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You won’t even see the fees being added

Most holidaymakers assume using their normal bank card abroad is fine. But Martin Lewis says a simple switch to a specialist card could save you from paying an extra 2.75% to 3% on every single purchase – a hidden fee that quietly adds to your bill without you even noticing.

In a clip shared on This Morning’s official TikTok, the MoneySavingExpert founder explained how most high street banks add a “non-sterling exchange rate fee” when you spend abroad. Ignore it and a £100 purchase effectively costs you £103. Switch to one of the specialist cards he recommends, and you get the same near-perfect exchange rates the banks use – without the markup.

Martin started by explaining what happens when you spend on plastic overseas. “Your bank gets a near perfect exchange rate on the day – the same as what’s called the spot rate, the city market rates. When you spend on your card abroad though, normally the card company adds what’s called a non-Sterling exchange rate fee of between 2.75 or 3%,” he said. “So your hundred pounds worth of euros cost you £103.”

The solution, he explained, is using specialist cards. “With the specialist cards, they don’t have that. So you get the same near perfect exchange rates that the banks or the card firms do.”

As for which cards to choose, Martin noted there are quite a lot available now. He judges them on the cashback they give you. The Barclaycard Rewards credit card is currently giving 0.25% cash back on spending in the UK and abroad. “So you get perfect exchange rate and cashback,” he said.

He added a crucial warning for anyone using a credit card: “Only do this if you’ll pay it off in full at the end of every month, or there is interest. That will credit score you to get it.”

For those who prefer a debit card or don’t want to undergo a hard credit check, Martin offered two alternatives. “The easiest one to get is the Chase card, which you can apply for without switching banks and only does a soft credit check, so it doesn’t mark your credit file, and virtually everybody can get it,” he said. It offers near-perfect exchange rates, no ATM withdrawal fees, and some cashback on UK spending.

Alternatively, for those willing to switch banks: “First Direct, if you’re willing to switch bank to it, will give you a near perfect exchange rate fee debit card and pay you £175 quid if you switch bank to it.”

A spokesperson for travel experts Lapland Famille said: “When spending abroad, choosing the right payment method makes a real difference. Specialist cards often work out far cheaper than standard bank cards. And if you’re ever asked to pay in pounds or the local currency, always choose the local currency – paying in cash locally is another good way to avoid hidden conversion fees.”

With no need to switch your main bank account for the easiest option, Martin’s advice shows that cutting the cost of spending abroad may be simpler than many travellers think – as long as you pick the right card before you go.

May 5 (UPI) — Brian Armstrong, CEO of cryptocurrency exchange Coinbase, announced the company is downsizing about 14% of its workforce.

Armstrong posted a memo to employees on X saying he had made “the difficult decision to reduce the size of Coinbase” by approximately 14%, explaining it is the result of “two forces” that “are converging at the same time.”

The first of the “forces” at play is the current downturn in the crypto market, leading to a “need to adjust our cost structure now so that we emerge from this period leaner, faster and more efficient for our next phase of growth.”

The second reason cited by Armstrong is the rise of AI “changing how we work.”

“All of this has led us to an inflection point, not just for Coinbase, but for every company. The biggest risk now is not taking action. We are adjusting early and deliberately to rebuild Coinbase to be lean, fast, and AI-native. We need to return to the speed and focus of our startup founding, with AI at our core,” Armstrong wrote.

Coinbase is scheduled to report its first-quarter earnings on Saturday, with shares up nearly 4% in premarket trading.

The announcement follows other companies including Block, Pinterest, CrowdStrike and Chegg making the decision to cut jobs as a result of AI integration.

WASHINGTON — A federal judge told the U.S. government Monday not to cut down more than 10 trees without first providing notice amid a legal dispute at a historic Washington golf course that President Trump plans to renovate.

