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The Panama Papers, a massive leak of 11.5 million documents from Panamanian law firm Mossack Fonseca, exposed a vast network of offshore shell companies used by global elites to evade taxes and scrutiny. The leak, which involved over 350 journalists from 80 countries, revealed that hundreds of people, including over 140 politicians, were linked to offshore entities.The scandal led to significant consequences, including the resignation of Iceland's Prime Minister Sigmundur Gunnlaugsson and the disqualification of Pakistan's Prime Minister Nawaz Sharif from office. Mossack Fonseca ultimately shut down in 2018 following the leak.Governments worldwide have recovered around $2 billion in taxes, penalties, and levies since 2016, with countries like the UK, Sweden, and France each recovering between $200-250 million. However, the amount of unaccounted funds remains significantly higher.The leak has also driven regulatory changes, including the Corporate Transparency Act in the US, which requires disclosure of beneficial owners of offshore entities. The United Nations is considering a Convention on Taxation to address global tax challenges.Despite progress, gaps remain in the global tax system, allowing individuals and companies to exploit loopholes and avoid taxes. Experts stress the need for a multilateral tax convention to address tax competition and treaty shopping.

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.”

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.

US senators have strongly rebuked Ticketmaster for increasing ticket fees following a regulatory crackdown on hidden charges. This move has been described as a 'bait and switch' tactic, leaving consumers with higher costs.The Federal Trade Commission (FTC) had mandated Ticketmaster to disclose all concert ticket fees upfront, known as all-in pricing, starting last May. In response, the company removed the order processing fee charged at the end of a transaction. However, documents obtained by the Guardian reveal that Ticketmaster simply raised other fees to offset the loss, potentially violating the FTC's ban on misleading fees.Senator Richard Blumenthal from Connecticut expressed his concerns, stating, 'Ticketmaster seems to believe it has a get-out-of-jail-free card to ignore antitrust and consumer protection laws. The FTC is going to have to choose whether to protect consumers and enforce the law, or cave to Ticketmaster lobbyists.'The FTC had sued Ticketmaster and its parent company, Live Nation Entertainment, last September for hiding mandatory fees until the end of the transaction. Ticketmaster claims it complies with the FTC's all-in pricing rules.In response to the criticism, Ticketmaster stated, 'Since May 2025, tickets on Ticketmaster.com have displayed the full price upfront in line with the FTC's all-in pricing rule. We also provide explanations of fees during the purchase process and maintain a dedicated page with additional information.'Senator Elizabeth Warren from Massachusetts also criticized Ticketmaster, saying, 'Too many giant monopolies think the law doesn’t apply to them, and it’s American families who are forced to pay the price.'An ongoing federal trial is examining whether Ticketmaster operates an illegal monopoly in the live music industry. The company denies these allegations.

Chelsea Football Club has reported a staggering £262.4m pre-tax loss for the 2024-25 season, shattering the previous English football record held by Manchester City. The substantial loss is primarily attributed to increased operating costs compared to the previous season. The club's financial report reveals a significant downturn from the £128.4m profit recorded in the 2023-24 season, which was largely bolstered by the sale of Chelsea's women's team for nearly £200m. In contrast, Chelsea's latest financial statements reflect a challenging period for the club. According to a UEFA report, Chelsea's losses for the 2024-25 season were even higher, estimated at €407m (£355m). However, club sources indicate that these figures are influenced by differing reporting requirements in European football. In addition to the financial loss, Chelsea disclosed that they had spent £65.1m on agents' fees, the highest in the Premier League, with Aston Villa being the next biggest spenders at £38.4m. The total spend on agents' fees across English top-flight clubs rose by 13% to £460.3m. Despite the record loss, Chelsea assured compliance with the Premier League's profitability and sustainability rules (PSR), which permit maximum losses of £105m over three years, with certain expenditures like infrastructure and youth development being 'added back.' Chelsea reported revenue of £490.9m, the second-highest on record for the club, including earnings from their participation in the Club World Cup. The club is forecasting revenue of over £700m for the 2025-26 season. Sources close to Chelsea express confidence in their financial structuring and anticipate compliance with all regulatory requirements, including UEFA's football earnings rule, following a €20m fine for previous breaches.

Berkeley, one of Britain’s largest housebuilders, said it will cease buying new land and impose a hiring freeze as it confronts the impact of the Iran war and broader geopolitical volatility on the UK property market.The FTSE 100 company warned that a reduced likelihood of further interest‑rate cuts and soaring regulatory costs could weigh heavily on its business, prompting cost‑cutting measures that also include using fewer subcontractors.In a significant outlook revision, Berkeley now expects to generate more than £1.4 billion in pre‑tax profit between 2027 and 2030, a stark increase from the roughly £450 million it had forecast for the current year and 2027.Market reaction was swift: the company’s shares plunged up to 18 % on Wednesday morning, later recovering to sit about 13 % lower, making Berkeley the worst performer on the FTSE 100 that day.Berkeley’s statement noted that early‑2026 sales showed modest recovery, but “recent geopolitical events and the macro‑economic consequences, including reduced potential for further rate cuts, could reduce confidence in a near‑term market recovery.”The firm cited “unprecedented” increases in costs and regulation, alongside weak buyer demand, as reasons for halting land purchases, arguing it can no longer achieve a sufficient rate of return on new sites due to a continuous rise in tax and regulatory burdens.These challenges arrive as the UK government pushes to meet ambitious new‑home building targets, while the sector grapples with higher taxation, new building‑safety rules, and longer planning timelines—Berkeley estimates approvals now take about 12 months longer than before.The ongoing war in Iran has amplified inflation fears, lifted mortgage rates above 5 % and heightened mortgage‑cost pressures for consumers, according to Moneyfacts data.Competitors such as Barratt, Redrow and Persimmon have also suffered, each losing more than 20 % of their market value, underscoring the broader stress across the housing‑construction industry.Berkeley, headquartered in Surrey, employs over 2,500 people and focuses on brownfield regeneration projects. It holds land sufficient for 50,000 homes with an additional pipeline for 10,000 homes in London and the south‑east, but will slow construction on existing sites to match market demand and regulator approvals.

