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World Economy Apr 10, 2026

Stefano Gabbana Resigns as Chair of Dolce & Gabbana Amid Debt Negotiations and Potential Stake Sale

Co‑founder Stefano Gabbana stepped down as chair of Dolce & Gabbana on 1 January 2026, citing a nat…
Stefano Gabbana left his post as chair of Dolce & Gabbana effective 1 January 2026, describing the move as part of a "natural evolution" of the company’s organisational structure and governance.The luxury house stressed that the resignation will not affect Gabbana’s creative responsibilities within the group.According to Bloomberg, Alfonso Dolce – Domenico’s brother and the group’s chief executive – assumed the chairmanship in January, taking over the role from the co‑founder.Sources indicate that Gabbana is exploring options for his 40 % equity stake as the brand continues negotiations with its bank lenders. In parallel, former Gucci chief Stefano Cantino has been appointed to a senior management position as part of the reshuffle.A D&G spokesperson added that the company “has no statement to make at this time” regarding its debt position, as talks with banks remain ongoing.The Italian label, founded in 1985, is grappling with a slowdown in the high‑end fashion market, a trend intensified by uncertainty surrounding the war in Iran – a region that represents a crucial market for luxury brands.In March, Dolce & Gabbana hired Rothschild & Co as its financial adviser to prepare for creditor discussions. At that point the group carried €450 million (£391 million) of bank debt, incurred after a 2025 refinancing aimed at supporting a new growth strategy while preserving independence. Lenders had temporarily waived certain borrowing terms.Ownership of the company remains split: each designer holds a 40 % stake through a holding vehicle, while the remaining shares are owned by Alfonso Dolce and their sister Dorotea.Founded by Stefano Gabbana and Domenico Dolce, the brand quickly became synonymous with a “molto sexy” Italian aesthetic, gaining global visibility after Madonna commissioned costumes for her 1993 Girlie tour. By 2009, Dolce & Gabbana reported a turnover of €1 billion.Despite its commercial success, the house has faced a series of controversies over the past 15 years, ranging from accusations of racism and homophobia to backlash over culturally insensitive advertising, which have at times threatened its market position.
#gabbana #dolce #amp
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World Economy Apr 10, 2026

Fuel‑Price Protests Paralyze Ireland and Spill Into Norway as Diesel Costs Surge Amid Middle‑East Conflict

Widespread protests over soaring fuel costs have brought Dublin to a standstill and prompted a conv…
Protesters in Ireland and Norway have escalated demonstrations against rising fuel costs, turning major highways into blockades and prompting a convoy of lorries to converge on Oslo’s parliament. The unrest is linked to the broader spike in oil prices triggered by the conflict in the Middle East. In Dublin, hauliers, farmers and other groups have shut down motorways for the fourth consecutive day, causing fuel shortages, traffic chaos and warnings that essential supplies—food, clean water and animal feed—are at risk. The Irish police force, An Garda Síochána, described the blockades as unlawful and warned that continued defiance could lead to arrests. The Irish government has placed the army on standby to clear the obstructions, while the justice minister accused outside actors, including far‑right figures such as Tommy Robinson, of exploiting the protests for political gain. Fuel prices have surged dramatically: Irish diesel has risen from roughly €1.70 per litre to €2.17, and petrol from about €1.74 to €1.97. In Norway, despite a recent fuel‑tax cut on 1 April, diesel prices jumped 23.6 % from February to March, with overall fuel and lubricants up 17.9 %. Statistics Norway noted this as the steepest month‑on‑month increase on record, comparable only to the post‑Ukraine‑invasion spike of spring 2022. Irish Prime Minister Mícheál Martin warned that blockades of the Whitegate refinery and key depots in Galway and Foynes were pushing the country to the brink of turning away oil shipments. He called the situation “unconscionable and “illogical.” In response, Dublin unveiled a €250 million relief package that includes a temporary excise duty cut, an expanded diesel rebate for hauliers and bus operators, and an extended fuel allowance. Nevertheless, industry leaders remain skeptical about the measures’ ability to quell the unrest, and many protesters demand direct talks with ministers. Across the North Sea, Norwegian demonstrators—part of the “Dieselbrølet” (diesel roar) movement—marched a convoy of 70‑80 trucks toward the Storting. Their banners read “nok er nok!” (enough is enough). While only a few vehicles were permitted into Oslo, the show underscored hauliers’ demand for more predictable, lower fuel prices despite Norway’s status as an oil producer. Other nations have taken emergency steps: the Philippines declared a national energy emergency, and France authorized fuel tankers to operate on weekends and holidays until 11 May to stave off shortages. Back in Ireland, the blockade of the sole refinery and depots has left dozens of petrol stations empty, prompting a rush of motorists to fill up before supplies run out. Emergency services report slower response times, and the Irish Medical Organisation warns that delayed care could jeopardise patient health. Courier firm DPD has halted deliveries, and protesters have vowed to remain in Dublin for weeks, with spokesperson John Dallon stating, “If it takes a month, we are prepared to sit here.” The crisis has also forced the Irish Taoiseach to postpone a trade mission to Canada, highlighting the domestic political fallout of the fuel‑price turmoil.
#fuel #norway #government
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Politics Apr 10, 2026

