Bank

The prime minister has given a heavy hint that there will be an extra bank holiday if England win the World Cup.

Thomas Tuchel’s team will play Norway in the quarter-finals on Saturday night.

The final will take place a week on Sunday, on 19 July.

It is widely expected Sir Keir Starmer will step down as prime minister the day after, to be replaced by Andy Burnham.

Should England make the final, it would be likely the prime minister would go to the game, which could briefly delay the handover of power.

As for the idea of an extra day off for people in England were the team to win the World Cup, Sir Keir said: “On the question of a bank holiday, I think I don’t want to jinx it, but ask me again if we get to the final.”

It is understood the extra bank holiday would be on the Friday following England’s triumph – 24 July.

There is, though, the not insignificant matter of England winning a quarter-final, semi-final and final first.

Videos show Israeli settlers, protected by Israeli soldiers, trying to seize a house under construction on the outskirts of the town of Qabalan, just south of Nablus, in the occupied West Bank.

Bethlehem, occupied West Bank – In the narrow alleyways of the Dheisheh refugee camp, three children debate which of their encounters with the Israeli military is worth telling, and who gets to tell it.

Yanal, 14, wins the opening round on language skills alone. He speaks three languages: Arabic, English and Spanish, and insists on telling his story in English.

“Life in the camp is complex,” he says, because, as he explains, there is nowhere to run away to when the army comes.

Yanal keeps returning to one memory: a football match, soldiers entering the field, and there being no way out.

Mustafa Abu Aliyah, 13, counters with a raid that he ran into as he was on his way to his grandfather’s house. The Israeli army fired live rounds and tear gas, he says. “We were in the middle of the fire.”

He can’t remember his first encounter with soldiers, “but I definitely saw them when I was little, because they are always coming here”.

His sister Diyar, 12, was mid-piano lesson the last time the army came through.

“Whenever the army comes, there will be tear gas,” she says. “People will be beaten. There’s usually someone injured or killed.”

She compares it to life elsewhere. “I see children in other countries, in other worlds, living in safety, but we can’t even leave our front door without suffering.”

The raids happen so often that the children often can’t remember the dates of specific incidents. But what they do remember is the fear they experienced and the aggression displayed by the Israeli soldiers.

In the first nine months of 2025 alone, Israeli forces carried out nearly 7,500 raids across the occupied West Bank, or about 27 a day, and a 37 percent increase compared with the same period in 2024.

‘Essence of childhood destroyed’

The children in the Dheisheh refugee camp reflect a wider pattern of childhood experiences under Israeli occupation, set out in a report the UN’s Independent International Commission of Inquiry on the Occupied Palestinian Territory released on Tuesday.

It examines Israel’s treatment of Palestinian children in Gaza and the occupied West Bank since October 2023.

Titled, “The essence of childhood has been destroyed”, it found that Israeli forces have killed at least 20,179 Palestinian children and wounded more than 44,000 across the occupied territory, most of them in Gaza – where it said that the deliberate targeting of children constituted part of the genocide in the Palestinian territory.

The report also documents a pattern of killings, mass arrests, torture, sexual violence and attacks on schools and hospitals.

In the West Bank, it records a sharp rise in settler violence against children and killings by Israeli forces, among them a two-year-old girl shot dead in January 2025. Children, the report notes, are held in Israeli detention, with no lawyer and no word sent to their parents, a separation it says can amount to enforced disappearance. Schools, too, are targets: 85 across the West Bank are under demolition or stop-work orders, and others have been closed or attacked by soldiers and settlers.

Beyond the casualty count

The UN commission argues that Israel has created conditions in which Palestinians live in a constant state of “diffused, ambient terror, that does not require constant bombing to remain effective”.

“We are talking about repeated shocks, about continuous events that never end,” says Lemis Farraj, a psychologist and the project coordinator at Shorouq in Dheisheh, emphasising that a child’s physical and mental health cannot be separated from each other.

