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Shares of Close Brothers, a UK-based specialist lender, jumped 17% on Wednesday following the bank's announcement that it can easily absorb the cost of a £320m compensation bill related to the car finance scandal. The Financial Conduct Authority's (FCA) compensation scheme, finalized last week, aims to address the issue of drivers being overcharged for loans due to commission payments between lenders and car dealers.The bank expects to pay out approximately £320m in compensation, which is 'broadly similar' to previous estimates and only £26m more than the £294m already set aside. Close Brothers stated that this additional amount can be 'comfortably absorbed by existing capital resources,' ensuring the group remains well-positioned to continue its strategy.The FCA's compensation scheme estimates that victims will receive an average payout of £830. This development has provided relief to investors, especially after concerns were raised by short seller Viceroy Research, which suggested that Close Brothers might need to significantly increase its provision for car finance losses.In contrast, Close Brothers' rival, FirstRand, announced hours earlier that it would sell its UK operations, citing frustration with the FCA's compensation scheme, which it described as 'deeply flawed.' FirstRand stated it would need to raise an extra £510m to cover compensation costs, taking its total provisions to £750m, and potentially slash its earnings forecast and offload its UK business.

A Network Rail worker has emerged victorious in a race harassment case after his colleagues left an anti-Islam English Defence League (EDL) leaflet in his locker. Parmjit Bassi, based at Eastleigh depot in Hampshire, was found to be a victim of a racist attack when a co-worker stuffed the EDL leaflet in his locker, questioning what individuals were doing to protect their children from Islam.The leaflet, produced by the far-right group EDL, asked questions that implied a threat to the worker, regardless of his religious background. Bassi, who is not a Muslim, was also accused of committing a high-profile stabbing when colleagues placed a newspaper page in his locker about a knife attack.The Southampton employment tribunal ruled that the incidents were 'clear slights' against Bassi's race and that Network Rail managers had a 'laissez-faire attitude' towards them. The tribunal concluded that the company's inaction was 'weak management' that only strengthened the bullies' position at the expense of Bassi.Bassi successfully sued Network Rail and is now in line to receive compensation. The case highlights the importance of addressing workplace bullying and racial harassment. The tribunal's decision emphasizes that racial harassment can occur even if the victim does not belong to the targeted group, in this case, Islam.The incidents led to Bassi being moved to a different team and eventually dismissed in April 2021. He appealed against the decision but it was upheld, leading him to take Network Rail to the employment tribunal with claims of racial harassment and unfair dismissal, both of which were successful.

Oil markets experienced a dramatic correction on Wednesday, with Brent crude falling 13.9% to $94.10 per barrel and U.S. WTI futures sliding almost 16% to $95, marking the steepest daily percentage drop since the COVID‑19 crash of April 2020. Despite the plunge, prices remain well above pre‑conflict levels, when Brent traded below $73.The price shock followed President Donald Trump's announcement of a two‑week, conditional ceasefire with Iran, contingent on Tehran reopening the strategic Strait of Hormuz for oil tankers. Iran’s foreign minister, Abbas Araghchi, confirmed the strait would be managed by the Iranian military during the grace period, while Iran’s national security council accepted the ceasefire on the condition that U.S. attacks be halted.Equity markets reacted positively. The pan‑European Stoxx 600 surged 4%, its biggest one‑day gain in over four years. In the UK, the FTSE 100 climbed nearly 3% to 10,646 points, its highest level since the early days of the Iran war. Travel and leisure stocks led the rally, with Air France up 14.5%, Lufthansa +11%, IAG +9.5% and TUI +12%.Oil majors were the notable laggards; BP and Shell each lost more than 5% as investors priced in continued supply uncertainty. Asian markets also posted strong gains: Japan’s Nikkei 225 rose over 5%, Australia’s S&P;/ASX 200 jumped 2.55%, South Korea’s Kospi surged 7.5%, Hong Kong’s Hang Seng added 3.1% and China’s CSI300 climbed 3.2%.Bond yields eased on the ceasefire news. The U.S. 10‑year Treasury yield fell to 4.24% from 4.30%, while the UK 10‑year gilt slipped to 4.7% from 4.9%.Safe‑haven assets rallied as well: gold rose more than 2% to $4,812 per ounce, and cryptocurrencies recovered, with Bitcoin up 2.9% to $71,327 and Ether gaining 5.6% to $2,234.Market strategists emphasized the provisional nature of the relief. Jim Reid, Deutsche Bank markets strategist, warned that “investors will be breathing a big sigh of relief, but the durability of the ceasefire remains the key risk.” He noted ongoing Israeli‑Iran strikes and unclear extensions to Lebanon could reignite volatility.Energy analyst Saul Kavonic (MST Financial) described the pause as “an off‑ramp for Trump’s bombastic ultimatum, but not yet an off‑ramp for oil markets or the war.” He expects a limited release of tankers from Hormuz in May, which would ease storage pressure without boosting production.Capital Economics chief economist Neil Shearing highlighted potential transit fees for Hormuz passage, estimating a $1‑2 million charge per tanker—equivalent to roughly $1 per barrel—would have a modest effect on global oil prices but could signal a de‑facto partial nationalisation of the route.TD Securities senior strategist Prashant Newnaha cautioned that “renewed escalation cannot be ruled out, but markets are treating this ceasefire as the real deal, and all parties will sell it as a major win.” He added that oil prices are unlikely to revert to pre‑war levels, keeping inflationary pressures alive.Earlier in the week, U.S. equities swung sharply, with the S&P; 500 dipping 1.2% before rebounding after Pakistan’s prime minister urged Trump to extend the deadline and keep the strait open.The conflict, which began after the U.S. and Israel struck Iranian targets in late February, has choked the Strait of Hormuz—through which about 20% of global oil and LNG supplies flow—fueling a worldwide energy crunch.

