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TRAVEL

sort your summer break with expert tips from The Sun and Money Mum

Mar 11, 2026 Travel Desk

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MONEY

Saudi Arabia Appoints Al-Saif As Vision 2030 Faces Reality Check

Mar 10, 2026 Finance Desk

Saudi Arabia’s fixation with megaprojects may be giving way to more pragmatic initiatives better aligned with investor appetite.

The urgent need for foreign investment crystallized last month when a royal decree replaced veteran cabinet member and investment minister Khalid Al-Falih amid broader funding concerns over the kingdom’s signature Vision 2030 development framework.

Foreign investment amounted to just 2.1% of GDP last year, according to Capital Economics. That’s well below the government’s Vision 2030 target. The research firm also forecasts government debt will balloon to 40% of GDP next year. That’s up from just over 30% last year and above consensus. 

Vision 2030, which now appears to be under review, represents Crown Prince Mohammed bin Salman’s blueprint for diversifying an economy still heavily reliant on hydrocarbon revenues.

Replacing Al-Falih is Fahad Al-Saif, sometimes also referred to as Fahad bin Abduljalil Al-Saif, a former HSBC banker.

Until his appointment, Al-Saif held various positions at the Public Investment Fund (PIF), Saudi Arabia’s $1.15 trillion flagship sovereign wealth fund. He was also instrumental in overhauling the kingdom’s capital-raising capabilities. Earlier, he played a role in roadshows aimed at mustering investor support for Saudi bond sales.

But the government’s recent signaling suggests Al-Saif will preside over a period of relative austerity while attempting to maintain investor support for a rolling set of reforms. His stewardship is likely to face an early test as policymakers’ attention is focusing on future foreign investment initiatives.

Recent reports imply that the government will soon announce a streamlined set of priorities and a pivot away from nosebleed-inducing megaprojects such as The Line, a 170-kilometer, multibillion-dollar planned smart city that makes up a segment of the ambitious Neom development.

Posts on social media have broadly welcomed Al-Saif’s appointment, variously describing him as a safe pair of hands fit to carry out a shift towards more mundane revenue-generating projects.

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MONEY

Sustainable Finance Awards 2026: Africa

Mar 10, 2026 Finance Desk



Sustainable Finance Awards 2026: Africa | Global Finance Magazine




























Home Awards Award Winners Sustainable Finance Awards 2026: Africa

Banks in Africa — including Absa, RMB, Nedbank, KCB, and Standard Bank — are driving critical SDG-focused projects.

Even though Africa is home to some of the world’s fastest-growing economies, the continent faces a funding gap as the 2030 target approaches to meet the Sustainable Development Goals (SDGs) adopted by the United Nations and tailored to the African Union’s Agenda 2063.

The SDGs aim to improve living standards for the African population by addressing issues such as hunger, education, clean water and sanitation, affordable and clean energy, inequality, and infrastructure.

While scrutiny of sustainability has increased, the African sustainable-finance market has continued to grow over the past two years. Debt volumes have been rising, for example, reaching a record of almost $13 billion in 2024, according to S&P Global.

However, the volume of sustainable bonds issued is less than 1% of the global total, which is insufficient to address Africa’s infrastructure and development needs. To meet these needs, Africa would need to close a funding gap between $670 billion and $762 billion per year by 2030, according to the UN Economic Commission for Africa and the African Development Bank, with the majority of the gap concentrated in the continent’s less developed countries.

This equates to a need for about $1.3 trillion in funding per year to fully achieve Africa’s SDGs. Despite these challenges, there have been significant advances in Africa as a direct result of efforts by African banks. Most importantly, this work has facilitated dramatic improvements in health outcomes over the past decade that are well above progress made elsewhere in the world.

Kenya Commercial Bank

Best Bank for Sustaining Communities

Sustainability is the Kenya Commercial Bank’s foundation for inclusive growth and economic resilience, and the bank’s success directly influences the health of the communities in which it operates. Through the KCB Foundation,

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the bank invests in education, climate adaptation, and inclusion. The foundation’s 2Jiajiri program has created almost 61,000 jobs and provided support through vocational training and financial access to about 37,000 businesses. A collaboration with the Mastercard Foundation expanded access to finance and training to entrepreneurs.

KCB also prioritizes community investment projects for water security, education, sustainable agriculture, and inclusion for vulnerable groups. These projects include five community boreholes in Marsabit, Kenya, that provide water to about 27,000 households and 95,000 livestock animals; scholarships that end poverty for families; financing and equipment for about 3,400 livestock farmers and 15 producer groups; and cash-transfer programs for 22,000 refugees.

Absa

Best Bank for Sustainable Finance

Best Impact Investing Solution

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Green Bonds

Absa is committed to building a sustainable future in Africa by financing projects that drive positive change, support the continent’s transition to clean energy, and nurture equitable, resilient, and future-focused communities. The bank is working to achieve net-zero emissions by 2050. To work toward this goal, Absa has facilitated and arranged over 29.1 billion South African rands ($1.8 billion) in sustainable-finance transactions in 2025.

The bank contributed 1.6 billion rand as part of a larger 3.8 billion rand debt-financing package to support power producer Red Rocket’s 150-megawatt (MW) wind project. The project will supply 100% renewable energy to Discovery Green, which in turn provides it to medium-and large-sized companies. The package will fund the project’s full life cycle, from design through construction to operations and maintenance.

Absa also contributed 50% of the 9.4 billion rand debt package for the Red Sands Battery Energy Storage System (BESS) through project-finance lending, hedging, guarantees, and agency and account bank services. Once operational, this landmark transaction under South Africa’s Battery Energy Storage Independent Power Producer Procurement Programme will be the largest standalone BESS in Africa. To reduce operational risk, the revenue model is based on availability and not dispatched energy. The project provides environmental and grid benefits through load shifting—energy is stored during the day and dispatched during peak periods—to create greater grid stability and capacity for additional renewable-energy projects.

Rand Merchant Bank

Sustainable Finance Deal of the Year (British International Investment Transition Finance Facility)

Best Bank for Social Bonds

Best Bank for Transition/Sustainability-Linked Loans

Rand Merchant Bank (RMB) has been actively tackling climate resilience and a just transition to a low-carbon world. To accomplish this, the bank incorporates climate factors into its capital allocation, risk appetite, portfolio monitoring, and reporting.

In 2025, the bank completed several landmark transactions, such as FirstRand Bank’s first social-bond issuance for female-owned businesses, totaling 2.5 billion rands. This bond directly addresses barriers to financial inclusion, economic participation, and job creation for women by providing capital to women entrepreneurs.

RMB also arranged for the refinancing of Mediclinic’s 9 billion rand sustainability-linked loan across four lenders in what is currently one of the largest syndicated sustainable-finance transactions in South Africa. Mediclinic operates private hospitals that provide multidisciplinary acute care in South Africa and Namibia.

The bank has also developed a new transition-finance asset class and associated framework for allocating funds to projects facilitating emissions reductions. RMB served as the transition-finance adviser to FirstRand in the 2.6 billion rand facility from British International Investment, the UK’s development finance institution and impact investor. This facility mobilized international capital for Africa’s climate goals by funding transition loans across South Africa and the broader continent to support the decarbonization of hard-to-abate sectors, such as industrials, energy, and cement. The facility also creates a blueprint for how private and development finance can work together to advance the energy transition in emerging markets.

Nedbank

Best Platform/Technology Facilitating Sustainable Finance

Best Bank for Sustainability Transparency

Nedbank is working toward having the entirety of its lending and investment portfolio support a net-zero carbon economy by 2050. The bank’s strategy supports clients and communities while focusing on scalable sustainable-development finance that advances economic decarbonization and inclusive growth.

The bank incorporates transparency into its energy policy so that stakeholders can better understand and monitor its progress. Nedbank tracks and reports its environmental impact, to include exposure to thermal coal, oil, gas, and power generation. Along with Nedbank’s energy policy and nature-position statement, the bank produces glide paths with a framework for its net-zero transition. Position statements on climate change and nature address related risks and opportunities and provide thought leadership on sustainability issues and financing.

Nedbank also leverages technology and analytical tools that provide integral insight into its sustainable financings. The bank’s Climate Risk Tool analyzes how various climate events affect financed properties. The bank captures data not native to its existing systems and uses these in combination with existing data to estimate and report financed emissions that align with accounting methodologies.

Nedbank’s Building Efficiency Scale captures water and energy efficiencies in buildings, and the inhouse EDGE certification tool democratizes green-building certifications to address the low number of green-certified buildings in South Africa.

Standard Bank

Best Bank for Sustainability Bonds

Best Bank for ESG-Related Loans

Standard Bank has made sustainability a strategic priority and uses an approach that maximizes the positive impact while successfully managing risk. The bank focuses on business growth and job creation, infrastructure development, climate mitigation and adaptation, and financial health and inclusion.

The bank served as sole arranger and sustainability coordinator for the Industrial Development Corporation’s inaugural 2 billion rand sustainable bond and 1.4 billion rand private placement. These bonds were listed on the Johannesburg Stock Exchange Sustainability Segment and are helping advance South Africa’s transition to a more inclusive, low-carbon economy. The bonds will fund projects in renewable energy; energy efficiency; sustainable water management; clean transport; socioeconomic advancement; and MSME financing. They will also support initiatives for grid decarbonization and the growth of independent power producers.

Standard Bank also delivered a 6.1 billion rand debt package to the NOA Group to design, construct, commission, and operate the 505 MW Khauta solar photovoltaic (PV) facility in South Africa. This landmark project includes plans to build a BESS and connect an existing substation to the province’s strong grid via overhead lines. In addition to reducing carbon emissions, this green project will create jobs during construction and operation.


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MONEY

Sustainable Finance Awards 2026: Central Eastern Europe

Mar 10, 2026 Finance Desk



Sustainable Finance Awards 2026: Central Eastern Europe | Global Finance Magazine




























Home Awards Award Winners Sustainable Finance Awards 2026: Central Eastern Europe

These Central and Southeastern Europe banks are expanding ESG financing, green bonds, and sustainable infrastructure.

Last year may well go down as the year Central and Southeastern Europe truly came to grips with climate change—three heat waves across late spring and summer, unseasonal heavy rain, and serious flooding (which affected harvests across the region) proved that climate change can no longer be ignored.

Banks across the region have recognized the opportunities and are demonstrating ingenuity in developing new green-financing techniques. They are working closely with multinational institutions such as the International Finance Corporation (IFC) and the European Bank for Reconstruction and Development (EBRD) to help implement the EU’s Green Deal and make the continent the world’s first climate-neutral one.

Last year’s Central and Eastern Europe (CEE) Sustainable Finance Summit—held in May 2025, with this year’s summit scheduled for September—highlighted the region’s priorities. Many of these reflect CEE’s Communist past, in which pollution was exacerbated by a reliance on polluting coal and lignite and by a system that worked against conservation.

Financing in the energy sector remains key, with CEE aiming to increase the share of renewables from 30% of total energy consumption today to 75% by 2050. In addition, CEE and Southeastern European countries need about €8 billion annually for low-carbon technologies, particularly in infrastructure, transport, and energy.

The summit concluded that although there has been some pushback on ESG, there is growing awareness of the need to recalibrate it, especially where it excludes investments in defense and security. Reflecting the deterioration in Europe’s geopolitical situation over the past few years, among other things, the summit concluded that “security and defense can and should be reframed as part of broader sustainability and resilience agendas. Long-term peace and democracy are fundamental to sustainable societies.” 

