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World Economy Mar 26, 2026

Iran War Creates Complex Crossroads for Global Clean Energy Transition

The Iran war has triggered the worst oil crisis in history according to the IEA, creating complex i…
The deadly conflict in Iran has precipitated what the International Energy Agency describes as the worst oil crisis in history, creating a complex situation for global clean energy efforts. While climate advocates are calling for accelerated transition away from fossil fuels, the war simultaneously presents both opportunities and significant challenges for renewable energy development.US-Israeli strikes on Iran have critically disrupted supply routes through the Strait of Hormuz, a maritime channel through which 20% of global oil flows. The conflict has also seen direct attacks on fossil fuel infrastructure by all parties involved, creating additional market shocks and uncertainty.Interestingly, reduced reliance on oil and gas is proving beneficial for some regions navigating the ongoing fuel crisis. As Jan Rosenow, a professor of energy at Oxford University, explains: Electricity generated from wind and solar is largely insulated from fossil fuel price volatility – once built, the fuel is free.Countries with substantial renewable energy investments are demonstrating greater resilience. Spain and Portugal have witnessed electricity prices decline in recent weeks, while Pakistan has experienced a surge in rooftop solar installations over the past five years, helping the nation weather oil and gas market disruptions.The electric vehicle revolution is also providing some economies with protection against gasoline price increases. In China, more than 50% of all new cars sold are electric, while in Nepal, that figure reaches an impressive 70%.However, the war is creating near-term challenges that could impede clean energy growth. The conflict has disrupted transport routes for metals essential in solar panel construction, particularly aluminum. The Middle East accounts for approximately 9% of global aluminum production, and regional producers have begun scaling back operations amid the hostilities.Furthermore, the inflationary pressures stemming from the conflict pose significant hurdles for renewable energy projects, which require substantial upfront investment for construction, equipment, and installation.Paradoxically, the war and resulting energy shocks have provided a short-term boon for fossil fuels, including coal. Many Asian countries heavily reliant on imported liquefied natural gas (LNG) are burning more coal to meet energy demand as LNG supplies through the Strait of Hormuz become constrained.The conflict has also incentivized increased oil and gas drilling and exploration, as countries scramble to replace disrupted LNG supplies and higher prices make previously unviable projects economically viable. US company Venture Global recently announced a new five-year contract to supply LNG, while Canadian energy company TC Energy indicated that Iran war disruptions are increasing the likelihood of expanding a massive LNG export facility.The Trump administration has further incentivized oil expansion, recently announcing plans to pay a French company $1 billion to abandon offshore wind farm projects in favor of fossil fuel initiatives.Experts propose various policy responses to encourage the green transition during this crisis. Rosenow advocates for tax reform to reduce the disproportionate burden on electricity compared to gas. Professor Gregor Semieniuk suggests imposing windfall taxes on oil and gas companies during the war, while Lauren Pagel of Earthworks calls for ending fossil fuel subsidies and making polluters pay for their environmental impact.Despite the current challenges, Kingsmill Bond, a strategist for the energy thinktank Ember, maintains that this crisis could ultimately accelerate the clean energy transition: This is the first oil shock in history where oil faces a superior alternative. Solar, wind and EV are cheaper, local, faster to deploy, and huge.
#energy #war #oil
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World Economy Mar 26, 2026

Next Weathers Middle East Conflict with £1.16bn Profit, Sees No Immediate Price Hike

