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London, 17 April 2026 – The International Monetary Fund (IMF) has advised the Bank of England (BoE) to keep its policy rate at 3.75% for the remainder of the year, warning that the ongoing Iran war is fuelling inflation and could shave 0.5 % off euro‑area growth.Alfred Kammer, director of the IMF’s European Department, told reporters in Washington that the BoE should maintain “a restrictive monetary policy stance” and keep the rate unchanged, stating: “That means keeping the policy rate unchanged for the remainder of the year, i.e., not proceeding with the expected cuts.”BoE Governor Andrew Bailey echoed a cautious tone, saying the bank would not “rush to judgments” on how to respond to an inflation shock driven by higher energy prices – a shock the central bank cannot directly offset with rate moves. Money markets are already pricing in at least one quarter‑point rate rise later in 2026, despite the current hold.The IMF also signalled a similar stance for the European Central Bank, urging a “neutral monetary policy stance” that would involve two quarter‑point hikes in 2026, with the possibility of reversal in 2027 if conditions improve.These monetary‑policy warnings come as the live‑blog highlighted broader economic stress: Chicago wheat futures have surged 4.5 % this week, the biggest weekly jump since February, driven by dry weather in the U.S. Plains and the Iran war’s impact on fertilizer and diesel costs. Humanitarian group Mercy Corps warned that fuel, fertilizer and shipping disruptions are already locking in food‑insecurity risks for fragile economies in Somalia, Ethiopia and Pakistan.Analysts note that the IMF’s advice underscores the delicate balance the BoE faces between curbing inflation and avoiding a premature rate cut that could undermine credibility. With inflationary pressures from energy and food still elevated, a hold‑and‑monitor approach may preserve policy flexibility, but markets will watch closely for any shift toward tightening if inflation proves stickier than anticipated.

Air Canada announced a temporary pause on a handful of routes departing from Toronto and Montreal to New York’s John F. Kennedy airport, attributing the decision to sharply rising jet‑fuel costs. The suspension comes as airlines worldwide grapple with fuel price spikes triggered by the ongoing US‑Israel war with Iran. Although the Strait of Hormuz reopened earlier this month, easing some oil‑price pressure, jet‑fuel costs remain markedly higher than before the conflict. In a related development, Spirit Airlines has appealed to the U.S. government for emergency financing worth hundreds of millions of dollars to mitigate its own fuel‑price surge, according to industry source reports. Air Canada explained that jet‑fuel prices have doubled since the start of the Iran conflict, rendering several lower‑margin routes financially untenable. The carrier said it is implementing “schedule adjustments, including frequency reductions,” to preserve overall network viability. Effective June 1, the airline will halt one Montreal‑to‑New York flight and three Toronto‑to‑New York flights, with service slated to resume on October 25. Additional temporary suspensions include the Salt Lake City‑Toronto corridor, which will be paused from June 30 and is not expected to return until 2027, as well as a postponed launch of a Guadalajara‑to‑Montreal service. Air Canada estimates the changes will impact about 1 % of its total passenger‑carrying capacity. Affected passengers will be offered alternative travel options, with the airline continuing to operate to LaGuardia and Newark airports 34 times daily across six Canadian cities. The move mirrors broader industry pressures: British low‑cost carrier easyJet projects a pre‑tax loss of £540‑£560 million for the six‑month period ending March, while Australian airlines Qantas and Virgin Australia have announced fare hikes and reduced flight frequencies. Moreover, the International Energy Agency warned that Europe possesses only six weeks of jet‑fuel reserves, raising concerns that further supply disruptions could trigger additional flight cancellations.

