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In the first three months of 2026, the United States’ six biggest banks collectively generated $47.4 bn in net profit, edging close to the $50 bn mark. The earnings surge reflects a sharp rise in trading activity as market participants scrambled for safety after the US‑Israeli offensive against Iran sparked a wave of volatility. Bank of America and Morgan Stanley led the pack with profit jumps of 17% and 30% respectively, while Goldman Sachs posted a 19% increase. JPMorgan Chase reported a 13% rise to $16.5 bn, Citi posted a striking 42% jump to $5.8 bn, and Wells Fargo added a modest 7% gain to reach $5.3 bn. Chief Executive David Solomon of Goldman Sachs described the results as a “very strong performance … even as market conditions became more volatile,” noting that the shift in client behavior toward cash‑preserving strategies boosted fee‑based trading revenue. Meanwhile, Bank of America’s CEO Brian Moynihan cautioned that the board remains “watchful of evolving risks,” acknowledging the broader uncertainty surrounding the Middle‑East conflict. The conflict has disrupted tanker traffic through the Strait of Hormuz, pushing energy prices higher and feeding inflationary pressures. The International Monetary Fund responded by trimming its 2026 US growth forecast by 0.1 percentage points to 2.3%, warning that a deeper escalation could trigger a global recession, especially for net energy importers and developing economies. Higher borrowing costs and inflation expectations have dampened demand for loans and mortgages, potentially curbing future investment‑banking fees tied to mergers and acquisitions. Yet, the immediate impact on trading desks has been lucrative, prompting banks to return cash to shareholders. JPMorgan set a quarterly record with a $8.3 bn share‑buyback, Bank of America followed with $7.2 bn, Citi spent $6.3 bn—its biggest buyback in two decades—while Goldman, Wells Fargo and Morgan Stanley allocated $5 bn, $4 bn and $1.8 bn respectively. Analysts view the earnings surge as a short‑term windfall that may not be sustainable if the geopolitical tension persists. Prolonged conflict could suppress corporate earnings, reduce merger activity, and ultimately erode the trading‑driven profit model that has underpinned this quarter’s success.

The EU's new entry-exit system (EES) has caused significant delays at several European airports, with travellers waiting up to three hours at border checks. The system, which came into effect on Friday in the Schengen countries, requires passengers from non-EU countries to register their personal information and biometrics at the border.Passengers in airports in countries such as France, Germany, Belgium, Italy, Spain, and Greece are experiencing several hours of waiting at border checks, according to the Airports Council International (ACI) body. Olivier Jankovec, the director of the ACI European division, warned that the situation will be "simply unmanageable" in the coming weeks and peak summer months.The EES has been gradually introduced since October and has already caused long delays at some airports. On Sunday, the BBC reported that more than 100 passengers were unable to board an easyJet flight from Milan to Manchester before it took off due to delays at passport desks.Airport representatives and the European Commission held a meeting to discuss problems with the system on Tuesday. The ACI has asked to extend existing exemptions and the power to fully suspend the new checks. Jankovec told the FT that the ACI needed the ability to "fully suspend EES registration whenever there are excessive waiting times at border control that are just unmanageable".A spokesperson for the European Commission said that the system is working well, with an average registration time of 70 seconds per passenger. However, the ACI has claimed that it can take up to five minutes. The commission said that there were a "few member states where technical issues have been detected" but that they "are being addressed".The EES has registered more than 52m entries and exits, as well as more than 27,000 refusals of entry, since its introduction in October. Almost 700 people were identified as posing a security threat.

