A drone strike caused a fire at a nuclear power plant in the United Arab Emirates, while Saudi Arabia reported intercepting three drones, as U.S. President Donald Trump warned that Iran must act “fast” to reach a deal.

Meanwhile, the vital Strait of Hormuz remains closed to all but a trickle of shipping as Tehran tries to formalise its control of the waterway that used to carry 20% of the world’s oil trade.

“The closure is draining global oil inventories fast,” warned analysts at Capital Economics. “Inventories could reach ‌critical levels by end-June, setting ⁠the stage ⁠for Brent at $130-140pb, if not higher.”

“If the strait is closed through year-end and oil stays around $150pb into 2027, that would push inflation to near 10% in the UK and euro zone, send rates back to their recent peaks and lead to global recession.”

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Brent was trading up 1.2% at $110.63 a barrel, while U.S. crude climbed 1.0% to $106.42 a barrel. [O/R]
G7 finance ministers gather in Paris on Monday to discuss the Strait of Hormuz and critical raw material supplies, even as geopolitical differences threaten to test the group’s cohesion. Concerns energy costs would stay high and thus continue to drive inflation, saw global bond markets hammered on Friday.

Yields on U.S. 10-year notes were up at 4.584%, having surged 23 basis points last week, while 30-year bonds stood at 5.109% after jumping 18 basis points on the week.

Investors in turn feared central banks globally would have ⁠to tighten to ‌head off an inflationary spiral, and a hike from the Federal Reserve is now seen as a 50-50 chance this year.

Minutes of the Fed’s last meeting are out on Wednesday and should show how much pressure there was on the committee for a shift to a neutral stance, ⁠and away from an easing bias.

Japan’s Nikkei eased 0.4%, having fallen 2% last week though that was from record highs. South Korean stocks fell 2.1%, as the red-hot market cooled just a little after demand for semiconductors drove it to all-time peaks.

MSCI’s broadest index of Asia-Pacific shares outside Japan lost 0.6%. China’s markets hit their highest in more than four years last week, but will have to weather data on April retail sales and industrial output later in the session.

AI, RETAIL EARNINGS TO TEST THE BULL RUN
S&P 500 futures fell 0.4% and Nasdaq futures lost 0.5% in early trade.

While Wall Street has been supported by upbeat earnings, analysts at Citi noted half of the boost to earnings came from one-time items such as tariff add-backs and asset mark-ups. Both the gains in profits and the overall indexes were also tightly based.

“We identify 20 stocks that contributed the majority of index earnings ‌upside,” wrote analyst Scott Chronert in a note. “Forward guidance increases also show a similar narrow focus.”

“Broadening is a necessary condition for meaningful index upside from here,” he added. “This will require a better line of sight to the Iran conflict wind-down.”

The all-important AI trade will be tested by earnings from Nvidia due on Wednesday, where expectations are sky ⁠high for the world’s most valuable company.

Nvidia shares are up 36% since the March low, while the Philadelphia SE semiconductor index has surged more than 60%, amid voracious demand for chips as tech companies spend massively to build AI-related infrastructure.

Also due this week are results from a host of retailers led by Walmart, which will provide an insight into how consumers are faring with high energy prices.

In forex markets, risk aversion has tended to benefit the greenback as the world’s most liquid currency. The U.S. is also a net energy exporter, giving it a relative advantage over Europe and much of Asia.

The euro sat at $1.1620, after losing 1.4% last week. The pound wallowed at $1.3318, having dived 2.3% last week as political instability added to already intense pressure on the gilt market.

The dollar held firm on the yen at 158.64, with only the threat of Japanese intervention preventing another speculative assault on the 160.00 chart barrier.

In commodity markets, gold was flat at $4,540 an ounce, having drawn little support so far as a safe haven or as a hedge against inflation risks. [GOL/]

Is 60 truly the perfect endpoint of a working life? This question is becoming ever more pressing as Thailand and the broader ASEAN region rapidly transition into a “Super-Aged Society.” The economic and social structures that were once driven by a young workforce are facing mounting pressure. This is not merely a fiscal crisis or a social welfare burden — it is a pivotal moment that calls for a collective effort to revive the potential of an experience-rich human resource and restore it as a core engine of growth.

