Event: the United States

Inflation jumped to 4.6% in the year to March, from 3.7% the month before, in what the treasurer, Jim Chalmers, warned was the start of an Iran war-linked fuel shock that will ripple through the economy over coming months.With consumer prices now growing at their fastest pace in two and a half years, financial markets and experts are betting the Reserve Bank will hike interest rates for a third straight meeting next Tuesday as officials struggle to manage the nightmare scenario of containing inflation even as growth is expected to slow sharply.The treasurer ahead of next month’s budget said “inflation is likely to peak higher than this”, even as he reassured Australians that the economy was well placed to navigate the fallout from the war.“We’ve got low unemployment, we’ve got solid wages growth, and so we’ve got pretty good foundations as we confront this period of heightened uncertainty in the global economy,” he told reporters in Brisbane.The international oil price pushed back above $US110 a barrel overnight amid dimming hopes of an end to the US-Israel-instigated conflict that has closed the strait of Hormuz, a critical artery for the global flow of oil and other key commodities such as fertiliser.Sign up for the Breaking News Australia emailFuel costs jumped by 33% in the month, according to the latest figures from the Australian Bureau of Statistics, although this was before the 26-cent cut to the petrol excise.Removing the impact of the large price swings – electricity prices were also up sharply on a year earlier as government rebates expired – showed underlying inflation was steady at 3.3%, an encouraging sign that inflationary pressures beyond the bowser eased in March.Graph showing inflation over timeTraders in response trimmed bets of an RBA rate hike next Tuesday to 68%, from 80% before the latest…

AdvertisementSKIP ADVERTISEMENTYou have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.United Arab Emirates Says It Will Leave OPEC in Blow to Oil CartelThe Gulf government has long complained about the group’s quotas, which officials believe unfairly limited its exports. Its departure is expected to weaken OPEC’s influence.The headquarters of the state-owned Abu Dhabi National Oil Company.Credit...Christopher Pike/BloombergApril 28, 2026The United Arab Emirates dealt a major blow to some of the world’s biggest oil producers on Tuesday when it announced that it was leaving the OPEC oil cartel that has for decades sought to control global prices and fuel supplies.A coalition of around a dozen oil exporters, OPEC has steered prices by setting quotas for its members and allies. But the organization’s power has slipped in recent years as production soared in nonmember countries, chiefly the United States.Before the war in Iran, the Emirates was one of OPEC’s largest producers, after Saudi Arabia, Iraq and Iran, pumping around 3.6 million barrels a day of oil, or some 3 percent of global supply.Its departure from OPEC means little for oil prices at the moment because the U.S.-Israeli war with Iran has forced producers across the Persian Gulf to slash production. But in the long term, the move could contribute to greater volatility since less oil will be subject to production controls.OPEC countries supplied more than a quarter of the world’s oil before the war. Russia and several other countries also coordinate with OPEC through a grouping known as OPEC Plus.Emirati officials had long floated the idea of quitting the cartel, complaining that quotas had unfairly limited their ability to export oil. In a sign of the abruptness of its break with a group that it had belonged…

AFPUkraine said a ship with grain from Russian-occupied territory was preparing to unload at Haifa (file photo)A diplomatic row has broken out over allegations that Israel is receiving shipments of grain from Russian-occupied Ukraine.Ukrainian President Volodymyr Zelensky said that "another vessel" carrying grain "stolen by Russia" had arrived at a port in Israel and was preparing to unload.He said Israeli authorities "cannot be unaware" of what cargo was inside vessels arriving at their country's ports, and warned that their failure to prevent the grain shipments was undermining bilateral relations.Israel's Foreign Minister, Gideon Saar, said it rejected such "Twitter diplomacy" and that the Ukrainian government had not provided evidence in support of its claims.Kremlin spokesman Dmitry Peskov told journalists that he "would rather not comment on this in any way or get involved in this matter". Russia has previously denied that it is stealing Ukrainian grain.Another vessel with a suspected cargo of such grain reached Haifa Bay on Sunday morning and was waiting its turn to enter the port, the paper reported.On Monday night, Ukrainian Foreign Minister Andrii Sybiha wrote on X that his office had summoned the Israeli ambassador in Kyiv to protest against what he described as "Israel's lack of appropriate response to Ukraine's legitimate request regarding the previous vessel that delivered stolen goods to Haifa"."Now that another such vessel has arrived in Haifa, we once again warn Israel against accepting the stolen grain and harming our relations," he added.Saar hit back swiftly, telling his counterpart that diplomatic relations between friendly nations were not conducted online or in the media."The matter will be examined," he wrote on X. "Israel is a state that abides by the rule of law with independent law enforcement authorities.""Such schemes violate the laws of the State of Israel itself," he said. "Ukraine has taken…

