flags, according to the Associated Press. The chants persisted despite attempts by organizers to calm the crowd, underscoring the depth of anti‑Western feeling among hardliners.While the ceasefire halted active hostilities, the war has already claimed at least 1,900 lives in Iran. With internet services largely blacked out, gauging the broader public mood is challenging, but pockets of Tehran reported subdued celebrations in the early hours of Wednesday.Local resident Ali, a 31‑year‑old, summed up the prevailing uncertainty: "Most people here don’t trust the US and still don’t know exactly what is going to happen, so they are unsure whether they should be happy or worried." He warned that the ceasefire’s two‑week duration offers no guarantee of lasting peace.Business owners are beginning to test the waters. Hamid, a 43‑year‑old shopkeeper whose grocery and cleaning‑supplies store closed after the February bombings, said, "Today feels like there is no war," and he has reopened his shop, hoping to recover lost income for his family.Iranian officials are framing the pause as a diplomatic victory. Former foreign minister Ali Akbar Velayati posted on X that the conflict has reshaped the global power balance, positioning Iran within a new multipolar order. President Masoud Pezeshkian praised the ceasefire as the fruit of the blood of Iran’s “great martyred leader” and the collective will of the people.Strategically, the ceasefire highlights Tehran’s ability to disrupt the vital Strait of Hormuz, a chokepoint for global oil shipments. Analysts note that this leverage could bolster Iran’s negotiating stance, even as former U.S. President Donald Trump previously warned that a full‑scale clash would threaten "a whole civilisation." As sunrise illuminated the capital, daily life resumed with shops reopening and traffic returning to the streets, yet the prevailing mood remains a blend of exhaustion, cautious optimism, and lingering mistrust of the United States.

Jason Tarry, the CEO of John Lewis Partnership, which owns John Lewis and Waitrose, saw his basic pay rise by 21% to £1.2m in the year to January. This increase comes as the retailer announced significant job cuts, with 3,300 positions eliminated.Tarry's total pay package, including a £22,700 annual bonus, reached almost £1.26m. This substantial increase is part of a broader restructuring effort at the company, which has been facing challenges in the retail sector.The John Lewis Partnership, a staff-owned business, has been undergoing significant changes, including reducing its workforce from 69,000 to 65,700 employees. The company has attributed most of the reduction to natural attrition, with fewer than 0.5% of partners leaving through redundancy.Despite the job cuts, the total pay for key management, including directors, remained steady at £8m. Tarry was the highest-paid director, reflecting his combined role as chairman and CEO.The company has been exploring ways to operate more efficiently, including the use of electronic shelf labels and AI technology. However, it has not commented on potential future job cuts.In a positive note, John Lewis Partnership paid an annual bonus to workers in March for the first time in four years, following a 6% rise in underlying profits. Each worker, including Tarry, received a bonus equivalent to 2% of their salary.

Cardiff Airport has emerged victorious in a legal challenge brought by Bristol Airport over a £205m subsidy package from the Welsh government. The Competition Appeal Tribunal's unanimous decision on Tuesday dismissed Bristol Airport's case, which argued that the subsidy distorted the market and breached the Subsidy Control Act.The Welsh government had announced the subsidy in April last year, with approximately half earmarked for developing new routes and the rest for maintenance facilities, hangars, and cargo capacity. Bristol Airport had claimed that the subsidy was unprecedented in the UK aviation industry and a breach of competition rules.The £205m subsidy is part of a decade-long plan to support Cardiff Airport, which has struggled to turn a profit since its nationalization in 2013. Despite £200m in bailouts, passenger numbers at Cardiff Airport have not recovered from the Covid pandemic, with 963,000 customers passing through in 2025, compared to a peak of 2 million in 2007.Bristol Airport expressed disappointment with the tribunal's decision, stating that it would study the ruling in detail before deciding on next steps. The company argued that the subsidy placed a burden on taxpayers and that the flexibility given by the Subsidy Control Act introduced after Brexit allowed the subsidy to proceed.The Welsh government welcomed the decision, hoping that both Cardiff and Bristol airports would continue to thrive and grow. The feud between the airports has been ongoing since 2013, when the Welsh government purchased Cardiff Airport for £52m, well above market value.

