Chief-Exec News Bites
Iran links opening of Strait of Hormuz to lifting of sanctions
Iran’s foreign minister Abbas Araghchi said the reopening of the Strait of Hormuz depends on freedom of trade for all countries, as the Islamic republic seeks the lifting of sanctions as part of any deal to end the conflict. Iran is subject to a wide range of international sanctions which have badly damaged its economy. “The Strait of Hormuz is not closed. Ships hesitate because insurers fear the war of choice you initiated - not Iran,” Araghchi said in a post on X. “Freedom of Navigation cannot exist without Freedom of Trade. Respect both - or expect neither.” Meanwhile, Araghchi wrote to UN secretary-general António Guterres and called for Israel’s nuclear programme to be included in the international Treaty on the Non-Proliferation of Nuclear Weapons, and for its attacks on other countries’ nuclear sites to stop. Financial Times, March 23
Hopes fade for end to war as Trump gives Iran 48 hours to open Strait
Hopes for a rapid end to the war in the Gulf receded on Sunday as Washington and Tehran traded threats to intensify bombing against civilian targets, including power stations, water plants and other critical services. President Trump, who on Friday talked of “winding down” the war, issued an ultimatum giving Iran 48 hours to open the Strait of Hormuz. “If Iran doesn’t FULLY OPEN, WITHOUT THREAT, the Strait of Hormuz, within 48 HOURS from this exact point in time, the United States of America will hit and obliterate their various POWER PLANTS, STARTING WITH THE BIGGEST ONE FIRST!” he wrote on his Truth Social platform. The “biggest one” appeared to be a reference to the Bushehr nuclear power plant on Iran’s Gulf coast. A building 350 metres away from the plant was struck last week, drawing a reprimand from the International Atomic Energy Agency, the UN watchdog. The Times, March 22
Israeli settlers target Palestinian villages in occupied West Bank, attacking people and properties
Extremist Jewish settlers have carried out a spate of attacks on Palestinian villages in the occupied West Bank, setting fire to homes, vehicles and agricultural fields. The violence began after a teenage settler - 18-year-old Yehuda Sherman - was killed on Saturday, after reportedly being hit by a vehicle driven by a Palestinian while on his quad bike. Police said they were investigating whether the hit was deliberate or accidental. In response, WhatsApp groups used by settlers called for a "revenge campaign" over his death. More than 20 settler attacks were reported overnight, according to a defence official cited by Israeli media. Settler violence has surged since the US and Israel attacked Iran, with six Palestinians killed by settlers since 1 March, according to the United Nations. The Israel Defense Forces said in a statement that its troops and border police units were dispatched to several Palestinian villages on Saturday night, after receiving reports of Israeli civilians "committing acts of arson against structures and property, as well as engaging in disturbances in the area". BBC news, March 23
French far right wins towns, loses in cities as mayoral vote kicks off race to succeed Macron
The far-right National Rally’s hopes of winning its largest cities yet were dashed on Sunday as its candidates suffered defeat in municipal runoffs in the cities of Toulon and Nîmes, a week after leading the first-round vote in both. Le Pen's party also fell short in France's second-largest city Marseille, this time by a considerable margin, despite its candidate polling neck-and-neck with the incumbent Socialist mayor last week. There was some consolation, however, in the Riviera city of Nice, where veteran politician Eric Ciotti defeated the longtime centre-right mayor, thereby putting a Le Pen ally - though not a member of the National Rally - in charge of France’s fifth-largest city. The eurosceptic, anti-immigrant party has traditionally underperformed in municipal polls, particularly in large urban areas where voters remain hostile to the Le Pen brand. It was hoping for breakthrough wins to bolster its credibility ahead of the 2027 presidential bout, when France elects a successor to President Emmanuel Macron. France 24, March 22
Keir Starmer to bring forward EU rules legislation in King’s Speech
Sir Keir Starmer is to bring forward legislation in May’s King’s Speech allowing ministers to import a wave of EU laws to Britain as the prime minister seeks to reconnect with Europe’s single market. Chancellor Rachel Reeves last week set out plans to align with EU rules in certain sectors in the “national interest” and the new bill will create a framework for a swift transfer to the statute book in the UK of laws made in Brussels, reversing a central tenet of Brexit. The bill has not yet been given a formal title, but officials briefed on the plan confirmed it will be in the King’s Speech at the start of a new parliamentary session in May. In the first instance the bill would allow Britain to adopt EU regulations to clear the way for an EU-UK food and agriculture trade deal, which both sides hope to conclude at a summit around the time of the tenth anniversary of the Brexit vote. The UK has identified 76 EU directives and regulations as being “in scope”, covering areas from food hygiene and organic pet food to marmalade. Financial Times, March 23
Netanyahu says Iran no longer has ability to enrich uranium
Benjamin Netanyahu said joint US-Israel strikes on Iran had destroyed Tehran’s ability to enrich uranium and to produce ballistic missiles. Israel’s prime minister on Thursday said that while he was not “putting a stopwatch on it”, he saw “this war ending a lot faster than people think”. Netanyahu also said Israel acted alone in striking Iran’s South Pars gasfield, but added his nation would “hold off on future attacks” on the field at the request of US President Donald Trump. The prime minister’s remarks came a day after an Israeli strike on the massive offshore field rocked energy markets and led Iran to escalate its fire targeting oil and gas installations across the region. Trump also sought to distance himself from the Israeli attack, claiming he had no prior knowledge. Financial Times, March 20
