Chief-Exec.com

Third ship hit in Strait of Hormuz this morning, Vanguard says
A third cargo ship has been attacked while attempting to transit the Strait of Hormuz, maritime intelligence firm Vanguard has told BBC Verify. The ship, Panama-flagged MSC Francesca, was targeted about six nautical miles off the coast of Iran while it was heading south out of the Strait and into the Gulf of Oman. Vanguard says the MSC Francesca was hailed by the Islamic Revolutionary Guard Corps and “instructed to drop anchor”. The ship has reported “damage to the hull and accommodation”, no further information is currently available. BBC news, April 22

Trump extends ceasefire with Iran until talks conclude
Donald Trump said he would extend Washington’s ceasefire with Tehran as the US and Iran potentially seek to continue peace talks. The US president said in a post on Truth Social that he had been asked by Pakistan’s prime minister to “hold our Attack on the Country of Iran until such time as their leaders and representatives can come up with a unified proposal”. Trump said he had “directed our Military to continue the Blockade and, in all other respects, remain ready and able, and will therefore extend the Ceasefire until such time as their proposal is submitted, and discussions are concluded, one way or the other”. The peace talks had been due to take place in Pakistan this week. The ceasefire was initially expected to expire on Wednesday. Financial Times, April 22

Europe readies energy crisis response amid jet fuel shortage warnings
The European Commission will set out plans today to cut electricity taxes and coordinate the summer refill of countries’ gas storage, as it seeks to cushion the energy fallout from the Iran war. Draft proposals seen by Reuters show the EU will, for now, avoid major market interventions such as capping gas prices or taxing energy companies’ windfall profits - measures it used in 2022 when Russia cut gas supplies and prices hit record highs. Instead, the Commission plans to curb EU tax rules to favour electricity over oil and gas, and make it easier for governments to cut industries’ electricity taxes to zero, according to the drafts, which could still change before publication. The EU would also step in to coordinate countries’ efforts to fill gas storage in the coming months, and provide guidance on how governments should handle potential jet fuel shortages. The Guardian, April 22

France and Germany plan ‘symbolic’ EU membership benefits for Ukraine
Germany and France have called for Ukraine to be granted “symbolic” benefits in a pre-accession phase that excludes EU farming subsidies and voting rights, falling short of Kyiv’s hopes of fast-track membership following a potential peace deal with Russia. President Volodymyr Zelenskyy seeks EU membership as one of the key benefits from any peace deal, arguing for his country to join the bloc as early as 2027. But the EU’s biggest members have balked at the European Commission’s proposals to rip up the slow and bureaucratic accession process in order to give Kyiv rapid benefits. German and French proposals laid out in separate documents seen by the FT pour cold water on any hopes in Kyiv that the war-torn country could be granted privileged status in its bid to join the bloc. Financial Times, April 20

Nasa says new space telescope will create ‘atlas of the universe’
Nasa unveiled a new telescope on Tuesday to scan vast swathes of the universe for planets outside our solar system and probe the mysteries of dark matter and dark energy. The Roman space telescope is expected to discover tens of thousands of planets, possibly offering clarity about how many could be out there. "Roman will give the Earth a new atlas of the universe," Nasa administrator Jared Isaacman told a news conference at the Goddard Space Flight Center in Maryland, where the telescope went on display. The 12-metre, silvery contraption with massive solar panels will be transported to Florida ahead of a launch into space aboard a SpaceX rocket planned for September at the earliest. Roman, which took more than $4 billion and over a decade to build, is named after astronomer Nancy Grace Roman, nicknamed the "Mother of Hubble" for her role in developing the landmark space telescope. France 24, April 22

UK inflation jumps to 3.3% as Middle East war hits cost of living
Inflation rose sharply in March, according to the first official figures revealing the damaging impact of the Middle East war on the cost of living. The Office for National Statistics said on Wednesday that inflation jumped to 3.3 per cent on an annual basis last month, up from 3 per cent in February. The figure was in line with analysts’ expectations and was the first increase in inflation since December. It was the first estimate of inflation produced by the ONS to take into account the surge in global oil and gas prices since the outbreak of the conflict two months ago. Oil prices are up by 30 per cent and have traded at around $100 a barrel for several weeks. Petrol prices jumped by 8.6 pence per litre, the ONS said, pushing it up to an average of 140.2p, the highest level since August 2024. Diesel prices also leapt by 17.6 pence per litre over the month to March to 158.7p, the steepest price since November 2023. The Times, April 22

