Global Pulse

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  • Ukrainian drone hits upmarket Moscow high-rise ahead of Victory Day celebrations

    Ukrainian drone hits upmarket Moscow high-rise ahead of Victory Day celebrations

    In the early hours of Monday, a Ukrainian drone struck a luxury residential high-rise in southwestern Moscow, leaving visible structural damage to an upper floor’s facade but causing no reported casualties, according to local officials. The incident marked the third straight night of drone attacks targeting the Russian capital, coming just days before Moscow hosts a significantly reduced 9 May parade honoring the Soviet Union’s defeat of Nazi Germany in World War II.

    Unverified footage circulating across social media platforms captured first responders entering a heavily damaged apartment, where broken windows, scattered dust and piles of rubble filled the space. A second clip showed pieces of downed drone debris spread across the street at the base of the building. Moscow Mayor Sergei Sobyanin confirmed that two other drones targeting the city were successfully intercepted by Russian air defenses, and the capital’s two major international hubs, Vnukovo and Domodedovo, temporarily paused all flight operations overnight as a security precaution.

    Across multiple Russian regions between Sunday and Monday, Russian defense officials reported that a total of 117 Ukrainian drones were shot down. Sixty of those drones were directed at the St. Petersburg region, in what regional governor Aleksandr Drodzhenko described as a large-scale coordinated attack.

    The damaged residential building sits in one of Moscow’s most exclusive neighborhoods, located less than 10 kilometers from the Kremlin and Red Square, where the scaled-back 9 May victory parade will be held this Saturday. Since Russia launched its full-scale invasion of Ukraine in February 2022, Ukrainian drone strikes on Moscow have become a recurring occurrence. While drone warnings frequently force temporary airport shutdowns on the capital’s outskirts and disrupt commercial air traffic, most of central Moscow is shielded by Russia’s Pantsir-S surface-to-air missile systems, making successful strikes this close to the city center a relatively rare event.

    Growing security anxiety ahead of the annual celebrations prompted the Kremlin to announce last week that it would scale back the traditional large-scale military parade on Red Square, citing an ongoing “terrorist threat” from Ukraine. This year will mark the first time since 2008 that no armored vehicles or long-range missile systems will be featured in the event. Separately, Russian state media reported Monday that multiple local mobile network providers have announced restrictions on mobile internet access across most of Moscow for the coming week, a measure framed as necessary for national security.

    Ukrainian President Volodymyr Zelensky openly acknowledged the increasing drone pressure, commenting that the Kremlin’s decision to downsize the parade reveals Moscow’s fear that drones could reach Red Square itself. “This is telling… We need to keep up the pressure,” Zelensky said.

    Over the course of the full-scale war, Ukraine has rapidly expanded its domestic production of long-range drones, which are now capable of striking targets hundreds of kilometers inside Russian territory. These unmanned systems regularly target Russian energy infrastructure and oil refineries across the country, with the strategic goal of cutting into Russia’s total oil output and reducing critical export revenue that funds Moscow’s war effort.

    A day before the Moscow strike, Zelensky announced that Ukrainian forces had hit three Russian oil tankers, a cruise missile-carrying warship and a patrol boat in separate attacks on two Russian Black Sea ports. Zelensky noted that the targeted tankers were part of Russia’s so-called “shadow fleet” of vessels that Moscow uses to evade Western oil sanctions imposed after the 2022 full-scale invasion.

    Despite the increasing Ukrainian drone strikes deep inside Russia, Moscow continues its daily campaign of deadly aerial attacks against Ukrainian population centers. On Monday, Ukrainian emergency officials confirmed that a Russian missile strike near the northeastern city of Kharkiv, located just kilometers from the Russian border, killed four civilians and left 18 others injured.

