Be warned. The global economy is likely to experience a recession next year. War across the Middle East is set to escalate, wrecking energy supplies for many years, even as the artificial intelligence (AI) bubble is ripe to burst. This, however, would also create an energy leadership opportunity for China. High energy prices already fuel demand for Chinese renewable energy products and electric vehicles. But as a leader in building coal-fired power plants, China can also offer the global market...

Tech billionaire Elon Musk called on Wednesday for Volodymyr Zelensky to “go” as Ukraine’s leader, after insisting any disruption to the war-torn country’s use of his satellite communications system was the fault of the US government, not his company. The comments came as Kyiv raised doubts over US support for Ukraine in its war with Russia, accusing Washington this week of helping Moscow by failing to warn it of incoming missile strikes and hobbling Kyiv’s military response through changes to...

US stocks dropped to their worst day since July on Wednesday, following the latest signal that inflation is getting worse. The S&P 500 sank 1.1 per cent for a fifth loss in the six days since setting its all-time high. The Dow Jones Industrial Average fell 48 points, or 0.1 per cent, and the Nasdaq composite slid 1.9 per cent as stocks in the artificial-intelligence industry led the way lower. Stocks felt pressure from rising yields in the bond market, where worries grew after a report said US...

The Yemeni government has spoken with Beijing about the Houthis’ alleged attempts to utilise Chinese-made technology for weapons, a Yemeni minister said on Wednesday, as the two sides’ long-running civil war escalates. “The Chinese are partners and we have discussed with them about, you know, the use of dual products,” Foreign Minister Afrah al-Zouba said in response to an Agence France-Presse question about reports the Iran-backed group was trying to secure Chinese components to help...

Irish author Sally Rooney can no longer sell her books in the UK because of her support for the activist group Palestine Action, her publisher Faber said on Wednesday. Rooney has previously expressed her support for the group, which was banned as a “terrorist” organisation by the UK government in July 2025. It is not banned in Ireland, where Rooney lives. The proscription, which the organisation is appealing against, puts Palestine Action on the same blacklist as militant groups Hamas and...

Leaders of the EU’s 27 member states will instruct Brussels to “urgently” come up with new weapons to counter the imbalances they believe are caused by China’s economic policies, at a meeting in the Belgian capital on Thursday. The instruction – part of a draft statement being negotiated ahead of this week’s European Council summit – comes after the European Union and China reached a surprise deal in Beijing last week that will cap the number of Chinese hybrid cars imported to the bloc at...

A lawyer for a Ukrainian accused of blowing up the Nord Stream pipelines supplying Russian gas to western Europe said on Wednesday that Moscow used the network to exert political and economic pressure, as the former military officer’s trial opened in Germany. Sergiy Kuznietsov is the first person to go on trial over the 2022 sabotage. The 50-year-old is accused of leading a Ukrainian team of divers and an explosives expert to bomb Nord Stream, seven months after Russia’s full-scale invasion of...

US President Donald Trump said that “massive” oil, gas and mineral exploration is set to begin in “our new and beautiful Greenland”, though it was not clear what developments he was referring to on an island where resource extraction has stymied companies for decades. Despite Trump’s optimism, the harsh climate of Greenland – a self-governing territory of Denmark, rather than a part of the United States – as well as a lack of infrastructure have foiled all previous attempts to extract so-called...

The head of the International Monetary Fund said on Wednesday that the US and other wealthy nations needed to urgently tackle mounting global debt levels that were weighing heaviest on low-income countries and straining the global financial system. IMF Managing Director Kristalina Georgieva said that while US Treasury Secretary Scott Bessent and other US leaders recognised that the federal deficit and national debt had grown too high, just trying to grow the US economy out of its more than US$40...

Ukraine on Wednesday accused Russia of wilfully flouting Donald Trump’s purported “energy ceasefire” and passing up an opportunity to ease hostilities, after a renewed wave of deadly strikes across the country that also hit vital power supplies. Kyiv in particular faced a barrage of powerful ballistic missiles and attack drones targeting energy facilities and critical infrastructure, despite the US president’s surprise weekend announcement. Four people were killed in the city and power to at...

Deforestation slowed worldwide last year, but the improvement is unlikely to last as the situation deteriorates in Central Africa and an exceptionally strong El Nino weather pattern intensifies, a new study said on Wednesday. Seven million hectares of forest – roughly the size of the Republic of Ireland – were permanently destroyed in 2025, a 15 per cent drop from the previous year, according to the annual Forest Declaration Assessment. The slowdown, however, is not enough to keep the world from...

German authorities opened an investigation into possible sexual harassment after a robot controlled by two young men touched the buttocks of a 16-year-old girl and made thrusting movements toward her, police said. Police in the western city of Cologne responded after the incident overnight Saturday to Sunday in which the robot’s suspected 16-year-old owner and a 19-year-old companion were said to have filmed the alleged assault. They were said to have streamed the incident and commentated on it...

An administrative building belonging to Saudi Arabia’s state-owned oil company Saudi Aramco in the eastern city of Dhahran was attacked, causing a limited fire, the Energy Ministry said in a statement on Wednesday as fighting between Yemen’s Iran-allied Houthis and the kingdom intensified. Authorities responded to the incident late on Tuesday and took necessary measures, the ministry said, adding that there were no injuries or deaths. A company source told Reuters earlier that a ballistic...

The US Treasury Department said on Tuesday that it was imposing US$1.2 billion in fines on Bank of America for allegedly violating anti-money-laundering and sanctions laws. The fines on America’s second-biggest bank amount to the third-largest in the department’s history. “When a bank of this size fails to meet its anti-money-laundering and sanctions obligations, the consequences extend far beyond its own walls, exposing the entire US financial system to significant illicit finance risks,”...