Next reports £1.16bn pre-tax profit, with estimated £15m extra costs from Middle East conflict havi…
Retailer Next has reported a £1.16bn pre-tax profit for the full year, with the Middle East conflict expected to add only £15m to fuel and air freight costs. This amount, which assumes a three-month disruption, is considered minimal and can be offset by savings elsewhere.Chief Executive Simon Wolfson added £8m to this year's profit forecast as a mechanical read-through from last year's outcome, indicating that trading had been “encouraging” in the UK and “strong” overseas until late February.The main concern for Next is the potential long-term impact of the conflict on supply chain resilience, freight rates, factory gate prices, and consumer demand. Wolfson emphasized that the company has no insight into the duration and implications of the conflict, stating, “As yet, we have no feel for the medium-term effects”.If higher costs persist, Next may put up prices, but this remains “a contingency, not a plan”. The company will provide a clearer view in its first-quarter update in May.Wolfson also offered nuanced insights, suggesting that consumer confidence may not have collapsed as much as some, like the British Retail Consortium, have claimed. He noted that UK consumers tend to react to actual higher prices, not the threat of them.Additionally, Next's spring-summer ranges are already in stores, online, and warehouses, minimizing the immediate need for adjustments. Any increases in fabric costs or production disruptions in Asian factories would mostly affect autumn-winter ranges.The stock market responded positively, with Next's shares rising 5% to £125.40. This resilience could indicate potential for a profit upgrade in May if the £15m in extra costs turns out to be the worst of it.However, no retailer will be immune if the energy price shock persists and the OECD's prediction of UK economic growth of just 0.7% this year materializes.
#next #there #yet
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Technology Mar 26, 2026

Starmer Commits to Cracking Down on Addictive Social Media Features After Meta, YouTube Liability Verdict

UK Prime Minister Keir Starmer has vowed to tackle addictive features in social media platforms fol…
UK Prime Minister Keir Starmer has announced plans to address addictive features in social media platforms, signaling a potential regulatory shift following a significant US court ruling that held Meta and YouTube accountable for harms caused by their technology designs.The prime minister emphasized that the recent California court verdict reflects rising public expectations for more aggressive regulation of social media platforms. "I'm absolutely clear that we need to go further," Starmer stated, adding that "the status quo isn't good enough" in terms of protecting children online.Starmer specifically mentioned that the government is consulting about banning social media for under-16s and expressed strong commitment to addressing addictive features within social media platforms. These remarks come amid growing international pressure on tech companies to address the potential harms of their products on young users.In the landmark US case, a California jury found Meta and YouTube negligent for failing to provide adequate warnings about the potential dangers of their platforms. The plaintiff, a 20-year-old woman who claimed she became addicted to social media during her childhood, was awarded $6 million (£4.5 million) in damages, with Meta responsible for 70% of the payment and YouTube covering the remainder.The Duke and Duchess of Sussex welcomed the verdict as "a reckoning" for tech companies, stating in a joint statement: "For too long, families have paid the price for platforms built with total disregard for the children they reach." They emphasized that "today, the truth has been heard and precedent has been set" regarding children's safety versus corporate profits.Both Google, which owns YouTube, and Meta have indicated they will challenge the decision. Google claimed the case "misunderstands YouTube, which is a responsibly built streaming platform, not a social media site," while Meta stated it "respectfully disagrees with the verdict and is evaluating our legal options." The verdict came after nine days of deliberation in the first lawsuit concerning social media's alleged harm to young people to reach trial.The ruling has resonated beyond the courtroom, with European Commission digital chief Henna Virkkunen noting that such cases send "a very clear message" to online platforms about the risks they pose. Campaigners for safer social media have celebrated the decision as a potential watershed moment in regulating platforms like TikTok, Instagram, and X.The Molly Rose Foundation, established after the death of 14-year-old Molly Russell who was exposed to harmful content on Instagram, called for legislation that would make "safety and wellbeing the price for tech firms to pay for doing business in the UK." Thomas Lancaster, a computing expert at Imperial College London, emphasized that policies must be effectively enforced to protect those they're designed to safeguard.Sacha Haworth, executive director of the Tech Oversight Project, declared that "the era of big tech invincibility is over," suggesting that the verdict validates concerns about tech platforms' impact on young people that have been raised for years.
#social #media #tech
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Sports Mar 26, 2026