U.S. District Judge Ana Reyes said during a remote hearing that she wasn’t going to issue a temporary restraining order just yet in the case brought by the DC Preservation League. She also told the National Park Service that it should first discuss any plans with government lawyers if it was going to cut down more than 10 trees.

Monday’s hearing came after the plaintiff’s emergency petition seeking to stop work at the course, citing news reports that major renovations were to begin Monday.

Kevin Griess, the superintendent of the National Mall and Memorial Parks for the Park Service, said during the hearing there was no plan to begin such work Monday but added that a safety assessment was underway.

Reyes told the parties she didn’t want to play the role of the “Parks and Rec” department, an allusion to the sitcom, but said she also didn’t want trees being bulldozed.

“I’m no Amy Poehler,” she said referring to the show’s star.

At one point during Monday’s hearing, the judge said she was made aware that closure signs had been put up at the site, which led to Griess’ asking someone to check. He later reported that there were no such signs. Reyes asked that if any such signs were found that the government’s attorney be told.

The complaint filed against the Department of the Interior argues that the Trump administration’s reconstruction of East Potomac Park, including the East Potomac Golf Course, would violate the congressional act that created the park in 1897. The roughly 130-year-old act established the park for the “recreation and the pleasure of the people.” The course itself opened in 1919.

Trump, an avid golfer, also plans on renovating a military golf course just outside Washington that has been used by past presidents going back decades.

SACRAMENTO — One of Gavin Newsom’s top goals as he winds down his final year as California governor is to leave the state with a balanced budget.

After years of the state spending more money than it brings in, it’s Newsom’s last opportunity to fix a chronic deficit or dump the problem on the next governor.

How far he goes to solve the state’s structural spending imbalance will define his legacy as a steward of trillions in taxpayer dollars. As a potential candidate for president in 2028, he could also have a political incentive to do as little as possible.

“Any cuts you make are going to cause people to scream,” said Darry Sragow, a veteran Democratic strategist. “Any increases in taxes are going to cause people to scream and in terms of what’s best for a presidential run, it would be nice if people weren’t screaming.”

As California’s 40th governor, Newsom expanded publicly funded healthcare to income-eligible undocumented immigrants, increased state-subsidized child-care slots and provided free meals for schoolchildren among a wishlist of progressive wins since he took office in 2019.

His achievements have helped struggling Californians live in an increasingly unaffordable state and given him bona fides to tout to voters if he launches a bid for the White House.

But the state could never afford to pay for existing services and the new programs that Newsom and Democratic lawmakers enacted, according to an analysis of ongoing state spending since before the pandemic released by the Legislative Analyst’s Office last week.

Spending from the state’s principal operating fund has grown about $100 billion since Newsom’s first full fiscal year in office in 2019-20, mostly due to the growing cost of existing programs that he inherited. State spending has outpaced California’s strong revenue growth by about 10%, creating a perennial budget shortfall — a structural deficit — that Newsom and the Democratic-led Legislature solve with largely temporary fixes each year.

Instead of making across-the-board program cuts or raising taxes to align spending with revenue, Democrats have tapped into reserves designed to preserve social services for the state’s most disadvantaged communities during economic downturns.

While the California economy remains stable and state revenue has increased, Newsom and lawmakers have taken $12.2 billion from the rainy day fund. Democrats have borrowed $28 billion more from other state funds to cover their spending in recent years, according to the LAO.

“Taken together, these trends raise serious concerns about the state’s fiscal sustainability,” Legislative Analyst Gabriel Petek wrote in a review of Newsom’s January budget proposal.

Fiscal watchdogs have warned that the spending trends will leave California in a precarious position if the stock market tanks and tax receipts bottom out.

Personal income taxes are driving higher-than-expected revenue now, which analysts attribute to an artificial intelligence boom on Wall Street, and suggest the state could have no deficit in the upcoming year. In January, the Newsom administration anticipated significant operating deficits in the years ahead: $27 billion in 2027-28, $22 billion in 2028-29 and $23 billion in 2029-30.