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Raiffeisen Bank International

Best Bank for Sustainable Finance

Best Bank for Green Bonds

Best Bank for Sustainability Bonds

Raiffeisen Bank International (RBI) is hardly a stranger to sustainable finance—the Austrian-based entity was among the first to sign the UN Principles for Responsible Banking and has embedded ESG across its strategy, now fully aligned with global standards. Since launching its first green bond in 2018, the bank has built a €5 billion sustainable bond portfolio across multiple currencies and countries.

By November 2025, ESG-labeled bonds were worth some €5 billion, 20% of the total €24.6 billion issued. Raiffeisen Bank Hungary issued a successful €300 million in green bonds in June 2025, while RBI’s €500 million benchmark green bond, issued in November 2025, was oversubscribed by a record amount, demonstrating strong demand for the product and the trust in which RBI is held.

One of RBI’s notable sustainable-finance achievements in 2025 was the relaunch of its Sustainability Bond Framework. According to Markus Ecker, RBI’s head of Sustainable Finance, “RBI will expand eligible green-loan categories and further strengthen advisory services to help clients transition. The goal: deeper emissions reductions and accelerated decarbonization across Central and Eastern Europe.”

RBI has also been active in issuing ESG loans: These increased 14.9% YoY to €19.3 billion at the end of September 2025.

Garanti BBVA

Sustainable Finance Deal of the Year: Antalya-Alanya Motorway Project

Best Bank for Sustaining Communities

Garanti BBVA, one of Turkey’s largest banks, with 28 million customers and almost 800 branches, was established in 1946 as Garanti Bank and is now 86% owned by Banco Bilbao Vizcaya Argentaria (BBVA). Garanti has made sustainable investment core to its strategy. It seems only right that it should win these two prestigious awards, as its efforts are linked.

The bank’s community investment programs’ strategy comprises four focus areas aimed at sustaining and enriching communities: education for all, reducing inequality, accessible culture and knowledge production, and combating the climate crisis. Garanti monitors the outcomes of its programs using internationally recognized measurement and research techniques through social-impact analysis, ensuring that every Turkish lira invested generates substantially more value.

This emphasis on bringing people together made Garanti BBVA a natural fit for the flagship Antalya-Alanya Motorway Project. The new 122-kilometer motorway connecting Antalya to Alanya is one of Turkey’s major infrastructure developments.

Garanti BBVA participated in €1.7 billion in financing for the project, which will reduce travel time from two-and-a-half hours to just 36 minutes. According to the bank, the motorway will enhance productivity, contribute to overall economic growth, and generate annual savings of approximately 16.9 billion Turkish lira ($385.4 million) in time and 800 million lira in fuel consumption, resulting in a total yearly economic benefit of nearly 17.7 billion lira.

The new corridor will reduce carbon emissions by 47,000 tons per year, helping to preserve the pine forests of the Taurus Mountains as well.

Akbank

Best Impact Investing Solution

Best Bank for Sustainability Transparency

Best Bank for Social Bonds

Akbank’s Sustainable Finance Framework—which had a portfolio of almost $4 billion at the start of 2025—is among the most ambitious and far-reaching in Turkey and the wider region, helping the bank to secure three of our CEE regional awards.

Akbank’s submission underscored the seriousness with which it approaches impact investing, stating, “We encourage investors to direct their capital toward areas and companies that contribute to the well-being of the planet.”

To prove it, Akbank launched Turkey’s strategic partnership with the UN Development Programme’s Cool Up program, which seeks to advance sustainable-cooling finance to mitigate the climate impact of cooling technologies.

Regarding sustainability transparency, Akbank has launched a series of initiatives, including active participation in the development of the EU’s Green Asset Ratio calculation criteria in conjunction with the Turkish Banking Association’s Sustainability Working Group and the banking sector’s Green Asset Ratio Working Group.

In 2025, Akbank began implementing the green transformation score for commercial, corporate, and SME clients in the 2030 target sectors. The scores are based on client-level transition practices, such as the availability of science-based climate targets, the implementation or planning of low-carbon practices, and the availability of low-carbon products.

This serious approach to transparency and commitment to social bonds is reflected in the bank’s raising of its sustainable-finance target for 2030 to 800 billion lira, having exceeded the bank’s previous 200 billion Turkish lira target.

PKO Bank Polski

Best Platform/Technology Facilitating Sustainability Finance

In response to customer demand for support with ESG, the energy transition, and sustainability generally, PKO Bank Polski—Poland’s largest bank by assets and a leader in ESG financing and bond issues—launched energiatransformacji.pl in 2025.

The new service, an interactive business hub, offers tools to help customers with their energy transition strategy (carbon footprint calculators and a subsidy search engine) and includes an educational database on ESG, sustainable development, and financing.

The initiative reflects PKO BP’s 2025-2027 strategy to secure a 20% share of Poland’s energy transition financing.

VUB

Circular Economy Commitment

As part of the Intesa Sanpaolo Group, VUB has long been committed to the highest ESG standards. Much of this focus has been on the consumer sphere, reflecting the Slovak bank’s strong position in its home market and in Czechia.

A typical example of VUB’s capacity for innovation was the introduction of a new Building Reconstruction Simulator that combines real-time market calculations and expert insight to help homeowners make informed, sustainable decisions when undertaking domestic renovations.

For corporate clients, particularly SMEs, the bank has introduced special minibonds that enable the issuance of direct debt securities to finance ESG-related projects. These include specific offerings to promote the circular economy, as well as the installation of renewable-energy projects and energy-efficiency upgrades.

Bank Pekao

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Transition/Sustainability-Linked Loans

Poland’s second-largest bank, established in 1929, has prioritized ESG investing and lending over the past decade, becoming one of the largest players domestically and in the CEE region. In 2025, Bank Pekao unveiled its 2025-2027 strategy, outlining its main plans and priorities, building on its 2023 Sustainable Finance Framework.

In the first three quarters of 2025, Bank Pekao financed green projects totaling 5.1 billion Polish zloty ($1.4 billion), up from 3.7 billion zloty in 2024, aiming to reach 9 billion zloty by the end of 2027.

Along with other banks, Bank Pekao has provided financing for the approximately €6.3 billion construction of the Baltyk 2 and Baltyk 3 wind farms in the Baltic Sea, developed by Polenergia and Equinor. The wind farms have a total capacity of over 1.4 gigawatts and can supply green energy to over 2 million Polish households. The farms should start producing energy in 2027 and reach full operational capacity in 2028.

In 2025, Bank Pekao also helped issue a syndicated €300 million loan to a leading energy company, issued five-year green bonds for a leading telecoms company totaling 700 million zloty, and issued bonds worth 1 billion zloty for sustainable development for a large retail company.

QNB Bank

Best Bank for Blue Bonds (New for 2026)

In October 2024, QNB Bank issued Turkey’s first blue bond, in collaboration with the IFC as the sole investor, for $25 million and a five-year maturity.

The bond is financing nearly all water conservation activities, including wastewater management, boosting sustainable tourism, reducing marine pollution, and enabling sustainable fishing.

The bond was issued under QNB Group’s Sustainable Finance and Product Framework. Late last year, QNB Bank again cooperated with the IFC, alongside the EBRD, to complete a $100 million climate transition bond issue, the first of its kind, focused on financing decarbonization efforts in carbon-intensive sectors such as cement production and steel, which are generally excluded from green bonds because of their high emissions.

This climate transition bond is viewed as a strategic link to green and ESG finance.


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MONEY

Oil prices fall as Trump floats possible sanctions relief

Mar 10, 2026 Finance Desk

Oil prices fell sharply after US President Donald Trump said on Monday that the war against Iran could be short-lived and that Washington was considering waiving oil-related sanctions on certain countries to ease pressure on crude markets.


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“So in some countries, we’re going to take those sanctions off until this straightens out,” Trump told reporters, without naming which countries were under consideration.

The United States currently maintains sanctions affecting oil trade against a small group of countries: Iran, Venezuela, Russia, Syria and North Korea.

Trump also said he spoke with Russian President Vladimir Putin on Monday to discuss the war and other issues.

Oil prices retreated from recent highs, with both WTI crude and Brent futures falling more than 9%. Brent was trading just below $90 during the European morning, while WTI stood at $85.40 a barrel.

Prices had briefly surged to their highest level since 2022, nearing $120 a barrel, a day after Iran’s Assembly of Experts appointed Mojtaba Khamenei as supreme leader in succession to his late father.

Investors read the appointment as a signal that Tehran was digging in, ten days into the war launched by the United States and Israel.

But prices later fell, and US stocks rose on hopes that the war with Iran may not last much longer.

“We took a little excursion” to the Middle East, “to get rid of some evil. And, I think you’ll see it’s going to be a short-term excursion,” Trump told Republican lawmakers at his golf club near Miami.

However, he left open the possibility of an escalation of fighting if global oil supplies are disrupted by the Islamic Republic, which chose a new hardline supreme leader.

Hours later, Trump posted on social media.

“If Iran does anything that stops the flow of oil through the Strait of Hormuz, they will be hit by the United States of America twenty times harder than they have been hit thus far.”

In an apparent response to Trump’s remarks, Iranian state media reported that Ali Mohammad Naini, a spokesperson for the paramilitary Revolutionary Guard, said that “Iran will determine when the war ends”.

Stock markets cheer the news

All major European stock markets opened sharply higher.

The FTSE 100 in London gained more than 1.1%, the CAC 40 in Paris jumped 1.9%, the DAX in Frankfurt rose 2%, benchmark indices in Madrid and Milan were up 2.5%, and the Stoxx 600 gained 1.7%.

Asian shares also rebounded on Tuesday after sharp declines the previous day, as investors wagered the conflict might be short-lived.

Tokyo’s Nikkei 225 added 2.9%, also buoyed by revised government data showing Japan’s economy grew at an annual pace of 1.3% in the final quarter of last year — well above the initial estimate of 0.2%, driven by solid business investment.

South Korea’s Kospi jumped 5.4% and Australia’s S&P/ASX 200 gained 1.1%.

“Today is the rebound — obviously [after] positive comments from President Trump overnight. We’re starting to see the light at the end of the tunnel for the war,” said Neil Newman, head of strategy at Astris Advisory Japan.

“Volatility is going to remain with us, but things are certainly looking a lot brighter today.”

Hong Kong’s Hang Seng added 2.1% and the Shanghai Composite rose 0.6%.

Share prices have been swinging largely in tandem with oil, which has gyrated as the conflict has deepened.

The central uncertainty for markets is how high crude prices will go and how long they will stay there, given ongoing disruptions to Middle Eastern energy infrastructure.

If oil remains very high for an extended period, households already stretched by inflation could come under severe pressure, while companies would face sharply higher bills for fuel and logistics.

The risk is a worst-case scenario for the global economy: stagflation, where growth stagnates and inflation stays elevated.

Attention has focused in particular on the Strait of Hormuz, the narrow waterway off Iran’s coast through which a fifth of the world’s oil passes on a typical day.

Iran has threatened to attack ships sailing through the strait.

If it remains closed for even a few weeks, oil could push to $150 a barrel or higher, according to strategists at Macquarie Research. Trump said separately that he was “thinking about taking it over,” according to CBS.

In bond markets, the yield on the 10-year US Treasury fell to 4.10% from 4.15% late Friday after briefly rising above 4.20% on Monday morning as oil price fears pushed yields higher.