UK's Starmer Slams Trump and Putin's Impact on Energy Costs

UK Prime Minister Keir Starmer criticizes Donald Trump's and Vladimir Putin's actions in the Middle…
UK Prime Minister Keir Starmer has expressed frustration with the effects of Donald Trump's actions in the Middle East on British energy costs, drawing a comparison with Vladimir Putin's influence. In an interview with ITV's Robert Peston, Starmer stated, 'I'm fed up with the fact that families across the country see their bills go up and down on energy, businesses' bills go up and down on energy because of the actions of Putin or Trump across the world.'Starmer also condemned Benjamin Netanyahu for Israel's continued strikes on Lebanon, despite Iran calling for Lebanon to be included in the ceasefire agreed on April 7. He emphasized that these attacks 'should stop' and that the situation requires a practical resolution.In a conversation with Trump, Starmer discussed the need for a 'practical plan' to get shipping going through the Strait of Hormuz after the Middle East ceasefire. A Downing Street spokesperson confirmed that Starmer and Trump agreed on the necessity of finding a resolution, with the leaders discussing the need for a plan to restore freedom of navigation in the strait.Starmer's relationship with Britain's allies has been strained since the US and Israel's war with Iran began in late February. He has been repeatedly criticized and belittled by Trump and other members of his administration. Starmer has promised that his government will take a different approach to managing crises, ensuring that Britain is 'a country where people are not at the mercy of events abroad.'
#trump #starmer #president
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Politics Apr 10, 2026

Australian Greens push $1 bn arms freeze on Israel to stop lethal strikes in Lebanon

The Australian Greens are urging the federal government to intensify diplomatic and economic pressu…
The Australian Greens are calling on the federal government to apply direct diplomatic and economic pressure on Israel to end its intensive air strikes on Lebanon, describing the conflict as a “disastrous, illegal, immoral war.” Party defence spokesperson David Shoebridge said Australia should join the growing list of nations demanding that southern Lebanon be part of the cease‑fire framework being negotiated between the United States and Iran. Prime Minister Anthony Albanese and Foreign Minister Penny Wong have already signalled that Lebanon must be included in any cease‑fire agreement, but Shoebridge argued that mere statements are insufficient. He told ABC Radio that “Penny Wong saying she’s gravely concerned will not stop the illegal bombing or the plan to turn southern Lebanon into a new Gaza.” Lebanese authorities report that the war, which began in April, has already claimed the lives of more than 1,700 civilians, with over 300 deaths recorded in a single 24‑hour period following the announcement of a cease‑fire in the Iran conflict. To exert tangible pressure, Shoebridge proposed that Australia cancel more than $1 billion in Israeli arms contracts. He argued that such a move would not only address the moral outrage over the attacks but also deliver “real material pressure” on Israel to withdraw its forces. The Department of Foreign Affairs and Trade has warned Australians to avoid travel to Lebanon and is urging residents to leave while commercial flights remain available, citing a rapidly deteriorating humanitarian situation, displacement crises, and the risk of sudden airspace closures. In a separate development, former Prime Minister Tony Abbott urged the government to deploy troops alongside U.S. forces, claiming Australia had “betrayed our values and long‑term national interest.” Abbott framed the conflict as part of a broader effort to curb Iran’s nuclear ambitions and protect freedom of navigation in the Hormuz Strait. His remarks were rebuffed by Health Minister Mark Butler, who emphasized that Australia’s current support is limited to defensive assistance for the United Arab Emirates and that there is no public appetite for offensive deployments in the Middle East. Energy Minister Chris Bowen reiterated that any cease‑fire must extend across the region, stating that “Lebanese people have the same rights as anyone else in the Middle East” and that Israel should honour the cease‑fire “in both letter and spirit.”
#Australian Greens #Israel #Lebanon
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Tech Apr 10, 2026