PSG's Ligue 1 Match Against Lens Postponed to Aid Champions League Preparation

The French league has postponed Paris Saint-Germain's match against Lens to May 13, giving PSG extr…
Paris Saint-Germain's highly anticipated visit to Lens in Ligue 1 has been postponed to May 13, allowing the team more time to focus on their upcoming Champions League quarter-final against Liverpool. The match, initially scheduled for April 11, could have significant implications for the Ligue 1 title race, with PSG currently leading Lens by a single point.The decision to reschedule the match has been met with some resistance from Lens, who expressed concerns that the French league is being treated as an adjustment variable to accommodate the European imperatives of certain teams. The Ligue de Football Professionnel justified the move by citing the strategic goal of helping France maintain its fifth place in the UEFA coefficient rankings, which would secure four places in the Champions League.PSG is set to face Liverpool in the Champions League quarter-final on April 8 at the Parc de Princes, with the second leg taking place at Anfield six days later. This extra time could prove crucial for PSG as they look to advance in the competition.In addition to the PSG-Lens match, Strasbourg's visit to Brest on April 12 has also been rescheduled to May 13, as Strasbourg prepares for their Europa Conference League last-eight games against Mainz.
#league #lens #psg
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Film Mar 26, 2026

Charming Tale of Teenage Resilience in North Macedonia: 'DJ Ahmet' Review

A heartwarming coming-of-age film about a teenager from North Macedonia who becomes a TikTok sensat…
The film 'DJ Ahmet' tells the story of a 15-year-old boy from an isolated farming community in North Macedonia who becomes an unlikely star on TikTok after a video of him chasing his sheep through an illegal rave goes viral. The movie, directed by Georgi M Unkovski, is a charming coming-of-age tale that tackles serious issues with kindness and a sunny worldview.The protagonist, Ahmet, played by Arif Jakup, is a teenager who had to quit school to care for his sheep. His life is tough, but he finds solace in music and becomes a DJ to impress his neighbor, Aya, played by Dora Akan Zlatanova. The film's cast, including non-professional actors, deliver natural and lovely performances.The movie explores themes of patriarchal oppression and the challenges faced by young people in conservative communities. However, it approaches these issues with generosity and sensitivity, offering a hopeful and uplifting message. The film's tone is warm and moving, with a standout moment featuring the imam at the local mosque.'DJ Ahmet' is set to release in UK and Irish cinemas from March 27, and is a must-watch for fans of coming-of-age stories and charming, feel-good cinema.
#ahmet #his #but
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Commentisfree Mar 26, 2026

UK Water Privatisation: A Lethal Scandal Exposed

The article discusses the tragic story of Julie Maughan, whose eight-year-old daughter died due to …
The recent story of Julie Maughan, a grieving mother who lost her eight-year-old daughter Heather Preen due to exposure to polluted water, has left an indelible mark. The Channel 4 docudrama Dirty Business brings to light the struggles of campaigners and families fighting against privatised water companies and a system that often fails to protect them.In a poignant meeting, Julie Maughan's emotional testimony, marked by grief, dignity, and determination, underscored the human cost of water privatisation. Her story starkly contrasts with the detached world of statistics and policy debates, illustrating the moral failure of a system that prioritises profit over people's lives.Clive Lewis, Labour MP for Norwich South, argues that the water industry's model, which allows private companies to profit from a basic necessity while the public bears the risk, is fundamentally flawed. This has led to billions being paid to shareholders while investment falls short and pollution becomes routine.The article highlights the broader implications of water privatisation as a microcosm of a larger systemic problem. With millions of households facing another wave of pressure on their living standards due to an impending energy price surge, the question remains whether the current economic framework can adapt to address these challenges.Lewis emphasises that Labour must decide whether it stands with the electorate or the water companies, advocating for a fundamental reorientation of the economy that prioritises the public interest over profit. The story of Julie Maughan and her daughter Heather serves as a powerful reminder of the human cost of policy failures and the urgent need for change.
#not #water #our
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World Economy Mar 26, 2026