The LAO, the Legislature’s nonpartisan fiscal advisor, said the state has already solved $125 billion in budget problems over the last three years with mostly short-term solutions.

“This issue is really whether they’re going to take seriously the structural deficit that is several years in the making now, where the spending has outpaced revenue, and to address that, they’re going to either have to make some fairly deep cuts or raise revenue and or both,” said former state Controller Betty Yee, who worked as a budget aide under Gov. Gray Davis and recently dropped her own campaign for governor. “But they have to be real. I think resorting to these one-time solutions has really exacerbated the problem.”

How Newsom wants to address the state’s financial challenges will be revealed on May 14 when he is expected to present his revised budget plan in Sacramento. His January budget proposal did not include any significant reductions or cuts to programs.

H.D. Palmer, a spokesperson for the California Department of Finance, said the governor is looking to solve the budget problem with more than a temporary fix.

“Although he is still finalizing his proposal that he’ll put forth to the Legislature, as he has said, he wants those solutions to be durable, and he wants them to have an impact beyond a single fiscal year,” Palmer said.

To stabilize California’s budget, Democrats will probably have to raise taxes or fees to generate new revenue and cut programs, according to the LAO. At least 40 cents for every dollar in revenue is dedicated to education under the state Constitution, requiring policymakers to find between $30 billion and $60 billion annually in additional revenue to cover projected shortfalls in 2027-28 and beyond if relying on new taxes alone.

President Trump’s cuts to healthcare are adding to the problem.

HR 1 will add $1.4 billion in state costs to the general fund. Newsom’s January budget proposal did not include a plan to help millions of low-income Californians who are expected to lose access to healthcare under the federal cuts.

To temper those cuts in California, other groups proposed a new tax on billionaires that appears poised to qualify for the November ballot.

Spearheaded by Service Employees International Union-United Healthcare Workers West, the initiative would apply a one-time 5% tax on taxpayers with assets exceeding $1 billion. If approved by voters, the tax would generate roughly $100 billion, which would fund healthcare programs.

The measure has divided unions and Democrats at the state Capitol.

Newsom has criticized the initiative, citing concerns that increasing taxes on the wealthy will have the opposite intended effect and drive the highest earners out of California. Under a progressive tax structure, the state budget is dependent on income taxes paid by the ultra-rich on earnings largely from capital gains.

Larry Page and Sergey Brin, the co-founders of Google, have already purchased residences in Florida, along with others looking to escape the tax if it goes through in November. Billionaires launched their own ballot measure campaign to undercut the tax proposal.

State lawmakers are also considering avenues to raise revenue, which include repealing a “water’s edge” tax break. Under the change, multinational companies would no longer be allowed to shield the income of their foreign subsidiaries from state taxes. California loses about $3 billion in revenue from the tax break each year.

In its budget plan released in April, the state Senate proposed a new fee on the largest corporations in the state to provide $5 billion to $8 billion annually for Medi-Cal.

The upper house said 42% of Medi-Cal enrollees are full-time workers who are not enrolled in their company’s healthcare plan because their wages are low enough to qualify for state-subsidized healthcare. As a result, corporations aren’t paying for healthcare for many of their employees and instead taxpayers are picking up the bill through Medi-Cal.

SEIU California, the powerful state union council representing over 700,000 workers, endorsed the plan. The union said Trump’s tax policy will reduce corporate taxes by $900 billion, while 3 million Californians lose healthcare.

“In this urgent moment, California’s workers need to see our leaders show us what they’re made of,” said Tia Orr, executive director of SEIU California. “The Senate is showing the courage to demand corporations pay their fair share, rather than making working people pay with their lives.”

The change is being described as a more politically palatable “fee” and not a tax.

“We explored multiple revenue options, and this was the one that felt more narrow, it felt more focused, and it also felt like it was directly going for the subsidy that’s being lost because of the Trump HR 1 cuts,” said Senate President Pro Tem Monique Limón (D-Goleta), who leads the upper house of the Legislature.

