Israel claimed Wednesday to have killed Iranian Intelligence Minister Esmail Khatib in an overnight airstrike on Tehran, marking a potential major escalation in the ongoing conflict between the two nations and dealing what could be a severe blow to Iran’s security apparatus, according to Israeli officials and media reports.

The announcement came amid a flurry of high-profile assassinations attributed to Israel, including the recent killing of Iran’s top security official, Ali Larijani, and the commander of the Basij paramilitary unit, Gholamreza Soleimani. Iranian authorities have not confirmed Khatib’s death, leaving the claim unverified as of Wednesday afternoon. If true, Khatib’s elimination would represent the highest-ranking Iranian government figure targeted since the war intensified in early 2026.

Israeli Defense Minister Israel Katz confirmed the operation in a statement, vowing that Israel would continue to pursue and eliminate members of Iran’s leadership. “We will not stop until the threats against our people are neutralized,” Katz said during a briefing in Tel Aviv. He described Khatib as a key architect of Iran’s intelligence operations against Israel, including alleged espionage and cyber activities.

Israeli Channel 12 reported that Tel Aviv was still assessing the strike’s results, with intelligence sources indicating a high probability of success but awaiting final confirmation. Similarly, Channel 15 suggested Khatib was believed to have been killed, citing anonymous military assessments. The airstrike targeted a secure facility in Tehran where Khatib was reportedly meeting with senior officials, according to an Israeli official speaking on condition of anonymity because they were not authorized to discuss operational details publicly.

Iran’s state media remained silent on the claim as of Wednesday evening Tehran time, though social media and opposition outlets buzzed with unconfirmed reports. Iran International, a London-based Persian-language broadcaster often critical of the regime, reported that Khatib was indeed the target, with no immediate word on his fate. Social media posts from users in Iran and the diaspora speculated on the implications, with some claiming additional casualties, including family members of Supreme Leader Ayatollah Ali Khamenei.

The strike follows Israel’s acknowledged killing of Larijani on Tuesday, which prompted vows of revenge from Tehran. Iran’s Supreme National Security Council described Larijani’s death as a “cowardly act” and promised a “proportional response.” Larijani, a former speaker of Iran’s parliament and a close ally of Khamenei, was targeted in a separate airstrike, according to Israeli military posts on social media. Soleimani, unrelated to the late Quds Force commander Qassem Soleimani killed in a 2020 U.S. drone strike, was also claimed eliminated by Israel in recent days.

This series of targeted killings underscores the deepening rift between Israel and Iran, fueled by years of shadow warfare involving proxies, cyberattacks and assassinations. The current escalation traces back to October 2023, when Hamas’ attack on Israel sparked a broader regional conflict, but tensions have boiled over in 2026 with direct confrontations. Israel has accused Iran of orchestrating attacks through groups like Hezbollah in Lebanon and the Houthis in Yemen, while Iran blames Israel for sabotage operations inside its borders, including strikes on nuclear facilities and scientists.

Khatib, appointed Iran’s intelligence minister in 2021, has been a vocal critic of Israel. In June 2025, he claimed without evidence that Iran had seized a “treasure trove” of Israeli nuclear secrets, including documents that could enable strikes on hidden facilities. He warned that any Israeli attack on Iran’s nuclear sites would trigger an immediate response. In November 2025, Khatib boasted of an “epidemic” of Iranian infiltration into Israeli ranks, citing arrests of Israeli officers accused of spying for Tehran. These statements positioned him as a hardliner in Iran’s security establishment, making him a prime target for Israeli operations.

The U.S., Israel’s closest ally, has been drawn into the fray. President Donald Trump’s administration, re-elected in 2024, has ramped up support for Israel, including joint intelligence sharing that reportedly facilitated recent strikes. A key U.S. counterterrorism official, Joe Kent, resigned in protest over the escalating war, citing concerns about civilian casualties and regional stability. The Biden-era policies of restraint have given way to more aggressive postures, with U.S. forces conducting strikes on Iranian-backed militias in Iraq and Syria.