  • One injured after plane hits truck while landing in Newark

    One injured after plane hits truck while landing in Newark

    A low-altitude collision between an incoming commercial airliner and a ground vehicle left one person with minor injuries at one of the busiest airports on the U.S. East Coast over the weekend, but all passengers and crew escaped without harm. On Sunday, a Boeing 767 operated by United Airlines, which was completing an international journey from Venice, Italy to Newark Liberty International Airport in New Jersey, collided with a streetlight pole and a nearby pickup truck as it approached for landing. While the aircraft sustained visible damage from the collision, its flight crew successfully guided the plane to a safe landing, bringing all 231 passengers and crew members on board to the gate without a single injury report. The truck’s driver, however, did not leave the incident unhurt. According to the driver’s employer, speaking to CBS News – U.S. news partner of the BBC – one of the plane’s tires crashed through the truck’s side window and front windscreen in the collision. Dash camera footage captured from inside the truck records the moment of impact: the audio picks up the roar of the low-flying jet seconds before impact, and footage shows shattered glass spraying through the vehicle’s cabin after the collision. The driver received medical treatment for minor lacerations to the arm and hand caused by flying broken glass. In an official statement released after the incident, United Airlines confirmed the details of the collision and outlined next steps. The carrier said it will launch a comprehensive, rigorous investigation into the flight safety incident, and as a standard procedural step for ongoing investigations, the flight crew operating the trip has been temporarily removed from active service. The airline also added that its in-house maintenance engineering team is currently conducting a full assessment of the damage sustained by the aircraft during the collision. New Jersey Governor Mikie Sherrill released a statement reacting to the incident, saying she was deeply grateful that the aircraft was able to land without catastrophic incident, and that all people on board the plane emerged unharmed. U.S. federal aviation investigators have already launched a formal probe into the event. The National Transportation Safety Board, the U.S. government agency responsible for investigating civil aviation accidents, confirmed that it has dispatched a lead investigator to the scene to examine evidence and interview relevant parties. The agency has also formally ordered United Airlines to turn over the plane’s cockpit voice recorder and flight data recorder, two critical pieces of evidence that will help investigators piece together what caused the aircraft to strike the truck and pole during approach. As of the latest updates, no further details on the timeline of the investigation or potential contributing factors have been released to the public.

  • Australian Jews tell antisemitism inquiry of surge in hate before Bondi Hanukkah massacre

    Australian Jews tell antisemitism inquiry of surge in hate before Bondi Hanukkah massacre

    SYDNEY, Australia — One month after a father-son terrorist attack left 15 Jewish worshipers dead at a Hanukkah gathering on Sydney’s iconic Bondi Beach, Australia’s highest-level formal inquiry into growing antisemitism and social cohesion has convened its first public hearings, kicking off a two-week examination of how hate targeting Jewish communities has spread across Australian institutions and broader society. The massacre, which authorities confirmed was inspired by the Islamic State group, marked the deadliest antisemitic attack in modern Australian history and came amid an unprecedented nationwide surge in hate crimes against Jewish people that has shaken a community long unaccustomed to such widespread levels of threat.

    The attack was carried out by Sajid and Naveed Akram, a father and son who were legally licensed to own the firearms they used – a striking detail in a country that has kept some of the world’s strictest gun control regulations for nearly 30 years, following the 1996 Port Arthur massacre. Sajid Akram was killed by responding police at the scene, while Naveed Akram survived his wounds and has been charged with terrorism, 15 counts of murder, and 40 counts of attempted murder; he has not entered any pleas to the charges.

    In opening remarks at Monday’s first sitting, commission head Virginia Bell connected the sharp rise in Australian antisemitism to parallel surges across Western nations, noting the clear tie between escalating tensions and the outbreak of the Israel-Hamas war in October 2023. “It’s important that people understand how quickly those events can prompt ugly displays of hostility toward Jewish Australians simply because they’re Jews,” Bell said. Additional hearings on targeted topics will be held throughout the year, with the commission’s final binding report and policy recommendations due for publication in December.

    All witnesses who appeared before the commission on opening day were Jewish Australians, many of whom requested to testify under pseudonyms to protect their personal safety from further harassment. For community members, the hearing was a chance to lay bare the daily fear that has reshaped life for Australia’s small Jewish population after a year of mounting attacks. Sheina Gutnick, the daughter of 62-year-old victim Reuven Morrison – who died after charging one of the gunmen with a brick to stop the attack – recounted a harassment incident she experienced a year before the massacre: while walking through a Sydney shopping mall carrying her infant child, a stranger verbally abused her after spotting her Star of David necklace, with no bystanders stepping in to intervene. “I felt shocked, exposed and unsafe,” Gutnick told the commission. She added that she now avoids large public family gatherings and hesitates to travel to certain neighborhoods across Sydney.