Limón said her caucus believes it’s important to address potential revenue streams because of the depth of federal healthcare reductions.

“If we don’t address the structural deficit, we are looking at severe cuts,” she said. “You are looking at people without health insurance. You are looking at hospitals closing down. You are looking at medical providers not being able to take more patients. You are looking at our emergency rooms over capacity, with not enough medical providers. I mean, you’re looking at a place that’s really, really, really difficult, and we feel like we have to, at least, look at what are viable options that are conditional on these cuts coming.”

Newsom has not commented publicly on the Senate’s plan. As governor, he’s been reluctant to embrace new taxes and fees.

Newsom could reject all the proposals for new taxes or fees and continue what he’s done before: take advantage of higher-than-expected tax collections, shift funds around, delay program implementation and borrow money to knock the deficit down to zero, or forecast a surplus, for his last budget year that begins July 1.

If he doesn’t take on California’s larger budget imbalance, then the problem would be the next governor’s to solve. A stock market crash, or economic recession, could force his successor to make drastic cuts across the board with limited reserves to support programs.

Kicking the can again would cement Newsom’s fiscal legacy as a governor who championed bold headline-making policies that bolstered the safety net for low-income Californians, but who failed to provide a solution to pay for his agenda.

“Not only has he not come up with a plan, he has pretended we don’t need one,” said Patrick Murphy, a professor of public affairs at the University of San Francisco.

Newsom’s interest in running for president could seemingly discourage him from slashing the budget and raising attention to the state’s financial woes, Sragow said. Newsom is setting himself up as a potential front-runner for his party. He has said he remains undecided about officially launching a 2028 campaign.

As a Democrat from California, his opponents would automatically label him as financially irresponsible and tax-happy. Calling out the massive budget problem on the horizon, raising taxes and making painful cuts will give them ammunition.

“There’s a long list of things that he’s going to be charged with, and this is likely to be one more,” Sragow said. “But I guess the question is, is he going to be charged with a political misdemeanor or a political felony?”

Former state Sen. Steve Glazer said Newsom is standing on political quicksand either way. State budget projections are based on assumptions about the future that often don’t bear out, leaving his choices exposed to criticism that he went too far, didn’t do enough, and everything in between.

“Whatever the governor decides to do in his May revise and in his final budget, it’s fraught with political risks, because it can be manipulated so easily by all sides,” Glazer said.

If Newsom ignores the spending problem, his successor could blame him for California’s financial woes when they take office in January and provide their own outlook of the state’s fiscal future. At the time, Newsom could be trying to convince America to make him the nation’s next president.

Murphy said Newsom has championed major policies and been reluctant to back off them later when revenue doesn’t pencil out.

In terms of spending, he’s governed similarly to the men who led California before him, with the exception of Jerry Brown, who cut programs to reduce a deficit he inherited in his second stint in the governor’s office and left Newsom with a surplus.

“It’s not all that different than most of the governors have done, which is finding it very hard to say no and finding it very hard to take on a tough choice of going to the ballot to ask for more money or raise taxes,” Murphy said.

On taxation, Newsom is perhaps most similar to former Gov. George Deukmejian, who opposed general tax increases for most of his administration.

Deukmejian left a budget disaster for his successor, Gov. Pete Wilson. Deukmejian publicly claimed he passed a balanced budget in his final year and blamed an economic downturn for the problems Wilson encountered.

When Wilson announced a record $13-billion budget deficit early in his first year in office in 1991, he said the Persian Gulf War, an economic downturn and natural disasters added to a structural deficit in the budget.

The Legislature and Deukmejian, Wilson said, had “papered over” the problem.

April 30 (UPI) — U.S. President Donald Trump announced plans that could see cuts to the tens of thousands of U.S. forces stationed across 20 bases in Germany.

