Japan’s heavy reliance on imported oil means swings in crude prices feed quickly into its currency and trade balance. The government has hinted that it might step into the oil market in an indirect bid to support the weakening yen, as the war in the Middle East drives up energy costs and threatens the global economy. Trading oil futures to prop up the currency would be a novel approach for Japan a...
Japan’s heavy reliance on imported oil means swings in crude prices feed quickly into its currency and trade balance. The government has hinted that it might step into the oil market in an indirect bid to support the weakening yen, as the war in the Middle East drives up energy costs and threatens the global economy. Trading oil futures to prop up the currency would be a novel approach for Japan and mark the latest effort to mix up its intervention approach to keep speculators guessing. National governments rarely step into energy derivatives markets directly, but Japan’s Finance Minister Satsuki Katayama has expressed concern that speculative trading in oil futures is affecting the foreign exchange market. She said the government stands ready to take “all possible measures, on all fronts.” How are oil prices affecting the yen? Almost all of Japan’s oil consumption is met by overseas imports, and more than 90% of these shipments usually come from the Middle East. The disruption to supply from the Persian Gulf and increase in benchmark crude prices since late February has driven up the cost of fuel, electricity and food. The risk of a hit to Japan’s economy has already triggered the government to begin releasing 80 million barrels of oil from its national reserves. When energy costs rise, the country needs more dollars to pay for imports, putting downward pressure on the yen and adding to inflation. In the shorter term, speculators can bet on the direction of oil prices and the yen, amplifying volatility. If Japan can cool crude prices, this might ease the pressure on the currency by shaking off some of the speculators. The yen has weakened sharply against the dollar since the start of the Iran conflict. Proponents of government intervention argue that the sheer size of the so-called paper oil market — futures and derivatives trading, which far exceeds physical supply — could make such action effective, even if the impact is indirect. How would intervention in the oi...
Jury finds Meta, YouTube liable for social media addiction: What we know Al Jazeera Jury finds Meta's platforms are harmful to children in 1st wave of social media addiction lawsuits PBS Meta, Google Risk Big Tobacco-Like Fallout After Addiction Trial Bloomberg.com
Jury finds Meta, YouTube liable for social media addiction: What we know Al Jazeera Jury finds Meta's platforms are harmful to children in 1st wave of social media addiction lawsuits PBS Meta, Google Risk Big Tobacco-Like Fallout After Addiction Trial Bloomberg.com
Petra Richli/iStock via Getty Images In my previous article , I said Chewy ( CHWY ) was fairly valued. Its fourth-quarter results were about what I expected. But Chewy will now have some new growth drivers in 2026. Chewy is going to sell more private-label pet food, and it's also going to use AI to provide customer service. That might not sound exciting. Everyone's familiar with AI chatbots by now...
Petra Richli/iStock via Getty Images In my previous article , I said Chewy ( CHWY ) was fairly valued. Its fourth-quarter results were about what I expected. But Chewy will now have some new growth drivers in 2026. Chewy is going to sell more private-label pet food, and it's also going to use AI to provide customer service. That might not sound exciting. Everyone's familiar with AI chatbots by now. But because of its AI initiatives, Chewy's margins might now be a lot higher than investors originally expected in 2026. Chewy's growth was relatively consistent in 2025 if you adjust for the 52-week calendar year. Its normalized revenue rose 8.1% for the fourth quarter and 8.3% for the full year. Its revenue growth has been fairly stable recently, which is probably because of its Autoship program. Once customers get used to having dog food dropped off at their homes, they might not want to change that arrangement. Chewy's gross margin also rose from 29.2% to 29.8% in the fourth quarter. And its adjusted EBITDA margin rose 120 basis points to 5.0% for the quarter. So the company is also becoming more efficient. The last time I wrote about this company, it had a forward P/E above 30, but now its forward P/E is 18. Its overall growth rate hasn't changed that much. It's still a growth stock; it's just not as expensive now. And now it has a few more growth drivers that I didn't bring up in my previous article. AI might be the most important new growth driver, so I'll start with that first. Chewy Has Several Ways to Benefit From AI On the Q4 2025 earnings call , Chewy CEO Sumit Singh went into a lot of detail about how Chewy is using AI. Many marketplaces use AI to recommend products to their customers, and Chewy is doing that too. AI recommendations could work even better for this company, though, because of its Autoship program. If a pet owner learns about a new product from Chewy, they're likely to keep ordering it in the future. Chewy is also using AI to reduce its custome...
German Chancellor Friedrich Merz has said he can imagine a trade deal with China in the future, signalling a new softening stance towards Beijing in European capitals. “We have set quite a lot in motion when it comes to trade policy. I can also envisage further agreements, for example, in the longer term an agreement with the People’s Republic of China,” Merz said in the German parliament on Wedne...
