#global-economy

#global-economy

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.

The cracks in the international order have been visible since the invasions of Iraq and Afghanistan, and intervention in Libya, culminating in the current war in Ukraine.

The year 2025 should be a time of celebration, dedicated to the 80th anniversary of the United Nations. But it risks going down in history as the year in which the international order built since 1945 collapsed.

Trump and his team "don't have the deals they want. So they're piling on the threats." Negotiating simultaneously with every country on earth was always an impossible task.

Trump announced additional tariffs, targeting six countries with rates ranging from 20% to 30%, igniting concerns over escalating trade tensions.

The US is the world's second-largest manufacturer after China, adding $2.9 trillion to the global economy. However, manufacturing contributes far fewer jobs in the US than it once did.