Mark Filipino hosts this Financial Times news briefing covering geopolitical tensions, financial policy changes, and infrastructure developments. The episode features FT correspondents Arjun Neil Allam reporting from Hong Kong on tax policy, Jill Plymer covering London's waste-to-energy industry, and Victoria Craig previewing upcoming tariff coverage.

The briefing covers three major stories: escalating tensions over the Strait of Hormuz with UAE seeking international intervention, Hong Kong's aggressive tax cuts to compete as a global financial center, and London's expansion of trash-burning facilities for electricity generation. The episode concludes with a preview of next week's special coverage marking the anniversary of Trump's controversial tariff policies.

UAE Seeks International Help for Strait of Hormuz Crisis

The United Arab Emirates wants an international task force to reopen the Strait of Hormuz, with Abu Dhabi prepared to deploy its own navy according to sources familiar with the matter.

Trump extended his Iran deadline from today to April 6th, warning the U.S. will 'obliterate Iran's energy infrastructure' if ships cannot traverse the waterway.

Market uncertainty over the crisis caused Eurozone bonds to suffer their worst one-day sell-off in a year yesterday.

Hong Kong Slashes Taxes to Revive Financial Hub Status

Hong Kong plans sweeping cuts to its carried interest tax regime, allowing asset managers to earn performance fees tax-free to compete with Singapore and Dubai.

The changes will make it easier for hedge funds, private equity funds, and family offices to qualify for tax exemptions, with legislation expected in the next couple months.

'Hong Kong in the last one and a half, two years has had this pretty striking revival as an international financial hub' - Arjun, driven by Chinese companies and capital flows.

Industry groups sent letters saying 'Hong Kong is losing business to other jurisdictions and needs to stay competitive with a more competitive taxation regime' - Arjun.

London Becomes Europe's Trash-Burning Capital

Europe's largest energy-from-waste site opens in London this summer, capable of powering 400,000 homes by burning non-recyclable waste.

The process involves giant cranes grabbing waste 'which looks like a giant claw machine' and dropping it into furnaces, with metals separated for road asphalt.

The UK already has 65 energy-from-waste plants with 10 more being built, creating 'incredibly profitable' operations with guaranteed revenue streams from local authorities.

Critics argue the plants 'discourage recycling' and disproportionately affect working-class communities, while being the highest-emitting generation form now that coal is banned.

'So you have to do something with this waste and you may as well create energy out of it' - Jill, summarizing the industry's defense.

Trump Tariff Anniversary Coverage Preview

Thursday marks one year since Trump's 'Liberation Day' when he unveiled the global tariff package later struck down by the Supreme Court.

FT's Alan Beattie compared Trump's trade policy to Brexit: 'Everyone else has looked at it and said, oh my goodness, whatever we do, we're not going to do that.'

Business owner Eva St. Clair described tariff uncertainty as 'playing battleship. You don't know if you're going to get hit, and one bad hit could sink us.'