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The US government has taken legal action against Illinois for attempting to regulate the rapidly growing online prediction market industry. The lawsuit, filed in Chicago federal court, claims that Illinois' efforts to shut down so-called designated contract markets regulated by the Commodity Futures Trading Commission (CFTC) are unlawful.Online prediction markets allow users to bet on a wide range of events, from Oscar winners to military conflicts. These platforms classify their offerings as 'event derivatives,' which fall under federal commodities law and are overseen by the CFTC. This classification allows them to operate in all 50 states for users 18 and older.Illinois introduced legislation earlier this year that would impose strict regulations on prediction markets, including an effective ban on sports-related trades, advertising restrictions, and age verification measures. The CFTC argues that this legislation intrudes on its exclusive authority to regulate national swaps markets.The lawsuit is the first by the CFTC to block state gaming regulators from policing operators of prediction markets. It cites cease-and-desist letters sent by the Illinois gaming board to companies like Kalshi, Polymarket, and Crypto.com, alleging violations of Illinois gambling laws.The federal lawsuit names Illinois Governor JB Pritzker and Illinois Attorney General Kwame Raoul as defendants. The case highlights the ongoing debate over the regulation of prediction markets, with some arguing they are essentially gambling operations and others seeing them as federally regulated financial exchanges.Congress is also considering federal measures to regulate prediction markets, including a bipartisan bill introduced by US senators that would ban federally regulated platforms from allowing wagers on sporting events.

French giants OL Lyonnes have booked their place in the Women's Champions League semi-finals, where they will face Arsenal. This comes after a convincing 4-0 win over Wolfsburg in extra time, securing a 4-1 aggregate victory. The result ensures a repeat of last season's semi-final, which Arsenal won 5-3 on aggregate. OL Lyonnes, the record eight-time European champions, will enter the match with confidence after their impressive display against Wolfsburg. Despite Wolfsburg holding a 1-0 lead from the first leg, OL Lyonnes fought back with Lily Yohannes's early deflected strike drawing the teams level. The French side dominated the game, forcing 19 corners, but had to wait until the 102nd minute for Melchie Dumornay to score the decisive goal. Damaris Egurrola's header and Tabitha Chawinga's late finish further solidified OL Lyonnes's control over the game, reflecting the 4-0 victory on the night. In another match, Barcelona thrashed Real Madrid 12-2 on aggregate, showcasing their strong form ahead of the semi-finals. They will face Bayern Munich, who eliminated Manchester United, in the next round. The first legs of the semi-finals are scheduled between April 24 and 26, with the second legs taking place between May 1 and 3. The final will be held in Oslo on May 23.

Former Labour adviser Polly Billington – who served under Gordon Brown – has urged Prime Minister Keir Starmer to organise a global energy summit of the scale and urgency that marked the UK’s 2008 financial‑crisis intervention. She argues that the fallout from the US‑Israeli war on Iran is creating an energy shock “as big as the financial crash”, demanding a response of equal magnitude. Billington warned that the economic pain from soaring energy prices is “hurtling down the tracks”, threatening living standards and providing fertile ground for extremist politics. She stresses that the price surge will be neither temporary nor confined to a single region. While she praised the government’s initiative to bring together 35 nations to discuss reopening the Strait of Hormuz, Billington insists that a broader, coordinated effort is required to stabilise energy markets, protect supply chains, and accelerate the transition away from fossil fuels. “We could be bringing together allies to agree emergency cooperation to stabilise energy markets, protect supply chains, coordinate strategic reserves, and accelerate the global transition away from fossil fuels,” she told The Guardian. “Energy security is inseparable from global security; otherwise we face a ‘Hunger Games’ world of resource conflict, scarcity and coercion.” Her call comes amid growing unease among Labour MPs who fear the government is under‑reacting to the domestic impact of the war. Rising petrol prices, higher energy bills and inflation are already prompting concerns about electoral repercussions. At a recent press conference, the Prime Minister announced that the Treasury is drafting targeted support for households most affected by energy costs, should the conflict persist. Yet opposition parties are pushing divergent solutions: Reform UK and the Conservatives advocate increased domestic drilling, the Liberal Democrats propose a 10p fuel‑duty cut and VAT relief for electric‑vehicle charging, while the Greens call for universal energy‑bill support. The Scottish National Party demanded an emergency parliamentary recall, accusing the government of “sleepwalking into a crisis”. Billington argues that a true “war‑footing” approach must focus on reducing Britain’s reliance on fossil fuels. She praises the Treasury’s decision to avoid a blanket bailout, suggesting instead that households install plug‑in solar panels on balconies and gardens – likening them to Anderson shelters in the Second World War – to bolster collective resilience and lower bills. She adds that no policy option should be dismissed as “too radical”, urging the government to consider all measures that could cut exposure to gas and oil. Another Labour MP echoed the sentiment, stating that merely highlighting bill reductions is insufficient when headlines indicate that prices are set to rise sharply due to the Iran conflict. “I want to hear a concrete Labour plan,” he said. On Thursday, Liberal Democrat leader Ed Davey branded the rising fuel costs a “Trump‑Farage‑Badenoch tax”, calling for immediate action to mitigate the economic fallout of the war and keep Britain moving.