The recent ruling that Meta and YouTube are liable for creating addictive products has intensified the debate on restricting social media use for under-16s. However, there's another crucial aspect to consider: 85% of kids and teens interact online through video games. The suggestion to curb online gaming alongside social media restrictions raises significant concerns about feasibility and impact.Some online games, like Roblox, have proven to be unsafe environments for children, with cases of grooming and child exploitation. Nevertheless, implementing a ban on online gaming would be a regulatory nightmare. Games like Minecraft or EA Sports FC have different online components, making a blanket restriction difficult to enforce.Banning teens from playing games online entirely would be detrimental. Online games are vital social spaces for millions of teens, offering a few arenas where they can interact without adult surveillance. With two-thirds of council-run youth centers lost since 2010, video games fill a critical gap.The core problem lies in the internet's heterogeneous nature. Games, social media, and YouTube are distinct, making it hard to cancel out potential harms without also eliminating benefits. Instead of banning young people, the focus should be on taking back the internet from manipulative big tech companies.Parents concerned about their children's safety can use existing parental controls to mitigate risks. Features like chat restrictions, time limits, and age-appropriate settings can ensure children enjoy games while staying safe. A ban would introduce no further benefit and could cause significant harm.

Submersible hydroelectric systems are emerging as a pivotal component of North America’s clean‑energy strategy, especially as the Trump administration eliminates key subsidies for solar and wind. The technology, already proven in Alaska and Maine, is now being deployed in the densely populated Great Lakes corridor, where electricity demand and prices are climbing sharply. Last month, Ocean Renewable Power Company (ORPC) announced its first urban installation on the St Lawrence River in Montreal, slated to launch two carbon‑fiber turbine units later this year. ORPC’s CEO Stuart Davies highlighted the river’s “consistent, high‑velocity water” and estimated a 60‑90 MW resource potential for the Montreal area alone. In parallel, ORPC is preparing a second project on the Niagara River near Buffalo, New York, and plans a future deployment on the lower Mississippi River between Baton Rouge and New Orleans. The timing coincides with record electricity price spikes across the Great Lakes. New York’s public service commission approved substantial rate hikes in September, and further increases are scheduled for 2027, while Michigan and Ohio face similar pressures driven by data‑center expansion. These economic pressures are driving interest in marine‑based power. Unlike traditional hydropower, ORPC’s devices resemble “push‑lawn‑mower blades” and can generate between 0.5 MW and 5 MW continuously, offering a potential baseload for industrial users and a reliable backup during grid outages. Environmental considerations remain central. While Quebec benefits from long‑standing, low‑cost hydropower, U.S. projects endure an average eight‑year licensing timeline. Critics worry about impacts on fish and wildlife, though ORPC cites its Alaska deployment—operating since 2019 without recorded fish injuries despite massive salmon migrations—as evidence of minimal ecological risk. Researchers are also expanding the technology’s reach to slower‑moving waters. University of Michigan professor Michael Bernitsas demonstrated the Vivace system on the St Clair River, capable of harvesting energy from currents as low as 0.5 m/s, suggesting broader applicability across the Great Lakes watershed. Operating in fresh water offers a distinct advantage: the absence of salt eliminates corrosion, extending turbine lifespan and reducing costs compared with ocean‑based projects. Some European tidal installations have even anchored devices to riverbeds to avoid ice damage, a practice ORPC may adopt. Financially, the sector benefits from a 40‑50 % investment tax credit that remains intact, even as the Trump administration phases out Biden‑era subsidies for solar and wind. The National Hydropower Association confirms that marine‑energy tax incentives will stay in place through at least 2033, reshaping the competitive landscape and attracting inquiries from entities in over 70 countries. As electricity bills rise and policy shifts favor alternative renewables, submersible hydropower could become a cornerstone of the Great Lakes’ energy mix, delivering resilient, low‑carbon power while navigating regulatory and environmental hurdles.

Nicola Jennings, a renowned cartoonist for The Guardian, has created a thought-provoking cartoon that illustrates the recent court rulings against Meta, the tech giant behind Facebook and Instagram. The cartoon, which is part of Jennings' ongoing series for The Guardian, visually represents the legal challenges faced by Meta, emphasizing the company's struggles with regulatory compliance and public scrutiny. Jennings' work often provides incisive commentary on current events and societal issues, and this cartoon is no exception. It offers a unique perspective on the implications of these court rulings for Meta and the broader tech industry. The cartoon is part of a larger collection of Jennings' work that can be found on The Guardian's website, where she regularly publishes her cartoons on a wide range of topics, from politics and social issues to technology and culture.