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UK Grants Indefinite Licence for Russian‑Refined Jet Fuel and DieselThe United Kingdom announced an indefinite trade licence, effective from Wednesday, that relaxes sanctions on Russian jet fuel and diesel processed in third countries such as India and Turkiye. The licence will be reviewed periodically and also covers a temporary waiver for liquefied natural gas from selected Russian plants.Economic Rationale Behind the Policy ShiftLondon says the decision is a “time‑limited” response to unprecedented fuel‑price pressure caused by the closure of the Strait of Hormuz and the ongoing Iran‑Russia war. By allowing cheaper Russian‑refined products, the government hopes to curb inflationary pressures on transport and aviation sectors.Fuel prices have surged across Europe, with diesel and jet fuel benchmarks up over 30% year‑to‑date.The licence applies to oil refined outside Russia, sidestepping direct imports of Russian crude.Review cycles are set to occur every few months, though the licence itself has no fixed end date.Potential Fiscal and Market ImpactWhile exact cost savings are not disclosed, analysts estimate that the policy could shave up to £200 million off annual fuel‑related expenditures for UK airlines and logistics firms. However, the move may also expose the UK to criticism for weakening the sanctions regime that has been a cornerstone of its Ukraine support strategy.Geopolitical Repercussions and Domestic OppositionEU economy commissioner Valdis Dombrovskis warned that easing pressure on Russia contradicts the collective G7 stance. Within Britain, opposition Conservative leader Kemi Badenoch denounced the licence as a betrayal of the “standing up to Putin” narrative.Outlook for UK Energy Policy and SanctionsFuture steps will hinge on the trajectory of global oil supply disruptions and the durability of the US sanctions waiver, which was recently extended for a second time. Treasury minister Dan Tomlinson emphasized that the licence is narrowly scoped and will be rescinded if market conditions improve, suggesting a cautious, reversible approach to energy security.

The LeadOver breakfast in one of the swankiest hotels in Caracas, US officials, diplomats and spies now call many of the shots in Venezuela after Donald Trump's controversial military intervention on 3 January. The five-star JW Marriott has become the nerve center of Washington's efforts to steer a country some now call a US protectorate – and which Trump has even said he hopes to turn into the 51st state.The New American EmbassySince Trump's decision to snatch Maduro in January and reboot relations with his successors, the JW Marriott has effectively become the US embassy in Venezuela. "It's [effectively] the US embassy. I don't think anybody's going to work at the actual embassy," said Phil Gunson, a Caracas-based political analyst for Crisis Group.Having been closed for seven years since the collapse of diplomatic relations in 2019, "the embassy building is full of rats and cockroaches, and it's being fumigated," Gunson explained. The conversations that can be overheard in the JW Marriott's restaurant offer a fascinating insight into Venezuela's plight as it emerges from nearly 13 years of economic mayhem and authoritarian rule under Maduro.The Corporate TakeoverIf the $250-300-a-night JW Marriott – or "the spooks hotel" as some journalists call it – is the HQ of the US presence in Venezuela, it is at another luxury hotel a few miles away where many of the big-money deals are being done. Since Maduro's downfall, foreign tycoons have been flocking to the Cayena, where rooms cost about $600 a night, wagering that even if interim president Delcy Rodríguez stays in power and there is no transition to democracy, Venezuela's economic future looks bright.One deal-maker who has spent time there recalled encountering at least four foreign billionaires they could identify – but believed there were others whose names they did not know. "They never give you a card. They don't give you their last names … and what is very interesting to me is that they are all asking about the same things: mining and privatizations," they said.Venezuelan ResistanceThe Trumpian takeover has generated widespread discomfort, even among patriotic members of Venezuela's elites who were glad to see the back of Maduro but privately bristle at the suggestion that their country is being turned into a US colony. After giving Rodríguez his blessing in January, Trump warned she would face an even worse fate than Maduro if she failed to toe the US line.On the streets there is anger too. During a Workers' Day rally on 1 May, a socialist economist called Oswaldo Pacheco marched towards a line of riot police wielding a white banner denouncing the government's "neocolonial collaboration" with Trump. "It's a complete capitulation," complained Pacheco, 53, accusing Venezuela's new rulers of following US orders "to the letter". "Clearly these [US] demands are not about bringing us democracy but about plundering our resources and increasing worker exploitation," he said.The Future of a ProtectorateAcross the street sits the Juan Sebastian Bar, a jazz and salsa nightclub named after Johann Sebastian Bach, where foreign visitors can let off steam. Throughout the day, English-speaking officials and fortune hunters can be seen roaming the 17-floor redbrick building, which has nearly 300 rooms, a gym and a palm-flanked pool. Bullet-proof SUVs wait outside to ferry guests, who include Trump's top diplomat to Venezuela, John Barrett, around town.Among Caracas-bound capitalists the mood is buoyant, even if huge doubts remain over Venezuela's future and, above all, its democracy. At a third luxury hotel, the Renaissance, a Venezuelan oil man waxed lyrical about his country's post-Maduro prospects. "This is going to be the best country in the world," he predicted, declaring: "I'm more than optimistic."

