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World Economy Mar 24, 2026

Japan Unleashes Largest Oil Reserve Release Amid Middle East Crisis

Japan is set to release its largest-ever oil reserves to mitigate potential shortages caused by the…
Japan will begin releasing its largest-ever oil reserves this week, according to Prime Minister Sanae Takaichi. The decision aims to cushion the country against possible energy shortages triggered by the ongoing US-Israel war on Iran and its impact on tanker traffic through the Strait of Hormuz. The government has approved the release of 15 days' worth of private-sector reserves and will start releasing state-owned reserves on Thursday. This move follows concerns that the conflict in the Middle East will continue to disrupt oil supplies. Japan, a resource-poor nation with a significant economy, imports over 90% of its crude oil from the Middle East, making it particularly vulnerable to supply chain disruptions in the region. The release includes about 80 million barrels of stockpiled oil, equivalent to 45 days of domestic demand. This is 1.8 times the quantity made available after the Fukushima Daiichi nuclear power plant disaster in 2011. As of last year, Japan held reserves of approximately 470 million barrels of oil, enough for 254 days of domestic consumption. In addition to the oil reserve release, the government has introduced subsidies for fuel products to cap gasoline prices at about ¥170 ($1.10) per liter. This move comes after the average retail price of gasoline reached a record ¥190.8 per liter. The subsidies will be reviewed weekly based on oil prices. The Strait of Hormuz crisis has also triggered concerns among Japanese consumers about the availability of essential goods, including toilet paper. In response, the trade and industry ministry has advised consumers against hoarding toilet paper, urging them to make rational purchasing decisions based on accurate information.
#paper #japan #oil
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World Economy Mar 24, 2026

UK Ministers Warn Against Increased North Sea Drilling Amid Fossil Fuel Volatility

UK ministers have cautioned against expanding North Sea drilling, citing the risks of volatile foss…
UK ministers have issued a stern warning that increasing North Sea drilling would leave the country vulnerable to the fluctuations of fossil fuel markets. This cautionary stance comes as the Conservatives and some Labour MPs are advocating for a reversal of the manifesto commitment to not issue new oil and gas licences.Energy Minister Michael Shanks emphasized that the UK is learning from past conflicts to avoid exposure to fossil fuels, which have previously led to households bearing the brunt of price hikes. The government's focus is on clean power to achieve energy sovereignty and national security.Chancellor Rachel Reeves is set to outline plans to protect people from higher energy bills caused by the US-Iran conflict. The plans include measures to clamp down on price gouging, especially by petrol retailers responding to the conflict.Ed Miliband, the energy secretary, stressed that dependence on fossil fuel markets makes the UK a price taker, not a price maker. He argued that new licences in the North Sea would not affect prices and that scrapping the windfall tax would only increase energy company profits.The Labour Party has raised concerns about the impact of increased drilling on the environment and the economy. Claire Coutinho, the shadow energy secretary, argued that turning away from domestic gas would be detrimental, especially during a gas supply crisis.The government spokesperson highlighted the importance of £120bn of public investment in building homegrown energy, including nuclear power projects, to protect working people's bills for generations to come.
#energy #north #sea
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News Mar 23, 2026

UN Revises Kabul Rehab Strike Death Toll as Pakistan Denies Civilian Targeting

The United Nations has recorded 143 deaths in an air strike on a drug rehabilitation centre in Kabu…
The United Nations has recorded 143 deaths in an air strike on a drug rehabilitation centre in Kabul, significantly lower than the figure offered by Afghanistan's Taliban government.The attack on Kabul's Omar Addiction Treatment Hospital on Monday night has sharpened a bitter dispute between Pakistan and Afghanistan, with the Taliban putting the casualties at more than 400 people killed and about 265 wounded.The UN Assistance Mission in Afghanistan provided its figure to the Reuters news agency on Wednesday. The gap between the two counts underscores the difficulty of verifying casualty figures in the conflict as competing claims frequently come from Kabul and Islamabad.Afghanistan's Taliban administration has blamed Pakistan for the attack on the drug rehabilitation centre, a 2,000-bed facility, and Pakistan has denied carrying out the strike. Hamdullah Fitrat, a deputy spokesman for the Taliban administration, said the strike hit the hospital, destroying large sections of the building and triggering fires that rescue teams worked through the night to contain.Afghan government spokesperson Zabihullah Mujahid accused Pakistan of deliberately hitting civilian infrastructure and called the assault a “crime against humanity”. Mujahid said those killed and wounded were patients undergoing addiction treatment at the time of the strike.Pakistan's information minister, Attaullah Tarar, denied the allegation, insisting his country “only targeted terrorist infrastructure and military locations”. The strike is the latest in a widening confrontation between the two neighbours, who have engaged in repeated cross-border clashes.At the heart of the dispute is a long-running Pakistani accusation that the Taliban government shelters the Pakistan Taliban, known as Tehrik-i-Taliban Pakistan, as well as outlawed Baloch separatist groups responsible for attacks on Pakistani soil. Kabul has consistently denied providing sanctuary to the groups.
#afghanistan #pakistan #kabul
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News Mar 23, 2026