Victoria's ambitious plan to introduce a four-bin waste system for all households is facing resistance from local councils and residents. The scheme, which was launched in 2020 with the goal of positioning Victoria as a leader in recycling, requires households to have separate bins for organics, recycling, rubbish, and glass.The rollout of the purple-lidded bin for glass was expected to be completed by 1 July 2027, but 35 councils are now calling for a pause on the deadline, citing concerns over the added cost of the service and practical issues such as space constraints. Independent research estimates that implementing the purple bin collection could cost a typical council $4m and $1.4m a year to operate.Councils and residents are questioning whether four bins are necessary, especially with the launch of the state's container deposit scheme, which accepts some glass bottles. 42 of the state's 79 councils have already implemented a separate glass recycling service, but many are struggling with the costs and logistics.Experts argue that expanding the container deposit scheme to include more types of glass containers could reduce the need for kerbside glass separation. South Australia's container deposit scheme has achieved a 99% recovery rate for glass, compared to 11% for kerbside bins. Queensland's scheme has also seen high recovery rates for glass.The Victorian government has invested $129m to support councils with the rollout, but councils are seeking a more flexible approach that takes into account local needs and circumstances. The debate highlights the challenges of implementing large-scale environmental initiatives and the need for collaboration between governments, councils, and residents.

Javokhir Sindarov sealed the men’s Candidates in Pegeia, Cyprus, with a historic 10 out of 14 points, finishing 1.5 points clear of Anish Giri. The 20‑year‑old Uzbek also posted the highest tally of six wins and eight draws since the current Candidates format began in 2013. In the women’s section, India’s Vaishali Rameshbabu claimed the title by a narrow ½‑point margin over Kazakhstan’s Bibisara Assaubayeva. Sindarov’s play evoked the classic Soviet master Mikhail Botvinnik, with meticulous opening preparation that often anticipated his opponents’ ideas deep into the endgame. When pressure mounted – notably in his second round against world No. 3 and US champion Fabiano Caruana – his defensive technique remained precise and confident. Final standings (14 rounds): Sindarov 10, Giri 8.5, Caruana 7.5, Wei Yi 7, Hikaru Nakamura 6.5, Praggnanandhaa Rameshbabu 6, Matthias Blübaum 6, Andrey Esipenko 4.5. The upcoming world championship match will be a best‑of‑14 showdown, pitting Sindarov against reigning champion Gukesh Dommaraju. Both will be 20 years old when the contest takes place in the second half of 2026, though the venue remains undecided. Gukesh’s recent dip to 15th in the ratings has added intrigue to the encounter. Analysts rate Sindarov as at least a 60 % favourite, while India’s grandmaster cohort – led by former champion Viswanathan Anand – is expected to rally behind Gukesh. Speculation also surrounds Magnus Carlsen, the current world No. 1, who stepped away from the classical crown in 2023. He indicated a willingness to defend only against Alireza Firouzja, but Firouzja’s recent focus on blitz and fashion has left the door open for a possible Carlsen‑Sindarov clash, should the Norwegian be persuaded. Sindarov’s rise is remarkable: he earned the grandmaster title at 12 years 10 months, later fell into a teenage obsession with the video game Counter‑Strike, and refocused on chess after defeating Firouzja at the 2021 World Cup. His resurgence helped Uzbekistan win gold at the 2022 Olympiad. Financial projections suggest a potential $10 million revenue stream for a Carlsen‑vs‑Sindarov title match, a figure that could also bolster Carlsen’s claim as the all‑time No. 1 ahead of Garry Kasparov. Nonetheless, Carlsen’s aversion to the intensive computer‑prep demanded by modern classical play remains a major hurdle. Carlsen may instead target the forthcoming 2027 FIDE World Total Championship Tour, which blends classical, rapid, and blitz formats, offering a more varied competitive landscape. In the Women’s Candidates, Vaishali Rameshbabu staged a stunning turnaround. After a 0‑5 start, she surged to the top after round 11, maintained a one‑point lead despite a round‑12 loss to China’s Zhu Jiner, and clinched the final round with a decisive victory over Kateryna Lagno in a sharp Sicilian Dragon, delivering the winning combination 39 Rd8+! 40 c4! Women’s final scores (14 rounds): Vaishali 8.5, Assaubayeva 8, Aleksandra Goryachkina 7.5, Zhu 7.5, Anna Muzychuk 7, Kateryna Lagno 6.5, Divya Deshmukh 5.5, Tan Zhongyi 5.5. Five‑time women’s world champion Ju Wenjun enters the upcoming title defence as a clear favourite, holding a peak rating above 2600 and currently rated 2559 against Vaishali’s 2470. Elsewhere, English GM Dan Fernandez posted an unbeaten 7/9 at the Menorca Open, achieving a 2601 performance rating and boosting his chances for selection to the England Olympiad squad. Young talents also featured: Argentina’s Faustino Oro and England’s Supratit Banerjee – both 12‑year‑olds – failed to secure their final GM norms, while India’s 10‑year‑old prodigy Aarit Kapil became only the fifth player ever to earn an IM norm before turning 11, later flirting with a historic GM norm. The English Chess Federation will host a 24‑hour chess marathon on Chess.com in memory of coaches GM Jonathan Hawkins and IM Adam Hunt, with proceeds supporting Macmillan Cancer Support. 4020: 1…Bxd4! 2 cxd4 Nf4! 3 Qb3 Qxf1+! 4 Kxf1 Rc1+ 5 Qd1 Rxd1 #

