#global-economy

#global-economy

"We worked hard," WTO Director-General Ngozi Okonjo-Iweala said, adding that the US and Brazil in particular "need more time" to work out their differences over the agreement to impose levies on cross-border online orders.

"It's like a storm closing in on us, and every week brings a new cloud," said John Aylieff, WFP's country director in Afghanistan. "The latest big, dark cloud is the Iran crisis."

The ongoing conflict between the US and Israel against Iran is creating significant challenges for Gulf Arab nations, which are already feeling the economic strain from rising tensions and instability in the region.

As he headed to France, Rubio said it was in the 'interest' of the G7 to 'step up' and help with the Strait of Hormuz, which Iran has effectively blockaded, causing fuel prices to soar.

The figures show the severe impact the Iran war is already having on the euro zone economy. But, like in the 1970s, stagflation could become a widespread global phenomenon characterised by high inflation, low growth, and high unemployment, heavily driven by oil price shocks.

The US-Israeli war on Iran will have a profound impact on the global energy markets, sending the price of Brent crude oil soaring to nearly $120 per barrel.

The priority now is turning this EU-Mercosur agreement into concrete outcomes, giving EU exporters the platform they need to seize new opportunities for trade, growth and jobs.

On a typical day, ships carrying about a fifth of the world's oil sail out of the Gulf through the narrow passageway. But the war with Iran means it's effectively closed, hemming in more than 90% of that crude and refined products, according to the International Energy Agency.

Modi emphasized steady progress in India-China relations, stating that respect for each other’s interests has guided developments since his last meeting with President Xi.

Google remains a dominant force in the advertising market, with a Q2 revenue of $96.4 billion. Core platforms like Search and YouTube saw growth of 12% and 13% respectively.

The Trump Administration's worldwide tariff wars are ongoing, with a focus on resetting U.S. trade relations. The initial goal was to negotiate 90 deals in 90 days.

The EU has made significant concessions in its trade deal with the US, primarily in accepting higher tariffs on European exports while eliminating smaller tariffs on US goods entering the EU.

This landmark free trade agreement between India and the UK marks a significant post-Brexit deal for Britain and furthers India's global economic partnerships.

Gita Gopinath, the first woman to serve as chief economist at the IMF, is leaving her position to return to Harvard University, marking a significant transition.

A UK government-funded study shows that without concerted action, increased rates of antimicrobial resistance (AMR) could lead to global annual GDP losses of $1.7tn over the next quarter of a century.

The G20 finance ministers have reached a consensus emphasizing the need for central banks to remain independent in response to months of criticism from President Trump. In their joint declaration, they identified crucial global economic challenges including trade disputes, supply chain disruptions, ongoing wars, and natural disasters. This marked the first joint statement since last October, reflecting a collective commitment to policies aimed at ensuring price stability. They reiterated that adjustments would be made based on data, highlighting the importance of central bank independence.

Billionaires as a group now account for 1.7% of total wealth worldwide, but in certain countries, this figure can exceed 4.0%, showing significant wealth concentration.