Arab and Muslim Ministers Unite Against Iran's Retaliatory Strikes

Foreign ministers from Arab and Muslim countries convened in Riyadh to address Iran's increasing re…
The ongoing conflict in the Middle East has taken a significant turn as foreign ministers from Arab and Muslim countries gathered in Riyadh for urgent discussions. The meeting, which included representatives from 12 countries, aimed to muster a common response to Iran's increasing retaliation against US assets and infrastructure in the region.The talks were held as Iran targeted several energy facilities across Saudi Arabia, the United Arab Emirates, and Qatar in retaliation against Israel's strike on the South Pars gasfield, Iran's biggest source of energy. This escalation comes after a series of Israeli assassinations of top Iranian security officials.The joint statement issued on Thursday confirmed that the countries present at the meeting, including Qatar, Azerbaijan, Bahrain, Egypt, Jordan, Kuwait, Lebanon, Pakistan, Saudi Arabia, Syria, Turkiye, and the United Arab Emirates, asserted the right of states to defend themselves, citing Article 51 of the United Nations Charter on defensive action.The foreign ministers condemned deliberate Iranian attacks with ballistic missiles and drones that have struck various targets, including residential areas, water desalination plants, oil facilities, airports, and diplomatic positions. They called on Iran to:Halt its attacks.Stop "provocative actions or threats" aimed at its neighbours.Cease supporting, financing, and arming pro-Iran proxy groups based in Arab states.Refrain from actions or threats aimed at blocking the Strait of Hormuz or threatening maritime security in the Bab al-Mandeb strait.The meeting yielded a unified response to Iran's increasingly unpredictable behaviour, but the joint statement was vague about how countries would follow this up. Saudi Foreign Minister Faisal bin Farhan Al Saud emphasized his country's right to defend itself and hinted that Saudi Arabia and other Gulf states would act if necessary, adding that they have "very significant capacities and capabilities that they could bring to bear should they choose to do so".The Iranian leadership's response to these developments remains unclear, with New Supreme Leader Mojtaba Khamenei having not been seen in public since his appointment. The Islamic Revolutionary Guard Corps (IRGC) issued a statement saying that Iranian forces had responded to the "deceiving and lying enemy" that had targeted energy facilities in the country, and that they had "entered a new phase of warfare" to defend Iran's infrastructure.
#iran #saudi #meeting
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World Economy Mar 23, 2026

Poverty Drives Thousands of Children into Mine Work in DR Congo

In the Democratic Republic of Congo, poverty is forcing thousands of children into mine work, with …
In the Democratic Republic of Congo, a staggering number of children are being forced into mine work due to poverty, with many working in hazardous conditions to extract valuable minerals such as coltan, tin, and tungsten. The situation is particularly dire in the eastern Congolese city of Rubaya, where 15-year-old Mishiki Nshokano is one of the children who has been working in the mines for four years to support his family.Nshokano's story is a heart-wrenching example of the desperation that drives children to work in the mines. With his father passing away in a landslide at a mining site in 2022, Nshokano had to drop out of school to help his family survive. He now works as an artisanal miner, earning a meager $4 a day, which he sends home to his mother to help them get by.The DRC government has laws prohibiting child labor, but the informal mining sector remains largely unregulated. According to the United States Bureau of International Labor Affairs, the DRC has made minimal progress in eliminating the worst forms of child labor, with an estimated 40,000 children working in mines across the country.The situation in Rubaya is further complicated by violence between the Congolese army and various armed groups, including the Rwanda-backed M23 rebel group. The Congolese government has accused the M23 of using women and children for looting activities, but observers note that child miners have been an issue in eastern DRC long before the M23 occupied the area.As the DRC and the US sign strategic agreements to exchange minerals for security guarantees, concerns are growing about the human cost of mineral mining. The UK-based organization Global Witness has called for businesses and governments to consider the human impact of mineral mining, highlighting the need for greater accountability and regulation in the industry.
#mining #poverty #coltan
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News Mar 23, 2026