    Data presented to the inquiry underscores the scale of the surge: in the 12 months following the October 2023 start of the Israel-Hamas war, more than 2,000 antisemitic incidents were reported to the Executive Council of Australian Jewry, which tracks hate crime against Australian Jewish communities. That figure represents a more than fourfold increase from the previous annual record of just under 500 incidents recorded the year before the war. While similar increases have been documented in the United Kingdom and other Western countries, witnesses told the commission the speed and severity of the shift has been particularly jarring for Australia’s tight-knit Jewish community, which had never before faced such a volume of serious, violent threats.

    Toby Raphael, vice president of Sydney’s Newtown Synagogue, which was defaced with swastikas during a 2025 wave of antisemitic attacks, told the commission that constant fear has become the new normal for Australian Jews. “Now everyone is scared all the time,” Raphael said. He recalled that just a few years ago, he had reassured synagogue congregants that no security was needed for weekly services; today, the synagogue is guarded, and Raphael serves on a parent-led security team at his son’s Jewish day school, which is also protected by armed professional security guards. “Why do kids have to go to school like that? This is the world that the Jews of Australia live in now and it needs to change,” he said.

    The rise in high-profile antisemitic attacks predated the Bondi Beach massacre: last August, the Australian government cut diplomatic ties with Iran after concluding the Iranian state had orchestrated at least two separate antisemitic attacks on Australian soil. Many witnesses told the commission the ongoing escalation has pushed them to consider leaving Australia entirely to seek safety for their families elsewhere. Alex Ryvchin, a leader of a major Australian Jewish organization whose home was targeted in an arson attack in early 2025, told the commission he had warned for months that the unaddressed rise in antisemitism would lead to mass casualties. “This was January, and by December there was a horrific massacre which has transformed us permanently,” Ryvchin told the hearing. He added that he now believes Australia is “on a path to catastrophe” if urgent action is not taken.

    The Bondi Beach massacre has also reignited national debate over gun regulation in Australia, a policy area that has remained largely settled since the 1996 Port Arthur shooting that led to the country’s strict current laws. The Royal Commission released an interim report in April that examined gaps in law enforcement and security response to antisemitic crime, and recommended that Australian policymakers prioritize passing nationally consistent gun laws and implementing a new national weapons buyback program. Federal and state governments are currently reviewing the proposal and considering further regulatory changes.

  • Met Gala 2026: How to watch, the price of tickets and this year’s theme

    Met Gala 2026: How to watch, the price of tickets and this year’s theme

    The fashion industry’s most anticipated annual event is nearly upon us: the 2026 Met Gala is set to open its red carpet to hundreds of A-listers on the first Monday of May in New York City, with final preparations wrapping up across the city. Seamstresses have put the final stitches on custom designer gowns, high-end jewelry has been polished to a shine, and top local hair stylists and makeup artists have been fully booked for weeks as the industry gears up for what is widely dubbed the “Super Bowl of fashion.”

    This year’s gala, which raises critical funding for the Metropolitan Museum of Art’s Costume Institute, welcomes a star-studded lineup of co-chairs: global music icon Beyoncé, award-winning actor Nicole Kidman, tennis legend Venus Williams, and Amazon founder Jeff Bezos alongside his wife Lauren Sanchez Bezos, who also serve as official sponsors for the event. For Beyoncé, the appearance marks a full-circle return to the iconic event: she has not walked the Met Gala red carpet since 2016, when she turned heads in a futuristic ensemble for the event’s technology-themed iteration that year.

    Joining the co-chairs is an equally high-profile host committee, headlined by designer Anthony Vaccarello and actor-musician Zoë Kravitz. Notable names on the committee include pop star Sabrina Carpenter, rapper Doja Cat, entertainer Teyana Taylor, BLACKPINK’s Lisa, actor Elizabeth Debicki, and writer-director Lena Dunham.

