Mark Filipino hosts this Financial Times news briefing covering major developments across politics, energy, and business. The episode features FT correspondent Jude Weber reporting on Cuba's energy crisis and Camilla Palladino, deputy head of LEX, analyzing BP's strategic pivot.

Key stories include Commerce Secretary Howard Lutnick facing scrutiny over Jeffrey Epstein connections, Cuba's tourism industry collapsing under U.S. oil embargo pressure, Ukraine preparing for elections under American diplomatic pressure, and BP's controversial decision to pause shareholder returns while focusing on debt reduction and a major oil discovery.

Epstein Files Fallout Hits Commerce Secretary

Commerce Secretary Howard Lutnick testified he visited Jeffrey Epstein's private island in 2012 with his wife, four children, and nannies during a family vacation.

DOJ documents released last month reveal Lutnick had more extensive contact with the convicted sex offender than previously disclosed.

White House Press Secretary Caroline Levitt confirmed Trump 'fully supports Lutnick and considers him a very important member of the team' despite the scrutiny.

Cuba's Energy Crisis Cripples Tourism Industry

Cuba notified international airlines it cannot supply jet fuel starting this week due to lack of oil deliveries from Venezuela and Mexico.

Spanish hotel chain Melia International is closing some hotels and consolidating guests to conserve fuel, while Air Canada sends empty planes to evacuate passengers.

Power cuts lasting half a day are now spreading from provinces to Havana, with residents worried about accessing hospital treatments - Jude Weber.

Trump's embargo strategy aims for regime change in Cuba's one-party autocratic state, threatening tariffs on any country supplying oil to the island.

Russia and China have offered help, but no immediate alternatives exist as Venezuela remains blockaded and Mexico has stopped shipments under U.S. pressure.

Ukraine Elections Planned Under U.S. Pressure

Ukraine plans to hold presidential elections and a peace referendum with Russia as the White House pushes for spring negotiations conclusion.

The country risks losing proposed U.S. security guarantees if elections aren't held, with all documents targeted for signing by June.

President Zelensky previously called elections impossible due to martial law, millions of displaced citizens, and 20% of territory under Russian occupation.

BP's Strategic Pivot Draws Mixed Investor Response

BP paused its share buyback program to focus on reducing $22 billion debt pile after its ambitious green energy push backfired, causing shares to fall 6.5%.

The company sold 65% of its U.S. Castrol lubricants business for $6.5 billion and installed new leadership including CEO Meg O'Neill starting April 1st.

BP made its largest discovery in 25 years containing an estimated 8 billion barrels of oil and condensates with $15-20 billion net present value - Camilla Palladino.

European oil majors rely more heavily on share buybacks than U.S. companies because they focused on returning cash rather than growing production during green transition.

Despite cost-cutting efforts, BP didn't change its 2027 net debt estimates, disappointing investors who expected more aggressive debt reduction targets.