The Trump administration is formally enlisting foreign governments to support a sweeping reorientation of global development policy, favoring trade over aid. This initiative, set to be introduced at the United Nations later this month, aims to move away from direct aid to poor nations and towards increased trade led by private companies. According to Tommy Pigott, Principal Deputy Spokesperson at the State Department, the initiative rejects what he calls a failed aid model, emphasizing that trade and free market capitalism are the surest paths to prosperity. Pigott also criticized those advocating for 'aid not trade,' suggesting they are supporting a corrupt NGO industrial complex. The initiative's four stated aims include: advancing pro-business reforms in developing economies, facilitating government-to-private sector dialogue to attract investment, highlighting countries that have pursued free-market development, and brokering business partnerships between developing nations and US companies or international organizations. This push comes amid a broader trend of diminishing humanitarian aid globally. OECD preliminary figures show that 26 of 34 donor nations shrank their aid budgets in 2025, with significant cuts in countries like France, Germany, and the United Kingdom. Chatham House estimates that the 17 largest donors are on course to cut more than $60 billion in aid between 2023 and 2026. The UK's commitment to aid is set to decrease to 0.3% of gross national income by 2027, its lowest share since 1999. A study published in The Lancet warns that sustained global aid cuts could result in at least 9.4 million additional deaths by 2030. The Center for Global Development estimates that USAID cuts alone may have already contributed to between 500,000 and a million deaths in 2025. The US mission to the United Nations is expected to host a formal signing event for the declaration before the end of April.

UK lawmakers have urged the government to reconsider its £330m contract with Palantir, a technology company known for its work with Donald Trump's ICE immigration agency and the Israeli military. The contract is for the NHS federated data platform (FDP), which has sparked concerns over data privacy and the company's ties to Peter Thiel, a Trump-supporting tech billionaire.MPs, including Luke Taylor and Samantha Niblett, have described the deal as 'shameful' and 'dreadful', questioning whether Palantir can be trusted with the health records of tens of millions of British citizens. The government has confirmed it will review the contract in spring 2027, when a break clause is due.Despite £210m already being spent on the contract, the government has faced rising pressure from doctors, MPs, and the public to reconsider its deal with Palantir. The company has countered that its software has helped deliver 110,000 additional operations and reduced discharge delays.The FDP has been one of the most controversial contracts in the UK public sector, with internal documents revealing health bosses' concerns over 'negative sentiment' about the system. The government has said 137 NHS trusts have signed up to use the Palantir-powered system, but there are concerns that usage is 'shallow'.

