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The world's finance ministers and central bank governors are gathering in Washington for the half-yearly meetings of the International Monetary Fund and the World Bank, with the global economy in a perilous spot. The US-Israeli war on Iran, coming soon after the Covid pandemic and Russia's invasion of Ukraine, has triggered significant economic turbulence.Even if a durable peace deal in the Middle East can be reached, there will still be permanent economic scars. The conflict has caused damage to infrastructure, heaping further pressure on already struggling households. This is the biggest energy shock of the modern age, with oil and gas prices surging, inflation rising, and borrowing costs increasing.The IMF has said it will cut its growth forecasts for 2026 when it publishes its flagship world economic outlook. In every scenario, growth is slower and inflation higher. Households worldwide will feel the pain, with the world's poorest bearing the brunt.The fund's managing director, Kristalina Georgieva, has urged officials to work together, warning that "go-it-alone actions" may have appeal but would ultimately make matters worse. The IMF cautions that any energy support should be targeted and temporary to limit the costs of blanket support and avoid stoking inequality.For central banks, the fund urges them to remain vigilant, with financial markets expecting interest rates to be kept on hold or raised to prevent high inflation from becoming entrenched. The economic problems are interlinked with political instability, making it a challenging situation for governments worldwide.

Former President Donald Trump and Secretary of State Marco Rubio arrived at Miami’s Kaseya Center shortly after 9 p.m. on Saturday to watch a UFC card, joining UFC president Dana White and several members of the Trump family. Seated nearby were U.S. ambassador to India Sergio Gor, rapper Vanilla Ice and former FBI deputy director Dan Bongino. The crowd greeted Trump enthusiastically as a Kid Rock track blared, and he exchanged handshakes and smiles with fans and the broadcast crew, which included podcaster Joe Rogan. While the fights unfolded, Vice‑President JD Vance told reporters that the diplomatic mission in Pakistan aimed at ending the conflict with Iran had broken down. He noted that Iran’s refusal to renounce its nuclear ambitions remained the chief obstacle, stating, "We need an affirmative commitment that Iran will not seek a nuclear weapon or the tools to achieve one quickly." Despite the diplomatic setback, Trump appeared focused on the cage action, occasionally leaning toward Rubio to discuss matters on his phone. After the co‑main event victory of Paulo Costa over Azamat Murzakanov, the champion approached the former president for a handshake. Trump’s family members at the venue included his children Ivanka, Tiffany and Donald Jr.; Ivanka’s husband Jared Kushner was in Pakistan with Vance for the failed talks. UFC has long been a platform that bolsters Trump’s appeal among young, male audiences. The promotion recently announced a special event at the White House slated for 14 June—coinciding with Trump’s 80th birthday—to commemorate the United States’ 250th anniversary. According to White, a bout featuring Josh Hokit was added to the June card at Trump’s request, with both White and Rogan confirming the arrangement. Vance emphasized that the United States remains committed to securing a binding Iranian pledge against nuclear weapon development, framing it as the core objective of the administration’s foreign policy agenda.

The UK housing market is experiencing a downturn due to the Iran conflict, which has led to increased uncertainty and fear among buyers and sellers. This conflict has resulted in lenders pulling hundreds of mortgage products within 48 hours of the war's outbreak, replacing them with more expensive deals.As a result, buyers and sellers are having second thoughts, with some pulling out of deals altogether. The mood in the market is one of 'fear and uncertainty,' according to Andy Wicking, director of the Charles Bainbridge estate agency in Canterbury.In the first three months of this year, just 47% of homeowners who asked Wicking to value their property went on to list it, a significant drop from 68% in the same period in 2025. Wicking notes that owners are still asking for valuations but not acting on them.At the bottom end, first-time buyers and those with the smallest deposits and least experience of riding out a turbulent market are pulling out. Wicking says, 'The chains falling down at the lower end, they're the really cautious ones.'For those who do make it to market, prices are slumping. A house valued at £600,000 may now go on at £575,000 to get buyers through the door. Surveyors are increasingly down-valuing properties too.The conflict has also led to a rise in interest rates, with the average two-year fixed-rate mortgage standing at 5.90% on Wednesday, up from 4.83% at the start of March. Nearly a million homeowners are due to come off five-year fixed deals this year, with those who have secured new deals paying an average of £94 more a month.The timing of the conflict couldn't be worse for owners who usually bring their homes to market after hunkering down for the winter. As Brian Swint, an independent mortgage broker, notes, 'It's the fear.'

