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Former Treasury Secretary Janet Yellen sharply criticized President Donald Trump’s repeated calls for the Federal Reserve to slash borrowing costs, likening the approach to the fiscal tactics of a “banana republic.”Trump has publicly urged the central bank to deliver the lowest interest rate in the world, arguing that cheaper financing would ease the service burden on the United States’ staggering $39 trillion debt.Speaking at an HSBC investor summit in Hong Kong, Yellen asked, “How often does the president of a developed country demand that interest rates be set to reduce debt‑service costs? This is what you hear in a banana republic.” She warned that such political meddling could unleash inflation if the Fed’s independence is compromised.The Fed, under Chair Jerome Powell, last lowered its policy rate in December to a range of 3.5 %–3.75 %. However, policymakers are growing uneasy about inflationary pressures, especially as the ongoing Iran conflict threatens oil supplies.Powell is slated to step down next month, but his successor—Trump’s nominee Kevin Warsh—has yet to secure Senate confirmation. Powell has indicated he will remain in his role if a replacement is not confirmed, and he may continue as a Fed governor until a pending Department of Justice investigation concludes.Trump has openly dismissed the idea of Powell staying on, telling Fox Business that he would “have to fire him” if the chair does not leave. Powell, for his part, describes the DOJ probe as a “pretext” aimed at pressuring the Fed to cut rates.Warsh, who argues that potential productivity gains from artificial intelligence could justify lower rates, faces skepticism from Yellen, who doubts he commands the same respect as former Fed chair Alan Greenspan. She noted, “Greenspan was widely respected for his expertise; I don’t think Warsh walks in with that level of credibility.”Trump’s broader effort to reshape the Fed board includes an attempt to remove Governor Lisa Cook, who is currently facing a Supreme Court case over alleged mortgage fraud.Meanwhile, finance ministers and central bankers have gathered in Washington for the International Monetary Fund’s spring meetings. Bank of England Governor Andrew Bailey warned that rising oil prices, driven by the Iran conflict, constitute a “major supply shock” that central banks must assess carefully.The IMF has cautioned that a prolonged closure of the Strait of Hormuz could trigger a global recession, underscoring the interconnected risks of geopolitical tensions, sovereign debt, and monetary policy decisions.

The IMF has cautioned that the ongoing conflict in the Middle East, particularly the escalation of tensions between Iran and Israel, poses a substantial risk to global economic stability. The fund's half-yearly fiscal monitor report highlights that global debt levels are on track to increase due to the war's impact on energy and food prices, higher government borrowing costs, and slower economic growth.Against this volatile backdrop, the IMF has warned that governments may be forced to choose between cushioning the cost of living shock and maintaining sound public finances. The fund's report notes that global debt levels have already risen to almost 94% of GDP and are projected to reach 100% by 2029, a level not seen since the aftermath of World War II.The IMF emphasizes that any energy support schemes to shield households and businesses from the impact of higher energy prices should be targeted and temporary, focusing on those most exposed and least able to absorb price increases. The fund also cautions against using further borrowing to cushion the blow, suggesting that governments should instead reallocate spending within existing limits and prioritize crisis-related spending.The report highlights the risks associated with higher debt and interest costs, which could eventually force governments to make tougher choices or destabilize debt markets. The IMF points to the UK's experience with Liz Truss's 2022 mini-budget as an example of how market confidence can be lost when fiscal policies are perceived as unsustainable.

The ongoing conflict in Iran has led to a significant increase in oil prices, with the world's top 100 oil and gas companies reaping enormous profits. In the first month of the war, these companies banked more than $30m every hour in unearned profit, according to exclusive analysis for the Guardian. This translates to estimated windfall profits of $23bn for the month of March, with Saudi Aramco, Gazprom, and ExxonMobil among the biggest beneficiaries.The surge in oil prices to an average of $100 (£74) a barrel has resulted in a substantial increase in profits for these companies. If the oil price continues to average $100, the companies are expected to make $234bn by the end of the year. The analysis uses data from a leading intelligence provider, Rystad Energy, analysed by Global Witness.The excess profits come from the pockets of ordinary people as they pay high prices to fill up their vehicles and power their homes, as well as from businesses incurring higher energy bills. Dozens of countries have cut fuel taxes to help struggling consumers, but this has resulted in reduced revenue for public services.Pressure is growing for windfall taxes on the war profits of oil and gas companies, with the European Commission considering a request from the finance ministers of Germany, Spain, Italy, Portugal, and Austria. The ministers argue that this would help ease the burden on the general public and finance temporary relief measures.Aramco is expected to make a war profit of $25.5bn in 2026 if the oil price averages $100. This is on top of the huge profits habitually made by the majority state-owned Saudi company – $250m a day between 2016 to 2023. ExxonMobil, which has a long record of denying climate change, will take in $11bn in unearned war profits in 2026 if the $100 price endures.The impact of the Iran war is likely to be long lasting, with the head of the International Energy Agency, Fatih Birol, describing it as the biggest shock ever to the global energy market. The UN's climate chief, Simon Stiell, warned that fossil fuel dependency is ripping away national security and sovereignty, and replacing it with subservience and rising costs.