Chancellor Rachel Reeves cautioned that the push to raise Britain’s defence budget will likely demand reductions in other spending areas, notably welfare, as the nation confronts escalating geopolitical pressures. She emphasized that the government is exploring a range of options but aims to avoid new taxes or extra borrowing, noting that “we already spend £1 in every £10 on servicing the debt.” Reeves highlighted her willingness to challenge party orthodoxy, pointing to last year’s budget moves that freed additional funds for defence, and said, “I’m willing to make difficult choices for national security.” Speaking on the sidelines of the International Monetary Fund spring meetings in Washington, she referenced the government’s 10‑year defence investment plan and stressed the importance of allocating resources appropriately. While refusing to detail which welfare programmes might be trimmed, Reeves reaffirmed that “national security always comes first” and confirmed that Labour will keep its manifesto pledge to retain the pension triple‑lock. Her stance mirrors Health Secretary Wes Streeting, who earlier warned that welfare reforms could be required to meet “the challenge of the world we face.” The Starmer administration faces mounting pressure from opposition MPs and senior military figures, especially after US President Donald Trump’s threats to withdraw the United States from NATO and the ongoing Iran‑Israel and Russia‑Ukraine conflicts. Current forecasts show UK defence spending reaching 2.6 % of GDP by April 2027, surpassing targets set by both Labour and the opposition before the 2024 general election. Reeves proudly noted that her previous budgets delivered “the biggest uplift in defence spending since the end of the Cold War,” arguing that a robust economy depends on strong national security. The IMF warned that a further escalation in the Middle‑East could trigger a global recession, with the UK potentially hit hardest among G7 nations, and cautioned that government debt is on track to hit its highest level since World War II. To fund household and business support without widening the fiscal gap, Reeves suggested reprioritising other budgets, criticizing the blanket subsidies of the previous Conservative government that cost over £100 billion and contributed to higher inflation and interest rates. She concluded that “the best way to help families and businesses is to keep prices, costs and interest rates down,” underscoring the fiscal balancing act ahead.

Next chief executive Simon Wolfson received a record pay package of £7.4m last year, up from £4.9m the previous year. His remuneration includes a basic salary of £967,000, a maximum annual bonus of £1.45m, and a long-term bonus of £4.7m. The pay increase comes as Next aims to align Wolfson's remuneration with industry standards, citing that his previous pay was 30% below the average for FTSE 100 bosses. The company's remuneration committee stated that the changes were necessary to retain and motivate its high-quality management team. Wolfson's pay package for this year could reach up to £9.27m, with his basic annual salary increasing by 3% to £1m, his maximum annual bonus rising to 200% of salary from 150%, and his long-term bonus potential increasing to 400% of salary from 225%. The changes are part of Next's efforts to ensure that its executive compensation is competitive and aligned with performance. The company's decision to increase Wolfson's pay comes on the back of Next's improved financial performance, with the retailer upping its profit guidance to £1.2bn for the year to January 2027 after better-than-expected sales in January.

The 2027 Asian Cup draw in Saudi Arabia has been rescheduled for May 9 in Riyadh, owing to the US-Israel war on Iran that has impacted regional sporting events. The draw was initially set for last Saturday. The Asian Football Confederation (AFC) announced the postponement to ensure full participation of all key stakeholders and member associations. The event will take place at the historic At-Turaif District in Diriyah. Several sporting events in the region have been postponed or cancelled due to the war, which began on February 28. Saudi Arabia will host the 24-team, quadrennial continental championship from January 7 to February 5, 2027. With 23 of the 24 teams already confirmed, the draw will divide the qualified nations into six groups of four. The final qualification spot will be decided on June 4 in a playoff between Lebanon and Yemen. Defending champions Qatar, along with four-time winners Japan and fellow World Cup qualifiers South Korea, Iran, Jordan, Australia, and Uzbekistan, have already secured their places in the finals.