The report calls this continuous traumatic stress, distinct from Post-Traumatic Stress Disorder (PTSD), because there is no single event to recover from. The danger does not just come from experiencing one raid, but from the fear that comes with waiting for the expected raids that will likely come in the future.

Diyar explains that when the army enters her neighbourhood, she has to stay home and wait, no matter what her plans were. “Our life stops,” she says.

Her brother, Mustafa, says that the repetition has worn the fear flat.

“When I see the army, I [am] used to it and I stop being afraid.”

Farraj sees the same in the young children she treats: a startle at an ordinary sound, certainty that a raid has begun, and regression – skills already learned suddenly lost again.

Five-year-old Khour Hammad, who lives a few alleys away from the older children, has experienced the same raids.

She explains that both of her parents are in prison. Israeli forces arrested her father in July 2023 and her mother last March, according to the family.

Khour remembers the night the army came for her mother. Half-asleep, she heard a man’s voice and thought her father had finally come home. She climbed out of bed expecting him. Instead, she found soldiers inside the house.

The soldiers tried to question Khour. She says that she “felt like I was going to throw up”.

Handed an old family photo, she brightens at once, pointing out her mother, Islam Amarna, and her father, Osama Hammad, and rattling off memories in bursts.

Generational trauma

While Palestinian children in Gaza and the West Bank face different lived experiences, the UN finds the same cause behind the harm: a military occupation described as a “long-term mechanism of domination, subjugation and oppression”.

Farraj adds that children are affected not only by their own experiences of trauma, but also by what is passed down from parents and grandparents.

“The first generation of the Nakba lived in shock and passed it on to their children,” she says, referring to the ethnic cleansing of at least 750,000 Palestinians following the formation of the state of Israel in 1948.

The report similarly notes that Palestinian refugees, now in their fifth generation, have internalised a sense of “dispossession from the Nakba” alongside present-day experiences of occupation.

In the West Bank, roughly one in four Palestinians are refugees; in Gaza, it is about 70 percent.

Israeli violence and forcible displacement have been carried through generations of Palestinians, compounding as the cycle repeats. Farraj says trauma recovery depends on stability: family support, schooling, safe spaces and a predictable routine, all of which remain precarious under Israel’s occupation.

For Khour, that stability begins with her parents.

“I want the whole world to listen and see my picture,” Khour says, “and get my mom and dad out of prison.”

Israel is pushing humanitarian groups and rights defenders to scale down operations in Palestinian territories.

Children are “increasingly unprotected” as humanitarian groups and rights defenders are forced to scale back their operations in the Palestinian territories, the United Nations has warned.

Many civil society and aid organisations in Gaza and the West Bank have been labelled “terrorists” by pro-Israel groups or politicians, the UN Committee on the Rights of the Child warned in a statement issued on Monday, noting that their absence leaves children vulnerable.

“For more than three decades, these organisations have played a vital role in defending Palestinian children, including in the Israeli military courts, and in documenting grave violations against Palestinian children at the hands of Israeli forces,” the committee said.

“Without them, Palestinian children will be even less protected, and violations of their rights risk continuing with impunity,” it added.

Issued by the Office of the United Nations High Commissioner for Human Rights (OHCHR), the statement noted that tactics used to delegitimise these human rights groups also include “military raids, travel bans, personal financial sanctions, threats of arrest, destruction of records, and even threats of secondary sanctions against partners who support their work”.

The committee said this made it “increasingly impossible for these organisations to operate safely or protect the children and families who turn to them for help”.

The committee urged the international community to hold Israeli authorities accountable for the attacks committed against Palestinian human rights defenders.

It urged the Israeli authorities to lift the restrictions faced by humanitarian individuals and groups.

“Despite grave risks and limited resources, child rights defenders have continued to stand with Palestinian children and families in extraordinarily dangerous conditions. They must be protected, not punished,” the committee said.

