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US markets witnessed a significant downturn on Thursday, marking their biggest slump since the onset of the US-Israel war with Iran. The Dow closed 450 points down, while the S&P 500 dipped 1.7%. The tech-heavy Nasdaq fell 2.3%, plunging into correction territory, which occurs when an index falls at least 10% below its most recent peak. The conflict has led to a surge in oil prices, reaching levels not seen since Russia's invasion of Ukraine in 2022. At the end of the day on Thursday, Brent crude oil, the global benchmark, was about $107 a barrel, while US crude hit $93 a barrel. Average US gas prices at the pump reached $3.98 a gallon, according to AAA. Despite the soaring prices, Donald Trump said that oil prices “have not gone up as much as I thought” during a cabinet meeting on Thursday. He predicted that prices would “come back down to where it was, and probably lower,” and that the impact on the stock market would reverse once the conflict ends. Markets have been growing weary of Trump's mixed signals on the US's stance in negotiations with Iran. Stocks dipped on Thursday morning after Trump posted a warning to Iranian negotiators that they “better get serious, before it’s too late.” However, later in the morning, Trump said that there were “very substantial talks” happening with Iran and that the country allowed 10 oil tankers to pass the blocked strait of Hormuz. The White House announced it will extend a pause on Iranian energy infrastructure strikes by 10 days, until 6 April. A new report estimates US inflation will average 4.2% this year, compared with an average of about 2.6% in 2025, according to the Organization for Economic and Cooperation and Development (OECD). The increase in inflation reverses what was expected to be strong growth for the global economy before the conflict began.

UK Chancellor Rachel Reeves is facing pressure to raise taxes on businesses generating 'windfall' profits linked to the US-Israel war on Iran to fund emergency cost of living support for UK households.A group of leading charities, campaigners, and trade unions, including Greenpeace UK, the National Education Union, and Tax Justice UK, have written an open letter to Keir Starmer and Reeves, urging the government to strengthen its existing North Sea energy windfall tax and introduce new levies for firms in other sectors that stand to financially benefit from the conflict.The letter highlights that energy companies, banks, agricultural commodities businesses, defence companies, and tech firms are likely to profit from the economic fallout of the war. The group argues that the extra revenue generated from taxing these 'excess profits' could be used to support households struggling with the cost of living and invest in the UK's future energy security.R Reeves has signalled that the government is ready to provide targeted help for households grappling with the economic fallout from the Middle East conflict, amid a surge in energy prices since the onset of the war. The chancellor has also warned companies that she will not tolerate corporates profiteering from the crisis, telling bosses that the Competition and Markets Authority has been put on notice to detect and crack down on price gouging.The UK already has a windfall tax on North Sea oil and gas firms, the energy profits levy, which is due to run until 2030. However, Reeves had been planning to ease the tax before the US and Israel attacked Iran on 28 February.

Prem Rugby is set to introduce a significant change to its financial structure by implementing a minimum salary floor of £5.4m for each club next season. This move is part of a broader strategy to enhance competitiveness within the league. The decision was made by the Rugby Football Union Council last month, which also included the decision to ringfence the existing 10-team Prem until the 2029-30 season.The introduction of the salary floor is a key component of Prem Rugby's growth plan, which includes expansion windows every four years. This means that up to two new clubs could join the league, provided they meet the required minimum financial and sporting standards. The first tender process for new clubs is slated for 2027, with potential new members possibly joining Champ Rugby the following season and moving up to Prem Rugby in 2028-29 if they reach the playoffs.Prem Rugby's chief executive, Simon Massie-Taylor, emphasized that the league's vision is to become the best league in the world. However, this does not mean exceeding the financial capabilities of other leagues and creating wage inflation. The new salary floor is £1m lower than the current cap, which will remain unchanged for next season. Massie-Taylor highlighted that any future increases to the salary cap will be based on a formula as part of financial control measures.As part of its growth strategy, Prem Rugby also aims to host several 'Big Games' to appeal to a wider fanbase. The ambition is to have 10 Big Games by 2030, including the final and potential neutral playoffs. One example of this initiative is England's game against Fiji at the Hill Dickinson Stadium in Liverpool this summer, which could set a precedent for future events.