Yields retreated when crude eased later in the day.

In currency markets, the dollar edged up to 157.48 yen from 157.67, while the euro was unchanged at $1.1638.

Gold rose 1.7% to $5,191.8 an ounce. Cryptocurrency markets also gained, with most leading tokens up between 1% and 2%.

Bitcoin outperformed, rising 2.6% to $70,863 according to the CoinDesk Bitcoin Price Index.

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POLITICS

Does Tom Steyer have real momentum or just a ton of money?

Mar 10, 2026 Politics Desk

HARTSVILLE, S.C. — Rachel Minus is not impressed by the Democratic presidential candidates. They’re just recycling tired talking points for African American voters like her, she said — with one curious exception.

The South Carolina millennial is all in for Tom Steyer, a Bay Area billionaire who’s been caricatured by critics as the definition of a rich, entitled white guy.

“I get the feeling he cares about us,” Minus said, as she waited for Steyer to take the stage here at the Jerusalem Baptist Church, a black congregation dating to the late 1800s. “The other candidates say things that are lip service. We have seen it year after year with the Democratic Party. So when they keep repeating the same talking points, you listen to it and it falls on deaf ears. He’s genuine.”

That sentiment is especially significant in a state where about 3 in 5 Democratic voters in the presidential primary four years ago were African Americans. Steyer’s aggressive spending here and in Nevada bought enough support in state polls to allow the former hedge-fund manager to qualify for last week’s nationally televised Democratic debate, much to the annoyance of some rivals and a chorus on social media.

As a campaigner, his personal politicking is uneven and he is prone to rambling. His one viral moment came when Steyer was caught on camera post-debate, awkwardly trying to greet rivals Bernie Sanders, the Vermont senator, and Massachusetts Sen. Elizabeth Warren even as the two were in the middle of a heated, private exchange.

“You got caught in the crossfire!” Congresswoman Alma Adams joked at a news conference Saturday morning next door in Charlotte, N.C. (The event was about Steyer’s plan for investment in historically black colleges and universities, but the two never got around to talking about the endorsement or the policy details.)

Steyer knows something about organizing in minority communities. In the years before running for president, he built a national advocacy machine that galvanized community activists, registered young voters and persuaded Californians to raise billions in taxes — all to advance the causes of social justice, action against climate change and affordable healthcare.

Although Washington insiders generally dismiss his recent momentum as likely to be short-lived, some of this area’s political denizens aren’t so sure.

“People are saying, ‘This guy, maybe we ought to look at him,’” said Bruce Ransom, a political science professor at Clemson University. “Is it enough to prevail in February? Doubtful. But if the candidates come into the election here all bunched up and he has an established foothold, then who knows?”

A recent Fox News poll showed that Steyer has moved into second place in South Carolina, with 15% support among likely Democratic primary voters. While that’s 21 percentage points behind former Vice President Joe Biden, Steyer is running a “high-tech, high-touch” campaign, said Antjuan Seawright, a South Carolina political strategist unaffiliated in the race. “He’s got some soldiers on the field who know how to do war in South Carolina.”

Ninety percent of the campaign’s nearly 100 organizers are from South Carolina. They are in all of the state’s 46 counties, and more than half are organizing neighborhoods within 10 miles of where they were born. “Instead of bringing in folks from other states who need to learn the lay of land, our team is literally organizing their friends, their family and their neighbors,” said Brandon Upson, Steyer’s national organizing director.

Columbia Mayor Steve Benjamin, a national co-chair of rival Michael R. Bloomberg’s campaign, said he’s received more mail from Steyer than all the other candidates combined. (Bloomberg made a strategic decision to not compete in South Carolina, focusing his campaign instead on bigger states that vote later.)

At events in both North and South Carolina over the weekend, Steyer told diverse crowds that the media has gotten him all wrong. “I know that when I’m described in the press, I’m often described as a rich person or a billionaire,” Steyer told black leaders in Charlotte. “I think I’m a different person from that two-dimensional stereotype.”

He talked of his mother’s work as a tutor in a Brooklyn detention center. He stressed the community bank in Oakland that he ran with wife Kat Taylor, who puzzled some attendees at Steyer’s events by abruptly bursting into song, sometimes Billy Joel’s “Summer, Highland Falls,” when she introduced him. At every stop, he talked of the urgency of reparations for descendants of enslaved people. Steyer is not the only candidate emphasizing issues of race but he is doing so most persistently in South Carolina.

The anger Steyer seems to instill among President Trump’s supporters in inland South Carolina so intrigued Democrat Paula Wise, an African American insurance company employee, that she came to see him over the weekend. “It tells me this is somebody I really need to look at,” she quipped.

Not one of the many Democratic voters interviewed in the state were troubled by Steyer’s use of his deep bank account to gain traction.

“It is like a knife,” said Shalon Jordan, 40, a tax preparer in Hartsville. “You can use the knife to hurt somebody. Or you can make a great meal. If he is going to make a great meal with his billions, then that is a good thing.”

Supporters talk openly about the transactional nature of politics. As Johnnie Cordero, the head of the Democratic Black Caucus of South Carolina, announced his endorsement in Florence, he praised the hiring Steyer has done — from the Democratic Black Caucus of South Carolina.

“Part of what makes you a serious candidate for African Americans in South Carolina is the fact that you put your money where your mouth is,” Cordero said. “Why is it alright for a billionaire donor to support the Democratic Party, but that same billionaire donor cannot put his money where his mouth is and support a campaign for himself?”

Steyer raised the topic of his hedge-fund fortune only to press his case that he, as a financial titan, can best call out Trump as a fraud. And he distinguished himself from the other billionaire in the race, former New York Mayor Bloomberg.

“We have totally different backgrounds and experiences,” Steyer said as his campaign bus rolled through rural South Carolina. “If someone as rich as Bloomberg wants to represent Democrats … he especially needs to embrace a wealth tax.” Bloomberg, whose fortune dwarfs that of Steyer, says rich people should pay higher taxes, but he has pilloried wealth-tax proposals as Venezuelan-style socialism.

Both Steyer and Bloomberg emphasize the “climate emergency” more than other candidates. After a spate of natural disasters in the South, the issue seems to be catching on for Steyer. “Four years ago that may not have resonated here,” said Benjamin, the Columbia mayor. “Now it resonates a lot. We have seen several years of what were supposed to be ‘once in a lifetime’ events.”

Sen. Bernie Sanders, left, and Tom Steyer at a Martin Luther King Jr. Day event in Columbia, S.C.

Sen. Bernie Sanders, left, and Tom Steyer at a Martin Luther King Jr. Day event in Columbia, S.C.

(Sean Rayford / Getty Images)

Steyer is betting that his money will enable him to outlast Biden, who enjoys the most support among African American voters of any Democratic candidate, and that a weak showing by the former vice president in Iowa or New Hampshire, the first states to vote, will weaken Biden’s base of support in the South.

It’s a long-shot gamble, but Steyer takes encouragement from voters like Wes Simmons, a 64-year-old business consultant who was among the roughly 200 people in Charlotte who came to hear him Friday night.

“Biden is showing his age,” Simmons said. “He is not as sharp, not as quick. And Trump is a mean-spirited campaigner. There are folks wondering, what is the alternative? What else is out there?”

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EU ministers eye oil reserves to contain energy prices and inflation as Iran war rages

Mar 9, 2026 Finance Desk

EU economy and finance ministers are gathering in Brussels on Monday and Tuesday to discuss how to respond to surging energy prices and anticipated inflation amid the ongoing strikes and counter-strikes in the Middle East.


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“We are ready to take necessary and coordinated steps in order to stabilise markets, such as strategic stockpiling,” French Economy Minister Roland Lescure told journalists on Monday after chairing a meeting of G7 finance ministers.

Asked whether G7 finance ministers had agreed on releasing the system’s strategic stockpile, Lescure said: “We are not there yet.”

“What we’ve agreed upon is to use any necessary tools to stabilise the market, including the potential release of necessary stockpiles. The work is going to keep being done in the next couple of days”, the French minister said.

German Vice-Chancellor Lars Klingbeil said on Monday that his country is open to unlocking the oil reserve, but that “this is not the right time”.

The International Energy Agency’s member countries currently hold over 1.2 billion barrels of public emergency oil stocks, with a further 600 million barrels of industry stocks held under government obligation.

Oil prices have rocketed since the Israeli and US attacks on Iran on 28 February, which killed some 40 Iranian leaders, including the country’s supreme leader, Ayatollah Ali Khamenei. The conflict has now expanded into other countries in the region, including Lebanon and Gulf countries, with retaliatory attacks by Iran hitting civilian energy facilities and US bases.

Mojtaba Khamenei, the former Ayatollah’s son, was elected as successor on Monday, providing continuity in leadership for the current regime.

The price for a barrel of Brent crude, the international benchmark, surged to $119.50 early on Monday, but later traded around $107.80 after the Financial Times indicated that the use of reserve oil to respond to the crisis was on the table.

Leading European stock market indexes started the week with a big sell-off, following a major drop across Asian markets and surging oil prices.

The war is showing no sign of de-escalation. On 4 March, Qatar announced the suspension of its LNG production; then, over the weekend, Israel struck Iranian energy infrastructure while passage through the critical Strait of Hormuz remained suspended.

Energy prices in Europe will be affected, and inflation is likely to rise in the coming months. However, some EU diplomats and the European Commission indicates that the current situation presents significant differences from the energy crisis Europe experienced when the war in Ukraine started in February 2022.

“Thanks to the decisive actions we have taken over the past years, Europe’s energy system is better prepared and way more resilient today. Our energy sources are more diverse and cleaner. Our coordination is stronger,” European Commissioner for Energy Dan Jorgensen wrote on X on 6 March.

He called on the bloc to double down on the energy transition and continue to expand clean and homegrown renewable energy and energy efficiency efficients, all while modernising Europe’s energy infrastructure.

Spanish Economy Minister Carlos Cuerpo told journalists on Monday that the EU should take inspiration from the response to the 2022 crisis as it formulates its response to the war.

A different crisis?

This crisis is also structurally different from the one that exploded in 2022, an EU government official told Euronews.

When Russia’s full-scale invasion of Ukraine began, Europe needed an “infrastructure reset” with a new portfolio of suppliers, the official said – whereas in the current case, “the release of reserves and re-opening of routes could see prices going down faster”.

However, the situation remains extremely volatile, as it is highly dependent on when the Strait of Hormuz will reopen and when production will resume in top LNG-exporting countries.

Discussions on Monday and Tuesday among EU ministers are expected to touch upon energy prices with the European Commission, while euro-area ministers are set to discuss with the European Central Bank how the war could impact inflation and the overall macroeconomic outlook.

While EU ministers are not expecting to put forward a common strategy on the table by the end of the meetings, the EU institutions will present an update of the situation. Most of the member states will likely present their remarks based on their national assessment of the war’s impact, an EU diplomat told Euronews.

Maria Tadeo contributed reporting.

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Sustainable Finance Awards 2026: Latin America

Mar 9, 2026 Finance Desk



Sustainable Finance Awards 2026: Latin America | Global Finance Magazine




























Home Awards Award Winners Sustainable Finance Awards 2026: Latin America

This year’s regional winners advanced sustainability by issuing green, blue, social, and transition bonds while funding renewable energy projects across LatAm.

