The Philippines has declared a state of national energy emergency as the conflict in the Middle East cuts fuel supplies. President Ferdinand Marcos Jr said he had signed an executive order to safeguard energy security amid severe disruption to global supply chains. The Philippines is highly dependent on fuel imports and particularly vulnerable to disruptions in production and shipments. The US-Israel war with Iran - and the effective closure of the Strait of Hormuz, a key shipping route - has sent shock waves through global energy markets, causing soaring prices and shortages.
Meanwhile Slovenia has become the first EU member state to implement fuel as many countries experience steep hikes in fuel prices. In Slovenia, this has resulted in so-called "fuel tourism", as drivers from neighbouring countries, particularly Austria, take advantage of the lower, regulated prices here. Under the new measures, private motorists in Slovenia will be restricted to a maximum purchase of 50 litres of fuel per day. Businesses and farmers have a more generous allowance of 200 litres.
And after eight years of negotiation, the EU and Australia have signed new trade deal that will remove the vast majority of tariffs for both markets.
As a result European shoppers could soon see more Australian beef on the shelves and the EU will be able to sell more cars, chemicals and steel in Australia.
