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The UK defence industry is in a state of crisis as a long-delayed military spending plan has left firms 'bleeding cash' and in 'paralysis'. The six-month delay to the defence investment plan (DIP) has resulted in some companies going bust, while others are struggling to stay afloat.Industry groups have warned that the delay has left the UK behind Germany and the US in attracting investment from global investors. The DIP, originally expected last autumn, has been repeatedly postponed amid warnings that the military faces a £28bn funding gap over the next four years.Samira Braund, the defence director of the ADS Group trade body, described the situation as 'paralysis', stating that the government has not put effective mitigation plans in place. The boss of BAE Systems, Europe's biggest defence contractor, has urged ministers to publish the plan, while some smaller firms have been forced out of business.One such company was MTE Heat Treatment, a Yorkshire-based manufacturer with just over 30 employees that helped make turbine blades for jet engines. It fell into administration in February. Andrew Kinniburgh, the head of the trade body Make UK's defence arm, warned that the delay risks deterring investment in the UK at a time when the US and Europe are also raising military spending.The DIP will show how the government plans to fund its strategic defence review, the blueprint for transforming the military amid growing threats from Russia, rising commitments to Nato and against the backdrop of the US-Israel war on Iran. Ministers accepted all the review's recommendations when it was published last June, but the head of the military, Air Chief Marshal Sir Richard Knighton, told MPs in January that defence cuts would be needed without more funding.

The Museum of Youth Culture, located in Camden, London, is set to open on May 15. The museum's founders, led by Jon Swinstead, have amassed a 100,000-item archive that chronicles British youth subcultures from the mods and rockers to ravers and emo. The collection includes iconic items such as a Raleigh Chopper, an original Sony Walkman, and a punk mask with 'HATE' stenciled across it.The museum's concept was born out of Swinstead's passion for capturing British subcultures through photography, which began in his garden shed. The collection has since grown to include personalized school leavers' shirts, handbags, and customized shirts dedicated to two-tone bands. The museum aims to fill a void in the UK's cultural landscape, providing a space dedicated to the teen years and the subcultures that defined them.The museum will not only serve as a showcase for the collection but also as an event space, featuring a Rough Trade shop and a youth club. With a 20-year lease and support from the City Bridge Foundation and the National Lottery Heritage Fund, the museum hopes to become a significant part of the UK's cultural landscape.

Japan will begin releasing its largest-ever oil reserves this week, according to Prime Minister Sanae Takaichi. The decision aims to cushion the country against possible energy shortages triggered by the ongoing US-Israel war on Iran and its impact on tanker traffic through the Strait of Hormuz. The government has approved the release of 15 days' worth of private-sector reserves and will start releasing state-owned reserves on Thursday. This move follows concerns that the conflict in the Middle East will continue to disrupt oil supplies. Japan, a resource-poor nation with a significant economy, imports over 90% of its crude oil from the Middle East, making it particularly vulnerable to supply chain disruptions in the region. The release includes about 80 million barrels of stockpiled oil, equivalent to 45 days of domestic demand. This is 1.8 times the quantity made available after the Fukushima Daiichi nuclear power plant disaster in 2011. As of last year, Japan held reserves of approximately 470 million barrels of oil, enough for 254 days of domestic consumption. In addition to the oil reserve release, the government has introduced subsidies for fuel products to cap gasoline prices at about ¥170 ($1.10) per liter. This move comes after the average retail price of gasoline reached a record ¥190.8 per liter. The subsidies will be reviewed weekly based on oil prices. The Strait of Hormuz crisis has also triggered concerns among Japanese consumers about the availability of essential goods, including toilet paper. In response, the trade and industry ministry has advised consumers against hoarding toilet paper, urging them to make rational purchasing decisions based on accurate information.

The UK government has rejected a call from the Offshore Energies UK trade body to boost North Sea oil and gas production, despite warnings that the UK will become increasingly reliant on imports at a time of rising global instability.The industry group has urged the government to take action to slow the decline of the North Sea as a provider of energy, citing concerns that consumers will be left more exposed to global volatility and higher emissions if domestic production is not increased.The warning comes as the war in the Middle East has triggered the biggest oil and gas supply shock in the history of the market, causing UK gas prices to more than double in under a month.A government spokesperson said that issuing new licences to explore new fields cannot guarantee energy security and will not reduce bills, adding that the only way to truly protect against price spikes is to get off the rollercoaster of fossil fuel markets.The decline of the North Sea oil and gas basin means that the UK's reliance on gas imports is likely to increase sharply from about 14% last year to more than a quarter of its gas supply by 2030, and almost half by 2035.David Whitehouse, the chief executive of Offshore Energies UK, argued that energy security means backing homegrown oil and gas alongside renewables, and that a stable new tax regime for the industry is essential to reduce reliance on volatile imports and protect skilled jobs.

