The UK is set to experience the steepest slowdown in growth among G20 economies as a result of the war involving Iran, the OECD warns.The organisation now expects UK GDP to expand by just 0.7% this year, a marked downgrade from its earlier 1.2% forecast.At the same time, UK inflation is projected to rise to about 4%, up sharply from previous estimates. Global forecasts were also adjusted.While...

After eight years of talks, Australia and the European Union have finalized a wide-ranging free trade agreement in Canberra valued at roughly A$10 billion.The pact removes almost all customs duties between the two sides and also deepens cooperation on defence, supply-chain resilience and critical minerals — steps officials said are designed to withstand growing global uncertainty.Tariffs on...

Two Russian men have gone on trial in Angola accused of running a covert influence campaign to stir anti-government unrest and interfere in next year’s presidential vote.Igor Ratchin and Lev Lakshtanov were arrested in August and face 11 charges between them, including terrorism, espionage and influence peddling.Angolan prosecutors say the pair worked with a wider network that grew out of...

A major industry group is warning the UK it must boost domestic oil and gas production to avoid growing dependence on imported fuel as global tensions push prices higher.Offshore Energies UK (OEUK) says the government should rethink its ban on new North Sea exploration licences, arguing that Britain risks exposure to supply shocks if more home-grown output is not allowed.Energy markets have...

A leading offshore trade group has urged the UK government to allow more North Sea oil and gas activity, warning that shrinking domestic output is leaving the nation exposed to volatile global markets.Offshore Energies UK (OEUK) said recent supply shocks and rising crude prices have underlined the need for more home-grown hydrocarbons to reduce import dependence.The trade body pointed to...

Two Russian men are set to stand trial in Angola, accused of running a covert campaign to sow dissent, spread false information and interfere in next year’s presidential vote.Igor Ratchin and Lev Lakshtanov were detained in August and face 11 counts including terrorism, espionage and illicit influence.Angolan prosecutors say their activities were part of a wider operation tied to a network that...

A major trade agreement signed this week will send more Australian beef to Europe by removing most export tariffs and easing market access.The pact, negotiated over about eight years, is valued at roughly A$10 billion and was finalised on Tuesday.Nearly all EU duties on a range of Australian farm products will be eliminated, covering wine, fruit and vegetables, olive oil, seafood, most dairy, and...

Ministers are considering slowing HS2 trains as a way to reduce costs after the high-speed rail project ran into delays and ballooning budgets.The transport department has asked the company building the London-to-Birmingham section to study whether trains could initially operate at a lower top speed.A formal update on the programme’s timetable and cost is now expected only after the May...

A fresh shock from the Middle East has sent energy markets reeling and reopened a debate Europe hoped it had settled.Months after stepping away from Russian fuels, EU capitals now face sharp price jumps and renewed political pressure as supplies tighten.After Russia’s 2022 invasion of Ukraine, the EU moved quickly to cut dependence on Moscow. Oil flows from Russia have almost disappeared for...

Households face a sharp rise in energy costs from July, with consultancy Cornwall Insight projecting an increase of roughly £332 a year for a typical dual-fuel home.The firm estimates the annual bill under Ofgem's price cap for July to September would reach about £1,973, up from the current level of £1,641.Cornwall Insight is updating its outlook weekly because of large swings in wholesale...