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World Economy Apr 03, 2026

Iran-Israel Conflict Triggers Sudden LNG Shortage for Pakistan, Turning Surplus into Crisis

The U.S.-Israel strike campaign against Iran and the ensuing retaliation have crippled Qatar's LNG …
At the start of 2026 Pakistan was sitting on a surplus of imported liquefied natural gas (LNG). Three consecutive years of falling demand – from a peak of 8.2 million tonnes in 2021 to 6.1 million tonnes by late 2025 – were driven by cheap solar panels and reduced industrial activity. The government responded by quietly selling excess cargoes abroad and shutting down domestic wells to avoid over‑pressurising pipelines. Any gas that could not be diverted would have been pushed into household networks at a loss, adding billions to the sector’s crippling debt. Everything changed on 28 February when the United States and Israel launched the "Epic Fury" operation against Iran. The strikes killed Supreme Leader Ali Khamenei and targeted missile sites, air defences and military infrastructure. Iran retaliated with hundreds of missiles and drones, choking traffic through the Strait of Hormuz – a chokepoint for roughly 20 % of global oil and gas. As part of its retaliation, Iranian drones hit Qatar’s Ras Laffan Industrial City on 2 March, the world’s largest LNG export hub. Qatar, the second‑largest LNG exporter after the United States, declared force majeure and halted all production, releasing it from contractual delivery obligations. The fallout was immediate. Qatar’s forced shutdown cut its LNG output by 17 % and disrupted the supply chain that fuels Pakistan, which sources almost all of its imported gas from Qatar and the United Arab Emirates. Pakistan’s LNG arrivals plummeted from 12 shipments in January to just two in March. Monthly cargo data from the Oil and Gas Regulatory Authority (OGRA) show that the country received between eight and twelve shipments a month through 2025, but only two arrived after the conflict began. Price pressure followed. On 13 February state‑owned Pakistan State Oil and Pakistan LNG Limited bought eight cargoes at an average of $10.47 per MMBtu (totaling $257.1 million). By 12 March the two cargoes that did arrive cost $12.49 per MMBtu – a 19 % increase in just one month. Long‑term contracts have left Pakistan with little flexibility. Two government‑to‑government agreements with Qatar, spanning 15 and 10 years, commit the country to nine shipments a month. Even as domestic demand fell – LNG’s share of Asian markets dropped from ~30 % in 2020 to ~18 % in 2025 – the contracts remained binding. Solarisation has been a double‑edged sword. By 2025 Pakistan installed 34 GW of solar capacity, with about 25 GW feeding the national grid, driving an 11 % decline in overall electricity demand between 2022 and 2025. Gas‑fired power plants built for imported LNG are now under‑utilised, especially during daylight hours. Analysts warn that the surplus was predictable. “Pakistan’s energy planning has been locked into long‑term contracts with little room for adjustment,” says Haneea Isaad of the Institute for Energy Economics and Financial Analysis (IEEFA). The resulting circular debt now stands at 3.3 trillion rupees (≈ $11 billion), and the government is negotiating to off‑load 177 unwanted shipments worth $5.6 billion through 2031. With Qatar’s LNG shipments effectively halted, the country faces a potential shortfall of more than 21 % of its power generation capacity. The National Electric Power Regulatory Authority confirmed that LNG supplies are under force majeure, while coal imports from South Africa and Indonesia continue. To mitigate the gap, Pakistan is reviving domestic gas production that had been throttled during the surplus period. Roughly 350–400 million cubic feet per day of domestic gas were previously held back for LNG imports, now being released to the grid. Nevertheless, analysts caution that even with restored domestic gas, imported coal and hydropower, “the energy shortage may persist, especially during the peak summer months.” Summer pressure is already building. The State of Industry Report 2025 recorded peak electricity demand of over 33,000 MW last summer, while winter demand sits around 15,000 MW, helped by solar generation of 9,000–10,000 MW daily. Furnace oil, the primary backup fuel, now costs 35 rupees per unit (≈ $0.12), more than double since the Strait of Hormuz disruption. Consumers with grid electricity face higher bills and possible outages; industrial users reliant on gas risk production cuts; those equipped with rooftop solar and battery storage are best insulated. “Returning to the spot market is unlikely given Pakistan’s dire financial position, and competing with wealthier nations would price the country out,” Isaad warns. “The realistic outcome may be planned load‑shedding of two to three hours daily.”
#pakistan #lng #qatarenergy
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Sports Apr 03, 2026