It's been 12 months since Donald Trump's 'liberation day' on April 2, 2025, when the US president introduced tariffs on nearly every country the US did business with. The move sent shockwaves through the global economy, causing chaos in Washington and beyond. Experts say that if Trump had spent the last 14 months on the golf course instead of in the White House, the US economy would be in a better place. The wholesale slashing of government jobs and defunding of US aid agencies had already signaled that Trump was in a hurry to upset institutions he considered profligate or useless. Investors quickly understood that chaos was an essential tool in Trump's armoury. Almost as soon as he was inaugurated, there was a steady decline in the value of the dollar against other currencies. Investors sold assets denominated in dollars and bought assets elsewhere: Europe, Asia, South America. Dario Perkins, the head of global research at the consultancy TS Lombard, said: 'If you think that discouraging investors from buying assets in the US is a victory, then you don’t believe in a growing economy.' He added that Trump's policies had led to a decline in US manufacturing jobs and a growing trade deficit. The data supports Perkins' claims. US companies stopped hiring almost as soon as liberation day was announced. Significant revisions in February to data covering 2025 pushed payroll employment down by 403,000 jobs, resulting in the addition of just 181,000 jobs last year. This small boost is set against the 163 million people who are employed in the US. Russ Mould, the investment director of the British stockbroker AJ Bell, said: 'America is still home to the world’s largest economy and its reserve currency, as well as the globe’s largest equity and bond markets, but investors continue to reassess their exposure one year on from liberation day.' The next few months of steadily increasing confidence levels followed probably the calmest period in the second Trump presidency. But sentiment began to fall again in the autumn as the White House battled with Congress over the federal budget deficit and much of the public sector was shut down. A poll by the University of Michigan showed consumer confidence at a near record low at the end of 2025. A six-month moving average produced by the Conference Board showed every generation, from baby boomers to gen Xers, had lost confidence in the economy over the past year. Trump’s liberation day executive order stated: 'The decline of US manufacturing capacity threatens the US economy in other ways, including through the loss of manufacturing jobs.' However, the US manufacturing sector shed 100,000 jobs between January 2025 and March 2026. The ratio of manufacturing workers to total nonfarm employment fell to the lowest point since 1939. Bryan Riley, the director of the National Taxpayers Union Foundation’s free trade initiative, said: 'One year after liberation day, the evidence is in. Tariffs failed even by the Trump administration’s own terms. They did not shrink the trade deficit, did not revitalise manufacturing and did not help farmers. It would be a mistake to replace one set of failed tariffs with another.' Some major US companies have redirected their investments to Europe, but China has proved to be one of the main beneficiaries. In the year to February 2026, China’s industrial profits increased by 15.2%. It's a boom that Beijing will struggle to repeat should Chinese companies face fuel and energy shortages and price hikes. But the decline of two major powers can only be to China’s gain.