German Chancellor Friedrich Merz has said he can imagine a trade deal with China in the future, signalling a new softening stance towards Beijing in European capitals. “We have set quite a lot in motion when it comes to trade policy. I can also envisage further agreements, for example, in the longer term an agreement with the People’s Republic of China,” Merz said in the German parliament on Wednesday. Merz’s remarks underscore how surging trade and geopolitical tensions with Washington are...
As Israelis grow weary of sheltering from missile attacks, their prime minister is using the war to distract from the Palestinian issue An opinion poll conducted in Israeli two weeks into its war on Iran, prosecuted together with the US, demonstrated what looked like euphoria: surveys by thinktanks such as the Israel Democracy Institute and the Institute for National Security Studies (INSS) show t...
As Israelis grow weary of sheltering from missile attacks, their prime minister is using the war to distract from the Palestinian issue An opinion poll conducted in Israeli two weeks into its war on Iran, prosecuted together with the US, demonstrated what looked like euphoria: surveys by thinktanks such as the Israel Democracy Institute and the Institute for National Security Studies (INSS) show that nearly 80% of the public supported the war. Among Israel’s Jewish population that figure rose to 91%. The true picture is more complicated. The INSS also found that among Arab citizens, who are predominantly Palestinian and make up about 20% of the Israeli population, about two-thirds were opposed to the war. And reality is always more complex than polling figures: from Tel Aviv, I can see that the Jewish Israelis driving the sweeping support are simultaneously exhausted after what is now more than three weeks of running from missile attacks day and night, and by the economic, social and physical damage of the war. Continue reading...
Eline van der Velden says she developed her ‘digital twin’ to provoke discussion but backlash from some has been worse than expected The creator of the AI actor Tilly Norwood has said she received death threats after a global backlash against the project, and said she developed it to “provoke thoughts and discussion” about the impact of AI in the entertainment world. Eline van der Velden caused an...
Eline van der Velden says she developed her ‘digital twin’ to provoke discussion but backlash from some has been worse than expected The creator of the AI actor Tilly Norwood has said she received death threats after a global backlash against the project, and said she developed it to “provoke thoughts and discussion” about the impact of AI in the entertainment world. Eline van der Velden caused anger and panic in Hollywood and beyond last year after she said talent agents had been interested in signing her creation. Prominent actors and acting unions immediately condemned the idea. Continue reading...
(Ninja Tune) The duo’s snotty nonchalance may capture the post-Brat zeitgeist, but their true appeal lies in a talent for turning vintage dance influences into pointed modern pop Those who suggest the era of the hyped artist is over – a victim of declining interest in the music press – might consider the case of New York’s Fcukers. Such was the buzz generated by the electroclash-adjacent duo’s ear...
(Ninja Tune) The duo’s snotty nonchalance may capture the post-Brat zeitgeist, but their true appeal lies in a talent for turning vintage dance influences into pointed modern pop Those who suggest the era of the hyped artist is over – a victim of declining interest in the music press – might consider the case of New York’s Fcukers. Such was the buzz generated by the electroclash-adjacent duo’s early singles that they ended up touring five continents within barely a year of their first live show. They were invited to DJ at Paris fashion week by Celine and to collaborate on a remix by James Murphy of LCD Soundsystem. Charli xcx pronounced herself a fan, as did Billie Eilish, David Byrne and Beck, the last appearing on stage with them in Los Angeles to perform their cover of his 1996 single Devils Haircut. Tame Impala subsequently took them on tour as a support act, then Harry Styles – never tardy when it comes to associating himself with a hip name – invited them to open for him. The effect of all this has been startling. A video for 2024 single Homie Don’t Shake featuring nothing more than vocalist Shanny Wise miming to the song while sitting on an NYC bus – its budget allegedly amounting to nothing more than the cost of the ticket – has earned nearly half a million views. Another single, Bon Bon , has more than 10m streams on Spotify alone. Continue reading...
How about a bunny – or a mini sheep – instead? If you like chocolate and nut butter, Radek’s Chocolate is doing wonderful things with both, and its dairy free Silky Almond Chocolate Rabbit is magically creamy. Looking more like subservient mice than bunnies, NearyNógs’ dark chocolate bunnies , stuffed with salted caramel, were my favourite. A superb, successful marriage of very good Ecuadorian cho...
How about a bunny – or a mini sheep – instead? If you like chocolate and nut butter, Radek’s Chocolate is doing wonderful things with both, and its dairy free Silky Almond Chocolate Rabbit is magically creamy. Looking more like subservient mice than bunnies, NearyNógs’ dark chocolate bunnies , stuffed with salted caramel, were my favourite. A superb, successful marriage of very good Ecuadorian chocolate and caramel: worthy of a royal telegram. Upmarket bakery Birley has an excellent little bag of various flavoured Little Chocolate Bunnies , some of which look a bit psychedelic. I’m not a fan of spiced chocolate, but North Chocolates gets it right with its Hot Cross Bunny Bar in dark or milk (my preference: the former). Family visiting? For the black sheep, there’s Mike and Becky’s subversive Box of Mini Sheep – 70% cocoa lambs sprinkled with amaranth seeds. Zotter has various offerings for Easter. Avoid all the fruit-flavoured ones and head for its Easter Delights : a dark milk bar with hazelnut praline, which requires discipline. It has no blocks or break lines, so there are no boundaries – not for the weak willed. Continue reading...
