Australia faces economic pressures from inflation, high interest rates, and slowing demand, increasing public expectation for government support. Businesses report negative impacts from fuel prices, delaying investments and reducing workforces. An economist argues for realistic government intervention and greater entrepreneurial spirit.
Kotak Mahindra Bank is acquiring Deutsche Bank's retail, private banking, and wealth management businesses in India. Concurrently, commercial LPG and jet fuel prices have been cut due to lower global oil rates, offering relief to businesses and airlines. Separately, Pakistan has warned India regarding the Indus Water Treaty.
Several financial and policy changes took effect in India from July 1, including cheaper commercial LPG, increased passport fees, an expanded rural employment guarantee, free Aadhaar email updates, and revised credit card benefits.
The Indian government reduced jet fuel (ATF) prices by Rs 5 per litre to Rs 110, offering relief to domestic airlines after a period of high costs. This is the first reduction since the Middle East conflict caused a surge in global oil prices.
The UAE has announced a sharp reduction in petrol and diesel prices for July 2026, effective July 1. This marks the end of a four-month price increase streak, offering relief to motorists and businesses.
Around 100 people protested fuel price hikes and a free meals scheme in Surabaya, Indonesia. Demonstrators threw rocks and set fires, leading to dozens of arrests by police.
Rugby's new Nations Championship launches with a controversial format, global venues, and a significant carbon footprint. The biennial competition pits Northern and Southern Hemisphere teams against each other, but with unusual venue choices and player availability issues, its integrity and appeal are questioned.
Global jet fuel prices have fallen significantly, but experts predict airfares will remain elevated due to airline cost recovery, market competition, and capacity adjustments. Reductions are more likely when demand eases and international routes see changes first.
UK motorists are experiencing lower fuel prices, with further reductions anticipated, following a US-Iran agreement that ended their conflict and eased energy supply disruptions. Prices are at their lowest since early March but remain above pre-conflict levels, while a planned fuel duty increase has been postponed.
South Korea lowered price ceilings on fuel products and plans to freeze electricity and gas rates in the second half of the year. Finance Minister Koo Yun-cheol announced these measures to stabilize consumer prices amidst easing external uncertainties but persistent public economic burdens.
South Korea has decided to lower maximum fuel prices for gasoline, diesel, and kerosene by 150 won per liter, effective Saturday. This move, driven by easing geopolitical tensions in the Middle East and declining global crude oil prices, aims to stabilize domestic prices and combat inflation.
S. Korea and Japan defense ministers to meet, S. Korea to lower fuel prices and freeze utility rates
South Korea will lower its cap on fuel prices to reflect falling global crude oil costs, while freezing electricity and gas rates for the second half of the year. The government aims to stabilize consumer prices and ease burdens on the public.
US President Donald Trump has ordered the Department of Justice to investigate major energy companies, including Chevron, ExxonMobil, Shell, and BP, for allegedly "gouging" drivers by not lowering fuel prices despite a significant drop in wholesale oil costs. The American Petroleum Institute disputes the claim, citing ongoing supply issues.
New South Wales Treasurer Daniel Mookhey announced a budget featuring a $50 weekly toll cap, frozen public transport fares, and reduced vehicle registration fees for one year to combat the cost of living. The budget projects a $2.3 billion deficit, with a return to surplus anticipated next financial year.
New South Wales Treasurer Daniel Mookhey announced a budget featuring a $50 weekly toll cap, frozen public transport fares, and reduced vehicle registration fees for one year to combat the cost-of-living crisis. The budget projects a $2.3 billion deficit, with a return to surplus anticipated next financial year.
New South Wales Treasurer Daniel Mookhey announced a budget with a $2.3 billion deficit, featuring cost-of-living relief measures including a $50 weekly toll cap, frozen public transport fares, and reduced vehicle registration fees for one year. The budget also includes significant spending on domestic violence prevention and the NSW Police Force.
Kremlin Spokesman Dmitry Peskov discussed Russia's fuel prices, stating government measures are in place and coordination with oil companies is ongoing. He also commented on Keir Starmer's resignation, noting his lack of impact on Russia-UK relations, and addressed Zelensky's threats against Belarus, calling them interference and expressing confidence in Belarus's sovereignty. Discussions on the sale of Gazprom's share in Serbia's NIS company were also mentioned.
US small business owners report declining optimism due to rising fuel prices, inflation, and economic uncertainty. Many struggle with higher costs, labor shortages, and reduced consumer demand, impacting their ability to operate and plan for the future.
Congress president Mallikarjun Kharge accused PM Modi of "destroying" India and US President Donald Trump of "destroying" the world, linking them to hardships faced by people. He also criticized the BJP on inflation, unemployment, the NEET exam controversy, and alleged financial irregularities in Ram Temple donations.
India's Oil Minister Hardeep Singh Puri suggested petrol and diesel prices may decrease as cheaper crude oil arrives. He defended current prices, noting limited increases despite global volatility and government excise duty cuts, while OMCs face daily losses.
US Vice President JD Vance may have postponed his trip to Switzerland for a US-Iran memorandum of understanding due to Tehran's demands regarding Lebanon. Iran seeks guarantees of a ceasefire in Lebanon before resuming talks.
Crisil reports Indian airlines' operating profits may drop 10-15% this fiscal due to high ATF prices, airspace restrictions, and rupee depreciation amid the Middle East conflict, despite potential easing in fuel prices.
UK inflation held steady at 2.8% in May, defying expectations of a rise. This suggests the Middle East conflict's impact on living costs may be less severe than feared, despite high fuel prices. Economists are downgrading inflation forecasts and questioning future interest rate hikes.
