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The world's finance ministers and central bank governors are gathering in Washington for the half-yearly meetings of the International Monetary Fund and the World Bank, with the global economy in a perilous spot. The US-Israeli war on Iran, coming soon after the Covid pandemic and Russia's invasion of Ukraine, has triggered significant economic turbulence.Even if a durable peace deal in the Middle East can be reached, there will still be permanent economic scars. The conflict has caused damage to infrastructure, heaping further pressure on already struggling households. This is the biggest energy shock of the modern age, with oil and gas prices surging, inflation rising, and borrowing costs increasing.The IMF has said it will cut its growth forecasts for 2026 when it publishes its flagship world economic outlook. In every scenario, growth is slower and inflation higher. Households worldwide will feel the pain, with the world's poorest bearing the brunt.The fund's managing director, Kristalina Georgieva, has urged officials to work together, warning that "go-it-alone actions" may have appeal but would ultimately make matters worse. The IMF cautions that any energy support should be targeted and temporary to limit the costs of blanket support and avoid stoking inequality.For central banks, the fund urges them to remain vigilant, with financial markets expecting interest rates to be kept on hold or raised to prevent high inflation from becoming entrenched. The economic problems are interlinked with political instability, making it a challenging situation for governments worldwide.

The United States has experienced a notable surge in inflation, with consumer prices rising by nearly 1 percent in March. This significant increase, one of the highest short-term inflation rates in years, is largely attributed to the disruption of energy markets amid the ongoing conflict with Iran. According to a report by the US Bureau of Labor Statistics, the inflation rate in March was 0.9 percent, up from 0.3 percent in February. This marks the largest increase since May 2022, during the peak of the cost-of-living crisis triggered by the COVID-19 pandemic. The March increase was primarily driven by energy prices, with gasoline prices surging by 21.2 percent and fuel oil prices increasing by more than 30 percent. The energy index saw a 10.9 percent increase in March, the largest monthly rise since September 2005. The escalation in prices followed the US and Israel's launch of an all-out war on Iran on February 28, which resulted in the killing of Iran's Supreme Leader Ali Khamenei. In response, Tehran closed the Strait of Hormuz, causing oil and gas prices worldwide to skyrocket. The price of a barrel of oil reached $120, up from about $70 on February 27. In the US, the price of one gallon of gasoline exceeded $4.1, a significant increase from less than $3 before the conflict began. Although a two-week ceasefire was agreed upon between the US and Iran, marine traffic in the Strait of Hormuz remains at a fraction of its pre-war levels. US President Donald Trump has warned Iran against blocking the strait or charging vessels for safe passage. About 20 percent of the world's oil passes through the Strait of Hormuz. While the ceasefire has brought some relief to the global energy market, with oil prices dropping to less than $100, US consumers are still paying $4.15 on average at the petrol pump. Experts suggest that it will take several months for prices to stabilize. The inflation report comes as US politicians focus on the cost of living and affordability, ahead of the November midterm elections. Trump's Democratic rivals have criticized him for launching the war without congressional approval, highlighting the increased economic costs for Americans.

