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A liquefied petroleum gas carrier which has previously ferried Iranian cargoes is moving through the Strait of Hormuz while declaring that its crew and owners are Indian, according to ship-tracking data.

Ever since Covid, central banks around the world have had the same problem. They have tools that are designed to modulate demand, but so many challenges have involved the supply side of the economy. Whether we’re talking about supply chain disruptions, the war in Ukraine, and now the war in Iran, these are all issues for which monetary policy is of limited value. Of course, the temptation is to “look through” these issues, recognizing the fact that these disruptions don’t say much about the actual underlying state of the economy. On this episode we speak with Megan Greene, an external member of the Monetary Policy Committee at the Bank of England. We talk about the compounding effects of all these shocks (including the trade war), how she’s thinking about the first- and second-order effects of each one, and why, for now, despite the underlying weakness of the UK economy, she remains squarely focused on the risks of higher inflation. (Source: Bloomberg)

Central banking on hard mode.

China said it dismantled a cross-border drug trafficking network in a joint operation with the US, signaling cooperation on a key bilateral issue just days before a presidential summit in Beijing.

Thailand’s largest refiner Thai Oil Pcl is turning to Africa and the Americas for crude, reducing its dependence on the Middle East to maintain stable domestic supply.

Anna Edwards, Guy Johnson, Tom Mackenzie and Mark Cudmore break down today’s key themes for analysts and investors on “Bloomberg: The Opening Trade.” (Source: Bloomberg)

Emerging Asian currencies were lower, with the Korean won and the Thai baht leading losses amid a stalemate in the Middle East talks to end the 10-week-long US-Iran conflict.

Horizons Middle East & Africa is your daily spotlight on one of the world’s fastest-growing regions. Live from Dubai, we bring you the latest global markets and analysis, plus news-making interviews, with a special focus on MEA. All that and more, as you head to the office in the Gulf, pause for lunch in Hong Kong, or start your day in London or Johannesburg. (Source: Bloomberg)