Co-op CEO Steps Down Amid Cyber-Attack Fallout and Toxic Culture Claims

The Co-op Group's CEO, Shirine Khoury-Haq, is stepping down after a difficult year marked by a cybe…
The Co-op Group has announced that its chief executive, Shirine Khoury-Haq, will step down this weekend after a challenging year that included a cyber-attack and recent claims of a “toxic” culture at the business.Khoury-Haq will depart on 29 March, and Kate Allum, a board member and former boss of the dairy group First Milk, will step in as interim boss while a permanent replacement is sought.The company, which owns more than 800 funeral parlours and an insurance and legal advisory business, as well as operating more than 2,000 convenience stores, reported an underlying loss of £125m. This is a significant drop from a £45m profit the year before, largely due to a £107m profits hit from the damaging IT hack.Khoury-Haq denied that her resignation was linked to the allegations of a toxic culture, stating that her decision to leave was a personal one. She expressed her desire to “go and do something else”.Sales at Co-op fell 2.3% to £11bn in the year to 3 January, following the mutual’s shops being left with gaps on shelves after the cyber-attack, which knocked £285m off sales.The group cited a “contracting convenience market” and “layered cost headwinds” of about £150m during the year, due to increases in employers’ national insurance, pay and packaging taxes.Khoury-Haq’s departure comes a month after reports of concerns about the culture at the top of the group. In February, the Co-op defended the behaviour of its bosses after reports said senior managers had complained of a “toxic” environment at the retailer.
#co-op #culture #year
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Business Mar 26, 2026

Next Warns of Potential Price Hikes as Middle East Conflict Expected to Persist

UK retailer Next warns that the ongoing Middle East conflict may lead to increased costs and potent…
UK clothing and homeware retailer Next has issued a warning that the ongoing conflict in the Middle East could lead to increased costs and potential price hikes. The company expects the conflict to add £15m to its costs over the next three months.Next stated that it is currently offsetting additional costs on fuel and air freight with savings elsewhere, and it does not expect any impact on profits for the year ahead. However, if the conflict persists beyond three months, prices will have to go up.The company has upped its profit guidance by £8m to £1.2bn for the year to January 2027, following better-than-expected sales in January. Next also noted that sales in the Middle East, which account for 6% of group turnover, could be adversely affected until the summer.Next's pre-tax profits rose 14.5% to £1.16bn in the year to January, with sales increasing by almost 11% to £7bn. The company is focused on cutting costs, including the increased use of AI in warehouse operations to improve efficiency.The retailer has increased its stock holdings by 6% to protect against potential supply chain delays. Next also noted that the conflict's impact on supply chain resilience, freight rates, factory gate prices, and consumer demand is uncertain and will depend on the conflict's duration and its impact on the world's energy infrastructure.
#Next #Middle East conflict #inflation
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Entertainment Mar 26, 2026

The Pitt Review: A Gripping Medical Drama Arrives on HBO Max

The highly anticipated medical drama 'The Pitt' has finally arrived on HBO Max, bringing with it a …
The wait is over for fans of medical dramas, as The Pitt has landed on HBO Max. This 15-episode series, which follows the lives of medical staff in a Pittsburgh hospital, has been generating significant buzz since its release in the US last year.Produced by the same team behind the groundbreaking series ER, The Pitt stars Noah Wyle, known for his iconic role as Dr. John Carter in ER. Wyle plays Dr. Michael 'Robby' Robinavitch, a senior attending physician struggling with PTSD after the loss of his mentor during the pandemic.Each episode covers a single shift in the hospital, delving into the challenges faced by the medical staff as they navigate urgent and complex cases, from gunshot wounds to patients with dementia. The show's pace is more measured than ER, with a focus on character development and nuanced storytelling.The cast is strong, with well-developed characters and backstories that add depth to the narrative. Showrunner John Wells handles the large ensemble with skill, and Wyle is a rock-solid presence at the center of the show.The Pitt explores themes that are both timely and timeless, including the US healthcare system's flaws and the personal and professional struggles of medical staff. With its gripping storylines and strong performances, this series is sure to captivate audiences and leave them eager for more.
#The Pitt #HBO Max #Noah Wyle
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