OECD forecast sets out economic risks from conflict, pointing to potential shortfalls to key energy productsOECD predicts spate of recessions globally if Iran conflict drags into 2027Rural areas in the UK would be particularly at risk of diesel shortages if the conflict in Iran continues to squeeze supplies, the Organisation for Economic Co-operation and Development has warned.The OECD predicted economic growth of 0.9% in the UK this year – a modest upgrade from the 0.7% it feared in March when it last updated its forecasts. It said government spending will help to support the economy in the short term. Continue reading...
Prices rose 3.8% over the last year, according to Bureau of Labor Statistics data, highest jump since 2023Sign up for the Breaking News US newsletter emailUS inflation jumped to 3.8% in April as the war in the Middle East continued to drive energy prices and everyday costs for Americans.Prices rose 3.8% over the last year, according to the data from the Bureau of Labor Statistics, the highest jump since 2023. Continue reading...
Iranian parliamentary speaker also says passage through waterway will depend on Iranian authorisation and accuses Donald Trump of multiple falsehoodsIran says strait of Hormuz ‘completely open’ to commercial vessels as oil prices fallBritain will make “a wide-ranging military contribution” to an international mission to protect shipping in the strait of Hormuz trade waterway, the UK ambassador to the US has said.Christian Turner’s commitment comes amid long-running concerns over the state of Britain’s armed forces and warnings of under-funding. Continue reading...
Peter Kyle did not dispute Times’ report that under a ‘reasonable worst-case scenario’ supermarkets might start running out of some itemsGood morning. ‘We don’t comment on leaks,’ is the usual government response to an unsanctioned lobby scoop. But this morning Peter Kyle, the business secretary, took a different response. Asked about a Times splash saying the government is making plans to deal with possible food shortages in the summer, caused by the Iran war, he told Sky News:It is difficult for me, because, of course, these leaks are very unhelpful. But when people do read it, they need to be reassured that we are doing this kind of planning, and we are doing this kind of scenario planning.Britain could face shortages of chicken, pork and other supermarket goods this summer if the war in Iran continues, a secret government analysis has found.Officials have drawn up contingency plans for a “reasonable worst-case scenario” amid fears that the closure of the Strait of Hormuz will lead to shortages of carbon dioxide (CO2) which is critical to the food industry …I can tell you, because I’m in these meetings, the prime minister has been there since the very start, and he is going through personally and driving deep dives into lots of areas of resilience throughout our economy.People should be reassured that we are doing this kind of action behind the scenes to keep resilience in our economy, so that when the full extent of what may or may not emerge, because this situation is still unfolding in the Middle East, you have a government that is acting with creativity and boldness.If any of these things change, I will be up front with the public about it in advance so that we can prepare. But right now, people should go on as they are, enjoying beer, enjoying their meats, enjoying all the salads.But also there are critical uses for CO2 – MRI scanning, for example, water purification; it’s involved in our nuclear industry, our civil nuclear power industry, some defensive uses for it as well. Continue reading...
Ministers drawing up contingency plans for ‘reasonable worst-case scenario’ if supply of CO2 is disruptedBusiness live – latest updatesThe UK could face some gaps on supermarket shelves this summer if disruption caused by the Iran war continues, with shortages of carbon dioxide potentially hitting supplies of chicken, pork and fizzy drinks.Government ministers are reportedly drawing up contingency plans for a “reasonable worst-case scenario” if the key shipping lane of the strait of Hormuz does not reopen, disrupting supplies of the CO2 required by the food industry. Continue reading...
• The UN Office on Genocide Prevention issued a warning on April 11 regarding indicators of potential genocide in Tigray, citing reports of mass killings, sexual violence, and forced displacement by Ethiopian federal forces and regional militias.
• Aid organizations document over 600,000 internally displaced persons in Tigray with limited humanitarian access, while credible reports indicate systematic targeting of civilian populations based on ethnicity and political affiliation.
• International pressure on the Ethiopian government is intensifying, with the African Union calling for ceasefire negotiations and US officials threatening sanctions if atrocities verification confirms genocide findings.
Concern that supply chain disruption could hit health essentials – and prices – from painkillers to cancer treatmentBritain is “a few weeks away” from medicine shortages ranging from painkillers to cancer treatment if the Iran war continues, according to experts, while drug prices could also rise.The conflict has disrupted the supply of a myriad of crucial raw materials, including oil, gas, crop fertiliser and helium – and health essentials could be next. Continue reading...
• President Trump stated at a Thursday cabinet meeting that Iran is "begging to make a deal" to end the war, claiming Iran has offered him "eight big boats of oil" as a goodwill gesture—later revising the number to 10.
• Trump insisted he is not the one pushing for negotiations despite Iran's repeated official denials of direct talks with the United States as the conflict enters its fourth week.
• U.S. Special Envoy Steve Woodcock indicated strong signs Iran could be convinced to reach a peace deal, while Trump also criticized NATO allies for failing to send naval assets to secure the Strait of Hormuz.