Thames Water is reportedly close to securing a pact with England and Wales’ water regulator, Ofwat, that would prevent the imposition of fresh fines for the next four years, contingent on a substantial commitment to upgrade its infrastructure.The proposal, first tabled in June 2025, originates from the utility’s creditors, who are keen to avoid a scenario where the struggling company is temporarily renationalised. These lenders had already injected £3 bn of emergency financing last year to keep the business afloat.Having amassed a £17.6 bn debt burden since privatisation, Thames Water has been battling potential insolvency for over two years. A previous attempt to sell the firm collapsed when the preferred bidder, KKR, pulled out at the last minute.Under the contemplated agreement, Ofwat would accept “undertakings” from Thames Water, meaning the company would focus on rectifying the underlying service failures rather than paying penalties to the government. However, the deal would not shield the utility from possible sanctions by the Environment Agency or from ongoing legal actions.Pressure is mounting as Thames Water is projected to run out of cash in October, intensifying the urgency of reaching a resolution. Any settlement must undergo a three‑month public consultation, a process likely to attract criticism given that customer water bills are set to rise by more than a third by 2030, before accounting for inflation.Creditors have pledged that all outstanding fines will be settled and that regulators will gain greater transparency and accountability over the company’s efforts to curb pollution, leakage, and other performance targets introduced a year ago.Thames Water itself emphasised a “market‑led solution” that delivers swift improvements for both customers and the environment while progressing its operational and financial turnaround plan. The utility highlighted that it has launched its largest upgrade in 150 years, allocating a record £1.26 bn in capital investment—a 22% year‑on‑year increase in the first half of the 2025‑26 financial year—focused on fixing leaks, reducing pollution, and enhancing water quality.An Ofwat spokesperson noted that the regulator is carefully reviewing the creditors’ plans to ensure they produce a genuine turnaround in performance and bolster the company’s financial resilience for the benefit of both customers and the environment.

Out of roughly 43 million Americans who collectively owe close to $1.7 trillion in student loans, only a limited number have seen their balances wiped clean. For those fortunate few, the impact has been profound, reshaping financial stability and opening new career possibilities.Laura Kluss, a 41‑year‑old clinical social worker from Sacramento, California, received forgiveness through the Public Service Loan Forgiveness (PSLF) program at the end of 2025. Her loan, which had ballooned into the six‑figure range, was reduced to zero, allowing her to consider a shift from government work to the private sector without the weight of debt.Earlier this week, the U.S. Department of Education began alerting approximately 164,000 additional federal borrowers that they may qualify for automatic loan discharge. The outreach focuses on individuals who attended any of more than 150 colleges alleged to have misled students about graduation rates, employment outcomes, or true program costs.For borrowers like Kimberly from Pennsylvania, the news feels like “hitting the lottery.” She explained that the forgiveness will enable her to settle other obligations, such as her mortgage and vehicle loan, and she warned that “college is a scam unless you become a doctor or a lawyer,” urging prospective students to consider trade schools instead.Ian Hobbs, a 43‑year‑old adjunct professor in Arizona, also saw his loans discharged, yet he stresses lingering repercussions. He noted that a high debt‑to‑income ratio has blocked mortgage approvals and job opportunities for over a decade, describing the experience as akin to “indentured slavery.”Jennifer Alfonso, a disabled stay‑at‑home wife from Florida, is awaiting a decision on a Total and Permanent Disability (TPD) discharge. She said that relief would prevent automatic deductions from her SSDI benefits, which currently leave her barely able to cover basic living costs.Alfonso also cautioned others to verify a school’s accreditation, recounting her own ordeal with an unaccredited institution that forced her to restart her nursing education after transferring credits.Brad Hufeld, a retiree in Delaware, Ohio, has carried a loan for 23 years after his college closed before he could graduate. He highlighted the personal toll, including the loss of his mother during that period, and urged borrowers to read the fine print before signing up for any program.A woman in her 60s working at a bottling plant in Kentucky, who filed for Chapter 13 bankruptcy two years ago, expressed hope that forgiveness could finally allow her to retire and keep her bills current.Finally, a 65‑year‑old semi‑retired truck driver in Texas, whose loan finances a truck‑driving certification rather than a degree, said that discharge would improve his credit score and provide much‑needed financial relief, adding a reminder to “do your homework before committing to any educational path.”p>

FIFA's failure to agree on a blanket tax exemption with the US government has left more than half of the World Cup-qualified countries facing additional costs and potential losses. The tax burden will disproportionately affect smaller national associations without a tax treaty with the US.Of the 48 World Cup qualifiers, only 18 countries have signed a double taxation agreement (DTA) with the US, exempting them from federal taxes. These countries are mostly from Europe, with a few exceptions like Australia, Egypt, Morocco, and South Africa.Smaller countries like Curaçao and Cape Verde, making their tournament debut, will face a larger tax liability compared to teams from countries with DTAs, such as England and France. The US federal corporate tax rate stands at 21%, and higher-rate taxpayers, including international footballers and coaches, face an income tax rate of 37%.“The teams that come from more advanced, sophisticated jurisdictions that have a tax treaty with the US, such as England and Spain, will have much lower costs than smaller countries,” said Oriana Morrison, a tax consultant.The situation is further complicated by varying state taxation levels in the US, with no state tax in Florida, 10.75% in New Jersey, and 13.3% in California. Canada and Mexico have granted tax exemptions to all associations, benefiting teams with group games in those countries.FIFA has declined to comment but sources indicate they are working with national associations to provide help and assistance on tax issues.