Exclusive: Paul Marshall also challenged over his own ‘misleading’ statements and £1.8bn of fossil fuel investments in his hedge fund The co-owner of GB News and “committed” Christian Sir Paul Marshall has been criticised by a group of church leaders over the TV channel’s attacks on climate science and action. The hedge fund manager was also challenged over his own statements, which were called “m...
Exclusive: Paul Marshall also challenged over his own ‘misleading’ statements and £1.8bn of fossil fuel investments in his hedge fund The co-owner of GB News and “committed” Christian Sir Paul Marshall has been criticised by a group of church leaders over the TV channel’s attacks on climate science and action. The hedge fund manager was also challenged over his own statements, which were called “misleading”, by the 100-strong group, which includes the former archbishop of Canterbury Rowan Williams and two current bishops. Continue reading...
In a court of law, tech titans will be judged not for who they are, but what they do. We should take comfort in that Jury verdicts are meant to speak the truth , and today’s verdict in a California courtroom spoke the truth about the pernicious effects of platforms such as Instagram and YouTube on young people in the United States and around the world. The jury found two social media giants, Meta ...
In a court of law, tech titans will be judged not for who they are, but what they do. We should take comfort in that Jury verdicts are meant to speak the truth , and today’s verdict in a California courtroom spoke the truth about the pernicious effects of platforms such as Instagram and YouTube on young people in the United States and around the world. The jury found two social media giants, Meta and YouTube, responsible for injuries incurred by a 20-year-old woman over the course of her childhood. The plaintiff, referred to in court as KGM, claimed that her social media use had begun when she was six years old. Her suit alleged that the sites she regularly used had features designed to hold her attention and keep her coming back. Continue reading...
The Uruguay coach, who had such an impact at Leeds, needs a result at Wembley on Friday after a downturn for the South American side The pattern is not unfamiliar. Marcelo Bielsa arrives. The force of his personality, the radicalism of his ideas, his charismatic eccentricity, elevates everybody. Results are good, performances intoxicating. The football is not merely successful but comes to be rega...
The Uruguay coach, who had such an impact at Leeds, needs a result at Wembley on Friday after a downturn for the South American side The pattern is not unfamiliar. Marcelo Bielsa arrives. The force of his personality, the radicalism of his ideas, his charismatic eccentricity, elevates everybody. Results are good, performances intoxicating. The football is not merely successful but comes to be regarded almost as a moral good: playing the right way for a manager who projects a profound sense of integrity. Gradually the picture changes. Fatigue sets in. Players weary of their manager’s obsessive nature. Pundits and fans begin to wonder if everything has to be quite so relentless all the time. Bielsa’s quirks come to be regarded less with affection than with aggravation. Levels drop, Bielsa leaves. Continue reading...
Three decades after launching the awards, founder Kanya King reflects on being ahead of the crowd and why Mobo has always been more than music For the audience watching performances by twentysomethings Olivia Dean, Myles Smith and Aitch on Thursday night in the Co-op Live arena in Manchester it will seem like a lifetime away from 1996, when the Mobo awards began. What has become known as a joyful ...
Three decades after launching the awards, founder Kanya King reflects on being ahead of the crowd and why Mobo has always been more than music For the audience watching performances by twentysomethings Olivia Dean, Myles Smith and Aitch on Thursday night in the Co-op Live arena in Manchester it will seem like a lifetime away from 1996, when the Mobo awards began. What has become known as a joyful celebration of music of Black origin came from “a very real sense of frustration”, said Kanya King, Mobo’s founder and chief executive. “I could see the impact that Black music and culture was having on British culture – I mean it was shaping everything – but it wasn’t being properly recognised or respected by the mainstream industry.” Continue reading...
From a white chocolate cheesecake tart and flourless chocolate cake to double chocolate olive oil and marbled matcha cookies, explore chocolate’s endless versatility Chocolate is a truly magical ingredient. Not only is it a powerhouse of flavour, it also pairs beautifully with other ingredients to make something incredible. Chocolate isn’t one note, mind; from the heady richness of an intense dark...
From a white chocolate cheesecake tart and flourless chocolate cake to double chocolate olive oil and marbled matcha cookies, explore chocolate’s endless versatility Chocolate is a truly magical ingredient. Not only is it a powerhouse of flavour, it also pairs beautifully with other ingredients to make something incredible. Chocolate isn’t one note, mind; from the heady richness of an intense dark chocolate to the nostalgic creaminess of milk chocolate and the often maligned simplicity of white chocolate, it can be the star of the show or simply the supporting act. Chocolate can do it all. Continue reading...