Iranian Women's Footballers Face 'Enormous Pressure' After Asian Cup Saga

Iranian women's footballers Mona Hamoudi and Zahra Sarbali reveal the 'enormous pressure' they face…
Iranian footballer Mona Hamoudi had one ambition when she boarded the flight to Australia for the Women’s Asian Cup: to play well. However, the tournament became a test of her skills, patience, and ability to make difficult decisions under enormous pressure.Hamoudi, a 32-year-old midfielder, was part of the Iranian national squad that travelled to Australia in early March. The trip unravelled into one of the most scrutinised episodes in the history of Iranian women’s sport. The squad had remained silent during the national anthem ahead of their Asia Cup opener against South Korea on March 2, two days after the United States and Israel went to war with Iran and killed Supreme Leader Ayatollah Ali Khamenei.Their silence was perceived by some as a protest against the Iranian government, and Iran’s state television branded the women as “traitors”. The players sang the anthem at their next two matches, but fears for their safety grew further after it was reported in the media that they were being monitored by Iranian government and football officials.Following Iran’s elimination at the group stage, five players – Hamoudi among them – claimed asylum and were granted humanitarian visas by the Australian authorities. However, after the rest of the squad left Australia on March 10, five of the seven later reversed course and said they would return to Iran – including Hamoudi.Hamoudi and teammate Zahra Sarbali describe the decision to return to Iran as inseparable from a sense of duty; to family, teammates, and “national obligation”, rather than a purely free choice made in calm and safety. They faced harassment and constant following from media and social media, and the expectations and pressure from the Iranian-Australian community.The journey back to Tehran was marked by fear and tension, with the media attention that had followed them throughout the tournament only intensifying once they were back in Iran. The football federation offered formal support, and the players appeared on national television after their return and resumed training as normal.On March 19, the team were met in Tehran with a hero’s welcome from the public, with several thousand people gathering in Valiasr Square, many holding Iranian flags. However, fears remain over the consequences for their careers and how their every future action might be interpreted.Maryam Irandoust, a former head coach of the Iranian women’s national team, said these experiences will carry a psychological weight onto the pitch, directly affecting performances in training and in matches. Adel Ferdosipour, a veteran Iranian sports journalist, warned that any punishment of the players could deter future footballers from representing Iran.
#iranian #iran #players
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Sports Apr 03, 2026

Bosnia and Herzegovina Stuns Italy to Secure World Cup 2026 Spot

Bosnia and Herzegovina's national football team has qualified for the 2026 World Cup after defeatin…
Bosnia and Herzegovina's national football team has made history by qualifying for the 2026 World Cup after a thrilling penalty shootout victory over Italy at the iconic Bilino Polje Stadium in Zenica. The match ended 1-1 after extra time, with Bosnia emerging victorious in the shootout.The Bilino Polje Stadium, known for its intimidating atmosphere for visiting teams, lived up to its reputation as thousands of Bosnian fans descended upon the arena, creating a cauldron-like environment that fueled the team's performance. The stadium's compact nature and close proximity of fans made it feel like a home game for the Bosnian team.The Bosnian fans began arriving in Zenica in the early hours of the morning, dressed in the team's colors and waving the national flag. The city was transformed into a giant stage, with convoys of cars laden with fans, draped with the flag and blaring horns, turning Zenica into a sea of celebration.The historic bond between Bosnia and Italy was also on display, as Bosnia's legendary captain, Edin Dzeko, asked fans to applaud the Italian national anthem before kickoff, referencing the Italian team's visit to Sarajevo in 1996 following the Bosnian war.The win sparked jubilation across the country, with nearly 100,000 supporters gathering in Sarajevo to celebrate what many termed one of the greatest wins in the nation's history. The players and coaching staff were greeted as heroes, and the victory was seen as a reminder of the team's strength and resilience.
#world #cup #fans
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World Economy Apr 03, 2026

Billionaire fortunes surged under Trump, sparking a nationwide push for wealth‑tax measures

