War in Middle East has ‘heightened the risks to the global economy’; markets in ‘panic mode’ as oil jumps and shares fall – as it happened

Canada’s central bank has warned that domestic near-term economic growth will be weaker than anticipated in January, following the war in the Middle East.The Bank of Canada has left interest rates on hold today, and warned that the conflict has increased volatility in global energy prices and financial markets, and “heightened the risks to the global economy”.The BoC’s monetary policy committee says:double quotation markSince the outbreak of the conflict in the Middle East, global oil and natural gas prices have risen sharply, and this will boost global inflation in the near-term. In addition to energy supply disruptions, transportation bottlenecks stemming from the effective closure of the Strait of Hormuz could impact the supply of other commodities, such as fertilizer.Financial conditions have tightened from accommodative levels

Never waste a fuel crisis: the Albanese government must seize the moment and start taxing gas companies | Greg Jericho

The first rule of politics is to never waste a crisis. The current fuel crisis due to the Iran war is one the Australian government needs to seize. The old political concerns about taxing gas companies are now dead. Should the Albanese government fail to act it should not be surprised if voters angry at rising petrol, gas and electricity prices begin to look elsewhere.Earlier this month, the independent senator David Pocock asked the Senate if it was true that Australians paid more in beer excise than gas companies did in the petroleum resources rent tax (PRRT)

Inside the fiery, deadly crashes involving the Tesla Cybertruck

Cybertrucks have locked passengers inside and burned so hot they’ve disintegrated drivers’ bones. Victims’ families blame what they say is the faulty design of a truck Elon Musk calls ‘apocalypse-proof’When sheriff deputies arrived at the scene of a late-night crash off a desolate Texas road in August 2024, they could see a giant pyre through heavy smoke.According to police reports detailing the events of that night, the officers tried to approach the vehicle, but the fire burned too intensely. They saw it was a Tesla Cybertruck and couldn’t see anyone inside. So they combed the surrounding area for the driver

Instagram to remove end-to-end encryption for private messages in May

Instagram will stop encrypting private messages between users from May, after enduring years of criticism from law enforcement and child safety groups over the feature.Meta quietly announced this month on its help page for Instagram and in an updated 2022 news post that end-to-end encryption would no longer be available on direct messages between users on Instagram from 8 May 2026.It means Meta will be able to see the contents of messages between all users – which so far it only could for those who did not enable encryption.The feature already appeared deactivated for Australian users, when Guardian Australia tested on Wednesday.A spokesperson for Meta said the decision to abandon encryption was due to low uptake

The WNBA’s new labor deal explained: what it means for pay, power and the league’s future

The WNBA and its players’ union (WNBPA) have reached a verbal agreement on a new collective bargaining agreement, ending 17 months of negotiations after players opted out of the previous deal and averting mounting fears of a strike.The agreement would be the sixth in league history and is being framed by both sides as a major step forward for player empowerment and the league’s growth.Commissioner Cathy Engelbert said Wednesday the two sides have “aligned on key elements”, though a formal term sheet still needs to be finalized. Union leaders echoed that sentiment, calling the deal a reflection of players using their collective voice.Full details have not yet been released, and the agreement must still be ratified

Oh deer! Rory McIlroy puts elk on the Masters champions dinner menu

Elk as the key to Masters success: who had any i-deer? Rory McIlroy will serve starters made from the meat of the North American animal at Augusta National next month in tribute to his food of choice before winning the Masters last year.The wine McIlroy drank to toast victory, food that conjures ­memories of his childhood in Belfast and a dish made by his mother, Rosie, also ­feature in the ­Masters ­champion’s dinner for 2026. In a nod to the venue’s attention to detail, McIlroy revealed that chefs from Augusta made a special visit to a New York restaurant to replicate his favourite tuna recipe.McIlroy will begin his Masters defence from 9 April. Two days ­earlier, he hosts fellow past ­winners in the annual gathering in the Augusta clubhouse