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The economic fallout of the US and Israel's war with Iran is being felt across the globe, with Gulf economies suffering some of the worst damage. Iran has launched continuous attacks on Gulf states since the onset of the conflict on February 28, arguing that it is targeting military bases used by the US for the war.Gulf nations have rejected Tehran's claims, insisting the attacks on them are unjustified. The Iranian strikes have upended energy production and inflicted major disruptions to tourism and travel, putting the region at risk of some of the most severe economic harm since the 1990-1991 Gulf War.According to Khaled Almezaini, an associate professor of politics and international relations at Zayed University in Dubai, the region is likely losing hundreds of millions of dollars per day in economic activity due to disruptions to aviation, tourism, shipping routes, and energy exports.Middle Eastern oil producers' daily output declined from 21 million barrels to 14 million barrels after a little more than a week of conflict, according to Rystad Energy. Output is expected to drop substantially further if commercial shipping continues to avoid the Strait of Hormuz due to Tehran's threats.Goldman Sachs estimated that Qatar and Kuwait could see their GDPs plunge 14% if the war lasts until the end of April, with the UAE and Saudi Arabia facing contractions of 5% and 3%, respectively. Meanwhile, S&P; Global Ratings has affirmed a 'stable outlook' for Qatar, citing the country's large financial buffers.The war has also spilled over into other critical sectors, particularly tourism and travel, which accounts for about 11% of the GCC's GDP. Airspace closures and restrictions led to 37,000 flight cancellations from February 28 to March 8 alone.In an analysis published last week, the World Travel & Tourism Council estimated that the conflict was costing the region $600m in daily spending by international visitors. The economic fallout could be comparable to historic regional crises if the war drags on.

The US government has initiated the deployment of hundreds of Immigration and Customs Enforcement (ICE) agents to airports across the country to address significant staffing shortages and security concerns. This move comes as a result of a prolonged federal funding battle that has led to long delays and congestion at airport security screening stations.According to reports, ICE and Homeland Security Investigations officers are being deployed to more than a dozen airports, including major hubs such as New York’s John F Kennedy International Airport and Hartsfield-Jackson Atlanta International Airport. The deployment aims to support the Transportation Security Administration (TSA) workers, who have been working without pay due to the funding lapse.The funding crisis began on February 14, when some Department of Homeland Security (DHS) funding lapsed due to disagreements over reforms in the wake of President Donald Trump’s immigration policies. This has resulted in TSA agents working without pay and over 300 employees quitting since the shutdown began.While the deployment is intended to alleviate security concerns, it has raised serious concerns among Democrats and some Republicans. They argue that untrained ICE agents could fuel tensions and are not equipped to handle airport security duties. House Democratic leader Hakeem Jeffries and Republican Senator Lisa Murkowski have expressed opposition to the plan, emphasizing the need to resolve DHS funding issues and pay TSA agents.In response to the deployment, President Trump has requested that ICE agents remove their face masks while working at airports, citing concerns about their visibility. However, the move has been met with criticism, with some arguing that it could lead to additional tensions at already strained airport security checkpoints.

Emmanuel Gregoire, representing a coalition of the Socialist Party, Greens, and Communists, has been elected mayor of Paris, marking a significant victory for the traditional left in France's municipal elections. The 48-year-old former deputy to outgoing mayor Anne Hidalgo secured the capital's top office with an estimated margin of 51 to 53 percent of the vote, defeating his conservative rival Rachida Dati. Gregoire campaigned on a platform positioning Paris as a 'city of refuge' and a 'bastion against the right and the far right.'While the left celebrated victories in major southern hubs, the far-right National Rally (RN) achieved its most significant breakthrough in decades. Despite falling short of taking control of the key cities of Marseille and Toulon, the RN secured a major win in the southern city of Nice, with former mainstream conservative Eric Ciotti elected as mayor. National Rally leader Jordan Bardella hailed the results as the party's biggest electoral success in its history, noting victories in local constituencies where the party had previously held little presence.The political landscape reflects a complex shift ahead of the 2027 presidential election. In Marseille, Socialist Mayor Benoit Payan was re-elected with 56.3 percent of the vote, a result bolstered by the withdrawal of a hard-left candidate from France Unbowed. Meanwhile, former Prime Minister Edouard Philippe delivered a better-than-expected performance in Le Havre, strengthening his potential candidacy for the presidency. The election results underscore a fragmented electorate, with low turnout—hovering just above 48 percent—suggesting voter disengagement despite the high stakes of the political battle.