As billionaire wealth hit record levels during the Trump era, a growing coalition of activists, law…
Rising fortunes among the ultra‑rich under the Trump administration have ignited a wave of tax‑reform campaigns across the United States. In California, volunteers like Karen Sanchez are gathering signatures for a one‑time 5% wealth tax targeting the state’s 200‑plus billionaires to offset federal cuts to hospitals, education and food‑assistance programs.At least ten states are exploring similar measures. Washington recently enacted its first income‑tax aimed at roughly 20,000 millionaire households, while Massachusetts and Minnesota already channel wealth‑tax proceeds into preschool, K‑12 meals and transportation infrastructure.On the federal front, Senators Bernie Sanders and Representative Ro Khanna have introduced the “Make Billionaires Pay Their Fair Share Act,” proposing an annual 5% levy on billionaire net worth. Khanna argues that the ultra‑wealthy fund private health insurers, defense contractors and political campaigns, creating a stark fairness gap.Data from Oxfam shows that in the twelve months after Trump’s re‑election, billionaire fortunes grew at a rate three times faster than the average annual growth of the previous five years. Meanwhile, the federal minimum wage has remained stagnant at $7.25 for fifteen years, underscoring the widening economic divide.A Data for Progress poll released last fall found that 70% of Americans believe the economic system favours corporations and the wealthy. “People are angry and want change,” says Amy Hanauer of the Institute on Taxation and Economic Policy (ITEP), noting that activists are leveraging every level of government to seek relief.The movement draws on a two‑decade history of class‑based activism, from the Occupy Wall Street protests to Senator Sanders’ 2016 campaign that foregrounded wealth‑tax proposals. Yet inequality has deepened: CEOs of the five largest U.S. firms now earn, on average, **$52 million** annually—over a thousand times the typical worker’s salary.Political spending by billionaires has also exploded. A recent New York Times analysis reveals that billionaire contributions rose from **0.3% of campaign funds in 2008** to **19% in 2024**, amounting to more than **$3 billion** from roughly 300 ultra‑rich donors, many of whom supported candidates opposing wealth taxes, including former President Donald Trump.The war in Iran has further inflamed resentment, with the United States spending **$11.3 billion** in the first week of bombardment—far exceeding the annual budgets of agencies such as the CDC, EPA and the National Cancer Institute.Local victories are feeding the momentum. New York City’s mayoral race saw Zohran Mamdani win on a platform that includes taxing the rich to fund affordable housing, groceries and transit. Councilmember Chi Ossé led a 1,500‑person march to the state capitol, urging Governor Kathy Hochul to permit a city‑level millionaire tax, a move that now has backing from some state Democrats.Beyond New York, states like Rhode Island, Hawaii, Pennsylvania, Virginia, Illinois and New Mexico are debating various wealth‑tax mechanisms, including the popular “mansion tax” on high‑value home sales. Currently, **17 localities** have adopted such taxes, most passed between 2018 and 2023.California’s gubernatorial race has become a flashpoint. Billionaire‑backed candidates Matt Mahan and Tom Steyer are vying to replace Governor Gavin Newsom, with the tech elite—such as Sergey Brin and Joe Lonsdale—pouring money into campaigns opposing the billionaire tax. Of the 30 billionaires who have contributed to the race, **25 supported Mahan**, who has positioned himself as a staunch anti‑tax candidate.For Sanchez, the stakes are personal. The proposed tax seeks to replace **$100 billion** in federal health‑care funding cut by Trump’s “One Big Beautiful Bill Act,” which threatens hospital closures and layoffs in the nation’s fourth‑largest economy. She aims to collect **875,000 signatures** by late June to secure the initiative on the November ballot.“It’s creating a network of groups all working toward a common good,” Sanchez says, reflecting a broader sentiment that collective action could finally translate the public’s demand for fiscal fairness into concrete policy.
#california #seiu #oxfam
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Sport Apr 03, 2026

Duke Freshman Cameron Boozer Wins AP Player of the Year, Joining Elite Freshman Hall of Fame

