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Jamie Dimon, chairman and chief executive of JPMorgan Chase, used his highly‑watched annual letter to shareholders to press the White House to strengthen economic cooperation with U.S. allies, warning that a decline in shared prosperity could produce "truly adverse consequences" for democratic nations.His message arrives as the Iran‑Israel conflict enters its sixth week, a war that has already rattled global energy markets. Economists cited in the letter caution that prolonged fighting could push oil prices above $170 a barrel, a level capable of triggering a worldwide recession.Dimon’s appeal is widely read as a thinly‑veiled rebuke of President Donald Trump. Earlier this year, Trump filed a $5 billion lawsuit against Dimon and JPMorgan, accusing the bank of “de‑banking” him. The timing of Dimon’s comments—just days after Trump’s aggressive rhetoric urging foreign governments to "go get your own oil"—underscores the growing rift between the bank’s leadership and the administration."Economic weakening of the world’s democracies or a fragmentation of their economic bonds could lead to truly adverse consequences," Dimon wrote. He warned that adversarial states aim to make allies less dependent on the United States, potentially turning them into economic “vassals” of hostile regimes.Beyond geopolitics, Dimon highlighted the broader macro‑economic outlook. He warned that the war could generate "sticky" inflation, higher commodity prices, and disrupted supply chains, which together may force interest rates higher than markets currently anticipate. He echoed other economists in warning that inflation could rise rather than fall in 2026.Despite these challenges, Dimon expressed optimism about the U.S. economy, affirming his belief that "the American Dream is alive." He also turned to emerging technology, noting that artificial intelligence could deliver breakthroughs in healthcare, manufacturing, and safety, ultimately shortening the work week and extending life expectancy.Dimon’s annual letter—spanning nearly 50 pages and more than 20,000 words—remains a barometer for Wall Street sentiment. In it, he also critiqued the administration’s tariff policy, arguing that while tariffs have forced renegotiations, a comprehensive foreign‑economic strategy should promote growth both for the United States and its partners.As transatlantic relations strain under soaring energy costs and divergent trade policies, Dimon’s call for a coordinated economic front underscores a pivotal moment: the United States must decide whether to lead a cohesive democratic coalition or risk ceding influence to autocratic powers.

The new Reform UK promotion, dubbed “Nigel cut my bills,” asks voters to surrender personal details – name, phone, email and voting history – for a chance that Nigel Farage will foot their energy bills for a year. The concept reads like a scripted MrBeast video: a charismatic host appears on a suburban street, hands out cash, and celebrates each winner with upbeat music and on‑screen tallies. While the party frames the scheme as a bold, voter‑engaging move, privacy advocates have already flagged potential breaches of data‑protection law. More troubling, however, is what the stunt signifies: the “MrBeastification” of British politics, where flashy giveaways replace substantive policy debate. Reform UK’s website touts a suite of promised savings if it wins the next election: scrapping VAT on energy bills (a £85 reduction), eliminating Labour’s green levy (£100), and removing the carbon tax (£15). The messaging is clear – Farage is portrayed as a man who puts money directly into voters’ pockets. Yet the underlying issue of soaring energy costs is oversimplified. Bills are high not because of the mentioned taxes, but because the UK’s electricity price is tied to volatile gas market prices. Farage’s advocacy for renewed North Sea drilling would lock the country into this volatility, offering short‑term relief at the expense of long‑term energy security. Earlier, Reform UK floated a controversial policy targeting non‑domiciled residents: a one‑off charge of £250,000 for a ten‑year renewable residence permit, with proceeds earmarked for low‑paid workers. Critics argue the fee merely shifts the burden onto wealthy foreigners while providing negligible benefit to ordinary voters. In the world of viral giveaways, the spectacle often masks deeper shortcomings. As the article notes, after MrBeast hands cash to a homeless man, he probes the man’s backstory, revealing systemic issues that a single payment cannot solve. Similarly, Reform’s grand gestures risk being tokenistic, offering temporary excitement without addressing the structural challenges of the UK’s energy market. Ultimately, the “Nigel cut my bills” competition may capture attention, but it also underscores a shift toward sensationalist political communication that prioritises instant gratification over meaningful policy solutions.

