winners

Kenyan runner John Korir has won the Boston Marathon for the second year in a row — and this time he did it in record-setting fashion.

Korir crossed the finish line Monday morning with a time of 2 hours, 1 minute, 52 seconds, shattering the previous course record of of 2:03:02 set by Geoffrey Mutai in 2011. It’s the fifth fastest marathon of all time.

Mutai was actually bumped down to fourth on the all-time list as all of the top three finishers from the 2026 men’s race beat his previous record time. Tanzania’s Alphonce Felix Simbu came in second (2:02:47) and Kenya’s Benson Kipruto was third (2:02:50).

Korir pulled away from the pack as the group was approaching the Heartbreak Hill area between miles 20 and 21. After the race, he told reporters that he had no idea he had set a new course record until after he crossed the finish line.

“I knew I would defend my title, but I didn’t know I could run my fastest,” Korir said. “So for me, it was just go and defend my title, but the time came, so I’m happy.”

Korir receives $150,000 for winning the race and another $50,000 for setting a new course record.

Kenya’s Sharon Lokedi celebrates after winning the women’s division of the Boston Marathon on April 20.

(Charles Krupa / Associated Press)

Fellow Kenyan Sharon Lokedi also was a repeat winner in the women’s race. Her time of 2:18:51 is the second-fastest in race history, behind her 2025 time of 2:17:22. She was followed across the finish line by three countrywomen. Loice Chemnung stayed close to Lokedi before fading late to finish in second place (2:19:35). Mary Ngugi-Cooper was third (2:20:07) and Mercy Chelangat fourth (2:20:30).

“It feels great,” Lokedi said of defending her title. “I ‘m really happy with it. I feel like this course challenges you so much, and with the help of people and all the cheers of the course, it makes it special, so I’m really grateful.”

Like Korir, Lokedi receives $150,000 for winning the race.

New course records for U.S. runners also were set, as Zouhair Talbi finished the men’s race in 2:03:45 and Jess McClain finished the women’s race in 2:20:49. Both runners placed fifth in their respective races.

“I knew it was going to be tailwind, which is an advantage for us to run a fast time,” Talbi told reporters after the race,” but the pace is determined by the leaders, and at this point you just want to follow the pace. A lot of athletes were pushing the pace early on, and … I was like, ‘Yeah, today’s going to be a fast time.’”

Switzerland’s Marcel Hug won the men’s wheelchair division with a time of 1:16:06. It’s his fourth straight Boston Marathon victory and ninth time overall, bringing him within one victory of tying South African great Ernst van Dyk for most wheelchair division wins in race history.

Britain’s Eden Rainbow-Cooper won the women’s wheelchair division in 1:30:51, two years after winning the race for the first time. She and Hug each receive $50,000 for winning their races.

The Associated Press contributed to this report.

Some of our finest contemporary writers got their laurels Friday night at the 46th Los Angeles Times Book Prizes ceremony at USC’s Bovard Auditorium.

At the awards ceremony, which opens the annual L.A. Times Festival of Books weekend, Oakland-born writer Amy Tan and literary nonprofit We Need Diverse Books received achievement honors, and finalists in 13 other categories became prize winners.

The presenters and awardees who took the stage balanced a spirit of playfulness — Times senior editor Sophia Kercher called the weekend’s festival “my personal Coachella” and Times columnist LZ Granderson saluted his fellow “booktroverts” — and one of reverence as they celebrated writing as an instrument for advocacy, imagination and history-keeping.

As Bench Ansfield virtually accepted his award in the history category for “Born in Flames: The Business of Arson and the Remaking of the American City,” which exposes a pattern of landlords setting residential fires to collect insurance payouts, he said, “It’s a scary time to be a historian in the United States.”

“Our field, like so many other fields, is under attack,” Ansfield said. “To understand the crises in front of us, we have to understand our history.”

Among the crises highlighted was AI encroachment, the subject of science and technology category winner Karen Hao’s “Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI.” The AI expert and investigative journalist’s book is a critical investigation into the rise of OpenAI and its impact on society.

In Hao’s acceptance speech, read by presenter Jia-Rui Cook in her absence, the author said she “can’t help but be disturbed by how the themes of this book have grown more relevant by the day.”

“That said, I have never been more hopeful of our chance to advance a different future,” the author said, adding that L.A.’s history of resistance movements — including the recent Hollywood strikes — made it an apt place to accept her award.

“Gatherings like this are one of many radical acts of resistance against the imperial project that seeks to strip us of our meaning and our humanity,” Hao said. “Let us continue to resist defiantly together and let us remember lessons in history: When people rise, empires always fall.”

Tan echoed Hao’s sentiments as she accepted the Robert Kirsch Award, which celebrates literature with regional and thematic connections to the Western United States, for her acclaimed portfolio of writing exploring identity and cultural inheritance — often through the lens of the immigrant experience.

In her speech, “The Joy Luck Club” writer said that while she never particularly considered herself a “political writer,” her stance on that has changed as government actions have made her think critically about her own identities.

“My birthright and that of millions of others is now being argued before the Supreme Court, and no matter what the outcome is, it’s been a kick in the gut to know that those in the highest echelons of government and those who support them believe that we don’t belong.”

As an author, Tan said, “I imagine the lives of the people I write about,” and that act of compassion, for writers, inherently “reflects our politics and our beliefs. And so yes, I am a political writer.”

Later, Caroline Richmond, executive director of We Need Diverse Books, celebrated the work of her nonprofit — the recipient of this year’s Innovator’s Award — which has made it so her daughter “has never really had to look that far to find herself on the page.”

Still, she said ongoing book bans are threatening those strides toward a more diverse literary marketplace.

“The work is very much far from over,” Richmond said, “but I have to remind myself that the people banning books are never the good guys in history, and it’s up to us in this room and beyond — as readers, as book lovers — to fight back because diverse books, we really need them now more than ever.”

