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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.

In a thrilling Champions League matchup, Arsenal claimed a crucial victory in Lisbon, with Kai Havertz scoring the winning goal in injury time after Gabriel Martinelli drew the defense. This win comes after Arsenal lost their previous two matches, making it a significant turnaround for the team.Elsewhere, Bayern Munich secured a win at the Bernabéu, with Trent Alexander-Arnold's perfect ball setting up Kylian Mbappé's goal. This result keeps the tie very much alive, with both teams still in contention.The podcast also discusses a big Easter of Football League action and pays tribute to Aaron Ramsey. Listeners can find Football Weekly on various platforms, including Instagram, TikTok, and YouTube.

Evelyn Araluen has been named among the six finalists for the 2026 Stella Prize with her second poetry collection, The Rot. This marks her second appearance on the shortlist, four years after becoming the first poet to win the award as an Australian woman and non‑binary writer. The $60,000 prize will be contested alongside five diverse titles: Geraldine Brooks’ memoir Memorial Days, Miranda Darling’s novel Fireweather, Lee Lai’s graphic novel Cannon, Marika Sosnowski’s hybrid nonfiction 58 Facets: On Violence and the Law, and Tasma Walton’s novel I Am Nannertgarrook. Each shortlisted author receives a $5,000 advance. Earlier this year, Araluen’s The Rot captured the top prize and a $125,000 award at the Victorian Premier’s Literary Awards, praised for its exploration of grief and collective anxiety amid the global coverage of the Gaza conflict. The collection was sparked by an incident at Adelaide Writers’ Week in 2024, where Araluen was heckled for describing the Israeli bombardment of Gaza as genocide. She told Guardian Australia that the poems aim to document a "panicked, distressed window of time" that future readers might view with horror and regret. "I wanted the book to clearly record what we knew and did not stop," Araluen said. "If it reads as naive, let it still serve as a record of an uncomfortable truth we all must face." Araluen, a Goorie and Koori poet, first won the Stella Prize in 2022 for her debut collection Dropbear. This year’s shortlist was selected from 212 submissions, underscoring the depth of contemporary Australian women’s and non‑binary writing. Chair of judges Sophie Gee praised the list, noting that the books “move us to the core through language, the truth of their emotion, and the honesty of what it means to be human, across time and space.” The winner will be announced on 13 May 2026. Last year’s prize went to Michelle de Kretser for her novel Theory and Practice.

The recent US-Iran ceasefire agreement has not led to a significant change in the situation for ships trying to pass through the Strait of Hormuz. According to shipping analysts, there will be no 'mass exodus' of ships through the strait, despite provisions for a temporary reopening of the crucial maritime channel.The ceasefire agreement 'doesn't change the situation in the sense that Iran is still in control,' said Richard Meade, the editor-in-chief at maritime data provider Lloyd's List Intelligence. 'It still requires ships to essentially seek permission, and that's the key. That means that nothing has changed – no permission, no transit.'An estimated 2,000 ships and 20,000 seafarers have been trapped in the Persian Gulf since the outbreak of war at the end of February, according to the UN, unable to pass through the strait to continue their journeys. The trapped vessels include oil and gas tankers, bulk carriers, and cargo ships as well as six tourist cruise liners.Under Iran's 10-point ceasefire plan, the country's foreign minister said safe passage through the strait would be allowed under Iranian military management. However, analysts believe that Iran will continue to control the flow of traffic, and few expect traffic to return to normal daily averages during the two-week ceasefire.The head of the UN shipping agency, the International Maritime Organization (IMO), welcomed the ceasefire and called for a safe evacuation of seafarers from the Gulf. Arsenio Dominguez, the secretary-general of the IMO, said: 'I am already working with the relevant parties to implement an appropriate mechanism to ensure the safe transit of ships through the strait of Hormuz. The priority now is to ensure an evacuation that guarantees the safety of navigation.'

Shares of Close Brothers, a UK-based specialist lender, jumped 17% on Wednesday following the bank's announcement that it can easily absorb the cost of a £320m compensation bill related to the car finance scandal. The Financial Conduct Authority's (FCA) compensation scheme, finalized last week, aims to address the issue of drivers being overcharged for loans due to commission payments between lenders and car dealers.The bank expects to pay out approximately £320m in compensation, which is 'broadly similar' to previous estimates and only £26m more than the £294m already set aside. Close Brothers stated that this additional amount can be 'comfortably absorbed by existing capital resources,' ensuring the group remains well-positioned to continue its strategy.The FCA's compensation scheme estimates that victims will receive an average payout of £830. This development has provided relief to investors, especially after concerns were raised by short seller Viceroy Research, which suggested that Close Brothers might need to significantly increase its provision for car finance losses.In contrast, Close Brothers' rival, FirstRand, announced hours earlier that it would sell its UK operations, citing frustration with the FCA's compensation scheme, which it described as 'deeply flawed.' FirstRand stated it would need to raise an extra £510m to cover compensation costs, taking its total provisions to £750m, and potentially slash its earnings forecast and offload its UK business.

