International financial institution and UN specialized agency
Andy Burnham has been confirmed as Labour leader at a special conference in London and will become prime minister on Monday after Keir Starmer formally resigns. He has pledged a "distinctively Labour" government focused on devolving power to regions, tackling social care and restoring growth in "forgotten places."
The United States has carried out repeated air and naval strikes across Iran, hitting military and transport targets including bridges, ports and coastal facilities, and Iran has responded with missiles and drones against US-linked bases in Bahrain, Kuwait and Jordan. The June memorandum of understanding to pause the war has weakened and shipping through the Strait of Hormuz has fallen as hostilities rise.
Independent reports Octopus Energy urges the next UK prime minister to overhaul the electricity market. It says reform could save households up to £114 annually and reduce bills by billions across the economy by 2050, though it warns reform would take two years.
GDP has risen by 0.1% in May, driven by services though production and construction slipped. The upside comes amid ongoing Middle East tensions and ahead of a new prime minister taking office, with analysts noting fragile momentum and potential inflation risks.
The Bank of England has voted 8-1 to hold Bank Rate at 3.75% and has published three scenarios showing higher near-term inflation because of the Iran war and energy-price shock. Governor Andrew Bailey has said the path for policy will depend on the size and duration of the energy shock; chief economist Huw Pill has dissented for a 0.25pp rise.
Labour MPs have criticised the UK government's shift towards renewable energy, calling for increased North Sea oil and gas exploration. Meanwhile, US President Trump has urged Britain to open North Sea oil fields, arguing it will boost energy security amid tensions in the Middle East. The debate highlights tensions between energy independence and climate commitments.
UNICEF has issued its first Child Alert in 20 years for Darfur, saying children have been pushed into extreme hunger, disease, displacement and violence as fighting between Sudan's army and the RSF has intensified. The agency has warned that needs are larger than in 2005 and that international funding and access are dangerously low.
On April 16, 2026, the US Senate has rejected two resolutions led by Senator Bernie Sanders to block $295 million in bulldozer sales and $152 million in bomb sales to Israel. Forty Democrats supported blocking bulldozer sales, and 36 backed blocking bomb sales, but Republicans opposed both measures, defeating them 40-59 and 36-63 respectively. The votes have reflected growing Democratic unease over US military aid amid Israeli actions in Gaza, Lebanon, and Iran.
The US Treasury has extended a 30-day waiver allowing the purchase of Russian oil loaded onto ships by April 24, aiming to stabilize global energy markets amid the US-Israeli war on Iran and the closure of the Strait of Hormuz. Meanwhile, the US has ended the waiver for Iranian oil, enforcing a blockade that will force Iran to shutter production soon.
Lebanese officials have reaffirmed their commitment to reaching an IMF agreement despite ongoing conflict and recent Israeli strikes. Damages from the war are estimated at $7 billion, delaying economic reforms. International support remains crucial for Lebanon's recovery, with damage assessments underway as ceasefire efforts continue.
A Colombia‑ and Netherlands‑hosted summit in Santa Marta has convened more than 50 countries (April 24–29) to open political debate on phasing out oil, gas and coal. Organisers are focusing on renewable energy, energy security and finance while major producers such as Saudi Arabia and some large economies are not attending.
Iran has closed the Strait of Hormuz following its brief reopening, escalating tensions in the Middle East. This move has caused oil prices to rise sharply and increased market uncertainty. Negotiations between the US and Iran are ongoing, but tensions remain high as Iran refuses to attend new talks.
The UK economy is shifting toward a flatline in the second and third quarters due to rising energy costs and supply chain disruptions, with forecasts indicating a slowdown and increased unemployment, driven by geopolitical tensions and energy price hikes.
UK inflation has accelerated to 3.3% in March, driven by higher fuel prices due to the Iran war. The UK labour market shows signs of softening, with unemployment falling to 4.9%, but wage growth remains subdued. The Bank of England is monitoring these trends closely as it prepares for upcoming policy decisions.
Inflation has risen to 3.3% in March as fuel costs jump amid Middle East tensions. BoE is holding rates at 3.75% while weighing energy-price shocks and growth risks. NatWest reports first-quarter profit, while Santander completes TSB takeover; economists warn policy may tighten if energy shocks persist.
A European study has quantified how inequality increases temperature-related deaths. If Europe’s regions reached the lowest level of material deprivation, heat and cold-related mortality could fall by up to 30%, a major policy argument for targeted relief and poverty reduction.
