UK manufacturers face a "heavy drag" on competitiveness due to the highest electricity prices in the G7. Make UK and TUC call for expanded government relief, costing £3bn, to cover all manufacturers, as current schemes are too narrow.
Thousands of UK companies risk bankruptcy due to soaring energy costs, which are double those in continental Europe. A survey by Make UK reveals a quarter of manufacturers are moving production overseas, and one in 10 fear insolvency within a year.
Watching late-night football matches could help UK households save on energy bills by shifting appliance use to cheaper electricity rates. E.ON Next research suggests significant savings are possible by running appliances like washing machines during off-peak hours, especially during the World Cup. Experts advise considering time-of-use tariffs if you have smart meters and can adapt usage patterns.
The UK economy contracted by 0.1% in April, ending a growth streak, as the Iran war impacts British output, with services declining 0.2% and a 9.1% drop in sports and recreation activities. Despite a 0.7% three-month GDP expansion, economists warn of tough conditions ahead due to inflation pressures and slowing growth.
Portugal will activate the EU's safeguard clause to temporarily cover additional energy costs without breaching budget rules. Finance Minister Joaquim Miranda Sarmento announced the move, citing the current crisis and the country's significant support measures.
The World Bank has reduced its 2026 global growth forecast to 2.5%, citing Middle East conflict, rising energy prices, and market uncertainty. India remains the fastest-growing major economy, projected at 6.6% for FY26-27.
US inflation accelerated to a three-year high in May, driven by soaring energy and food prices linked to the US-Israeli war on Iran. Consumer prices rose 4.2% year-on-year, with energy costs accounting for over 60% of the monthly increase.
US producer prices surged 6.5% year-over-year in May, exceeding expectations due to rising energy costs. Core inflation remained stable, but overall inflation hit a post-April 2023 high, potentially leading companies to pass on costs and fueling further inflation.
US producer prices rose 6.5% year-on-year in May, exceeding expectations due to soaring energy costs. Core inflation remained steady, but overall inflation hit a 13-month high, potentially leading companies to pass on costs and further fueling inflation.
President Trump expressed his "love" for inflation despite US consumer prices rising at their fastest annual pace in over three years. Data showed a 4.2% annual increase in May, driven by energy costs linked to the Iran conflict.
US consumer prices rose 4.2% in May, the highest in over three years, driven by energy costs linked to the Iran war. Tariffs and AI spending also contribute to inflation, complicating the Federal Reserve's interest rate decisions.
US inflation rose 0.5% in May, reaching an annual rate of 4.2% due to soaring energy costs. Core inflation, excluding food and energy, showed slower growth, but concerns remain about the impact of ongoing geopolitical tensions.
President Trump invokes Defense Production Act to invest $700m in US coal industry, aiming to reduce energy costs and create jobs amid the war with Iran, despite promoting coal over renewable energy.
日本國會通過逾3.1兆日圓追加預算案，以應對中東局勢緊張及能源價格上漲。預算將用於補助夏季電費、瓦斯費，並持續支援汽油價格，同時新設「中東情勢等應對預備費」，以減輕對民生與經濟的衝擊。
Indonesia's rupiah has fallen to a record low against the US dollar, surpassing 18,000, driven by surging energy costs from the US-Israel war and proposed US import duties. A narrowing trade surplus and high dollar demand exacerbate the situation, despite central bank interventions.
Japan's government approved a ¥3.1135 trillion supplementary budget for fiscal 2026, prioritizing household relief from high energy prices. The budget includes continued support for electricity and city gas bills and gasoline subsidies, moving the usual autumn budget compilation forward.
The European Commission is set to warn EU countries of potential mass job losses due to high energy costs, industrial restructuring, and the green transition. Projections indicate up to 560,000 jobs at risk by 2026, with sectors like automotive and construction heavily exposed. The Commission emphasizes investing in human capital and skills to boost competitiveness.
India's public sector oil companies have reduced Aviation Turbine Fuel (ATF) prices for international flights by nearly 27%, while increasing commercial LPG cylinder prices by Rs 42. ATF for international airlines now costs $1,103 per kilolitre.
Russian Deputy Prime Minister Alexander Novak stated that datacenters' power consumption could double by 2030, reaching 110 GW and accounting for 3% of global energy use, comparable to metallurgy and agriculture. He emphasized the need for energy system development to support AI and called for specific regulations to prevent grid overloads and ensure affordability.
The EU is considering a temporary freeze on its Russian oil price cap, currently at $44.10/barrel, due to soaring energy prices linked to the US-Iran conflict. The move, part of the 21st sanctions package, aims to address market distortions and global economic shock, with options including suspending automatic increases or reverting to the $60 cap.
The Middle East conflict is affecting Asia Pacific's commercial real estate due to rising energy costs, inflation, and interest rate uncertainty, impacting logistics, construction, retail, office, and investment sectors.
AutoZone Inc. stock fell 9% despite Q3 earnings per share of $38.07 (vs. $36.28 expected) and revenue in line with estimates ($4.84B vs. $4.83B expected), due to concerns over international growth, margin compression, and potential supply chain disruptions.
Singapore's GDP grew 6% year-on-year in Q1, exceeding forecasts, driven by robust AI chip demand in wholesale trade and manufacturing, outweighing Middle East conflict fallout.
The European Commission lowered its 2026 growth forecast to 1.1% due to Middle East conflict driving up energy prices. Inflation is expected to rise to 3.1% this year, with consumer confidence at a 40-month low.