    This year’s event ties directly to the Costume Institute’s brand-new spring exhibition, titled *Costume Art*, which will open to the public following the gala. The exhibition features more than 400 garments and historical objects spanning 5,000 years of fashion history, and will run through January 2027. Reflecting the exhibition’s focus, the official gala dress code is “Fashion Is Art,” which invites guests to interpret fashion as a tangible, embodied art form and celebrate how the dressed body has been depicted across art history.

    Industry outlets such as Vogue have speculated that many guests will lean into historical artistic references for their red carpet looks, with nods to movements ranging from the Renaissance and Baroque periods to Impressionism. Some celebrities may even pull direct inspiration from iconic individual paintings. That said, the flexible nature of the theme leaves room for endless personal interpretation, so attendees are expected to bring a wildly diverse range of styles to the red carpet.

    Beyond the fashion, the 2026 Met Gala has not been without controversy. Bezos’ role as co-chair and sponsor has sparked calls for a boycott from critics, who have raised concerns over workers’ rights issues tied to Amazon. Protest posters have even been spotted near the Metropolitan Museum of Art calling attention to the disputes.

    As per long-standing tradition, the event will kick off with guest arrivals starting at 6 p.m. EST (11 p.m. BST). While the official guest list is never released to the public ahead of time, around 450 invited A-list guests are expected to attend. The gala itself is a strictly exclusive, closed-door event: the general public cannot access the inside festivities, which include cocktails, a formal dinner, live entertainment, and a first look at the new *Costume Art* exhibition, and a strict no-selfie rule is enforced inside the venue. Even so, the hours-long pre-event red carpet guarantees global, wall-to-wall media coverage.

    As is common for major cultural moments, the 2026 Met Gala has already been leveraged for cross-promotion: the long-awaited sequel *The Devil Wears Prada 2* premiered this past weekend, with its release date deliberately timed to coincide with the gala. The original 2006 film, a beloved affectionate parody of the high fashion world, was loosely based on Met Gala chair Anna Wintour’s tenure as editor-in-chief of Vogue.

    For fans unable to attend in person, multiple free live streaming options will be available. Vogue will once again host the official red carpet stream, hosted by model Ashley Graham, model-actor Cara Delevigne, media personality La La Anthony, with fan-favorite correspondent Emma Chamberlain returning for another year. The stream will be broadcast across Vogue’s digital platforms, as well as YouTube and TikTok. Dozens of other news outlets and fashion brands will also stream their own coverage across Instagram and TikTok, and the BBC News website will run a dedicated live page throughout guest arrivals.

    For those curious about how the guest list comes together: the event maintains its tight exclusivity through a simple rule: every single invitation must receive personal sign-off from Wintour, who has chaired the Met Gala since 1995 and currently serves as global head of content for Condé Nast, Vogue’s parent company. While tables at the gala cost upwards of $350,000 and individual tickets run roughly $75,000, almost no celebrities pay for their own attendance. Instead, major fashion brands cover the cost of tables and tickets to host A-list stars, who in turn generate massive global publicity for the brand by wearing their designs on the red carpet — publicity that far outweighs the high cost of entry.

  • Man rushed to hospital with serious injuries after alleged horror attack on busy Melbourne CBD street

    Man rushed to hospital with serious injuries after alleged horror attack on busy Melbourne CBD street

    A violent midday incident on one of Melbourne’s most crowded commercial thoroughfares has left a local man hospitalized with life-threatening upper body trauma, prompting an active police investigation into the circumstances of the attack. Emergency response teams were dispatched to the intersection of Collins Street and Elizabeth Street, a bustling hub in Melbourne’s central business district, shortly after 2:10 p.m. on Wednesday following reports of an injured individual at the scene. The victim, identified only as a 37-year-old resident of the Melbourne suburb of Mill Park, was urgently transported to the Royal Melbourne Hospital after first responders assessed his condition. As of Wednesday afternoon, the victim remains in serious but stable condition, according to initial updates from emergency services. A spokesperson for Victoria Police confirmed Wednesday that investigators have not yet established how the man sustained his injuries, noting that the case remains open and active. Police have not yet released any information about potential suspects or motives for the incident, and additional details are expected to be released as the investigation progresses. Local witnesses reported a heavy emergency services presence at the downtown intersection in the minutes after the incident, though traffic and pedestrian activity in the area had returned to near-normal levels by late Wednesday afternoon.

