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SAN FRANCISCO — With the California governor’s race quickly approaching, six candidates will face off Wednesday evening in the first debate since former Rep. Eric Swalwell dropped out of the race in the aftermath of sexual assault and misconduct allegations.

The debate takes place at a critical moment in the turbulent contest to replace termed-out Gov. Gavin Newsom. Ballots will start landing in Californians’ mailboxes in less than two weeks, and voters are split by a crowded field of eight prominent candidates. The debate also takes place after former state Controller Betty Yee ended her campaign because of a lack of resources and support in the polls.

Two Republicans — Riverside County Sheriff Chad Bianco and conservative commentator Steve Hilton — and four Democrats — billionaire Tom Steyer, former Biden administration Secretary Xavier Becerra, former Orange County Rep. Katie Porter and San Jose Mayor Matt Mahan — will take the stage at Nexstar’s KRON4 studios in San Francisco. Former Los Angeles Mayor Antonio Villaraigosa and state Supt. of Public Instruction Tony Thurmond, both Democrats, were not invited to participate because of their low polling numbers.

As the candidates strive to distinguish themselves in a crowded field, the debate could include fiery exchanges about the role of money in politics and potential heightened attacks on Becerra, who has surged in the polls since Swalwell dropped out. With the debate taking place on Earth Day, environmental issues are also likely to be raised.

The Wednesday night gathering is the first televised debate in the gubernatorial contest since early February. Last month, USC canceled a debate hours before it was set to begin over mounting criticism that its criteria excluded all major candidates of color.

The 7 p.m. debate is hosted by Nexstar and will be moderated by KTXL FOX40 anchor Nikki Laurenzo and KTLA anchor Frank Buckley. It can be viewed on KRON4 (San Francisco), KTLA5 (Los Angeles), KSWB/KUSI (San Diego), KTXL (Sacramento), KGET (Bakersfield) and KSEE (Fresno). NewsNation will also air the debate.

Kevin Warsh, the man nominated to lead the Federal Reserve, the world’s most important financial institution, told the US Senate Banking Committee on Tuesday that he had made no secret agreements with the White House over interest rate policy, defending his professional integrity.

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He said he would act independently if confirmed to succeed Jerome Powell, despite continued public pressure from US President Donald Trump for lower borrowing costs.

The question of that independence was put sharply to him during the hearing, when Republican Senator John Kennedy asked whether he would be Trump’s “human sock puppet”. Warsh replied: “Absolutely not.”

His comments came amid broader concerns on Capitol Hill about the future direction of the central bank, with lawmakers divided over his past record and approach to monetary policy.

Warsh insisted that the President had never asked him to commit to any specific interest rate path and said he would not have agreed to such a request.

The hearing highlighted the significant pressure facing the Federal Reserve as it maintains its independence while addressing inflation, which remains at 3.3%.

Just hours before the session began, US President Donald Trump stated in a CNBC interview that he would be disappointed if Warsh did not immediately implement rate cuts.

This current friction suggests that the White House may struggle to secure the necessary votes to confirm Warsh before Powell’s term as Fed Chair expires on 15 May.

Democratic opposition and Republican dissent

Democratic senators were particularly vocal in their scepticism, accusing Warsh of shifting his economic stance to suit the political climate.

US Senator Elizabeth Warren labelled the nominee a “sock puppet”, suggesting his installation would facilitate an “illegal takeover” of the institution.

Critics also pointed to his historical record, alleging that he favoured higher rates during Democratic administrations but has become more dovish under Republican leadership.

US Senator Ruben Gallego cited reporting from the Wall Street Journal (WSJ), which claimed the President had previously urged Warsh to reduce borrowing costs. Warsh responded by stating that such reports were based on inaccurate sources and reiterated that the independence of the Fed is “essential” for economic stability.

Despite Trump’s backing, the nomination also faces a critical roadblock within the Republican Party.

US Senator Thom Tillis, a Republican from North Carolina, reiterated his refusal to support Warsh as long as a Department of Justice investigation into Jerome Powell continues.

The probe, led by Assistant US Attorney Jeannine Pirro, is examining whether Powell committed perjury during testimony last year regarding the budget of a Federal Reserve building renovation project.

Tillis and other Republican colleagues have expressed their support for Powell, arguing that the investigation is meritless. According to Tillis, he will not vote for a successor until the “investigation is dropped,” a stance that effectively freezes the nomination in a closely divided committee.

Federal prosecutors have reportedly continued their efforts to access Fed records as recently as last week, even after a judge previously found no evidence to support the charges.

Legal and ethical hurdles

The proceedings also delved into Warsh’s personal financial interests and the logistical challenges of a potential leadership transition.