There has been steady progress in Latin America toward a sustainability agenda. Since the region’s first green bond was issued in 2014, over $164 billion has been raised in international markets, according to the UN Economic Commission for Latin America and the Caribbean. Despite these gains, a $650 billion annual funding gap needs to be closed to meet the UN’s SDGs by 2030. Currently, only 23% of these goals appear likely to be achieved, and the remaining goals are stagnating unless accelerated progress is made.

According to the World Economic Forum, 70% of the region’s electricity is supplied by renewables, including solar, wind, and hydropower. Even so, many economies still export fossil fuels and minerals while importing refined fuels and gas, creating a complex landscape.

The region is also becoming a global leader in blue-finance markets, with prominent Latin American banks issuing some of the largest blue bonds and developing frameworks for blue loans, both of which fund clean water and sanitation projects. To enhance the blue economy within the region, the Development Bank of Latin America and the Caribbean plans to invest $2.5 billion in the blue economy through 2030 to boost conservation efforts and encourage economic growth.

Many of this year’s winning banks work with clients to support the transition to clean energy. In this spirit, these banks continue to innovate as Latin America becomes a more sustainable region.

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BTG Pactual

Best Bank for Sustainable Finance

Sustainable Finance Deal of the Year: EcoRioMinas – Green Transition Bonds

Best Bank for Sustainability Transparency

Brazilian-based BTG Pactual is one of the more innovative banks within the sustainable-finance market. In 2020, the bank committed to a tenfold increase in the volume of ESG bonds issued by 2025 and achieved this goal in 2023. Despite high interest rates and corporations revisiting ESG strategies, BTG Pactual structured about $2 billion in eight labeled green, blue, sustainability, and green transition bonds.

Brazil’s infrastructure is increasingly challenged to demonstrate measurable climate commitments, and the rapidly evolving transition-finance market advances credible long-term decarbonization strategies into reality while providing investors with transparency and accountability regarding emissions. BTG Pactual worked with EcoRioMinas to structure one of the first green transition bonds in Brazil.

This 540 million Brazilian real (about $104.4 million) issuance finances transition-oriented projects, like renewable-energy facilities, LED lighting systems, paving-material reuse, and reforestation and landscape restoration initiatives. This transaction addresses a highway’s environmental footprint by expanding energy efficiency and reusing existing resources to reduce consumption.

BTG Pactual also raised 542 million reais for an impact-investing fund for private equity investments in SMEs. The bank launched an ESG bond fund and intends to raise $100 million that will be dedicated to sustainable finance. BTG was also selected to manage the Espírito Santo Decarbonization Fund seeded with 500 million reais from Brazil’s sovereign fund to finance low-carbon projects.

BancoEstado

Best Impact Investing Solution

Best Bank for Sustaining Communities

BancoEstado aims to generate long-term value and help advance Chilean commitments on climate change. Specifically, the bank is working toward net-zero by 2030 for operational emissions and by 2050 for financed emissions.

The bank empowers citizens through its Social Leaders Academy, which provides training to leaders so they can teach communities how to access housing and support microentrepreneurs. This educational model improves living standards throughout Chile by strengthening the right to adequate housing.

BancoEstado’s Impacto Verde initiative promotes inclusive economic development by connecting MSMEs with large corporations. These relationships ultimately bolster Chile’s business ecosystem by strengthening supply chain standards and expanding MSMEs’ access to banking services. The program also promotes shared growth between corporations and MSMEs and offers startups tailored products and services better suited to small businesses.

In its work to sustain communities, the bank has provided financing for infrastructure through transition- and sustainability-linked products. These products have financed electric buses for new public transportation fleets and nonconventional renewable-energy plants, for example. These ESG loans are aimed at companies that measure socioenvironmental factors, and the loan rate is adjusted based on compliance with these indicators. These factors focus primarily on reducing water use and greenhouse gas emissions.

Itau BBA

Best Bank for Sustainable Infrastructure/Project Finance

Best Bank for Blue Bonds

Best Bank for Transition/Sustainability-Linked Loans

Itau BBA recently published its new ESG strategy anchored in climate transition, diversity, development, and sustainable finance. The bank set a new goal in 2024 to mobilize 1 trillion reais in sustainable finance by December 2030. This is aligned with the green taxonomy of the Federation of Brazilian Banks, Febraban, and integrates internal ESG criteria and leading international frameworks.

The bank partnered with Bracell, a global producer of specialty cellulose, in a sustainability-linked loan with targets that must be met by 2030 or a financial penalty will be applied. These targets include a 28% reduction in greenhouse gas emissions, a 19.3% reduction in water usage, and an 81.8% reduction in landfill waste. This loan helps Bracell meet broader commitments to reduce its carbon footprint, increase operational efficiency with cleaner technologies, and support biodiversity. This partnership works to highlight an initiative to foster industrial practices that drive economic growth while contributing to environmental preservation.

The bank also acted as joint bookrunner on Aegea’s $750 million blue bond issuance, one of the largest in the international market. The funds are earmarked for infrastructure for water supply, sewage collection, and protection for marine ecosystems. This transaction aims to provide access to water for 99% and sewage systems for 90% of the population by 2033.

Bradesco BBI

Best Bank for Green Bonds

Best Bank for Social Bonds

Best Bank for Sustainability Bonds

IBradesco BBI has been recognized for its diversity, respect and racial equality. The bank initially set a goal to mobilize 250 billion reais in sustainable finance by 2025 and has since increased that goal to 350 billion reais over the same period. This was achieved in September 2025. During the year, the bank completed 17 ESG transactions that included nine green bonds, two social bonds, and five sustainability bonds.

Bradesco has also worked to establish innovative programs, like the Eco Invest Program that is led by the Brazilian National Treasury and aims to attract foreign investment for the country’s ecological transformation projects. The bank and the power utility Neoenergia, Iberdrola’s Brazilian subsidiary, completed one of the first green bond issuances under this program, raising 1 billion reais in transactions. The proceeds will be used to modernize the power infrastructure within Brazil.

This work will include installing smart grids; burying lines underground to protect them from climate risk; and upgrading substations, transmission lines, and distribution networks. Re.green secured 80 million reais from Brazil’s Climate Fund in a landmark biodiversity-labeled transaction in which Bradesco provided a guarantee letter and ESG advisory services. Re.green is focused on restoration efforts that boost an ecosystem’s recovery when that area has been damaged, destroyed, or degraded. These funds will be used to reforest 15,000 hectares in priority areas.


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G7 ‘not there yet’ on releasing oil reserves as Iran war drives price surge

Mar 9, 2026 Finance Desk

By Quirino Mealha with AP

Published on •Updated

G7 finance ministers discussed a coordinated release of emergency oil reserves on Monday but failed to reach agreement, with France’s Roland Lescure saying the group was “not there yet” on a deal.


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The G7 was exploring a coordinated release of emergency oil reserves to tamp down fears of an impending shortage but stopped short of a deal.

Japan’s finance minister, Satsuki Katayama, said the International Energy Agency (IEA) explicitly requested the coordinated release during the G7 meeting, according to Bloomberg.

Brent crude briefly hit $119.50 a barrel on Monday morning, its highest level since 2022, having jumped roughly 25% since Friday as the Iran war intensified, raising fears over global production and shipping.

At the time of writing, oil prices pared gains and are trading slightly below $100 a barrel, as markets remain highly volatile.

Stock markets fell worldwide on concerns the global economy would not be able to absorb a sustained oil price shock.

Equity markets drop over uncertainty

At the open on Monday, the S&P 500 fell 1.3%, coming off its worst week since October. The Dow Jones Industrial Average was down 1.5% and the Nasdaq composite 1.2% lower.

The most immediate pain on Wall Street is hitting companies with large fuel bills. Carnival lost 7.3%, United Airlines sank 6.9% and Old Dominion Freight fell 3.8%.

Retailers dependent on long-haul shipping, whose customers are also facing higher petrol costs, also struggled. Best Buy fell 4.4% and Williams-Sonoma dropped 4%.

The moves followed steeper losses in European and Asian markets, where economies are more exposed to imported oil and gas. South Korea’s Kospi sank 6%, Japan’s Nikkei 225 dropped 5.2% and Europe’s Euro Stoxx 50 tumbled 1%.

Potential stagflation scenario

Since the war with Iran began, the central worry for financial markets has been how high oil prices will go and how long they will stay there.

If prices stay very high for very long, household budgets already stretched by high inflation could break under the pressure.

Meanwhile, companies would see their own bills jump for key items such as fuel and stock items, as well as for powering their data centres.

It all raises the possibility of a worst-case scenario for the global economy: stagflation, or a period when economic growth stagnates and inflation remains persistently high.

Late on Sunday, President Donald Trump countered this narrative by assuring that high oil prices at the moment are both worth the cost and only temporary.

“Short term oil prices, which will drop rapidly when the destruction of the Iran nuclear threat is over, is a very small price to pay for U.S.A., and world, safety and peace,” he said in a post on Truth Social.

In the bond market, the yield on the 10-year Treasury held at 4.15%, where it ended Friday.

Worries about high inflation and oil prices are applying upward pressure on Treasury yields, while risks of a slowing economy are pulling in the opposite direction.

Concerns about stagflation deepened on Friday following a surprisingly weak US jobs report showing that employers cut more jobs last month than they added.

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Sustainable Finance Awards 2026: North America

Mar 9, 2026 Finance Desk

North American sustainable-finance issuance suffered due to ESG backlash and regulatory tensions, but Canada remained resilient and adaptation finance emerged.

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Last year, sustainable-finance issuance in North America fell off a cliff.

According to Moody’s, issuance fell from 2024’s $124 billion to $67 billion—a far cry from the 2021 peak of $175 billion. Almost all the drop was attributable to the US, where prominent banks followed the six big players that withdrew from the UN-convened Net-Zero Banking Alliance beginning in December 2024. This reflects ongoing polarization and growing political scrutiny of ESG, as well as banks shifting focus to areas such as energy security. The sharp drop in ESG issuance was reflected in the paucity of North American entries Global Finance received for this year’s Sustainable Finance Awards.

The pattern looks set to continue into 2026 as the ESG pushback persists. Sustainable Fitch, a Fitch Solutions company, says, “We expect investors to continue to face challenges navigating the North American ESG regulatory environment as diverging pressures persist between state and federal requirements in the US.”

The one bright spot is Canada—admittedly a much smaller player than the US—where leading banks continue to prioritize ESG and increase issuance. “There may be some momentum in late 2026 as Canada finalizes its new green and transition taxonomy,” Sustainable Fitch forecasts.

Generally, the group anticipates that adaptation finance will be a major growth driver “as global attention shifts from mitigation to resilience amid increasingly frequent and severe extreme-weather events, shaping investment strategies and policy frameworks.” Meanwhile, multinational asset management company Schroders anticipates “an increased emphasis on demonstrating the returns and value of sustainability efforts.”

Best Bank for Sustainable Finance

Circular Economy Commitment

Best Bank for Sustaining Communities

Best Bank for Sustainability Transparency

Best Bank for Blue Bonds (New for 2026)

Best Bank for Social Bonds

Best Bank for Sustainability Bonds

Scotiabank

Scotiabank’s deep and extensive commitment to sustainable finance made it an obvious winner of the above eight awards.

In just one of the bank’s circular-economy projects, Scotiabank served as green-loan structuring agent for Diaco’s inaugural green loan. Diaco is a key player in Colombia’s steel industry, and its business model is built on the circularity of steel, extending environmental, economic, and social value throughout the product life cycle.