Elon Musk's xAI Challenges Colorado's AI Regulations in Court

Elon Musk's artificial intelligence company, xAI, has filed a lawsuit against the state of Colorado…
Elon Musk's artificial intelligence company, xAI, has taken legal action against the state of Colorado over a new law regulating AI systems. The law, set to take effect in June, aims to protect state residents from 'algorithmic discrimination' in sectors such as education, employment, healthcare, housing, and financial services.The lawsuit, filed in US district court in Colorado, seeks to block the state from enforcing the law, which xAI claims infringes on its First Amendment free-speech protections. The company argues that the law would force xAI to 'promote the state's ideological views on various matters, racial justice in particular.'Colorado was the first state to pass comprehensive legislation to regulate AI. The law has been met with resistance from xAI, which makes the chatbot Grok. Grok has faced accusations of spewing racist, sexist, and antisemitic content. The company is seeking an injunction to block the enforcement of the Colorado law and a court declaration saying the legislation is unconstitutional.The lawsuit comes as battles rage at the state and federal level over how to regulate the fast-growing technology. States such as California and New York have been working to rein in AI with regulations, while the Trump administration has been trying to loosen the rules and place a moratorium on state laws.Katie Miller, a former spokesperson for xAI and the wife of Trump adviser Stephen Miller, heralded the lawsuit in a post on X, stating that Colorado wants to force Grok to follow its views on equity and race, instead of being maximally truth-seeking.Jared Polis, Colorado's Democratic governor, signed the bill into law in 2024 but said it was 'with reservations'. He has called on state legislators to amend it. The legislation was intended to go into effect in February but was pushed until June 30.
#Elon Musk #xAI #Colorado
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News Apr 10, 2026

Iran warns US that supporting Israel’s Lebanon offensive would ‘dumbly’ undermine regional ceasefire

