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🇬🇧 THE #ECONOMIST March 14, 2026
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[Mar 14th 2026]
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The world this week
Politics
Business Business ::
The weekly cartoon
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The world this week
Politics
3⽉ 12, 2026 05:47 上午
A new supreme leader was appointed in Iran: Mojtaba Khamenei·, the hardline son of the slain Ali Khamenei. Mr Khamenei wasn’t seen or heard for days after the announcement. Donald Trump was not happy with the choice, suggesting the new leader’s tenure would be short. Three vessels were hit in the Strait of Hormuz on March 11th and another three early on March 12th. America sank 16 Iranian mine-laying ships. Massive Israeli and American air strikes continued on Iran. After oil facilities in Tehran were attacked, the World Health Organisation backed advice for the city’s inhabitants to stay indoors to avoid breathing in toxic oil-laden air. Nearly 1,300 civilians have been killed in the conflict.
Mr Trump and Pete Hegseth, his secretary of war, seemed to be reading from different scripts in their pronouncements about how long the conflict would last. The president tried to reassure markets that military action is “very complete”, whereas Mr Hegseth said “this is only just the beginning”. Polling shows that most Americans are opposed to the war, a different situation from the start of previous conflicts, such as Iraq. https://t.me/demagazinesharing
Stepping up, standing down
On a visit to Cyprus Emmanuel Macron announced that he would deploy a dozen naval vessels, including an aircraft-carrier strike group, to the Mediterranean and Red Sea to help defend countries from Iranian attacks. “When Cyprus is attacked, then Europe is attacked,” the French president said, as he raised the possibility of sending French ships to the Strait of Hormuz on a “purely escort mission”. Britain has struggled to send one ship, a destroyer, to Cyprus, even though Iran has targeted British military bases on the island. On hearing that Britain was thinking of sending aircraft- carriers, Mr Trump said it would have been nice to have them two weeks ago, but “We don’t need them any longer.”
Israel intensified its strikes on Hizbullah targets in Lebanon, expanding them to central Beirut. Nearly 700,000 people are thought to have been displaced by the renewed attacks. The Israeli government warned Iranian government representatives in Lebanon to “leave immediately before they are targeted”. Iran provides material support to Hizbullah.
A drone strike on Goma, a city in eastern Democratic Republic of Congo, was a reminder that conflict in the region continues. Goma has been under the control of M23, a rebel group backed by Rwanda, since January 2025. Multiple people, including a French aid worker, were killed in the strike, which M23 blamed on Congo’s army.
A new report from Yale’s Humanitarian Research Lab found that the Rapid Support Forces, one of the main parties in Sudan’s civil war, systematically destroyed fields and farming villages around el-Fasher, in Darfur. The findings support UN allegations that the group committed genocide in the city, which it took in October 2025. Tens of thousands of its residents are thought to have been killed in the assault.
The United States re-established diplomatic and consular relations with Venezuela, two months after removing Nicolás Maduro as president and taking him to New York to await trial on drug- trafficking charges. America closed its embassy in Caracas in 2019. The leftist regime remains in power but has been working closely with America to open up investment in its oil industry. The county’s parliament has also initially approved a law that allows foreign and private companies to invest in mining.
Human Rights Watch, an NGO based in New York, reported that drone strikes· carried out by Haiti’s security forces against criminal gangs killed 1,243 people from March 1st 2025 to January 21st this year. At least 43 adults and 17 children who were not gang members were killed in the attacks. A government-backed task-force, working with private contractors, deployed the drones. HRW believes that some of the strikes “appear to be deliberate extrajudicial killings”.
Senate Republicans plan to hold a confirmation hearing in mid-March for Mr Trump’s new pick to head the Department of Homeland Security. The president nominated Markwayne Mullin for the job after sacking Kristi Noem·, who has been criticised for her handling of the immigration crackdown in Minnesota and subsequent protests, in which two people died. Mr Trump fell out with her over the $220m she spent on an ad campaign. Mr Mullin is a senator from Oklahoma.
