Central bankers’ continued fight to bring rampant inflation under control could plunge developed countries into recession next year, the Organization for Economic Co-operation and Development (OECD) has warned.

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Islamabad has accused Tehran of ignoring “serious concerns” over militants operating from its territory Pakistan has said it launched a series of airstrikes on “terrorist hideouts” in southern Iran, claiming the “precision” operation neutralized several militants. The attack comes after Tehran acknowledged its own raids on another terrorist group based in Pakistan.