Sri Lanka Rejects US Request to Land Combat Aircraft Amid Iran Conflict

Sri Lanka's President Anura Kumara Dissanayake announced that his government denied a US request to…
Sri Lanka's government has rejected a request from the United States to land two combat aircraft at Mattala Rajapaksa International Airport in southern Sri Lanka from March 4 to 8. The request was made on February 26, just before the US and Israel launched their military offensive against Iran.President Anura Kumara Dissanayake told Sri Lanka's parliament that the US wanted to bring two warplanes armed with eight antiship missiles from a base in Djibouti. The government turned down the request to maintain Sri Lanka's neutrality in the conflict.The decision comes amid escalating tensions in the Middle East, with Iranian missile and drone attacks sending energy prices soaring and fuelling fears of a widening conflict. The US-Israeli war on Iran has sparked widespread concern globally, with many countries refusing to get directly involved while calling for urgent de-escalation.Sri Lanka's president also cited his country's neutrality in denying the US request, saying that had they accepted the US request, they would have had to do the same for Iran, which had also made a request for three naval vessels to make a goodwill visit to Sri Lanka on the same day.In recent weeks, Sri Lanka's navy rescued 32 Iranian crew off IRIS Dena after it was torpedoed by a US submarine off the country's coast, killing at least 84 people. Days later, Sri Lanka evacuated more than 200 crew members from a second Iranian vessel, IRIS Bushehr, after the ship requested assistance from Colombo.
#iran #sri #lanka
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World Economy Mar 23, 2026

India's Cooking Gas Shortage Triggers Mass Departure of Textile Industry Workers

A severe cooking gas shortage in India has led to a significant exodus of workers from the textile …
A cooking gas crisis in India has forced a mass exodus of workers from the country's vital textile industry, according to reports. The shortage of LPG (liquefied petroleum gas) has created significant disruptions to both household needs and industrial operations.The textile sector, which employs millions of workers across India, has been particularly hard hit as workers have been compelled to leave their jobs and return to rural areas in search of alternative cooking fuel sources. This mass migration represents a serious challenge to India's manufacturing economy and could have long-term implications for the country's industrial output.While the full extent of the crisis remains unclear, industry experts warn that the prolonged energy shortage could lead to further production shutdowns and economic instability in regions heavily dependent on textile manufacturing.
#india #cooking #gas
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World Economy Mar 23, 2026

Escalating Tensions Between US, Israel and Iran Impact India's Food, Water and Fuel Prices

The ongoing conflict between the US, Israel, and Iran is causing significant strain on food, water,…
The rising tensions between the United States, Israel, and Iran are having a profound impact on the Indian economy, particularly in regards to food, water, and fuel prices. As a major player in the global market, India's economy is highly susceptible to international events. The conflict has led to increased volatility in global commodity markets, affecting the cost of essential goods and services in India. With the country's reliance on imports for various necessities, the strain on food, water, and fuel supplies is becoming increasingly evident. As the situation continues to unfold, experts warn of potential long-term consequences for India's economy and the well-being of its citizens. The international community remains on high alert, closely monitoring the developments and their far-reaching implications.
#us-israeli #war #iran
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Sports Mar 23, 2026

Morocco Awarded 2025 AFCON Title After Senegal's Victory is Overturned

The Royal Moroccan Football Federation has welcomed the decision to award Morocco the 2025 Africa C…
The Royal Moroccan Football Federation (FRMF) has commended the decision to award its country the 2025 Africa Cup of Nations (AFCON) title, which was initially stripped from Senegal. The FRMF welcomed the decision, stating it reaffirms the primacy of competition regulations and reinforces the conditions necessary for the proper conduct of international tournaments.The Confederation of African Football (CAF) announced on Tuesday that its Appeal Board had awarded the tournament to Morocco, the defeated finalists, on January 18. The final, which Senegal won 1-0 in extra time, was delayed for 14 minutes when the Senegalese players and staff returned to the dressing room in protest against the awarding of an injury-time penalty to Morocco in the second half.The FRMF maintained a clear and consistent position throughout the process, focusing on the strict application of governing regulations. Following its appeal, CAF confirmed that the applicable regulations were not properly enforced. Morocco appealed to CAF to overturn the result immediately after the final, which descended into chaos during and after the protest, and led to a pitch invasion, resulting in 18 Senegalese fans being handed prison sentences.The Senegal Football Federation (FSF) immediately responded to CAF's ruling by saying it would take its own appeal to the Court of Arbitration for Sport. Senegal's government alleged corruption following the decision and called for an independent international investigation into the matter.
#morocco #senegal #afcon
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