The Greens narrowly won re-election· in Baden-Württemberg, Germany’s third-most-populous state, which includes the city of Stuttgart. The Christian Democrats, the leading party in the federal
government, came a close second. The populist-right Alternative for Germany (AfD) doubled its share of the vote to come third. It was the first of eight state and local elections taking place this year; the AfD hopes to win more votes than the Christian Democrats in some of them and become the largest party on the right.
Hungary’s already strained relations with Ukraine worsened when Viktor Orban, Hungary’s prime minister, confiscated a shipment of Ukrainian gold and cash. The shipment was travelling from Austria through Hungary to Kyiv when it was seized by Hungarian forces. Mr Orban claims the gold and cash may have a criminal link, including to “political organisations”, seen by some as an attempt to smear his election rivals. Ukraine says the shipment was just a transfer between banks.
Britain’s ruling Labour Party released a report aimed at enhancing social cohesion. Entitled “Protecting What Matters”, it presented policies for tackling extremism and safeguarding people from discrimination while drawing the country together. But the report caused divisions, most notably over a controversial definition of “anti-Muslim hostility” that critics think could restrict people’s freedom to criticise Islam.
The British Parliament finalised a bill that will remove the remaining 92 hereditary peers from the House of Lords, which can amend but not block bills sent from the House of Commons. For centuries, people who inherited a seat have sat in the Lords, but a reform process that started in 1999 whittled the number down to several dozen. The 800-odd members of the Lords will now almost entirely be composed of political appointees, which may encourage cronyism.
In Nepal the Rastriya Swatantra Party looked likely to gain a supermajority in parliament following an election. The progressive and economically liberal party is led by Balendra Shah·, who stepped down as mayor of Kathmandu in January. The former rapper was a figurehead for the opposition in last September’s student-led riots, in which scores of people died and the prime minister resigned. That same youth-focused Gen Z movement has now swept him to office, breaking the established parties’ lock on power.
Back on track
Rail services resumed between Beijing and Pyongyang for the first time since the covid-19 pandemic forced them to stop in 2020. The first train between the Chinese and North Korean capitals was sold out, though officials, the media and businessmen were able to secure tickets. North Korea remains closed to foreigners, apart from some Russian and Chinese tour groups. Next month’s Pyongyang marathon has been cancelled. Last year foreign runners competed in the carefully staged event, which ends with a lap of a stadium packed with cheering supporters of the North Korean regime.
This article was downloaded by calibre from https://www.economist.com/the-world- this-week/2026/03/12/politics
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Business
Business
3⽉ 12, 2026 05:41 上午
The International Energy Agency co-ordinated the emergency release of 400m barrels of oil among member countries. It hoped this would alleviate concerns of an oil crunch· following the closure of the Strait of Hormuz, through which some 19m barrels of crude and refined products normally pass a day. The price of Brent crude nonetheless rose, as vessels were hit in the strait; it is now trading around 30% higher than before hostilities began. The price continues to gyrate; Donald Trump suggested the war was “very complete”, yet hostilities have continued. Other energy prices have also surged. Dutch TTF, the European benchmark for natural gas, is up by more than 60% since the war started on February 28th.
The global shock to energy prices is having a big impact in Asia, which relies on oil and gas imports from the Gulf. With fuel prices rocketing, Vietnam encouraged people to work from home to reduce travel. The government in Thailand ordered civil servants to conserve energy in public buildings and is considering whether to compel private businesses to do the same. Bangladesh told universities to close early for a holiday; daily limits have been imposed on fuel sales there.
In India Reliance Industries said it would maximise production of liquefied petroleum gas at its refining hub in Jamnagar, the world’s
largest, and work with the government to ensure uninterrupted access to essential fuels for Indian households. Meanwhile, Donald Trump announced that Reliance would back a project to build a new oil refinery in Brownsville, Texas.
Airline stocks took a battering as investors bet that profits will be all but wiped out by higher fuel costs. Several carriers, including Air India, Air New Zealand and Qantas raised their ticket prices or said they would consider doing so. Air New Zealand suspended its annual earnings forecast because of the market volatility.