Israel has cracked down significantly on humanitarian operations in Gaza since the “ceasefire” that began on October 10, banning Doctors Without Borders, known by its French acronym MSF, after it failed to provide a list of its Palestinian staff, further depriving Palestinians in the besieged enclave of life-saving assistance.

In February this year, 17 international aid groups petitioned Israel’s Supreme Court to be allowed to keep working in the Gaza Strip and other areas in the occupied Palestinian territory. The Israeli government has planned to halt their life-saving work.

The occupied West Bank has seen sustained and rising violence amid ongoing conflict between Israelis and Palestinians. Israeli forces conduct frequent raids in Palestinian areas, saying they are targeting militants and preventing attacks, while Palestinians and rights groups accuse the military of using excessive force and say settlement expansion is a major driver of instability. Israeli settlements in the territory are widely considered illegal under international law by the United Nations and most countries, though Israel disputes this and views the West Bank as disputed land with historical and security significance. In recent months, tensions have further escalated with increased restrictions on Palestinian movement near settlements, alongside a rise in attacks by both Palestinians against Israelis and by settlers against Palestinians, contributing to a cycle of violence that continues to claim lives on both sides.

Fatal Shooting Near Beit Ummar

The incident took place near the town of Beit Ummar in the southern West Bank.

Palestinian news agency WAFA identified the victims as teenagers aged 15 and 19. A relative confirmed their ages to Reuters.

Israeli Military’s Account

The Israeli military said its forces confronted three individuals who were throwing fire bombs and burning tyres near the settlement of Karmei Tzur.

According to the military, soldiers opened fire, killing two of the individuals and wounding a third.

Reuters could not independently verify the military’s account.

Third Teenager Hospitalized

WAFA reported that the third person involved in the incident was hospitalized in stable condition.

The Palestinian Red Crescent Society said the wounded individual is 15 years old.

Tensions Remain High in the West Bank

Israeli forces regularly conduct raids across the occupied West Bank and have tightened movement restrictions around Palestinian communities located near Israeli settlements in recent months.

The territory has experienced heightened tensions amid ongoing violence involving Israeli security forces, settlers and Palestinians.

Dispute Over Settlements

The international community, including the United Nations and most countries, considers Israeli settlements in the West Bank illegal under international law and a major obstacle to the creation of a Palestinian state.

Israel rejects that position, describing the territory as disputed and citing historical Jewish ties to the area.

Rising Violence

According to United Nations data, at least 57 Palestinians have been killed this year in incidents involving Israeli settlers and security forces.

At the same time, Palestinians have carried out attacks against Israeli soldiers and settlers in the West Bank, including at least one fatal attack in 2026, according to Israel’s Shin Bet domestic security service.

What’s Next

The Israeli military is expected to continue reviewing the circumstances of the shooting, including whether the individuals posed an immediate threat and how the confrontation unfolded near the settlement.

Palestinian officials are likely to pursue diplomatic and legal avenues, as similar incidents in the West Bank are often raised with international bodies, including the United Nations, amid ongoing disputes over the use of force by Israeli troops.

On the ground, the incident is likely to add to already high tensions in the West Bank, where Israeli raids, settlement activity, and Palestinian attacks have contributed to a cycle of violence in recent months.

Further clashes cannot be ruled out, particularly in areas close to settlements where movement restrictions and security operations have intensified.

International attention on West Bank violence is also likely to continue, especially as reported fatalities involving Palestinians and Israelis have remained elevated this year, keeping pressure on both sides amid an already fragile security situation.

With information from Reuters.

Published on 18/06/2026 – 13:20 GMT+2•Updated
13:35

The Bank of England left its benchmark interest rate unchanged at 3.75% on Thursday, extending a pause that began in December 2025, as policymakers weighed the inflationary fallout from the Iran war against signs of resilience elsewhere in the economy.