International reactions poured in Wednesday. The United Nations Security Council scheduled an emergency meeting for Thursday to discuss the strikes, with Russia and China expected to condemn Israel. European Union foreign policy chief Josep Borrell urged de-escalation, warning that further assassinations could lead to a full-scale war. In the Arab world, responses were mixed: Saudi Arabia and the UAE, which have normalized ties with Israel, remained muted, while Qatar and Turkey expressed solidarity with Iran.

Inside Iran, the potential loss of Khatib could destabilize the regime. As head of the Ministry of Intelligence and Security (MOIS), he oversaw domestic surveillance and counter-espionage efforts amid growing protests over economic hardships and political repression. His death might embolden dissidents, including those in the Iranian diaspora, who have long called for regime change. In Germany, home to a large Iranian community, activists expressed a mix of hope for weakening the regime and fear of broader conflict.

Israel’s strategy of decapitating Iranian leadership echoes past operations, such as the 2020 killing of nuclear scientist Mohsen Fakhrizadeh, attributed to Mossad. Analysts say these tactics aim to disrupt Iran’s nuclear ambitions and proxy networks without committing to ground invasions. However, they risk provoking massive retaliation; Iran has already launched missile barrages at Israeli cities, causing casualties and infrastructure damage.

Economic fallout from the conflict has rippled globally. Oil prices surged 5% Wednesday on fears of disrupted supplies from the Strait of Hormuz, with Brent crude topping $85 per barrel. U.S. gasoline and diesel prices, already elevated due to Middle East tensions, could rise further, exacerbating inflation concerns.

Humanitarian impacts mount as well. In Lebanon and Syria, Israeli strikes have displaced thousands, while Iranian-backed groups continue rocket attacks on northern Israel. The International Committee of the Red Cross reported over 1,000 civilian deaths in the past month alone.

As night fell Wednesday, Israeli forces remained on high alert for Iranian reprisals. Prime Minister Benjamin Netanyahu, in a televised address, defended the strikes as necessary for national security. “We will defend our people by any means,” he said.

With no immediate confirmation from Tehran, the world watches for Iran’s next move. If Khatib’s death is verified, it could shift the balance in this protracted shadow war, potentially drawing in more international actors and pushing the region closer to all-out confrontation.

he Dow Jones Industrial Average posted modest gains on Tuesday, March 17, 2026, as investors shook off recent volatility tied to Middle East tensions and focused on stabilizing energy markets ahead of this week’s key Federal Reserve meeting.

The blue-chip index rose 46.85 points, or 0.10%, to close at 46,993.26. The session marked a continuation of recent recovery efforts following sharper swings earlier in the month driven by geopolitical risks and fluctuating crude oil prices.

Trading volume reached approximately 480 million shares, reflecting steady but not overwhelming participation as Wall Street navigated a landscape shaped by ongoing global uncertainties.

The Dow’s performance came after a more robust advance the previous trading day, when the index climbed nearly 400 points on March 16 amid a retreat in oil prices that had earlier surged due to escalations in the Middle East. That conflict, which intensified around late February, had pushed crude benchmarks higher and raised inflation concerns, pressuring equities in early March sessions.

On Tuesday, the index opened at 47,085.53 and reached an intraday high of 47,428.12 before pulling back slightly in late trading. The low for the day stood at 46,975.52, illustrating a relatively contained range compared to the wilder moves seen in prior weeks.

Fourteen of the 30 Dow components ended in positive territory, according to component-level data. Standouts included Goldman Sachs (GS), which advanced 1.54% to 807.04, and IBM, up 2.75% to 256.11. Tech-related names like Apple (AAPL) gained 0.56% to 254.23, while Amazon (AMZN) rose 1.63% to 215.20.

On the downside, Johnson & Johnson (JNJ) fell 2.09% to 238.11, and Amgen (AMGN) declined 1.40% to 361.13. Other laggards included Nike (NKE) with minimal movement but still positive at 0.60%.

Broader market action showed resilience. While specific closes for the S&P 500 and Nasdaq were not uniformly detailed across sources, futures pointed to continued optimism overnight into March 18, with S&P 500 futures up 0.5%, Nasdaq 100 futures gaining 0.6% and Dow futures rising 0.5%. This suggested potential follow-through buying as markets digested the prior session’s stability.

