Chief-Exec.com

Trump threatens to ‘unleash hell’ as Iran rejects peace plan
President Trump threatened to “unleash hell” on Iran after the ­regime said it would reject a 15-point plan to end the war. Trump’s press secretary, Karoline Leavitt, said that Iran had “miscalculated” by refusing to accept defeat in the war being waged on the country by the United States and Israel. “If Iran fails to accept the reality of the current moment, if they fail to understand that they have been defeated militarily and will continue to be, ­President Trump will ensure they are hit harder than they have ever been hit before,” she said. “President Trump does not bluff, and he is prepared to ­unleash hell. Iran should not miscal­culate again.” The Times, March 25

Meta and YouTube found liable in landmark social media addiction trial
A Los Angeles jury has handed down an unprecedented win for a young woman who sued Meta and YouTube over her childhood addiction to social media. Jurors found that Meta, which owns Instagram, Facebook and WhatsApp, and Google, owner of YouTube, intentionally built addictive social media platforms that harmed the 20-year old's mental health. The woman, known as Kaley, was awarded $6m (£4.5m) in damages, a result likely to have implications for hundreds of similar cases now winding their way through US courts. Meta and Google said separately that they disagreed with the verdict and would both appeal. Meta said: "Teen mental health is profoundly complex and cannot be linked to a single app. We will continue to defend ourselves vigorously as every case is different, and we remain confident in our record of protecting teens online." A spokesperson for Google said: "This case misunderstands YouTube, which is a responsibly built streaming platform, not a social media site." Jurors found that Kaley should receive $3m in compensatory damages and an additional $3m punitive damages, because they determined Meta and Google "acted with malice, oppression, or fraud" in the way the companies operated their platforms. Meta will be expected to shoulder 70 per cent of Kaley's damages award, with Google the remaining 30 per cent. BBC news, March 26

France is 'more and more keen' on Australia critical minerals investment, minister says
France is among the countries poised to invest in Australian critical minerals projects, ​Australia's resources minister said on Thursday, as Canberra's framework deal with the US prompts nations with advanced manufacturing sectors to secure access to supply. Australia has been on a four-year mission to build an industry for minerals like rare earths that are key to future technologies such as electronics and defence, ​as countries look to ‌diversify their supply chain away from dominant producer China. As well as last October's critical minerals agreement with the ⁠United States, which included an $8.5 billion pipeline of investments, Australia has inked agreements for sector cooperation with Japan, South Korea, India, France, Germany and Britain. France 24, March 26

England set to charge foreign tourists for entry to leading museums
Millions of foreign tourists visiting England’s best-known museums will have to pay fees under proposals set out on Thursday by culture secretary Lisa Nandy. The culture department has accepted a proposal by Baroness Margaret Hodge, a former Labour MP, that museums and galleries, including the British Museum and the National Gallery, should consider limiting free entry. Nandy said that the government wanted to explore “the potential opportunities that charging international visitors at museums could bring”. However, Hodge’s proposal, made in a recent independent review of Arts Council England, was conditional on the government first rolling out a universal ID scheme, which would make it easier to differentiate domestic and international visitors. One leader of a big London museum said: “It’s very sensible. The current model doesn’t work because government funding is constantly being squeezed.” Financial Times, March 26

NS&I faces £400m bill over missing savings scandal
National Savings and Investments is set to pay out £400m to customers following a missing savings scandal first revealed by The Telegraph. The savings bank is in discussions with the Treasury to repay some 37,000 savers whose money is understood to have been misplaced, after failings dating back years. The exact amount to be returned is yet to be determined, with Treasury officials understood to be working with NS&I on the finer points of “a very complex issue”, but it is thought to stretch into the hundreds of millions, potentially £400m. It is expected to be the single biggest payout in the history of the 160-year-old institution. It is as yet unclear exactly how it will be funded, but it is thought that the Treasury, which provides 100 per cent backing to the bank, could pick up the bill. The Telegraph, March 25

US proposes 15-point plan as Iran opens Strait of Hormuz to 'non-hostile' oil vessels
US President Donald Trump sent a peace plan to Iran as he voiced optimism on Tuesday at ending nearly a month of a war, with Tehran announcing that it will let "non-hostile" oil vessels go through the crucial Strait of Hormuz. The tentative signs of a diplomatic solution came despite new violence, with an Iranian missile causing injuries in Israel which in turn pressed on multiple fronts and vowed to seize control of a strip of southern Lebanon. Trump, whose pronouncements in recent days have swung wildly from vowing massive attacks on Iran to declaring the nearly month-long war virtually over, said the United States was "in negotiations right now" with Iran - which has not confirmed any formal talks … Iran had already in recent days said it was not targeting friendly nations, although many vessels have shied away as insurance companies refuse to take risks. France 24, March 25

