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Ukraine has significantly damaged or destroyed a substantial amount of Russian oil and gas infrastructure over the past two weeks. This has led Russia to warn European countries and industries about funding Ukraine's long-range drone production, citing a potential escalation of the military and political situation in Europe. Russia's defence ministry stated that European leaders' decisions to support Ukraine's drone production are 'deliberate steps leading to a sharp escalation of the military and political situation on the entire European continent.' The ministry also warned of 'unpredictable consequences' and accused European leaders of 'dragging their countries into a war with Russia.' The warning came after Ukraine secured new agreements with European defence companies this week. Notably, Germany agreed to invest 300 million euros ($355m) in Ukraine's long-range strike capability and will separately invest in 5,000 mid-range attack drones. Norway also signed an agreement with Ukraine for joint drone production and donated 560 million euros ($661.5m) to support Ukrainian front lines. Ukraine's strikes have targeted various Russian oil infrastructure, including drilling platforms, pipelines, pumping stations, offloading terminals, and refineries. These strikes have been confirmed by geolocated video footage or Russian officials. In the past week alone, Ukraine struck two drilling platforms in the northern Caspian Sea, two oil pumping stations, an oil depot, an ammonia plant, a petrochemical plant, and an oil export terminal and refinery. Russia has missed out on $23bn windfall profit in March due to Ukraine's strikes, which have destroyed its ability to export at least 2 million barrels of oil a day. The strikes have hit a range of targets, causing significant financial losses for Russia. Ukrainian President Volodymyr Zelenskyy justified the attacks, stating that 'only significant financial losses force Russia to consider a scenario of abandoning this war.' The situation highlights the ongoing conflict between Ukraine and Russia, with European countries playing a crucial role in supporting Ukraine's military capabilities.

The newly opened V&A East Museum in Stratford marks the latest milestone in the East Bank cultural quarter on the Queen Elizabeth Olympic Park. The £135 million, architect‑designed outpost sits beside the V&A Storehouse—recently listed among Time’s “World’s Greatest Places to Visit 2026”—and joins Sadler’s Wells East, the London College of Fashion and the forthcoming BBC Music Studios.Once described by V&A East director Gus Casely‑Hayford as “a place where fridges went to die”, the area has been transformed into a vibrant creative hub. Yet outside London, many venues face falling visitor numbers, job cuts and closures, highlighting a stark contrast with the newly polished facilities.Culture Secretary Lisa Nandy is betting on the Arts Everywhere Fund—a £1.5 billion package over five years announced in 2025—to shore up the sector’s creaking infrastructure. This week, £130 million was distributed to more than 130 museums, theatres, venues and libraries, representing the largest cash injection into the arts for a decade.The funding reaches a diverse range of institutions, from Newcastle’s iconic Baltic Centre for Contemporary Art to the modest Armitt Museum in Ambleside, and from the Royal Shakespeare Company in Stratford to Gloucestershire’s trailblazing TwoCan Theatre Company, which offers workshops for deaf, neurodivergent and disabled participants.Despite these initiatives, the UK remains among the lowest spenders on culture in Europe, with per‑capita public funding down nearly a third since 2010. Nevertheless, the cultural sector contributed an estimated £40 billion to the economy in 2024, underscoring its role as a significant wealth generator and a soft‑power asset.Financial support must also reach the people who run these institutions. Over the past year, staff at several leading museums have staged protests and faced redundancies, and even before its doors opened, V&A East workers sent an open letter demanding a living wage for all employees.In its inaugural year, the V&A Storehouse attracted 500,000 visitors, many of whom were younger, more diverse and locally based than the museum’s traditional audiences. The new V&A East hopes to replicate this success, emphasizing the need for parallel investment in arts education to nurture future audiences.Decades of neglect cannot be reversed overnight, and costs continue to rise. While the Arts Everywhere Fund is a cause for celebration, it also signals Labour’s broader commitment to making art accessible to everyone, reinforcing the message that, even in tough times, culture matters.