For blue bonds, Scotiabank helped the Mexican government to issue a blue bond that provides funding for sustainable fishing and aquaculture. Mexico’s fishing industry is one of the largest in the world, making the protection of its coastlines and waterways key. This blue bond, issued in December 2024, amounts to 4.5 billion Mexican pesos (about US$218 million).

In terms of sustainability transparency, the bank says, “We are committed, through our annual Sustainability Report and Public Accountability Statement, to present our activity and performance on environment, social and governance topics that we believe matter to our stakeholders.” Scotiabank releases an annual Sustainability Report and an annual Climate Report, which, since 2026, has been part of the Sustainability Report.

In 2021, as part of its commitment to sustaining communities, the bank launched the ScotiaRISE initiative, a 10-year 500 million Canadian dollar (about US$364.8 million ) community-investment program to strengthen economic resilience. Between 2021 and 2025, the program invested more than CA$210 million across 300 organizations. It also launched the Scotiabank Women Initiative, which it says “aims to help women clients increase their economic and professional opportunities and succeed on their own terms as they grow their businesses, advance their careers and invest in their futures.”

Sustainable Finance Deal of the Year: Nautilus Solar Energy Long-Term Debt Facility

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Banking Corporation (SMBC) closed a $275 million long-term debt facility with Nautilus Solar Energy. This financing enables the development of more than 25 community solar projects across five states (Illinois, Maryland, Delaware, New York, and Rhode Island).

The projects add more than 130 MW of renewable capacity to local power grids, delivering clean, affordable energy to more than 11,000 households and small businesses. This expansion boosts Nautilus Solar’s operating and managed portfolio to 700 MW and paves the way for future debt issuances together.

SMBC continues to be a leader in sustainable finance and says, “This transaction is an achievement that reflects both SMBC’s and Nautilus’ deep commitment to sustainability and innovation, making it a standout candidate for recognition in the renewable-energy sector,” adding that it is “a transformative milestone in advancing clean energy access across the United States.”

Best Platform/Technology Facilitating Sustainable Finance

Best Bank for Green Bonds

Best Bank for Transition/Sustainability-Linked Loans

CIBC Capital Markets

In a field where jargon and complexity are commonplace and can inhibit issuance and business growth, CIBC’s Sustainability Issuance Framework, unveiled in March 2024, clearly outlines the eligible issuance categories. It defines 16 distinct areas eligible for bonds and loans, including clean energy and clean fuels (nuclear power is included here, with CIBC the only Canadian bank to do so), pollution prevention and control, green buildings, the promotion of biodiversity, circularity, and affordable housing.

This comprehensive platform has helped CIBC Capital Markets raise US$199.4 billion toward its 2030 target by the end of last year. CIBC has been involved in 303 projects across solar, wind, and green buildings. It has also helped CIBC Capital Markets become a leader in green bonds, issuing its first, for US$500 million, in 2020, and another in January 2024 for €500 million in euro-denominated bonds with a three-year maturity.

In Barbados, CIBC Capital Markets served as sustainability structuring agent alongside CIBC Caribbean, which acted as lead arranger, in one of the first sovereign sustainability loans in the Caribbean.

These roles are part of a broader strategy to mobilize US$300 billion in sustainable-finance projects by 2030.

Best Bank for Sustainable Infrastructure/Project Finance

Societe Generale

As part of its broader sustainability strategy, Societe Generale has focused on sustainability-linked infrastructure and projects, demonstrating the emphasis in 2025. It acted as joint lead arranger of a $424 million green-loan project financing for International Transport Service (ITS), a terminal operator in Long Beach, California.

ITS operates in the San Pedro Bay harbor, the primary gateway for North American trans-Pacific trade and the main US destination for Asian imports. Societe Generale has served as green loan coordinator to advance the University of Iowa’s ESG strategy (€671 million). Last year, the bank was involved in debt financing (for $210 million) of a voluntary carbon-removal afforestation project with Chestnut Carbon, a nature-based carbon-removal entity.

The financing will enable Chestnut to construct Project Megaton, a reforestation/decarbonization project covering some 67,000 acres in the southeastern US.

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Nordea’s Juho Maalahti: Strengthening Transparency And Alignment

Mar 9, 2026 Finance Desk

Juho Maalahti, head of Sustainable Finance Advisory at Nordea—this year’s Best Bank for Sustainability Transparency in Western Europe—discusses the next phase of sustainable finance and the impact of regulatory uncertainty.

Global Finance: What do you expect will be the biggest challenge for the sustainability market in 2026?

Juho Maalahti: While global ESG headwinds created some volatility in the sustainability market during 2025, we found that these were mostly reflected in headlines rather than in underlying market sentiment. What was particularly encouraging was seeing Nordic companies and institutions maintain their approach to sustainability despite the regulatory uncertainty that characterized much of the last year.

The fundamental need for a transition to a more resilient and sustainable economy has not disappeared. Looking ahead in 2026, we see a market where the real-economy transition continues to advance on multiple fronts, from critical infrastructure to industrial decarbonization investments. Rather than focusing on just one challenge, the key will be addressing all these areas while maintaining momentum.

GF: What are you seeing as the next “evolution” of KPIs?

Maalahti: Transparency and simplification are important factors for scaling the market further, and we’ve seen consolidation in KPI-linked facilities over the past few years. Companies are increasingly moving toward harmonization between their public non-financial reporting and financing arrangements.

We see sustainability as a natural part of Nordic DNA, and many Nordic companies—especially the large ones—have a long history in sustainability, coupled with targets to reduce climate emissions. Consistency in reporting—whether to financiers, investors, or the public—is important for transparency and market growth. We see companies wanting to ensure their sustainability metrics are aligned across different use cases.

GF: How resilient is investor demand for sustainable assets if rates stay high or politics turn? And what does that mean for issuance timing and terms?

Maalahti: Despite market volatility and uncertainty in 2025, we continued to see green bonds attracting slightly higher order books compared to conventional bonds, especially in the euro market. This demonstrates that investor appetite for sustainable assets has remained resilient even in challenging conditions.

We continue to provide financing and solutions that support our clients’ investment goals. While political and economic headwinds may create short-term volatility, the underlying demand for sustainable investments appears to be holding firm.

GF: Which risks related to sustainability will most affect company balance sheets over the near term? And what should CFOs tackle first in response?

Maalahti: While there has been uncertainty around the regulatory landscape recently, climate risks have not disappeared and continue to pose real threats to company balance sheets. We have developed our own maturity ladder concept to evaluate our customers’ climate transition plans, which helps us better understand how our customers are adapting their business models and strategies to the shift toward a low-carbon economy.

Rather than waiting for regulatory clarity, companies should focus on developing robust transition plans that address both physical and transition risks. One of our 2025 KPIs was to have 90% of our lending exposure in climate-vulnerable sectors covered by transition plans, reflecting the importance we place on proactive risk management in this area.

GF: What’s your bar for calling financing sustainable, and how do you prevent label inflation as the market grows?

Maalahti: Much of market growth, especially during the pre-Covid period, was attributable to new labels being introduced. Since then, we’ve seen harmonization and increased scalability as the market has matured. As a European bank, we adhere to global standards and European regulations. We set ourselves a target to facilitate more than €200 billion of sustainable finance by 2025, and we well exceeded that target. This achievement reflects our commitment to maintaining rigorous standards while scaling our sustainable finance offerings.

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European markets dip as oil prices soar and European gas prices jump

Mar 9, 2026 Finance Desk

European stock markets were all in negative territory on Monday morning after weak sentiment in Asian markets, where Japan’s benchmark Nikkei 225 index plunged more than 5% and Taiwan’s benchmark fell 4.4%.


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Other Asian markets also tumbled after oil prices soared to nearly $120 a barrel, casting a shadow over economies heavily dependent on imported crude and gas from the region.

In Europe, London’s FTSE 100 was down 1.6%, while Frankfurt’s DAX, Paris’s CAC 40 and Milan’s FTSE MIB were all down more than 2.4%, as of 09:30 CET. Madrid’s IBEX 35 fell nearly 2.7%, and the pan-European Stoxx 600 lost about 2%.

While rising oil and gas prices are threatening Europe’s economic outlook this year, trading sentiment was further impacted on Monday by worse-than-expected data from Germany.

German industrial production and factory orders both fell at the start of the year. Output decreased by 0.5% in January following a revised 1% decline the previous month, the statistics office said on Monday.

Meanwhile, investor expectations are rising that the European Central Bank could raise benchmark interest rates this year, as soaring energy prices fuel fears that inflation may surge.

The panic in the stock market unfolded as oil prices became the main focus for investors.

Oil prices soaring

Oil prices rocketed higher as both sides in the Iran conflict struck new targets over the weekend, including civilian infrastructure. The war, now in its second week, involves regions critical to the production and transport of oil and gas from the Persian Gulf.

Prices moderated after the Financial Times reported that some members of the Group of Seven (G7) were considering releasing strategic oil reserves to ease pressure on markets. The unconfirmed report cited unnamed sources familiar with the discussions.

Oil prices spiked near $120 per barrel before falling back on Monday as the conflict intensified, threatening production and shipping in the Middle East and rattling global financial markets.

The price for a barrel of Brent crude, the international benchmark, surged to $119.50 early in the day but later traded around $107.80.

West Texas Intermediate (WTI), the US benchmark, spiked to $119.48 per barrel but fell back to around $103 by the European market open.

Strikes on Iranian oil facilities risk increasing pressure on an already tight global energy market, analysts warned. Lindsay James, investment strategist at Quilter, said “Iran accounts for roughly 4% of global oil supply, and around 90% of its exports are directed to China.”

The world’s second-largest economy has vast reserves, but analysts say any prolonged damage to Iran’s export capacity could weigh on its economic recovery and eventually affect global markets.

James also warned that attacks on shipping and energy infrastructure in the Gulf risk escalating tensions and unsettling markets that had initially expected the conflict to be resolved quickly.

After disruptions in the Strait of Hormuz linked to the conflict, the European gas market is also under pressure. Natural gas futures jumped more than 14% on Monday to above €61 per megawatt-hour, nearing their highest level in three years and extending last week’s 67% surge.

Several major producers in the region have cut back output, and Qatar’s Ras Laffan facility — the world’s largest liquefied natural gas (LNG) plant — was shut down last week.

Russia has also warned it could halt natural gas exports to Europe, adding to market anxiety.

At the same time, Europe’s gas reserves remain low, with EU storage levels below 30% and requiring refilling.

Early Monday, the US dollar, which retains its status as a safe-haven asset, gained against other major currencies. It was trading at 158.46 Japanese yen, up from 158.09 late Friday. The euro rose slightly to $1.1558 from $1.1556.

In other trading, gold prices were down more than 1% on Monday morning in Europe, trading around $5,100, while cryptocurrencies were mostly higher. One bitcoin traded at $67,774, up 0.7%.

IMF: ‘Think of the unthinkable and prepare for it’

As fears grow over how long the war could last — and with Asian markets, often seen as engines of global growth, under heavy pressure — International Monetary Fund Managing Director Kristalina Georgieva warned that policymakers must prepare for the “unthinkable.”

“If the new conflict proves prolonged, it has clear and obvious potential to affect market sentiment, growth, and inflation, placing new demands on policymakers,” Georgieva said in a keynote speech at a symposium in Tokyo on Monday.

