全球政经晨报

<p>Narendra Modi’s austerity appeals reveal how war, energy insecurity and dollar pressures expose the fragility of globalisation</p><p>The Indian prime minister’s <a href="https://www.bbc.co.uk/news/articles/c8r8e2ne1v6o">call for sacrifice</a> last week marks a fundamental shift. He urged the country’s 1.4&nbsp;billion people to consume less fuel and fertiliser, buy less gold and curb foreign travel as global energy prices surge because of the war in Iran. The message, redolent of the Covid-era restrictions, suggests something larger: a retreat from neoliberal globalisation in Asia and the return of strategic economic management. The Hindu nationalist Narendra Modi waited for key <a href="https://www.bbc.co.uk/news/articles/ce8pdvp5x5ro">regional</a> elections to finish before pressing for the austerity measures. He was following other Asian states such as the <a href="https://www.nytimes.com/2026/03/24/world/middleeast/philippines-national-emergency-high-fuel-prices.html">Philippines</a>, <a href="https://www.reuters.com/sustainability/boards-policy-regulation/bangladesh-cuts-working-hours-save-energy-amid-middle-east-crisis-2026-04-03/">Bangladesh</a> and Sri&nbsp;Lanka, which&nbsp;have&nbsp;made similar requests and even demands&nbsp;of their&nbsp;citizens since March.</p><p>Mr Modi made an explicit economic argument: reduce energy imports because India must conserve its foreign exchange. About 90% of India’s oil and gas needs come from abroad. When prices spike, the country faces a higher import bill in dollars, inflation and pressure for higher subsidies. Despite India’s recent economic success, it has not built sufficient productive, export or homegrown green-power capacity to reduce its vulnerability. To prevent the rupee crashing in value, India’s central bank <a href="https://www.reuters.com/world/india/rupee-hits-record-low-worries-over-energy-risks-deepen-2026-05-14/">reportedly</a> burned through more than <a href="https://www.ft.com/content/a448dcf4-a4eb-4752-8633-63d497a6a9a2?syn-25a6b1a6=1">$40bn</a> in reserves.</p><p><em><strong>Do you have an opinion on the issues raised in this article? If you would like to submit a response of up to 300 words by email to be considered for publication in our <a href="https://www.theguardian.com/letters">letters</a> section, please <a href="mailto:guardian.letters@theguardian.com?body=Please%20include%20your%20name,%20full%20postal%20address%20and%20phone%20number%20underneath%20your%20letter.%20Letters%20are%20usually%20published%20with%20the%20author’s%20name%20and%20city/town/village.%20The%20rest%20of%20the%20information%20is%20for%20verification%20only%20and%20to%20contact%20you%20if%20your%20letter%20is%20used.">click here</a>.</strong></em></p> <a href="https://www.theguardian.com/commentisfree/2026/may/18/the-guardian-view-on-indias-iran-shock-asias-neoliberal-era-starts-to-fracture">Continue reading...</a>

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<p>Global prices are approaching a tipping point that could trigger inflation, shortages and, over time, recession</p><p>If a US-Iran deal is about to be reached, three months on from the launch of Donald Trump’s Operation Epic Fury, it will not be a day too soon for oil markets, which are approaching a dangerous tipping point.</p><p>The cost of a barrel of crude on the spot market – for immediate purchase, effectively – has bounced about $100 since Iran predictably responded to the onslaught from the US and Israel by closing the strait of Hormuz.</p> <a href="https://www.theguardian.com/business/2026/may/24/oil-markets-danger-zone-us-iran-deal">Continue reading...</a>

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<p>‘China has already eaten much of German industry’s lunch and is preparing to start on dinner,’ thinktank says</p><ul><li><p><a href="https://www.theguardian.com/business/live/2026/may/20/uk-inflation-eases-lower-electricity-gas-bills-iran-war-business-latest-news-updates">Business live – latest updates</a></p></li></ul><p>Germany must stop admiring China’s success in the EU or it will sleepwalk into the kind of deindustrialisation the US experienced 25 years ago, a leading Brussels thinktank has said.</p><p>With China’s surplus with Germany having doubled between 2024 and 2025 from $12bn (£9bn) to $25bn, creating a $94bn trade imbalance, the Centre for European Reform (CER) said Europe’s largest economy risked a repeat of what happened in the US in 2001 when a sudden surge in imports permanently hollowed out towns in the American midwest.</p> <a href="https://www.theguardian.com/business/2026/may/20/germany-urged-stop-admiring-beijing-china-deindustrialisation">Continue reading...</a>

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Iran and the US say they have carried out fresh strikes around the Strait of Hormuz, with Kuwait condemning "repeated" Iranian attacks.