Designer matchboxes have transformed from a utilitarian item into a coveted home‑accessory, with luxury retailers showcasing collections that command prices up to £235.Selfridges, the high‑end department store chain, says sales of premium matchboxes have jumped 121% year‑on‑year. To meet the surge, the retailer has more than doubled its assortment, now offering over 100 styles priced between £5 and £230, and touts the product as “the must‑have home accessory for 2026”.At the top of the range sits a three‑piece set designed by Cartier, featuring panther‑embellished paper and card tubes that hold 80 matches each and retail for £235.Independent designer Jo Laing, known for ceramic‑topped matchboxes, reports a 60% increase in sales year‑on‑year. Her limited‑edition, reusable boxes now appear in Harrods and are priced at £70, with stock frequently selling out.The matchbox emerged in the late 1800s as a novel advertising canvas, evolving into an unexpected art form that displayed everything from political slogans to commercial branding.While opulent versions in silver, gold and ceramics faded after smoking bans, the recent revival shows the item’s shift from pure function to decorative status.Market analysts suggest the craze reflects tighter household budgets. Consumers, unable to justify expensive candles or décor, are opting for “little treats” that provide a touch of luxury without breaking the bank.Bia Bezamat, cultural insights director at Kantar, notes: “There’s a sustained trend for ‘little treats’ … it’s a response to cost‑of‑living pressures: people want small, affordable pockets of joy to brighten their day.”Claire Dickinson, senior strategist at WGSN Interiors, describes the phenomenon as “the homeware equivalent of the lipstick effect”, where shoppers replace high‑priced luxuries with more modest, yet still indulgent, items. She adds that these matchboxes embody the rise of “beautilities” – practical objects designed to be seen and enjoyed.Henrietta Klug, head of home at Selfridges, says the once‑functional matchbox is “re‑emerging as an object of desire”, now featured on the tables of London’s trend‑setting bars and restaurants.Five of the most expensive matchboxesDebonnaire silver matchbox – £843Diabolo de Cartier graphic‑print matchboxes (set of three) – £225Panthère de Cartier graphic‑print matchboxes (set of three) – £235Jo Laing ceramic moon matchbox – £70Refill for L’Objet matchbox – £25

It's been a year since the Trump administration's sweeping cuts to the federal workforce, and the effects are still being felt. Tens of thousands of employees were offered buyouts or faced termination, leaving many to navigate a difficult job market. Maggie, a former employee of the US Office of Personnel Management, took a buyout offer in May 2025. She has since applied to over 250 jobs but is still waiting for an ethics letter to start work elsewhere. 'I couldn't be without health insurance through the delivery of my baby,' she said, highlighting the challenges faced by those who lost their jobs. The federal workforce has declined by about 355,000 employees since Trump took office, with 18,000 workers leaving in March 2026 alone. The cuts have left remaining government workers overwhelmed, trying to keep essential public services afloat. Charles Melton, a 20-year veteran of the US Department of Agriculture, took early retirement but still helps former colleagues with job applications. 'I'm still mad as hell,' he said. 'We just got thrown away like garbage.' The impact on public services has been significant, with customer service at the Social Security Administration worsening and healthcare workers at the Department of Veterans Affairs reporting ongoing staffing issues. The shutdown of USAID has resulted in hundreds of thousands of deaths worldwide due to the spread of infectious diseases and malnutrition. The White House has declined to comment, but Scott Kupor, OPM's director, stated that 'reshaping the federal workforce is essential to building a government that works for the American people, not the bureaucracy.'

A hospitality union representing roughly 2,000 workers at Los Angeles' SoFi Stadium has issued an ultimatum to FIFA: improve working conditions and distance the tournament from Immigration and Customs Enforcement (ICE), or face a strike during the World Cup.The stadium is set to host eight World Cup matches this summer, drawing an estimated 150,000 additional out‑of‑town visitors to the city, a significant boost over typical tourism levels.Unite Here Local 11 co‑president Kurt Petersen addressed a letter to FIFA president Gianni Infantino and stadium owner Stan Kroenke, demanding adherence to fair labor standards and a public declaration that ICE has no role in the event or the city.In February, New Jersey Congresswoman Nellie Pou questioned ICE’s acting director Todd Lyons about pausing enforcement during the tournament, after two American citizens were fatally shot by immigration officers in Minnesota. Lyons responded that ICE, particularly its homeland security investigations, is “a key part of the overall security apparatus for the World Cup.”Petersen also singled out short‑term rental platform Airbnb, accusing it of worsening Los Angeles' affordable‑housing shortage. He urged FIFA to sever ties with the company and to contribute to a dedicated housing fund for stadium workers.Airbnb recently launched a $750 incentive aimed at attracting first‑time hosts in North American cities hosting World Cup matches, a move the union says could further strain local housing markets.“The world will be watching Los Angeles this summer. Billions of fans will see the city as FIFA intends to present it – welcoming, and alive with possibility. But behind every meal served and every drink poured will be workers who deserve more than promises. They deserve safe and fair working conditions and a community they can afford to live in,” Petersen wrote.