She reminded her audience that, as a rule of thumb, every 10% increase in oil prices — if sustained through most of the year — could raise global headline inflation by about 40 basis points and reduce global output by 0.1–0.2%.

“And if, as we all hope, the conflict ends soon, then be sure that, before long, some new shock will come. My advice to policymakers everywhere in this new global environment? Think of the unthinkable and prepare for it,” she added.

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Are Gen Z’s Recession Concerns Valid?

Mar 8, 2026 Finance Desk

Key Takeaways

  • Gen Z views music and fashion trends as economic recession indicators.
  • Traditional economic indicators show no current signs of a recession.
  • Gen Z uses social media to discuss economic theories.
  • The U.S. has not been declared in a recession by the National Bureau of Economic Research.

Get personalized, AI-powered answers built on 27+ years of trusted expertise.





Generation Z is using social media to voice concerns about a potential U.S. recession, drawing attention to signs they believe are indicators of economic stress: from Lady Gaga’s newest album to 2000s-style low-rise jeans. Is this an exaggerated response to uncertainty, or is Gen Z tapped into early economic warning signs that might typically go unnoticed?

While it can be tempting to get sucked into these theories, ultimately, experts and data suggest that these are unreliable indicators and that a recession is not looming. Here’s what to know.

Insights from Gen Z on Economic Trends

Generation Z is interpreting the return of 2000s trends as indicators of an impending recession. The resurgence of fashion styles such as low-rise jeans, cheetah print, and rhinestone apparel parallels the cultural trends leading up to the 2008 Great Recession. In turn, Gen Z is concluding that these are warning signs of a similar time period, rather than turning to actual economic data and expert analysis.

Music is another way Gen Z is interpreting recession indicators. For instance, Lady Gaga’s latest album has led TikTok users to comment on how the country is heading toward economic turmoil due to the album’s similarity to her pre-recession era music. Newer artists, such as Chappell Roan, are also sparking commentary on the resemblance of 2000s-styled music, reinforcing this theory. 

Important

Social media plays a primary role in spreading Gen Z’s economic theories. For example, Gen Z has started incorporating these discussions in trending TikTok formats, such as “Get Ready with Me”-styled videos.  

Economic Data Analysis: Understanding the Trends

So, is there any merit to what Gen Z sees as cultural cues to a souring economy? Established economic indicators suggest no. Traditionally, economists look at gross domestic product (GDP), unemployment rates, and the stock market to gauge recession risk. Let’s break down where each of these stands.

GDP

Government data reports that GDP grew at an annual rate of 1.4% in the fourth quarter of 2025. Increases in consumer spending and investment contributed to the GDP increase. For a recession to start, there needs to be an increase in the unemployment rate and a decrease in GDP for two consecutive quarters.

J.P. Morgan anticipated a 0.25% annualized growth rate in GDP for the second half of 2025. Based on their data, they estimated that the probability of a recession has decreased from 60% to 40% due to a reduction in tariffs on China by the United States.

Unemployment Rates

Economists and policymakers use the Sahm rule to identify if there is a recession, as described by the U.S. Congress. The rule signals a recession if “the three-month moving average of the unemployment rate increases by 0.5 percentage points or more relative to its low in the previous 12 months.”

Unemployment rates are currently at 4.4%, according to the U.S. Bureau of Labor Statistics. For comparison, the unemployment rate before the 2008 recession was 5%. Thus, the rule has not been triggered, indicating that there is no recession, though it remains a useful early indicator of a potential recession.

Important

The National Bureau of Economic Research has not declared the U.S. to be in a recession.

Stock Market

The Dow was down 1% on March 6, 2026. This downturn, however, appears to reflect a weak jobs report and oil futures amid war rather than signal an impending recession. For reference, the Dow declined 7% on Sept. 29, 2008.

The Bottom Line

Gen Z’s recession indicators, such as music and fashion, may be persuasive, but their concerns do not reflect actual trends. While the pressures of federal layoffs and tariff tensions persist, most traditional indicators signal a moderately stable environment and do not suggest the country is in a recession. 

Ultimately, while Gen Z’s recession interpretations may not be reliable, they do highlight a cultural shift in how younger generations understand the economy, relying on cultural cues rather than traditional data.

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MONEY

French blockade looms over Commission’s plan to fast-track trade deals in English

Mar 7, 2026 Finance Desk

Published on

France will push back against a European Commission plan to fast-track ratification of trade agreements by circulating only English-language versions during talks with EU governments and lawmakers, skipping translation into the bloc’s 24 official languages, according to several sources.


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The slow ratification of the contentious EU–Mercosur trade deal has frustrated the Commission, which wants to accelerate negotiations and bring deals into force more quickly as it seeks new markets amid rising geopolitical tensions.

Translating the agreements into every official EU language can take months due to the legal scrubbing required before the ratification process begins. The EU executive has confirmed to Euronews that trade chief Maroš Šefčovič told EU trade ministers in February that the trade deal with India concluded on 27 January could serve as a test case for using English as the main language during ratification.

“We lost almost €300 billion by not having the Mercosur agreement in place since 2021, if it comes to the GDP, and more than €200 billion in export opportunities,” Šefčovič told journalists after meeting ministers on 20 February, adding that once negotiations end it can take up to 2.5 years before businesses can operate in partner countries.

“In today’s world, we cannot simply lose the time,” he said.

Šefčovič said the Commission would ensure the agreements are translated into all 24 official EU languages once published in the Official Journal, i.e. after ratification. He added the proposal was backed by at least seven member states at the meeting, though not all countries had time to speak.

French sources who spoke to Euronews were insistent that Paris would vigorously oppose the move to English-only agreements if necessary.

“As a matter of principle, we defend the use of all the languages of the Union, and in particular French, which is one of the EU’s working languages,” one official told Euronews.

‘Transparency, precision and understanding’

Language policy in the bloc’s institutions remains politically sensitive for countries such as France, whose language has declined sharply over the past decades as English massively dominates daily work in the European Union institutions – despite French, German and English being the three working languages.

“Switching entirely to English raises a legal and democratic issue, and the Commission is well aware of it,” an EU diplomat told Euronews.

On its website, the European Commission says linguistic diversity is essential and that the EU promotes multilingualism in its institutional work.

The bloc once even had a commissioner dedicated to multilingualism, though the portfolio was gradually merged with others and eventually disappeared.

“I have the impression that in some cases the Commission seizes the opportunity to push the idea that English has a superior status, and that the other official languages are translation languages that can come later,” Michele Gazzola, expert in language policy, said.

He added that relying only on English during ratification could pose problems for members of the European Parliament, and even more so if national parliaments are involved.

“It’s a matter of transparency, precision and understanding.”

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MONEY

GCC Mulls Action Over Iranian Attacks

Mar 6, 2026 Finance Desk

At least 10 people have died, and more than 100 have been injured, after Iran launched barrages of missile and drone attacks against every member of the GCC in retaliation for US-Israeli strikes on Tehran.

Until February 28, few in the Gulf Cooperation Council (GCC) could have imagined missiles flying overhead, let alone crashing into the glass facades of five-star hotels. For decades, cities such as Dubai, Abu Dhabi, and Doha had been marketed as luxurious, safe havens—business and financial hubs seemingly shielded from the harshness of the desert and regional geopolitical turbulence, thanks to vast petrodollar wealth.

Recent attacks have punctured that sense of invulnerability.

The economic implications remain uncertain, but the US-Iran war marks a clear turning point. With much of the region still on high alert, business activity has begun to slow down and investors are reassessing risk. In January, the World Bank projected 4.4% growth for GCC countries this year. On March 2, however, JPMorgan cut its non-oil growth forecast by 0.3 percentage points.

“Businesses shift quickly into contingency mode: staff safety, operational coverage, supply, and cash-flow discipline,” says Abdulaziz Al-Anjeri, Founder & CEO, Reconnaissance Research in Kuwait. “You also see immediate attention to the ‘price of risk’—airspace and logistics friction quickly translate into higher war-risk premiums, insurance costs, and delayed decisions. The strongest response is quiet competence—keeping the lights on without drama”

Even in the most remote areas of the GCC feel the effects of the crisis. In Khasab, the last Oman town on the coast of the Strait of Hormuz and a popular tourist destination for outdoor activities, Ali Al Shuaili runs a diving center.

“Everything is normal, but the sea is closed so we can’t go fishing or diving and, of course, all tourist bookings have been cancelled,” he tells Global Finance via WhatsApp. “Life-wise, it looks normal, but everybody is worried about the business. We pray for everything to settle down quickly.”

For now, banks in the region are absorbing the shock, supported by strong liquidity and capital buffers.

“We are not seeing any direct impact on banking operations in the UAE or the wider GCC,” says Bader Al Sarraf, Research Analyst at Standard Chartered’s UAE office. “Financial institutions across the region continue to operate normally, supported by strong infrastructure, resilient financial systems, and established operational resilience frameworks that enable banks to continue facilitating transactions and supporting business activity even during periods of heightened uncertainty.”

Banks and major institutions focus first on continuity— keeping core functions stable: payments, customer access, liquidity management, and clear reassurance, adds An-Anjeri. “In moments like this, finance is not only about balance sheets; it’s also about maintaining confidence, because uncertainty can do damage even without physical disruption.”

Across the region, the prevailing approach among institutions, corporates, and investors is to monitor developments rather than take immediate action, according to Al-Sarraf.

“Given that the situation remains fluid and still in its early stages, many are in a ‘digest and risk assessment’ phase before making strategic decisions,” he says. “This reflects a period of careful observation as developments continue to unfold and as businesses and investors evaluate the potential implications across sectors and economic activity.”

One immediate concern is digital infrastructure. The Gulf has spent years positioning itself as a regional hub for data centers, but the conflict has exposed its vulnerability. Amazon Web Services reported that drones attacked three of its facilities in the UAE and Bahrain, disrupting cloud and IT services across the region. In the UAE, several bank customers briefly lost access to their online accounts. Such incidents could prompt US tech giants, including Amazon, Microsoft, Google, and Oracle, all of which have invested heavily in Gulf data infrastructure, to reassess their exposure.

Weaknesses Exposed

The war has highlighted structural weaknesses in the region’s economic model. Despite years of diversification efforts, most GCC economies still rely heavily on hydrocarbon revenues.

QatarEnergy, the world’s largest liquified natural gas (LNG) producer, halted production afte drones hit two of its facilities. Oil exports are also affected. Saudi Arabia partially shut the Ras Tanura refinery, one of the largest in the Middle East, with a capacity of 550,000 barrels a day.

Now, all eyes are on the Strait of Hormuz, a strategic chokepoint through which roughly a fifth of the world’s hydrocarbon supply transits. For GCC economies, the disruption translates into billions of dollars in daily revenue at risk.

“If the war drags on, you can get a mixed picture: energy revenues may benefit from risk pricing, while the broader economy pays through confidence, logistics, insurance, and financing costs,” says Reconnaissance Research’s An-Anjeri. “Non-oil sectors tend to feel prolonged uncertainty first because they’re confidence-sensitive—services, travel, retail, private investment. GCC states have buffers, but buffers don’t replace stability.”

Another major concern is food security: The region relies overwhelmingly on imports to feed its population, with roughly 70% of food shipments arriving through the Strait of Hormuz. The system has faced stress tests before—during the Covid-19 pandemic, for instance, and in 2017 when several GCC countries, including Saudi Arabia and the UAE, imposed an embargo on Qatar. At the time, Doha imported around 90% of its food. Since then, the country has invested heavily in domestic production and is now self-sufficient in milk, but it still depends on imports for much of the rest.