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Higher energy costs can force consumers to raid their savings and lean more on debt to cover expenses.

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Jerome Powell said White House pressure on the Fed will damage public trust in the U.S. central bank.

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Kevin Warsh takes oath of office as chairman and a member of the Board of Governors of the Federal Reserve System, and the Federal Open Market Committee unanimously selects Warsh as its chairman

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Federal Reserve Board names Jerome H. Powell as chair pro tempore; Powell will serve as chair pro tempore until Kevin M. Warsh is sworn in as the new chair

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<p>Crude rises after US strikes on Iran dampen hopes of peace deal, with experts saying talks appear stuck in ‘endless loop’</p><p>Oil rose back above $100 a barrel on Tuesday, after <a href="https://www.theguardian.com/world/2026/may/26/us-strikes-iran-missile-sites-vessels-trump-peace-deal-elusive">fresh US strikes on Iran</a> dashed hopes of a Middle East breakthrough, with experts saying that whatever the outcome of peace talks, the global energy market may now be past the “point of no return”.</p><p>News of the US attacks on missile launch sites and mine-laying vessels pushed the price of Brent crude past the key threshold on Tuesday, as a peace deal remained elusive.</p> <a href="https://www.theguardian.com/business/2026/may/26/oil-price-energy-market-us-iran-peace-talks">Continue reading...</a>

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The report in Iranian state media homes in on Israel's military operations in Lebanon against the Iran-backed militia Hezbollah.

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Wall Street is poised to open with gains and oil prices jumped again as tensions between the U.S. and Iran escalated

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Former Federal Reserve Chair Jerome Powell used one of his first major public appearances since leaving office to deliver a broad defense of independent institutions while accepting the John F. Kennedy Profile in Courage Award in Boston

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Our weekly report contains the latest data on our assets and liabilities. We publish it every Thursday.

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Our weekly report contains the latest data on our assets and liabilities. We publish it every Thursday.

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Our weekly report contains the latest data on our assets and liabilities. We publish it every Thursday.

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Staff in the Securities and Exchange Commission’s Divisions of Investment Management and Corporation Finance issued guidance addressing certain questions regarding the application of the federal securities laws to pooled employer plans (PEPs), which help…

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The world is getting more uptight about lending money to President Donald Trump's government

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While oil prices have recently fallen on news that a peace deal between the U.S. and Iran could come, prices are still significantly higher than before the war.

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Consumer sentiment has tumbled to a fresh record low in May as fears of higher prices grow due to the U.S.-Iran war and elevated oil prices.

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Trump will swear in Kevin Warsh, his hand-picked choice to lead the Federal Reserve, during a White House ceremony.

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The UN Secretary-General has expressed alarm after a drone struck a residential building in the Romanian city of Galați overnight into Friday, reportedly injuring two people.

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The United Nations on Thursday warned of a dangerous escalation in the war in Ukraine after a wave of large-scale Russian strikes and threats of further attacks, with Secretary-General António Guterres saying “the death spiral must stop.”

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<p>Lawyer and Trump admirer has risen rapidly in the polls and will face Iván Cepeda in election runoff in three weeks</p><p>A far-right lawyer and Donald Trump admirer will go head-to-head against leftwing senator Iván Cepeda in the race to be Colombia’s next president after he won a surprise victory in the first round of voting.</p><p>With 100% of ballots counted, the outsider Abelardo de la Espriella secured 43.7% of the vote – just over 10.3m votes – compared with 40.9% (about 9.6m votes) for Cepeda, a philosopher and human rights activist who has served as a senator since 2014 and is backed by the current leftwing president, Gustavo Petro.</p> <a href="https://www.theguardian.com/world/2026/jun/01/colombia-far-right-presidential-candidate-espriella-wins-first-round-of-vote-ahead-of-election-runoff">Continue reading...</a>

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China's worst coal mining disaster in 15 years comes amid an ambitious pivot towards green energy.

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