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German Inflation Rises Amid Energy Shock from Iran Conflict

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Inflation increased to at least 2.5% across four German states in March, driven largely by rising energy prices linked to the ongoing U.S.-Israeli conflict with Iran. In North Rhine-Westphalia, Germany’s most populous state, annual inflation climbed to 2.7% from 1.8% in February. Similar increases were recorded in Bavaria, Baden-Wuerttemberg and Lower Saxony, signalling a likely nationwide rise in inflation figures expected later in the day.

Economists surveyed by Reuters predict Germany’s harmonised inflation rate will reach 2.8% in March, up from 2.0% the previous month. Analysts warn that while energy costs are currently the main driver, broader price increases may follow. Berenberg Bank chief economist Holger Schmieding said higher transport costs and potential fertiliser shortages could push food prices higher, with inflation possibly exceeding 3% if the conflict continues.

A survey by the Ifo institute showed German companies increasingly expect to raise prices due to rising production and transport expenses. The data comes ahead of eurozone inflation figures, with markets anticipating further monetary tightening by the European Central Bank. Investors now expect up to three interest rate hikes this year as policymakers respond to mounting inflation pressures.

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Paintings by Renoir, Cézanne and Matisse Stolen from Italian Museum

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Three paintings by renowned French artists Pierre-Auguste Renoir, Paul Cézanne and Henri Matisse have been stolen from a museum in northern Italy, police confirmed on Monday. The artworks, estimated to be worth around $10 million in total, were taken from the Fondazione Magnani Rocca near the city of Parma during the night of March 22–23.

According to Italy’s Carabinieri police, thieves forced entry through the museum’s main entrance and stole Cézanne’s Tasse et Plat de Cerises, Renoir’s Les Poissons, and Matisse’s Odalisque sur la Terrasse. Italian broadcaster Rai reported the value of the stolen works at about 9 million euros, though authorities have not officially confirmed the figure.

Museum officials said the robbery was completed in less than three minutes, suggesting a highly planned operation. The Fondazione Magnani Rocca houses a prestigious private collection assembled by late musicologist Luigi Magnani, featuring masterpieces by artists including Titian, Francisco Goya, Claude Monet, Peter Paul Rubens and Giorgio Morandi.

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Russia Expels British Diplomat Over Espionage Allegations

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Russia has expelled a British diplomat, accusing him of engaging in economic espionage and activities threatening national security. The Federal Security Service (FSB) said the diplomat, a second secretary at the British embassy in Moscow, was involved in intelligence-gathering efforts, including attempts to obtain sensitive economic information through informal meetings with Russian experts.

The move comes amid heightened tensions between Moscow and London during the ongoing Ukraine conflict, with Russia increasingly portraying Britain as a primary adversary. Russian authorities warned citizens to avoid contact with British diplomats, cautioning that such interactions could lead to serious legal consequences. The Russian Foreign Ministry also lodged an official protest with Britain’s diplomatic mission.

Britain has not immediately responded to the latest expulsion, though it has previously rejected similar accusations as baseless. Diplomatic relations between Russia and Western nations remain strained, with increased surveillance, travel restrictions on diplomats, and mutual claims of harassment. Western officials describe diplomatic postings in Moscow as increasingly difficult amid rising geopolitical tensions.

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Airlines Struggle as Fuel Price Surge Clouds Profit Outlook

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Global airlines are raising ticket prices and reducing flight capacity as soaring oil prices sharply increase operating costs, creating uncertainty for the industry’s profitability. The sudden spike in jet fuel prices, triggered by geopolitical tensions in the Middle East, has forced carriers to rethink pricing strategies and route planning, even as higher travel costs threaten to weaken consumer demand.

Before the conflict-driven fuel surge, airlines had projected record global profits of $41 billion in 2026. However, the doubling of jet fuel prices has disrupted those expectations, prompting airlines such as United Airlines, Air New Zealand, and SAS to introduce fare hikes, fuel surcharges, and capacity cuts. Analysts warn airlines face a difficult balance — raising fares to offset costs while potentially lowering prices later to stimulate demand if travelers cut back on spending.

Despite record passenger traffic in recent years, supply-chain issues and delayed aircraft deliveries limit airlines’ ability to reduce costs through fleet upgrades. Low-cost carriers may be hit hardest as price-sensitive travelers shift to cheaper transport alternatives. Experts say financially stronger airlines with solid balance sheets are better positioned to withstand the ongoing oil shock, while weaker carriers could face mounting financial pressure.

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Reeves Calls for G7 Unity Amid Iran Conflict

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British Finance Minister Rachel Reeves will urge G7 counterparts to avoid unilateral trade measures while the Iran war continues, warning that such actions could threaten global energy security. Speaking at a meeting with finance and energy ministers, she stressed that collective action is crucial to maintain resilience and avoid shifting pressure onto partners.