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Governor Andrew Bailey and fellow Monetary Policy Committee members were widely expected to keep rates on hold and maintain a broadly neutral stance on future policy moves.

The decision came a day after official figures showed UK inflation holding steady. Consumer prices rose 2.8% year-on-year in May, unchanged from April and below economists’ expectations of 3.0%, leaving the headline rate at its lowest level since early 2025.

However, the stable reading masked diverging trends beneath the surface. Transport costs accelerated sharply to 6.8%, driven by higher fuel prices and rising air fares, while food inflation eased to 2.2% and housing costs continued to moderate.

Though inflation remains above the bank’s target of 2%, the figure raised hopes that the upward pressure on prices emanating from the spike in oil and gas prices after the start of the Iran war on 28 February may have been less than anticipated.

Andrew Bailey, the bank’s governor, said the recent fall in oil prices has been “encouraging” while noting they are still higher than before the war.

“Whatever happens in the future, the higher energy prices of the past four months mean there’s already some inflationary pressure in the pipeline,” he said. “The Bank’s job is to make sure that doesn’t turn into sustained inflation above our 2% target.”

Analysts also cautioned that inflation could still accelerate later this year, as higher household energy bills feed through to prices. Lindsay James, investment strategist at Quilter, said: “Whilst inflation was below expectations in May and currently under 3%, it is still likely to jump closer to 4% later in the year due to the coming impact of a higher energy price cap.”

James added that while oil prices have retreated from recent highs, they remain above last year’s levels, suggesting underlying inflation pressures have not fully disappeared.

The decision to hold the key interest rate was not unanimous, with two of the nine Monetary Policy Committee members voting for a quarter-point rate increase, reflecting concerns that higher energy costs could still feed through into broader inflation pressures.

A labour market losing momentum

Thursday’s labour market release painted a mixed picture.

The unemployment rate dipped unexpectedly to 4.9% in the three months to April, down from 5.0% in the first quarter, yet payrolled employee numbers fell over the period, pointing to an underlying loss of momentum even as the headline jobless rate improved.

Wage growth, a metric the Bank of England watches closely for signs of persistent price pressure, held firm, with regular pay excluding bonuses rising 3.4% on the year.

“The labour market is still continuing to lose momentum, with the latest figures showing a further cooling,” stated Richard Carter, head of fixed interest research at Quilter Cheviot.

Sanjay Raja, chief UK economist at Deutsche Bank, struck a similar note, cautioning that “it’s clear that the labour market is not out of the woods yet,” though he added that the mixed data buys the committee more time to wait and see how the economy evolves.

The combination of cooling headline inflation, a softening jobs market and still-robust pay growth underscores the bind facing the committee. Strong earnings keep alive the risk of so-called second-round effects, where higher wages feed back into prices, even as hiring loses steam.

Israeli settlers have vandalised and burned a mosque in the occupied West Bank village of Jaljulia, north of Ramallah. Racist slogans were scrawled on the walls by the settlers.

Published on
16/06/2026 – 8:30 GMT+2

The central bank’s increase in the uncollateralised overnight rate, by a quarter of a percentage point from 0.75%, puts it at a three-decade high.

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The Bank of Japan has been trying to normalise monetary policy lately after decades of keeping interest rates near or below zero. It adopted ultralow rates to try to encourage more borrowing and spending to counter deflation and pull the economy out of the doldrums.

Inflationary pressures because of the war in Iran, which has sent oil prices soaring in recent months, have hit Japan hard since it imports almost all its oil and gas.

Low interest rates had added to pressures on the Japanese yen, which has fallen lately to about 160 yen to the US dollar.

BOJ Gov. Kazuo Ueda, who has been hospitalised recently, did not attend Tuesday’s policy board meeting. Deputy Gov. Shinichi Uchida was expected to take his place at the news conference set for later in the day.

Before the BOJ decision, Tokyo’s benchmark Nikkei 225 index briefly topped 70,000 early Tuesday before giving up some of those early gains.

