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Trump tells G7 leaders Iran is ‘about to surrender’

WASHINGTON, Mar 13 (Agencies): US President Donald Trump told leaders of the Group of Seven during a virtual meeting on Wednesday that Iran was "about to surrender", according to a report by Axios citing officials from three G7 countries who were briefed on the call.The report said Trump told allies...

Gold firms but heads for 2nd consecutive weekly fall

LONDON, Mar 13 (Reuters): Gold prices firmed on Friday but were on track for a second consecutive weekly decline, with inflation worries driven by the Iran war weighing on rate-cut expectations.Spot gold gained 0.8 per cent at $5,118.39 per ounce, by 8:52 a.m. ET (1252 GMT), but was down 1.0...

Oil prices dip as Indian tanker sails out of Strait of Hormuz

LONDON, Mar 13 (Reuters): Oil prices dipped on Friday as an Indian tanker sailed out of the Strait of Hormuz and the US put forth measures to try and ease supply concerns, but were on track for weekly gains as disruptions due to the Middle East conflict broadly persisted.Brent futures...

Global shipping industry caught in storm of war

PARIS, Mar 13 (AFP): For anyone in the import business, the economic risks from the war in the Middle East arrive by sea-and that goes for everyone who buys their products, too.As the war rages into its third week, the effective closure of the strategic Strait of Hormuz has upended...

Middle East war: global economic fallout

PARIS, Mar 13 (AFP): Here are the latest economic events in the Middle East war on Thursday:- Iran threatens oil and gas sector -Iran has threatened to "set the region's oil and gas on fire with the slightest attack on Iran's energy infrastructure and ports", said a spokesman for its...

US consumer spending, core PCE inflation firmer before Iran war

WASHINGTON, Mar 13 (Reuters): US consumer spending rose solidly in January and underlying inflation maintained a strong pace of increase, which together with the dragging war in the Middle East strengthened economists' views that the Federal Reserve would not resume cutting interest rates before September.Despite the slightly larger-than-expected increase in...