The Lead Marks & Spencer's CEO, Stuart Machin, has publicly denounced the UK government's proposal for voluntary price caps on essential food items, labeling it as 'completely preposterous'. This stance comes as M&S; reports a 23.8% slump in underlying profits to £671m for the year ending March 28. M&S's Financial Performance M&S's underlying profits slumped by 23.8% to £671m in the year to 28 March as sales rose only 1.9% to £14.2bn despite widespread inflation of more than 3%. Profits were hit by £131.3m of costs related to a paralysing cyber-attack last year. The Government's Proposal The UK government had proposed that supermarkets consider voluntary price caps on essential food items such as bread, milk, and butter. However, Machin argues that this approach is not the solution, stating, 'I don’t think government should be trying to run business. They should try to understand business better.' The Impact of Taxes and Regulations Machin highlighted that M&S is facing 'a triple whammy of headwinds with increased taxation, a greater regulatory burden and ongoing global conflict'. He pointed out that the company will incur additional costs from a new packaging levy and national insurance changes, totaling around £50m to £100m. The Future Outlook Despite the challenges, M&S plans to invest in technology and open 18 new food stores. Machin emphasized that the next three years are critical for M&S as it invests for growth. The company also reported a strong performance in food sales, growing 7% and reaching a 4.1% market share.

The Lead: A Disappointing Return to FormHirokazu Kore-eda's latest film "Sheep in the Box" has premiered at the Cannes Film Festival to largely negative reviews, with critics describing it as a "bafflingly unsatisfying and unconvincing muddle of ideas and moods." The film, which explores the concept of AI humanoid robot children replacing deceased children, represents a significant departure for the acclaimed director, whose previous works have been celebrated for their emotional depth and nuanced storytelling.The Film: A Futuristic Tale of Grief and Technology"Sheep in the Box" follows Otone (Haruka Ayasi), an architect, and her husband Kensuke (Daigo Yamamoto), a carpenter, who are offered a promotional free offer by a company called REbirth: an ultra-hi-tech humanoid robot replica of their deceased seven-year-old son Kakeru. The robot is designed to have the physical form, speech patterns, and memories of the original child, based on videos, photos, and other research materials provided by the grieving parents.The film presents several intriguing concepts: the robot being taken to the scene of the hit-and-run that killed the original Kakeru in hopes of recovering details about the culprit; the robot serving as a confessor for Kensuke to admit his guilt about his son's death; and a subplot involving other abandoned robot children planning a "replicant revolt." However, these ideas remain largely undeveloped, leaving audiences with more questions than answers.Critical Reception: A Missed OpportunityThe review from The Guardian is particularly scathing, noting that the film "isn't as interesting as films on similar themes including Kogonada's After Yang and Benjamin Cleary's Swan Song." The critic specifically faults Kore-eda's "quietist, un-emphasised style" for being unsuitable to the material, suggesting that the director's typically subtle approach doesn't work with the ambitious sci-fi concepts presented.One of the primary criticisms is the film's tonal inconsistency, attempting to be both a sci-fi dystopia and a relatable story about parental grief, with these two elements ultimately undermining each other. The performances are also noted as problematic, with the robot child being "unpersuasively performed in a returning keynote of bland serenity," while the human parents react with bizarre matter-of-factness to what should be an emotionally charged situation.Impact on Kore-eda's Legacy and AI CinemaThis film represents a significant departure for Hirokazu Kore-eda, whose previous works like "Shoplifters" and "Like Father, Like Son" have been celebrated for their emotional authenticity and humanistic approach. The