Additional sources • AP

Tyra Banks has filed a defamation lawsuit against Netflix and the directors of “Reality Check: Inside America’s Next Top Model” claiming that she was manipulated and misrepresented in the series.

The three-part documentary, directed by married duo Mor Loushy and Daniel Sivan, revisited the reality show’s rise and many controversies, including former contestant Shandi Sullivan discussing what she described as a blackout sexual encounter that took place during Cycle 2 of the series and was a major plot point because Sullivan was in a relationship.

Sullivan said in “Reality Check” that she felt like producers should have stepped in considering she was heavily intoxicated, but instead they followed her into the bathroom and bedroom to record a sexual encounter with a male model. In a following scene, Banks lectures Sullivan about cheating and “carnal” temptation.

“Tyra Banks participated in the Netflix documentary series about ‘America’s Next Top Model’ because she believed viewers deserved a candid conversation about the show’s legacy — its successes and its shortcomings,” reads the lawsuit. “There are aspects of the show for which Ms. Banks takes accountability and she wanted ANTM viewers to hear that from her directly.”

The lawsuit, filed on Saturday in the Central District of California, claims that the supermodel turned media personality participated in a 3½-hour interview, of which about 16 minutes was used.

“The producers used what could be stripped of context and reassembled to support a false and defamatory narrative unrelated to what she actually expressed,” reads the suit. “The accountability Banks took ended up on the cutting room floor.”

The suit alleges that producers used “selective editing, deliberate omission and surgical manipulation of continuous footage” to create a false narrative that Banks “knowingly allowed a contestant to be sexually assaulted on her show, exploited that contestant’s trauma for ratings, and then could not even remember it when asked.”

Banks claims that she asked Netflix and the producers of the docuseries for access to the unedited footage of her 3½-hour interview, and proposed they work together to “correct the record.”

“Had they agreed, Ms. Banks could have made the truth public and this litigation would likely have been unnecessary,” reads the suit.

According to the suit, Banks was pitched the docuseries as a “definitive three-hour Netflix docuseries exploring America’s Next Top Model as a groundbreaking popculture phenomenon.” The pitch had a Netflix logo on its cover, and Banks had “long trusted and admired Netflix.” The streamer’s involvement was the reason Banks claims she considered the project.

Banks claims the pitch included promises that the documentary would unpack the show’s legacy “not as a takedown, but as a thoughtful in-depth reflection on its influence, evolution, and impact on fashion, television, and culture.”

The suit claims Banks was prepared for a fair comeuppance, but ultimately the former supermodel felt hoodwinked. “Nothing suggested that the project would falsely accuse Ms. Banks of covering up a sexual assault, or being indifferent to what a contestant characterizes as a traumatic experience.”

In February, directors for “Reality Check” revealed that Banks wasn’t invited to participate in the docuseries until well after production began

“It was like, ‘Hey, this can be a great addition, but definitely not a necessity,’” Sivan said. “People talking trash about her is very easy to find. … But having her passion, bringing this program to life, is something that only she could tell.”

Sivan and Loushy, who also helmed the acclaimed 2025 docuseries “American Manhunt: Osama bin Laden,” said they treated “Reality Check” with the same level of care as previous heavyweight projects.

“There were things that were sensitive and important for me,” Loushy said, from the harassment that she said “ANTM” contestants endured to the insecurities that “to us as women, are sitting tight and hard every day on our heart.”

The directing duo hoped to examine the good intentions Banks and producers had, of turning the fashion industry on its head, empowering women and championing diversity, and the way those intentions evolved as the show moved through cycles.

“At the end of the day, was it a force of good, or was it a force of evil? I hope people keep debating that,” Sivan said.

Former Times staff writer Malia Mendez contributed to this report.

Both Amnesty International and Oxfam released reports this week documenting a rise in state-backed Israeli settler violence across the occupied West Bank over the past three years. What’s driving the escalation? Al Jazeera’s Marah Rayan breaks it down.

