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.
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.
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 success that the ECB has had in curtailing inflation and retaining the Euro's strength will have had a huge part in giving ECB President Christine Lagarde the confidence to suggest that the Euro could replace the Dollar as the global reserve currency.