Key Points

• The “Age Wall”: Approximately 77% of formal-sector organizations in Thailand enforce a mandatory retirement age of 60, prematurely removing skilled and healthy individuals from the labor market.
• Worker Preferences: Surveys indicate that a significant majority of workers aged 50–60 desire to remain employed beyond age 60, with a strong preference for transitioning to part-time, “phased” work arrangements as they grow older.
• Employer Barriers: Businesses express concerns regarding the physical capacity of older workers, a perceived lack of digital and AI proficiency, and the inadequacy of current tax incentives, which only apply to low-wage employment.
• Need for Policy Reform: The report calls for a shift toward voluntary, mutually agreed-upon retirement arrangements that accommodate the specific needs of different industries.
• Proposed Solutions:
  • Implementing a new legal framework to prevent age discrimination and provide targeted upskilling for workers aged 50–60.
  • Updating labor laws to support flexible, hourly employment models.
  • Enhancing tax incentives to encourage the hiring and retention of high-skilled older workers and offering income tax exemptions for employees over 60 who remain in the formal workforce.

These concerns are echoed in the preliminary findings of the study “Promoting Happy Ageing in ASEAN: Enhancing Health, Security, and Social Participation,” a collaboration among the ASEAN Centre for Active Ageing and Innovation (ACAI), the Health Intervention and Technology Assessment Program (HITAP), and the Thailand Development Research Institute (TDRI). The study aims to present pathways for promoting social participation and income security through employment, with the overarching goal of advancing happy ageing.

Among the proposed solutions for navigating an ageing society is a call for both the public and private sectors to revisit the Mandatory Retirement Age (MRA) — moving away from the fixed cut-off of 60 years toward a more flexible system — while championing the employment innovation of “Phased Retirement” to retain skilled workers and ensure income security for older workers.

The “Age Wall”: A Barrier to Quality Ageing

A survey of 1,573 formal-sector workers in government agencies, state enterprises, and private organizations aged 50–60 years across Thailand found that the current retirement structure remains largely “rigid age cutoffs.” Over 77% of organizations enforce a mandatory retirement age fixed at exactly 60, which has become a significant barrier forcing workers who are still healthy, skilled, experienced, and willing to work to exit the labor market prematurely.

Notably, 1 in 4 respondents expected to continue working after the mandatory retirement age — particularly those in elementary occupations and technical trades — wishing to work until around 62–63 years of age, driven by income necessity and a desire to remain socially engaged.

Workers Want a Gradual Retirement

The study paints an even clearer picture. Respondents do not wish to stop working entirely upon reaching 60 years old. Instead, they prefer a “phased retirement” model. The survey found that at age 55, 99% of respondents still wished to work full-time, with an average expected working week of 39 hours.

At age 60, 91.3% still wanted to continue working, though increasingly shifting toward part-time arrangements, with an average expected working week of 30 hours. By age 65, over 73.9% still had a desire to work — predominantly part-time — with an average expected working week of 18 hours.

Employers Concerned About Digital Skills and Ineffective Incentives

From the employer’s perspective, most indicated a willingness to retain older workers on a voluntary basis. However, employers raised concerns in three key areas:

Health and safety constraints: Employers are concerned about the mismatch between job demands and the physical condition of older workers, as well as the risk of workplace accidents if older employees continue in the same roles without job redesign. Without appropriate adaptation, this poses risks to both the individual worker and overall business efficiency. 

Digital skills and AI gap: Employers perceive older workers as struggling to adapt to digital technology and AI systems — which are no longer optional but essential for business survival. This lag in adaptation is seen as a “productivity loss” unless the government steps in to bridge the gap through intensive upskilling and reskilling programs.

Cost trap and incentivising tax measures: The current double-deduction tax incentive for employing older workers is capped at a monthly salary of only 15,000 baht. This is a critical limitation in employers’ eyes. They think that the benefit cannot be fully utilised when hiring high-skilled older workers, who typically command salaries well above this ceiling. In effect, the measure incentivises only low-skill employment.

Policy Recommendations for Happy Ageing

To address the “rigid” mandatory retirement age (MRA) and structural barriers, the document proposes the following:

• Shift from Mandatory to Voluntary Criteria: Moving away from fixed retirement ages of 60 toward flexible, mutually agreed-upon arrangements between employers and employees based on the specific nature of the work.
• Development of a Legal Framework: Establishing a dedicated legal framework for older worker employment that includes:
  • Anti-age-discrimination protections.
  • Legislative revisions to accommodate flexible working arrangements and hourly employment in the formal sector.
• Support for “Phased Retirement”: Designing work arrangements that allow for a gradual reduction in working hours as employees age, while ensuring these workers maintain essential benefits and protections.
• Targeted Upskilling/Reskilling Programs: Implementing government-led initiatives to close the digital and AI skill gaps for workers aged 50–60 to ensure they remain productive and relevant in an evolving workplace.