June 11 (Asia Today) — South Korea is facing widening gaps in both wealth and income, with young people and those without homes losing ground economically, Bank of Korea researchers said Wednesday.

The central bank’s research department made the assessment in a report titled “Household Polarization in the Korean Economy and Its Spillover Effects.” The report said South Korea is confronting a form of dual polarization as asset and income inequality expand at the same time.

According to the report, South Korea’s net wealth Gini coefficient fell to 0.584 in 2017 but has since risen, reaching 0.625 last year. A Gini coefficient closer to zero indicates greater equality, while a figure closer to one indicates greater inequality.

The report identified rising real estate prices as a key factor behind the widening asset gap. It said higher property prices have played a central role in explaining movements in wealth inequality.

The Bank of Korea researchers also said real estate assets are concentrated among older generations, making wealth inequality between generations more structural.

The conditions for young people to build assets have deteriorated, the report said. An increasing number of young people earn relatively high incomes but cannot enter the upper wealth bracket because they do not own real estate.

The report said the mobility that once allowed people with middle- to upper-level incomes to move into the top wealth group has weakened, undercutting the asset-building ladder for younger households.

Income inequality also shows signs of widening again. The disposable income Gini coefficient fell from 0.353 in 2016 to 0.323 in 2023 but rose slightly to 0.325 in 2024.

The report said income inequality, which had improved through redistribution policies, could widen again because of K-shaped growth across industries.

Researchers identified the gap between the information technology sector and non-IT industries as a driver of income polarization. In the IT sector, wages have risen sharply, led in part by bonuses, while wage growth has been limited in other industries.

The spread of artificial intelligence could further deepen income gaps, the report said. Researchers said AI technology, combined with advances in robotics, could replace jobs held by low-income workers and young people in the early stages of their careers.

A Bank of Korea survey on AI also found that people in lower income brackets were more likely to believe their jobs could be replaced by AI.

The impact of dual polarization is especially visible among young people. The share of people in their 20s and 30s among households in the bottom quintile for both net wealth and income rose from 7.9% in 2020 to 15.2% in 2025.

The report said this suggests young people without homes are increasingly being pushed into lower economic groups.

The Bank of Korea researchers warned that dual polarization could weaken productivity and consumer vitality across the economy.

An analysis using data from 120 countries found that when the share of wealth held by the top 10% rises by 1 percentage point, total factor productivity falls by 0.16% two years later.

In South Korea, the share of net wealth held by the top 10% increased from 43.0% in 2022 to 46.1% in 2025, up 3.1 percentage points. Researchers said widening wealth inequality could become a constraint on economic growth and productivity improvement.

The social costs could also increase. The report said widening wealth and income gaps may lower expectations for upward mobility, weaken work incentives and reduce social trust.

It also warned that high housing costs for young people could become a barrier to marriage and childbirth.

The researchers said redistribution policies focused mainly on income support are not enough to respond to dual polarization. They said South Korea needs to guide household assets, which are heavily concentrated in real estate, toward more productive sectors and expand opportunities to build productive assets.

The report also called for a more stable tax base in response to economic changes driven by technological development. It said institutions should be reviewed to ensure that the path from labor income to asset formation does not deteriorate further.

Researchers also said South Korea must strengthen new growth industries so the benefits of economic growth can spread more widely across the economy.

— Reported by Asia Today; translated by UPI

© Asia Today. Unauthorized reproduction or redistribution prohibited.

Original Korean report: https://www.asiatoday.co.kr/kn/view.php?key=20260611010004200

Israel continues to expand settlements in the occupied territory, which are illegal under international law.

The Israeli government has allocated a first tranche of an expected $388m in new funds for the construction of settlements in the occupied West Bank.

The anti-settlement group Peace Now reported on Thursday that the government had allocated 152 million shekels ($51m) to prepare construction plans for 69 illegal settlements and outposts in the occupied West Bank.