The horror market has finally recognised women as a core audience, a shift reflected in the latest teen‑focused feature The Cure. Directed by Nancy Leopardi and penned by Jonathan Bernstein and James Greer (known for Unsane), the film blends gothic dread with a biting commentary on wealth and longevity. The story follows Ally Braun (Samantha Cochran), a lupus‑stricken teenager confined to a Malibu mansion owned by her billionaire parents, Jeff (David Dastmalchian) and Georgia (Ashley Greene). When the couple hosts a gathering for investors interested in a private island designed as an apocalypse refuge, Ally slips away to the beach and befriends a mysterious newcomer, Brooke (Sydney Taylor). Their uneasy friendship triggers a series of dark revelations that expose helicopter parenting, clandestine life‑extension research, and society’s obsession with youth and beauty. While the premise brims with clever ideas, the execution falters in its final act. Narrative threads are hurried, and the climax resolves with a brief burst of violence that feels more like a budget‑driven shortcut than a satisfying payoff. The film’s limited locations and dim lighting betray a modest production budget, even as it depicts extravagant wealth. Nevertheless, the youthful ensemble injects the story with genuine charisma. Their performances provide the film’s most compelling moments, keeping the audience engaged despite the structural shortcomings. The Cure becomes available on digital platforms from 13 April.

The recent UN General Assembly resolution, led by Ghana, has made a significant statement by declaring the transatlantic slave trade 'the gravest crime against humanity'. Adopted with 123 votes in favor, 3 against, and 52 abstentions, this resolution urges steps including formal apologies, reparatory justice, and the return of looted cultural property.The voting pattern revealed a stark divide, with much of Africa, the Caribbean, and the global south supporting the resolution as a moral imperative. In contrast, Western countries, including the US, Israel, and Argentina, which voted against it, and the UK and EU member states, which abstained, reacted as if acknowledgment itself were a threat to their comfort.Ghanaian President John Dramani Mahama emphasized that the resolution is 'a pathway to healing and reparative justice' and 'a safeguard against forgetting'. The resolution aims to establish, at the highest level, a crime whose scale, brutality, and enduring consequences continue to structure the present.The backlash against the resolution has been revealing, with objections from Britain and the EU framed in terms of legal caution. They argued that the resolution creates a 'hierarchy of historical atrocities' and that the slave trade was not prohibited by international law at the time. However, this stance is seen as a way to avoid confronting the world-making role of transatlantic slavery.The Caribbean Community (Caricom)'s 10-point plan for reparatory justice is crucial in this context. For over a decade, Caricom has insisted that reparatory justice is not merely about writing cheques but about linking formal apologies to development, public health, education, and other areas. The UN resolution is seen as a first step in creating political and moral architecture for reparations claims.The fear of Western countries is not of rhetoric but of precedent. Once the slave trade is officially recognized as foundational and still alive in its consequences, questions about debt, underdevelopment, museum collections, and trade structures inevitably follow. The resolution has exposed who wants the wealth from slavery to remain history's most profitable amnesia.

Bill Ackman's Pershing Square has unveiled a €55.75 bn cash‑and‑shares bid to acquire Universal Music Group (UMG), valuing the label at €30.40 per share – a 78% premium over the previous close of €17.10. The proposal translates to roughly $64.31 bn, positioning it as one of the largest recent takeovers in the entertainment sector. The offer is tied to a strategic plan to relocate UMG’s primary listing from Amsterdam to New York. A U.S. listing would broaden the investor base, potentially attracting index funds and enhancing liquidity, which Ackman argues could lift earnings and drive a higher market valuation. In a letter to UMG’s board, Ackman praised chairman‑CEO Lucian Grainge while criticizing what he described as an “underutilized balance sheet” and the company’s €2.7 bn investment in Spotify Technology. He suggested that a refreshed governance structure – including former Hollywood super‑agent Michael Ovitz as board chair and two Pershing Square directors – would better position the label for future growth. Market reaction was immediate: UMG shares jumped 13% on the news, while Bollore Group’s stock rose 5% and Vivendi’s shares climbed over 10%. Pershing Square currently holds a 4.7% stake in UMG, making it the fourth‑largest shareholder. Key shareholders whose support is essential include Bollore Group (18.5% stake), Vivendi (13.4%), and China’s Tencent. Notably, the Bollore family controls about 80% of UMG’s voting rights, giving it decisive influence over any transaction. Industry analysts point to several headwinds that have pressured UMG’s share price, which has fallen nearly one‑third since its 2021 IPO. Streaming growth is decelerating, and concerns about AI‑generated music – from copyright disputes to fully synthetic songs – are reshaping the competitive landscape. A recent survey found that 97% of listeners can differentiate between AI‑created tracks and human‑composed music. Despite these challenges, global music revenues continue to rise year over year, prompting major labels such as Sony and Warner Music to double‑down on streaming partnerships with platforms like Spotify, Amazon, Apple and Deezer. Under the proposed structure, Pershing’s SPARC Holdings would merge with UMG, creating a Nevada‑incorporated entity listed on the New York Stock Exchange. If approved, the deal could set a precedent for how legacy entertainment firms adapt to evolving technology and investor expectations.

