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US President Donald Trump has indicated that the war with Iran is “close to over”, suggesting a potential easing of tensions through diplomatic channels. In a recent interview with Fox News, Trump mentioned the possibility of a second round of face-to-face talks with Iran, potentially facilitated through Pakistan in the coming days.The US military has reported that it has “completely halted economic trade going into and out of Iran by sea”, as its blockade in the Strait of Hormuz enters its second day. This strategic waterway is a critical passage for Iranian sea trade, and the blockade is likely to have significant implications for the Iranian economy.

The International Monetary Fund (IMF) has released its latest World Economic Outlook, warning of a significantly darkened global economic outlook. The report cites the outbreak of war in the Middle East on February 28, 2026, as a major factor in the deteriorating outlook.The IMF's January report was titled “Steady amid Divergent Forces”; whereas the latest outlook is headlined “Global Economy in the Shadow of War”. The IMF now expects the global economy to slow compared to its previous forecast in January.The latest outlook notes that the global outlook has abruptly darkened following the outbreak of war. Far be it for the IMF to gloat, but its suggestion in January that “steady” was not a word to describe the global economy unless you were desperately trying to make the madness of Donald Trump seem normal has aged quite well.The IMF remains unwilling to name Donald Trump, while noting the lingering effects of the persistent rise in energy prices since Russia’s invasion of Ukraine. However, it only talks about the Middle East conflict as though it sprang out of nowhere.The IMF warns of three possible scenarios: a bad scenario where Trump, Israel and Iran come to an agreement; an adverse scenario where things carry on for the rest of the year and oil stays around US$100 per barrel; and a severe scenario where nothing is resolved, oil prices reach $125 in 2027, gas prices increase by 200% over the same period, and food prices increase by 5% in 2026 and 10% in 2027.Even under the current bad scenario, the global economy is expected to slow compared to what the IMF forecast in January. But under the adverse and severe scenarios the global economy grows by just 2.0% this year and 2.2% next year.For context, over the past 40 years, the global economy has grown slower than 2.2% only three times – 1992 (global recession), 2009 (the GFC) and 2020 (Covid).The IMF has downgraded Australia’s growth by more than most. Even under the most optimistic scenario growth is 0.5% worse than was forecast last October – a bigger downgrade than all G7 nations.The IMF warns against governments doing popular things like energy caps or subsidies, designed to protect households and firms. It worries that such policies will increase inflation because we’ll all suddenly have so much more money to spend.Gas companies exporting LNG from Australia will be cheering on the war as it keeps gas prices – and their profits – ever higher. The senate is investigating changing the way gas is taxed. An ACTU proposal for a 25% tax on exports would raise roughly $17bn a year.

The future of the LIV Golf series hangs in the balance after Saudi Arabia’s Public Investment Fund (PIF) signaled a possible withdrawal of its multi‑billion‑dollar support. Executives were summoned to a high‑stakes meeting in New York this week, a development that follows growing speculation that the rebel tour could be shut down. While the fifth season’s sixth event in Mexico City is set to proceed on Thursday, the tournament is being eclipsed by reports that PIF intends to cut the tour’s funding. The tour has already faced challenges securing a merger with the PGA Tour despite a three‑year “framework agreement,” and the funding pull would exacerbate its financial strain. According to the PIF’s newly released five‑year economic strategy, the fund is prioritising sustainable domestic investments and has omitted sport from its seven key focus areas. This shift signals a move away from the “free‑spending, disruptive internationalism” that characterised the launch of LIV Golf in 2021. Since its inception, PIF has poured over $5 bn into the tour, but this year prize money and bonus payouts have already been slashed. High‑profile players such as Phil Mickelson, Dustin Johnson, Jon Rahm, Sergio García and Bryson DeChambeau initially defected from the PGA and DP World Tours, yet recent defections back to the PGA—including Brooks Koepka and Patrick Reed—highlight the tour’s precarious position. DeChambeau has yet to sign a new contract. A source familiar with the Saudi Ministry of Sports confirmed that the fund is redirecting its sports budget toward football and esports, with golf no longer a priority. The same source noted that PIF is ending its partnership with the Women’s Tennis Association, and the three‑year WTA Finals deal in Riyadh will not be renewed after its November expiry. The rumours ignited on Tuesday after journalist Ryan French posted on X that multiple sources warned of a “bombshell announcement” on LIV’s future, later suggesting the tour might be shutting down. LIV officials and players have not received any formal update. In Mexico, Sergio García told reporters they have only heard the same message from PIF chief Yasir al‑Rumayyan at the start of the year: that the project is a long‑term commitment, and that rumours are inevitable. Technical glitches, including an alleged power failure at the venue, forced the cancellation of pre‑tournament press conferences on Tuesday. Nevertheless, the pro‑am competition resumed on Wednesday at 8:30 a.m. local time, indicating that day‑to‑day operations continue despite the uncertainty. The outcome of the New York meeting could determine whether LIV Golf survives as a viable alternative to traditional tours or becomes another casualty of shifting Saudi investment priorities.