US Senator Elizabeth Warren raised questions about the nominee’s investments in private entities, including SpaceX and Polymarket, noting that the specific size of these holdings had not been fully disclosed to the public.

Warsh defended his position by stating that the Office of Government Ethics has already approved his plan to divest all assets within 90 days of his confirmation.

Compounding the uncertainty is the unique situation involving Jerome Powell.

Unlike most departing Chairs, Powell has indicated he intends to remain on the Federal Reserve’s governing board until his separate term ends in 2028, or until the perjury investigation is concluded.

This could create an awkward power dynamic where the former Chair sits alongside his successor, a scenario not seen in Washington since the late 1940s.

While US President Donald Trump has threatened to remove Powell from the board entirely, legal experts suggest such a move would be difficult, particularly given recent US Supreme Court precedents relating to the protection of Fed governors from political dismissal.

Published on
22/04/2026 – 10:40 GMT+2

The cost of living in the UK accelerated throughout March, propelled by a significant increase in petrol and diesel prices following the outbreak of the Iran war.

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According to the Office for National Statistics, the annual consumer price inflation rate moved to 3.3% from 3% the previous month, a shift that matched the forecasts.

This inflationary pressure is largely attributed to an 8.7% monthly jump in motor fuel costs, which represents the sharpest rise seen since the summer of 2022, following Russia’s full-scale invasion of Ukraine.

Beyond the petrol stations, the fallout from higher energy prices has trickled down into airfares and food supplies, complicating the economic landscape for the government and the Bank of England.

UK Treasury chief Rachel Reeves noted that while the conflict is not a domestic one, it is directly pushing up bills for families and businesses across Britain.

Lindsay James, an investment strategist at Quilter, observed that “this morning’s inflation data showed CPI creeping back up to 3.3%, confirming that price pressures are re-accelerating rather than fading away since the outbreak of the war in Iran.”

While international markets have shown some signs of recovery in equity prices, the physical market for oil delivery into Europe remains under immense strain.

Experts suggest that a swift reopening of the Strait of Hormuz is the only viable path to unwinding the current inflationary trend, yet the situation remains volatile and unpredictable.

The Bank of England’s policy dilemma

The timing of this inflation surge is particularly problematic because it coincides with a period of cooling in the domestic economy.

Recent data from the labour market indicates that payrolled employment is falling and economic inactivity is on the rise, while wage growth has started to ease.

For the average British worker, the combination of rising essential costs and stagnating earnings growth creates a challenging environment for real purchasing power.

As for the Bank of England, this sudden spike in prices has disrupted the projected path of beginning to lower borrowing costs this spring.

Prior to the escalation of the Iran war, there was a growing consensus that the central bank would reduce its main interest rate from 3.75% as inflation appeared to be heading back toward the official 2% target.

However, with inflation now expected to potentially hit 4% in the coming months, the Monetary Policy Committee faces a much more difficult decision during its meeting next week.

There is a growing debate among economists regarding whether traditional interest rate hikes are the correct tool to address this specific crisis.

According to James “a rise in rates risks misdiagnosing the problem. This inflationary pulse is being driven by supply disruption, not excess demand. Higher interest rates will do nothing to increase the flow of oil or other goods from the Middle East.”

This sentiment suggests that the Bank of England may choose to maintain its current stance, keeping rates on hold while monitoring whether these price increases begin to manifest in higher wage demands across the broader economy.

Published on
22/04/2026 – 8:00 GMT+2

EU Trade Chief Maroš Šefčovič is visiting the US on Thursday and Friday in a bid to unlock negotiations over EU steel and aluminium exports still hit by the 50% US tariffs imposed by US President Donald Trump shortly after his return to power last year.

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Scrapping those tariffs was part of the EU-US trade deal struck in July 2025, which included commitments to discuss quota arrangements for steel and aluminium to replace the 50% duties.

However implementation of the broader accord — including cuts to EU tariffs on US industrial goods — has been delayed by MEPs, effectively stalling talks on metals.

Taking stock

European Commission Deputy Chief Spokesperson Olof Gill said on Tuesday that the trip will be an “opportunity to take stock of the broad sweep of EU/US trade deal and investment relations”.

He added that the focus will be on where both sides “stand” on the implementation of their “respective commitments” under the deal.

Resolving issues over the trade of steel and aluminium will be top of the agenda, Euronews has learned.

The agreement was clinched in summer 2025 in Turnberry, Scotland, by Commission President Ursula von der Leyen and Trump after weeks of trade tensions, during which Šefčovič made repeated trips to Washington to defuse the dispute and avert steeper tariffs.

The Commission ultimately accepted 15% duties on European exports to the US in a deal widely seen as unbalanced in Europe. The agreement is now under discussion among EU countries and MEPs before full implementation.