negative reception of "Sheep in the Box" raises questions about whether the director can successfully transition into more genre-oriented territory while maintaining his signature style.In the broader context of AI cinema, the film joins a growing conversation about artificial intelligence and humanity in film, alongside works like Spike Jonze's "Her" and Alex Garland's "Ex Machina." However, where those films have been praised for their thoughtful exploration of AI ethics and human connection, "Sheep in the Box" appears to have missed the mark, failing to deliver either compelling drama or meaningful commentary on its central themes.Future Outlook: A Setback in an Otherwise Distinguished CareerWhile "Sheep in the Box" may represent a misstep for Kore-eda, it's unlikely to significantly impact the director's otherwise distinguished career. The filmmaker has previously demonstrated remarkable range and depth, and this ambitious if flawed experiment may ultimately be viewed as an interesting if unsuccessful detour rather than a definitive statement on his abilities.For audiences interested in exploring AI and humanity in cinema, the film serves as a cautionary tale about the challenges of blending emotional storytelling with complex technological concepts. As the conversation around AI continues to evolve in both society and art, "Sheep in the Box" may be remembered more for what it attempted than for what it ultimately achieved.

The LeadRachel Reeves is preparing to announce a planning shake-up that would fast-track clean energy and infrastructure projects by curbing judicial reviews, the Treasury said.The Planning Reform DetailsThe chancellor will propose that parliament should be able to designate and approve the most important clean energy projects as of "critical national importance", as part of a wider package seeking to blunt the impact of the Iran crisis."That would reduce the exposure from judicial review on all but human rights grounds," the Treasury said.It comes as pressure grows on the government to accelerate its energy infrastructure development to meet its goal to build a virtually zero-carbon power system by 2030.The Renewable Energy LandscapeRenewable energy developers have long bemoaned the difficulty in gaining planning permission for projects, from offshore windfarms to onshore solar and battery storage developments, and waiting times to connect to Great Britain's electricity grid.A spokesperson for the Treasury said that vital infrastructure delivery had been "delayed by judicial reviews of projects the country needs."They added: "The chancellor won't stand for it any longer and is bringing forward bold changes to support delivery. She is clear that parliament must take back control – to get Britain building the power plants, windfarms and grid connections that will bring bills down, strengthen our energy security, and deliver growth in every part of our country."The Current State of Renewable Energy ApprovalsLast year a record number of renewable energy projects were given the go-ahead in Great Britain, according to analysis by the consultancy Cornwall Insight. It found that the energy capacity of new battery, wind, and solar projects that received approval climbed to 45GW, 96% higher than in 2024.However, it also found the pace of projects starting up lagged behind, largely as a result of long construction timelines and grid connection delays.The Broader Infrastructure ApproachFor other infrastructure, such as transport and water projects, the government will introduce a fixed legal challenge window. When this ends, planning consent could be updated to address "any legitimate issues", the Treasury said.The Political ContextThe proposal comes amid a series of policy moves by Reeves despite uncertainty around the future of Keir Starmer as prime minister.On Tuesday it emerged that the government asked UK supermarkets to consider freezing the prices of some essential foodstuffs to protect the public from inflation fuelled by the Middle East conflict.Reeves is expected to announce measures to help households with the cost of living on Thursday, on which she is also planning to cancel a planned rise in fuel duty.