The United States has paused its ship escort operation through the Strait of Hormuz as it pursues a peace deal with Iran. Officials say the blockade of Iranian ports remains in place while Washington tests an agreement, with Iran insisting on a fair, comprehensive settlement.
The latest analyses show debt-service costs are constraining public budgets in developing and advanced economies alike. UN and IMF warnings highlight rising risks from aging populations, private lenders, and geopolitical shocks. Relief proposals promise to free up funds for health and education, but political will remains uncertain.
The IMF has stressed that high oil prices and Middle East tensions threaten global growth, while the world’s two largest economies maintain dialogue. IMF officials say energy costs are lifting near-term inflation expectations but medium-term inflation expectations remain anchored, and financial conditions are still accommodative.
Botswana is observing three days of national mourning for former president Festus Mogae, who has died. President Duma Boko has praised his governance, HIV/AIDS policy, and economic stewardship as flags are flown at half-mast and officials pay respects.
Inflation in the UK and US remains under pressure as the ongoing Middle East conflict sustains higher energy prices. UK CPI has fallen to 2.8% in April, but analysts warn this may be a brief respite as fuel and gas costs rise. Producer prices in the US have surged in April, signaling rising costs before they reach consumers.
Campaigns protest rising energy costs as Shell and other oil majors report rising profits; governments are weighing measures to curb profiteering while households confront higher energy and food prices amid global tensions.
The IMF has upgraded the UK’s 2026 GDP growth to 1.0% from 0.8%, citing pre-war momentum while warning the Iran war could dampen activity later in the year. The update follows recent data showing stronger-than-expected Q1 growth, with the IMF cautioning that higher energy prices and political uncertainty could weigh on the outlook.
Official data show the UK unemployment rate has risen to 5% in the three months to March, with pay growth slowing to 3.4% and a sharp 100,000 fall in payroll employees in April. Vacancies have dropped to a five-year low as firms in retail and hospitality curb hiring amid economic and geopolitical uncertainty linked to the Iran war and rising energy costs.
G7 finance ministers and central bank governors have been meeting in Paris to address the economic fallout from the Iran war and volatility in bond markets. While they have reaffirmed a multilateral approach and support for Ukraine, tensions persist between the United States and other members over Iran, Russia, and energy supplies. The meetings set the stage for Evian summit discussions on critical minerals, global imbalances, and energy transit.
Oil prices have steadied as U.S. and Iran discussions appear to move toward a resolution, with oil benchmarks stabilizing near recent highs. US stock indexes have edged higher amid hopes for progress in Middle East talks while UK equities show mixed signals. The dollar and euro trade within narrow ranges as investors weigh potential risks and policy signals.
Oil markets are facing a prolonged impact from the current crisis in the Strait of Hormuz, with analysts and industry leaders warning that a full rebound in flows may take years. Saudi and UAE officials emphasise resilience strategies to cushion prices, while other observers caution that the damage to global trading systems will extend beyond the immediate conflict.
Ousmane Sonko has been elected leader of the Pan‑African Pastef party at a congress in Diamniadio after being sacked as prime minister on May 22. The split with President Bassirou Diomaye Faye is creating a parliamentary standoff as Pastef controls a large majority and Senegal negotiates with the IMF over a debt crisis.
The US‑Israel war on Iran has pushed energy, fertilizer and transport costs higher and forced global agencies to cut growth forecasts. The OECD and other groups have reduced 2026 growth projections, UNICEF has reported soaring freight bills and delivery delays, and US consumer sentiment has ticked up slightly as gas prices ease (15 June 2026).
A Bundibugyo-strain Ebola outbreak has produced more than 500 confirmed cases across eastern Democratic Republic of Congo and at least 19 confirmed cases in Uganda. WHO has declared a public health emergency of international concern; authorities are scaling up testing, treatment centres and cross-border preparedness while contact tracing and supplies remain insufficient.
The US House has advanced a War Powers resolution aimed at constraining President Trump’s authority to wage war on Iran. The measure, passed 215-208 with some Republicans crossing party lines, faces a likely Senate test and a presidential veto. The move comes amid ongoing clashes and ongoing negotiations with Tehran.
The New York Times, The Guardian, CNBC, Al Jazeera and other outlets report that Donald Trump has nominated Todd Blanche to serve as attorney general, moving from acting to permanent head of the Justice Department. The nomination faces a Senate confirmation battle amid scrutiny of Blanche’s ties to the Epstein files, the $1.8 billion anti-weaponisation fund and past actions at the DOJ.