At a Pentagon briefing, Defense Secretary Pete Hegseth asserted that Iran’s request for a temporary cease‑fire was a direct result of the United States’ intensive air campaign, which he described as having reduced Iran’s weapons factories to rubble and rendered its military ineffective for years to come. Hegseth, standing beside Joint Chiefs Chairman Dan Caine, said the final wave of strikes before President Donald Trump announced a two‑week pause had completely destroyed Iran’s defense industrial base. While Iran can still fire from existing stockpiles, it can no longer replace lost munitions, according to the secretary. President Trump posted on Truth Social that he had agreed to suspend hostilities less than two hours before his self‑imposed deadline to “decimate the entirety of Iranian civilization.” The decision followed a last‑minute diplomatic push by Pakistan’s Prime Minister Shehbaz Sharif and army chief Gen Asim Munir. Iran’s foreign minister Abbas Araghchi confirmed Tehran’s acceptance of the pause, and the country’s supreme national security council announced it would send a delegation to Islamabad for formal talks starting Friday. Both sides claimed victory: Iran’s security council said it had achieved “nearly all the objectives of the war,” while the United States highlighted the crippling of Iran’s military capabilities. The cease‑fire ends a conflict that began on 28 February, when the U.S. and Israel launched nearly 900 strikes in a 12‑hour window against Iranian military infrastructure, missile sites, and leadership. The opening day saw the death of Supreme Leader Ali Khamenei, with his son Mojtaba Khamenei named successor on 8 March. Hegseth warned that the United States had prepared additional strikes on Iran’s power plants, bridges and energy infrastructure—targets he said Iran could not defend or rebuild for decades—if Tehran had refused the pause. According to Joint Chiefs Chairman Caine, 13 U.S. service members were killed during the fighting. Total casualties across the region exceed 5,000, including over 1,600 Iranian civilians and at least 1,497 deaths in Lebanon. By the sixth day of the war, U.S. military spending had reached roughly $12.7 billion, with a pending supplemental request of $200 billion before Congress. The future of a lasting settlement remains uncertain. Trump later announced that Iran would hand over its enriched uranium and cease all enrichment activities, while Iran’s supreme national security council released a 10‑point counter‑proposal that explicitly demands the right to continue enrichment. Disagreements also persist over the cease‑fire’s scope. Israel maintains that the pause does not apply to Lebanon, where ground and air campaigns are at their most intense since Israel’s northern invasion. Both Pakistan and Iran, however, have stated that Lebanon is included in the cease‑fire. Subsequent reports indicated Iranian missile and drone attacks on Kuwait and the United Arab Emirates, as well as strikes on Iran’s oil infrastructure on Lavan Island. Iran’s supreme national security council warned that its forces remain on high alert, stating, “our hands are on the trigger, and any mistake by the enemy will be met with full force.” When asked about the long‑term U.S. presence in the region, Hegseth replied unequivocally: “We’re not going anywhere.”

British computer scientist Adam Back has vehemently denied claims that he is the elusive creator of Bitcoin, known as Satoshi Nakamoto. A recent report in the New York Times had suggested that Back was Nakamoto, but he quickly took to social media to refute the claims. In a thread on X, Back stated, 'I also don’t know who satoshi is, and I think it is good for bitcoin that this is the case, as it helps bitcoin be viewed [as] a new asset class, the mathematically scarce digital commodity.' This denial comes after a years-long effort to unmask Nakamoto, the mysterious author of the bitcoin white paper which laid the theoretical foundations for modern digital currencies. The speculation surrounding Nakamoto's identity has been ongoing for years, with previous attempts pointing to Nick Szabo, Hal Finney, and an 'unknown Australian genius' who was later revealed to be a fraud. The latest trail led to Back, a London-born computer scientist and entrepreneur, who was a member of an online anarchist cryptography community called the cypherpunks in the early 1990s. Journalist John Carreyrou claimed to have found similarities between Back and Nakamoto by analyzing decades of old internet postings and shared niche interests. However, Back attributed the similarities to 'a combination of coincidence and similar phrases from people with similar experience and interests.' Not everyone is convinced by Back's denial, with some speculating that he may still be Nakamoto. Stephen Murdoch, a professor of computer science at University College London, noted that while there are indications that it could be Back, 'there’s no smoking gun.' Meanwhile, Dr. Jacky Mallett, an assistant professor of computer science at Reykjavík University, suggested that Satoshi was 'almost certainly more than one person,' citing updates to the bitcoin code that suggest multiple contributors. Back is the owner of a bitcoin treasury firm that is merging with a publicly traded company. If he were indeed Nakamoto and the owner of 1.1m coins worth tens of billions of pounds, he would have to disclose this to the Securities and Exchange Commission, as it could materially affect the bitcoin market.