The Film's Wartime ContextLife during wartime is the central theme of Andrei Zvyagintsev's latest film, 'Minotaur.' Set in provincial Russia, the movie presents a portrait of a nation paralyzed with disillusionment and fear, slowly coming to terms with, or retreating into collective denial about, the terrible mistake in Ukraine. The film draws inspiration from Claude Chabrol's 'La Femme Infidèle' (1969), Gogol's 'Dead Souls,' and the Greek myth of the Minotaur requiring 14 sacrifices.At its core, 'Minotaur' is a noir thriller of infidelity and vengeful murder, given new meaning by the context of deadly cynicism and political bad faith. It depicts a world in which powerful people, consumed by self-hate, have made covering up misdeeds their way of life.The Narrative of DisillusionmentThe story follows Gleb, a mini-oligarch businessman played by Dmitriy Mazurov, who lives in a town far from Moscow with his elegant but unhappy wife Galina (Iris Lebedeva) and their teen son. The setting is marked by the presence of the letter Z on car windshields and military trains, symbolizing support for the war effort.Gleb's marriage has been damaged by his past infidelities, and now he suspects his wife of cheating. However, more pressing matters emerge when local business leaders are summoned by the mayor (whose office displays a photo of Putin) and instructed to provide disposable male employees for the war effort.The Director's VisionZvyagintsev, who survived a severe bout of COVID-19 that caused 90% lung damage according to a related Guardian article, delivers a film with cold daylit compositions and scenes in grim streets and housing estates. Everything in the film looks like a crime scene, reflecting the moral decay at its center.The performances from Mazurov and Lebedeva are outstanding, particularly in the film's central extended silent sequence. Zvyagintsev masterfully portrays the chilling moral compromises made by characters who have normalized violence and deception as survival mechanisms in a corrupt system.Cultural and Political Commentary'Minotaur' functions as both personal drama and societal critique. When Gleb must provide 14 employees for the war, he calculates that he can advertise for 14 truck drivers with inflated salaries, knowing they'll be drafted before he ever has to pay them. This scheme represents the soul-blackening evil of a system that treats human lives as disposable commodities.The film also explores toxic masculinity through a scene where Gleb teaches his bullied son to threaten violence rather than seek help from authorities. This moment reveals the poisonous education in violence that perpetuates cycles of aggression and dehumanization.Festival Reception and SignificanceScreened at the prestigious Cannes film festival, 'Minotaur' continues Zvyagintsev's tradition of creating politically charged cinema that holds up a mirror to contemporary Russian society. The film's exploration of moral compromise in wartime positions it as a significant cultural document of Russia's current social and political climate.As Russia's war in Ukraine continues, 'Minotaur' serves as both artistic expression and implicit commentary on the psychological and moral costs of a nation at war with itself and its neighbors. The film's noir elements are amplified by the real-world context of deception, cover-ups, and the sacrifice of ordinary people for political agendas.

The Film's Poignant Portrayal With warmth and heartfelt passion, and a quintet of outstanding performances from young actors shot in looming closeup for so much of the time, Clio Barnard has created an absorbing and moving social-realist picture. It’s a film whose mix of poignancy, defiance and contaminated euphoria stayed with me hours after the closing credits. The Event Details The film is about five young people from Birmingham who grew up together, reaching the end of their 20s, sensing a looming crisis and on the verge of a tragedy that is mysteriously growing from within their own increasing disparity. It is adapted by screenwriter Enda Walsh from the novel of the same name by Kieran Goddard. The Characters' Struggles We are introduced to our five musketeers at a boozy and weed-and-coke fuelled birthday party where the good times are laced with a suspicion that the party is actually now over. First among equals is Rian, played by Joe Cole, the one from their friend-group who has made something of himself. Using an inheritance from his late father, Rian hit the jackpot dealing in stock warrants online and while his mates are living modestly or in squalor, he has now bought a chilly and soulless designer flat in London. The Impact of Capitalism The film suggests that building and housing are a mythic centre to their five lives. It’s the centre also of a revived debate: is housing a social right or a maturing capital asset and loan security for the well-off? The demolition of Birmingham’s brutalist tower blocks when they were kids was a spectacular, formative event. The Future Outlook This is such a sad, sweet film, finally laced with sobriety and hope. The divisions between Rian and Patrick and Patrick and Shiv might not have opened up the way they did, but then Oli’s life would not have turned around either.