Water security may be an even more critical vulnerability. Nearly 90% of drinking water in GCC countries comes from desalination plants. Any disruption, whether from direct damage or oil spills affecting coastal facilities, could quickly trigger a humanitarian crisis within days.

For now, most governments and businesses are in a wait-and-see mode. But as the conflict widens, including in Lebanon and, to a lesser extent, towards Cyprus and Turkey… longer-term scenarios are beginning to enter boardroom discussions.

“In the short run, if the war ends quickly, I don’t think there will be any significant impact on the banks, but if the conflict extends over weeks and if the flow of oil and gas through the Strait of Hormuz continues to be even temporarily interrupted, eventually this will definitely affect GCC economies, government revenues, and trade flows,” notes Beirut-based Ali Awdeh, head of research at the Union of Arab banks.

For Al-Anjeri, the situation evolves, a number of lessons are already emerging: “For institutions, the takeaway is to treat stress-testing as real: cyber scenarios, telecom dependencies, liquidity access, supply-chain choke points, and customer-communication playbooks that are ready before the crisis—not written during it,” he says. “Hardware matters, but crisis governance matters too: credible communication, continuity discipline, and de-escalation channels so one incident doesn’t trigger a chain reaction.”

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TRAVEL

The real truth about £14 flights so cheap airlines LOSE money

Mar 5, 2026 Travel Desk

WE’VE all seen the headline of £14 flights plastered across airline websites, social media and publications – but what does a £14 flight actually look like and can you really get it for that price?

When it comes to booking a holiday, we all love a bargain.

Budget airlines often show cheap flights as low as £14 on social media and websitesCredit: Getty

And in the UK we aren’t short of budget airlines to choose from, such as Ryanair, easyJet and Wizz Air.

But the reality is that airlines actually often lose money on £14 flights if you book them without extras.

This is because the flight tends to be listed at cost or below cost to entice people in to go on the website.

According to The Flight Club, Ryanair has previously claimed that each passenger costs them about €34 (£29.55) to fly each way, excluding fuel.

Read more on travel inspo

CHEAP BREAKS

UK’s best 100 cheap stays – our pick of the top hotels, holiday parks and pubs


TAKING OFF

I’ve visited 50 countries & this much-loathed budget airline is the world’s best

Broken down, this is about €8 (£6.95) for staff, €8 (£6.95) for airport and handling costs, €6 (£5.21) for travelling in the air space, €8 (£6.95) for aircraft ownership and maintenance and €4 (£3.48) for other expenses.

On the other hand, Wizz Air’s costs are around €52 (£45.19) per passenger per flight and easyJet’s are around €79 (£68.66) (again, both excluding fuel).

When looking at flights, once on an airline’s website you can get hooked in and before you know it you’re adding a return flight and luggage adding up to a figure far from that original £14 fare.

At the moment, the cheapest flight available is with Wizz Air to Gdansk in Poland, costing just £13.99 one-way.

But this is just one of a myriad of ‘cheap’ flights.

Other Wizz Air options include Seville in Spain for £19.99 one-way, or Barcelona and Valencia – also both in Spain – return flights for £40 each.

EasyJet has the second cheapest flight on offer, which is to Nice in France, costing £14.49 one-way.

Other cheap easyJet options include Fuerteventura in Spain for £16.99, Innsbruck in Austria for £16.99, Palma de Mallorca in Spain for £16.99 and Pisa in Italy for £16.99 – all one-way flights.

Ryanair then comes in a touch more expensive, with flights to to Alicante and Barcelona in Spain starting from £14.99 one-way.

The main issue with these flights from the offset? All of them except a handful fly out from London airports.

For those who don’t live in or near the capital, this is where your first additional cost will come in.

Either you spend money travelling to the London airports or you opt to fly from your local airport, but at the sacrifice of your ticket being more expensive.

The second cost on top of the flight price are add-ons.

And whilst these flights do exist, there are a lot of caveatsCredit: Getty

These include things like cabin bags and hold luggage.

For example, to add cabin luggage to each a Wizz Air, easyJet and Ryanair flight it would cost around an additional £32.97, £17.20 and £43.98 per person, per flight respectively.

These additional costs do also include standard seat selection and ‘speedy’ boarding for each airline.

Though if you want extra legroom, then again that will come at a price.

So if you intended to take anything more than a handbag, your flight will already be costing you a lot more.

Another issue is getting a flight back.

While one-way flights can be a bargain, prices tend to rise when you book a return.

For Gdansk, for example, the return leg costs around £28.99.

For example, they will mainly be from London AirportsCredit: Alamy

So the basic flight costs you more like £42 and with cabin luggage it would sit more around the £75 return mark.

One way to get around this is by having flexible holiday dates, as then you can choose the day with the cheapest return flight.

Other hidden costs include checking in at the airport, which Wizz Air charges €40 (£34.78) to do – more than double the price of the actual flight!

If you are travelling light and able to fit your stuff into a small bag (45cm x 36cm x 20cm for easyJet or 40cm x 30cm x 20cm for Wizz Air and Ryanair), then the cheap flights are worth it.

One centimetre bigger than this though, and it could cost you an additional £70 at the gate.

But if you do choose to fly with just a handbag that fits under the seat in front of you, then perhaps opt for easyJet to make the most of those extra few centimetres allowance.

On the other hand, if you are travelling as a family with extra luggage, who want to sit together and have fixed holiday dates, then maybe this isn’t the best offer.

If we take the £75 per person price for return flights to Gdansk as an example, a family of four, with two children aged over two (under twos don’t need their own plane seat), you could be looking at £300 for return flights.

Sometimes package holidays can be better value for moneyCredit: Alamy

And that’s before your hotel booking.

The better option for families is to book a package holiday that includes flights.

For example, you could stay in a sea view studio at Albatros Family Hotel in Salou, Costa Dorada in Spain for four nights, flying from London Gatwick on April 20 with four 10kg cabin bags and four 22kg hold suitcases and airport transfers for £573 total or just £143 each.

And for that price, you get hold luggage, which if you booked on a flight separately, it would cost you even more.

Of course, with a holiday package you also get peace of mind in case of things going wrong, as you’ll have ATOL Protection, which helps in cases of your travel operator going bust.

The bottom line?

If you are travelling with a backpack, and live near an airport, go for it.

For those who like to pack more or are travelling as a family, perhaps book a package to avoid the headache.

For more flight tips, here are the new 2026 travel hacks you need to know about.

Plus, our travel team’s best tips for flying with budget airlines from ‘free’ legroom seats to a cheap food hack.

Though if you travel with just a backpack, then cheap flights will work for youCredit: The Sun

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MONEY

European markets lost ground as oil prices climb further amid new Iran attacks

Mar 5, 2026 Finance Desk

European stock markets turned early gains into losses by early afternoon, following a rally in Asian markets, as investors searched for direction nearly a week after the United States and Israel launched strikes on Iran that sent global markets on a rollercoaster.


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By 2 p.m. CET, Germany’s DAX was down by 0.2%, similar to the CAC 40 in Paris and Britain’s FTSE 100.

Madrid’s IBEX stood out by gaining 0.3% as the European benchmark European Stoxx 600 was down by a few points.

Before noon, European trading followed strong gains in Asia, where South Korea’s Kospi jumped by more than 9%, recovering much of Wednesday’s 12.06% fall.

“A decent showing on Wall Street last night and a solid performance from Asia on Thursday helped to spur part of Europe into a higher gear,” said Dan Coatsworth, head of markets at AJ Bell, commenting on the morning trade.

Uncertainty about the war in the Middle East has continued to rattle financial markets, with investors closely watching movements in the oil price.

Crude prices continued to rise. US benchmark WTI was trading 3% higher at around $76.8 a barrel, while the international benchmark Brent crude was up 2% after 2 pm CET.

“Brent crude continued to move higher, nudging above $83 per barrel and stoking fears that energy bills will go through the roof,” Coatsworth said.

“Oil is so important to the world economy and to see the price rise so quickly in just a week could leave investors feeling dazed and confused.”

He added that the situation in the Middle East was unfolding rapidly, making it difficult for investors to judge whether markets were facing a prolonged energy crisis or “just a short, sharp shock”.

Meanwhile, US futures slipped as Iran launched more missiles at Israel on the sixth day of the conflict.

The latest escalation included Iranian attacks on Israeli and American bases. Iran warned the United States would “bitterly regret” torpedoing an Iranian warship in the Indian Ocean, while a religious leader called for “Trump’s blood”.

Israel said it had begun a “large-scale” attack on Tehran.

On Wednesday, US stocks rose as oil prices steadied, albeit temporarily.

Investor sentiment was also supported by a report showing growth in US businesses in the real estate, finance and other services sectors accelerated last month at the fastest pace since the summer of 2022.

The S&P 500 rose 0.8%, erasing much of its losses since the conflict with Iran began.

The Dow Jones Industrial Average added 0.5%, while the Nasdaq Composite climbed 1.3%.

Another report suggested US private-sector employers increased hiring last month, a potentially positive signal ahead of a broader US government labour market report due on Friday.

Investors remain concerned about how long the conflict could last, how much inflation may rise due to higher oil prices, and what impact that could have on corporate profits.

Gains in major technology companies also lifted Wall Street.

Amazon rose 3.9%, while Nvidia added 1.7%. As two of the largest companies in the US market by value, their movements have a significant impact on the S&P 500.

Wednesday’s strong economic data was also welcome news for the Federal Reserve, which is trying to keep the labour market strong while bringing inflation under control.

However, the jump in oil prices could complicate that task by pushing inflation higher.

In other dealings on Thursday, gold trade was slightly down by early afternoon, losing 0.3% and traded at $5,120 an ounce.

The US dollar traded at 157.64 Japanese yen, while the euro slipped to $1.1623 from $1.1636.

Analysts said the dollar has strengthened partly because the US is seen as facing less direct risk from the conflict than other countries.

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TRAVEL

‘World’s sweetest person’ will win stay once-in-a-lifetime hotel suite money can’t buy

Mar 5, 2026 Travel Desk

Nominations are only open from March 5 to 12

10:17, 05 Mar 2026Updated 10:44, 05 Mar 2026

This article contains affiliate links, we will receive a commission on any sales we generate from it. Learn more

A chocolate-filled hotel room that money simply cannot buy is being offered to the “world’s sweetest person” as part of a new campaign launched across Europe. Chocolate brand Tony’s Chocolonely has teamed up with hospitality group The Social Hub to create a chocolate-drenched pop-up suite at The Social Hub Amsterdam.

The fortunate winner will enjoy an immersive stay in the chocolate-themed rooms, as though they’ve walked straight into the world of Willy Wonka and the Chocolate Factory. However, guests won’t be expected to find a golden ticket or be able to book or pay for the room.

Instead, people must nominate the “sweetest person” they know to win a stay. Winners will then be treated to a once-in-a-lifetime chocolate sleepover alongside the friend who nominated them.

Sounds sweet? Here’s what to expect at the hotel

Within the three-room suite, guests will discover chocolate-themed décor, mismatched furniture inspired by Tony’s bars, chocolate room service and a playlist featuring artists from cocoa-producing regions.

The room will also showcase messages of connection, kindness and inspiration in every corner. Guests will also be given a special two-piece chocolate bar, including a limited-edition white and milk chocolate flavour with caramel and sea salt, exclusive to the pop-up in The Social Hub Amsterdam City.