In the Colombian city of Medellín, a neighbourhood called Comuna 8 has taken proactive steps to address climate change and disaster risk management. The community, with the help of organisations and experts, has developed a climate resilience plan that focuses on nature-based solutions.Róbinson Velásquez Cartagena, a community leader, designed and built a rainwater harvesting system to reduce the risk of flooding and landslides. This initiative is part of a larger plan that includes reforestation to control erosion and sedimentation on hillsides and in ravines, and establishing eco-gardens and agroforestry systems.The plan, which was formally launched in August 2023, comprises eight measures to address climate risks. These measures were developed in line with the Medellín city council's Climate Action Plan and with the involvement of several organisations, including Medellín's disaster risk management department (DAGRD) and Heriot-Watt University in the UK.The community's efforts have led to a disaster risk and climate adaptation plan for all 21 comunas in Medellín. While challenges remain in securing government support and funding for grassroots initiatives, the work in Comuna 8 serves as a model for other communities.“The plan reflects the views of the community and the organisations' proposals that we have made for years,” says Velásquez Cartagena. “We want the municipality to acknowledge it financially. We hope they put effort into implementing it, as these small actions make a real difference.”

Wrexham AFC, the football club co-owned by Hollywood stars Ryan Reynolds and Rob Mac, has been awarded a £3.8m government grant without a contract or a completed state aid assessment in place. This has raised questions over whether the award was lawful.The club has received a total of £18m in taxpayer-funded grants to help redevelop its stadium, the Racecourse Ground. This is significantly more than any other club in the UK.Responses to freedom of information requests suggest that Wrexham county borough council awarded the money before completing the usual steps. Alexander Rose, a partner specialising in subsidy control at law firm Ward Hadaway, stated that the lack of a final state aid assessment at the time the grant was awarded would have left it vulnerable to legal challenge by a rival.However, there is little prospect of Wrexham AFC being forced to repay the cash, as the one-month window for challenges to be filed has since closed. The leader of Wrexham council, Mark Pritchard, said: “All due diligence and checks were in place ahead of the transfer of any funding and we refute any accusations to the contrary.”Reynolds and Mac took over the club in 2021, bringing with them a wave of sponsorship and global interest via their Disney TV series Welcome to Wrexham. The club has been able to far outspend their lower-league rivals, transforming the club’s fortunes.Wrexham, which was granted city status in 2022, awarded the £18m to the star-studded club as part of its “Wrexham Gateway” urban improvement scheme. Most of the money went towards developing the stadium, despite the club having deep-pocketed owners.The first £3.8m tranche of cash was awarded on 8 February 2022, less than a year after Reynolds and Mac’s takeover. Another £14m was awarded in September 2025.Public authorities that give out grants are required by law to judge if they comply with the principles of subsidy control, to ensure taxpayer money is not misspent. However, in response to a freedom of information request, Wrexham council said it only had “draft assessments” in place before the money was awarded.The council said the final assessment it provided was submitted nearly five months later, on 6 July 2022. In response to questions, the council shared a draft assessment it said dated from 7 September 2021.Rose said: “At the time the £3.8m grant was awarded there was a duty to carry out a principles assessment. Evidence that this assessment wasn’t finalised when the grant was given would certainly have helped a challenger, for example a rival football club.”“Subsidy control rules exist to ensure there’s a level playing field in which businesses can compete,” he added. “That includes in professional football. They’re also an important protection for the taxpayer, preventing wasteful and unnecessary subsidies from being awarded.”Recipients of large grants almost always sign contracts to ensure taxpayer money is spent as promised. Yet the council said the grant was authorised by its executive board and “provided in advance of the finalisation of the grant funding agreement”.The council said the grant funding agreement – apparently covering the whole £18m – was only created in July 2023.The contract was then completed on 17 September 2025, when the £14m tranche was awarded.The two-year delay between the creation of the contract and its signing also offered another potential benefit to Wrexham council: new subsidy control laws that came into force days earlier in August raised the threshold for mandatory scrutiny of the grant by the Competition and Markets Authority.Delaying the subsidy meant the award to Wrexham AFC was not subject to this scrutiny.While it was tapping taxpayer money, the club was also able to raise huge amounts from private backers. In the year to June 2025 it raised £36m through share issues. Three months after the second grant, Reynolds and Mac announced the sale of a stake in the club to Apollo, one of the world’s largest private equity firms.Bloomberg reported that Wrexham was valued as high as £350m. The club then raised another £47.8m in January, according to corporate filings.In the year before it received the £14m grant, Wrexham was able to repay loans worth £10.6m to Ryan Reynolds’s company, according to accounts published last month. It also lost £3.8m from the collapse of Argentex, a currency brokerage that entered special administration in July 2025 because of failed foreign exchange trades.Pritchard, the council leader, said: “The grant represents a small investment compared to what the club will be investing at the Racecourse … In fact, as the club has grown in both stature, ambition and from external investment, the percentage of public investment compared to that of the club has shrunk from roughly 68% of the project costs to around 25% currently.“This demonstrates further value for money in regard to the initial investment from the public purse.”Wrexham AFC said the club is itself making a “significant financial investment with the support of our ownership group and investors”. Accounts published last month show the club has signed a £69.2m contract to build a new stand.The spokesperson said the “funding ensures the facility can be brought up to the required standard to host international sporting events, including international football and rugby matches (as opposed to just meeting domestic football criteria)”