The conflict in Iran has sparked concerns about a potential global food crisis due to a looming shortage of fertiliser, a crucial component in food production. The Strait of Hormuz, a vital shipping route, has been disrupted, impacting the export of fertilisers from Gulf countries.On March 2, Ebrahim Jabari, a senior adviser to the commander-in-chief of Iran's Islamic Revolutionary Guard Corps (IRGC), announced that the Strait of Hormuz was 'closed', causing oil prices to soar above $100 per barrel. However, experts warn that a parallel crisis is emerging - a considerable threat to global food security due to a shortage of fertiliser.Nearly half of the world's traded urea, the most widely used fertiliser, and large volumes of other fertilisers are exported from Gulf countries via the Strait of Hormuz. Recent disruptions to gas supplies and shipping have already forced fertiliser plants in the Gulf and beyond to shut or cut their output.Countries such as India, Brazil, and China are heavily dependent on Gulf fertiliser exports, with India sourcing over 40% of its urea and phosphate fertilisers from the region. A prolonged fertiliser shortage and hike in fertiliser prices could lead to reduced crop yields, affecting food security worldwide.The urea export prices from the Middle East have surged by about 40%, rising from just less than $500 to a little more than $700 per metric tonne. The price is currently close to 60% higher than this time last year.According to one shipping services company, 20% of the world's fertiliser originates in the Gulf, while 46% of global urea supply comes from the Gulf. Qatar Fertiliser Company (QAFCO), considered the world's largest urea supplier, alone supplies 14% of the world's urea.Analysis by Kpler, a data and analytics company, shows that as much as one-third of global fertiliser trade could be disrupted if the closure of the Strait of Hormuz persists. This could lead to nitrogen fertiliser prices doubling and phosphate prices climbing by about 50%.

Nigerian President Bola Tinubu was welcomed by UK's King Charles III at Windsor Castle on Wednesday, marking the first state visit by the leader of Africa's most populous nation in nearly four decades.The visit, which concludes on Thursday, highlights the deep cultural and commercial links between the UK and Nigeria, with trade between the two countries currently at a record high.During the visit, Tinubu and his wife were greeted with artillery salutes and shown items from the UK's colonial rule of Nigeria, which ended in 1960. A lavish state banquet was also held in their honor.The Nigerian presidency described the visit as a 'renewed chapter' in UK-Nigeria relations, reflecting a shared commitment to 'advancing trade and strengthening diplomatic ties'.Tinubu is also expected to meet with British Prime Minister Keir Starmer and members of the Nigerian community in the UK. Notably, the visit went ahead despite a deadly bombing in northeastern Nigeria's Borno State on Monday, which killed 23 people and injured over 100.

The relationship between Iran and African nations has emerged as a significant focal point in international diplomacy, with potential ripple effects that could reshape economic partnerships and political alliances across the continent. While the full extent of these connections remains to be fully explored, analysts suggest that developments in Iran's foreign policy and economic strategies may serve as a harbinger of future engagement models between Middle Eastern powers and African states.As global power dynamics continue to shift, the strategic importance of Africa's natural resources and growing markets has drawn increased attention from various international actors. The evolving relationship between Iran and African nations represents one of the emerging patterns in this complex geopolitical landscape, with potential implications for trade routes, security cooperation, and diplomatic influence in the coming decades.

Ghana has taken a significant step towards redefining the legacy of the slave trade by pushing for it to be declared a crime against humanity. This move is part of a broader effort to acknowledge the profound impact of slavery on modern society and to ensure that such atrocities are never repeated. The initiative, led by Ghana, aims to bring international attention to the historical injustices of the slave trade, which disproportionately affected African nations. By seeking to classify the slave trade as a crime against humanity, Ghana hopes to set a precedent for holding perpetrators accountable and providing reparations to victims and their descendants. This development could have far-reaching consequences for international law and human rights. If successful, it could pave the way for further acknowledgments of historical wrongdoings and encourage a more nuanced understanding of the ongoing impacts of colonialism and slavery.

Oil prices are continuing to rise as markets see no end in sight to the effective closure of the Strait of Hormuz. The critical waterway, which usually transports about one-fifth of the global oil supply, has been brought to a standstill by Iran in retaliation for US and Israeli strikes on the country.Brent crude, the most important benchmark for global prices, rose as much as 3 percent on Sunday to top $106 a barrel, before easing slightly early on Monday to $104.63 a barrel, up nearly 1.5 percent. This represents a more than 40 percent increase in global oil prices since the start of the war.US President Donald Trump has called on other countries to help Washington reopen the Strait, but his proposal has received a muted response. None of the countries he appealed to by name – including China, Japan, France, and the UK – have publicly committed to deploying their navies to secure the strait. Japan and Australia have both stated they have no plans to send ships to the critical waterway.The closure of the strait has resulted in what the International Energy Agency has called the largest disruption to global energy supplies in history. According to the United Kingdom Maritime Trade Operations (UKMTO) centre, no more than five ships have passed through the strait each day since the start of the war, compared with a historical average of 138 daily transits. At least 16 commercial vessels have been attacked in the region since the war began on February 28.Trump has repeatedly stated he is willing to deploy the US Navy to escort commercial shipping through the strait if necessary. However, Trump administration officials have said that warships will not be deployed to the waterway until Tehran's military capacity has been further degraded.