As the ceremony wore on, the room was as charged with celebration as it was with resistance.

When writer-editor and former child actor Adam Ross accepted the Christopher Isherwood Prize for “Playworld,” a semi-autobiographical novel about a teen growing up in 1980s New York, he gleamed with joy about his second novel being out in the world and finding readers.

“When it became clear to me that I was writing something that was going to be a lot bigger and take a lot longer than I planned, I promised myself I would use all of my ability to capture my experience of a particular era in an enduringly magical city, and to hopefully express it in such a way that any reader willing to embark on a journey with me, but upon finishing close the book and say, ‘Yes, I know exactly what that was like,’” Ross said in his acceptance speech.

“Winning this award makes me feel like I succeeded in that endeavor,” the author said.

Other winners included Ekow Eshun, who topped the biography category for “The Strangers: Five Extraordinary Black Men and the Worlds That Made Them,” which parses Black masculinity as embodied by various civil rights activists, philosophers and other visionaries, and Bryan Washington, who accepted the fiction award for “Palaver,” which details the tense reunion of a Jamaican-born mother and her queer son, who are navigating years of estrangement in Tokyo.

The 31st annual L.A. Times Festival of Books will host 500-plus authors and celebrities and 300-plus exhibitors across more than 200 events including panels, book signings and cooking demonstrations. Top-billed guests include musician-memoirist Lionel Richie, veteran actor and recent Golden Globe Carol Burnett Award honoree Sarah Jessica Parker, and the mastermind behind “Curb Your Enthusiasm,” Larry David.

The schedule for the Saturday-Sunday event can be found here.

Here’s the full list of finalists and winners for the Book Prizes.

Robert Kirsch Award

Amy Tan

Innovator’s Award

We Need Diverse Books

The Christopher Isherwood Prize for Autobiographical Prose

Adam Ross, “Playworld: A Novel”

The Art Seidenbaum Award for First Fiction

Andy Anderegg, “Plum”

Krystelle Bamford, “Idle Grounds: A Novel”

Addie E. Citchens, “Dominion: A Novel”

Justin Haynes, “Ibis: A Novel” | WINNER

Saou Ichikawa translated by Polly Barton, “Hunchback: A Novel”

Achievement in Audiobook Production, presented by Audible

Molly Jong-Fast (narrator), Matie Argiropoulos (producer); “How to Lose Your Mother”

Jason Mott, Ronald Peet, and JD Jackson (narrators), Diane McKiernan (producer); “People Like Us: A Novel”

James Aaron Oh (narrator), Linda Korn (producer); “The Emperor of Gladness: A Novel”

Imani Perry (narrator), Suzanne Mitchell (producer); “Black in Blues”

Maggi-Meg Reed, Jane Oppenheimer, Carly Robins, Jeff Ebner, David Pittu, Chris Andrew Ciulla, Mark Bramhall, Petrea Burchard, Robert Petkoff, Kimberly Farr, Cerris Morgan-Moyer, Peter Ganim, Jade Wheeler, Steve West, and Jim Seybert (narrators), Kelly Gildea (producer); “The Correspondent: A Novel” | WINNER

Biography

Joe Dunthorne, “Children of Radium: A Buried Inheritance”

Ekow Eshun, “The Strangers: Five Extraordinary Black Men and the Worlds That Made Them” | WINNER

Ruth Franklin, “The Many Lives of Anne Frank”

Beth Macy, “Paper Girl: A Memoir of Home and Family in a Fractured America”

Amanda Vaill, “Pride and Pleasure: The Schuyler Sisters in an Age of Revolution”

Current Interest

Jeanne Carstensen, “A Greek Tragedy: One Day, a Deadly Shipwreck, and the Human Cost of the Refugee Crisis”

Stefan Fatsis, “Unabridged: The Thrill of (and Threat to) the Modern Dictionary”

Brian Goldstone, “There Is No Place for Us: Working and Homeless in America” | WINNER

Gardiner Harris, “No More Tears: The Dark Secrets of Johnson & Johnson”

Jordan Thomas, “When It All Burns: Fighting Fire in a Transformed World”

Fiction

Tod Goldberg, “Only Way Out: A Novel”

Stephen Graham Jones, “The Buffalo Hunter Hunter”

Mia McKenzie, “These Heathens: A Novel”

Andrés Felipe Solano translated by Will Vanderhyden, “Gloria: A Novel”

Bryan Washington, “Palaver: A Novel” | WINNER

Graphic Novel/Comics

Eagle Valiant Brosi, “Black Cohosh”

Jaime Hernandez, “Life Drawing: A Love and Rockets Collection” | WINNER

Michael D. Kennedy, “Milk White Steed”

Lee Lai, “Cannon”

Carol Tyler, “The Ephemerata: Shaping the Exquisite Nature of Grief”

History

Char Adams, “Black-Owned: The Revolutionary Life of the Black Bookstore”

Bench Ansfield, “Born in Flames: The Business of Arson and the Remaking of the American City” | WINNER

Jennifer Clapp, “Titans of Industrial Agriculture: How a Few Giant Corporations Came to Dominate the Farm Sector and Why It Matters”

Eli Erlick, “Before Gender: Lost Stories from Trans History, 1850-1950”

Aaron G. Fountain Jr., “High School Students Unite!: Teen Activism, Education Reform, and FBI Surveillance in Postwar America”

Mystery/Thriller

Megan Abbott, “El Dorado Drive” | WINNER

Ace Atkins, “Everybody Wants to Rule the World: A Novel”

Lou Berney, “Crooks: A Novel About Crime and Family”

Michael Connelly, “The Proving Ground: A Lincoln Lawyer Novel”

S.A. Cosby, “King of Ashes: A Novel”