Iranian Foreign Minister Abbas Araghchi cautioned that the United States would be acting foolishly …
Iranian Foreign Minister Abbas Araghchi warned on Thursday that it would be "dumb" for the United States to permit Israel to jeopardise the newly‑declared regional ceasefire by persisting with its intense bombardment of Lebanon, a campaign that has already claimed hundreds of lives. Araghchi noted that Israeli Prime Minister Benjamin Netanyahu’s corruption trial is set to resume on Sunday, suggesting the prime minister may have ulterior motives for sustaining the fighting. He wrote on social media that a ceasefire encompassing Lebanon would "hasten his jailing," implying that the truce could pressure Netanyahu’s legal woes. Addressing Washington directly, Araghchi said: "If the US wishes to crater its economy by letting Netanyahu kill diplomacy, that would ultimately be its choice. We think that would be dumb but are prepared for it." The statement echoes language used by U.S. Vice President JD Vance the previous day, who warned that Iran would find it "dumb" to let the ceasefire collapse over Lebanon, yet framed it as a choice for Tehran. Since the ceasefire was announced on Tuesday, the dispute over whether it applies to Lebanon has become a central obstacle to sustaining the truce. Iranian officials and media have hinted that Tehran could respond militarily to Israel’s assault on Lebanon or even block the Strait of Hormuz to enforce a Lebanon‑wide ceasefire. President Donald Trump told NBC News that he had spoken with Netanyahu and urged the Israeli government to "scale back" its operations in Lebanon, describing the approach as "low‑key." Vance also reported that Israeli officials had agreed to "check themselves a little bit in Lebanon." Despite these diplomatic overtures, the violence shows no sign of abating. The death toll from recent Israeli strikes in Lebanon has already surpassed 300, marking one of the deadliest days in the country’s recent history. On Thursday, Israel launched several new attacks, including a strike that killed four rescuers in the southern town of Borj Qalaouiye, and issued a displacement order for Beirut’s Jnah district, home to two major hospitals and tens of thousands of residents and displaced persons. The United States has a track record of asserting that Israel will curb its military actions, only to witness continued strikes. In 2024, the Biden administration insisted that Israel’s operation in Rafah was "limited," yet the Israeli military ultimately razed nearly every structure in the city, a tactic now hinted at for southern Lebanon. The Lebanese conflict escalated into full‑scale war in early March after Hezbollah fired rockets in retaliation for Israeli strikes and following the killing of Iranian Supreme Leader Ayatollah Ali Khamenei on February 28. Since a separate November 2024 ceasefire, Israel has maintained near‑daily attacks on Lebanon, targeting civilian infrastructure and deepening the humanitarian crisis.
#iran #israel #lebanon
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Politics Apr 09, 2026

Djibouti’s 2026 Presidential Vote Likely Secures Guelleh’s Sixth Term Amid Strategic Stakes and Growing Debt

President Ismail Omar Guelleh is poised to win a sixth term in Djibouti’s April 10 election, facing…
Djibouti, a one‑million‑strong nation perched on the Bab al‑Mandeb Strait, is set to hold its presidential election on April 10. All signs point to incumbent Ismail Omar Guelleh securing a sixth term with little genuine opposition. The country’s strategic location—linking the Red Sea to the Gulf of Aden—makes it a linchpin for global trade and a magnet for foreign military installations. The United States, France, China, Italy and Japan all maintain bases there, earning Djibouti the reputation of hosting the highest concentration of overseas military sites. Officially, Djibouti recognizes French and Arabic, while Somali and Afar are widely spoken among the two main ethnic groups, which together comprise roughly 95% of the population. Islam is practiced by about 94% of residents, and the Djiboutian franc remains the national currency. According to the International Foundation for Electoral Systems, 243,471 citizens—about a quarter of the population—are registered to vote, up from roughly 215,000 in the 2021 poll. Historical turnout averages around 67%. IGAD’s eight‑nation bloc has dispatched 17 observers from Ethiopia, Kenya, Somalia, South Sudan and Uganda to monitor the process, with a post‑vote statement slated for April 12. Ismail Omar Guelleh, 78, leads the ruling People’s Rally for Progress. After parliament lifted the 75‑year age ceiling in November and abolished term limits back in 2010, Guelleh is now eligible for another term. Critics label his rule as authoritarian, yet they also acknowledge the relative stability he has maintained in a volatile region. Guelleh’s administration has turned Djibouti’s lack of natural resources into a revenue engine by signing infrastructure deals with China and leasing military facilities to Western powers. In 2017, Finance Minister Ilyas Dawaleh estimated that the bases generate roughly $125 million annually, with the United States contributing nearly half of that sum. The U.S. installation, Camp Lemonnier, remains the only permanent American base on the continent. The sole challenger, Mohamed Farah Samatar, runs under the Unified Democratic Centre after breaking away from the ruling party. His campaign slogan—“another Djibouti is possible”—has resonated only modestly, and observers such as Horn‑of‑Africa expert Sonia le Gouriellec describe the contest as a “token competition”. Human‑rights advocates echo this sentiment, calling the election a “masquerade” and a foregone conclusion. Key issues dominate the discourse. Democratic freedoms have eroded; opposition parties have boycotted elections since 2016, and Guelleh captured over 90% of the vote in 2021. The country ranks 168th out of 180 in the 2025 Reporters Without Borders press‑freedom index, and allegations of corruption and nepotism persist, including speculation that Guelleh’s stepson, Naguib Abdallah Kamil, is being groomed for succession. Economically, Djibouti’s reliance on Chinese financing is creating fiscal strain. By 2026 the nation owed China roughly $1.2 billion in loans, prompting the IMF to label its debt profile “in distress and unsustainable”. Massive infrastructure projects—most notably a railway to Ethiopia—have failed to curb poverty, with 73% of the youth unemployed. The country’s lifeline is its port system, which handles virtually all of Ethiopia’s maritime trade, amounting to about $2 billion in annual revenue. Ethiopia’s recent flirtation with a Somaliland port deal threatened Djibouti’s monopoly, though a Turkey‑mediated agreement in late 2024 redirected Ethiopia toward a “reliable and sustainable” sea corridor with Somalia. In sum, the upcoming election is less about a competitive political showdown and more about reaffirming a status quo that intertwines Djibouti’s geopolitical leverage, foreign‑military income, and mounting debt challenges.
#Djibouti #Ismail Omar Guelleh #IGAD
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News Apr 09, 2026