Saudi Arabia has withdrawn its bid to host the 2035 Rugby World Cup as a result of the Public Investment Fund's (PIF) new financial strategy, prioritizing projects with potential returns. The country's sports minister, Prince Abdulaziz bin Turki al-Faisal, had expressed interest in bidding for the tournament last year, but no expression of interest was submitted to World Rugby.The PIF's 'value realization' phase of its Vision 2030 economic plan, published recently, has led to the decision to put rugby aspirations on hold. This shift in focus will impact various projects, including LIV Golf, which will see its funding withdrawn next year.While Saudi Arabia and other Gulf countries, such as Qatar and the United Arab Emirates, had considered a joint bid, it has not materialized. World Rugby's bidding process is ongoing, with countries like Argentina, Japan, and Spain having submitted initial expressions of interest.The decision to step away from the Rugby World Cup bid was made before the conflict in Iran began, and the PIF governor, Yasir al-Rumayyan, confirmed that all spending projects are being reviewed. The PIF will continue to invest in sports but will focus on domestic projects, such as infrastructure related to the 2034 football World Cup and the Formula One track near Riyadh.

Colombia, the largest coal and fourth biggest oil exporter in the Americas, is hosting a groundbreaking global conference this month to drive the long-awaited 'transition away from fossil fuels'. The conference, co-hosted with the Netherlands, aims to break the deadlock in UN climate talks and bring together countries willing to forge ahead with the energy transition.The conference comes at a critical time, with nations embroiled in another oil-inflected war and fuel prices soaring worldwide. Irene Vélez Torres, Colombia's environment minister, said the conference comes in the best possible moment, highlighting the stark choice world leaders face between oil, gas and coal and cleaner, safer renewable energy.Countries are paying the price for oil addiction, not just in their energy bills but in food prices, consumer inflation, shortages, and businesses threatened with collapse. The oil crisis, sparked by the US-Israeli attack on Iran, is spotlighting the risks of fossil fuel dependency.Some countries, like the UK, are already making the switch to renewable energy, with record numbers of households turning to solar panels, electric vehicles and heat pumps. Global power generation from coal and gas has fallen, while renewables have surged ahead, with solar generation up 14% and wind by 8%.The conference aims to bring together countries that want to forge ahead with the energy transition, with 54 countries confirmed to attend, representing about a fifth of global fossil fuel production and a third of demand. However, some of the world's biggest economies and biggest polluters, including the US, China, India, Russia and the Gulf petro states, will be missing.Colombia and the Netherlands hope to create a 'coalition of the willing' to drive the transition away from fossil fuels, with a focus on tangible outcomes, including a report by scientists on how countries can make the transition and a report from finance experts on how funding can be made available.