Poetry

Gabrielle Calvocoressi, “The New Economy”

Chet’la Sebree, “Blue Opening: Poems”

Richard Siken, “I Do Know Some Things”

Devon Walker-Figueroa, “Lazarus Species: Poems”

Allison Benis White, “A Magnificent Loneliness” | WINNER

Science Fiction, Fantasy & Speculative Fiction

Stephen Graham Jones, “The Buffalo Hunter Hunter”

Jordan Kurella, “The Death of Mountains”

Nnedi Okorafor, “Death of the Author: A Novel”

Adam Oyebanji, “Esperance”

Silvia Park, “Luminous: A Novel” | WINNER

Science & Technology

Mariah Blake, “They Poisoned the World: Life and Death in the Age of Forever Chemicals”

Peter Brannen, “The Story of CO2 Is the Story of Everything: How Carbon Dioxide Made Our World”

Karen Hao, “Empire of AI: Dreams and Nightmares in Sam Altman’s OpenAI” | WINNER

Laura Poppick, “Strata: Stories from Deep Time”

Jordan Thomas, “When It All Burns: Fighting Fire in a Transformed World”

Young Adult Literature

K. Ancrum, “The Corruption of Hollis Brown”

Idris Goodwin, “King of the Neuro Verse”

Jamie Jo Hoang, “My Mother, the Mermaid Chaser”

Trung Le Nguyen, “Angelica and the Bear Prince” | WINNER

Hannah V. Sawyerr, “Truth Is: A Novel in Verse”

The International Monetary Fund has downgraded its global growth forecast for 2026 from 3.3 to 3.1 percent, citing the impact of the United States-Israeli war on Iran and the shutdown of the Strait of Hormuz on the world economy.

The war has damaged energy infrastructure across the Gulf, while critical exports like oil, gas, chemicals and fertiliser remain largely stranded by Iran’s shutdown of the strait and the subsequent US naval blockade of Iranian ports.

In the worst-case scenario of a prolonged war, the IMF said global growth could fall to 2.5 percent in 2026, with low-income and developing economies hit the hardest by soaring commodity and energy prices. The global shipping and logistics industry is facing a separate crisis.

But every economic crisis also has beneficiaries: despite the dire macroeconomic outlook, some corners of the global economy are thriving on the uncertainty.

Here’s a look at five industries that are doing well either despite – or because of – the darkening economic outlook.

Wall Street investment banks

Global investors have been on a rollercoaster since the start of US President Donald Trump’s second term last year. The president’s erratic decision-making, where he often issues an ultimatum one day and then changes it the next, has led traders to coin the term “TACO trade”, where TACO stands for “Trump Always Chickens Out”.

The recent volatility has made some investors anxious, but it’s been a boon to investment banks, which make millions in commissions and revenue from the surging volume of trade, according to Sean Dunlap, a director of equity research at Morningstar Research Services.

“Clients want to reposition, so they trade frequently,” he told Al Jazeera. “Spreads tend to increase, which increases the profitability for trade intermediaries like banks.”

First-quarter results for 2026 – released this week – showed that Morgan Stanley reported a profit of $5.57bn, up 29 percent year on year, while Goldman Sachs reported a profit of $5.63bn, up 19 percent year on year.

JP Morgan Chase also reported major gains, with first-quarter earnings of $16.49bn, up 13 percent year on year. The banks all cited high levels of trading, deal-making, and “robust client engagement” as the reasons behind surging profits.

The boomtime for banks could reverse course, however, if volatility persists for too long, Dunlap warned, because investors may become increasingly cautious and less willing to borrow money to make trades.

Prediction markets

As mainstream Wall Street banks reap profits, the crypto-based prediction platform Polymarket has been earning upwards of $1m a day since the start of the month by letting users make peer-to-peer bets on everything from sports tournaments to elections.

Polymarket has been doing well since the start of the war, but it revised its fee structure on March 30 to cash in even more on its popularity.

Rival platforms like Kalshi, Novig and Robinhood also follow the same business model, but Polymarket has been the standout winner of 2026 because it controversially allows users to bet on the outcome of conflicts like the Iran war.

Polymarket revised its fee structure on March 30 to cash in on its popularity. The change has already netted the platform more than $21m in fees since April 1, up from $11.6m for all of March and $6.23m for all of February, according to DefiLlama, a website that provides data analysis for decentralised finance platforms.

If the current trend continues, Polymarket could make $342m in fees this year alone, according to DefiLlama’s analysis.

Anonymous users have also made millions correctly predicting the dates of major events like the US-Iran ceasefire, but the outcomes for rank-and-file users are typically less impressive.

Researchers found that the top 1 percent of Polymarket users captured 84 percent of all trading gains, according to a new report released this month analysing 70 million trades from 2022 to 2025. The returns are so high that US federal regulators have pledged to crack down on insider trading in prediction markets following suspiciously well-timed bets on Iran war outcomes.

Aerospace and defence

Unsurprisingly, the aerospace and defence industries are booming this year due to major conflicts in Ukraine, Iran, Sudan, Gaza and Lebanon and a surge in global defence spending.

About half of the world’s countries have increased their military budgets over the past five years, according to an April report from the IMF, which means they are also buying everything from drones to missiles — more than ever before. Demand is growing particularly fast in Europe, where NATO countries have committed to raising defence spending to 5 percent of gross domestic product (GDP) by 2035.

The defence industry has, in turn, seen major gains on the stock market. The MSCI World Aerospace and Defence Index – which tracks aerospace and defence stocks across 23 global markets – reported net returns of 32 percent year on year at the end of March.

The defence index outpaced the MSCI World Index, which tracks 1,300 large and mid-cap companies across the same 23 markets. The index, which gives a broader overview of global stock markets, reported net returns of 18.9 percent over the same period.