IMF says Saudi Arabia’s economy has shown resilience due to diversified infrastructure and rerouted oil flows, despite pressure from the Middle East conflict. Non-oil activity and exports are affected; forecasted growth adjusts as oil dynamics shift.
Republican factions in Congress have rebuked President Trump on Iran, the White House ballroom funding, and the anti-weaponization fund, while Ukraine aid moves forward. The party faces growing fractures as it weighs next steps ahead of Election Day.
New data show the UK economy has cooled after a stronger start to 2026, with April GDP expected to slip as higher fuel costs damp demand. Retail sales have fallen, and experts warn the energy shock from the Iran conflict is weighing on households and firms. Analysts expect a continued slowdown into Q2.
Oil flows through key Gulf routes have been disrupted as conflicts escalate. Countries are adjusting production and trade, while insurers assess risk. The Strait of Hormuz remains the focal point as sanctions’ adjustments and new toll discussions surface amid regional tensions.
Retired and active security figures warn against regional blame as Nigeria faces a persisting security crisis. Attacks across Kebbi, Zamfara and other states have left dozens dead or abducted; officials urge a united, proactive response while noting political rhetoric is complicating efforts.
The UK economy has contracted by 0.1% in April, with services shrinking 0.2% and manufacturing up 0.4% while the war in the Middle East disrupts activity. Analysts expect slower growth ahead, with the Bank of England expected to hold rates.
A Guardian survey reveals about 1 million young people in the UK are not in work, education or training, a figure that could rise to 1.25 million by the early 2030s without action. Readers share practical advice on job hunting and staying resilient.
The war between the US/Israel and Iran is nearing a tentative framework to end hostilities and reopen critical sea routes. Inflation and energy prices remain elevated as markets await a durable peace and the effort to normalize trade faces ongoing risks.
Bolivia has declared a 90-day state of emergency to restore order and ensure fuel and food supplies after weeks of road blockades. The decree allows the military to support police and targets disruption of transportation, while protests connect to wider economic demands. Some blockades are easing, but tensions persist as talks continue.
Iran, the United States and Pakistan are pursuing a roadmap to end the Iran-US war cycle. Islamabad hosts Iran’s president for talks, as partners including Qatar and the UAE seek to anchor a 60-day plan toward a final deal. Economic and regional gains are being weighed against structural reform needs in Pakistan.
The United States has reiterated that international waterways must remain free of charges as Gulf partners push back against any tolling plan. Rubio has toured the Gulf amid a flurry of developments including a new shipping corridor near Oman, a temporary halt to evacuation efforts, and ongoing negotiations with Iran over a preliminary peace framework. The UN has paused evacuation plans for mariners in the Strait of Hormuz, while Oman coordinates a temporary route with the IMO.
Central banks are maintaining cautious stances as inflation pressures persist. Officials have signalled that rate paths will be data-driven, with ongoing monitoring of energy prices and geopolitical risks. Market expectations hinge on inflation trends and the pace of growth.
Public and parliamentary pressure in Egypt calls for lower fuel, gas, and electricity prices as the government balances subsidies with IMF conditions. Lawmakers question price reforms while experts warn that global trends and regional tensions continue to influence domestic costs.
SK Hynix has raised $26.5bn by selling 177.9m American depositary receipts at $149 each, in the largest-ever US share sale by a foreign company. Its ADRs have begun trading on Nasdaq under temporary ticker SKHYV and will convert to SKHY; the company is using proceeds to expand fabs, packaging and EUV capacity as AI-driven memory demand surges.
Federal authorities allege that charity fronts diverted funds to Hamas-linked figures and to Palestinian Islamic Jihad, with cryptocurrency transfers totaling over $30,000 and dozens of transfers to Gaza. The cases involve a Rochester-area mother who led an anti-Israel group and faces up to 20 years in prison.
The US and Iran have exchanged fresh strikes this weekend and on Monday, reversing a recent interim ceasefire and re‑opening doubt over control of the Strait of Hormuz. President Donald Trump has declared the ceasefire "over," ordered further strikes and revoked a temporary oil waiver. Oil has jumped into the high $70s–$80s and global markets have fallen.
The IMF has revised its global outlook, saying price inflation is easing and growth is stabilising. It forecasts UK inflation to return to 2% by mid-2027, with the UK economy expected to grow about 1% in 2026, supported by policy choices focused on AI, regional growth and EU trade. Downside risks remain from Middle East tensions and commodity volatility.
Prices have fallen across major Israeli cities amid war-related uncertainty. April data show a 19% drop in apartment transactions and a sharp decline in investor purchases, while foreign buyers led Jerusalem's 2025 acquisitions.