LIV Golf chief executive Scott O'Neil has acknowledged that the rebel golf tour's finances are being managed very tightly and that structural changes are on the horizon, which may necessitate raising additional funds. However, he emphatically stated that the league will not fold.O'Neil's comments come on the heels of reports that Saudi Arabia's Public Investment Fund, a key backer of LIV Golf, is cutting its funding for the league. Despite this, O'Neil described the situation as 'business as usual' and expressed confidence in the tour's future prospects.In an interview with LIV employees during the broadcast of the tour's Mexico City event, O'Neil hinted at upcoming structural changes but did not provide specifics. He suggested that these changes could involve new formats or business structures, possibly including team-based elements.O'Neil also downplayed speculation about the tour's financial health, stating that LIV Golf had secured almost $500 million in sponsorships last year from major brands like Rolex, HSBC, and Aramco. He emphasized the tour's global appeal, particularly in markets such as Australia and Asia, where it has attracted significant interest.While acknowledging that fundraising may be necessary, O'Neil expressed optimism about the tour's trajectory, suggesting that continued revenue growth could mitigate the need for external funding. He concluded by stating that LIV Golf is poised for long-term success and will continue to evolve in the coming months.

As the 2026 FIFA World Cup approaches, the cost of public transport to match venues in the New York‑New Jersey corridor is set to eclipse $100 for a single trip, prompting a sharp response from U.S. officials. Governor Mikie Sherrill of New Jersey took to X, demanding that FIFA shoulder the expense, warning that commuters should not be left with a multi‑year financial burden. Senate Majority Leader Chuck Schumer echoed the governor’s concerns, calling on the soccer federation to cover transportation costs after noting that FIFA stands to earn roughly $11 billion from the tournament while local transit agencies face a $48 million bill to move an estimated 40,000 fans per match. According to a report by The Athletic, a train ticket from New York’s Penn Station to MetLife Stadium in East Rutherford could top $100 on World Cup days, a stark jump from the regular $12.90 fare. Similar price hikes have been reported in Massachusetts, where tickets from Boston to Foxborough may reach $80 and bus fares could climb to $95. Sherrill highlighted that the existing host‑city agreement, signed in 2018, originally required free fan transportation. In 2023 FIFA amended the terms, allowing match‑ticket holders to pay for travel, a change she argues unfairly shifts costs onto taxpayers. New York Governor Kathy Hochul also voiced criticism, describing the proposed fares as “awfully high” and urging that the event remain affordable and accessible. Schumer added that New York commuters should not subsidize FIFA’s windfall, emphasizing the need for the federation to “step up and cover transportation costs for host cities and states.” In response, a FIFA spokesperson said the organization was “surprised” by the governor’s remarks and reiterated that the federation has long collaborated with host cities on mobility plans, including securing federal funding for transport infrastructure. The statement noted that the revised host‑city agreements permit fans to access public or additional transport at cost, but did not commit to direct financial contributions. The dispute underscores a broader tension between the massive economic benefits promised by the World Cup—projected to draw millions of fans to North America—and the immediate financial impact on local commuters. As the tournament, co‑hosted by the United States, Canada, and Mexico, prepares for kickoff in June, the outcome of these negotiations could set a precedent for how future mega‑events address public‑service costs.

The US State Department has introduced visa restrictions for individuals from countries in the Western Hemisphere who support US adversaries, undermining America's interests in the region. This move is part of the Trump administration's efforts to expand US influence across the Western Hemisphere.The policy change comes as President Donald Trump seeks to assert US dominance in the region through his 'Donroe Doctrine', a modern interpretation of the 19th-century Monroe Doctrine. The doctrine aims to counter growing Chinese influence in Latin America and combat drug trafficking.The State Department has identified 26 individuals who have already had their visas revoked under this new policy. These individuals are accused of 'knowingly directing, authorizing, funding, or providing significant support to' US adversaries in the Western Hemisphere.Activities that could lead to visa restrictions include enabling adversarial powers to acquire strategic resources, destabilizing regional security efforts, undermining American economic interests, and conducting influence operations to undermine the sovereignty and stability of nations in the region.This move continues a trend under the Trump administration of revoking visas from foreign critics and political opponents. Examples include the revocation of visas for pro-Palestine protesters and individuals with ties to the Iranian government.The Trump administration has also taken a more militaristic approach towards Latin American governments deemed adversarial, including a recent attack on Venezuela and a fuel blockade against Cuba. These actions have resulted in significant humanitarian concerns, including dozens of deaths in Venezuela and at least 177 people killed in lethal strikes on alleged drug-smuggling boats.