A virtual gathering of over 40 countries will set the agenda for a global military planning meeting next week, focusing on clearing sea mines and rescuing vessels immobilised in the Strait of Hormuz.UK Foreign Secretary Yvette Cooper opened the summit by condemning what she described as “Iranian recklessness” that endangers global economic security and threatens the flow of vital energy supplies.The discussions are proceeding without direct US involvement; instead, the UK, France, Germany, Australia and several Gulf states are exploring practical steps to restore access to the strategic waterway.President Donald Trump has urged nations that depend on the strait to “build up some delayed courage” and “just grab it,” a comment that has drawn criticism from UK officials.The strait transports 10‑25% of the world’s oil and gas. Prime Minister Keir Starmer warned that reopening the lane “will not be easy,” given the scale of the disruption.Cooper outlined a multi‑pronged approach: diplomatic and economic pressure, reassurance for industry, insurers and energy markets, and coordinated actions to guarantee the safety of trapped ships and seafarers.She cited more than 25 Iranian attacks on vessels, estimating around 20,000 seafarers on roughly 2,000 ships are currently stranded.Highlighting the broader stakes, Cooper referenced World Bank projections that a prolonged blockage could push 9 million people into food insecurity and trigger unsustainable spikes in oil and food prices worldwide.At a follow‑up session scheduled for Tuesday, military planners will consider how to marshal collective defensive capabilities, including the removal of mines that Tehran may have laid to sink ships.The meeting will be hosted by Britain’s Permanent Joint Headquarters in Northwood, London, with many international leaders joining virtually.Conservative leader Kemi Badenoch warned President Trump not to abandon “a mess he’s made” in the Middle East, echoing former US Secretary of State Colin Powell’s dictum, “if you break it, you own it.”Reform UK’s Nigel Farage said he was not “angry” with Trump for entering the conflict but found the president’s press briefings “difficult to interpret.”Liberal Democrat leader Ed Davey urged Prime Minister Starmer to “step up” plans and present a clear alternative for reopening the oil‑ and gas‑laden shipping route.

Acclaimed filmmaker Danny Boyle is set to unleash a sprawling, one‑off pop‑culture spectacle at London’s Southbank Centre on 3 May 2026. Titled “You Are Here”, the event will weave together 75 years of British youth movements—from teddy boys and punk to rave and Brit‑pop—across the venue’s historic spaces. Marking the 75th anniversary of the Royal Festival Hall’s 1951 opening, the production anticipates 1,000 performers and more than 10,000 attendees. Boyle, who directed the iconic 2012 Olympic opening ceremony, describes the show as an antidote to the “hi‑tech curation” that dominates modern life, likening today’s media overload to “5,000 channels with everything on”. The immersive experience will unfold in five distinct beats, each spotlighting underground music scenes, sub‑cultural fashion, activism and spoken‑word performance. Poets, MCs and rappers will narrate stories that are then translated by choirs and dancers, creating a “kaleidoscopic narrative” that moves audiences from a high‑energy Northern Soul floor to a communal house‑party atmosphere. Boyle emphasizes that the event is deliberately free of celebrity headliners, allowing the chaos of the performance itself to become the focal point. He calls the Southbank a “gargantuan labyrinth of opportunity” and urges young people to seize the chance to experience culture beyond the “aquarium of indifference” offered by on‑demand streaming and food delivery services. Organisers stress that the show is not a traditional pageant or seated theatre; instead, the entire Southbank site becomes a living stage, inviting visitors of all ages to wander, engage, and reflect on Britain’s evolving identity. Tickets for “You Are Here” go on sale now at southbankcentre.co.uk. The event promises to be a landmark moment for London’s cultural calendar, blending history, music, fashion and activism into a single, chaotic celebration.