Delta Air Lines chief executive Ed Bastian told investors that customers should expect higher airfares as oil prices climb in response to the ongoing US‑Israel conflict with Iran. The carrier has already absorbed an additional $330 million in fuel costs and anticipates a further $2 billion increase in fuel expenses for the current quarter. Despite the cost pressure, Delta forecasts a 10% rise in revenue, citing robust passenger demand that it describes as a "healthy" travel environment. Bastian noted that the surge in demand is especially strong among affluent travelers who continue to purchase premium‑class seats. Other U.S. airlines have begun raising baggage fees, attributing the move to volatile fuel markets. Bastian suggested that such fee hikes could become a permanent feature of airline pricing, adding that "at this level of fuel pricing, it’s hard to call anything temporary." Oil markets showed a brief reprieve after Iran announced the reopening of the Strait of Hormuz under a two‑week cease‑fire agreement with the United States. Brent crude fell from roughly $110 per barrel to just under $95 per barrel, yet prices remain about $20 per barrel above pre‑conflict levels. U.S. carriers have felt the ripple effects of the conflict. Since the start of the year, American Airlines shares have slipped about 25% and United Airlines about 13%. United’s CEO, Scott Kirby, warned that fares could climb as much as 20% if fuel costs stay elevated, even as airlines strive to keep demand strong. Delta’s stock, which surged 17% last year, has been flat so far in 2026, reflecting both consumer resilience and the headwinds from the conflict. The shares did gain 6% in early trading on Wednesday. To mitigate fuel consumption, Delta plans to trim capacity on lower‑load midweek and overnight routes, mirroring a similar capacity‑reduction announcement from United earlier in the month. Bastian also highlighted that Delta has benefited from a "K‑shaped" economic recovery, where wealthier consumers continue to spend on travel while lower‑income households curb discretionary spending. "Our customers at the top of the K are still investing in travel," he told CNBC, emphasizing that premium travel remains a priority for this segment.

Miles Jupp, a well-known actor, writer, and comedian, recently shared his thoughts on how the 2005 Ashes series had a profound impact on his life. Sitting at the Oval cricket ground, a place he considers one of his favorites, Jupp reminisced about the life-changing experience of watching the final day of the series on September 12, 2005. Jupp was in his early 20s at the time, working as a standup comedian and actor. He had won the So You Think You're Funny? competition in 2001, which helped launch his career. However, it was the 2005 Ashes that truly altered his path. The series, which ended with England's first victory in 18 years, sparked something in Jupp. He recalls feeling inspired by the journalists in the press box and decided that he wanted to be part of that world. Jupp's passion for cricket and his desire to be part of the action led him to blag his way into the press corps for England's Test tour of India in March 2006. He documented his experiences in his standup show and book, Fibber in the Heat. While Jupp admits that part of him thought the experience would be good material for a story, he claims he was genuinely invested in becoming a cricket journalist. Jupp's journey as a cricket journalist was not without its challenges. He struggled to understand the workings of the press box and found it difficult to maintain the theatrical neutrality required. Ultimately, he concluded that he preferred to watch cricket as a fan, enjoying the excitement of the stands rather than the press box. Despite the difficulties, Jupp's love for cricket runs deep. He reflects on his experiences, including battling a brain tumor and undergoing surgery, and emphasizes that cricket remains massively important to him. His story serves as a testament to the power of sports to inspire and transform lives.