An international conference in Berlin has yielded pledges of over £1 billion to support Sudan, a country devastated by three years of conflict. The funding, which exceeds the initial target of $1 billion (£740 million) set by German ministers, aims to alleviate the world's largest humanitarian crisis.The financial commitments will help address a chronic humanitarian funding shortfall in Sudan, where two-thirds of the population, or 34 million people, require assistance. The crisis has been exacerbated by ongoing conflict between the paramilitary Rapid Support Forces (RSF) and the army.UN Secretary-General António Guterres urged international delegates to take action, highlighting 'credible allegations of the gravest international crimes' and the need for an immediate cessation of hostilities. He emphasized that 'funding alone cannot substitute for peace.'The UK Foreign Secretary, Yvette Cooper, called for a concerted international effort to stop the flow of arms into Sudan, while the US emphasized its commitment to a humanitarian truce that would allow aid to reach those in need.Despite the funding pledges, the prospect of peace remains distant, with scant progress reported on ceasefire talks and neither of Sudan's warring parties attending the conference.

British Chancellor Rachel Reeves has stepped up her criticism of Donald Trump's war on Iran, describing it as a 'mistake' that has destabilized the global economy and damaged living standards around the world.In a marked fraying of the transatlantic relationship, Reeves said Trump's decision to break off from diplomatic talks with Iran and launch airstrikes seemed to have left the president in a worse place than he started.“I think it was a mistake to end those [talks with Iran] and to enter into conflict, because I'm not convinced that we are safer today than we were a few weeks ago,” she told an event in Washington.Reeves' comments added to blunt criticism of Trump she made just before flying out on Tuesday, when she expressed frustration at the 'folly' of his decision to go to war without a clear exit plan.The criticism adds to an increasingly tense atmosphere between Downing Street and the White House, with Trump's attacks on Prime Minister Keir Starmer becoming increasingly personal.The IMF warned on Tuesday that a further escalation in the Iran war could trigger a global recession that would affect the UK more than any of the other G7 nations.Reeves called for the urgent reopening of the strait of Hormuz to calm global energy prices, saying the lack of clear US targets in negotiations with Iran had worsened the situation.“We had the waterway open a few weeks ago. So, if now the objective is to reopen the strait of Hormuz? Well it was open at the beginning of this conflict,” Reeves added.Reeves said she had come to the IMF meetings to “deliver that fair message” that the conflict in the Middle East was hitting living standards worldwide and required urgent de-escalation.