Home News World U.S., Iran clash over Tehran's nuclear programme as review of atomic treaty begins at UN; Iranian Foreign Minister praises Russia ties, welcomes Moscow's support for diplomacy Updated - April 28, 2026 10:56 am IST U.S. President Donald Trump. File | Photo Credit: Reuters Iran Foreign Minister Abbas Araqchi said on ‌Tuesday (April 28, 2026) he welcomed Russia’s support ⁠for diplomacy and praised the strength of ‌ties between the two ‌countries, after meeting with ‌President ⁠Vladimir Putin ⁠on Monday (April 27, 2026), saying recent events had demonstrated the depth ‌of their strategic partnership.Also Read | U.S.-Iran war updates on April 27, 2026Russia has offered to mediate to ‌try to help restore calm to West Asia following the U.S. and Israeli ‌strikes on Iran that Moscow has strongly condemned.Russia has also repeatedly offered ‌to store Iran’s enriched uranium as a way of ⁠defusing tensions, a proposal ⁠spurned by the United States.Also read: Shipping crisis exposes gaps in India’s maritime strategyFollow the latest updates hereApril 28, 2026 10:56 Iran War has 'disproportionate impact' on Asia Pacific: Australia FMAustralian Foreign Minister Penny Wong said on Tuesday (April 28, 2026) the war in the Middle East has had a “disproportionate impact” on the Asia-Pacific region, as she vowed to work closely with Japan to “navigate global disruption”.Wong spoke during a visit to Tokyo, which comes just days before Prime Minister Sanae Takaichi is due to travel to Australia and Vietnam.Ms. Takaichi’s trip from May 1-5 is part of efforts to boost economic security and ensure the stable supply of energy as well as critical minerals, top government spokesman Minoru Kihara said Tuesday.In Tokyo, Wong met with counterpart Toshimitsu Motegi and hailed their “closely linked” supply chains which have seen Australia receive fuel imports from Japan.The economic relationship “is increasingly important as we…

Some 74% of those surveyed in a recent poll by Nikkei and TV Tokyo said energy-saving is needed. | Bloomberg The war in the Middle East is putting pressure on the Japanese government to consider energy-saving measures, a challenge for Prime Minister Sanae Takaichi as she seeks to calm public anxiety over potential shortages.Japan stands out among countries heavily dependent on energy from the Persian Gulf, having so far refrained from calling for conservation measures seen in places like Australia and South Korea. The nation has relied on releases from its strategic oil reserve, while seeking alternative sources of supply. The government is mindful of not hurting economic growth or spurring panic among consumers.The public appears keen for more action though. Some 74% of those surveyed in a recent poll by Nikkei and TV Tokyo said energy-saving is needed. In another poll last week by broadcaster ANN, 64% of people said the government should call for conservation measures. In a time of both misinformation and too much information, quality journalism is more crucial than ever.By subscribing, you can help us get the story right. SUBSCRIBE NOW

South Korea's Ambassador to Japan Lee Hyuk speaks at an event hosted by the Research Institute of Japan in Tokyo on Monday. | JIJI South Korea's Ambassador to Japan Lee Hyuk on Monday emphasized the need for stable security cooperation between the two East Asian neighbors.At an event hosted in Tokyo by the Research Institute of Japan, a Jiji Press affiliate, Lee said South Korea and Japan need to promote stable and innovative exchanges and cooperation in the area of security amid an increasingly uncertain international situation.The world is in a precarious state not seen since the Cold War, Lee said, apparently keeping in mind the strategic rivalry between the United States and China, the U.S.-Israeli military campaign against Iran, and North Korea's nuclear and missile programs. In a time of both misinformation and too much information, quality journalism is more crucial than ever.By subscribing, you can help us get the story right. SUBSCRIBE NOW

The Pentagon is considering outsourcing warship design and building to South Korea and Japan with a proposed US$1.85 billion feasibility study into the project, according to US media reports.The study – included in the 2027 budget – will look at the feasibility of adopting or co-producing advanced hulls such as Japan’s Mogami-class and South Korea’s Daegu-class frigates to supplement the US Navy’s overstretched production lines, USNI News reported on Friday.If the plan goes ahead it will be the first time the US has bought a major surface combatant from a foreign partner since World War II.It comes as the Donald Trump administration is frustrated by chronic delays, labour shortages and cost overruns within America’s industrial base.The initiative also aims to bridge a widening shipbuilding capacity gap with China, which is currently producing six to 10 destroyers per year – four to six times the rate of the United States.The Pentagon has included the US$1.85 billion feasibility study in the 2027 budget. Photo: APJapan’s Mogami-class has a 5,500-tonne stealth hull with a high degree of automation. South Korea’s Daegu-class is smaller at 3,600 tonnes and has a silent propulsion system. Both are equipped with US-standard systems, such as the MK-41 vertical launching system.