Investors appeared to take comfort from a moderation in oil price volatility. After Brent crude and WTI benchmarks climbed sharply in late February and early March amid attacks and supply disruption fears in the Middle East, recent sessions saw some pullback, easing worries about persistent inflationary pressures. Oil prices had briefly topped $100 per barrel in recent weeks, contributing to earlier sell-offs.

The geopolitical backdrop remains a key variable. Escalations since late February had driven commodity spikes and equity retreats, with the Dow dropping significantly in early March sessions before rebounding. Tuesday’s modest uptick reflected a market attempting to price in a “new normal” of elevated but less acute risks.

Adding to the cautious optimism, economic data continues to show mixed signals. Recent labor reports indicated some softening in payroll growth, while inflation measures cooled gradually. These dynamics have complicated Fed expectations, with traders closely watching for any hints on interest rate policy when the central bank convenes later this week.

Analysts noted that the Fed’s decision could provide clearer direction on whether rate adjustments remain on the table or if persistent energy-driven inflation might force a more hawkish stance. Markets have priced out aggressive near-term cuts in recent weeks as crude volatility complicated the outlook.

The Dow’s current level near 47,000 represents a pullback from peaks earlier in 2026 but resilience compared to troughs during the height of oil-driven concerns. Year-to-date performance has been influenced heavily by sector rotations, with energy stocks benefiting from higher prices while broader industrials and consumer names faced headwinds.

Looking ahead, Wednesday’s trading on March 18, 2026, is expected to hinge on pre-Fed positioning. Futures gains overnight suggested at least mild buying interest, though volatility could return if fresh geopolitical headlines emerge or if oil benchmarks reverse course again.

Corporate earnings season has largely wound down, but scattered reports and guidance updates continue to influence individual stocks. Broader sentiment remains tied to macro themes: inflation trajectory, Fed signaling and the evolving Middle East situation.

For investors, the Dow’s small advance Tuesday underscores a market in wait-and-see mode. While not explosive, the positive close amid stabilizing inputs offers a measure of relief after choppier periods.

The index has shown ability to rebound from dips, supported by strong performances in select components like financials and tech-adjacent names. Whether this momentum carries forward will depend heavily on the Fed’s tone and any developments in global energy markets.

As of the March 17 close, the Dow sits at 46,993.26, up fractionally but emblematic of a broader effort to regain footing in an uncertain environment.

This article was written by

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In an exchange filing, Axis Bank said the investment will be made in cash in one or more tranches before March 31, 2027, by subscribing to Axis Finance’s rights issue. This comes amid a broader strategic rethink after India’s third-largest lender paused plans to sell a stake in the non-bank finance company (NBFC).

Axis Bank had initiated the stake sale process last year and appointed merchant bankers, including Morgan Stanley, after the Reserve Bank of India (RBI) proposed draft rules in 2024 restricting overlapping business activities between banks and their subsidiaries. However, the RBI diluted the proposal in December last year following industry pushback, leading Axis Bank to pause the stake sale plans, according to a report in January.

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Axis Finance, incorporated in April 1995 and registered as an NBFC, has seen steady growth in recent years, with turnover rising to Rs 4,296 crore in FY25 from Rs 3,321 crore in FY24 and Rs 2,297 crore in FY23. The company’s turnover for the half year ended FY26 stood at Rs 2,504 crore.

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Axis Bank, which has invested Rs 2,375 crore in Axis Finance over the past decade, will review the NBFC’s growth roadmap next month. The subsidiary is set to present a revised plan to the bank’s board in April, after which Axis Finance will reassess its capital-raising needs.
Axis Bank share price rose more than 2.5% to Rs 1,259.30 apiece on Wednesday, extending gains for the third consecutive session. It is currently among the top gainers on benchmark indices Sensex and Nifty, as well as the Nifty Bank index.
(With inputs from Reuters)

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

The rupee fell to 92.62 ⁠per dollar, eclipsing its previous low of 92.4750 hit last week.