Exeter Chiefs, a renowned English rugby club, has finalized a deal with a wealthy American backer to take control of the club. The sale, subject to approval from the club's membership, is set to unlock significant fresh funding for the 155-year-old Devon-based team. The impending multimillion-pound investment is being described as 'meaningful' at a critical juncture in the development of English professional club rugby. The existing 10-team Premiership is slated to become a franchise 'expansion' league from 2029-30, and the race for new funding is accelerating. Last August, energy drinks company Red Bull completed its takeover of Newcastle, while billionaire Sir James Dyson has recently acquired a 50% stake in Bath. Exeter have previously been backed by companies led by their chair, Tony Rowe, but at 77, he has made clear he can no longer personally invest any more money after three decades of involvement. The Chiefs have been seeking fresh investment for a couple of years and had discussions with over 80 companies and individuals before identifying their preferred new backer. Exeter posted an annual loss of £10.3m last year but is now in a more saleable position, sitting in fourth place in the league and having reached the semi-finals of this season's Challenge Cup. Rob Baxter, the Chiefs' director of rugby, has signed a new extended contract, and it is understood Rowe would stay on under new American ownership, assuming the deal receives approval next month. Premiership Rugby is also launching a tender process to secure external investment in the competition, having previously invited Raine Group and Deloitte to review the sport's finances and potential funding options.

Cuba is on the brink of transforming its energy landscape with a bold plan to invest $8bn in renewable energy, which could reduce its reliance on fossil fuels and pave the way for energy independence from the US. The proposal, put forth by the Common Wealth thinktank's Transition Security Project (TSP), suggests that this investment could cover 93.4% of Cuba's electricity generation needs.The US has imposed a crippling energy blockade on Cuba, severely limiting the island nation's access to oil. Since January, Cuba has received only one shipment of oil, from Russia, and its national electric grid has collapsed, leading to repeated blackouts and widespread disruptions.The TSP analysis outlines four different scenarios for Cuba's transition to renewable energy, with costs ranging from $5bn to $19.2bn. The most ambitious proposal would see three-quarters of electricity generation provided by solar power, with wind, hydropower, and bioenergy making up the remainder.The report argues that electricity costs would decrease in every renewable investment scenario, with the cost per unit of energy falling from 14.3¢ per kWh in the baseline scenario to 6.5¢ with $8bn of investment. The transition would require a society-wide transformation, but Cuba has demonstrated its ability to adapt in the past, such as its rapid shift to agroecology and self-sufficiency in the 1990s.The question remains: who would pay for this transition? The report suggests that financing should be understood as "reparative climate finance", with Cubans able to pay back investments through savings on cheaper energy. The transformation would not only benefit Cuba but also set an important example of a rapid energy transition under conditions of external constraint.

In a heartwarming display of community compassion, the childhood home of Argentine football legend Diego Maradona has been transformed into a soup kitchen to support those struggling amid President Javier Milei's austerity measures.Located at 523 Amazor street in Fiorito, a Buenos Aires suburb where Maradona grew up in extreme poverty, the initiative provides meals and clothing assistance to locals in need. The neighborhood, home to about 50,000 residents, features numerous murals commemorating Maradona's illustrious career.As a criminal negligence trial begins against the medical team responsible for Maradona's final care, his childhood community continues his legacy of compassion. Neighbors visit 'Diego's house,' where volunteers prepare chicken stew and other meals in large cauldrons in the yard, accompanied by cumbia music, Maradona's preferred genre.Diego Gavilan, a local who benefits from the kitchen's services, shared that Maradona would often emphasize the need to help those struggling with hunger. Gavilan, who collects cardboard and scrap metal, began visiting the soup kitchen after Milei implemented radical free-market reforms in December 2023.Despite statistics showing poverty reduction under Milei, primarily due to decreasing inflation, family finances remain in crisis. Over 20,000 business closures have been reported due to increased imports and plummeting consumption.Gavilan expressed gratitude for the assistance, noting that Maradona suffered greatly from hunger in the same neighborhood as a child. The facility operates without dining accommodations, with volunteers distributing food in bags to those waiting at the entrance.Maria Torres, one of the centre's cooks, believes Maradona would approve of his childhood home's charitable repurposing, saying, 'People are going hungry.'