The Long-Awaited TriumphA jubilant Bukayo Saka hit back at Arsenal's critics by saying "they're not laughing at us any more" as the club celebrated their first Premier League title in 22 years. Arsenal players and staff gathered at their London Colney training base to watch Manchester City draw 1-1 with Bournemouth, guaranteeing the Gunners their first championship since 2004.The Road to VictoryThere were wild scenes at Arsenal's training ground, and outside the Emirates Stadium, where thousands of supporters gathered to toast the club's success by lighting fireworks and flares. Ian Wright, who scored 185 times for Arsenal and won the title in 1998, was mobbed by fans as he joined in on the party outside the club's ground.Overcoming DoubtsArsenal, runners-up in the league for the previous three seasons, faced accusations of "bottling" their trophy push after they lost at City on 19 April. But while City subsequently drew at Everton and Bournemouth, Arsenal bounced back by winning their next four without conceding to finish top.Arteta's Vision RealizedMikel Arteta, who rejoined Arsenal as manager in December 2019 with the club in disarray, installed a blacked-out Premier League trophy at the training base which would light up only when the club were champions.Players' Response to Critics"Light that up," Saka said in footage posted by Jurriën Timber on his Instagram account. "Let me tell you something. Twenty-two years, 22 years. There was laughing, there was joking, they're not laughing any more. Look, it is going to be shining, it is going to be shining bright."In an Instagram story, this time on Saka's channel, Myles Lewis-Skelly is holding a champagne bottle. "They called us bottlers," said Lewis-Skelly. "And now we're holding the bottle."The Celebration ContinuesSome of the players took their celebration party to the Emirates, with Eberechi Eze posting a picture outside the stadium alongside Declan Rice, Timber and Saka, in the early hours of Wednesday. Eze's three Instagram slides also included a picture of an Arsenal-branded bottle in another jibe at the club's detractors.

The LeadTwo Chinese oil tankers have exited the strategically vital Strait of Hormuz after waiting in the Gulf for more than two months, carrying approximately 4 million barrels of crude oil. This movement occurs as United States President Donald Trump and Vice President JD Vance publicly claim that a deal to end the US-Israel war on Iran is imminent, suggesting potential de-escalation in the region.The Strategic Movement of Chinese TankersShipping data from LSEG and Kpler confirmed that the Chinese-flagged Yuan Gui Yang and Hong Kong-flagged Ocean Lily have navigated out of the waterway. The Yuan Gui Yang loaded 2 million barrels of Iraqi Basrah crude on February 27, a day before the US-Israel war on Iran commenced, while the Ocean Lily loaded 1 million barrels each of Qatari al-Shaheen and Iraqi Basrah crude between late February and early March.South Korean Foreign Minister Cho Hyun also reported that a Korean crude vessel was passing through the Strait on Wednesday, indicating a potential return to normal shipping operations in the region.The Diplomatic Signals from WashingtonThe tankers' departure coincided with significant diplomatic pronouncements from US officials. President Trump told US lawmakers that the war on Iran will end "very quickly" and "hopefully … in a very nice manner." Vice President JD Vance further reinforced this message at a White House news briefing, stating that Tehran-Washington negotiations are "in a pretty good spot here.""There's a lot of back-and-forth, a lot of good progress is being made, but we're just going to keep on working at it," Vance said. These statements come after Trump had previously threatened military action against Iran, giving the country "two to three days" to make a deal and claiming he had been an hour away from ordering an attack before postponing it.The Oil Market ResponseThe positive comments from the White House led to a brief relaxation in oil prices, with Brent crude, the international benchmark, falling to as low as $110.16 a barrel. However, energy experts warn that prices are likely to remain elevated even if Washington and Tehran reach a deal."Prices are likely to still exhibit some upside potential even if a deal is concluded, given that supply will likely not return to pre-war levels immediately," Emril Jamil, a senior oil research analyst at LSEG, told Reuters.The economic and political fallout from the US blockade on the Strait of Hormuz has reverberated globally, with Brent crude hitting its highest price since June 2022 last month due to fears of prolonged supply disruption.Global Economic ImplicationsThe United Nations has cut global growth forecasts to 2.5 percent for this year, down from an estimated 3 percent last year, citing higher energy costs and weaker trade as key factors.In its latest World Economic Situation and Prospects Report, the UN warned that low-income families in developing countries bear the heaviest burden "as higher food and energy prices take up a larger share of their spending and rising costs outpace wages." The prolonged disruption of oil supplies through the Strait of Hormuz continues to have far-reaching consequences for the global economy.