Šefčovič’s visit will be his first since the Turnberry accord. The deal has since been frozen several times by EU lawmakers following fresh tariff threats by Trump over Greenland.

A ruling by the US Supreme Court also reshuffled the deck, finding that most US tariffs imposed in 2025 were illegal. In the days following, the White House shifted legal grounds to maintain tariffs as part of its nationalist ‘America First’ trade agenda. However, those measures are set to expire in July, after which they will require approval from US Congress.

Pressure points

In the coming days, Šefčovič aims to ensure the US sticks to the agreed 15% tariffs. His agenda includes meetings with US Trade Representative Jamieson Greer, US Commerce Secretary Howard Lutnick and US Treasury Secretary Scott Bessent. He will also head to Capitol Hill to meet members of the US Congress.

Washington has also tied the removal of steel and aluminium tariffs to EU moves to relax digital rules it sees as targeting US Big Tech firms.

While the Commission has always defended its sovereign right to legislate — insisting rules are applied without discrimination — discussions on setting up an EU-US forum on digital issues have recently surfaced.

Whether that still-vague concession will be enough to secure US movement on metals remains to be seen.

April 21 (UPI) — European airline Lufthansa announced Tuesday that it will chop 20,000 “unprofitable” short-haul flights through October, a move the company says will save more than 40,000 metric tons of jet fuel.

The company, which is based in Germany, said fuel costs have doubled since the start of the conflict in Iran. This follows a move last week to retire the 27-plane fleet of its CityLine subsidiary ahead of schedule, Politico reported.

Lufthansa canceled the first 120 flights, which were to take place through the end of May, on Monday and said it had alerted affected passengers.The 20,000 cancelations include the former CityLine flights and affect the airline’s hubs in Frankfurt, Munich, Zurich, Vienna, Brussels and Rome.

“Passengers will therefore continue to have access to the global route network, particularly long-haul connections,” Lufthansa said in its announcement. “However, due to the increase in jet fuel prices, this will be achieved significantly more efficiently than before.”

The airline said that it will post the schedule “optimizations” from June onward in late April.

Politico reported that other airlines, including SAS Scandinavian Airlines and Air France- KLM, have turned to similar measures to deal with fuel costs.

Xavier Becerra, a former cabinet secretary in President Biden’s administration, appears to be surging in the curiously unsettled California governor’s race.

Until recently, the former U.S. Health and Human Services secretary had been mired in the single digits in polling to replace termed-out Gov. Gavin Newsom and lead the nation’s most populous state.

But after former Rep. Eric Swalwell, (D-Dublin) dropped out of the race earlier this month amid accusations ofsexual assault and other misconduct Becerra has seen a boost in polls, fundraising and endorsements.

On Tuesday, Assembly Speaker Robert Rivas endorsed Becerra alongside 14 Democratic members of the legislative body.

Arguing that Californians are under constant threat from President Trump’s policies, Rivas cited Becerra’s decades-long record in public office, including defending Obamacare and young immigrants, or dreamers, to argue that Becerra is best positioned to lead the state.

“There’s no time to learn on the job — we need a governor who’s ready to fight back on day one,” Rivas said in a statement, noting that Becerra sued the Trump administration 122 times while he was California’s attorney general. “We have a strong Democratic field for governor. But right now, we need someone ready on day one. Xavier Becerra is that leader.”

Becerra said he was honored to receive the legislators’ backing.

“I look forward to working with the Speaker and legislators on Day One to tackle the problems Californians care about most — from the skyrocketing cost of groceries and housing to our unyielding fight against the Trump Administration’s disastrous policies,” he said in a prepared statement. “Californians need an experienced and trusted leader who doesn’t need on-the-job training.”

Despite Becerra’s long tenure in state and federal office, the unflashy politician is not well-known among California voters. He was among the underdogs in the 2026 gubernatorial race. Swalwell, by contrast, was among the leading Democratic candidates.

Amy Thoma, a former Republican strategist who is no longer affiliated with a political party, noted that Becerra’s surge comes at a critical moment in the election, shortly before ballots land in Californians’ mailboxes.

“Voters are starting to tune into the race. Yes, they want someone who will stand up to Trump, but it also seems they want someone with experience who can address the very real issues facing the state,” Thoma said.

She added that Becerra’s life story is “incredibly compelling.”

“The word authentic is overused, but every time he talks about his love for this state, for his family and wanting to make California work for everyone, it comes across incredibly sincere,” Thoma said. “Voters can see through candidates who fake it.”

Becerra was respected by colleagues across the aisle, including former GOP legislative leader and state Republican party chairman Jim Brulte. Both men were elected to the state Assembly in 1990 and though their politics often sharply differed. However, they had a warm relationship.