Retailer Next has reported a £1.16bn pre-tax profit for the full year, with the Middle East conflict expected to add only £15m to fuel and air freight costs. This amount, which assumes a three-month disruption, is considered minimal and can be offset by savings elsewhere.Chief Executive Simon Wolfson added £8m to this year's profit forecast as a mechanical read-through from last year's outcome, indicating that trading had been “encouraging” in the UK and “strong” overseas until late February.The main concern for Next is the potential long-term impact of the conflict on supply chain resilience, freight rates, factory gate prices, and consumer demand. Wolfson emphasized that the company has no insight into the duration and implications of the conflict, stating, “As yet, we have no feel for the medium-term effects”.If higher costs persist, Next may put up prices, but this remains “a contingency, not a plan”. The company will provide a clearer view in its first-quarter update in May.Wolfson also offered nuanced insights, suggesting that consumer confidence may not have collapsed as much as some, like the British Retail Consortium, have claimed. He noted that UK consumers tend to react to actual higher prices, not the threat of them.Additionally, Next's spring-summer ranges are already in stores, online, and warehouses, minimizing the immediate need for adjustments. Any increases in fabric costs or production disruptions in Asian factories would mostly affect autumn-winter ranges.The stock market responded positively, with Next's shares rising 5% to £125.40. This resilience could indicate potential for a profit upgrade in May if the £15m in extra costs turns out to be the worst of it.However, no retailer will be immune if the energy price shock persists and the OECD's prediction of UK economic growth of just 0.7% this year materializes.

UK clothing and homeware retailer Next has issued a warning that the ongoing conflict in the Middle East could lead to increased costs and potential price hikes. The company expects the conflict to add £15m to its costs over the next three months.Next stated that it is currently offsetting additional costs on fuel and air freight with savings elsewhere, and it does not expect any impact on profits for the year ahead. However, if the conflict persists beyond three months, prices will have to go up.The company has upped its profit guidance by £8m to £1.2bn for the year to January 2027, following better-than-expected sales in January. Next also noted that sales in the Middle East, which account for 6% of group turnover, could be adversely affected until the summer.Next's pre-tax profits rose 14.5% to £1.16bn in the year to January, with sales increasing by almost 11% to £7bn. The company is focused on cutting costs, including the increased use of AI in warehouse operations to improve efficiency.The retailer has increased its stock holdings by 6% to protect against potential supply chain delays. Next also noted that the conflict's impact on supply chain resilience, freight rates, factory gate prices, and consumer demand is uncertain and will depend on the conflict's duration and its impact on the world's energy infrastructure.

The UK government has introduced a temporary ban on cryptocurrency donations to political parties, following a review into countering foreign financial influence and interference in UK politics. The ban, recommended by Philip Rycroft, a former senior civil servant, aims to allow regulators to catch up with the risks associated with crypto assets.Rycroft's review highlighted that crypto assets are used as a vehicle to channel in foreign money, posing a risk to the integrity of the political finance system. While a full ban is not deemed necessary, the moratorium will remain in place until parliament and the Electoral Commission are satisfied that new rules are effective.The Electoral Commission has warned parties that the same verification procedures for cash donations also apply to crypto donations, including checking the source of donations over £500 and reporting donations from a single source over £11,180. The commission has noted that cryptoassets present particular challenges and risks in meeting electoral law requirements.Concerns over crypto donations have been raised due to the potential for using 'mixers' to obscure the true source of a donation or AI tools to split donations, which could evade reporting thresholds. The joint committee on the national security strategy has called for a ban on crypto donations, citing the risk to the integrity of the political finance system.Only three parties have said they will accept crypto donations: Reform UK, the far-right Homeland Party, and the Other Party. Reform UK has received crypto donations, but they have not exceeded the £11,180 threshold. The party accepts crypto donations through a Polish payment platform called Radom, which claims to follow UK rules around verifying the identity of donors.