In the small fishing village of Ghana Town, along The Gambia's Atlantic coast, hundreds of residents are trapped in a legal grey zone, lacking citizenship, passports, and national identification. The town was founded in the late 1950s by 10 Ghanaian fishermen, and over the years, their families have grown, but most descendants remain undocumented.According to Gambian law, a person born to non-Gambian parents is not recognized as a citizen, even if born in the country. About 850 of the town's 900 residents lack citizenship, making it difficult for them to access basic services like education, healthcare, and formal employment.Marie Mensah, a 30-year-old resident, faces significant challenges in obtaining documentation for her children, who attend a fee-paying private school due to the lack of national identity documents. Without official papers, residents are excluded from formal sectors and face difficulties in building a stable future.The situation has led to some residents being forced to send their families abroad in search of a better future. Emmanuel Dadson, a 36-year-old teacher, sent his wife and children to Ghana, where they may be able to obtain citizenship. The lack of documentation has also interrupted dreams and future plans, with some residents, like Joseph Oddoh, being unable to pursue higher education or travel abroad.Human rights experts and community leaders call for reforms to address the issue of statelessness in Gambia, including guaranteed nationality for children who would otherwise be stateless and stronger birth registration processes. The Gambia Commission for Refugees has promised to regularize the residents' status, but progress has been slow due to limited funding.

The US-Iran conflict has taken a dire turn as President Donald Trump threatens to destroy Iran's power plants, bridges, and other vital civilian infrastructure if Tehran does not reopen the Strait of Hormuz. Analysts warn that such actions will only prolong and expand the conflict, which has already entered its sixth week.Naveed Shah, political director at Common Defense, an advocacy group led by US military veterans, cautioned that if the regional war is not brought to an end soon, “there’s no end in sight as to how far” it will spread. Shah emphasized that attacking infrastructure will not end the war faster, but rather make it go on much longer.Iran has warned of severe retaliation if its civilian infrastructure is attacked, potentially targeting energy and power facilities across the region, which could further raise oil and gas prices. Several Iranian officials have ruled out reopening the Strait of Hormuz under Trump's threats.Brian Finucane, an analyst at the International Crisis Group and former adviser at the US Department of State, stated that attacks on civilian infrastructure in Iran are unlikely to help Trump achieve his goals, namely reopening Hormuz. “It’s hard to see this lead to some quick US victory,” Finucane said.The supply pressure from closing Hormuz is being felt in the US, where petrol prices have gone up to more than $4.11 per gallon from less than $3 before the war. Finucane noted that escalating attacks against Iran and having Iran escalate attacks against its neighbors is a recipe for “even higher gas prices.”Trump has set a deadline for Iran to reopen Hormuz or face widespread destruction, threatening that the “whole civilisation will die” after the deadline passes. Qatar's Foreign Ministry spokesperson Majed al-Ansari warned that prolonging the war benefits no one and could take the conflict to a point where it cannot be controlled.Negar Mortazavi, a senior fellow at the Center for International Policy, said more threats and attacks by Trump will only lead to more resistance by Iran. “Maximum pressure has not produced surrender from Iran since the first term of President Trump,” Mortazavi told Al Jazeera.

Barcelona coach Hansi Flick has expressed his commitment to protecting teenage sensation Lamine Yamal from criticism, following the 18-year-old's recent displays of frustration on the pitch. Yamal, a rising star in Spanish football, has been making waves with his impressive skills, but his emotional reactions have sometimes drawn negative attention. Flick emphasized that Yamal's youth and inexperience are factors to consider, highlighting his exceptional talent and potential to become one of the best players in the future. The coach acknowledged that while Yamal's outbursts can create unwanted headlines, he will continue to support and defend him against criticism. Yamal's recent behavior was on display during Barcelona's 2-1 victory over Atletico Madrid in La Liga on Saturday. The teenager was visibly irritated after being admonished by a member of the Barcelona coaching staff for shooting instead of passing. This incident, along with his reactions to being substituted, has sparked concerns about his temperament. Flick also discussed the upcoming Champions League quarterfinal against Atletico Madrid, describing it as a tough and intense matchup. He praised Atletico's defensive capabilities and emphasized the need for Barcelona to perform at their best to secure a positive result. In other news, Marcus Rashford is expected to start on the left flank in place of the injured Raphinha. Flick noted that while Rashford has improved defensively, he still needs to work on his defensive work rate to fully integrate into the team.