AdvertisementSKIP ADVERTISEMENTYou have a preview view of this article while we are checking your access. When we have confirmed access, the full article content will load.The U.S. Started the War. The Rest of the World Is Feeling the Effects.In just eight weeks, much of the global economy has been knocked sideways. America has mostly been spared from the tumult.A farmer in Vietnam preparing plastic containers of diesel he had just purchased.Credit...Linh Pham for The New York TimesPatricia Cohen and Ben CasselmanPatricia Cohen is the global economics correspondent in London. Ben Casselman, the chief economics correspondent, is based in New York.April 27, 2026The fallout from two months of war in Iran is shuttering textile mills in India and Bangladesh, grounding airplanes in Ireland, Poland and Germany, and prompting energy rationing in Vietnam, South Korea and Thailand. The only country, it seems, that has been relatively spared from the economic chaos is the one that started the war: the United States.While warning signs of a recession are flashing across countries in Asia and Europe, the United States is likely to outperform most of the world’s advanced economies. Growth is steady and unemployment low. “It’s still hard to bet against the U.S. economy,” the Royal Bank of Canada said last week.The United Arab Emirates, one of the world’s richest countries, with sovereign wealth funds that total more than $2 trillion, has asked the United States for a financial lifeline in the wake of missile-damaged gas fields and a halt to shipping in the Strait of Hormuz.In just eight weeks — less time than it takes to age a traditional English fruitcake — the global economic outlook has been knocked sideways.The worst economic pain will be felt in poor countries, where consumers cannot afford higher energy prices, and governments cannot afford to provide aid…

India had signed a 10-year contract with Iran in 2024 to develop and operate the Chabahar port. File image. | Photo Credit: AFP The Chabahar port issue is being discussed with both Iran and United States, the Ministry of External Affairs said on Monday (April 27, 2026), as India faces a crucial test of its strategic autonomy with the U.S. sanctions waiver having expired on April 26.New Delhi has two options now of either choosing to exit the 23-year-old project in the Iranian port city or face U.S. sanctions. Published - April 27, 2026 09:48 pm IST

Michael Oren, former Israeli ambassador to the US, on what the West gets wrong about Iran. According to Michael Oren, former Israeli ambassador to the US, the war in Iran didn’t really begin in February 2026, but in February 1979, with the founding of the Islamic Republic. Since then, Iran has incessantly threatened the United States and pledged to wipe Israel off the map. Indeed, since 7 October 2023, Israel has faced non-stop bombardment from Iran and its proxies. What is presented as a war of choice in the West, he argues, has long been inevitable. Oren recently joined Brendan O’Neill on his podcast, The Brendan O’Neill Show, to discuss Iran, Israel and the future of the Middle East. What follows is an edited excerpt from that conversation. You can watch the full episode here. Brendan O’Neill: It can be difficult for lay people to make heads or tails of the US-Iran war, because different sources keep telling us different things. How do you think things are progressing? Michael Oren: Pete Hegseth – the US secretary of war, as he calls himself, not secretary of defence – announced earlier this month that America had won a stunning victory. He detailed the number of ships that had been sunk by the US Navy, the various nuclear and ballistic facilities that had been destroyed, the Iranian leaders who had been eliminated. He said that, by any definition, this is a victory and the war is over. If you go out on to the streets of Israel – or on to any street in the Middle East – and ask whether the war is over and the US has won, I think you’d get a different response. What constitutes victory in the West is not the same as what constitutes victory in the…

Sidebar Menu Mobile En Now Follow us Live Blog Update| War on Iran 27 April 2026 03:16 BST Oil prices rose as hopes for renewed talks between the United States and Iran faded, with Brent crude climbing above $107 a barrel. The gains reflect ongoing uncertainty over supply disruptions linked to tensions around the Strait of Hormuz. Despite the diplomatic setback, Asian markets showed resilience, with Japan’s Nikkei 225 and South Korea’s KOSPI both opening higher as investors remained cautiously optimistic.