Writing on his Truth Social platform Wednesday night, Trump said the process of scaling back the United States’ eight-decade-long military presence was already underway.

“The United States is studying and reviewing the possible reduction of troops in Germany, with a determination to be made over the next short period of time,” Trump wrote.

The announcement came two days after German Chancellor Friedrich Merz said Iran was running circles around the United States in ongoing peace negotiations to end the military conflict, saying “the Americans clearly have no strategy.”

Lack of support for the war from European NATO allies has seen Trump and other senior U.S. officials repeatedly threaten to pull out of the 32-country defensive alliance, complaining that Europe was “freeriding” and never there for the United States when it needed it.

On Friday, a Pentagon leak suggested that Spain could face being suspended from NATO in retaliation for not supporting the United States in its war with Iran.

U.S. troop strength in Germany stood at 36,436, mainly army and air force personnel, stationed at 20 bases across the country in December, the latest month for which U.S. Department of Defense data is available.

That compares with around 28,000 across the rest of Europe, with the bulk of those deployed in Italy, Britain and Spain.

Active-duty personnel numbers in Germany were cut from more than 50,000 from 2013 to 2017 during President Barack Obama‘s second term, in line with a strategic shift in the United States’ defense priorities involving pivoting to the Asia-Pacific and reducing the focus on Europe.

Before that, numbers had fallen to 94,000 in the first half of the 1990s following the collapse of the Soviet Union in 1991, and then down to 71,000.

The United States currently has more than 54,000 troops in Japan, another 23,500 in South Korea and 7,000 in Guam.

There has been a continuous significant U.S. military presence in Germany since the end of World War II, initially as an army of occupation and then as the front-line of NATO deterrence during the Cold War and more recently as a bulwark against a resurgent threat to Europe from Russia.

The US naval blockade of Iranian ports and the Strait of Hormuz, in place since April 13, has raised concerns that Iran could run out of crude oil storage capacity and be forced to curb production.

Bloomberg reported analysis on Tuesday from the data and analytics company Kpler suggesting Iran could run out of crude storage in 12 to 22 days if the blockade persists.

Last week, United States Treasury Secretary Scott Bessent claimed that storage capacity at Kharg Island, where most of Iran’s oil is exported, would be full “in a matter of days”.

So how quickly could Iran run out of oil storage, and why does it matter?

What is happening in the Strait of Hormuz?

The Strait of Hormuz is a narrow channel that connects the Gulf to the open ocean. It spans the territorial waters of Iran on its northern side and Oman on its southern side. It is not in international waters.

During peacetime, 20 percent of the world’s oil and liquefied natural gas (LNG) supplies are shipped through the corridor.

Two days after the US and Israel launched their first air strikes in their war on Iran on February 28, Ebrahim Jabari, a senior adviser to the commander in chief of Iran’s Islamic Revolutionary Guard Corps (IRGC), announced that the strait was “closed”. If any vessels tried to pass through, he said, the IRGC and the navy would “set those ships ablaze”.

As the war has dragged on and negotiations have failed to achieve a settlement, Iran has at times in the past two months allowed some “friendly” ships and those that pay tolls to pass. It is currently refusing to allow any foreign-flagged ships, including those previously deemed friendly, to pass until the US lifts its own naval blockade.

Iranian First Vice President Mohammad Reza Aref said on April 19 that the “security of the Strait of Hormuz is not free”.

“One cannot restrict Iran’s oil exports while expecting free security for others,” he wrote in a post on X.

“The choice is clear: either a free oil market for all, or the risk of significant costs for everyone,” he added. “Stability in global fuel prices depends on a guaranteed and lasting end to the economic and military pressure against Iran and its allies.”

Since the US naval blockade on the strait began, the US has opened fire on and taken control of an Iranian-flagged tanker near the Strait of Hormuz while also redirecting vessels on the high seas transporting cargo to or from Iran. Iran’s armed forces have denounced these actions as “an illegal act” that “amounts to piracy”.