The United States is grappling with unprecedented levels of income and wealth inequality. The average household income in New York City stands at $131,000, yet this figure belies the stark reality that a small elite captures a disproportionate amount of wealth, leaving millions struggling to make ends meet. This extreme inequality has far-reaching economic, political, and social consequences, eroding trust in institutions and leading people to believe that the system is rigged. The issue is not unique to the U.S., as nearly one-fifth of the world's super-rich live in New York, but it is more pronounced in the U.S. than in almost any other advanced economy. A recent global inequality report found that between 2000 and 2024, the richest 1% captured 41% of all new wealth, while the bottom half of humanity received just 1%. The concentration of wealth is staggering, with billionaires now owning 16% of global GDP, up from 3% in 1987. The main driver of this trend is the failure to effectively tax the super-rich. Research has shown that in the 1960s, the 400 richest Americans paid about 50% of their income in taxes, but today they pay around 24%. This pattern is not unique to the U.S., as similar trends have been observed in Europe and other countries. Experts argue that a progressive tax system is necessary to address this issue. A minimum tax of 2% on the wealth of the super-rich has been proposed as a straightforward way to ensure they meet their obligations to society. Several countries, including Spain and Brazil, have committed to implementing this tax, and other nations are considering similar measures. In the U.S., there are signs of a paradigm shift. California voters will consider a tax on billionaire wealth this November, and Washington state has approved a 9.9% income tax on million-dollar incomes. In New York, there are calls to increase taxes on the rich and large corporations to fund essential public services. The authors of the article, Joseph E. Stiglitz, Zohran Mamdani, and Gabriel Zucman, emphasize that the idea of billionaires paying higher tax rates than working people is not radical, but rather a necessary step towards restoring a basic social principle: that those with the most should contribute their fair share so that everyone can live with dignity.

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.

Brian Cox steps behind the camera for the first time with Glenrothan, a sentimental comedy‑drama that paints a broad, colour‑rich portrait of family ties in rural Scotland. The screenplay, penned by David Ashton, follows the uneasy reunion of two brothers against the backdrop of a lucrative, family‑run whisky distillery.Cox portrays Sandy, the stern yet ailing chief of the distillery, a business that anchors the local economy. His sister‑in‑law Jess, played by Shirley Henderson, runs the operation with unflinching competence. Sandy’s younger brother Donal, embodied by Alan Cumming, has been living in Chicago, managing a blues bar with his daughter Amy. When the bar falters, Donal receives a plaintive invitation to return home, prompting a journey that includes his granddaughter Sasha.The film juxtaposes the gritty world of Chicago blues with the serene, panoramic vistas of the Scottish Highlands, delivering visual moments that are both expansive and intimate. Whisky expertise becomes a narrative thread as Sandy, aware of Donal’s superior palate, grapples with the future of the family business and the inevitable question of succession.Humorous touches—such as Donal’s disastrous attempt at making porridge and his nostalgic discovery of a bedroom frozen in time with Buzzcocks posters—lend the story a comforting, almost TV‑night feel without sacrificing depth.Glenrothan opens in UK cinemas on 17 April and reaches Australian screens on 25 June, offering audiences a gentle, well‑acted exploration of brotherly bonds, legacy, and the pull of home.

The humanitarian situation in Sudan has taken a devastating turn as the country prepares to mark the third anniversary of the brutal conflict between the army and paramilitaries. Nearly 700 civilians have been killed in drone strikes in Sudan since the beginning of 2026, according to the United Nations.The increasing use of drones in the conflict has been noted by the UN's humanitarian chief Tom Fletcher, who warned that the world has "failed to meet the test of Sudan". The conflict has disrupted life across Sudan, particularly in the southern Kordofan region and areas of the west controlled by the paramilitary Rapid Support Forces (RSF).Doctors Without Borders reported two more deaths following drone strikes launched by the Sudanese army in the Darfur region, and treated 56 people wounded in the attack. The UN Children's Fund (UNICEF) said that drones were "responsible for nearly 80 percent" of the at least 245 children reported killed or injured during the first three months of the year.The UN's World Food Programme (WFP) warned that the situation is being "dangerously compounded" by the war in the Middle East, which has disrupted supply chains for aid groups. The US-Israeli war on Iran has forced aid groups to use costlier, more time-consuming routes, driving up the cost of food, fuel, and fertilizer.Nearly 34 million people, almost two-thirds of the population, need humanitarian support, making Sudan "the world's largest humanitarian crisis". The situation is dire, with hundreds of thousands of children acutely malnourished, and millions being deprived of an education. Women and girls are facing systemic and brutal sexual violence.