Artificial intelligence

Last year, the United Nations Trade and Development (UNCTAD) office predicted that the AI industry would grow from $189bn in 2023 to $4.8 trillion by 2033, and the Iran war does not seem to have dented the outlook.

“Despite the shocks from the Iran war, we’re still seeing resilience in a lot of sectors like artificial intelligence and renewable energy,” said Nick Marro, lead analyst for global trade at the Economist Intelligence Unit.

One metric for the AI boom has been the high volume of semiconductor chips still being exported out of East Asia, he said. At the top of the chart is chipmaking powerhouse Taiwan, which reported record-breaking merchandise exports of $80.2bn in March, up 61.8 percent year on year, according to EIU analysis.

The surge was led by exports to the US, which grew by 124 percent year on year, the EIU said.

Taiwan Semiconductor Manufacturing Company, the world’s top chipmaker better known by its acronym “TSMC,” on Thursday posted a net income of 572.8 billion New Taiwan Dollars (NTD) ($18.1bn) for the first three months of 2026 – up 58 percent year on year in NTD.

Another metric, initial public offerings or “IPOs,” also shows that the industry is confident for the moment, with industry leaders Anthropic and OpenAI both planning to go public this year.

Renewable energy

The Iran war has highlighted the need to transition from fossil fuels not only for environmental reasons, but also for reasons of energy security. The war marks the third major energy shock this decade, following the COVID-19 pandemic and the 2022 Russian invasion of Ukraine.

The Iran war has “boosted” renewable energy “given the urgency to switch away from fossil fuels and diversify towards renewable sources,” Marro of the EIU said.

Even before the Iran war began, the International Energy Agency reported that global governments were already taking active measures to invest in renewable energy for geopolitical reasons.

According to an IEA report released this month, “150 countries have active policies to advance renewable and nuclear deployment, 130 have energy efficiency and electrification policies, and 32 have policies to incentivise supply chain resilience and diversification across critical minerals and clean energy technologies.”

The Iran war has triggered another flurry of policymaking in Asia, which typically buys 80 to 90 percent of the oil and gas that transits through the Strait of Hormuz. Since the shutdown, the region has been struggling to find alternative sources of energy, forcing governments to deploy emergency measures like fuel rationing and price caps.

South Korea, Thailand, India, Cambodia, Indonesia, Vietnam and the Philippines have all announced a variety of measures from tax breaks for at-home solar panels to commissioning new renewable energy projects – and even restarting nuclear reactors.

The surge in policymaking has been good for the renewable industry. The S&P Global Clean Energy Transition Index, which tracks 100 companies that produce solar, wind, hydro, biomass and other renewable energy across emerging and developed markets, is up 70.92 percent year on year.

The Olivier Awards are back on the BBC and fans were bowled over with host Nick Mohammed also praised for his flawless delivery at the Royal Albert Hall tonight

Viewers were quick to slam ITV’s coverage of the Olivier Awards, which made its long-awaited return to the BBC tonight.

Fans were left impressed by its return after years away with the live broadcast from the Royal Albert Hall tonight. The great and the good from theatre and stage were there, as well as plenty of other big names, as the winners were announced in London.

The star-studded ceremony was back on the BBC for the first time in 23 years, and those tuning in are happy at the switch. Highlights from the glitzy bash included performances from this year’s nominees, including Paddington The Musical, Into the Woods, and Evita.

Viewers were also treated to spectacular celebrations marking the 40th anniversary of Phantom of the Opera and the 20th anniversary of Wicked. Minutes into the show, fans flocked to X to share their delight that the Olivier Awards were back “where they should be”.

“Thank goodness we got a decent Olivier Awards show back on BBC at a decent time rather than the throw away coverage on ITV previously. Really enjoyed that,” one put, as another said: “The BBC really know how to do it right, don’t they. Can’t stop watching the Olivier Awards tonight!”

An impressed third person said: “Currently watching the Olivier Awards 2026 on BBC Two right now. Great acceptance award speeches about making sure that there are still charities to fund talented and new individuals through the acting door, in particular, the next generation.”

Lord Andrew Lloyd Webber, Sir Ian McKellen, Dame Helen Mirren and Dame Arlene Phillips will all be on hand to dish out the awards, with Ted Lasso and Celebrity Traitors star Nick Mohammed on hosting duties at the iconic venue.

The was plenty of praise for him online and one said: “Nick Mohammed is just wonderful as the olivier awards host” with someone else agreeing and they wrote: “Can Nick Mohammed host every award show for all eternity. He’s very good isn’t he? #olivierawards“.

The Queen sent her congratulations to Dame Elaine Paige on receiving this year’s Special Award and the royal said: “You have, quite simply, brought huge joy to untold numbers of people across the globe and we are in your debt.”

Paddington was the big winner on the night, with West End revivals of Evita and Into The Woods also winning plaudits. The smash-hit musical – which is adapted from the books by Michael Bond and the hit films – won in seven categories from 11 nominations including best new musical, best actor in a musical and best actor and actress in a supporting role.

It follows the adventures of the marmalade-loving bear from Peru, starring a life-like puppet of Paddington, and also picked up the prize for best costume design, best set design and the Sir Peter Hall award for best director. Paddington, currently on at the Savoy Theatre in London, features music written by McFly star Tom Fletcher and its book was written by playwright Jessica Swale.