Lawyers estimate that as many as 75 women could have a claim in the $72.5 million settlement reached with Bank of America over alleged involvement in Jeffrey Epstein’s sex‑trafficking network. U.S. District Judge Jed Rakoff has instructed counsel to assemble a broad list of publications by the upcoming Friday to ensure every potential victim receives notice, emphasizing that "nobody is left out." A final approval hearing is scheduled for August 27. The settlement was first disclosed in court filings on March 27 after a proposed class‑action lawsuit was permitted to move forward. In October, a plaintiff using the pseudonym Jane Doe filed the suit on behalf of herself and other alleged victims, accusing the bank of overlooking suspicious transactions tied to Epstein’s operations. According to the complaint, Bank of America allegedly benefited knowingly from its relationship with Epstein and impeded enforcement of the Trafficking Victims Protection Act, a federal statute aimed at combating sex trafficking. Bank of America reiterated its stance that it did not facilitate Epstein’s crimes, stating that the resolution allows the institution to move past the matter and provides "further closure for the plaintiffs." Judge Rakoff gave preliminary approval, noting that while no monetary figure can fully compensate for the magnitude of Epstein’s offenses, victims are entitled to restitution from any party that "knowingly, recklessly or otherwise unlawfully facilitated" the trafficking. This agreement follows similar settlements in 2023: JPMorgan Chase paid $290 million and Deutsche Bank settled for $75 million with Epstein victims. Rakoff previously dismissed a suit against Bank of New York Mellon; the plaintiffs are now appealing that decision. He stressed that liability should be limited to entities that knowingly assisted or profited, not to every organization that merely intersected with Epstein’s network. Jeffrey Epstein, a wealthy financier who died by suicide in a New York City jail in 2019, was accused of preying on girls and young women for decades and maintained ties to high‑profile figures across politics, arts, and business. One of Doe’s attorneys, David Boies, believes that 60 to 75 women may qualify for the settlement, and cautions that additional claimants could emerge as the search continues.

The Shift from Silent Infrastructure to Political FlashpointFor years, data centers operated as the silent backbone of the digital economy, largely unnoticed by the communities they served. However, recent polling data suggests this era of quiet expansion is ending. A growing wave of local opposition is turning data centers into a contentious political issue, forcing tech companies to confront the reality that their infrastructure is no longer welcome in everyone's backyard.Discrepancies in Public Sentiment: Harvard/MIT vs. QuinnipiacThe debate is split, with conflicting data highlighting the complexity of public opinion. A Harvard/MIT poll conducted in November offers a moderate view, finding that 40% of respondents supported the construction of a data center in their area. However, this support drops significantly when compared to industrial facilities, with 32% opposing the idea.Harvard/MIT Poll (Nov): 40% support data centers; 32% oppose.Quinnipiac Poll (March): 65% oppose AI data centers; 24% support.A fascinating insight from the Axios report notes that public preference shifts dramatically based on the facility type: more people would rather have an e-commerce warehouse than a data center.The Economic Trade-off: Jobs vs. Power CostsThe core of the conflict lies in the perceived benefits and drawbacks of these facilities. While data centers promise economic growth, a significant portion of the population is skeptical. Two-thirds of respondents in the Harvard/MIT survey expressed concern that a new data center would nudge electricity prices higher.Conversely, e-commerce warehouses are viewed more favorably, likely due to the tangible promise of local jobs and economic stimulation. However, analysts warn that this sentiment may be short-lived, as most data center projects employ very few people once operational, unlike the labor-intensive nature of warehousing.From Local Zoning to National Policy: The Future of Data Center RegulationThe divergence in polling numbers—from the moderate 40% support to the sharp 65% opposition—suggests that the data center debate is far from settled. As these facilities continue to proliferate, the discontent is likely to spill over into politics.With the "quiet" era of data center expansion effectively over, we can expect a surge in local zoning battles and potential federal regulation aimed at managing the energy consumption and community impact of AI infrastructure.