  • Cruise ship operator says Dutch to repatriate two ill passengers

    Cruise ship operator says Dutch to repatriate two ill passengers

    A serious public health incident is unfolding on a cruise ship anchored off the coast of Cape Verde, where three people have already died amid a suspected hantavirus outbreak, and Dutch authorities are set to lead a coordinated mission to repatriate two acutely ill passengers still on board, the vessel’s operator has confirmed.

    In its first official public statement addressing the crisis, Netherlands-based Oceanwide Expeditions, which operates the expedition cruise ship MV Hondius, acknowledged the unfolding “serious medical situation” on the vessel. The ship was mid-voyage, traveling north from Ushuaia, Argentina toward Cape Verde when the outbreak began.

    The operator has verified three fatalities connected to the incident: two deaths occurred on board the ship, while a third victim died after disembarking earlier for emergency care. One passenger is already receiving intensive care treatment in a Johannesburg hospital, where hantavirus has been confirmed in their case. Two remaining symptomatic passengers on the MV Hondius now require urgent, advanced medical intervention that cannot be adequately provided on the vessel.

    Oceanwide Expeditions confirmed that Dutch authorities have committed to leading a joint international effort to medically evacuate and repatriate the two symptomatic people from the ship’s current position off Cape Verde to medical facilities in the Netherlands. The evacuation and repatriation effort remains contingent on multiple key approvals, most notably formal authorization from local Cape Verdean authorities, which has not yet been granted. While local medical practitioners have already boarded the vessel to evaluate the health status of the two passengers, permission to move them to onshore medical facilities in Cape Verde is still pending.

    A spokesperson for the Dutch Ministry of Foreign Affairs confirmed to Agence France-Presse that the department is actively assessing all logistical and regulatory options to carry out the medical evacuation of the affected passengers. “If this can take place, the ministry of foreign affairs will coordinate it,” the spokesperson said.

    Oceanwide Expeditions added that it remains in constant close communication with Cape Verdean health authorities to coordinate plans for full disembarkation and universal medical screening of all passengers and crew once local approval is secured.

    Though hantavirus has been confirmed in the Johannesburg patient, operators emphasize that it has not yet been definitively linked to the three recorded deaths, and neither has hantavirus been confirmed in the two symptomatic patients still on the ship. “The exact cause and any possible connection are under investigation,” the company said.

    The World Health Organization released an update on the incident Sunday, confirming one laboratory-positive case of hantavirus and five additional suspected cases. The U.N. health agency noted that while hantavirus infections in humans are rare, human-to-human transmission is possible, and the pathogen can cause life-threatening severe respiratory illness that requires constant specialized monitoring and supportive care.

    Hantavirus is most commonly transmitted to humans from contact with rodent excreta, according to global public health data.

  • Three dead after monster truck crashes into crowd

    Three dead after monster truck crashes into crowd

    A tragic accident at a monster truck exhibition in southern Colombia has left three people dead and at least 38 others injured after the vehicle lost control and crashed into a gathered crowd on Sunday. The incident unfolded in Popayán, the capital city of Colombia’s Cauca province, when the truck’s braking system reportedly failed mid-show, according to initial law enforcement assessments.

    Graphic footage circulating from the event captures the moment the out-of-control truck smashed through a protective barrier separating the vehicle from spectators. After barreling into the standing crowd, the truck only came to a halt after colliding with a nearby electricity pole, leaving panicked attendees scrambling for safety.

    Local official reports, shared by Colombian newspaper El Espectador, confirm that a 10-year-old girl was among those killed at the scene of the crash. Popayán’s police commander Colonel Julián Castañeda told local outlet El Tiempo that preliminary investigations point to a mechanical failure as the root cause of the disaster. “The vehicle accelerated, it couldn’t brake, and the driver is in stable condition,” Castañeda confirmed in his statement to press.

    Local and regional leaders have moved quickly to respond to the tragedy, announcing a full, transparent probe into the incident to determine what led to the crash and hold any responsible parties accountable. “These events, which should never have happened, will be clarified with total responsibility and transparency,” said Juan Carlos Muñoz Bravo, mayor of Popayán, in an official address following the accident.