The US inflation rate experienced a significant surge in March, rising to 3.3% over the year, with prices increasing by 0.9% compared to the previous month. This spike is largely attributed to the escalating conflict with Iran, which has resulted in a substantial increase in energy prices.The Consumer Price Index (CPI) for energy rose by 10.9% in March, primarily driven by a 21.2% increase in gasoline prices. This increase accounted for nearly three-quarters of the monthly all-items increase. Airfares also saw a notable rise, increasing by 2.7% in March and 14.9% higher than a year earlier.Core inflation, which excludes volatile food and energy prices, rose at a more modest 0.2% over the month and was 2.6% higher over the year. The annualized inflation rate has not exceeded 3% since summer 2024.The conflict with Iran has driven the American economy into deeper uncertainty, adding to the precariousness that began with Donald Trump's tariffs last year. The war has also led to a rise in oil prices, with US crude oil priced 10% higher than before the conflict and nearly 30% higher since the start of the year.Recent data shows that prices are affecting producers, with the gross domestic product (GDP) for the last quarter of 2025 revised down from an initial 1.4% to 0.5%. The prices index in the Institute for Supply Management's survey of managers saw its largest one-month increase in 13 years, rising from 63 in February to 70.7 in March.Consumer confidence is also falling, with the University of Michigan's closely-watched consumer confidence survey recording a 10.7% drop to its lowest level on record. Survey director Joanne Hsu noted that many consumers blame the Iran conflict for unfavorable changes to the economy.Despite the challenges, the labor market appears resilient, with employers adding 178,000 jobs in March and the unemployment rate falling to 4.3%. However, the Federal Reserve faces a tricky situation in adjusting interest rates amid the conflict, as raising rates could help curb inflation but risk destabilizing the labor market and increasing unemployment.

Greenland Prime Minister Jens-Frederik Nielsen has urged NATO allies to stand united in defending international law, following US President Donald Trump's recent comments about the Arctic island. Trump's remarks described Greenland as a 'big, poor, poorly run, piece of ice.'Nielsen firmly rejected this characterization, stating, 'We are not some piece of ice. We are a proud population of 57,000 people, working every single day as good global citizens in full respect for all our allies.'The Prime Minister emphasized the importance of maintaining the post-war geopolitical order, including NATO's defence alliance and globally respected international law. 'Those things are being challenged now, and I think all allies should stand together to try to maintain them. I hope that will happen,' he said.NATO allies had been scrambling earlier this year to keep the alliance together after Trump revived his push to seize Greenland from Denmark, a fellow NATO member. The White House in January said Trump was weighing the use of military force in Greenland, prompting Germany, France, and other European nations to send troops to the island in a show of solidarity and deterrence.Trump later backed down after talks with NATO Secretary-General Mark Rutte, stating that 'the framework of a future deal' had been formed and moving the Greenland dispute to a diplomatic track. Diplomatic talks between Greenland, Denmark, and the US are ongoing, with more meetings scheduled.Despite the talks, Nielsen made it clear he did not believe Trump had abandoned his ambitions regarding the island: 'I cannot see that his desire to either take over or control Greenland has been taken off the table,' he said.

Cameron Picton, the bassist‑vocalist behind British art‑rock outfit Black Midi, has unveiled his first solo statement under the moniker My New Band Believe. Recorded with a cadre of improvisational musicians—including veteran drummer Steve Noble, formerly of Rip Rig + Panic—the album abandons the band’s signature wall of sound for an intimate, acoustic approach.The record opens with the gentle ballad “Still,” a track originally tucked away on Black Midi’s sprawling rock‑opera Hellfire. Here, Picton’s unadorned vocal delivery replaces Geordie Greep’s theatrical croons, setting a tone of understated sincerity that runs through the entire project.Every song is built from live‑sounding instruments: fingerpicked guitars, double bass, piano, subtle percussion and tasteful string arrangements. This stripped‑back aesthetic allows the lyrics to move away from Black Midi’s often surreal narratives toward more direct, everyday subjects. For instance, the opening track “Target Practice” retains a hint of the band’s dark humor, while “Love Story” paints a nostalgic picture of a couple cooking together, and “Opposite Teacher” reflects on the challenges of fatherhood.Even within this quieter framework, Picton injects moments of tension. The second track, “In the Blink of an Eye,” introduces dissonant chords that remind listeners that “understated” is a relative term for an artist accustomed to sonic extremes. Throughout, the songs remain episodic, with sudden key changes and tempo shifts that echo the restless spirit of Van Dyke Parks’ 1967 Song Cycle—a collaboration Picton initially pursued before budget constraints halted the partnership.Highlights such as “Heart of Darkness” weave together folk‑rock riffs, jazzy drumming and an improvised coda of feedback‑like strings, while “Actress” balances sweet melodies with dramatic pauses and volume surges, ending more as a gradual fade than a conventional finish.Compared with Black Midi’s recent releases—most notably the chaotic, genre‑bending Hellfire and Geordie Greep’s solo effort The New Sound—Picton’s debut feels more approachable without sacrificing artistic curiosity. The album’s constant motion is contained by its acoustic instrumentation, making it easier to love rather than merely admire. It resists standard song structures, defies easy categorisation, and showcases a plethora of unconventional musical ideas, all while wearing its intelligence with a lighter touch.