Guests can then keep one bar and give the other away as an act of kindness. The stay also includes a “wake-up call” about exploitation in the West African cocoa supply chain.

Tony’s Chocolonely is showcasing its partnership with approximately 40,000 cocoa farmers to help them achieve a living income.

Sadira E. Furlow, Chief of Global Brand & Communications at Tony’s Chocolonely, said: “As an impact brand that makes chocolate, we’re trying to end exploitation in cocoa by showing chocolate can be made very differently.

“In taste and how we work with cocoa farmers. By launching the world’s sweetest hotel room at The Social Hub, we want to invite fans to indulge in our chocolate, connect with each other and celebrate the people who truly care about the impact their actions have on others.”

To kick off the campaign, “Missing: the world’s sweetest person” posters will be displayed throughout Amsterdam, Berlin, and Glasgow, whilst Social Hub staff will reward guests who demonstrate acts of “sweetness” with Tony’s chocolate.

How to enter

For the opportunity to experience the chocolate hotel, residents from the UK, the Netherlands, and Germany can submit nominations via the Instagram accounts of The Social Hub and Tony’s Chocolonely between March 5 and 12.

A judging panel from both companies will choose one winner from each country. The room will be revealed on March 20 and available for 10 days. Enthusiasts in Amsterdam can also visit the space on March 29 from 1pm onwards.

Pre-booking through The Social Hub website will be necessary for visits, though fans won’t be permitted to stay overnight unless they secure victory in the competition. Trix van der Vleuten, Chief Marketing Officer at The Social Hub, commented: “The world feels increasingly divided. We’re more digitally connected than ever, yet loneliness is rising.

“We wanted to come together with Tony’s to showcase that sweetness – simple, human kindness – matters more than ever, and that people can enjoy our products whilst positively impacting society.”

She added: “Doing good makes you feel good. So does eating chocolate that’s produced fairly, and so does spending time in a one-of-a-kind choco hotel room with someone else.

“Like Tony’s chocolate bars, this room is designed to be shared. We can’t wait to reveal it, as there’s truly never been anything else like this before.”

To put forward someone as the world’s sweetest person, visit The Social Hub’s Instagram page for a chance to secure the once-in-a-lifetime sleepover. Click here to discover more.



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MONEY

Crypto’s 24/7 platforms dominated Iran war trading when markets closed

Mar 5, 2026 Finance Desk

When President Trump announced the initial wave of US and Israeli strikes on Iran at 8:30 a.m. CET on Saturday 28 February, marking the start of Operation Epic Fury, all traditional financial markets were closed.


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Most markets operate Monday to Friday only, meaning weekend developments, however significant, cannot be priced in until trading resumes on Monday morning, creating a bottleneck of reaction at the open.

US equities, futures, major foreign-exchange platforms, commodity markets, Asian and European bourses were all closed on Saturday.

Middle Eastern exchanges, such as those in Saudi Arabia and Qatar, opened on the second day of the conflict, as they trade Sunday to Thursday, but these attract fewer Western participants and, consequently, lack liquidity.

In the past, investors facing such a major geopolitical shock on a Saturday would have been forced to wait until US futures reopened Sunday evening to start pricing in an expectedly chaotic Monday.

Crypto never sleeps

This time, however, they had a genuine alternative — crypto-based platforms that trade 24 hours a day, 7 days a week and 365 days a year, are globally accessible and settle transactions almost instantly.

The standout choice was Hyperliquid, a decentralised perpetuals exchange that offers contracts not only on cryptocurrencies but also on real-world assets including crude oil.

According to on-chain data, trading volume on the platform spiked sharply, reaching peaks near $200mn (€172mn) in a single 24-hour period on Saturday.

The oil-linked perpetual contracts on Hyperliquid, such as OIL/USDH and USOIL/USDH, rose more than 5% almost immediately after the US-Israeli strikes were announced, providing one of the first real-time price signals before traditional markets reopened.

Hyperliquid contracts were not the only instruments drawing attention.

Tether’s XAUT, a token fully backed by physical gold held in vaults, saw its 24-hour trading volume exceed $300mn (€258mn) — a remarkable figure for a weekend.

Prediction markets such as Kalshi and Polymarket also posted massive volumes, while Bitcoin, Ethereum and other crypto tokens were sold off as proxy assets for broader negative risk sentiment.

For the first time in many observers’ memories, crypto markets were effectively “the market” during the weekend.

In a memo published on Tuesday, Matt Hougan, chief investment officer at Bitwise, described it as “the weekend that changed finance”.

Critics will point out that crypto markets remain smaller and more volatile than their traditional counterparts, and that regulatory and operational risks persist.

However, the events of the past weekend showed that on-chain finance is moving from the fringes to the core of global capital markets far faster than most forecasts anticipated even six months ago.

Traditional exchanges accelerate push for 24/7 trading

The success of crypto platforms during the Iran conflict adds to the pressure already felt by legacy financial institutions to follow suit and provide perpetually open markets.

The New York Stock Exchange, owned by Intercontinental Exchange, is actively developing a blockchain-based alternative trading system for tokenised equities and exchange-traded funds that would enable genuine 24/7 trading with instant settlement.

Announced in early 2026 and still subject to regulatory approval, the platform would combine NYSE’s existing matching engine with private blockchain networks for post-trade processing.

Trades could be funded and settled in real time using stablecoins, bypassing the T+1 settlement cycle, which dictates the transfer of securities and the corresponding payment must be completed by the next business day and still governs equity markets.

The tokenised venue has a potential launch window as early as the second quarter of 2026, with broader 22 to 23-hour weekday trading on NYSE targeted for later in the year or early 2027, subject to coordination with the SEC, DTCC and market-data providers.

Nasdaq has filed similar proposals to extend US equities trading to 23 hours a day, five days a week, with an anticipated rollout in the second half of 2026.

These moves represent a direct response to the competitive pressure exerted by always-on crypto venues and the growing frequency of market-moving events that occur outside traditional hours.

The Iran weekend served as a vivid case study.

With hedge funds and proprietary traders already active on Hyperliquid and other decentralised platforms, established exchanges recognise that failing to offer comparable access risks losing order flow permanently.

Tokenisation provides the technological bridge, allowing continuous trading while preserving existing regulatory safeguards around custody, dividends and shareholder rights.

Crypto market bill stalls despite Trump backing

While the crypto infrastructure demonstrated its resilience over the weekend, progress on the legislative front remains frustratingly slow.

The Digital Asset Market Clarity Act of 2025, known as the CLARITY Act, passed in the US Congress last year with strong bipartisan support but has since become bogged down in the Senate.

The primary sticking point is friction between the banking and crypto sectors over the treatment of stablecoin yields under the separate GENIUS Act, which established the first federal framework for stablecoin issuers.

Banks argue that yield-bearing stablecoins could drain deposits, and they have lobbied to close perceived loopholes.

Crypto proponents counter that such rewards are essential for customer retention and innovation.

On Tuesday, President Trump weighed in directly via Truth Social.

“The Genius Act is being threatened and undermined by the banks, and that is unacceptable — we are not going to allow it. The U.S. needs to get market structure done, asap.”

Moreover, President Trump further sided with the crypto sector by stating that “The banks are hitting record profits, and we are not going to allow them to undermine our powerful crypto agenda that will end up going to China, and other countries, if we don’t get the Clarity Act taken care of.”

Despite the presidential intervention and earlier White House meetings between the two industries, no resolution has been reached.

The Senate Banking and Agriculture committees continue to advance differing drafts, and a full vote remains elusive.

With the bill effectively stalled, market participants are left without the regulatory certainty many had hoped would arrive before the end of the first quarter.

The irony is not lost on observers. While crypto markets proved their worth during a real-world crisis, the very legislation designed to integrate them safely into the traditional system remains hostage to lobbying battles.

Until a resolution is achieved, the speed of innovation will continue to outstrip the pace of rulemaking — a dynamic the Iran weekend has only made more apparent.

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POLITICS

Gov. Tim Walz tells a House panel the Trump immigration crackdown hampered Minnesota’s fraud fight

Mar 4, 2026 Politics Desk

Minnesota’s governor and attorney general on Wednesday defended their efforts to combat fraud and told a U.S. House committee that their efforts have been hampered by President Trump’s immigration crackdown in the state.

Republicans on the House Oversight Committee accused Gov. Tim Walz and Atty. Gen. Keith Ellison of stalling to fight fraud in government programs, saying they put politics ahead of rooting out abuse instead of pausing payments.

“You have not been good stewards of the taxpayer dollars,” said Republican Rep. James Comer of Kentucky, chair of the committee. “And the Democratic position is keep the money flowing. The American taxpayers have had enough.”

Walz said he wanted to work with the federal government to help with fraud investigations, but the immigration surge was making that more difficult.

“The people of Minnesota have been singled out and targeted for political retribution at an unparalleled scale,” Walz said. “We’re going to prosecute, as we have, every single person that’s involved in fraud, but we can’t do it alone.”

Walz and Ellison defended their efforts on fraud, while also trying to turn the focus of the hearing to the surge of 3,000 federal agents in Minnesota that began in December. The Trump administration cited fraud as one justification for its enforcement action. Homeland Security Secretary Kristi Noem testified Tuesday that about 650 investigators remain in Minnesota as part of a broader fraud probe.

“Operation Metro Surge did nothing to address fraud in our state,” Ellison said. “It harmed our economy and it scarred our people and it dealt a devastating blow to fraud enforcement in Minnesota.”

Ellison noted the series of resignations of lawyers in the U.S. Attorney’s Office in Minnesota, leaving those who remain “drowning in immigration-related petitions” instead of prosecuting fraud. On Tuesday, the U.S. attorney for Minnesota appeared before a judge for a contempt hearing related to Immigration and Customs Enforcement not returning personal property of detainees.

Ellison said his office has “punched above our weight” in winning 300 Medicaid fraud convictions and recovering more than $80 million for taxpayers.

Republican Rep. Clay Higgins of Louisiana called on Ellison to resign, accusing him of not leading investigations into criminal fraud activity.

Last week, Vice President JD Vance said the Trump administration would “temporarily halt” $243 million in Medicaid funding to Minnesota over fraud concerns, as part of what he described as an aggressive crackdown on misuse of public funds. Minnesota sued on Monday to stop the money from being withheld, warning it may have to cut healthcare for low-income families if the money is held back.

Comer on Wednesday accused Walz of not stopping Medicaid payments despite knowledge of fraud because he “didn’t want to rock the boat.”

Comer and other Republicans accused Walz of lying about when he first found out about fraud in a $250-million scheme known as Feeding Our Future and stalling to act in order to protect the Somali American community. Republican Rep. Jim Jordan of Ohio asked Walz if he know how many of those who had been indicted were Somali Americans.

“Their ethnicity is not my concern,” Walz said.

Somali Americans make up 82 of the 92 defendants charged so far in the Feeding Our Future case, according to the U.S. Attorney’s Office for Minnesota.

Democratic Rep. Robert Garcia of Long Beach, as part of the effort to focus the hearing on the immigration crackdown, held up images of children detained by federal officers and a picture of the blood-stained car seat of Renee Good who was killed by an officer. Federal officers also killed another Minnesota resident, Alex Pretti, who had been filming enforcement operations.

“This violence does not make us safer,” Garcia said. “It does not address fraud, waste and abuse.”

Bauer writes for the Associated Press.

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