Winners in full:

Best actor

Jack Holden for Kenrex at The Other Palace

Best actress

Rosamund Pike for Inter Alia at the National Theatre

Best actor in a musical

James Hameed and Arti Shah for Paddington The Musical at Savoy Theatre

Best actress in a musical

Rachel Zegler for Evita at The London Palladium

Best actor in a supporting role

Paapa Essiedu for All My Sons at Wyndham’s Theatre

Best actress in a supporting role

Julie Hesmondhalgh for Punch at the Young Vic and the Apollo Theatre

Best actress in a supporting role in a musical

Victoria Hamilton-Barritt for Paddington The Musical at Savoy Theatre

Best actor in a supporting role in a musical

Tom Edden for Paddington The Musical at Savoy Theatre

Best new play

Punch by James Graham at the Young Vic and the Apollo Theatre

Best new musical

Paddington The Musical at the Savoy Theatre

Best revival

All My Sons by Arthur Miller at Wyndham’s Theatre

Best musical revival

Into The Woods at Bridge Theatre

Best costume design

Gabriella Slade and Tahra Zafar for Paddington The Musical at Savoy Theatre

Best sound design

Giles Thomas for Kenrex at The Other Palace

Noel Coward award for best new entertainment or comedy play

Oh, Mary! by Cole Escola at Trafalgar Theatre

Best family show

The Boy At The Back Of The Class adapted by Nick Ahad at Rose Theatre

Gillian Lynne Award for best theatre choreographer

Fabian Aloise for Evita at The London Palladium

Best set design

Tom Pye and Ash J Woodward for Paddington The Musical at Savoy Theatre

Sir Peter Hall Award for best director

Luke Sheppard for Paddington The Musical at Savoy Theatre

Best lighting design

Aideen Malone and Roland Horvath for Into The Woods at Bridge Theatre

Outstanding musical contribution

Chris Fenwick and Sean Hayes for Good Night, Oscar at Barbican Theatre

Best new production in affiliate theatre

The Glass Menagerie by Tennessee Williams at The Yard Theatre

Best new dance production

Into The Hairy by Sharon Eyal for S-E-D at Sadler’s Wells

Best new opera production

Dead Man Walking by English National Opera at London Coliseum

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Morocco have been declared the winners of the 2025 Africa Cup of Nations after the Confederation of African Football (Caf) overturned the result of their final defeat to Senegal.

Senegal beat Morocco 1-0 in the final on 18 January in a match which was overshadowed when the Senegalese players refused to play after the hosts were awarded a stoppage-time penalty with the match goalless.

Following a delay of around 17 minutes, the players did eventually return and Brahim Diaz’s penalty was saved before Senegal’s Pape Gueye scored an extra-time winner.

However, that result has now been overturned by African football’s governing body.

A statement from Caf said that Senegal are “declared to have forfeited the final match” with the “result of the match being recorded as 3-0 in favour” of Morocco.

Eighteen days into the war in Iran, and the scorecard for global equity markets makes for uncomfortable reading.

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European benchmark indices have shed around 7% since hostilities began — the Euro STOXX 50 down 6.5%, Germany’s DAX off 7%, France’s CAC 40 down 7.2%, and Italy’s FTSE MIB lower by 6.4% — dwarfing the more modest 2.5% decline in the US S&P 500, which benefits from America’s status as the world’s largest oil producer and its relative insulation from the energy shock.

Yet the headline numbers tell only half the story.

Beneath the surface, an extraordinary divide has opened up — between European companies that thrive on expensive energy, and those being crushed by it.

The energy shock reshaping the continent

The conflict’s most immediate economic consequence has been a seismic repricing of energy.

Iran’s effective closure of the Strait of Hormuz — through which 20% of the world’s petroleum flows — caused Brent crude to surge from around $70 to nearly $120 per barrel within days.

As of Tuesday, Brent sits at approximately $105, a 42% rally from pre-war levels.

In an attempt to cap the oil price surge, the International Energy Agency coordinated a historic intervention.

More than 30 nations in Europe, North America, and northeast Asia agreed to release a combined 400 million barrels of oil from emergency reserves — the largest such action in the IEA’s 50-year history.

Yet the oil market has sent a clear signal that even this enormous release is nowhere near enough to address the unprecedented supply disruption, with crude prices surging more than 17% since the announcement.

Natural gas has been hit even harder. The Dutch TTF benchmark — Europe’s most important gas price reference — has surged 60% to €52 per megawatt-hour.

In a note this week, Goldman Sachs energy analyst Samantha Dart warned this week that approximately 80 million tonnes per annum of LNG supply — 19% of the global total — is currently offline following the Strait’s disruption and the shutdown of Qatar’s LNG production facilities.

Her team maintains a TTF forecast of €63/MWh for the second quarter of 2026, warning that tightening European physical balances could push prices into the gas-to-oil switching range before the conflict resolves.

The winners: Energy, renewables and fertilizer

The clearest beneficiaries have been European oil and gas producers, whose revenues move in lockstep with the commodity the war has repriced so dramatically.

Norwegian energy giant Equinor has surged 23.7% since the start of the month, as investors pile into one of the continent’s largest oil and gas producers with substantial assets well outside the conflict zone.

Fellow Norwegian producer Vår Energi is up 19.9%, while Aker BP has gained 17.1%. Italy’s Eni is up 14.7%, and Portugal’s Galp Energia has added 13.6%.

The most striking gains, however, have come from an unexpected corner: biofuels.

German renewable fuels producer Verbio SE has shot up 30.4%, and Finland’s Neste Oyj — the world’s largest producer of renewable diesel — has gained 28.1%.

As conventional fossil fuels become more expensive and supply chains more precarious, energy alternatives become dramatically more attractive to both buyers and investors.

German gas utility Uniper SE, which has spent recent years diversifying away from Russian supply, has rallied 19.1%.

The fertiliser sector has also attracted significant gains, with K+S rising 15.3% and Yara International rising 15.0%.

The moves reflect a commodity supply crisis hiding in plain sight: around one third of global seaborne fertiliser trade — roughly 16 million tonnes — passes through the Strait of Hormuz, including 43% of seaborne urea exports, 44% of sulphur, and over a quarter of traded ammonia.

The losers: Steel, airlines and construction

On the other side of the ledger, the losses have been equally dramatic. Energy-intensive industries and businesses exposed to higher costs with little pricing power have been savaged.