Flexible retirement criteria: Shift from fixed mandatory retirement ages to voluntary, mutually agreed arrangements between employers and employees based on the nature of work, in order to reduce the loss of skilled and experienced personnel.

Flexible employment frameworks: Establish a dedicated legal framework for older worker employment, with anti-age-discrimination protections and targeted upskilling support to close digital and AI skill gaps for workers aged 50–60.

Promote phased retirement: Encourage government authorities, employers and relevant stakeholders to design working arrangements that allow hours to be gradually reduced as workers age, while maintaining essential protections and benefits. Labor laws should also be revised to accommodate flexible working arrangements and hourly employment for older workers in the formal sector.

Improve tax measures for tangible results: Enhance tax benefits to make it genuinely worthwhile for employers to adapt working environments and introduce incentives such as income tax exemptions for employees aged 60 and above who choose to continue working in the formal economy.

Redesigning life after 60 is not just a matter of economic systems or social welfare frameworks. It is a question of national human resource management. If we can break down the rigid walls of outdated regulations and replace them with flexible policies that recognize the diversity of older workers’ skills, experience, and capabilities, we can transform older people from “benefit recipients” into “economic drivers” who are both secure and fulfilled.

The real question, then, is not whether 60-year-olds should stop working — but whether Thai society is ready to let them keep going.

Kanyapak Ngaosri  is a researcher at the Thailand Development and Research Institute (TDRI).Their policy analyses appear in the Bangkok Post on 6 May 2026. 

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For the umpteenth time in 16 years of campaigning, the Westminster fuel-tax script appears to be writing itself again.

According to Treasury sources briefing the FairFuelUK campaign, Chancellor Rachel Reeves is preparing to drop the planned fuel duty rise from her Autumn Budget, though insiders caution that any reprieve is unlikely to survive beyond the March 2027 Financial Statement.

The retreat, if confirmed at the despatch box, will be the latest chapter in a saga that has become a fixture of every fiscal event since George Osborne first froze the duty in 2011. It will also be a notable, if temporary, win for Britain’s 5.5 million small businesses, many of whom now describe forecourt costs as the single biggest unhedgeable line in their operating budgets.

A £3bn pump tax raid since the Iran crisis began

Since hostilities flared in the Gulf, drivers have paid an estimated £3 billion more to fill up, while the Treasury has banked close to an additional £500 million in VAT receipts off the back of higher pump prices alone. Oil majors, predictably, have reported bumper margins. The motorist, equally predictably, has been left to foot the bill.

That contrast – soaring corporate profits set against a stagnating consumer economy – is what has put fuel duty firmly back on Reeves’s desk. As Business Matters reported last month, the Middle East flare-up has dragged headline inflation back to 3.3 per cent, hitting transport-heavy SMEs hardest of all.

71,000 emails, 148,000 signatures and counting

FairFuelUK says more than 71,000 of its supporters have now emailed their MPs urging the Chancellor to abandon the Budget hike. A separate petition, which has gathered more than 148,000 signatures, will be hand-delivered to the Treasury in the coming weeks. The campaign is calling not only for the freeze to be extended but for an immediate cut in fuel duty, in line with measures taken by more than 40 other countries.

The lobbying push echoes the cross-party effort earlier this year, when MPs delivered an earlier tranche of FairFuelUK signatures to Downing Street. That campaign cited Centre for Economics and Business Research analysis suggesting any short-term Treasury bounce from raising duty would be wiped out by a collapse of more than 60 per cent in fuel-tax income within five years as drivers cut mileage and shift to EVs.

“Cut all fuel taxes now,” says Cox

Howard Cox, founder of FairFuelUK, was characteristically blunt. “This clueless, bankrupting net-zero-driven Government remains stuck in a state of torpor, keeping the UK economy virtually stagnant,” he said. “Time and again, over 16 years of campaigning, we have shown that lower fill-up costs deliver more tax to the Treasury by boosting other revenue streams. The current cost of petrol, particularly diesel, is crippling motorists’ and small businesses’ ability to spend in the economy. When will these ignorant Treasury politicians understand that more money in people’s pockets drives growth? For goodness’ sake, cut all fuel taxes now.”