Brent crude oil prices have climbed about 40% since the ‌Iran War began. The conflict has since sent ⁠shockwaves throughout global markets as energy importing economies grapple with the most severe supply disruption in decades.

Selena Gomez, the multifaceted actress, singer and entrepreneur, continues to captivate fans with glimpses of her personal life and professional ventures, even as she opts out of Hollywood’s biggest nights this spring.

In recent days, the 33-year-old star has shared affectionate photos with her husband, music producer **Benny Blanco**, brushing aside minor public controversies while promoting her booming beauty brand, Rare Beauty. The couple, who married in an intimate ceremony in Santa Barbara, California, in September 2025, appear stronger than ever, posting cozy beach embraces and loving tributes that highlight their newlywed bliss.

On Saturday, Gomez uploaded a carousel of images to her Instagram, showing Blanco embracing her tightly against a scenic backdrop. The post came shortly after a lighthearted “filthy feet” drama involving Blanco went viral, with fans playfully critiquing his casual appearance in earlier photos. Gomez responded in jest by sharing videos of herself playfully kissing his feet, turning the moment into a display of unwavering support and humor. “My love,” she captioned one tribute around Blanco’s 38th birthday earlier this month, including snapshots from their wedding day and recent outings.

The pair celebrated Blanco’s birthday with a star-studded cowboy-themed bash, underscoring their close-knit circle in the entertainment industry. Gomez has been vocal about her affection, appearing on Blanco’s podcast “Friends Keep Secrets” to discuss their relationship openly.

Professionally, Gomez remains focused on her empire beyond the spotlight. Rare Beauty, her inclusive cosmetics line launched in 2020, announced a major new product: the True to Myself Natural Matte Longwear Foundation, available in 48 shades. Gomez revealed she has been wearing the self-priming, self-setting formula for months — from her wedding to red carpets and quiet home days — and teased its release on Instagram. “I’ve waited a long time to share it with you, and I’m SO excited,” she wrote. The foundation drops April 2 at Sephora and rarebeauty.com, with early access via the Sephora app on April 1.

Adding to the brand’s momentum, Rare Beauty recently expanded to all Ulta Beauty stores, with in-store donations this month supporting mental health initiatives through the Ulta Beauty Charitable Foundation and the Rare Impact Fund. Gomez expressed delight at the partnership, marking a first for Ulta with a brand collaboration of this kind.

Gomez’s decision to skip the 2026 Academy Awards — held March 15 — drew attention, as she and Blanco attended the previous year’s ceremony. Sources indicate Gomez had no eligible film projects this awards cycle and was not invited as a presenter. Instead, she spent the weekend promoting Rare Beauty in New York City, sharing selfies and event glimpses on her Instagram Stories. The couple also missed the 2026 Grammys in February, despite a nomination for their collaborative track “Bluest Flame” in the Best Dance Pop category. Gomez prioritized a Rare Beauty x Ulta event that day.

Her acting career continues to thrive, particularly with her role in the hit Hulu series “Only Murders in the Building,” where she stars alongside Steve Martin and Martin Short. Gomez recently posted a poignant message affirming her support for her co-stars amid personal challenges, writing she’ll “always be there” for them. She has also reflected on her health journey, sharing in interviews that she was misdiagnosed before receiving her bipolar diagnosis, calling the process “so f—ing complicated.”

Gomez’s personal evolution remains inspiring. From her Disney roots in “Wizards of Waverly Place” to global music success with albums like “Rare” and advocacy through Wondermind — her mental health platform — she balances vulnerability with empowerment. Recent posts include faith-inspired captions like “by Grace through Faith” and nods to new music, with tracks such as “In The Dark” and “I Said I Love You First…And You Said It Back” generating buzz.

Fans speculate about future projects, including potential returns to music or expansions in production. A March milestone post highlighted her transformation into a business powerhouse, with Rare Beauty reportedly eyeing significant valuation growth and positioning her as a major player in beauty and wellness.

Through it all, Gomez maintains a grounded presence online, sharing “randoms” and “lately” moments that blend glamour with authenticity. As she and Blanco navigate life as a married couple, their public displays of affection — from beach cuddles to playful responses to tabloid fodder — serve as a reminder of her enduring appeal: a star who prioritizes love, mental health and meaningful work over constant red-carpet appearances.

