The U.S. is moving to sever a small Swiss bank from access to the U.S. financial system for its alleged support for Iranian and Russian actors, as U.S. and Iranian officials hold indirect talks Thursday in Geneva over Tehran’s nuclear negotiations, the Associated Press reported. Treasury’s Financial Crimes Enforcement Network proposed a federal regulation Thursday that, if finalized, would prohibit U.S. institutions from doing business with MBaer Merchant Bank AG, which has no relation to the larger Swiss bank Julius Baer. The bank is accused of funneling over $100 million through the U.S.

Thousands more young people are stuck on the sidelines of the economy despite a rise in the number of under-25-year-olds searching for work, The Telegraph reported. There are now 957,000 people aged 16 to 24 not in employment, education or training (Neet), according to the Office for National Statistics. The total for the three months to December rose from 946,000 during the previous quarter, marking the first increase in six months. More young people moved from being economically inactive into searching for work.

Ukraine will see less economic growth this year due to extensive destruction of Ukraine's energy infrastructure by Russia over the winter, an international development bank said Thursday, as businesses struggle to keep going into the fifth year of Russia's invasion, the Associated Press reported. The European Bank for Reconstruction and Redevelopment halved its 2026 growth forecast for the country to 2.5% in its current outlook from 5% growth in the previous estimate from September.

Peter Kyle, the Business Secretary, has said he is confident Britain’s trade deal with the US still stands after Donald Trump’s 10pc global tariffs took effect, The Telegraph reported. “I can say with some confidence... that the [deal] that we have negotiated,” Mr Kyle told a parliamentary committee.

Thames Water’s senior creditors are seeking approval from ratings agencies for a crucial rescue plan that would prevent the ailing utility from slipping into insolvency, Bloomberg News reported. A proposal to inject billions of pounds into Thames and take steep writedowns was put forward in October, and has since been revised following months of discussions with regulator Ofwat. Creditors must now bring the agencies on side to finalize a deal, since the utility needs to secure investment-grade ratings to meet its license conditions.

More than £300m has been wiped off the value of Britain’s biggest university accommodation provider as the student loan crisis starts to grip landlords, The Telegraph reported. Shares in student property giant Unite dropped by as much as 10pc after it effectively issued its third profit warning in four months. Unite said that increasing numbers of students in the UK are opting to save money by choosing to live at home rather than rent accommodation.