UK officials have entered exclusive talks with a Norwegian startup, Blastr, to buy the former Liberty Steel works in South Yorkshire, in a significant step towards its rescue. Blastr, owned by Vanir Green Industries, a Norwegian investor in renewable industries, is understood to be the bidder preferred by the government’s official receiver to take on ownership of the UK’s largest existing electric arc furnace in Rotherham and other works in Stocksbridge, both in South Yorkshire.The business, formally named Speciality Steel UK (SSUK), has been under the official receiver’s control since August, after the previous owner Sanjeev Gupta lost ownership in London’s high court. Finding a new buyer would remove a headache for the government, which also a year ago took control of the Chinese-owned British Steel blast furnaces in Scunthorpe, Lincolnshire.Blastr is run by Mark Bula, who has worked for and run large steel businesses in India and the US. The company does not yet operate any steel plants, although it is developing a site in Finland to use green hydrogen to produce iron and steel. It is likely to have to secure financing to take on the SSUK sites in South Yorkshire, but it would allow them to progress rapidly.Union officials welcomed the news after employees were informed. Charlotte Brumpton-Childs, a former steelworker and a national secretary of the GMB union, said Liberty Steel workers “have been at the sharp end of years of uncertainty at this point – this needs to be a deal that secures the long-term future of steelmaking in South Yorkshire”. She added: “Any sale of SSUK must include due diligence which guarantees ongoing operations and stability of the sites.”

Bournemouth have entered advanced talks with German manager Marco Rose to succeed Andoni Iraola as head coach, with a deal expected to be finalised before the week ends.The club also evaluated Kieran McKenna of Ipswich Town, but his contract contains a buyout clause that prevents any approach until the Championship season concludes.McKenna, who is focused on guiding Ipswich back to the Premier League, is likely to be retained by the club, which is expected to resist any premature poaching.Rose’s immediate availability makes him a simpler option. Tiago Pinto, Bournemouth’s head of football operations, is pushing for a swift appointment as the club prepares to move on from the Iraola era, following the Spaniard’s decision not to extend his contract beyond the current campaign.Since being dismissed by RB Leipzig in March 2025, Rose has been out of work. He previously led Borussia Dortmund in the Champions League, overseeing talents such as Erling Haaland and Jude Bellingham. Known for a high‑intensity pressing style, Rose’s philosophy aligns with Bournemouth’s desired playing identity. His résumé also includes successful spells at Borussia Mönchengladbach and RB Salzburg.

The British foreign secretary, Yvette Cooper, will urge Sudan's warring parties to 'cease bloodshed' during a major conference on Wednesday, which analysts believe is unlikely to deliver a significant step towards peace.The talks in Berlin – held on the third anniversary of the start of Sudan's ruinous war – are expected to help address a catastrophic funding shortfall that is compounding the world's worst humanitarian crisis.Overall, just 16% of the humanitarian funding needed for Sudan this year has been provided by the international community as the crisis in Iran continues to dominate diplomatic channels.Britain is among the countries attending the conference that are set to announce new funding for Sudan. Cooper will unveil a doubling of UK aid to £15m for Sudanese frontline responders such as the grassroots volunteer network known as Emergency Response Rooms.With the war now entering its fourth year, and with no sign of hostilities abating between the paramilitary Rapid Support Forces (RSF) and the Sudanese army, latest assessments indicate more than 19 million people face acute hunger as a result of the fighting, while some areas are at risk of famine.The latest assessment from the Integrated Food Security Phase Classification (IPC) found 'emergency' levels of hunger across much of North Kordofan, West Kordofan, South Kordofan and North Darfur, while levels in some communities remained 'catastrophic'.It added that emergency levels of hunger were expected to spread over the coming months and that the number of people needing humanitarian aid was expected to reach 22-23 million.Despite the scale of the suffering, Cooper hopes that an end to the fighting is achievable. 'Today, in Berlin, I will call for the international community to join in a shared resolve: to secure a ceasefire and a diplomatic solution, to stop the suffering, and allow the people of Sudan to determine their own peaceful future,' she said.

UN Secretary-General Antonio Guterres has expressed hope that talks on the Iran war are likely to restart, indicating a potential breakthrough in diplomatic negotiations. The development comes as global powers continue to navigate complex geopolitical dynamics in the region.Guterres' statement suggests a renewed commitment to finding a peaceful resolution to the conflict, which has significant implications for regional stability and global security. The UN chief's optimism about restarting talks underscores the importance of diplomatic engagement in addressing the crisis.