Zimbabwe fast bowler Blessing Muzarabani has been banned from the Pakistan Super League (PSL) for two years after he abandoned a pre‑agreed deal with Islamabad United to play for the Indian Premier League (IPL) franchise Kolkata Knight Riders.The 29‑year‑old was initially signed by Islamabad United despite going unsold in both the IPL and PSL auctions. However, when Kolkata Knight Riders needed a replacement for Mustafizur Rahman – who was released under BCCI instructions – Muzarabani opted to join the IPL side instead.Pakistan Cricket Board (PCB) officials condemned the move, stating that the player “disregarded his obligations in favour of a conflicting arrangement” and violated the contractual principles that underpin professional sport.The IPL and PSL now run almost concurrently, making it practically impossible for an international player to feature in both competitions within the same season.Similar disciplinary action has been taken before: South African bowler Corbin Bosch received a one‑year PSL ban after he chose to play for Mumbai Indians in the IPL, turning down a contract with Peshawar Zalmi.Pakistani cricketers have been absent from the IPL since the 2008 Mumbai attacks, when geopolitical tensions led Indian franchises to stop selecting players from across the western border.Recent concerns about Indian‑owned teams in other leagues, such as England’s The Hundred, have also surfaced. Those worries were eased when Pakistani pacer Abrar Ahmed was signed by the Indian‑owned Sunrisers Leeds, though the move sparked a social‑media backlash and drew criticism from former India star Sunil Gavaskar, who claimed the signing “indirectly contributes to the deaths of Indian soldiers and civilians”.

Somalia's military has dealt a significant blow to the terrorist group Al-Shabab, killing 27 fighters in a large-scale operation. The Ministry of Defence reported that the operation, conducted in the autonomous state of Jubbaland, was carried out with the support of international partners who provided air strikes.The operation, which took place across the Lower Jubba and Middle Jubba regions, targeted the districts of Jilib, Xagar, and Afmadow. Somalia's Defence Ministry stated that the operation was a success, dealing a major blow to Al-Shabab and eliminating key members of the armed group.In addition to the casualties, the Somali army seized weapons and military equipment, including BKM machine guns, RPGs, AK-47 rifles, and landmines intended for use against civilians. The Defence Ministry emphasized that operations are ongoing to pursue the remaining Al-Shabaab elements and ensure the security, stability, and safety of civilians living in Somalia.Somalia has been battling Al-Shabab, an al-Qaeda-linked group, since 2007. The group aims to topple Somalia's central government and impose its strict interpretation of Islamic law. Al-Shabab is considered by the United States Africa Command (AFRICOM) to be the largest, wealthiest, and most lethal al-Qaeda-affiliated organisation globally, controlling large swaths of southern and central Somalia.The conflict has had a significant humanitarian impact, with almost 60,000 people displaced due to fighting between government forces and Al-Shabab in Somalia's Middle Shabelle region between January and July 2025. The group has also claimed responsibility for attacks in Kenya, Uganda, and Djibouti.

The Sea of Azov, once a cherished destination for Ukrainians, has become a casualty of the ongoing conflict between Ukraine and Russia. The 2022 invasion resulted in Russia seizing the entire sea, creating a 'land bridge' to safeguard its control of Crimea. For Ukrainians like Mariya Bubnova, the sea holds fond memories of sailing and family traditions.Bubnova, a displaced person and mother of two, recalls the warm and barely salty waters of the Azov, where she and her friends would rent sailboats. However, the Russian invasion destroyed her family's business, and they were forced to flee to the Netherlands. The loss of Azov has had a devastating impact on Ukraine's economy, with estimated losses of 10-12% of its GDP and $12.4 trillion in resources, including coal mines, metals, and rare earth minerals.While Russia has gained control of Azov, the victory is considered a Pyrrhic one, with destroyed industrial assets and infrastructure rendering the area largely unusable. The steel plants of Mariupol, once a major industrial hub, lie in ruins, and the seawater is polluted due to the destroyed sewage system and shelling. Furthermore, Russia's gains in terms of industrial assets are estimated to be 'almost zero', as Moscow can only utilize the industrial area of the city of Melitopol.The conflict has also led to a significant brain drain, with refugees from the area settling in other parts of Ukraine or in the West. Bubnova and her family have had to adapt to a new life in Slavutych, a former company town north of Kyiv. Despite the challenges, she and her husband have started a new company to produce canned soups, and her daughter has developed a new recipe for borscht.A possible development that could dramatically boost Azov's geopolitical status is the proposed canal between Azov and the Caspian Sea, which would give Caspian nations access to the Black Sea and the Mediterranean. However, this project would rival the Suez Canal and bolster Russia's role in the region, potentially working against China, Türkiye, and Iran.