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Revolut, the UK banking app, has reported a 57% increase in profits for 2025, but warned that its support for energy-intensive sectors such as crypto and AI could lead to a reputational risk. The fintech company, which can now launch as a fully fledged UK bank after a five-year wait for regulatory approval, offers crypto trading and has applied for a banking licence in the US.The company's annual report highlighted that cryptocurrency mining and AI datacentres demand large amounts of power, with competition for electricity supplies getting steeper since the US-Israel war on Iran sent energy prices soaring over the past month. Revolut's chief executive, Nik Storonsky, hailed another “landmark year” for the company, which has 68.3 million individual customers and 767,000 business customers.Revolut's growth has been rapid, with revenues climbing 46% to £4.5bn and a £1.7bn pre-tax profit for 2025. The company plans to offer a wider array of banking services in the future, such as lending and other products, and has launched mortgage refinancing in Lithuania. Despite the potential risks, Revolut believes its digital-first approach and emphasis on financial inclusion could lead to it being “relatively insulated and even benefit from an orderly energy transition, relative to traditional financial institutions”.

The recent sanctions imposed by the Trump administration against a UN human rights expert have raised alarm bells about the state of free speech and the ability to criticize government policies without fear of retribution. The expert, Francesca Albanese, was appointed by the United Nations to monitor human rights in occupied Palestine. Her offense was recommending that the International Criminal Court (ICC) issue arrest warrants for Israeli Prime Minister Benjamin Netanyahu and Defense Minister Yoav Gallant for war crimes committed in Gaza. The sanctions, which amount to a "civil death," have effectively silenced Albanese, preventing her from opening a bank account, selling her Washington DC house, or drawing a salary from American universities that employed her. This has had a ripple effect, causing fear among faculty and students on campuses who are now hesitant to criticize Israel's human rights record. The executive order signed by Trump threatens to criminally prosecute anyone who provides Albanese or other designated figures with "funds, goods, or services." This vague language has led to a Maine university canceling an academic conference where Albanese was to make an unpaid appearance via Zoom. The authors of the article, a group of North American university professors and human rights lawyers, argue that this has created a chilling effect on free speech, deterring people from expressing their views for fear of facing sanctions or arrest. They have filed a "friend-of-the-court" brief in support of a lawsuit filed by Albanese's husband and daughter against Trump's unconstitutional sanctions. The targeting of Albanese has significant implications beyond those focused on Israel's human rights record. It should concern anyone who believes in free speech and the ability to challenge those in power without fear of retribution. When a government claims the authority to police ideas, everyone's liberty is on the line.

The recent developments in the Iran-US conflict have sparked concerns about the potential for a prolonged and devastating war. Iranian barrages have targeted Israel, Gulf Arab states, and northern Iraq, while Israeli and US warplanes have struck across Iran. The US has considered deploying troops on the ground, further escalating tensions.British Prime Minister Sir Keir Starmer has warned that the conflict may endure, and the economic risks are already crystallizing. Business activity growth in Britain has slowed, manufacturers' input costs have seen their sharpest rise since 1992, and home loans are becoming dearer as the war feeds into energy and inflation fears.The UK government is drawing up contingency plans, such as lowering speed limits to cut fuel use. However, Chancellor Rachel Reeves has ruled out universal household support for any 'Trumpflation' and insists help will remain within her 'iron-clad' fiscal rules. This approach has raised concerns about the government's ability to mitigate the economic impact of the conflict.The conflict has significant implications for global energy markets. Disruptions to oil and gas flows could lead to a structural shift in global energy use, with Europe potentially accelerating its green energy transition and Asia opting for increased coal use. The UK's clean energy transition may be impacted, with higher costs and disrupted supply posing challenges.In conclusion, the Iran-US conflict poses significant risks to global economic stability and energy markets. The UK government must navigate these challenges carefully, balancing the need for economic support with the imperative of maintaining fiscal discipline.

The UK defence industry is in a state of crisis as a long-delayed military spending plan has left firms 'bleeding cash' and in 'paralysis'. The six-month delay to the defence investment plan (DIP) has resulted in some companies going bust, while others are struggling to stay afloat.Industry groups have warned that the delay has left the UK behind Germany and the US in attracting investment from global investors. The DIP, originally expected last autumn, has been repeatedly postponed amid warnings that the military faces a £28bn funding gap over the next four years.Samira Braund, the defence director of the ADS Group trade body, described the situation as 'paralysis', stating that the government has not put effective mitigation plans in place. The boss of BAE Systems, Europe's biggest defence contractor, has urged ministers to publish the plan, while some smaller firms have been forced out of business.One such company was MTE Heat Treatment, a Yorkshire-based manufacturer with just over 30 employees that helped make turbine blades for jet engines. It fell into administration in February. Andrew Kinniburgh, the head of the trade body Make UK's defence arm, warned that the delay risks deterring investment in the UK at a time when the US and Europe are also raising military spending.The DIP will show how the government plans to fund its strategic defence review, the blueprint for transforming the military amid growing threats from Russia, rising commitments to Nato and against the backdrop of the US-Israel war on Iran. Ministers accepted all the review's recommendations when it was published last June, but the head of the military, Air Chief Marshal Sir Richard Knighton, told MPs in January that defence cuts would be needed without more funding.