With Rare Beauty’s latest innovations rolling out and her personal life radiating positivity, Selena Gomez shows no signs of slowing down. Her fans, numbering over 415 million on Instagram alone, eagerly await what’s next from one of entertainment’s most resilient and influential figures.

Close Brothers has announced plans to cut around 600 job, equivalent to roughly a fifth of its workforce, as the lender accelerates a sweeping cost-cutting programme in response to mounting pressure from the motor finance mis-selling scandal.

The restructuring, confirmed by chief executive Mike Morgan, will reduce headcount to approximately 2,000 over the next 21 months and is intended to restore investor confidence following renewed scrutiny of the group’s potential compensation liabilities. The move comes amid heightened market volatility after short-seller Viceroy Research claimed the lender’s total compensation bill could reach as high as £1.23 billion, far exceeding the company’s current £300 million provision.

Shares in Close Brothers have come under sustained pressure, falling sharply at the start of the week and continuing to slide as investors digested the scale of potential exposure. The lender is widely regarded as one of the most exposed UK financial institutions to the car finance scandal relative to its size, with motor loans accounting for around £2 billion of its £9.5 billion loan book.

The scandal, which first emerged two years ago, centres on the failure of lenders to adequately disclose commission arrangements paid to car dealers for arranging finance. The Financial Conduct Authority is expected to set out its final redress scheme imminently, with earlier estimates suggesting the total industry bill could reach £11 billion.

Morgan defended the bank’s approach to estimating its liabilities, insisting that its £300 million provision reflects a probability-weighted assessment in line with accounting standards and supported by legal and audit advice. However, the refusal to disclose detailed assumptions behind that figure has fuelled scepticism among investors and opened the door for more aggressive external estimates.

The chief executive dismissed Viceroy’s analysis but acknowledged the uncertainty surrounding the final outcome. He said the eventual cost could be “materially higher” or “materially lower” depending on how the regulator structures compensation and how many borrowers come forward with claims.

Against this backdrop, Close Brothers is moving aggressively to reshape its cost base. The group has already divested its Winterflood broking arm and its asset management business, scaled back growth plans and suspended its dividend in an effort to conserve capital. The latest measures will focus on streamlining operations across its core divisions, including retail lending and commercial finance, where the bulk of job losses are expected to fall.

The restructuring will incur an upfront cost of around £25 million but is expected to deliver annual savings of £60 million by the end of 2027. The company said it would centralise shared services, reduce reliance on third-party providers and cut property and operational expenses as part of a broader efficiency drive.

Artificial intelligence is also set to play a growing role in the transformation, with the bank aiming to deploy AI tools “at pace” to reduce costs and improve customer experience. The move reflects a wider trend across the financial services sector, where firms are increasingly turning to automation and digitalisation to offset rising regulatory and operational pressures.

Despite the cost-cutting programme, Close Brothers reported a mixed set of interim results. The group posted a statutory loss of £65.5 million for the six months to January, an improvement on the £102.2 million loss recorded a year earlier. Adjusted operating profit fell to £65.2 million, down from £80.5 million, reflecting ongoing headwinds.

Its core capital ratio improved to 14.3 per cent, comfortably above regulatory requirements, providing some reassurance on balance sheet strength. However, analysts warn that a significantly higher compensation bill could erode that buffer and materially impact shareholder value.

The situation has drawn comparisons with the payment protection insurance (PPI) scandal, which ultimately cost UK banks more than £50 billion, far exceeding initial provisions and leaving investors wary of underestimating liabilities in mis-selling cases.

Morgan insisted that lessons from the PPI episode had informed the bank’s current approach, arguing that regulatory scrutiny and accounting standards are now far more rigorous. Nonetheless, the combination of regulatory uncertainty, investor scepticism and operational restructuring highlights the scale of the challenge facing the lender.

With the FCA’s final ruling imminent and market confidence fragile, Close Brothers is entering a critical period that will determine both the ultimate financial impact of the scandal and the success of its efforts to rebuild credibility with shareholders.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.