    Regional governor Octavio Guzmán also extended public condolences to grieving families and the community of Popayán. “We express our solidarity with the families of those affected by this tragic accident, as well as with our capital city, Popayán,” Guzmán said. As of the latest updates, authorities have not released additional details on the condition of the injured, and the formal investigation remains ongoing.

  • Iran warns will attack US forces in Hormuz after Trump announces escort plan

    Iran warns will attack US forces in Hormuz after Trump announces escort plan

    Tensions between the United States and Iran have spiked dramatically in the strategic Strait of Hormuz, after former U.S. President Donald Trump announced a new U.S. military escort mission for commercial shipping through the waterway, prompting Tehran to issue an explicit threat to attack any American forces that enter the strait.

    The current standoff stems from a months-long conflict that has deadlocked diplomatic negotiations since a ceasefire between the U.S.-Israeli coalition and Iran went into effect on April 8. At the heart of the dispute is Iran’s decision to block access to the Strait of Hormuz, a critical global chokepoint that carries a third of the world’s seaborne oil and natural gas exports, along with key supplies of agricultural fertilizer. Iran’s blockade has choked off global energy and commodity flows, while the U.S. has retaliated with its own counter-blockade of Iranian ports.

    On Sunday, Trump took to his social platform Truth Social to unveil the new maritime escort operation, which he branded “Project Freedom”. He framed the mission as a humanitarian intervention, designed to assist hundreds of commercial ships and crews trapped in the Gulf region, many of which are facing dwindling supplies of food and essential provisions. “We will use best efforts to get their Ships and Crews safely out of the Strait. In all cases, they said they will not be returning until the area becomes safe for navigation,” Trump wrote, confirming the operation would get underway on Monday.

    The U.S. leader also noted that his diplomatic representatives were holding constructive talks with Iranian officials, adding that ongoing discussions could yield a mutually beneficial agreement for both sides. Notably, however, he made no public reference to the 14-point peace proposal that Tehran says it submitted last week to end the conflict, which includes a one-month deadline for negotiations to reopen the strait, lift the U.S. blockade, and formally end hostilities, according to U.S. news outlet Axios, which cited two anonymous sources briefed on the Iranian plan.

    Within hours of Trump’s announcement, Iran’s military central command issued a firm rebuke. In a statement carried by Iranian state broadcaster IRIB, Major General Ali Abdollahi emphasized that all safe passage through the Strait of Hormuz must be coordinated with Iranian forces under any circumstances. “We warn that any foreign armed force — especially the aggressive US military — if they intend to approach or enter the Strait of Hormuz, will be targeted and attacked,” Abdollahi said. The Iranian Revolutionary Guards doubled down on the warning Sunday, framing Trump’s choice as a binary one: “an impossible operation or a bad deal with the Islamic Republic of Iran.”

    U.S. Central Command has assembled a large-scale force for the Hormuz mission, including guided-missile destroyers, more than 100 land and sea-based aircraft, advanced multi-domain unmanned surveillance and strike platforms, and 15,000 active-duty service members. As of April 29, maritime intelligence firm AXSMarine recorded more than 900 commercial vessels stuck in the Gulf region amid the ongoing blockade.

    The escalating standoff has sparked deep concern among U.S. European allies, who face major economic damage from prolonged closure of the strait. German Foreign Minister Johann Wadephul publicly called for the immediate reopening of the waterway, and in a call with Iranian Foreign Minister Abbas Araghchi, Wadephul stressed that Germany supported a negotiated settlement, but insisted “Iran must completely and verifiably renounce nuclear weapons and immediately open the Strait of Hormuz.”

    French President Emmanuel Macron, who has led efforts to organize an international coalition to secure the strait alongside Britain and other partners, said the only viable path forward is “a coordinated reopening by the United States and Iran.”

    Global energy markets have already been roiled by the blockade: current oil prices sit roughly 50 percent higher than pre-conflict levels, driven almost entirely by supply chain disruptions through the strait.

    Trump, who spent the weekend at his Mar-a-Lago resort in Florida, declined to specify what actions would prompt new U.S. military strikes against Iran, but warned that any interference with the humanitarian escort mission would be met with force. “If in any way, this Humanitarian (ship-guiding) process is interfered with, that interference will, unfortunately, have to be dealt with forcefully,” he wrote.