The International Monetary Fund has announced that the United Kingdom will grow 0.5 percentage points slower this year than it forecast in January, marking the steepest downgrade among the G7 economies. Against the backdrop of the escalating Iran war, the IMF warned that inflation is climbing toward 4% and that unemployment could hit its highest level in more than ten years, underscoring the widening economic strain on Britain. Labour Chancellor Rachel Reeves is set to attend the IMF and World Bank spring meetings in Washington, where she must navigate both the geopolitical fallout of a conflict not of the UK's making and a domestic fiscal squeeze. Even before the war, the UK entered the year with tepid growth, hampered by lingering tax uncertainties and a cost‑of‑living crisis that left households facing the highest inflation rates in the G7. IMF economic counsellor Pierre‑Olivier Gourinchas highlighted that the country's weak outlook is partly a “shadow effect” of its already sluggish growth, compounded by the war’s impact on global energy supplies—the biggest shock since the 1970s. The United Kingdom’s energy mix remains heavily dependent on gas, much of which is now imported at sharply higher market prices. As Gourinchas explained, higher gas costs are being passed through to wholesale energy prices, even though temporary household protections are in place. Reeves has signalled that her immediate priority at the IMF will be to advocate for de‑escalation of the Iran conflict. At the same time, she must contend with a public‑finance situation characterized by elevated debt and rising borrowing costs, limiting the government’s capacity to respond. Given the pressure on consumers and Labour’s lagging poll numbers ahead of the May local elections, the IMF expects the UK to roll out targeted emergency financial support in the short term. Looking further ahead, the fund urges Britain to insulate itself from future energy shocks by accelerating investment in renewable sources and fostering sustainable economic growth.

Israeli ambassador to Germany Ron Prosor publicly rebuked far‑right finance minister Bezalel Smotrich for a recent tirade aimed at Chancellor Friedrich Merz, stating that the remarks “erode the memory of the Holocaust.”Smotrich invoked Nazi‑era language, claiming Merz should bow and apologize repeatedly, and likened the Hamas attackers of October 7, 2023 to all Palestinians, prompting widespread condemnation.The controversy follows Merz’s outspoken criticism of Israel’s settlement expansion in the occupied West Bank and his call for a halt to Israeli military exports that could be used in Gaza, underscoring a deepening diplomatic rift.Prosor stressed that political debate with Germany is legitimate but affirmed that Merz remains “a great friend of Israel” and that Germany continues to be Israel’s “number one friend” despite occasional disagreements.Berlin frames Israel’s security as a cornerstone of its post‑Holocaust foreign policy, yet recent months have seen Israeli officials bristling at even cautious German criticism, especially regarding settlement projects and the prospect of a de facto annexation of the West Bank.Senior analyst Mairav Zonszein of the International Crisis Group warned that Israel’s repeated attacks on German statements defending Palestinian rights risk alienating its strongest European ally, urging Berlin to reassess its support for policies that conflict with its own human‑rights standards.

Benin’s presidential contest is tilting decisively toward the incumbent government’s nominee, Romuald Wadagni, after his only challenger, Paul Hounkpe of the Cowry Forces for an Emerging Benin party, publicly acknowledged defeat on national television. Hounkpe’s concession, aired on Monday, included a call for “republican congratulations” and a reminder that democratic health depends on mutual respect across partisan lines, as reported by AFP. Currently serving as foreign minister, Wadagni is the designated successor of President Patrice Talon, who is stepping down after two consecutive five‑year terms. The election follows a turbulent period marked by a foiled coup in late 2025, which was suppressed with the aid of Nigerian forces. Out of an electorate of nearly 8 million eligible voters, early voting proceeded at a modest pace, according to Al Jazeera correspondent Ahmed Idris reporting from Cotonou. Hounkpe’s campaign highlighted that despite a robust 7.5% GDP growth in 2024, the benefits have not sufficiently improved living standards, pointing to persistent poverty rates exceeding 30% and limited trickle‑down of economic gains. In contrast, Wadagni pledged to focus on essential services such as water access, expanded social security, and improved healthcare, positioning himself as a continuity candidate for the ruling coalition. The finance minister, who previously led the polls, was widely expected to prevail after the main opposition party, the Democrats, failed to nominate a candidate and declined to endorse Hounkpe. The Democrats also fell short of the 20% threshold needed for parliamentary representation in the January 2026 elections, securing only about 16% of the vote. Security concerns loom large for the incoming administration. The northern region continues to grapple with insurgent activity from the al‑Qaeda affiliate Jama’at Nusrat al‑Islam wal‑Muslimin (JNIM), which has inflicted heavy casualties on the military, including an attack last year that killed 54 soldiers and another incident in March that claimed 15 lives. These challenges are compounded by broader instability across the Sahel, where a succession of coups in neighboring states such as Burkina Faso, Niger, and Mali has heightened regional volatility. While Wadagni’s ascent promises policy continuity, the new president will need to address both the security vacuum in the north and the socioeconomic gap that leaves a third of Benin’s population in poverty despite recent economic growth.