Economy

Middle East Crisis  Economic Impact
War with Iran has cost the US $38 billion – and fueled inflation

The US war against Iran has cost the country $38 billion in direct expenses—and will drive up inflation by 0.5 percent. This is according to a study commissioned by the US Congress, Bloomberg reports.

The report also indicates that replenishing ammunition stockpiles could take five years, affecting US defense capabilities.

The direct costs for military hardware align with the estimate provided by Secretary of Defense Pete Hegseth in July.

Trump’s tariff policy
Sources: US and China discussing tariffs ahead of state visit

The US and China are discussing tariff reductions on certain goods ahead of Chinese President Xi Jinping’s visit to Washington next week. Bloomberg reports this, citing sources.

Although the talks concern only a small fraction of the countries' tariffs, the news agency notes that this signals the continuation of the tariff truce established in 2025.

According to the sources, discussions are focusing on tariff reductions in the energy and agricultural sectors. 

Military coup in Myanmar
Norwegian police investigating Telenor for crimes against humanity

Norwegian police are investigating whether the telecom company Telenor has been involved in crimes against humanity in Myanmar. Several media outlets are reporting this.

A raid was conducted at the company's headquarters in Oslo on Tuesday. The allegations concern the company having "repeatedly" handed over user information to the military junta that seized power in the country in a brutal takeover in 2021, Reuters reports.

Telenor, for its part, states that its employees risked imprisonment, torture, or the death penalty if they did not comply with the military junta's orders. 

The future of the EU
EU aims to facilitate job-related relocation – developing digital certificate

The EU wants to make it easier to relocate within the union and is therefore developing a "social security passport," according to a report by TT.

It is intended to be a digital document showing an individual's social security coverage. It can be compared to the current procedure, which requires a paper form.

"Companies should be able to recruit the talent they need with less paperwork and fewer delays," says Labor Commissioner Roxana Minzatu.

The EU also aims to expedite the process of having professional qualifications recognized when moving within the union.