Good morning and welcome to your mid-week summary of global business and political news.
First up, US President Donald Trump has again lashed out at allies and suggested that countries should build up the “courage” to go directly to the Strait of Hormuz, the Guardian reported.
He wrote on Truth Social: “Iran has been, essentially, decimated. The hard part is done. Go get your own oil! You’ll have to start learning how to fight for yourself, the USA won’t be there to help you anymore, just like you weren’t there for us,” Trump said.
He also criticised France for not letting planes carrying military supplies to Israel fly over French territory. Italy also denied permission for US military aircraft to land at its air base in Sicily, despite Prime Minister Giorgia Meloni having close ties with Trump, the ABC said.
China and Pakistan called for an “immediate ceasefire” and peace talks to resolve the Iran war, following bilateral talks between the two countries in Beijing, CNN reported.
They urged all parties to arrange for the safe passage of commercial and civilian ships through the Strait of Hormuz and “to protect the safety of vessels and crew” trapped in the key waterway.
“China and Pakistan call for immediate cessation of hostilities and utmost efforts to prevent the conflict from spreading,” a joint statement said. “Sovereignty, territorial integrity, national independence and security of Iran and the Gulf states should be safeguarded.”
Iran again denied that it was in talks with the US, but a spokesperson for the country's foreign minister said that the US had sent a set of proposals through “certain intermediaries”, including Pakistan, the BBC noted.
Extra UK troops are being sent to the Middle East to help allies defend themselves from Iranian attacks. Iran’s Revolutionary Guards said they would target US companies in the region in retaliation for attacks on Iran, the Guardian said.
On Wall Street, stocks rose on Tuesday local time as new hope emerged that the Middle East conflict could come to an end, CNBC reported. Earlier, the Dow Jones was up over 2% after an unconfirmed report said Iranian President Masoud Pezeshkian was open to ending the war with guarantees.
The S&P 500 gained 2.6%, and the Nasdaq rose 3.6%. Meanwhile, the average US gas price has hit US$4 per gallon, the highest since 2022.
Meanwhile, Qatar’s Ministry of Foreign Affairs said Iran had crossed “many red lines” during its ongoing attacks on neighbouring countries and stressed the need for de-escalation, Al Jazeera reported.
During a news conference, a spokesperson said Iranian attacks on Qatar were having a “catastrophic effect” on the relationship between the two countries. The spokesperson called on all parties to refrain from attacking nuclear or energy infrastructure.
Elsewhere, King Charles and Queen Camilla plan to travel to the US for a state visit with Trump later this month amid tension between the US and Europe over the Middle East, the ABC reported.
Trump said the April 27 to April 30 visit would also include a banquet dinner at the White House. "I look forward to spending time with the King, whom I greatly respect," he wrote on Truth Social.
Official figures confirmed the UK economy barely expanded at the end of last year. The Office for National Statistics said GDP grew by just 0.1% in the December quarter, the Guardian reported. The agency revised annual growth for the whole of 2025 from 1.3% to 1.4%.
Over the Ditch, social media companies are not doing enough to keep children in Australia off platforms, despite a ban that was introduced late last year for under-16s, the BBC reported.
Internet regulator eSafety said it had "significant concerns" about the compliance of Facebook, Instagram, Snapchat, TikTok and YouTube.
Meta said it was doing its best to comply with the law. But in its first report since the ban, eSafety said it had identified several poor practices from various platforms.