US to deploy more troops even as Donald Trump praises Iran peace talks
The US is planning to send thousands more troops to the Middle East that could be used in land operations in Iran even as President Donald Trump claimed peace talks with Tehran were making progress. The Pentagon is set to deploy elements of the Army’s 82nd Airborne Division to the Middle East, according to two people familiar with the matter. About 3,000 soldiers from the elite paratrooper division would be deployed, one of the people said, while another person familiar cautioned that it could ultimately be fewer. The troops will join the thousands of Marines who are aboard warships en route to the region. Speaking at the White House on Tuesday, Trump said the US was in contact with the “right people” in Iran, emphasising that vice-president JD Vance and secretary of state Marco Rubio were involved in the talks. Iran has denied it is participating in any talks with the US but confirmed that mediation efforts by other nations were under way. Financial Times, March 25

Warning of global recession if oil price hits $150
If the price of oil hits $150 a barrel it will trigger a global recession, the boss of US financial giant BlackRock has told the BBC. Larry Fink, who leads the world's largest asset manager, said if Iran "remains a threat" and oil prices stay high it will have "profound implications" for the world economy. In a wide-ranging exclusive interview, he also denied there was an AI bubble, although he said the new technology meant too many people were pursuing university degrees and not enough doing technical training. BlackRock is a financial colossus, controlling assets worth $14 trillion (£10.5tn), and is one of the biggest investors in many of the world's largest companies. Its size and spread gives Fink - who is one of the eight co-founders of the business, which started in 1988 - a unique insight into the health of the global economy. The conflict in the Middle East has triggered wild moves on financial markets as people try to assess what will happen to energy costs. BBC news, March 25

Cyprus demands new security deal over British base
Cyprus has demanded new and improved British security guarantees after the Iranian drone attack on UK military bases on the strategic island. Nikos Christodoulides, the president, demanded negotiations in a “long” phone call with Sir Keir Starmer on Saturday. Nicosia wants a renegotiation of security arrangements, set out in the 1960 treaty that established the sovereign bases RAF Akitori and Dhekelia, once the war in Iran ends, The Telegraph has learnt. The Telegraph understands that Cypriot demands will not include asking Britain to give up the bases, which are the Crown’s territory and both cover 99 square miles. However, Cyprus could ask for more information and consultation about potential missions, deployments and security risks, as is usual with non-sovereign military bases on foreign soil. It follows a low-tech drone attack that caught British defences by surprise and led to the scrambling of warships from around Europe, triggering a debate about the wholesale defence of the island. The Telegraph, March 24

China reviews $2bn Manus sale to Meta as founders barred from leaving country
China has restricted two co-founders of Manus from leaving the country as regulators review whether Meta’s $2bn acquisition of the AI agent company violates Beijing’s investment rules. Manus’s chief executive Xiao Hong and chief scientist Ji Yichao were summoned to a meeting in Beijing with the National Development and Reform Commission this month, according to three people with knowledge of the matter. They said Xiao and Ji were questioned on potential violations of foreign direct investment rules related to its onshore Chinese entities. After the meeting, the Singapore-based executives were told they were not allowed to leave China because of a regulatory review, while they remain free to travel within the country, two of the people said. No formal investigation has been opened and no charges have been brought. Manus is actively seeking law firms and consultancies to help resolve the matter, said a person with knowledge of the move. Manus was founded in China but last year relocated its headquarters and core team to Singapore. Meta acquired it for $2bn at the end of last year. The deal is under regulatory review by China’s Ministry of Commerce for its potential violation of export controls, the FT reported in January. Financial Times, March 25

Meta fined $375m by New Mexico court over child safety breaches
Meta has been ordered to pay $375 million in civil penalties after a jury in New Mexico found that it knowingly harmed children’s mental health. The Silicon Valley giant was accused of misleading users about the safety of its apps -Facebook, Instagram and WhatsApp - and enabling child sexual exploitation. Meta had denied violating New Mexico’s consumer protection law and has already said it will appeal. After a seven-week trial, the jury delivered a landmark decision that may offer a preview of similar cases across the country. Tech companies have faced thousands of lawsuits accusing them of prioritising profit over children’s wellbeing. A jury is deliberating in Los Angeles after a trial in which Mark Zuckerberg, the founder of Meta, denied that his platforms were designed to be addictive for children. The Times, March 25