His frustration is shared in the haulage yards, trades vans and rural high-street economies that keep much of the SME sector ticking. Diesel, the lifeblood of British logistics, remains stubbornly above £1.55 a litre in many regions, and as Business Matters has previously documented, small employers lack both the financial resilience and the pricing power of their corporate counterparts to absorb or pass on the cost.

The international comparison: Britain stands almost alone

What is striking about Cox’s argument is not the rhetoric but the international evidence behind it. The International Energy Agency’s 2026 Energy Crisis Policy Response Tracker lists more than 40 countries that have actively cut, suspended or capped fuel taxes since the Iran conflict began. Britain is conspicuously not on the list.

Among the most striking moves logged by the IEA as of late April:

• Germany has cut petrol and diesel duty by roughly 14–17 euro cents a litre.
• Spain has slashed fuel VAT from 21 to 10 per cent and suspended its hydrocarbon excise duty.
• Poland has cut fuel VAT from 23 to 8 per cent and reduced excise duty to the EU minimum.
• Ireland has trimmed excise on petrol and diesel by €0.15–0.20 a litre, plus related levies.
• India has taken excise duties on petrol and diesel close to zero in some categories.
• Canada has suspended its federal fuel excise tax.
• Australia, Austria, Belgium, Croatia, Cyprus, Czechia, Hungary, Iceland, Italy, Korea, Latvia, Lithuania, the Netherlands, Norway, Portugal, Romania, Serbia, Slovenia, South Africa, Sweden and Türkiye have all implemented some form of fuel-tax or duty relief.
• Emerging markets including Argentina, Brazil, Cambodia, Ghana, Kenya, Lao PDR, Namibia, the Philippines, Saint Kitts and Nevis, Vietnam and Zambia have followed suit, often with measures targeted at hauliers and small operators.

By contrast, the UK has so far stuck rigidly to the 5p Spring 2022 cut and a series of frozen rates, an approach that according to Office for Budget Responsibility forecasts is already pencilled in to deliver a £2.2 billion uplift in fuel duty receipts in 2027–28 once the 5p cut is fully unwound and RPI indexation resumes.

What it means for SMEs

For business owners, the politics matter less than the planning. A scrapped Autumn hike will provide short-term breathing room for fleet operators, tradespeople and rural businesses heading into the winter, but the OBR’s own numbers make clear that the reckoning has merely been postponed. Any operator modelling 2027 cash flow would be wise to assume duty rates will rise sharply once the temporary cut expires and indexation kicks back in.

The deeper question for the SME community is whether the Chancellor is prepared to follow the IEA-tracked majority and use fuel taxation as an active lever to support growth, or whether she will continue to treat the duty as a guaranteed revenue stream to be quietly squeezed. On the evidence of 16 years of campaigning, FairFuelUK is bracing for the latter – even as it prepares to claim a tactical victory in the Autumn.

For now, Britain’s van drivers, hauliers and white-van entrepreneurs can breathe a cautious sigh of relief. The bigger fight, as ever, is in the spring.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

The fund house’s senior executives, including deputy managing director D.P. Singh and chief investment officer-equities R. Srinivasan, have led a series of meetings with investment teams of the top 20 asset managers to secure commitments for the IPO and the anchor book, they said.

The asset management joint venture between State Bank of India and Amundi is looking to launch the issue as early as July. The issue size could be around ₹13,000 crore. SBI and Amundi currently hold 61.9% and 36.4% stakes in SBI Funds, respectively.

Emails sent to SBI Funds Management and the investment bankers remained unanswered.

Agencies

Issue May Hit Street in July

“The aim is to launch the IPO in the first month of the second quarter of FY27 once regulatory approvals come through,” a person aware of the discussions said.

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SBI Funds, with assets under management of over ₹12.5 lakh crore, filed its draft red herring prospectus (DRHP) with the Securities and Exchange Board of India in mid-March.
According to people in the know, interactions with most large institutional investors have now been concluded. “There have been in-person meetings with AMCs to build conviction around the issue,” one of the officials quoted above said.

SBI Funds shares traded at around ₹760-770 apiece in the unlisted market last week, valuing the fund house at around ₹1.55 lakh crore. The market capitalisation of ICICI Prudential Asset Management, the country’s second-largest mutual fund house, stood at ₹1.58 lakh crore on Friday, while HDFC Asset Management Company, the third largest, was valued at about ₹1.16 lakh crore.