    U.S. Treasury Secretary Scott Bessent doubled down on Washington’s pressure campaign, telling Fox News that the U.S. naval blockade is part of a sweeping economic embargo designed to cripple the Iranian government. “We are suffocating the regime, and they are not able to pay their soldiers,” Bessent said. “This is a real economic blockade, and it is in all parts of government.”

  • Australian sharemarket falls ahead of looming interest rate hike

    Australian sharemarket falls ahead of looming interest rate hike

    The Australian equity market extended its prolonged downturn into a ninth losing session in 10 trading days on Monday, driven by growing investor anxiety over an impending interest rate hike from the Reserve Bank of Australia (RBA) and a wave of downbeat corporate announcements. By the closing bell, the benchmark ASX 200 had slid 32.7 points, or 0.38%, to settle at 8697.1, while the wider All Ordinaries index dropped 30.9 points, or 0.35%, to end the session at 8923.8.

    The nation’s big four banking giants recorded a mixed trading session, with results split by recent corporate earnings reports. National Australia Bank (NAB) led the declines among major lenders, dropping 1.58% or 62 cents to close at $39.20 after reporting a fall in half-year profits. Commonwealth Bank of Australia also closed in negative territory, edging 0.48% or 82 cents lower to $172.21. Gains were recorded by the remaining two major banks: ANZ rose 1.9% or 67 cents to finish at $36.29, while Westpac gained 0.13% to close five cents higher at $38.50.

    Commodity markets also trended downward through the session. Spot gold prices fell 0.37% or 16.97 points to settle at US$4595.53 per ounce, while international benchmark Brent crude dropped 0.8% or 0.87 points to trade at US$107.30 per barrel. Against this backdrop, the Australian dollar hit a four-year high against the U.S. dollar, last trading at 72.02 US cents.

    The majority of ASX sectors closed the day in negative territory. The Consumer Staples sector was the hardest hit, sliding 2.58% following a series of corporate updates. Alcohol and retail conglomerate Endeavour Group fell 3.8% or 12 cents to $3.29 after revealing plans to cut $100 million in operating costs by the 2027 financial year. Supermarket giant Coles Group dropped 3.93% or 90 cents to $22.02, while dairy processor Bega Cheese lost 3.58% or 20 cents to close at $5.38. The Utilities sector also posted notable losses, with AGL falling 3.1% or 30 cents to end at $9.39. The Information Technology sector was a rare bright spot, climbing 1.03% overall, led by a 6.15% jump for location technology firm Life360 (to $21.23, up $1.23) and a 2.92% rise for accounting software provider Xero (to $82.92, up $2.35).

    All investor attention now turns to Tuesday’s RBA monetary policy announcement, where another interest rate increase is widely forecast. Market expectations for a hike have been amplified by global energy market volatility stemming from the ongoing conflict in the Middle East. BetaShares chief economist David Bassanese noted that while an increase would be disappointing for Australian mortgage holders, the broader sharemarket is unlikely to see extreme volatility in the days following the decision, as the move is already largely priced in. “Given it’s expected, the decision shouldn’t have a big effect on the market on Tuesday,” Bassanese explained. “The tone of the statement that accompanies the decision will be probably just as important as the decision itself. The market may be relieved if they raise rates but then signal that they’ll be pausing for some time.” He added that the RBA needs to cool domestic economic growth to prevent energy-driven inflation from becoming embedded in long-term wage and price setting. All eyes will be on RBA governor Michele Bullock as she delivers the central bank’s latest policy call and forward guidance.

    A number of individual companies posted steep declines following negative corporate updates Monday. Footwear retailer Accent Group saw its share price plunge 12.9% or eight cents to 54 cents after the firm confirmed it is facing an investigation by the Australian Securities and Investments Commission (ASIC) into share market trading conducted by chief executive Daniel Agostinelli. The company also cut its full-year pre-tax earnings forecast to between $79.5 million and $84.5 million, well below consensus analyst expectations. Energy firm Viva Energy fell 3.2% or eight cents to $2.42 after announcing that repair works to its Geelong oil refinery, damaged in a major fire last month, would not be completed until the end of June, later than some market projections. Infant formula manufacturer A2 Milk recorded one of the steepest single-day drops, sliding 9.9% or 72 cents to $6.55 after issuing a recall of thousands of formula units shipped to the United States, triggered by the discovery of a toxin that can cause severe illness in young children.