Inter Miami achieved a stunning comeback victory over New York City FC (NYCFC) on Sunday, winning 3-2 in a Major League Soccer (MLS) match. Lionel Messi scored his 901st career goal, contributing to the team's first MLS win since March 7.The match began with Gonzalo Lujan scoring his first career MLS goal for Inter Miami in the fourth minute. However, NYCFC quickly equalized with a spectacular free kick by Nicolas Fernandez Mercau in the 17th minute.NYCFC took the lead in the 59th minute through Agustin Ojeda, assisted by Maxi Moralez. But Messi intervened, scoring a crucial goal in the 62nd minute after his shot deflected off NYCFC's Hannes Wolf and past keeper Matt Freese, tying the game at 2-2.The decisive moment came in the 74th minute when Micael dos Santos Silva headed home a beautiful cross from Noah Allen, securing the win for Inter Miami. Despite NYCFC's efforts to equalize, Inter Miami's goalkeeper Dayne St Clair made a crucial save in stoppage time to preserve the victory.This win brings Inter Miami to 10 points (3-1-1), while NYCFC also sits at 10 points (3-1-1) but now with their first defeat of the season.

The world is currently experiencing a severe energy crisis, surpassing the combined impact of the 1970s oil shocks and the Ukraine war, according to Fatih Birol, Executive Director of the International Energy Agency (IEA). Speaking at a media event in Australia, Birol warned that the energy crunch prompted by the US-Israel war on Iran has exceeded the 1973 and 1979 oil shocks and gas shortages stemming from Russia's 2022 invasion of Ukraine.Birol stated that the crisis is equivalent to two oil crises and one gas crash combined. He noted that the effective closure of the Strait of Hormuz and attacks on energy facilities have reduced global oil supplies by about 11 million barrels per day (bpd), more than double the combined shortfalls of the 1970s crises. Additionally, liquefied natural gas (LNG) supplies have been reduced by about 140 billion cubic meters, compared to a shortfall of 75bcm in the aftermath of Ukraine's invasion by Russia.At least 40 energy facilities across nine countries have been severely damaged in the conflict, according to the IEA chief. Birol emphasized that the global economy is facing a major threat and expressed hope that the issue will be resolved soon.Birol also expressed concern that the scale of the crisis had not been fully understood, which prompted him to speak publicly about the situation. The IEA has proposed measures to reduce energy consumption, including facilitating remote working and carpooling, and lowering speed limits on motorways.The IEA chief is in consultation with different countries about releasing more strategic oil reserves if needed. However, he emphasized that the single most important solution to the crisis is to unblock the Strait of Hormuz, which usually carries about one-fifth of global oil and LNG supplies.

President Donald Trump has announced a significant diplomatic pause in the escalating conflict with Iran, instructing the US military to delay any strikes against Iranian power plants and energy infrastructure for a five-day period. The announcement comes as Trump claims both nations have reached "major points of agreement" and are seeking a "complete and total resolution" of hostilities in the Middle East.This decision follows a tense 48-hour ultimatum issued by Trump on Saturday, in which he threatened to "obliterate" Iranian power plants if Tehran did not reopen the Strait of Hormuz. The Strait is a critical global chokepoint, handling approximately one-fifth of the world's oil and liquefied natural gas; its closure has already triggered a severe global energy crisis and spiked oil prices.Speaking from Florida, Trump stated that Iran is eager to make a deal and that his envoys, including Steve Witkoff and Jared Kushner, have been engaged in talks with a "respected" Iranian leader. For a resolution to materialize, Trump asserted that Iran must relinquish its enriched uranium stockpile, and he suggested the strategic Strait of Hormuz would be reopened very soon if an agreement is reached.The prospect of de-escalation provided immediate relief to global financial markets. Wall Street stocks saw early gains on Monday, while oil prices—which had soared since the onset of hostilities—experienced a sharp decline. The easing of tensions is viewed as a potential "off-ramp" for the war, which analysts suggest may be an attempt by Trump to secure a dignified exit from the conflict.While Iran has not officially confirmed the talks, its Foreign Ministry suggested the pause is a tactical maneuver to lower energy prices. However, the Islamic Revolutionary Guard Corps warned that any attack on Iranian power plants would trigger a massive retaliation, including strikes on US bases and economic infrastructure. Analysts believe the likelihood of Iran refusing this offer is remote, as the country seeks to avoid further devastation.