Airlines have taken some of the heaviest punishment. Wizz Air — the Budapest-based low-cost carrier with heavy exposure to Central and Eastern European routes — has collapsed 31.2%.

Air France-KLM has lost 22.1% and easyJet has dropped 21.8%. All three face the same brutal arithmetic: jet fuel costs have surged, hedging programmes offer only partial and temporary protection, and there is limited ability to pass costs on to passengers quickly enough to protect earnings.

Steel producers have been hit with similar force. Salzgitter has fallen 27.9%, thyssenkrupp is down 27.3%, and ArcelorMittal has shed 19.1%, joined by stainless steel specialist Aperam, which has dropped 24.5%.

Steel production ranks among the most energy-intensive industrial processes on earth, and mills operating on thin margins face an immediate profitability crisis when gas prices surge 60% in such a short period.

Spanish engineering contractor Técnicas Reunidas has dropped 23.7%, a casualty of its deep exposure to Middle Eastern energy infrastructure projects now thrown into uncertainty by the conflict.

Construction group Webuild has fallen 26.6%, reflecting broader fears that an energy-driven slowdown will freeze infrastructure investment across Europe’s most exposed economies.

Mining company Hochschild rounds out the list, down 21%, rising energy costs compress margins and risk appetite for smaller extractive names evaporates.

Europe enters this crisis in a structurally vulnerable position.

Despite having dramatically reduced its dependence on Russian pipeline gas since the invasion of Ukraine, the continent remains acutely sensitive to energy supply disruptions — and gas storage levels heading into 2026 offer less of a buffer than in prior years.

One Battle After Another was the big winner of the 98th Academy Awards, taking home six Oscars.

Paul Thomas Anderson’s black comedy about a has-been revolutionary won Best Picture, Best Director, Best Adapted Screenplay, Best Supporting Actor, Best Film Editing, and Best Casting.

Sinners, which entered the ceremony with a record 16 nominations, was the second-biggest winner of the night, with four awards.

Michael B Jordan earned Best Actor for his leading role, while director Ryan Coogler picked up his first Oscar for Original Screenplay.

In the acting categories, Jessie Buckley won Best Actress for Hamnet, marking her first Academy Award, while Amy Madigan was recognised as Best Supporting Actress for Weapons.

Elsewhere, the South Korean musical fantasy KPop Demon Hunters won two Oscars, while Frankenstein also secured two awards.

Here is the full list of winners:

Best Picture
One Battle After Another 

Best Actress
Jessie Buckley, Hamnet

Best Actor
Michael B Jordan, Sinners

Best Supporting Actress
Amy Madigan, Weapons

Best Supporting Actor
Sean Penn, One Battle After Another

Best director
Paul Thomas Anderson, One Battle After Another

Best Original Score
Ludwig Göransson, Sinners 

Best Animated Film
KPop Demon Hunters

Best International Feature
Sentimental Value

Best Documentary Feature
Mr Nobody Against Putin

Best Casting
Cassandra Kulukundis, One Battle After Another

Best Sound
Gareth John, Al Nelson, Gwendolyn Yates Whittle, Gary A Rizzo and Juan Peralta, F1

Best Original Screenplay
Ryan Coogler, Sinners

Best Adapted Screenplay
Paul Thomas Anderson, One Battle After Another

Best Documentary Short
All the Empty Rooms  

Best Live Action Short Film
The Singers and Two People Exchanging Saliva (tie)

Best animated short film
The Girl Who Cried Pearls

Best Music (Original Song):
EJAE, Mark Sonnenblick, Joong Gyu Kwak, Yu Han Lee, Hee Dong Nam, Jeong Hoon Seo and Teddy Park for Golden, KPop Demon Hunters

Best Film Editing:
Andy Jurgensen, One Battle After Another

Best Cinematography:
Autumn Durald Arkapaw, Sinners

Best Production Design:
Tamara Deverell and Shane Vieau, Frankenstein

Best Costume Design
Kate Hawley, Frankenstein

Best Makeup and Hairstyling
Mike Hill, Jordan Samuel and Cliona Furey, Frankenstein

Best Visual Effects
Joe Letteri, Richard Baneham, Eric Saindon and Daniel Barrett, Avatar: Fire and Ash

Wales continue to play fixtures amid off-field turmoil, with the Welsh Rugby Union (WRU) not budging on their plan to cut from four men’s professional teams to three.

Tandy and captain Dewi Lake have had to be the face of Welsh rugby and have conducted themselves impeccably.

The hooker will have played his last Ospreys game before a summer move to Gloucester when the Wales squad link up again in the summer.

“That was a performance we have built towards and this group deserves it massively,” said Lake after the win against Italy.

“We have gone through a lot of emotionally tough things recently, whether that is on the field or off it.”

It remains a cause for concern as Wales build towards the World Cup, with Scarlets and Ospreys on a Professional Rugby Agreement (PRA) that expires in the summer of 2027.

Tandy’s squad next take to the field against Barbarians at Twickenham in June before three Nations Championship fixtures in July against Fiji, Argentina and South Africa.

By then the WRU will have held an extraordinary general meeting, with chair Richard Collier-Keywood facing a vote of no confidence, while there is also a legal battle with Swansea Council over the future of Ospreys.

Tandy has created a positive environment for his players after outlining his approach before the campaign.

“If they’ve got something to share, if they’re seeking more clarity or anything they want to talk about then we have to be open,” he said.

“One thing we can’t do is run away from it or pretend it’s not happening.”

Tandy has allowed his players to grow in their Vale Resort bubble and will aim to keep taking everything in his stride in the summer.

OSCARS viewers were left stunned when two winners were announced for one category – a rare occurrence in the awards show’s history.

Fans at home shared their confusion when two nominees nabbed the win for Live Action Short Film at the 98th annual ceremony.