Analysts say that more than two years of relentless campaigns against Gaza, the Houthis, Lebanon and now Iran have reshaped Israel’s politics, economy and social fabric.Washington, rather than Jerusalem, is likely to decide the ultimate outcome of the conflict that Israeli leaders describe as an “existential battle” with Tehran.According to the Bank of Israel, the cumulative cost of these wars has reached 352 billion shekels (about $112 bn), which translates to roughly 300 million shekels ($96 m) per day. The financial pressure is compounded by the International Court of Justice hearing credible genocide accusations and the International Criminal Court’s arrest warrants for the prime minister and a former defence minister.Domestically, Israelis endure frequent air‑raid alerts and school closures, while many families juggle work and shelter duties. Yet a poll by the Israel Democracy Institute in late March showed that 78 % of Jewish Israelis still support continuing the war, even as a majority doubt that Washington and Israeli planners have fully grasped Tehran’s capabilities.Political commentator Dahlia Scheindlin told Al Jazeera that a “graveness” has settled over the population, noting a grim determination to press on despite exhaustion.Israel’s right‑wing coalition, led by figures such as National Security Minister Itamar Ben‑Gvir and ultra‑Orthodox Finance Minister Bezalel Smotrich, has pushed through a controversial death‑penalty law targeting Palestinians and approved a record $271 bn budget. The budget allocates substantial funds to ultra‑Orthodox and settler communities, a move described by critics as an attempt to shore up Prime Minister Netanyahu’s waning support.Internationally, the United Nations, European Union and several Muslim‑majority states have condemned the new death‑penalty legislation, though Israel has so far avoided direct sanctions.Economists warn that the war’s fiscal impact extends beyond defence spending. A Le Monde analysis highlighted rising defence outlays, lost productivity from reservist mobilisation, and dampened consumer activity. While temporary tax cuts have mitigated fuel‑price spikes caused by Iran’s closure of the Strait of Hormuz, political economist Shir Hever cautions that Israel’s reliance on imported fuel means any relief is short‑lived.Hever likens the current economic trajectory to that of a “totalitarian state,” where military expenses are pursued arbitrarily, ignoring broader economic stability.Ultimately, the war’s duration may hinge more on U.S. policy than Israeli strategy. When asked by Newsmax about progress toward its goals, Prime Minister Netanyahu could only claim the effort was “halfway” achieved.

Chris Haskins, Lord Haskins, who has died at the age of 88, was a highly influential figure in British business and politics. He was a key supporter of Tony Blair's New Labour project and played a crucial role in advising on regulatory reform and rural affairs. Early Life and Career Born in Dublin, Ireland, Haskins studied modern history at Trinity College Dublin, where he developed a reputation as a radical. He began his career in journalism, covering the Aldermaston marches for the Irish Times, before moving into business. In 1959, he traveled to England, married Gilda Horsley, and joined his father-in-law's company, Northern Dairies, which later became Northern Foods. Business Achievements Under Haskins' leadership, Northern Foods grew into Britain's leading food manufacturer. He was instrumental in developing chilled food techniques, which enabled the mass production of ready meals and convenience foods. A significant partnership with Marks & Spencer was established, which became a cornerstone of the company's success, generating annual sales of half a billion pounds. Public Service and Politics Haskins was a vocal advocate for various public causes, including European monetary union, English regional devolution, and the reduction of subsidies to British agriculture. He served as a 'rural tsar' during the foot and mouth outbreak of 2001 and authored a rural recovery report for Defra, which proposed a shift towards environmental concerns and a long-term reduction in subsidies. Legacy Throughout his life, Haskins was known for his 'no-nonsense approach' and his commitment to telling the truth as he saw it. He was a passionate advocate for regional devolution and took an active role in various Yorkshire economic bodies. Despite facing disappointment as governments wound down bodies he chaired, Haskins remained dedicated to his causes, reflecting on his life's work: 'Most of the campaigns of my life have failed, largely, I comfort myself, because I have been ahead of my time.' He is survived by his wife, Gilda, their five children, nine grandchildren, and a great-granddaughter.

