Author: Prima News

Spanish Prime Minister Pedro Sanchez slammed the Israeli government on Tuesday for violating international law amid ongoing tensions with Iran. “International law is today fundamentally being violated by one country, which is the government of Israel,” Sanchez said during a news conference after he held a meeting with Chinese President Xi Jinping in Beijing. He recalled that Spain, since the very first moment, has described the war “initiated unilaterally” by the US and Israel as a “mistake,” and “illegality.” Sanchez noted that in moments when the international order “is being openly called into question,” the world should return to the…

Chinese President Xi Jinping on Tuesday sought to strengthen cooperation with Spain to oppose a return of the world to the “law of the jungle” amid ongoing conflict between the US and Iran. This came during Xi’s meeting with Spanish Prime Minister Pedro Sanchez in Beijing, state-run news agency Xinhua reported. “The world today is in turmoil, confronted with the contest between the rule of law and the rule of power,” Xi said, urging Madrid and Beijing to “jointly defend true multilateralism.” The comments from Xi released by state media did not directly mention the US-Israeli war with Iran. However,…

Mexico’s government has directly intervened in energy prices to avert inflation resulting from the war in Iran and the struggle for control of the Strait of Hormuz, President Claudia Sheinbaum said Monday. In her morning press conference, President Sheinbaum said her government has implemented measures to curb rising commodity prices, specifically in energy. While Mexico produces most of its energy requirements, its oil production and energy revenue remain vulnerable to global market volatility, as oil continues to be affected by the conflict between the US and Iran. “If we were not intervening to support the price of gasoline and diesel,…

The Federal Reserve should “wait and see” before ​deciding whether to lower interest rates amid the war ‌in Iran, U.S. Treasury Secretary Scott Bessent told Semafor Editor-in-Chief Ben Smith on Monday. Bessent said the U.S. economy was “very strong” in January and February, ​and that the Fed is “doing the right thing by ​sitting and watching” how the conflict plays out. “I would ⁠be shocked, for instance, if (the European Central Bank) hiked (rates),” he ​said. “Although I will say that many European countries, (such as) the ​UK, and Asian countries, are subsidizing demand, which we haven’t done in the…

British finance minister Rachel Reeves will ​tell her global counterparts travelling to Washington this week that her approach to ‌dealing with a more uncertain world – which she has dubbed “securonomics” – is the right one, the government said. Reeves, in the United States for an International Monetary Fund (IMF) summit, will again pitch Britain as a “rare safe haven ​for investors” that offers stability amid soaring energy prices. The deadline passed on Monday for the ​start of a U.S. military blockade of ships leaving Iran’s ports, and ⁠Tehran threatened to strike ports of its Gulf neighbours after weekend talks on ending…

The Middle East war highlights how vital the green transition ​in energy is for Europe’s ‌resilience and competitiveness, European Central Bank policymaker Olli Rehn said on Tuesday. “Slowing the ​green transition now would be a ​serious mistake,” the Bank of Finland ⁠governor said. Rehn said it remained ​unclear what effect the war would ​have on inflation over the medium term, although a rise in headline inflation this year ​would be unavoidable. “Interest rate decisions ​are not locked in beforehand,” he said, adding ‌the ⁠ECB was closely monitoring developments in the Middle East conflict and its spillover effects on the economy.…

Australia’s corporates are starting to count the cost of the war in the Middle East, ​with profit warnings from two top companies and a crash in business sentiment pointing to pain from rising ‌prices, raising the risk of stagflation. The country’s top airline Qantas Airways (QAN.AX), opens new tab and second largest lender Westpac Banking Corp (WBC.AX), opens new tab flagged their earnings could be hurt by soaring fuel prices and the impact on customers, as feared by the country’s central bank. “With the supply shock from the energy market disruption expected ​to result in higher inflation and higher interest rates, an expected slowing…

HSBC Holdings (HSBA.L), opens new tab Chair Brendan Nelson said ‌on Tuesday that a Middle East peace deal was essential to ensure a substantial resumption of global energy flows, with oil-driven inflation looming as a major risk to the world economy. Nelson, speaking at the HSBC Global Investment Summit in Hong Kong, added ​that as long as uncertainty persists, energy prices would remain elevated. Oil prices have surged since the Iran ​war began, and prices remain close to $100 a barrel as investors position themselves for prolonged ⁠tensions around the crucial Strait of Hormuz, through which a fifth of global oil and gas typically…

Humanitarian needs in Sudan are worsening as shifting patterns of displacement and return reshape conditions across the country, the International Federation of Red Cross and Red Crescent Societies (IFRC) said on Monday. “The needs are immense and changing every day, we see people returning to areas where basic services no longer exist, no water, no healthcare, no schools,” said Thierry Balloy, IFRC head of delegation in Sudan. Sudan remains the world’s largest displacement crisis, with an estimated 33 million people in need of humanitarian assistance in 2026, the Red Cross said. Millions are both fleeing violence and returning to devastated…

Benin’s presidential election candidate Paul Hounkpe on Monday conceded defeat to his rival, Finance Minister Romuald Wadagni, following voting held on Sunday. The 56-year-old leader of the Cowry Forces for an Emerging Benin party (FCBE) said in a statement that he was acting “as a statesman committed to republican principles, respect for the popular vote and the stability” of the country. Hounkpe added that he acknowledged “with responsibility” the emerging trend from initial results. He also extended his “republican congratulations” to Wadagni, stressing that “democracy requires mutual respect and rising above partisan divisions.” The FCBE leader, also a former culture…