Comedian and actor Kumail Nanjiani presented the award on Sunday at the Dolby Theatre in Los Angeles, where he announced the unexpected outcome.

Before revealing the winner in the prestigious category, the actor warned that two names would be called, and that it indeed wasn’t a mistake.

He explained that both recipients would come onstage separately to accept their awards and give their speeches.

The Singers was the first announced, followed by Two People Exchanging Saliva, which experienced an awkward blunder when the spotlight went dark, cutting off the winners’ mid-speech.

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After a few moments of silence and a perplexed reaction from host Conan O’Brien, the spotlight turned back on, and they resumed their speech.

Social media erupted with confusion among fans over whether it was normal to have two winners in one category.

“Today I learned that a tie at the Oscars is actually possible. I didn’t know that was a thing. Who knew?!” one viewer wrote on X.

“So far this #Oscars, we’ve got endless roasts about opera and ballet, an unusual amount of AI comments, and even an award that resulted in a tie… which I didn’t know was a thing (it’s only happened seven times in 98 years),” another said.

“A tie in 2026 is crazy,” a third reacted.

“We just had a tie in the #Oscars for best short film. I never knew that was a thing!” a fourth added.

There have only been six other times when a tie has occurred at the Academy Awards.

The first tie occurred at the 5th annual ceremony in 1932 when Fredric March (Dr. Jekyll and Mr. Hyde) and Wallace Beery (The Champ) both won the Best Actor award.

Technically, Fredric won by one vote over Wallace, but at the time, the rules stated that anyone within three votes of the winner would receive the award.

Today, ties only happen when two nominees receive the exact same number of votes.

A tie happened again in 1950 in the Best Documentary Short category, in which So Much for So Little and A Chance to Live both were awarded the trophy.

Who won on Hollywood’s biggest night?

One Battle After Another ran away with the night with six Oscars, while Sinners, which was nominated for a record-breaking 16 awards, came away with four. See the full winners list below:

Best Picture: One Battle After Another

Best Actress: Jessie Buckley, Hamnet

Best Actor: Michael B. Jordan, Sinners

Supporting Actress: Amy Madigan, Weapons

Supporting Actor: Sean Penn, One Battle After Another

Directing: One Battle After Another, Paul Thomas Anderson

Adapted Screenplay: One Battle After Another, Paul Thomas Anderson

Original Screenplay: Sinners, Ryan Coogler

Documentary Feature: Mr. Nobody Against Putin

Documentary Short: All the Empty Rooms

Animated Feature: KPop Demon Hunters

Animated Short: The Girl Who Cried Pearls

Cinematography: Sinners, Autumn Durald Arkapaw

Costume Design: Frankenstein, Kate Hawley

Film Editing: One Battle After Another, Andy Jurgensen

International Feature: Sentimental Value – Norway

Life Action Short: 

The Singers (TIED)

Two People Exchanging Saliva (TIED)

Makeup and Hairstyling: Frankenstein, Mike Hill, Jordan Samuel and Cliona Furey

Original Score: Sinners, Ludwig Goransson

Original Song: Golden, KPop Demon Hunters

Production Design: Frankenstein, Tamara Deverell and Shane Vieau

Sound: F1, Gareth John, Al Nelson, Gwendolyn Yates Whittle, Gary A. Rizzo and Juan Peralta

Visual Effects: Avatar: Fire and Ash, Joe Letteri, Richard Baneham, Eric Saindon and Daniel Barrett

Casting: One Battle After Another, Cassandra Kulukundis

This was the case in 1969 when Katharine Hepburn (The Lion in Winter) and Barbra Streisand (Funny Girl) both received the Best Actress honor.

The fourth tie occurred in 1987 when the award for Best Documentary (Feature) went to Artie Shaw: Time Is All You’ve Got and Down and Out in America.

It wasn’t until 1995 that another tie was called in the Best Live-Action Short Film category, with the statue going to Trevor and Franz Kafka’s It’s a Wonderful Life.

The last instance was in 2013 when the Sound Editing category had two Oscar winners: Zero Dark Thirty (Paul N. J. Ottosson) and Skyfall (Per Hallberg and Karen Baker Landers).

If April is the cruelest month, per T.S. Eliot, the Oscars surely must be the cruelest (and longest) season. Other awards shows push their way into the queue for moments of borrowed red carpet glory, but the Academy Awards are what the buildup is all about and the one people remember.

Thankfully, the countdown can now be measured in hours and minutes rather than months, with the 98th Academy Awards slated to start Sunday at 4 p.m. at the Dolby Theatre at Ovation Hollywood. Conan O’Brien is back to host the awards for the second straight year.

Best picture is expected to come down to “Sinners,” which broke the record for most nominations with 16, and “One Battle After Another,” with 13. Paul Thomas Anderson and “One Battle” have dominated the precursor awards, but Ryan Coogler and “Sinners” have gained momentum in recent weeks. The films also expect to vie in the newly added and long-anticipated casting category.

Last year’s acting winners, Adrien Brody (“The Brutalist”), Kieran Culkin (“A Real Pain”), Mikey Madison (“Anora”) and Zoe Saldaña (“Emilia Pérez”), will return to the Oscars stage to present.

Other announced presenters include Javier Bardem, Chris Evans, Chase Infiniti, Demi Moore, Kumail Nanjiani, Maya Rudolph, Will Arnett, Priyanka Chopra Jonas, Robert Downey Jr., Anne Hathaway, Paul Mescal, Gwyneth Paltrow, Rose Byrne, Nicole Kidman, Jimmy Kimmel, Delroy Lindo, Ewan McGregor, Wagner Moura, Pedro Pascal, Bill Pullman, Lewis Pullman, Channing Tatum and Sigourney Weaver.