As Iran war grinds on, Gulf leaders are torn over how it should end
President Trump promised a quick conclusion to the war with Iran but as its third week draws to an end, oil and gas refineries across the region are in flames and Arab Gulf states are settling in for a long and costly conflict. Their rulers expected Iran to lash out at US military bases in their countries and went to great lengths in the days before the war to assure Tehran of their neutrality. The scale of Iran’s response surprised and angered them. Its aim is straightforward: Iran wants to pressure the powerful Gulf countries into swaying Trump to end the war, while driving up global energy prices by closing the Strait of Hormuz and attacking oil and gas infrastructure. But the attacks have had the opposite effect, turning some Gulf states into keener supporters of the war they had lobbied against. The Times, March 20
Strike on Iran gasfield exposes US-Israel rift as Trump claims he did not know
The US-Israeli war against Iran has exposed further divisions between the two countries after an Israeli strike on Iran’s largest gasfield angered US allies in the Gulf and prompted Donald Trump to say he knew nothing in advance about the attack - a claim that Israeli officials disputed. Speaking in the Oval Office on Thursday, Trump said he had spoken to Israel’s Benjamin Netanyahu following the strikes on Iran’s South Pars gasfield - part of a reserve shared with Qatar - and had told the Israeli prime minister to refrain from further attacks that could escalate a regional war on energy infrastructure. “I told him, ‘Don’t do that,’ and he won’t do that,” Trump said. “We didn’t discuss [the strikes]. We do independent but get along great. It’s coordinated. But on occasion he’ll do something, and if I don’t like it … and so we’re not doing that any more.” Israeli attacks on the South Pars gasfields have opened a Pandora’s box of retaliatory strikes on Gulf energy infrastructure, including pipelines and natural gas processing facilities that serve liquefied natural gas to economies around the world, particularly in Asia. The Guardian, March 19
EU leaders fail to sway Hungary's Orban on €90 billion Ukraine loan
EU leaders failed to persuade Hungary's Viktor Orban to lift his block on a massive loan to support Ukraine's war effort at summit talks on Thursday, leaving the much-needed funding in limbo. Moscow's closest partner in the bloc, the nationalist prime minister has long resisted helping Kyiv to repel Russia's invasion, stalling EU aid and repeated rounds of sanctions. This time around, Orban is holding up a 90-billion-euro ($104 billion) loan as leverage in a feud over damage to a pipeline running through Ukraine - which has choked the flow of Russian oil to Hungary and Slovakia. "The Hungarian position is very simple. We are ready to support Ukraine when we get our oil, which is blocked by them," Orban said on arrival at the summit, which Ukraine's Volodymyr Zelensky addressed by videolink. Orban had made it clear he planned to play hardball, as he leans into anti-EU and anti-Ukrainian narratives ahead of close-fought national elections on April 12 - to the exasperation of fellow EU leaders. France 24, March 19
UK borrowing overshot in February before Middle East turmoil
The UK borrowed a higher than expected £14.3bn in February, according to official figures that are set to be overshadowed by the threat to the public finances from the Middle East war. The shortfall between government spending and income was £2.2bn higher than in the same month a year ago and far above the £8.5bn forecast by economists polled by Reuters. February’s figure was driven by the timing of debt interest payments and higher spending, which offset an increase in revenues, the Office for National Statistics said on Friday. Borrowing for the first 11 months of the fiscal year that began in April was £125.9bn, down almost 9 per cent from the same period a year earlier as tax receipts increased. But the Middle East war, which began on the last day of February with US-Israeli air strikes on Iran, has sparked an energy shock that has already sent UK borrowing costs higher amid fears of higher inflation. Financial Times, March 20
Tailgating at matches to become criminal offence
Entering a football match in England and Wales without a ticket will become a criminal offence under new laws that come into force before Sunday's Carabao Cup final between Arsenal and Manchester City at Wembley. Offenders will face a football banning order of up to five years, as well as a fine of up to £1,000. The legislation has been introduced as a result of the serious disorder that marred the European Championship final between England and Italy at Wembley in July 2021, when thousands of fans forced their way into the stadium. The new act is designed to clamp down on 'tailgating' - where supporters without tickets make their way through turnstiles by staying close behind legitimate ticket-holders. It will also be illegal to knowingly attempt to gain entry using forged tickets, passes and accreditation documents, or by posing as a member of staff. Until now, there have been no specific legal penalties for entering a football match without a ticket, with supporters that are caught doing so tending to be ejected without any further punishment. BBC news, March 20
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There are early signs to suggest that a coronavirus and a steam engine have enough in common to provide a useful perspective for our economic well-being, writes Dr John Egan in part…