The UN Security Council met in an emergency session in New York to discuss the situation in the Middle East following reports of a drone strike near the Barakah Nuclear Power Plant in the United Arab Emirates. IAEA Director General Rafael Mariano Grossi briefed members as concerns grow over nuclear safety and security in the region.
IAEA Director General Rafael Mariano Grossi warned the Security Council that a nuclear disaster in the UAE was narrowly averted when Iranian drones struck the Barakah nuclear power plant on Sunday. The attack resulted in a localized fire and while emergency diesel generators were briefly needed, off-site power has now been restored and radiation levels remain normal.
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Political News
May 15, 2026 15:25 ET Apart from the confirmation of Kevin Warsh as the next Fed chair, the main news on the economics front this week included key price data from the U.S. and the first quarter economic growth figures from major economies. Both consumer prices and producer costs have started to reflect the effect of supply shocks due to the Middle East conflict. In Europe, GDP data was in focus, while inflation data from China dominated the news flow in Asia.