Larry Fink, chief executive of asset manager BlackRock, warned that oil at around $150 a barrel would likely push the global economy into a deep downturn.He told the BBC that if tensions with Iran persist and energy prices remain elevated, the fallout would be severe for growth and living standards.Fink, who runs a firm with about $14 trillion under management, outlined two broad paths for the...

France's Socialist incumbents held onto the country's four biggest cities — Paris, Marseille, Lyon and Lille — in local elections that offered a boost to established parties ahead of next year's presidential contest.The results suggested a retreat from political extremes in many urban centres, even as the far left and far right made selective advances in other areas.Parties across the...

Many families who once treated days out as a routine are tightening their belts as everyday leisure costs climb.Parents across the UK say meals, attractions and activities have become harder to justify on a middle-income budget, even when both adults are in work.Bianca and Paul Osborne, who live in Stockport and earn close to the national average household income, found a typical family outing...

Belgium is preparing for widespread disruption this week as unions launch a three-day national strike aimed at protest­ing government austerity plans.Key public services and transport links are expected to be hit, with airports among the worst affected.The industrial action responds to a package of reforms from Prime Minister Bart De Wever’s centre-right coalition that aim to cut the budget...

A widely circulated leaked draft of a US-brokered peace proposal lays out 28 points intended to end the war between Russia and Ukraine. The document contains a mixture of provisions that Kyiv might accept and others that would amount to major concessions to Moscow — notably territorial arrangements and limits on Ukraine’s military — but many details remain vague and contested. Territory...