Reeves emphasized that protectionism and new trade barriers could disrupt supply chains, raise costs, and exacerbate the economic fallout from the conflict. She called for cooperation to ensure the flow of energy and goods and to help reduce bills over time.

The ongoing war in Iran, initiated by the U.S. and Israel on February 28, has already caused thousands of casualties and triggered unprecedented disruptions to global energy markets, affecting economies worldwide.

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Italian Watchdog Clears MPS Board Slates Ahead of Key Shareholder Vote

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Italy’s market regulator Consob has ruled that all three slates of nominees submitted for the board of Monte dei Paschi di Siena (MPS) are fully legitimate, according to a source familiar with the matter. The decision follows a complaint filed by MPS’s current board over a slate presented by small investor PLT Holding, which aims to secure another term for CEO Luigi Lovaglio.

Consob, working closely with the European Central Bank, dismissed the complaint and confirmed that none of the candidate lists violate regulations. The regulator also clarified that its decision is final, aiming to remove uncertainty after MPS previously described its discussions with authorities as preliminary.

The ruling comes ahead of the April 15 shareholder vote to appoint a new board and CEO, with governance advisers preparing voting recommendations. While PLT supports Lovaglio’s continuation, the current MPS board is backing Fabrizio Palermo, CEO of utility company Acea, and a third slate has been submitted by fund manager association Assogestioni.

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G7 Ministers Urge Immediate End to Civilian Attacks in Iran War

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Foreign ministers of the G7 nations have called for an immediate halt to attacks on civilians and civilian infrastructure amid the ongoing Iran war, following a high-level meeting in France. In a joint statement, the ministers stressed the urgent need to reduce harm to civilian populations and protect critical infrastructure affected by the conflict.

The leaders highlighted the importance of coordination and global partnerships to limit the wider impact of the war, including disruptions to energy, trade, fertilizer supplies, and global supply chains. They warned that continued instability could trigger economic shocks and affect countries far beyond the conflict region.

The G7 also emphasized the need to ensure safe and uninterrupted navigation through the Strait of Hormuz, a key global energy route, while reaffirming their commitment to regional stability and international cooperation. The group includes the United States, Britain, Canada, France, Germany, Italy, Japan, and the European Union.

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Austria Plans Social Media Ban for Children Under 14

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Austria has announced plans to ban social media access for children under the age of 14, joining a growing list of countries considering tighter online restrictions for minors. The proposal comes after negotiations within the coalition government, with Vice-Chancellor Andreas Babler stating that authorities must act against the harmful and addictive effects of social media on young users.

The move reflects a broader trend across Europe and beyond, with countries like France, Spain, and Australia already proposing or implementing similar restrictions. In the United States, a recent court case also found major platforms had designed addictive algorithms that negatively impacted young people’s mental health, adding momentum to stricter regulations.

While Austrian officials say the ban will include age-verification measures and could align with EU systems, critics argue it may limit freedom of expression. Despite opposition concerns, analysts suggest the policy is popular among parents and part of wider government efforts to address social and educational challenges.

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Russian Man Jailed After Assault Witnessed by Barron Trump

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A Russian man has been sentenced to four years in prison by a UK court after assaulting a woman, an incident witnessed by Barron Trump during a video call. The attack took place in London in January last year, when Barron, calling from the United States, saw the woman being beaten and immediately alerted emergency services.

The attacker, identified as 22-year-old Matvei Rumiantsev, had been in an on-and-off relationship with the victim. During the assault, he reportedly held the phone and filmed the incident in an attempt to humiliate her. Judge Joel Bennathan of the Snaresbrook Crown Court praised Barron Trump’s actions, noting that he acted responsibly by contacting authorities despite being overseas.

The victim suffered multiple injuries, including bruising, scratches, and hair loss. Rumiantsev was found guilty of assault and perverting the course of justice, though acquitted of more serious charges. He received two consecutive two-year sentences for the offences.

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German Chancellor Merz Doubts U.S.-Israel Strategy in Iran War

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German Chancellor Friedrich Merz has expressed doubts about whether the military actions by United States and Israel against Iran will achieve lasting success. Speaking at a conference in Berlin, Merz said he was unconvinced that there was a clear endgame to the conflict, which began with joint strikes on February 28 and has since escalated across the region.

Iran has responded with attacks on Israeli territory, U.S. bases, and Gulf states, while also disrupting vital oil shipments through the Strait of Hormuz. European countries, including Germany, have largely avoided direct involvement, a stance that has reportedly frustrated U.S. President Donald Trump. Merz emphasized ongoing diplomatic efforts through the G7 and regional talks but admitted limited influence over Israeli decisions.

Merz also clarified that the conflict is not a mission for NATO, noting he conveyed this position in a recent call with Trump. While Germany may consider future roles such as securing maritime routes or clearing mines in the Strait of Hormuz, he stressed that any such involvement would depend on international approval and would only be considered after hostilities end.

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