The cabinet later reportedly postponed a decision about a 1-billion-shekel ($338m) allocation. That proposal, if passed, would mark one of the largest expansions of illegal Israeli settlements in decades.

“The government decided to postpone the decision [on the 1-billion-shekel allocation] and refer it to the Security Cabinet which is expected to convene on Sunday,” Peace Now wrote.

Under the yet-to-be-approved plan, construction for the settlements, including infrastructure and public buildings, would begin despite necessary planning protocols not having been carried out in accord with Israeli law.

Peace Now accused the government of intending to bypass planning and construction regulations.

“October 7 proved that the right-wing approach has failed: the conflict cannot be ‘managed,’ and the Palestinians cannot be ‘defeated’,” the group said in a statement.

“Israel must reach a political solution and diplomatic agreement, but instead the government is only sinking us deeper into the mire and condemning us to many more years of bloody conflict.”

Israel has come under growing condemnation for expanding settlements in the occupied West Bank, which are illegal under international law.

On Tuesday, the United Kingdom, Australia, New Zealand, Canada, France and Norway imposed sanctions on networks involved in financing, enabling and carrying out settler violence against Palestinians.

According to Peace Now, the current Israeli government has approved 103 settlements since it took office in December 2022. From that figure, 51 are entirely new settlements.

On Wednesday, Amnesty International published a report accusing the Israeli government of playing a central role in what it describes as the ethnic cleansing of Palestinians in the occupied West Bank. The report described the government’s actions as “integral”.

At least 117 villages in the West Bank have been subject to either complete or partial displacement due to settler attacks, according to the United Nations Office for the Coordination of Humanitarian Affairs (OCHA).

Amnesty also condemned the upcoming “Great Israeli Real Estate Event”, which is due to take place in London on Sunday.

The event, which has also been held in the United States and Canada, promotes the sale of properties in the occupied West Bank, which campaigners say is in violation of international law.

The Washington institution cut its global growth forecast by 0.4 percentage points to 2.5 percent, citing surging energy prices, inflation and borrowing costs.

The conflict in the Middle East is set to bring global economic growth to its slowest since the COVID-19 pandemic, the World Bank has warned.

In its latest Global Economic Prospects report, published on Thursday, the Washington-based institution cut its global growth forecast for 2026 to 2.5 percent from the 2.9 percent it had predicted in January, citing surging energy prices, rising inflation and higher borrowing costs.

The report highlights the significant economic costs of the conflict, which is at risk of flaring up again, as the fragile ceasefire between the United States and Iran is tested on both sides.

The analysis warns that the outlook could decline further if supply disruptions worsen. Iran’s closure of the Strait of Hormuz – a vital passageway for oil and gas transit – in response to the hostilities launched by the US and Israel has put huge stress upon global energy and other supply chains.

The World Bank estimates that Brent crude prices — the international oil benchmark — will average $94 a barrel this year, 36 percent above last year’s average. Fertiliser prices are forecast to increase significantly this year, with knock-on effects for food prices.

Overall, the closure of the strategic waterway will help to push global inflation to 4 percent this year, a substantial increase from last year’s rate of 3.3 percent.

However, the World Bank cautions that global growth could plummet to as low as 1.3 percent this year, should energy supply disruptions worsen, with inflation pushing to 4.4 percent.

The World Bank report also cautions that developing countries are on the front line of the potential impact.

In its report, the institution has downgraded its growth forecasts for two-thirds of countries since January. Global growth is expected to improve to 2.8 percent in 2027, but will remain 0.4 percentage points below the average during the 2010s, during which the world economy was recovering from the global financial crisis.

Excluding China and India, the report worries that developing countries have made little progress towards narrowing their per capita income gap with wealthy nations over the past decade.

“Developing countries have faced a series of challenges over the last decade,” said Ajay Banga, president of the World Bank Group. “The impact differs by country, but the basic test is the same: protect people and preserve stability today, without giving up on growth and jobs tomorrow.”

