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Newcastle United are now the richest sports club in the world

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A Saudi Arabian led consortium has completed a £300 million takeover of Newcastle United, 18 months after it was proposed to the Premier League

Saudi Arabia now owns an 80% stake in Newcastle United. David and Simon Reuben, British property developers, and PCP Capital Partners, based in Dubai, each own 10%.

“All parties have agreed the settlement is necessary to end the long uncertainty for fans over the club’s ownership,” a Premier League statement said.

“The Premier League has now received legally binding assurances that the Kingdom of Saudi Arabia will not control Newcastle United Football Club.”

Yasir al-Rumayyan, Governor of the 500 billion USD Saudi Arabian Public Investment Fund (PIF), will be a director, and The Guardian has reported Commerce Minister Majid bin Abdullah al-Qasabi played a key role in securing the takeover.

Amanda Stavely, a British businesswoman and partner in PCP Capital Partners, will also be on the board of directors.

Sacha Deshmukh, Amnesty International UK’s CEO, released a statement saying the takeover must prompt changes to the ownership rules in English football to stop ‘sportswashing’ by foreign governments.

“The closed-door trial of Jamal Khashoggi’s alleged killers was widely perceived to be a part of a wider whitewash by the authorities, and Saudi Arabia is accused of a catalogue of crimes under international humanitarian law during the long-running conflict in Yemen,” Deshmukh said.

“Instead of allowing those implicated in serious human rights violations to walk into English football simply because they have deep pockets, we’ve urged the Premier League to change their owners’ and directors’ test to address human rights issues.”

Hatice Cengiz, the widow of Slain Saudi Arabian journalist Jamal Khashoggi, has called the takeover “horrifying”.

Khashoggi was a fierce critic of the Saudi government and Crown Price Mohammed Bin Salman before his 2018 murder in the Saudi Arabian embassy in Turkey.

Mike Ashley bought Newcastle United for £137 million in 2007 from Freddy Shepherd and Sir John Hall.

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Tariffs disadvantage PepsiCo in cola competition with Coca-Cola

Trump’s tariffs disadvantage Pepsi as concentrate production in Ireland faces 10% levy, while Coca-Cola remains less affected.

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Trump’s tariffs disadvantage Pepsi as concentrate production in Ireland faces 10% levy, while Coca-Cola remains less affected.

In Short

PepsiCo is struggling in the soda market due to a new 10% tariff on its Irish concentrate, while Coca-Cola, which produces more domestically, gains a competitive edge.

Both companies face rising costs from a 25% aluminum tariff, contributing to concerns about increasing soda prices and market share for PepsiCo.

PepsiCo and Coca-Cola are currently facing challenges in the soda market, exacerbated by recent tariff changes.

PepsiCo manufactures most of its U.S. soda concentrate in Ireland, benefitting from low corporate taxes. However, the recent implementation of a 10% tariff on its concentrate has placed Pepsi at a disadvantage compared to Coca-Cola, which produces more of its concentrate domestically.

Coca-Cola has historically produced concentrate in both Ireland and the U.S., notably in Atlanta and Puerto Rico. This allows Coca-Cola to avoid the tariffs affecting Pepsi, impacting their competitive position in the market. Analysts suggest that the unforeseen tariffs have shifted the advantage towards Coca-Cola.

Riding prices

Additionally, both companies are facing a 25% tariff on aluminum imports, particularly concerning for Coca-Cola, which sources some aluminum from Canada. Rising prices for soda are a potential consequence of these tariffs.

PepsiCo’s market share has been declining, and the timing of these tariffs could hinder its efforts to regain footing in the U.S. soda market. They also have additional concentrate production in locations like Texas and Uruguay, but the company has not provided specific strategies for addressing the tariff impact.

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Trump’s economic goals may harm markets and consumers

Trump’s economic goals risk higher prices, interest rates, lower stock prices, and a weaker dollar, impacting consumers and investors.

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Trump’s economic goals risk higher prices, interest rates, lower stock prices, and a weaker dollar, impacting consumers and investors.

In Short

Trump’s economic goals aim to reduce the trade deficit, potentially harming the U.S. economy by decreasing capital inflows.

The shift may lead to reduced consumer spending, higher prices, and increased interest rates, with uncertain impacts on manufacturing and investment.

Trump’s economic goals centre on reducing the trade deficit, but this could lead to significant consequences for the U.S. economy.

The balance of payments requires a corresponding inflow of capital to offset trade deficits. Historically, foreign investment in American assets has supported this balance. However, Trump’s approach risks disrupting this dynamic, leading to diminished capital inflows.

Decreasing the goods deficit can occur in two ways. First, by sacrificing services, which could hurt sectors like Wall Street to strengthen manufacturing. Second, a reduced overall trade deficit means less foreign capital, necessitating more domestic savings.

Foreign savings

This shift towards savings will lead to reduced consumer spending. The reliance on foreign savings allowed higher consumption, but the new focus favors workers rather than consumers.

Market reactions could include increased prices and decreased product variety due to tariffs, regarded as the largest tax rise in decades. Higher interest rates may follow as diminished foreign capital necessitates domestic investment in Treasuries, impacting share prices.

Additionally, a weaker dollar could result if the U.S. economy weakens, affecting foreign investment. Concerns over the Federal Reserve’s independence may further undermine confidence in the dollar.

While a reduction in deficits through increased exports is theoretically possible, it remains uncertain if other economies will prioritise American products. The likelihood of significant manufacturing returns to the U.S. seems slim, suggesting that both investors and consumers could face challenges ahead.

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Zelenskyy: Russia feigns ceasefire amid ongoing attacks

Zelenskyy accuses Russia of faking a ceasefire as attacks persist despite Putin’s Easter truce announcement.

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Zelenskyy accuses Russia of faking a ceasefire as attacks persist despite Putin’s Easter truce announcement.

In Short

Ukrainian President Zelenskyy accused Russia of falsely claiming a ceasefire as attacks persist, reporting multiple incidents of shelling and assaults despite Putin’s temporary truce announcement.

Zelenskyy reaffirmed Ukraine’s offer to extend a truce while emphasising the need for Russia to respect ceasefire conditions.

Ukrainian President Volodymyr Zelenskyy accused Russia of falsely portraying a ceasefire situation. Despite Russian President Vladimir Putin’s recent declaration of a unilateral temporary truce for Easter, attacks have continued.

Zelenskyy stated that while there may be an impression of a ceasefire, Russian forces are still attempting to advance and cause damage. He reported 59 instances of shelling and five assaults by Russian units over the weekend, alongside numerous drone strikes.

The president highlighted the importance of Russia adhering to ceasefire conditions and reiterated Ukraine’s offer to extend the truce for an additional 30 days starting from midnight. He confirmed that this proposal remains open and that actions would be based on the situation on the ground.

Easter truce

In the Kherson region, officials claimed that Ukrainian forces continued their offensive, claiming attacks on civilian areas, which they asserted violated the Easter truce. This statement came from Moscow-appointed governor Vladimir Saldo.

Putin announced the ceasefire for humanitarian reasons, set to last from 6 p.m. on Saturday to midnight following Easter Sunday. However, he did not specify details regarding monitoring the ceasefire or its implications for airstrikes or ongoing ground battles.

The announcement followed comments from U.S. President Donald Trump, suggesting that negotiations between Ukraine and Russia are progressing.

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