IMF warns Middle East war will slow Africa's growth and lift inflation
The International Monetary Fund has warned that the war in the Middle East is likely to slow economic growth across sub-Saharan Africa and push up living costs again in 2026.In its latest regional outlook, titled Hard-Won Gains Under Pressure, the IMF said growth in sub-Saharan Africa is expected to ease slightly to 4.3% this year, while median inflation is forecast to rise to 5.0% by the end of 2026.The fund said the pressure is being felt through higher food, fuel and fertiliser prices, as well as more difficult transport conditions and weaker tourism.Montford Mlachila, deputy director of the IMF African... [Continue Reading]
360LiveNews | 07 May 2026 15:34 LONDON
UK construction firms hit by sharp cost rises linked to Iran war
UK construction firms are facing some of the sharpest cost rises in nearly 30 years, according to a survey that links the increase to the war in Iran.The report says higher fuel and raw material prices are feeding through into the sector.The monthly survey found input cost inflation rose in April to its highest level since June 2022, when commodity prices spiked after Russia's invasion of Ukraine.It said the latest rise in purchasing prices was one of the steepest since the survey began in 1997.The construction purchasing managers' index fell to 39.7 in April from 45.6 in March, its lowest... [Continue Reading]
360LiveNews | 07 May 2026 14:32 LONDON
Council agrees new EU rules to tighten cooperation on VAT fraud probes
The Council of the EU provisionally agreed new rules to strengthen cooperation against value added tax fraud across the European Union. The measure increases coordination between member states, the European Public Prosecutor's Office and the European Anti-Fraud Office. The new framework gives EPPO and OLAF more direct access to key VAT data on cross-border business transactions in the EU. That access includes information held by Eurofisc, described as the EU's anti-VAT fraud network. The Council said the change is intended to give EU investigative bodies the targeted information they need to pursue suspected criminal activity more quickly. According to the... [Continue Reading]
Breaking-360LiveNews | 06 May 2026 19:30 LONDON
ASEAN summit in the Philippines overshadowed by rising fuel costs
ASEAN leaders have begun meeting in the Philippines, with the summit quickly overshadowed by concerns over soaring fuel prices and living costs.Residents near the venue say the cost of fuel is their main worry, according to the confirmed reporting from the meeting area.The gathering is taking place as the regional bloc faces what officials have described as a "stress test decade".The immediate pressure on the summit is linked to energy dependence across member states and the wider impact of the Iran conflict.Officials say many ASEAN countries rely heavily on energy supplies from the Gulf.That makes the issue relevant beyond the... [Continue Reading]
360LiveNews | 05 May 2026 18:00 LONDON
Trump downplays economic effects of Iran war at White House event
Donald Trump used a White House event for Small Business Week to present the US economy in upbeat terms, describing it as "roaring" and saying gas prices would go down soon.The remarks came as he addressed the economic backdrop of the Iran war, but the supplied material does not include any new policy announcement or specific economic measures.The comments are notable because they frame the conflict's economic impact in political messaging terms rather than as an immediate domestic crisis.They also suggest the White House is seeking to reassure businesses and consumers about prices.The event was held at the White House... [Continue Reading]
360LiveNews | 05 May 2026 03:32 LONDON
US and UAE report attacks as tensions rise around Strait of Hormuz
US forces have said they sank six small Iranian boats while escorting merchant ships through the Strait of Hormuz, as the United Arab Emirates reported missile and drone attacks on its territory.The incidents mark a sharp escalation in a confrontation that has centred on the strategic waterway.The US military said two American-flagged merchant ships successfully transited the strait on Monday as part of a new initiative to reopen the passage.The UAE defence ministry said its air defences engaged 15 missiles and four drones fired by Iran.Authorities in Fujairah said one drone sparked a fire at a key oil facility and... [Continue Reading]
360LiveNews | 05 May 2026 01:00 LONDON
EU to clarify airport refuelling rules as jet-fuel shortages loom
The European Union is preparing guidance on whether airlines can use US-standard Jet A fuel and whether anti-tankering rules can be relaxed as jet-fuel shortages loom.The move is due after a Thursday meeting of the bloc's weekly oil coordination group.Jet fuel is trading above $1,500 per tonne in Europe, up from $830 per tonne before the Iran war.The guidance is expected to clarify whether aircraft can carry more fuel on board and whether imports of US Jet A fuel could be permitted to ease supply pressures.The rules under discussion were introduced through ReFuelEU last year and require airlines to refuel... [Continue Reading]
360LiveNews | 04 May 2026 14:30 LONDON
Iran war disrupts energy markets amid conflicting stock signals
The ongoing conflict in Iran continues to cause significant disruption in global energy markets.Despite this turmoil, US stock markets have shown mixed signals, with the S&P 500 posting its best monthly performance since November 2020.Energy markets remain unsettled due to the instability in the Middle East, reflecting concerns over supply and geopolitical risks.Meanwhile, the S&P 500 index experienced strong gains throughout April, indicating investor optimism in certain sectors.The disruption in energy markets has implications for global economic stability, as fluctuations in oil prices can affect inflation and production costs worldwide.The contrasting performance of stock markets highlights the complex economic environment... [Continue Reading]
360LiveNews | 01 May 2026 15:31 LONDON