The Middle East remains embroiled in a cycle of violence, with Iranian barrages targeting Israel, Gulf Arab states, and northern Iraq on Tuesday. This escalation comes a day after US President Donald Trump claimed that the US was in 'very good' talks with Iran to end the war in the region soon.Despite Trump's optimistic remarks, multiple official sources in Tehran have denied any talks are underway. Iranian parliament speaker Mohammad Bagher Ghalibaf stated, 'No negotiations have been held with the US … fake news is used to manipulate the financial and oil markets.' The Iranian government remains wary of US offers of negotiation, citing past experiences where talks were followed by attacks, such as the surprise attack that killed the supreme leader Ali Khamenei and dozens of senior officials.Potential intermediaries, including Pakistan, Oman, Egypt, and others, have confirmed tentative efforts to establish channels of communication between Washington and Tehran. Iranian Foreign Minister Abbas Araghchi has been engaging in discussions with his counterparts in several countries, including Azerbaijan, Egypt, Oman, Pakistan, Russia, South Korea, Turkey, and Turkmenistan.The diplomatic activity follows a significant escalation of threats between the US and Iran over the weekend, with both sides trading warnings of potential strikes. On Monday, Trump delayed a deadline for Iran to open the Strait of Hormuz for shipping or face targeted airstrikes on its power stations. This brief reprieve drove down oil prices and boosted stocks, with the deadline now set to expire on Friday.Benjamin Netanyahu has stated that Israel will continue to strike Iran and Lebanon, targeting Hezbollah, the Iran-backed Islamist militant movement. The Israeli prime minister warned, 'There's more to come.'The conflict has already had significant economic impacts, with oil prices rising to $104 (£77) a barrel, up more than 40% since Israel and the US started the war on 28 February. Analysts warn of durable and deep disruption to the supply of oil and gas from the region, even if hostilities end rapidly, with severe economic consequences worldwide.

An Iranian missile has struck central Tel Aviv, causing widespread damage to buildings and vehicles, and injuring at least six people. The attack has led to a significant escalation of tensions in the region, with Israeli Prime Minister Benjamin Netanyahu vowing to continue striking Tehran and Lebanon.“There’s more to come,” Netanyahu said in remarks that appeared to corroborate those of three Israeli officials who told Reuters they thought it was improbable that Iran would accept US demands in any new round of negotiations. This development has dimmed hopes of de-escalation after US President Donald Trump played up the chances of a deal to end the conflict.In a statement released on Tuesday, Iran’s Islamic Revolutionary Guard Corps said it would launch heavy missile and drone attacks at Israeli troops in northern Israel and the area near Gaza “without restraint” unless Israel ceased attacks in Lebanon and Palestine. The threat has raised concerns about the potential for further escalation in the region.Police said an Iranian munition carrying a substantial explosive payload struck the central city, causing widespread damage to buildings and vehicles. At least six people were lightly injured. Several buildings were damaged across Tel Aviv, with emergency services reporting casualties at one of the impact sites. One building and the adjacent road were heavily affected, with cars set ablaze.Israel’s health ministry reports 4,829 injured people have been brought to hospitals since the onset of the war. Of those people, 111 remain in hospital and 12 are in a serious condition. The strikes were the latest in a cycle of retaliation after Israeli operations announced on Monday.About 40 minutes after Trump said he would delay action against Iran’s power infrastructure, Israel said on X that it had “just begun another wave of strikes targeting infrastructure of the Iranian terror regime across Tehran”. The Israel Defense Forces said energy facilities would be spared, suggesting that Israel may be aligning with Washington in suspending attacks on Iranian power plants and related sites.The US-based Human Rights Activists’ News Agency said in the previous 24 hours it had recorded at least 206 attacks across 15 provinces in Iran, resulting in at least four casualties (killed and injured, both civilian and military). At least six people were killed in strikes on homes in the city of Tabriz, according to Iran’s Fars news agency.Since US-Israeli bombs started falling on Iran, estimates of total deaths (military and civilian) in the country have exceeded 1,500, with some rights groups reporting figures as high as 3,230 as of 21 March. The escalation has also spilled beyond Israel, with Iranian strikes extending into Gulf states.

