Australian treasurer says Iran war having ‘extreme impact on global economy’ as Albanese to address nation about fuel crisis Follow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastJim Chalmers has unveiled a suite of Covid-era support measures including tax deferrals for businesses struggling with soaring fuel prices, in the latest sign the government is preparing for a more severe economic downturn from the US-Israel war on Iran.Addressing the media on Wednesday morning, the treasurer said “the war in the Middle East is having an extreme impact on the global economy, [and[ Australians and Australian small businesses are paying the price for that”. Continue reading...
Foreign ministers Ishaq Dar and Wang Yi met in Beijing as Pakistan pushes for peacemaker roleMiddle East crisis – live updatesPakistan and China have released a joint five-part proposal for peace in the Middle East, after Pakistan’s foreign minister flew to Beijing on Tuesday to seek Chinese support for the country’s faltering efforts to negotiate an end to end the war.The one-day meeting between Ishaq Dar and his Chinese counterpart, Wang Yi, came as Pakistan continues to push for the role of peacemaker between the United States and Iran, even as the war shows little sign of relenting. Continue reading...
Kuwait says fire broke out after Iranian attack on giant tanker and warns of possible oil spill in surrounding watersHello and welcome to our continuing live coverage of the US-Israel war on Iran and its impact on the region, the world and the global economy.Iran attacked and set ablaze a fully loaded crude oil tanker off Dubai on Monday while Donald Trump warned the US would obliterate Iran’s energy plants and oil wells if it did not open the strait of Hormuz.Blasts were heard in Tehran and power cuts hit some areas of the capital, Iranian media reported on Tuesday. Israel earlier carried out missile strikes on what it called military infrastructure in Tehran and infrastructure used by Iran-backed Hezbollah in Beirut, leaving black smoke hanging over the Lebanese capital.Two successive Iranian missile launches targeted central Israel, the Times of Israel reported, quoting the emergency service as saying it had not received any reports of injuries.Turkey reported a ballistic missile launched from Iran had entered Turkish airspace before being shot down by Nato air and missile defences.Oil prices were headed on Tuesday for a record monthly rise while Asian shares were headed for their steepest fall since 2022, capping a tumultuous month as the war fanned fears of higher inflation and slower growth. Bonds were headed for their largest decline in months, while the dollar recorded its strongest gain in eight months.The US national average retail price of fuel crossed $4 a gallon for the first time in more than three years on Monday, data from price-tracking service GasBuddy showed, as tightening global supplies pushed US crude prices above $101 a barrel.Three UN peacekeepers from Indonesia were killed in two separate incidents in southern Lebanon.Thousands of soldiers from the US Army’s elite 82nd Airborne Division have started arriving in the Middle East, two US officials told Reuters. , as part of a reinforcement that would expand Trump’s options to include the deployment of forces inside Iranian territory, even as he pursues talks with Tehran.The White House later said talks with Iran were progressing and Trump wanted to reach a deal with Tehran before a 6 April deadline he set last week after extending an earlier deadline he had set for Iran to open the largely blocked strait of Hormuz oil route.Trump had told aides he is willing to end the military campaign against Iran even if the strait or Hormuz remains largely closed and leave a complex operation to reopen it for a later date, the Wall Street Journal later reported.Iran said on Monday it had received US peace proposals via intermediaries and that they were “unrealistic, illogical and excessive”. Continue reading...
Washington-based fund says rising energy and food costs will hit economies worldwide and could leave lasting scarsThe International Monetary Fund has warned that “all roads lead to higher prices and slower growth worldwide” should the conflict in the Middle East continue to throttle the amount of oil, gas and fertiliser making its way out of the Gulf.In a stark message that countries on all continents will be affected, the Washington-based organisation said a rise in energy and food costs would harm economic growth this year and could leave lasting scars on the global economy. Continue reading...
• The New York Yankees, led by 2025 AL MVP Aaron Judge, face the Seattle Mariners and star catcher Cal Raleigh in a heavyweight American League matchup this week.
• Judge and Raleigh competed for the 2025 MVP award before Judge won his third career MVP, and both players were teammates on Team USA in the World Baseball Classic that saw the U.S. lose to Venezuela in the finals.
• Judge has started strong in 2026, homering in each of his last two games as the Yankees seek to establish early division dominance.
Drivers planning nearly 21m leisure journeys from Thursday to Monday despite soaring fuel prices, say expertsThe four-day bank holiday weekend is expected to be the busiest Easter on the roads in four years, despite a surge in fuel prices caused by the conflict in the Middle East.Drivers are planning nearly 21m leisure journeys between Thursday and Easter Monday, according to a study by the RAC and the traffic analytics specialists Inrix. Continue reading...
Interest rates as high as 4.45% and a steep cut in next year’s allowance fuel forecast of last-minute rush Savers who want to make the most of this year’s cash Isa allowance are being urged not to leave it to the last minute, as the deadline for applications falls on the Easter weekend.The Isa wrapper allows people to save or invest money and benefit from the returns free of tax. Each tax year, people can pay in up to £20,000, which can then be moved around in subsequent years without the tax benefits being lost. Continue reading...
Apology published in News Corp paper as part of agreed joint statement to resolve legal dispute over ‘undercover’ story, with Cairo also apologising to activist Ofir BirenbaumFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastThe Daily Telegraph has apologised to a popular Middle Eastern restaurant for “causing distress” after it sent a pro-Israel activist to the Sydney eatery as part of its so-called operation “undercover Jew”.The apology was published on page two of the News Corp paper as part of an agreed joint statement to resolve a now settled legal dispute between the restaurant Cairo Takeaway, and the pro-Israel activist Ofir Birenbaum. Continue reading...
US president tells Financial Times his ‘preference would be to take the oil’ but that ‘some stupid people back in the US say: “why are you doing that?”’Full report: Iran accuses US of plotting ground assault while publicly seeking talksAnalysis: what the Houthis’ entry into the Iran war means for the conflict and the wider regionThe price of brent crude had now gone over $116 a barrel, while stock markets have slumped in Asia as investors dig in for a protracted Gulf conflict that could bring a spike in inflation and the risk of recession to much of the globe.Brent crude was just over $70 a barrel when the war started last month and prices have risen by over 50% since. Continue reading...
• U.S. nonfarm payrolls for March will be released Friday amid sharp energy price increases due to Middle East conflict, providing critical snapshot of labor market health as investors reassess economic outlook.
• HSBC economists expect "modest but positive growth" in employment, though markets have slashed expectations for Federal Reserve rate cuts, with money markets pricing only 42% probability of a rate increase in 2026.
• This week's data releases—including ADP private payrolls (Wednesday), JOLTS job openings (Tuesday), jobless claims (Thursday), and consumer confidence surveys—will reveal war impact on business and consumer sentiment.