US Reiterates Opposition to Iran's Uranium Enrichment as Ceasefire Talks Loom

The White House has reaffirmed that the United States will not accept Iran's right to enrich uraniu…
The White House has reiterated that the United States continues to reject any uranium enrichment inside Iran, reaffirming that US President Donald Trump did not agree to a 'wish list' submitted by Tehran. The US stance on uranium enrichment remains a major point of contention in talks between the two countries.Trump's spokesperson, Karoline Leavitt, suggested that the 10-point proposal put forward by Iran as the basis for a ceasefire in the US-Israel war on Iran differs from the proposal published by the government in Tehran. The proposal included Iran's right to enrich uranium, which the US has rejected."The president's red lines, namely the end of Iranian enrichment in Iran, have not changed," Leavitt said. This stance has been a major sticking point in previous talks between Tehran and Washington.Domestic uranium enrichment has been a contentious issue, with Iran insisting on enriching its own uranium as a national right, while the Trump administration has pushed for dismantling the Iranian nuclear programme altogether. The US and Israel have claimed victory in the conflict, while Iran has also claimed success.After more than 38 days of war, Washington and Tehran announced a two-week ceasefire that will see the US stop its attacks and Iran reopen the Strait of Hormuz. The first round of negotiations will take place in the Pakistani capital, Islamabad, on Saturday, led by US Vice President JD Vance, Special Envoy Steve Witkoff, and Trump's son-in-law, Jared Kushner.However, Iran's Parliament Speaker Mohammad Bagher Ghalibaf cast doubt over the fate of the talks, citing US and Israeli violations of the ceasefire. The talks' success remains uncertain amid these tensions.
#iran #trump #list
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World Economy Apr 09, 2026

OpenAI Puts UK AI Investment on Hold Citing High Energy Costs

OpenAI has put on hold its plans for a landmark UK investment, Stargate UK, citing high energy cost…
OpenAI has put on hold plans for a landmark UK investment, Stargate UK, citing high energy costs and regulation, in a blow to the government which has put AI at the centre of its growth strategy.The Stargate project was part of the UK-US AI deal announced last September, in which US companies appeared to commit £31bn to the UK’s tech sector. The project aimed to support Britain in building out “sovereign compute” – infrastructure that would allow the government and other UK institutions to run AI models on datacentres in the country.Victoria Collins MP, the Liberal Democrat spokesperson for science, innovation and technology, said: “This is a wake-up call for the government to manage energy costs in the UK and foundation infrastructure.”The Labour MP Clive Lewis said: “When a government has no economic strategy worthy of the name and no real industrial vision, it becomes vulnerable.”An OpenAI spokesperson said: “We see huge potential for the UK’s AI future, and we support the government’s ambition to be an AI leader. We continue to explore Stargate UK.”High energy costs, rising further because of the US-Israel war on Iran, are expected to delay or derail AI datacentre projects worldwide. The UK’s industrial electricity prices were already the highest in Europe before the start of the war.
#openai #government #stargate
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