Cameron Boozer became only the fifth freshman to capture the Associated Press men’s college basketb…
Cameron Boozer earned the Associated Press men’s college basketball Player of the Year honor, marking the fifth time a freshman has captured the award and the second consecutive year a Duke freshman has done so. The 6‑foot‑9 forward was a cornerstone of a Duke squad that posted 35 victories, topped the AP Top 25 poll, secured the No. 1 overall seed for March Madness and advanced to the Elite Eight. Boozer’s versatility—scoring against physical defenses, stretching the floor with perimeter shooting, and facilitating the offense—proved decisive throughout the campaign. Joining the ranks of Cooper Flagg (2025), Zion Williamson (2019), Anthony Davis (2012) and Kevin Durant (2007), Boozer joins a short list of freshmen who later became top‑two NBA draft picks. He noted, “It’s not just about me; the team’s success amplifies these recognitions.” In the AP voting, Boozer secured 59 of 61 votes, with the remaining two cast for BYU freshman AJ Dybantsa, who averaged a national‑best 25.5 points per game. Statistically, Boozer averaged 22.5 points (ninth in Division I) and 10.2 rebounds (twelfth), while dishing out 4.1 assists. His shooting efficiency stood at 55.6% from the field and 39.1% from three‑point range**, and he tied for the national lead with 22 double‑doubles. These numbers underscore his readiness for the professional level. Highlights of his season include a career‑high 35 points against Arkansas, a 29‑point effort versus defending champion Florida, and a dominant 18‑point, 15‑rebound performance against Michigan State. Even in Duke’s season‑ending loss to UConn, Boozer contributed 27 points despite a swollen right eye from an early‑game blow. Duke associate head coach Chris Carrawell praised Boozer, saying the program has been “fortunate to have two of the best freshmen ever play back‑to‑back,” and placed him “right up there” with the sport’s recent legends. In related honors, Fred Hoiberg was named AP Coach of the Year after guiding Nebraska to a breakthrough 28‑win season.
#boozer #duke #top
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Sport Apr 03, 2026

Ben Foakes' 128‑run rescue propels Surrey to a record seventh‑wicket stand as County Championship opens at historic early date

On the County Championship’s earliest ever start, Surrey suffered a dramatic early collapse but rec…
The 2026 County Championship kicked off on Good Friday, 3 April – the earliest start in the tournament’s 140‑year history. Surrey’s captain Rory Burns was run out just ten minutes into the day’s play at Edgbaston, setting a new record for the competition’s earliest dismissal. Despite a modest crowd of around 800 spectators and roughly 4,000 viewers on YouTube, the match featured a heavyweight lineup: nine current England Test players were named in the Division One clash, underscoring the Championship’s status as the premier development arena for the national side. Surrey’s top six have all earned England caps, fueling expectations that the club could secure a fourth title in five seasons. Yet the opening session was anything but smooth. Burns fell early, followed by Jamie Smith, who managed only nine runs before being dismissed. A sharp edge from Ethan Bamber and an lbw to Ollie Pope (20) further rattled the home side. Dom Sibley provided a glimmer of resistance with an unbeaten 21 off 81 balls, but the team slumped to a precarious 65 for six. The turning point arrived when Ben Foakes and fast‑bowling all‑rounder Tom Lawes combined for a 155‑run partnership – a Surrey club record for the seventh wicket. Foakes, a seasoned England fringe player, smashed a commanding 128 runs, while Lawes contributed a career‑best 83 off 121 balls, stabilising the innings and shifting momentum. Chris Woakes and medium‑fast seamer Ethan Bamber added valuable overs, but it was the Foakes‑Lawes stand that propelled Surrey to a total of 328 all out, setting a competitive target for Warwickshire. While the season’s early start may raise logistical questions, the match demonstrated why the County Championship remains the crucible for England’s future stars, blending veteran internationals with emerging talent in a fiercely contested opening day.
#may #surrey #all
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Sports Apr 03, 2026

FA Cup quarter‑finals preview: Foden’s final push, Chelsea’s teenage spark and West Ham’s relegation gamble