The World Bank is pledging to assist any developing country experiencing the economic fallout of the Middle East conflict. The organisation says it has set aside up to $60bn to help. It added that if the conflict persists, it can increase its support to $100bn.

There’s a time limit

A bank is tempting new customers with 10,000 Avios Points.

J.P Morgan Personal Investing confirmed the deal was running until July 31, 2026. The bank revealed customers could put their points towards flights at a time when concerns are mounting over potential fare increases.

The offer is open to new customers who invest £500 or more in a single payment before the end of July.

To qualify for the points, new clients must keep at least £500 invested from August 1, 2026, until February 1, 2027, after which the Avios will be awarded within 55 days of this holding period concluding. New clients can open a Stocks and Shares ISA, Junior ISA, Lifetime ISA, Personal Pension or General Investment Account.

New investors will need to complete the sign-up form, accessible via the promotional page. J.P Morgan reminded customers that their capital was at risk and that transfers in were excluded from the offer.

Claire Exley, head of advice and guidance at J.P. Morgan Personal Investing, said: “Many UK savers are curious about investing for the first time but unsure when to get started. Over the long term, it’s often more important to stay invested over several years than to try to time the market and pick the ‘perfect’ moment.

“For those thinking about starting to invest, our Avios offer is designed to help make that first step in investing feel a little more rewarding. With the cost of travel on many people’s minds, those Avios points could help towards a future holiday or bring a dream trip a bit closer.

“Whether you’re using a Stocks and Shares ISA for the first time, investing for your children, or topping up your pension, what often matters most is choosing an approach you’re comfortable with and staying invested for the long term.”

The Palestinian Authority condemned Israel’s decision to build 2,162 illegal settlement units in the occupied West Bank, calling for US intervention to halt the Israeli “madness.”

“All settlement activity is illegal under international law and does not confer legitimacy to anyone,” the authority said in a statement carried by the official news agency Wafa.

It said the Israeli decision constitutes a “blatant challenge to international law and UN resolutions,” particularly UN Security Council Resolution 2334, which affirms the illegality of the Israeli settlements in all occupied Palestinian territories, including East Jerusalem.

It held the Israeli authorities responsible for the “serious consequences” of the settlement policies, warning that they would push the region toward “further cycles of violence and escalation.”

READ: Situation worsening in West Bank, warn Italy, UK, France, Germany

The authority called on the US administration to intervene immediately “to stop the Israeli madness if it genuinely seeks to promote security and stability in the region and globally.”

It stressed that the Palestinian people would remain “steadfast on their land and committed to their legitimate national rights,” saying the illegal settlement plans would not deter them from continuing their struggle to establish an independent Palestinian state on the June 4, 1967 borders with East Jerusalem as its capital.

The statement came after Israel’s Higher Planning Council approved the construction of 2,162 new settlement units across several illegal settlements in the occupied West Bank.

The plans include 1,006 units in the Gevaot settlement within the Gush Etzion bloc south of Bethlehem, 922 units in the Har Brakha settlement south of Nablus, and 234 units in Kiryat Arba settlement built on land belonging to the city of Hebron.

Palestinians view the new plans as part of an accelerated Israeli policy aimed at expanding illegal settlements, confiscating Palestinian land and creating new facts on the ground.

READ: Israeli authorities issue order to seize 74 acres East of Bethlehem

A Palestinian father in Hebron has buried his seven-month-old son after the baby was killed by Israeli gunfire directed at the family’s car. The shooting, which also wounded the child’s parents, is the latest deadly incident amid escalating Israeli violence in the occupied West Bank.

A surveillance camera caught a brutal assault by an Israeli soldier and settlers on two young Palestinians in the occupied West Bank. Video shows them slamming the victims onto the ground and repeatedly beating them, including with a plank of wood, leaving them motionless on the ground.