Middle East war: global economic fallout

Here are the latest economic events in the Middle East war:

- White House seeks $1.5 tn -

US President Donald Trump asked lawmakers on Friday to approve a massive $1.5-trillion defence budget for 2027, as the United States faces rising costs from its war with Iran and mounting global security commitments.

The proposal would increase Pentagon spending by more than 40 percent in a single year -- the sharpest rise since World War II

- UAE company needs year to restart aluminium -

Emirates Global Aluminium, one of the world's largest aluminium producers, said it could take up to a year to resume full production, after an Iranian missile attack damaged its Abu Dhabi site.

Iran has attacked several smelters in the UAE and Bahrain since the war began on February 28, saying they play a role in supplying US military.

- Israel re-opens gas field -

Israel resumed operations at its Leviathon offshore major natural gas field.

It had been shut down since the onset of its war with Iran, halting exports to neighbouring Egypt and Jordan.

- More ships pass Hormuz -

Three tankers, including one co-owned by a Japanese company, have crossed the war-torn Strait of Hormuz while staying close to the Omani Musandam Peninsula to the south of the waterway, maritime traffic data showed Friday.

Almost all of the few ships that have recently passed the Strait have gone through what is dubbed the "Tehran Toll Booth" in Iranian waters to the north.

Earlier, a French-owned container successfully transited the Strait, in what appears to be the first passage by a major European shipping group since March 1.

- Bangladesh cuts office hours -

Bangladesh cut office and shop hours and banned decorative lighting at weddings to conserve energy stocks.

Bangladesh imports 95 percent of its oil and gas needs. About 60 percent of its electricity is generated using imported gas, while diesel is primarily used for farming.

- Free bus rides in Pakistan -

State-run public transport in Pakistan's capital and most populous province will be free for the coming month, officials said Friday.

The announcement came hours after a late-night decision to impose a 43-percent rise in the price of petrol and 55 percent on diesel, prompting street protests and long queues at gas stations.

- Food prices rise -

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, rose 2.4 percent in March from February due to higher energy and fertiliser costs.

- Italy extends tax cuts -

Italy has extended by a month a temporary cut in fuel excise taxes that was due to expire on April 6.

Some 500 million euros would be allotted to the decree law, which also includes a measure for agriculture that would extend a 20-percent tax credit.

- Australia faces petrol shortages -

Australia's government urged motorists to fill their cars at city petrol stations ahead of any long road trips over the Easter holiday.

Energy Minister Chris Bowen said hundreds of service stations in rural towns had run out of diesel nationally and more than a hundred were without unleaded petrol.

- Kiwis buy electric -

Electric vehicle sales in New Zealand more than tripled in March according to official government figures released this week, driven by increased fuel prices caused by the war in the Middle East.

During the same period, the average petrol price had risen by more than 30 percent, while diesel prices were up 74 percent.

- Japan airlines mull surcharges -

Japanese airlines are considering raising fuel surcharges.

Flag carrier Japan Airlines said it could face additional costs of 30 billion yen ($190 million) every month if fuel prices continue to rise at the current rate.

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