Despite a three‑game winless run that has seen Liverpool knocked out of the FA Cup by Manchester City and trailing Paris Saint‑Germain 2‑0 in the Champions League quarter‑final, manager Arne Slot insists he feels "complete support" from both the club’s hierarchy and its supporters. Slot told reporters that sporting director Richard Hughes and chief executive Michael Edwards stand firmly behind him. He added that, surprisingly, the fans have also shown solidarity, chanting "We love Liverpool" even after the 4‑0 defeat to City. With Liverpool perched in fifth place in the Premier League – the final Champions League qualification slot – and Chelsea just one point behind, the upcoming home fixture against Fulham carries heightened importance for the club’s European ambitions. Off the pitch, a faction of supporters is organising a protest at Anfield over the owners’ plan to raise ticket prices. The movement recalls a 2016 demonstration when roughly 10,000 fans exited a match to oppose a similar price hike, eventually forcing the American owners to retreat. Slot expressed hope that the iconic Anfield atmosphere will remain intact, stating, "Anfield has always shown its importance in both good and tough times, and I trust the fans will continue to be a positive force, even during protest." In related news, Slot paid tribute to Andy Robertson, who will depart after a nine‑year spell at the club. The Scotland captain, now out of contract, has seen his role diminish following the arrival of left‑back Milos Kerkez. Slot described Robertson as a "great player and a great person" who has served Liverpool loyally for nearly a decade. Overall, Slot’s message underscores a belief that the club’s internal cohesion and the unwavering passion of its fanbase can help navigate the current challenges on and off the field.

The recent ceasefire between the United States, Israel, and Iran has brought a fragile calm to the region, but experts warn that energy prices may take months to normalize. The conflict had a significant impact on global oil and gas supplies, particularly through the Strait of Hormuz, a critical waterway through which 20% of the world's oil and gas exports pass.Iran's response to US-Israeli attacks included choking off the Strait of Hormuz and attacking energy infrastructure in several Gulf countries. This led to soaring prices for energy and byproducts like helium, as well as fertilizers that rely on these inputs, affecting sowing seasons and consumers worldwide, especially in developing countries.Experts stress that a predictable and stable flow of cargo through the strait is needed before markets can stabilize. Currently, only a trickle of vessels are passing through, with five vessels crossing on Wednesday and seven on Thursday, down from 120-140 ships per day before the conflict.Rockford Weitz, a professor at The Fletcher School at Tufts University, described the situation as 'the biggest disruption in the history of global oil markets.' He emphasized that normalization will take time and requires collaboration among global powers and regional players.Additionally, concerns remain about Iran charging toll fees and skyrocketing insurance fees, which could keep oil prices high. However, experts agree that these fees are not the primary cost drivers.The International Monetary Fund (IMF) has warned of a looming inflation crisis and plans to downgrade its forecast for the world economy. Kristalina Georgieva, IMF managing director, stated that growth will be slower, even if the new peace is durable.For now, oil prices are expected to remain higher than pre-war levels due to the overhang of greater risk premium of supplies out of the Gulf. The situation remains uncertain, with experts closely watching for any side deals, such as a potential agreement between Iraq and Iran, which could impact oil production and prices.

British authorities have taken a significant step in addressing the tragic loss of life during a recent Channel crossing attempt. A 27-year-old Sudanese man was arrested on suspicion of endangering another person after four individuals lost their lives while trying to cross the English Channel from France.The National Crime Agency (NCA) reported that the suspect was detained at a migrant processing centre in Manston, southern England. The arrest was made under the Border Security, Asylum and Immigration Act, specifically for endangering another during a journey by sea to the UK.The incident occurred when two men and two women were swept away by strong currents while attempting to board a small boat off the coast of Saint-Etienne-au-Mont, near Calais in northern France. This tragic event follows a similar incident last week where two men, one Sudanese and the other Afghan, died trying to make the crossing.The NCA is conducting an investigation into the circumstances surrounding the deaths, working in conjunction with French prosecutors. 74 people were on board the boat, with 38 being returned to France. The agency's Deputy Director, Craig Turner, emphasized their commitment to identifying and bringing to justice those responsible for these tragic deaths.The UK government has vowed to continue preventing these perilous journeys and to bring those responsible to justice. Minister for Migration and Citizenship, Mike Tapp, highlighted the strengthened powers under the Border Security Act to disrupt and take down the operations of criminal smuggling gangs.