Japan will begin releasing its largest-ever oil reserves this week, according to Prime Minister Sanae Takaichi. The decision aims to cushion the country against possible energy shortages triggered by the ongoing US-Israel war on Iran and its impact on tanker traffic through the Strait of Hormuz. The government has approved the release of 15 days' worth of private-sector reserves and will start releasing state-owned reserves on Thursday. This move follows concerns that the conflict in the Middle East will continue to disrupt oil supplies. Japan, a resource-poor nation with a significant economy, imports over 90% of its crude oil from the Middle East, making it particularly vulnerable to supply chain disruptions in the region. The release includes about 80 million barrels of stockpiled oil, equivalent to 45 days of domestic demand. This is 1.8 times the quantity made available after the Fukushima Daiichi nuclear power plant disaster in 2011. As of last year, Japan held reserves of approximately 470 million barrels of oil, enough for 254 days of domestic consumption. In addition to the oil reserve release, the government has introduced subsidies for fuel products to cap gasoline prices at about ¥170 ($1.10) per liter. This move comes after the average retail price of gasoline reached a record ¥190.8 per liter. The subsidies will be reviewed weekly based on oil prices. The Strait of Hormuz crisis has also triggered concerns among Japanese consumers about the availability of essential goods, including toilet paper. In response, the trade and industry ministry has advised consumers against hoarding toilet paper, urging them to make rational purchasing decisions based on accurate information.

President Trump's assertion of 'very good' talks with Iran has raised eyebrows, especially after Tehran denied any negotiations were underway. The sudden detente comes as US markets prepare for another volatile trading day, with oil and energy markets closely watching developments.Trump, standing beside Air Force One, attempted to sell the unexpected diplomatic shift, but provided few details. He hinted at a potential deal involving Iran's nuclear program and control over the Strait of Hormuz, a critical waterway for global oil supplies.The reported interlocutor, Mohammad Bagher Ghalibaf, the speaker of Iran's parliament, has denied any talks with the US, suggesting that Trump is trying to mitigate financial damage from Iran's closure of the Strait of Hormuz. Ghalibaf accused Trump of using 'fake news' to manipulate markets and escape the quagmire in which the US and Israel are trapped.Despite skepticism, international leaders, including Keir Starmer and Benjamin Netanyahu, have cautiously welcomed the talks. Netanyahu emphasized that any deal must safeguard Israel's interests, while also continuing to strike targets in Iran and Lebanon.The negotiations may be another attempt by Trump to buy time, particularly for oil and energy markets. The Pentagon is still positioning military assets, and a potential strike or occupation of Iran's islands or coastline remains a contingency plan if diplomatic efforts fail.

The ongoing conflict in the Middle East has taken a significant turn as foreign ministers from Arab and Muslim countries gathered in Riyadh for urgent discussions. The meeting, which included representatives from 12 countries, aimed to muster a common response to Iran's increasing retaliation against US assets and infrastructure in the region.The talks were held as Iran targeted several energy facilities across Saudi Arabia, the United Arab Emirates, and Qatar in retaliation against Israel's strike on the South Pars gasfield, Iran's biggest source of energy. This escalation comes after a series of Israeli assassinations of top Iranian security officials.The joint statement issued on Thursday confirmed that the countries present at the meeting, including Qatar, Azerbaijan, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Pakistan, Saudi Arabia, Syria, Turkiye, and the United Arab Emirates, asserted the right of states to defend themselves, citing Article 51 of the United Nations Charter on defensive action.The foreign ministers condemned deliberate Iranian attacks with ballistic missiles and drones that have struck various targets, including residential areas, water desalination plants, oil facilities, airports, and diplomatic positions. They called on Iran to:Halt its attacks.Stop "provocative actions or threats" aimed at its neighbours.Cease supporting, financing, and arming pro-Iran proxy groups based in Arab states.Refrain from actions or threats aimed at blocking the Strait of Hormuz or threatening maritime security in the Bab al-Mandeb strait.The meeting yielded a unified response to Iran's increasingly unpredictable behaviour, but the joint statement was vague about how countries would follow this up. Saudi Foreign Minister Faisal bin Farhan Al Saud emphasized his country's right to defend itself and hinted that Saudi Arabia and other Gulf states would act if necessary, adding that they have "very significant capacities and capabilities that they could bring to bear should they choose to do so".The Iranian leadership's response to these developments remains unclear, with New Supreme Leader Mojtaba Khamenei having not been seen in public since his appointment. The Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that Iranian forces had responded to the "deceiving and lying enemy" that had targeted energy facilities in the country, and that they had "entered a new phase of warfare" to defend Iran's infrastructure.