Mark Simmons, a rising star in the comedy world, has made a name for himself with his quick wit and clever one-liners. In a recent interview, Simmons opened up about his journey as a comedian, his inspirations, and his latest tour, Jest to Impress.Simmons' love affair with comedy began when he was starting out. He devoured DVDs and videos of standups, drawn to those who dared to be different. Stewart Lee, Rhod Gilbert, Lee Mack, and Noel Fielding were among his early inspirations. Simmons' own style is characterized by his ability to craft clever one-liners and gags, earning him the title of Dave's Joke of the Fringe winner in 2024.When it comes to writing new material, Simmons has a keen eye for wordplay. He recalls a conversation with a friend that sparked a joke, showcasing his ability to find humor in everyday life. Simmons' process involves collecting notes and ideas, which he then crafts into jokes.Simmons has had his fair share of memorable gigs, including a standout performance at Glastonbury festival and a recent show at Nottingham Playhouse, where he performed to a sold-out crowd of 700 people. His show, Jest to Impress, is a celebration of silliness and wordplay, offering audiences a chance to forget their worries and have a laugh.Simmons also hosts a podcast where he discusses jokes that haven't quite landed. He shares an example of a joke that works on paper but not in front of an audience, highlighting the challenges of comedy. While awards like Dave's Joke of the Fringe are fun, Simmons acknowledges that they can be reductive, but he's proud to be the undefeated champion.Jest to Impress is currently on tour in the UK and Ireland until November 28. Fans of Simmons can catch him live, enjoying his unique brand of comedy that promises to leave audiences laughing and entertained.

Republic of Ireland captain Seamus Coleman has urged his team to complete the job of qualifying for the World Cup, saying they have a duty to lift the country. The Republic visit the Czech Republic on Thursday in a World Cup playoff semi-final.Coleman believes that recent history, including painful playoff defeats in the past, will be forgotten in Prague. He emphasized that the current team, led by manager Heimir Hallgrímsson, has the confidence and momentum to end a 24-year absence from the World Cup.The team has been allocated only 1024 tickets for the semi-final, but Coleman insists the Republic will not be intimidated in Prague. He added that the team's recent wins over Portugal and Hungary have lifted the country and given people something to talk about.Coleman's confidence was shared by Hallgrímsson, who recently extended his contract with the Football Association of Ireland until the end of the Euro 2028 campaign. The Czech Republic pose a conundrum ahead of the semi-final, with Miroslav Koubek taking charge of the national team.

The forthcoming film 'The Drama', starring Robert Pattinson and Zendaya, has sparked controversy over its portrayal of a character who once planned a school shooting. Tom Mauser, whose son Daniel was killed in the 1999 Columbine school shootings, expressed his disapproval of the film's approach, calling it 'awful' and accusing it of 'humanising' perpetrators of such violence. The film, a dark romantic comedy directed by Kristoffer Borgli, features Zendaya's character revealing a past plan to carry out a school shooting during a parlour game. Despite her character backing out of the attack, Mauser argues that the film 'normalises' such actions. He also criticized Zendaya's response to questions about the film's twist on the Jimmy Kimmel show. A24, the studio behind 'The Drama', has limited screenings of the film to avoid spoilers. Early reactions to a small screening in the US were broadly positive, but reviews are embargoed until March 31. The film's UK distributors have been approached for comment. The controversy surrounding 'The Drama' highlights ongoing concerns about the portrayal of violence in media and the impact on audiences. This is not the first time a film has tackled the sensitive topic of school shootings; Gus Van Sant's 'Elephant' (2003) and Michael Moore's documentary (2002) are notable examples.