  • Africa eyes benefits from tariff waiver

    Africa eyes benefits from tariff waiver

    When China’s expanded zero-tariff policy for African exporters took effect on May 1, 2026, business leaders and policy experts across South Africa began framing the move as a transformative opportunity to deepen cross-continental trade and unlock broad-based economic gains for the African continent. Previously, China’s duty-free access schemes only covered a limited group of the world’s least developed African nations. The updated policy extends this preferential treatment to include major middle-income African economies such as South Africa and Nigeria, opening new doors for a far wider range of export sectors. Theuns Botha, chief executive officer of Kingday Textiles — a South African firm that imports Chinese textile inputs and exports raw aluminum and zinc to China — has called on domestic businesses across the continent to move quickly to capitalize on the new trade terms. “This is an incredible opportunity. China is actively working to expand two-way trade with African countries,” Botha explained in an interview. “This tariff waiver covers multiple core sectors, from manufacturing to agriculture to mining, and strong demand from Chinese consumers and industrial operators will drive job creation across the continent. What we are seeing is China opening its markets and making tangible trade concessions to partners across the globe.” Botha added that the new zero-tariff scheme comes at a critical moment for many African nations, which have faced growing uncertainty and volatility in their trade relations with the United States amid Washington’s unilateral tariff policies. Under the current U.S. administration, trade negotiations with Washington have become “difficult and complicated,” he noted, urging South African producers to scale up production capacity to meet rising Chinese import demand and capture a larger share of the vast Chinese market. Wolfe Braude, a senior manager at the Agricultural Business Chamber of South Africa, also welcomed the policy, while reminding prospective exporters that they must meet all of China’s regulatory requirements to access the market. Any African country seeking to export agricultural commodities to China is required to negotiate and sign official sanitary and phytosanitary (SPS) protocols to ensure food safety and prevent the spread of pests and disease, Braude explained. To date, South Africa has already finalized several such agreements, and the nation plans to add cherries and blueberries to the list of approved exports for China in 2026, he added. For non-agricultural goods, exporters are required to comply with product safety and quality standards set by Chinese regulatory authorities, Braude noted. He acknowledged that navigating China’s regulatory framework and market entry procedures poses challenges for some African firms, particularly small and medium-sized enterprises (SMEs) that lack the administrative and operational capacity to meet requirements on their own. These smaller businesses will need targeted capacity-building support to fully capture the benefits of the zero-tariff waiver, he said. Looking ahead, the 2026 Framework Agreement on Economic Partnership for Shared Prosperity, which South Africa signed with China earlier this year, will help exporters gain a clearer understanding of Chinese trade systems, rules and regulatory requirements, Braude noted. Beyond trade, the agreement also paves the way for deeper Sino-African cooperation in high-priority areas including green energy development, digital transformation, technical capacity building and infrastructure financing, he added. Braude also emphasized that China’s decades of rapid development experience offers valuable, actionable insights for African economies, noting that China has successfully addressed many of the same structural development challenges that African nations continue to grapple with today. Philani Mthembu, executive director of the South Africa-based think tank Institute for Global Dialogue, echoed these positive views, saying the zero-tariff policy will further deepen and strengthen trade ties between Africa and China. “China is opening its market wide to South African products, especially in the agriculture sector, which is a very important development for our economy,” Mthembu said. Looking forward, Mthembu noted that the next phase of Sino-African trade cooperation should focus on expanding cross-border investment and building joint manufacturing partnerships on the continent. “Even in the automotive sector, we encourage Chinese firms to establish manufacturing facilities for high-tech goods and other products right here in Africa,” he said. As the policy enters its first days of implementation, African stakeholders remain optimistic that the expanded zero-tariff waiver will deliver inclusive, long-term economic benefits across the continent, while also creating new opportunities to rebalance African trade partnerships amid global economic uncertainty.