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The economic fallout of the US and Israel's war with Iran is being felt across the globe, with Gulf economies suffering some of the worst damage. Iran has launched continuous attacks on Gulf states since the onset of the conflict on February 28, arguing that it is targeting military bases used by the US for the war.Gulf nations have rejected Tehran's claims, insisting the attacks on them are unjustified. The Iranian strikes have upended energy production and inflicted major disruptions to tourism and travel, putting the region at risk of some of the most severe economic harm since the 1990-1991 Gulf War.According to Khaled Almezaini, an associate professor of politics and international relations at Zayed University in Dubai, the region is likely losing hundreds of millions of dollars per day in economic activity due to disruptions to aviation, tourism, shipping routes, and energy exports.Middle Eastern oil producers' daily output declined from 21 million barrels to 14 million barrels after a little more than a week of conflict, according to Rystad Energy. Output is expected to drop substantially further if commercial shipping continues to avoid the Strait of Hormuz due to Tehran's threats.Goldman Sachs estimated that Qatar and Kuwait could see their GDPs plunge 14% if the war lasts until the end of April, with the UAE and Saudi Arabia facing contractions of 5% and 3%, respectively. Meanwhile, S&P; Global Ratings has affirmed a 'stable outlook' for Qatar, citing the country's large financial buffers.The war has also spilled over into other critical sectors, particularly tourism and travel, which accounts for about 11% of the GCC's GDP. Airspace closures and restrictions led to 37,000 flight cancellations from February 28 to March 8 alone.In an analysis published last week, the World Travel & Tourism Council estimated that the conflict was costing the region $600m in daily spending by international visitors. The economic fallout could be comparable to historic regional crises if the war drags on.

The England and Wales Cricket Board (ECB) has reaffirmed its support for head coach Brendon McCullum and managing director of cricket Rob Key, despite the team's dismal 4-1 Ashes defeat in Australia. This decision, while potentially unpopular among fans, is seen as the right course of action by the ECB.According to Richard Gould, the ECB's chief executive, the board's choice to stick with McCullum and Key is guided by 'good judgment and objective views,' rather than public sentiment. Gould emphasized that the leadership duo has shown a willingness to 'adapt' and 'evolve' their approach in the wake of the Ashes debacle.The ECB's internal review of the Ashes series highlighted several key areas for improvement, including better use of the performance system, enhanced long-term planning, and a more professional culture within the senior men's setup. These findings were presented to the media in the form of two slides with bullet points.One of the major talking points from the review was the team's culture and environment, which came under scrutiny following a mid-Ashes break in Noosa that generated headlines about player behavior. The situation escalated when Harry Brook was disciplined for a drunken altercation with a nightclub bouncer in New Zealand.Gould described the incident as 'significantly unprofessional,' while Key noted that Brook was given a second chance due to his previous clean record and the decision to prioritize England commitments over the Indian Premier League.In response to these challenges, the team has introduced a midnight curfew to formalize McCullum's stance on the importance of rest and discipline. Key also highlighted the recent appointment of Troy Cooley to oversee fast-bowling development as a positive step forward.Looking ahead, Key emphasized that the team will not undergo a major philosophical shift under McCullum and captain Ben Stokes, who have different but complementary outlooks. The focus will be on refining their existing approach rather than implementing drastic changes.