Britain has weathered a succession of crises since the 2008 financial collapse— austerity, Brexit, Covid, the Ukraine war and recent political turbulence. Prime Minister Keir Starmer says the war in Iran must become a turning point, forcing the country to build lasting resilience at home and with its European partners.Starmer stresses that the UK’s response to the Iranian aggression has been guided by de‑escalation, diplomacy and the swift reopening of the Strait of Hormuz. While Britain avoided direct offensive action, it intercepted drones, shot down missiles and protected British lives and interests alongside allies who share the same stance.The government’s approach, he explains, is to reduce escalation, work with allies and safeguard economic stability. In a world that is “more volatile and dangerous than at any other point in my lifetime,” such a strategy is presented as essential for protecting British interests.Starmer links global instability to domestic pressures, noting that the same tensions that threaten security also drive up energy prices, disrupt supply chains and strain household finances. To counter this, his administration has capped energy bills and invested heavily in homegrown energy sources, aiming to free the UK from reliance on external gas suppliers.On the defence front, the UK has announced the largest sustained increase in defence spending since the Cold War, reinforcing European alliances and expanding military capacity. Parallel to these security measures, the government has launched an ambitious industrial strategy, strengthened workers’ rights and pledged to lift more than half a million children out of poverty through a new child‑poverty programme.Starmer argues that these policies are not isolated reactions but part of a broader shift toward long‑term resilience. By building secure, domestic energy, robust alliances and a stable economy, Britain can “shape its future and deliver on priorities that matter to working people.”He concludes that Britain will not attempt to recreate the pre‑2008 world; instead, it will forge a stronger, more secure, and more resilient nation capable of withstanding future shocks.

UK Prime Minister Keir Starmer has expressed his concern over Israel's ongoing attacks on Lebanon, emphasizing that they 'shouldn't be happening' and must stop immediately. During his visit to the Middle East, Starmer called for the Iran conflict to be a turning point for the UK's future security. In an article for the Guardian, Starmer outlined the need for a fundamental reset in the UK's approach to make the country more resilient, including boosting defense and strengthening ties with Europe. He highlighted the importance of not being drawn into offensive military action, while rebuilding European alliances and increasing defense capacity. Starmer's comments echo those of Yvette Cooper, the foreign secretary, and John Healey, the defense secretary, indicating a potential divergence between the UK and the US under Donald Trump over the Iran conflict. The UK has been adamant that the Strait of Hormuz must remain free of tolls or levies, contrary to Trump's suggestion of a 'joint venture' between the US and Iran. Starmer criticized Israel's intensified bombing in Lebanon, which has resulted in over 250 deaths. He emphasized that the issue is 'a matter of principles' and not a technical one, dismissing arguments that the attacks are not part of the ceasefire agreement. The UK's stance has been to support the ceasefire and advocate for the inclusion of Lebanon in the agreement. Starmer also emphasized the need for the UK to be closer to the EU on defense, security, trade, and energy to strengthen the economy and make it more resilient. He highlighted that the war in Iran must be a 'line in the sand' and that the UK's response will define its future for a generation.