Iraq is facing a balancing act as the US-Israeli war on Iran exposes deep divisions within the country. The conflict has highlighted the divisions between those who view the attacks on Iran as a means to end Tehran's longstanding influence over Iraqi politics and those who are loyal to the Islamic republic. The war has struck Iraq during a precarious power vacuum, following the stepping aside of caretaker leader Mohammed Shia al-Sudani, whose coalition won the largest share of seats in November's parliamentary elections. This power vacuum has exacerbated tensions, with factions from the Islamic Resistance in Iraq, an umbrella body of Iran-backed armed groups, vowing to drag the US into a long war of attrition. The group has claimed responsibility for numerous drone and missile attacks on targets in Iraq and neighboring countries, including the US base in Erbil and the city's international airport. In response, unclaimed airstrikes attributed to US and Israeli forces have hit positions across the country, killing several commanders and fighters. Iraqi leaders are attempting to maintain a balancing act, denouncing the killing of Iran's supreme leader Ali Khamenei while rejecting attempts by Tehran to draw Iraq into the conflict. However, this balancing act is complicated by the fact that pro-Iran groups are also members of the Popular Mobilisation Units (PMU), a sprawling institution that operates with its own agenda. The conflict has significant implications for Iraq's stability and economy, with a looming financial disaster hanging over the country due to the crisis over the strait of Hormuz and the loss of oil revenue. The US pressure and threat of sanctions have forced some members of the pro-Iran Shia alliance in Iraq's parliament to distance themselves from more militant factions. The killing of Hassan Nasrallah, the leader of Hezbollah, has also had a profound impact on the Iraqi resistance factions, which have struggled to respond effectively to the recent war. The insider close to the pro-Iran factions noted that the killing of Nasrallah has affected the Iraqi resistance factions more than the killing of Khamenei, as Nasrallah had a direct appeal to many commanders.

Richard Walker, executive chair of the Iceland supermarket chain and Labour’s appointed cost‑of‑living tsar, told BBC Radio 4’s Today programme that the government should extend the 5‑pence fuel duty cut beyond its September expiry to cushion households from soaring petrol prices. The call comes as the Strait of Hormuz—a vital conduit for roughly one‑fifth of the world’s oil—remains blockaded after the United States and Israel launched attacks on Iran at the end of February. The disruption has triggered a sharp rise in global oil prices, intensifying pressure on the UK economy. Under current policy, UK fuel duty is frozen until September, when a review is scheduled. By contrast, Australia recently announced a 14‑pence‑per‑litre cut to its fuel tax, highlighting the disparity with the UK’s modest 5‑pence reduction. Walker emphasized on air: “Given where we are, we need to be thinking about extending or enlarging the existing cut.” He noted that the original 5‑pence reduction was introduced by the Conservative government in March 2022. Chancellor Rachel Reeves had pledged in her November budget to keep the cut in place until August, followed by a gradual increase over five years. Prime Minister Keir Starmer has signalled that the planned September rise will remain “under review” in light of the ongoing conflict. Data from the RAC shows that, since the war began, the average price of a litre of diesel at UK forecourts has jumped 30 % to 185.2 pence, while petrol has risen 16 % to 154.5 pence per litre. Opposition parties are also weighing in: the Conservatives propose scrapping VAT on energy bills for several years, Reform UK calls for a VAT cut on fuel, and the Liberal Democrats advocate a 10‑pence fuel duty reduction.

Central Israel was shaken as videos captured a projectile falling from the sky in the aftermath of an Iranian airstrike. The incident has heightened concerns over the escalating conflict in the Middle East. Footage shared on social media and news outlets depicted the moment the projectile was seen descending, sparking widespread alarm and concern among local residents.The airstrike, attributed to Iran, has strained relations between Iran and Israel, contributing to an already volatile situation in the region. The Israeli government has not issued an immediate statement on the incident, but military and emergency services were quickly deployed to the area to assess the situation and provide any necessary assistance.This recent development underscores the ongoing tensions and complexities in Middle Eastern geopolitics, where conflict and diplomatic maneuvering frequently intersect. The incident serves as a stark reminder of the fragile peace and the potential for rapid escalation in the region.