Israeli soldiers using sexual assault to force Palestinians out of West Bank, report says
Israeli soldiers and settlers are using gendered violence and sexual assault and harassment to force Palestinians from their homes in the occupied West Bank, human rights and legal experts say. Palestinian women, men and children have reported attacks, forced nudity, invasive and painful body cavity searches, Israelis exposing their genitals, including to minors, and threats of sexual violence. Sixteen cases of conflict-related sexual violence were recorded by researchers for the West Bank Protection Consortium over the last three years, a figure that is likely an under-reporting because of the shame and stigma faced by survivors. “Sexualised violence is used to pressure communities, shape decisions about remaining or leaving their homes and land, and alter patterns of daily life,” the group of international humanitarian organisations said in a report. The study, “Sexual violence and forcible transfer in the West Bank”, details accounts of escalating sexualised attacks and humiliation of Palestinians in their communities and inside their homes since 2023. The Guardian, April 21

Donald Trump’s ‘Board of Peace’ held talks with DP World over Gaza reconstruction
Representatives for Donald Trump’s “Board of Peace” have held discussions with DP World about managing supply chains and other infrastructure projects in Gaza, according to three people familiar with the matter. The talks examined whether the state-owned Dubai multinational could enter into a partnership with the “Board of Peace” to run much of the logistics for humanitarian aid and other goods entering the devastated Palestinian enclave, including warehousing, tracking systems and security. Other ideas floated included having the United Arab Emirates company, a big global player in container shipping and port terminals, build a new port in either Gaza or on the nearby Egyptian coast, as well as develop a free-trade zone in the war-shattered strip. The discussions form part of longstanding proposals by US officials to privatise much of the Palestinian territory’s services and infrastructure as part of their highly ambitious but widely criticised plans for a “new Gaza”. According to a draft proposal seen by the FT, the “vision” for the DP World venture would be to establish a “secure and traceable supply chain system” and “port-led economic ecosystem”, combined with other light industries and “employment-generating trade platforms”. Financial Times, April 21

UK unemployment rate drops more than expected to 4.9%
Unemployment unexpectedly fell sharply over the three months to February, underscoring that the UK economy was in good shape before the outbreak of the war in the Middle East. The rate of unemployment fell to 4.9 per cent, down from 5.2 per cent in the previous three months and well below analysts’ expectations, figures from the Office for National Statistics showed on Tuesday. Joblessness in the UK is now at its lowest level since last summer. The Times, April 21

Smartphones to be banned in schools in England
Sir Keir Starmer has announced that all schools in England will be ordered to ban smartphones after the prime minister bowed to pressure from the Conservative Party, teachers and parents. Starmer had previously resisted calls for a ban, saying that most schools already had restrictions in place via “non-statutory guidance” to headteachers to keep schools phone-free. Labour announced the policy change in the House of Lords on Monday night as peers gathered to vote on an amendment to the schools bill from Conservative peer Baroness Barran. Her amendment, passed by a majority of 107, would have banned children having smartphones at schools. The Lords had already voted in February for a school phones ban. If the government had not announced the U-turn, the schools bill could have hit further delays in parliament. Financial Times, April 21

Electricity bills targeted in planned shakeup to energy pricing
Households will be better protected from high energy bills triggered by spikes in gas prices, the government said on Tuesday, as it announced a planned shakeup in the way electricity is priced. Even though renewable energy sources like wind and solar often generate more power, volatile international gas markets can shape what homes and businesses pay for electricity. The government wants to weaken this link within the next year to shield households from sudden rises in fossil fuel prices, like those triggered by the conflict over Iran. It has not put a number on the savings but believes they could be "significant". Analysts say any saving is likely to be small but should make prices more stable. The Conservatives said that it was essential to make electricity cheaper and blamed high prices on government taxes and levies. The government also announced an increase to the so-called windfall tax on some electricity generators, which it says will help it to support households with the cost of living. BBC news, April 21

US tariff refund system launches for companies to claim billions in import taxes
A refund system for businesses that paid tariffs which the US Supreme Court ruled US President Donald Trump imposed without the constitutional authority to do so launched on Monday. Importers and their brokers are now able to begin claiming refunds through an online portal beginning at 8am, according to US Customs and Border Protection, the agency administering the system. It's the first step in a complicated process that also might eventually lead to refunds for consumers who were billed for some or all of the tariffs on products shipped to them from outside the United States. Companies must submit declarations listing the goods on which they collectively put billions of dollars toward the import taxes the court subsequently struck down. If CBP approves a claim, it will take 60-90 days for a refund to be issued, the agency said. The government expects to process refunds in phases, however, focusing first on more recent tariff payments. Any number of technical factors and procedural issues could delay an importer's application, so any reimbursements businesses plan to make to customers likely would trickle down slowly. France 24, April 20