The 2026 Oscars will air on ABC, and those with cable subscriptions can also watch the show by logging in to the ABC app or abc.com. The telecast will stream live on Hulu, YouTube TV, AT&T TV and FuboTV. Internationally, the ceremony will be broadcast in more than 200 territories.

Beginning in 2029, the show will stream exclusively on YouTube.

Follow along live as we wait to hear the words “And the Oscar goes to … ”

Best picture
“Bugonia”
“F1”
“Frankenstein”
“Hamnet”
“Marty Supreme”
“One Battle After Another”
“The Secret Agent”
“Sentimental Value”
“Sinners”
“Train Dreams”

Actress in a leading role
Jessie Buckley, “Hamnet”
Rose Byrne, “If I Had Legs I’d Kick You”
Kate Hudson, “Song Sung Blue”
Renate Reinsve, “Sentimental Value”
Emma Stone, “Bugonia”

Actor in a leading role
Timothée Chalamet, “Marty Supreme”
Leonardo DiCaprio, “One Battle After Another”
Ethan Hawke, “Blue Moon”
Michael B. Jordan, “Sinners”
Wagner Moura, “The Secret Agent”

Actress in a supporting role
Elle Fanning, “Sentimental Value”
Inga Ibsdotter Lilleaas, “Sentimental Value”
Amy Madigan, “Weapons”
Wunmi Mosaku, “Sinners”
Teyana Taylor, “One Battle After Another”

Actor in a supporting role
Benicio del Toro, “One Battle After Another”
Jacob Elordi, “Frankenstein”
Delroy Lindo, “Sinners”
Sean Penn, “One Battle After Another”
Stellan Skarsgård, “Sentimental Value”

Directing
Chloé Zhao, “Hamnet”
Josh Safdie, “Marty Supreme”
Paul Thomas Anderson, “One Battle After Another”
Joachim Trier, “Sentimental Value”
Ryan Coogler, “Sinners”

Adapted screenplay
“Bugonia,” Will Tracy
“Frankenstein,” Guillermo del Toro
“Hamnet,” Chloé Zhao and Maggie O’Farrell
“One Battle After Another,” Paul Thomas Anderson
“Train Dreams,” Clint Bentley and Greg Kwedar

Original screenplay
“Blue Moon,” Robert Kaplow
“It Was Just an Accident,” Jafar Panahi
“Marty Supreme,” Josh Safdie and Ronald Bronstein
“Sentimental Value,” Joachim Trier and Eskil Vogt
“Sinners,” Ryan Coogler

Documentary feature
“The Alabama Solution”
“Come See Me in the Good Light”
“Cutting Through Rocks”
“Mr. Nobody Against Putin”
“The Perfect Neighbor”

Documentary short
“All the Empty Rooms”
“Armed Only with a Camera: The Life and Death of Brent Renaud”
“Children No More: ‘Were and Are Gone’”
“The Devil Is Busy”
“Perfectly a Strangeness”

Animated feature
“Arco”
“Elio”
“KPop Demon Hunters”
“Little Amélie or the Character of Rain”
“Zootopia 2”

Animated short
“Butterfly”
“Forevergreen”
“The Girl Who Cried Pearls”
“Retirement Plan”
“The Three Sisters”

Cinematography
“Frankenstein,” Dan Laustsen
“Marty Supreme,” Darius Khondji
“One Battle After Another,” Michael Bauman
“Sinners,” Autumn Durald Arkapaw
“Train Dreams,” Adolpho Veloso

Costume design
“Avatar: Fire and Ash,” Deborah L. Scott
“Frankenstein,” Kate Hawley
“Hamnet,” Malgosia Turzanska
“Marty Supreme,” Miyako Bellizzi
“Sinners,” Ruth E. Carter

Film editing
“F1,” Stephen Mirrione
“Marty Supreme,” Ronald Bronstein and Josh Safdie
“One Battle After Another,” Andy Jurgensen
“Sentimental Value,” Olivier Bugge Coutté
“Sinners,” Michael P. Shawver

International feature
“It Was Just an Accident” (France)
“The Secret Agent” (Brazil)
“Sentimental Value” (Norway)
“Sirāt” (Spain)
“The Voice of Hind Rajab” (Tunisia)

Live-action short
“Butcher’s Stain”
“A Friend of Dorothy”
“Jane Austen’s Period Drama”
“The Singers”
“Two People Exchanging Saliva”

Makeup and hairstyling
“Frankenstein,” Mike Hill, Jordan Samuel and Cliona Furey
“Kokuho,” Kyoko Toyokawa, Naomi Hibino and Tadashi Nishimatsu
“Sinners,” Ken Diaz, Mike Fontaine and Shunika Terry
“The Smashing Machine,” Kazu Hiro, Glen Griffin and Bjoern Rehbein
“The Ugly Stepsister,” Thomas Foldberg and Anne Cathrine Sauerberg

Original score
“Bugonia,” Jerskin Fendrix
“Frankenstein,” Alexandre Desplat
“Hamnet,” Max Richter
“One Battle After Another,” Jonny Greenwood
“Sinners,” Ludwig Göransson

Original song
“Dear Me” from “Diane Warren: Relentless”
“Golden” from “KPop Demon Hunters”
“I Lied to You” from “Sinners”
“Sweet Dreams of Joy” from “Viva Verdi!”
“Train Dreams” from “Train Dreams”

Production design
“Frankenstein”
“Hamnet”
“Marty Supreme”
“One Battle After Another”
“Sinners”

Sound
“F1”
“Frankenstein”
“One Battle After Another”
“Sinners”
“Sirāt”

Visual Effects
“Avatar: Fire and Ash”
“F1”
“Jurassic World Rebirth”
“The Lost Bus”
“Sinners”

Casting
“Hamnet”
“Marty Supreme”
“One Battle After Another”
“The Secret Agent”
“Sinners”