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World Bank lowers global growth projections to weakest level since COVID-19 amid West Asia conflict

Washington, June 12 (UNI) The World Bank has lowered its global growth forecast to its weakest level since the Covid-19 pandemic, warning that the economic fallout from the conflict in West Asia is spreading well beyond the region and putting additional pressure on countries around the world.
In its latest Global Economic Prospects report released on Thursday, the global lender projected world economic growth of 2.5 per cent in 2026, down from 2.9 pc a year earlier. Global inflation is expected to average 4 pc, reflecting continued price pressures across many economies.
The downgrade comes as rising energy costs linked to the US-Israeli war with Iran continue to ripple through global markets, with higher energy prices leading to surging inflation, as well as increasing the risk of central banks keeping interest rates elevated for longer periods of time, or otherwise tightening their monetary policies for further containment of price growth.
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Iran retaliates against US attacks, targets American military installations in Gulf states

16 Jul 2026 | 6:23 PM

Washington/Tehran, Jul 16 (UNI) Post the US attacks, Iran retaliated with increased ferocity firing missiles and drones targeting American military installations in Gulf states such as Bahrain, Jordan and Kuwait before dawn, with the Iranian military's central comman -- the Khatam al-Anbiya Central Headquarters -- warning that its attacks may escalate.

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US intensifies military campaign against Iran attacking areas in Tehran's vicinity for the first time

16 Jul 2026 | 6:00 PM

Washington/Tehran, Jul 16 (UNI) The US intensified its military campaign against Iran early on Thursday, striking targets further north and reaching areas around Tehran for the first time, as the Islamic Republic broadened its attacks against US allies in the region and vowed to "resist until the end.".

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Iran exported estimated 80mn barrels of crude oil during MoU

16 Jul 2026 | 5:53 PM

Tehran, Jul 16 (UNI) Iran had reportedly exported around 80 million barrels of crude oil during the short-lived ceasefire post the memorandum of understanding signed between Tehran and Washington on June 17, according to the spokesman for Iran's union of Oil, Gas and Petrochemical Products Exporters (OPEX).

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Trump expected to address alleged Chinese election interference in prime time speech

16 Jul 2026 | 5:39 PM

Washington, Jul 16 (UNI) US President Donald Trump is expected to focus on previously unreported allegations of Chinese interference in US elections during a prime time address today evening, according to sources familiar with the matter.

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China opposes potential US military action against Cuba, urges end to sanctions

16 Jul 2026 | 4:23 PM

Beijing, July 16 (UNI) China on Thursday voiced strong opposition to any potential US military action against Cuba after reports emerged that the US Department of War is considering a range of military options, including an army-led air assault involving thousands of troops.

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