The US naval blockade of the strait means that Iran might have to store the oil it produces.

Iran is the third largest oil producer in the Organization of the Petroleum Exporting Countries (OPEC) after Saudi Arabia and Iraq and exports 90 percent of its crude oil via Kharg Island in the Gulf for shipping through the Strait of Hormuz.

What has the US claimed?

The US is eager to curb Iran’s oil revenues, which have risen since Tehran closed the Strait of Hormuz to other shipping. This is the primary motive behind Washington’s naval blockade of Iranian ports.

Iran exported 1.84 million barrels per day (bpd) of crude oil in March and shipped 1.71 million bpd in April, compared with an average of 1.68 million bpd in 2025, according to Kpler.

However, the US naval blockade since mid-April now means that most of its exports are having to be stored instead.

Bessent wrote in an X post on April 22: “In a matter of days, Kharg Island storage will be full and the fragile Iranian oil wells will be shut in.”

“Constraining Iran’s maritime trade directly targets the regime’s primary revenue lifelines.”

How much oil can Iran store?

Iran’s domestic refineries have a production capacity of 2.6 million bpd, according to the energy consultancy Facts Global Energy.

Satellite data show the amount of oil Iran has in storage has risen sharply since the US blockade began, and in the days after the US tightened it, stocks were rising so fast that it appeared Iran had been barely able to export any oil at all.

From April 13 to April 21, data showed that stocks rose by more than 6 million barrels, according to the Columbia Center on Global Energy Policy (CGEP). From April 17 to April 21, the stock increased very rapidly, growing by 1.7 bpd.

As of April 20, the storage tanks at Kharg were about 74 percent full after the island alone had taken on about 3 million extra barrels of oil, the CGEP reported.

Generally, oil companies avoid filling their storage beyond 80 percent capacity to balance safety, emissions control and flexibility.

However, Iran and other oil producing countries have exceeded this limit before, for instance, during the COVID-19 pandemic. In April 2020, Kharg island’s stocks reached close to 90 percent capacity, an all-time high.

Iran also has some crude oil storage capacity in the form of “floating tanks”, or parked ships. About 127 million barrels can be stored in this way, Frederic Schneider, a nonresident senior fellow at the Middle East Council on Global Affairs, told Al Jazeera in an interview on April 14.

Will Iran need to cut oil production?

Muyu Xu, a senior crude oil analyst at Kpler, told Al Jazeera that the blockade could eventually force Iran to cut production.

“However, given there is still available storage capacity onshore (roughly covering 20 days of Iran’s current production), we expect any production reduction to be gradual over the coming week with a higher likelihood of acceleration into May,” she said.

Analysis by CGEP nonresident fellow Antoine Halff echoed this. Halff wrote in an article published by CGEP on Tuesday that it may be some time before the US blockade causes Iran to shut off its production “in a big way”.

However, Halff added, Iran may still choose to halt production “fairly aggressively” but this “would be more by choice than by necessity”.

He explained: “Doing so would have the advantage of providing Iran with relatively ample spare storage capacity after the shutdown and would allow for a smoother restart of operations once conditions permit, and the constraint is relaxed, thus minimising adverse impacts from the blockade on longer-term supply.”

Why does this matter?

Halting oil production risks damaging underground reservoirs by reducing reservoir pressure, allowing water or gas to encroach into producing layers and changing patterns of oil flow. This can make some oil harder or more expensive to recover later, experts said.

Restarting the process of oil production can also be slow and costly, involving repairs of corroded equipment or unclogging pipelines.

Halting production would also cause Iran’s export revenues to drop. However, analysts said that for a few months, Iran can continue to earn revenue from oil that is already in transit at sea.

Kenneth Katzman, former Iran analyst at the Congressional Research Service in Washington, DC, said Iran is not exporting new oil during the US blockade of Iranian ports but Tehran has 160 million to 170 million barrels of oil on ships around the world currently.