Comparative advantage
Defying American tariffs, China’s exports rose by 21.8% in January and February, year on year, blowing past market expectations. Imports were up by 19.8%. Chinese manufacturers have turned to other markets to offset a decline in trade with the US. Exports to Europe increased by 27.8%, to South Korea by 27% and South-East Asia by 29.4%. Meanwhile, China’s annual inflation rate stood at 1.3% in February, the highest in three years.
America’s consumer-price index rose by 2.4% in February at an annual rate, unchanged from January. Energy prices increased by just 0.5% and petrol prices fell by 5.6%. They are expected to jump in the next inflation report, as higher energy costs feed through. Separately, employers unexpectedly shed 92,000 jobs in February, underlining concerns about the weakness of the labour market. The data also showed that since reaching a peak in October 2024, federal government employment has fallen by 330,000, or 11%.
Anthropic went to court to try to overturn the Pentagon’s designation of the startup as a “supply-chain risk”, which mean its products cannot be used by the Pentagon nor by suppliers in their direct work with it. The designation came after Anthropic insisted on safeguards for use in certain situations, such as surveillance. “Our military will obey the United States constitution, not any woke AI
company’s terms of service,” said the White House. Anthropic says the designation could hamper its ability to raise funds.
Oracle’s latest earnings pleased investors. Revenue surged in its recent quarter and the company forecast that it will “comfortably meet and likely exceed” its sales forecast for next year and beyond, thanks to demand for its software from AI data centres. Its spending on AI, which spooked markets late last year, rose sharply in the quarter, but it stuck with a forecast of $50bn in capital expenditures for the whole year.
Battling American tariffs and falling sales in China, Volkswagen’s operating profit fell by half in 2025. The carmaker is now cutting 50,000 jobs in Germany by 2030, up from the 35,000 it had agreed to with unions in December 2024.
From brainstorm to brain fry
Research published in the Harvard Business Review suggested that workers are suffering mental fatigue from excessive use or oversight of AI tools beyond their cognitive capacity. The researchers termed this as “AI brain fry”, usually the result of using too many AI tools at once and for complex projects. When AI is used to reduce routine tasks, worker burnout is much lower, the survey found. The professions reporting the most AI brain fry were marketing and human resources. Those reporting the least were legal services, and management.
This article was downloaded by calibre from https://www.economist.com/the-world- this-week/2026/03/12/business
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The world this week
The weekly cartoon
3⽉ 12, 2026 06:29 上午
Dig deeper into the subjects of this week’s cartoon:
The damage to the world economy from the Iran war will be severe, but uneven·
Donald Trump’s options to cool oil prices are sorely limited·
Liquefied natural gas: the overlooked economic chokepoint·
The editorial cartoon appears weekly in The Economist. You can see last week’s here.
This article was downloaded by calibre from https://www.economist.com/the-world- this-week/2026/03/12/the-weekly-cartoon
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Leaders
An attack on the world economy Beyond oil :: Whatever happens in the Strait of Hormuz, energy markets have been changed for ever
China’s hereditary elite is taking shape A new dynasty :: The Communist Party is afraid to tax inherited wealth
There are no good options for Iran’s nuclear programme Iran’s nuclear programme :: If America cannot eliminate the threat, what should it do?
How to teach Donald Trump a Latin lesson America’s midterm elections :: By alienating Hispanics, he has given Democrats an open goal
Haiti needs order first, then elections Drones v gangs :: Voters must be able to turn out without risking death
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Beyond oil
An attack on the world economy
Whatever happens in the Strait of Hormuz, energy markets have been changed for ever
3⽉ 12, 2026 07:10 上午
HAVING DISCOVERED the costs of tariffs, President Donald Trump has now discovered the costs of war. On March 9th he declared that his campaign against Iran would be over “very soon”, sending oil prices, which had peaked at nearly $120 a barrel the day before, crashing to nearly $80 (before the war they had been $70). Iran’s de facto closure of the Strait of Hormuz has blocked roughly 15% of global oil supply. Mr Trump, facing midterm elections and voters weary of
inflation, is signalling that he cannot bear those costs—just as he retreated from his trade war after markets buckled last spring.
Yet Mr Trump is as chaotic in matters of war and peace as he is in economic policy. As we published this, the strait remained all but closed after Ir
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원본: [[Economist.pdf]]