World Business Report

World finance ministers meeting in Washington have been voicing their anger and frustration at the US because of the financial strains being placed on the global economy caused by its military offensive in the Middle East. Rachel Reeves from the UK described the US-Israeli war with Iran as 'folly' while France's finance minister Roland Lescure called for renewed efforts to unblock the Strait of Hormuz. The calls come as Iran's military widens its threats on shipping the Gulf to include the Red Sea and the Gulf of Oman - if the US naval blockade of Iranian ports continues. The International Monetary Fund has been warning of the risk of a global recession at its Spring Conference in Washington DC. There was further evidence of these concerns today. Hermes is the latest fashion house, after LVMH and Gucci-owner Kering to say sales have been weaker than expected at the start of this year...with spending hit both in the Middle East, but also fewer tourists visiting Paris and buying handbags and designer clothes. A