Ian Cheshire, a seasoned City veteran and former CEO of Kingfisher, has been appointed as the new chair of Ofcom, the UK's media regulator. Cheshire, who previously served as the chair of Channel 4 until last year, will lead Ofcom through a critical period marked by rapid growth in online content and rising concerns over politically partisan broadcasting.Cheshire's appointment comes at a time when Ofcom is tasked with overseeing the implementation of the Online Safety Act, legislation aimed at regulating social media in the UK. He will serve a four-year term, pending approval from a parliamentary hearing. The new chair has expressed his commitment to effective regulation, stating that he has 'seen first-hand how much effective regulation matters – for consumers, for businesses and for the wider economy.'The technology secretary, Liz Kendall, praised Cheshire's 'proven track record of leading complex organisations through periods of significant change,' highlighting his suitability for the role. Cheshire's extensive experience includes leadership positions at Landsec, Barclays, and Debenhams. He is expected to succeed Michael Grade, who will step down at the end of the month.As chair of Ofcom, Cheshire will be responsible for guiding the regulator's efforts to ensure online safety and maintain fair and impartial broadcasting standards. His appointment was chosen over other candidates, including Margaret Hodge and Jeremy Wright. The role of Ofcom chair comes with an annual salary of £120,000 for a commitment of three days a week.

Ian Cheshire steps into the helm of Ofcom with a comprehensive 2026‑27 plan that spans telecoms, broadband, postal services, broadcast media and the digital sphere. While the breadth of responsibilities is vast, the regulator’s work on the Online Safety Act (OSA) is set to dominate his tenure.The OSA, the UK’s flagship legislation governing social‑media, search and video platforms, has become a flashpoint between internet‑safety advocates and free‑speech proponents. Campaigners such as Ian Russell – father of Molly Russell, whose tragic suicide highlighted online harms – and filmmaker Beeban Kidron are urging a tougher regulatory stance.Last year, Russell publicly called for a change in Ofcom’s leadership, citing the watchdog’s failure to block an online suicide forum accessible to UK users. At the same time, Technology Secretary Liz Kendall wrote to Ofcom expressing “deep concern” over delays in rolling out key OSA provisions.Although updating the act is a parliamentary responsibility, Cheshire’s close ties to government could accelerate ministerial action. The OSA, passed in 2023, only began substantive implementation under chief executive Dame Melanie Dawes, with the introduction of rigorous age‑gating measures last year marking the first tangible impact on users.Beyond online safety, Ofcom must continue its core duties established in 2003: supervising public‑service broadcasting, ensuring impartial news, maintaining universal postal delivery six days a week, and monitoring broadband and mobile‑phone coverage across the UK. The government’s expectation is clear – the regulator must move faster on digital safety without neglecting these legacy functions.A looming test of the OSA’s strength is the investigation into the partial nudification of women and girls by Elon Musk’s AI tool Grok. The outcome will signal how effectively Ofcom can enforce the act against emerging AI‑driven harms.The 2026‑27 plan lists projects such as preventing illegal content from going viral, measuring harmful material encountered by children, and assessing the effectiveness of age‑gating. Additional measures targeting major platforms like Google and Instagram remain stalled due to ongoing court proceedings.Recent incidents – from misinformation spikes following the Southport killings to AI‑generated misogyny on X – underscore the urgency. While the legislation provides Cheshire with a framework, the patience of campaigners and policymakers is wearing thin.

The recent announcement of a two-week ceasefire between Iran and the US has been hailed by Donald Trump as a victorious dawn of a new era, but it is Iran that enters peace talks with the stronger hand. The Tehran regime has demonstrated its power to close the Hormuz strait and holds a stockpile of highly enriched uranium (HEU), the original crux of the conflict with the US, Israel, and allies.Trump won instant gratification with the ceasefire, which allowed him to remain the central player in the drama and claim a few hours later to have dramatically reversed course and be “far along” along the road to an enduring Middle East peace. However, the actual ceasefire terms remain hazy with varying interpretations in circulation.Iran's 10-point plan, not Trump's 15-pointer, was referred to when welcoming the ceasefire, calling it “a workable basis on which to negotiate”. The Tehran government included the right to enrich in the Farsi version of the ceasefire terms, but not in the English translation, suggesting it was put there for domestic consumption as the regime boasted victory.There seems little doubt that Iran will make the right to enrich uranium a red line at talks over a long-term settlement, as it has in all its negotiations with the west, and its possession of 440kg of HEU (enough in theory to make a dozen nuclear warheads) will be a powerful bargaining chip.

UK house prices experienced a decline in March, as the housing market lost momentum due to uncertainty surrounding the conflict in the Middle East and its potential impact on the economy and interest rates. Figures from Halifax showed a 0.5% dip in property prices compared to the previous month. As a result, the average price of a home slipped back below £300,000 to £299,677, after initially crossing the £300,000 milestone in January. The pace of annual property price growth also eased to 0.8%, down from 1.2% the previous month. Halifax cited uncertainty over the conflict in the Middle East as a factor that has dampened the initial momentum in the market seen at the start of the year. Concerns about higher energy prices have pushed up inflation expectations, leading to a rise in mortgage rates. Expectations that the Bank of England could raise interest rates several times this year have driven up the cost of fixed-rate mortgages. However, City traders adjusted their forecasts for rate rises after the US and Iran agreed to a two-week conditional ceasefire. The choice of mortgage deals has shrunk in recent weeks, with hundreds of mortgage products pulled from the market. The average two-year fixed residential mortgage rate moved upwards to 5.84% by the end of March, the highest since July 2024. Amanda Bryden, head of mortgages at Halifax, noted that the effect on house prices will largely depend on how long-lasting these pressures prove to be and the wider implications for the economy and unemployment. She emphasized that mortgage rates are a key factor for buyers, particularly those getting on the ladder for the first time.