The statement, signed by six of Australia’s seven living former prime ministers, expresses solidarity with the Jewish community and calls for two-state solution; Israel strikes Syrian, Lebanese targets. Follow updates here.
Singapore’s central bank says a resurgence in global food and oil prices could mount pressure on monetary authorities globally to further tighten their policies. “There are nascent supply-side sources of fresh price pressures” as oil skirts close to $100 a barrel, the Monetary Authority of Singapore said in its biannual macroeconomic review published on Monday.
There “remains a risk that adverse supply side shocks from extreme weather events, including a strong El Niño, and an escalation in geopolitical tensions, could lead to a surge in food and energy prices,” it said. “Upside inflation surprises could prompt further policy tightening or keep rates elevated for longer.” Indonesia and the Philippines both delivered surprise interest rate rises in the past weeks and signalled they could do more to support their currencies and stem price risks.
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