The upcoming FA Cup quarter‑finals pit Manchester City against Liverpool, Chelsea versus Port Vale,…
Phil Foden must seize his chance as Manchester City face Liverpool on Saturday at 12:45 pm BST. After two lacklustre starts for England under Thomas Tuchel, the 25‑year‑old has recorded only one assist in his last 22 outings for club and country. Dropped below Rayan Cherki in Pep Guardiola’s hierarchy and yet to complete a full 90 minutes since January, Foden’s performance in the FA Cup could determine his future at both City and the national team.Manchester City v Liverpool – Saturday 12:45 pm BSTEstêvão Willian offers Chelsea a welcome boost. Following a Champions League exit at the hands of Paris Saint‑Germain and a heavy defeat to Everton, manager Liam Rosenior faces a must‑win against Port Vale at 5:15 pm BST. The 18‑year‑old Brazilian winger, who impressed as a substitute against Everton, could inject the speed and unpredictability Chelsea need to lift a disgruntled crowd and revive a faltering season.Chelsea v Port Vale – Saturday 5:15 pm BSTKepa Arrizabalaga gets a second chance ahead of Arsenal’s trip to Southampton. The former Athletic Bilbao keeper was at fault for the decisive goal in the Carabao Cup final, yet manager Mikel Arteta has kept him as the starting goalkeeper for the FA Cup tie. A solid performance could cement Arrizabalaga’s status as Arsenal’s long‑term No 2, while a repeat error may see him lose the role to David Raya.Southampton v Arsenal – Saturday 8:00 pm BSTWest Ham’s cup run doubles as a survival rehearsal. The Hammers host Leeds United on Sunday at 4:30 pm BST, a match that could swing the relegation battle. Despite a recent victory over Brentford, injuries – notably to winger Crysencio Summerville – threaten to undermine their league campaign. Manager Nuno Espírito Santo must balance the morale boost from the cup with the need to keep key players fit for the Premier League’s final stretch.West Ham v Leeds – Sunday 4:30 pm BST
#Manchester City #Liverpool #Phil Foden
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Sports Apr 03, 2026

Japan and Australia Demand Equal Prize Money in Women's Asian Cup

Japan and Australia, the finalists of the Women's Asian Cup, have called for equal prize money with…
Japan and Australia, the finalists of the Women's Asian Cup, have renewed calls for equal prize money with the men's tournament, directly challenging the Asian Football Confederation (AFC). The governing body has been accused of 'ignoring' previous requests.The Women's Asian Cup concluded with a historic final match between Japan and Australia, with Japan winning 1-0 in Sydney on March 21 before a record crowd of over 74,000 fans. The tournament itself made global headlines after seven members of the Iran squad sought asylum in Australia, citing 'traitor' labels at home for refusing to sing the national anthem.The $1.8m prize fund for the Women's Asian Cup is the same as in 2022, but significantly lower than the $14.8m on offer at the men's equivalent. A report by FIFPRO, the global footballers' union, indicated that the event could generate up to $82.4m in revenue. A record 350,000 fans attended the tournament during its three-week duration.In a joint statement released by FIFPRO, the Japan and Australia teams emphasized that despite the tournament's success, it remains the lowest-paying continental tournament in the world. They highlighted the significant inequality between the men's and women's game and called for equal prize money, which they believe would be 'transformational' for players and football communities across Asia.The statement also addressed the challenges faced by teams during the tournament, including the plight of the Iranian team and issues with equipment for India's players. The teams expect FIFA to honour its pledge of equal prize money for the 2027 FIFA Women's World Cup and will continue to fight for equality and respect for women players.In a related development, Japan sacked their coach, Nils Nielsen, just 12 days after their Asian Cup victory, citing his coaching style as 'lax' and 'lacking passion'.
#japan #women #cup
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Sports Apr 03, 2026

Italy Football Chief Resigns After World Cup Qualification Failure

Italy's football federation chief Gabriele Gravina has resigned after the national team's failure t…
Gabriele Gravina, the head of Italy's football federation (FIGC), has resigned following the men's national team's failure to qualify for the World Cup for a third consecutive time. This decision comes after a meeting at the FIGC's headquarters in Rome on Thursday.Gravina's resignation was announced a day after Sport Minister Andrea Abodi called for his departure. Italy's national team lost to Bosnia and Herzegovina in a penalty shootout during the playoffs on Tuesday, securing their absence from this year's World Cup in the United States, Canada, and Mexico.The FIGC has scheduled a vote for a new president on June 22. Giovanni Malago, the former head of the Italian National Olympic Committee, is reportedly among the candidates. Additionally, head coach Gennaro Gattuso and general manager Gianluigi Buffon are expected to step down.Italy's football crisis prompted Abodi to state that the sport needs to be rebuilt from the ground up, starting with changes at the top of the FIGC. Gravina had previously acknowledged that Italian football is in a profound crisis.During his tenure, which began in 2018, Gravina oversaw Italy's Euro 2020 triumph under Roberto Mancini. However, two World Cup qualification failures and a disappointing European title defense led to his resignation.Italy's football woes extend beyond the national team, with Serie A clubs not winning the Champions League since 2010. The country's hosting rights for Euro 2032, which it will cohost with Turkey, are also under scrutiny due to concerns over stadium infrastructure.
#italy #football #figc
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