The son of a British couple detained in Tehran on espionage charges has called on Keir Starmer to prioritize their case in the “very opportune moment” of a ceasefire in the Iran conflict.Lindsay and Craig Foreman, from East Sussex, were arrested while on a five-day trip across Iran in January last year and have been held in Evin prison for 15 months.As Starmer visits the Gulf to discuss efforts to uphold the ceasefire, the couple’s family have called on the prime minister and the foreign secretary, Yvette Cooper, to raise the case in all diplomatic discussions.Lindsay’s son, Joe Bennett, said: “If peace is genuinely part of the agenda, then that has to include the release of innocent people. I don’t see how it can be peaceful and that’s the case.”The 31-year-old said it was a “very opportune moment” for the prime minister, and the government should “take courage” from the release this week of two French citizens. Cécile Kohler and Jacques Paris had been detained in Iran for almost four years on espionage charges and were also held in Evin prison before they were released but barred from leaving Tehran.“Macron was incredibly vocal, he was championing above all else, and I think that’s where we can take some courage and have a look at how do we apply that kind of pressure in the right way,” said Bennett. “There’s a genuine opportunity for resolution here.”The UK government has faced claims that it is in denial about the extent of hostage-taking by foreign states and has failed to fulfil its promise to appoint a special envoy to combat the issue.Bennett has been campaigning for the couple’s release with significant cross-party parliamentary support. Despite several meetings with the foreign secretary, and a hearing into their case held by the all-party parliamentary group on arbitrary detention and hostage affairs, he said there had been no visible progress in 15 months.On Thursday morning, Bennett spoke with his mother in Evin prison. The past 48 hours had been tumultuous, he said, after a supposed ceasefire was agreed on Tuesday, little more than an hour before a self-imposed deadline by Donald Trump, who had threatened Iran’s “whole civilisation” would die if it did not meet his demands.The comments made Bennett feel “pure fear” until news of the two-week ceasefire was announced. The potential for peace talks had given the couple some hope that “they’ll be fought for” by the UK government, he said.“Yvette Cooper called it unjustifiable and that she would be fighting relentlessly to get them home. I need to see signs of that,” said Bennett.Despite a UN legal submission, significant cross-party parliamentary support, and several meetings with the foreign secretary and a hearing into their case by UK parliamentarians from the APPG on arbitrary detention and hostage affairs, he said there has been no visible progress to date towards securing their release.A Foreign Office spokesperson said: “The UK government continues work to safely return Craig and Lindsay to the UK.”

The United States and Iran have agreed to a two-week ceasefire, with talks to finalize a peace deal set to begin in Pakistan's Islamabad on Friday. The truce, announced by US President Donald Trump, will see Iran reopen the Strait of Hormuz, a vital maritime corridor through which a fifth of the world's oil supply passes.Countries around the world have welcomed the development, with many urging a lasting peace in the region. Israel's Prime Minister Benjamin Netanyahu supported Trump's decision, while also noting that the ceasefire does not include Lebanon, where Israeli forces have launched a ground invasion and are fighting with the Iran-aligned Hezbollah.Iraq's Ministry of Foreign Affairs welcomed the news of the ceasefire but stressed the need for full commitment to the deal to achieve a lasting resolution. Egypt's Ministry of Foreign Affairs said the ceasefire represents a very important opportunity for negotiations, diplomacy, and constructive dialogue.The United Nations Secretary-General Antonio Guterres welcomed the announcement and called on all parties to abide by the terms of the ceasefire. Japan's Chief Cabinet Secretary Minoru Kihara said Tokyo welcomes the news of a two-week ceasefire between the US and Iran as a positive move.Indonesia's Foreign Ministry called on Iran and the US to respect the sovereignty, territorial integrity, and diplomacy of each side. Malaysia's Ministry of Foreign Affairs said the ceasefire marks a significant development and serves as a crucial step towards de-escalating tensions and restoring peace and stability to the Middle East.Australia's Prime Minister Anthony Albanese and Minister for Foreign Affairs Penny Wong issued a joint statement welcoming the news and expressing their hopes that the deal will lead to a long-lasting resolution. New Zealand's Minister of Foreign Affairs Winston Peters said his government welcomes the news of a ceasefire, although many concerns remain.