“He was progressive and I am a conservative,” Brulte said. “We never agreed much on policy, but he is a good man with a great heart.”

The 2026 governor’s race has been unlike any in recent memory, with no clear front-runner in a crowded field of candidates and voters just beginning to pay attention to the contest shortly before the June 2 primary.

There were two prominent Republicans and eight prominent Democrats in the race, leading to fears among Democratic leaders in the state that their party’s candidates could be shut out of the governor’s race in the general election because of California’s unique primary system. The two candidates who win the most votes in the June 2 primary will move onto the November general election, regardless of party affiliation.

Democratic leaders remain concerned that despite California’s sapphire-blue tilt, the number of their party’s candidates in the race could lead to a splintering of Democratic voters that results in two Republicans advancing to the November ballot.

Six prominent Democrats remain in the race, after Swalwell and former state Controller Betty Yee dropped out.

The race — lacking a global superstar such as Arnold Schwarzenegger or the scion of a storied political family and former governor like Jerry Brown — is ephemeral. Anything can happen before the June 2 primary.

But Becerra is having a moment. In addition to the new endorsements, he has seen notable movement in polls, most recently in a survey released Monday by the state Democratic party. Becerra jumped nine points from the party’s last poll, tying with billionaire Tom Steyer at 13%.

While Becerra will never be able to match Steyer’s deep pockets, he raised more than $1 million on ActBlue, the top Democratic fundraising platform, in the week ending on April 18, making him the biggest fundraiser on the site in the nation.

“Ninety-seven percent were first-time donors,” Becerra’s campaign said in a statement. “This is not a donor base being recycled. It is a movement being born.”

Published on 21/04/2026 – 12:14 GMT+2•Updated
12:16

Oil prices edged slightly higher, European indices traded flat, while Asian markets surged on Tuesday morning as investors monitored potential US-Iran negotiations and the final 48 hours of the current ceasefire.

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At the time of writing, US benchmark crude was up 8.5% from last Friday’s low to around $86.3 a barrel, while Brent crude, the international standard, was around 9.5% higher at roughly $94.5 a barrel.

As for European markets, the Euro Stoxx 50 and the broader pan-European Stoxx 600 were trading within a 0.2% range.

The UK’s FTSE 100, Germany’s DAX 30, France’s CAC 40 and Italy’s FTSE MIB were all similarly trading within a 0.3% range.

On Wall Street, US futures were also all trading within a 0.3% range with the tech-heavy Nasdaq leading. The S&P 500 closed marginally lower by 0.2% on Monday at 7109 points.

Despite US representatives, including special envoy Steve Witkoff and senior adviser Jared Kushner, travelling to Islamabad as part of renewed efforts to secure an agreement, no concrete progress on US-Iran negotiations has been announced.

The Strait of Hormuz remains closed and the current ceasefire ends on Wednesday keeping markets in a state of uncertainty.

US President Donald Trump has asserted that the deal currently being negotiated will be better than the Joint Comprehensive Plan of Action (JCPOA), which was signed by US President Barack Obama in 2015 and from which Trump withdrew in 2018.

Latest on US-Iran negotiations

Following the arrival of US representatives to Islamabad there has been no developments on the negotiations with Iran.

Even though US President Donald Trump confidently declared that there is a historic deal in the works, public statements from major Iranian figures seem to indicate otherwise.

Mohammad Ghalibaf, the speaker of Iran’s parliament and the person previously heading the talks with the US, made sweeping declarations via X on Monday stating that the country will “not accept negotiations under the shadow of threats” and “has prepared to reveal new cards on the battlefield”.

Previously, other Iranian representatives have also described US demands as “excessive”.

For the time being, markets eagerly await developments and are highly sensitive to any headlines about the situation.

Associated British Foods and Primark demerger

Although European markets are trading flat, major news in the retail consumer sector has come out of the UK.

Associated British Foods (ABF) is poised to announce the outcome this week of a strategic review into demerging its fast-fashion retail arm Primark, from its diversified food business.

The conglomerate, controlled by the billionaire Weston family, has been working with advisers from Rothschild & Co to assess whether the split would maximise long-term shareholder value.

Analysts argue the move makes sense because of the limited operational synergies between the two divisions: the food arm generates steady cash flows from brands such as Twinings, Patak’s, Jordans cereals and Allied Bakeries, while Primark has pursued aggressive international expansion in a fiercely competitive retail sector.

The decision comes as ABF faces tough trading conditions, with the group warning in January of flat annual sales and declining profits, further pressured by rising costs and the fallout from the Iran conflict, including potential increases in petrochemical prices.