The Albanese government is likely to introduce an extra levy on gas producers' high profits in response to the Iran crisis driving up energy costs for Australians. The prime minister's department has requested Treasury modelling of additional levies on gas companies, stating that energy producers 'should not benefit from high international prices at the expense of domestic customers'.Australia's gas industry is reaping extraordinary profits while households and businesses struggle with high fuel prices. This has sparked calls for a fair share levy to ensure gas companies pay their fair share of tax. The levy, based on Norway's taxation model, would see Australia share around 50% of profits, much more in line with world standards.Currently, Australia shares only 27% of fossil fuel profits, with some estimates as low as 18% when profit is defined in cashflow terms. In contrast, other major fossil fuel exporting countries typically share between 75% and 90% of profits.The fair share levy would provide significant and immediate cost-of-living relief if some of the revenue raised was returned to households. Research shows 87% of voters support a fair share levy, with only 3% disagreeing.Despite potential outrage from the gas industry, the levy is designed to not increase gas prices or deter investment, as seen in Norway's successful implementation. A stable, long-term commitment to the fair share levy would provide investment certainty.

The England and Wales Cricket Board (ECB) has taken a significant risk by retaining Brendon McCullum as men's head coach and Rob Key as team director following a dismal Ashes series. The pair's contracts and the board's decision have sparked widespread criticism.McCullum's contract runs until the end of 2027, and terminating it would come at a substantial cost. The ECB appears to have opted for continuity, despite England's 4-1 defeat in Australia, which exposed several issues with the team's approach and strategy.The Test team holds a special place in the hearts of English cricket fans, and the recent performance has left many feeling frustrated. The ECB's decision to stick with McCullum and Key is seen as a bold move, but it also means that the duo must now work to regain the trust and support of the public.Richard Gould, the ECB chief executive, and Richard Thompson, the ECB chair, have acknowledged that the decision will not be popular. However, they seem committed to their strategy, citing a 25% increase in Test viewership over the past four years.The ECB's plans to revamp the team include introducing a bowling guru and a new selector. However, some critics argue that these changes do not go far enough to address the team's shortcomings. Rob Key emphasized the need for greater accountability for poor performance, but the specifics of how this will be implemented remain unclear.The team's performance under McCullum and Key has been inconsistent. While there have been some notable victories, the team has struggled in major Test series against Australia and India. The Ashes campaigns, in particular, have been approached with a casual attitude, with England only becoming more determined after falling behind 2-0 in 2023.To regain the public's trust, England must demonstrate improvement in several areas, including better engagement with the domestic game, more merit-based selection, and a clearer understanding between Ben Stokes and McCullum. The team's ability to adapt and evolve will be crucial in the coming months.

The US and Iran have been engaged in secretive backchannel talks, mediated by countries such as Egypt, Pakistan, and Oman, in an effort to prevent further escalation of the conflict in the region. The talks, which were denied by Iran initially, may lead to a resolution, but the path forward remains uncertain.According to reports, US special envoy Steve Witkoff and Iranian Foreign Minister Abbas Araghchi have been in communication, with the Egyptian Foreign Ministry tweeting that conversations were underway on Sunday, 24 hours before Donald Trump's deadline to start attacking Iran's energy infrastructure.The talks have been chaotic, with multiple mediators jostling for the title of peacemaker in chief. Pakistan's army chief, Asim Munir, spoke with Trump on Sunday, while Pakistani Prime Minister Muhammad Shehbaz Sharif held talks with Iranian President Masoud Pezeshkian on Monday.Iran's Foreign Ministry initially denied any talks had taken place, saying: “There is no negotiation whatsoever between Tehran and Washington.” However, the ministry later opened up, with spokesperson Esmail Baghaei saying that messages had been exchanged through friendly countries, indicating America's request for negotiations to end the war.The talks may yield a complete and total resolution in the war, according to Trump, who announced that he was holding off from attacking Iran's energy infrastructure due to the “very good and productive conversations” that had been held with Iran.A 15-point deal has been proposed, including joint control of the strait of Hormuz, no nuclear bombs, and no enrichment of uranium. However, Iran's willingness to agree to abandon its right to enrich uranium remains a major sticking point.If talks fail, Trump warned: “We'll just keep bombing our little hearts out.”