‘Stopgap measure’ designed to keep oil flowing into global market as Middle East crisis disrupts crude shipments
The US has temporarily allowed India to buy Russian oil currently stuck at sea in an effort to keep global supplies flowing and temper further price increases.
On Thursday the US treasury issued a 30-day waiver allowing India to buy Russian oil, having previously imposed heavy sanctions related to the war in Ukraine.
Continue reading...South-east Asian country limits air conditioning and travel for public officials amid soaring fuel prices
The Philippines is searching for ways to conserve energy in response to surging fuel costs, with public officials ordered to cut back on air conditioning usage and reduce travel.
All national government agencies, state universities and colleges, and local government branches have been told to reduce fuel consumption by at least 10% in response to the crisis in the Middle East.
Government offices have been told to adopt flexible work arrangements, and to set air conditioning units no lower than 24 degrees.
UK house price growth slowed in February as value of typical home rose 0.3% to £301,151
Halifax has warned that the US-Israel war on Iran could slow mortgage rate decreases this year, as it said that house price growth eased dramatically in February.
Halifax, which is part of Lloyds – Britain’s biggest mortgage lender – said the conflict in the Middle East was likely to affect global economies, stoke inflation and reduce the likely rate of interest rate cuts that influence borrowing costs for homebuyers.
Continue reading...Jim Chalmers hints concession on threshold for imports could finally lead to an agreement. Follow the latest updates live
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Two flights from Dubai land in Sydney and Melbourne
A second commercial flight landed in Sydney last night from Dubai and the first made its way to Melbourne from the Middle Eastern hub.
Continue reading...Lawsuit says president does not have authority to impose levies and demands refunds from federal government
A coalition of Democratic attorneys general and governors across 24 US states are suing Donald Trump to block his latest round of tariffs.
The White House is planning to enact a new 15% tariff on all imports after the supreme court declared Trump’s “liberation day” tariffs illegal. The tariffs have yet to go into effect, though the White House said the new rate would start this week.
Continue reading...Reports of attack on US registered tanker in Gulf lifts crude by 3% to $84 a barrel as gas price also starts to climb
Stock markets have rebounded in Asia after days of heavy losses driven by the war in the Middle East, but oil and gas prices have continued to climb amid disruption to supplies.
South Korea’s KOSPI, which posted its biggest ever fall on Tuesday of 12%, rose by almost 10% on Thursday, while Japan’s Nikkei climbed by 1.9%. MSCI’s Asia-Pacific index excluding Japan jumped by 2.7%.
Continue reading...Plan, which aims to preserve jobs in clean tech and low carbon sectors, could include UK if there is reciprocal market access
The European Commission has proposed a “Buy EU” plan to boost domestic low-carbon industries and help the continent compete against China.
The commission published a draft regulation – called the Industrial Accelerator Act – on Wednesday, setting demands for EU-made and low-carbon content on bodies spending public money. The rules mark a major shift in economic thinking from Brussels, long a bastion of open markets.
Continue reading...Lawsuits and slander claims fly in IG Metall’s battle with Elon Musk over employment rights and conditions
Europe’s largest trade union is trying to gain control of the works council at Elon Musk’s Tesla gigafactory near Berlin, in an industrial relations showdown marked by lawsuits and mutual accusations of slander.
The works council, an elected body of employees that negotiates everything from working hours to pay deals with a company’s management, is considered an entrenched aspect of the German corporate world, particularly in the car industry.
Continue reading...Firm admits supplying water unfit for human consumption after nearly 150 people fell ill
A major utility company has admitted supplying water unfit for human consumption after a parasite outbreak in Devon made almost 150 people sick.
South West Water (SWW) pleaded guilty to the criminal offence relating to the cryptosporidiosis outbreak in Brixham, Devon, which affected 2,500 homes.
Continue reading...Company will halt production of controversial paraquat weed killer by end of June as it faces thousands of lawsuits
Syngenta, maker of a controversial pesticide linked to Parkinson’s disease, said on Tuesday that it will stop making its paraquat weed killer by the end of June.
The announcement comes as the company is facing several thousand lawsuits brought by people in the US who allege they developed Parkinson’s disease due to their exposure to Syngenta’s paraquat products.
Continue reading...Beijing’s foreign ministry urges ‘all parties’ to avoid escalation as number of crossings drops 60% in one day
The Chinese government has called for vessels passing through the strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared.
Maritime traffic through the strait – a narrow channel on Iran’s southern border that connects the Persian Gulf with the Gulf of Oman – has effectively been closed since the US and Israel launched missile attacks on Iran at the weekend, prompting a retaliation from Tehran.
Continue reading...Strait of Hormuz is effectively closed and vessels rerouted, sending some freight costs surging
Leading maritime insurers have cancelled war risk cover for vessels operating in the Gulf as the escalating Iran conflict disrupted shipping and sent some freight costs surging.
At least 150 vessels including oil and liquefied natural gas tankers have dropped anchor in the strait of Hormuz and surrounding waters, and at least three tankers were damaged and one seafarer killed over the weekend.
Continue reading...National Cyber Security Centre urges increased vigilance over risk of indirect attack by hacktivists amid conflict
UK businesses with a presence in the Middle East have been urged to step up vigilance against cyber threats from Iran after US-Israeli attacks.
The National Cyber Security Centre (NCSC) said there was “almost certainly” a heightened risk of an indirect cyber threat for organisations that had offices, or supply chains, in the Middle East.
Continue reading...Rachel Reeves’ upcoming spring forecast has not led to slowdown, as property tax rumours did in November
House prices in the UK increased in February as Rachel Reeves avoided a repeat of the pre-budget “negative speculation” that depressed the market, as she prepares to present the spring forecast on Tuesday.
The average price of a home rose to £273,176 last month, up by 0.3% from the month before, Nationwide said. It matched January’s monthly increase, and was above analysts’ forecasts of a 0.2% gain. The annual growth rate remained steady at 1%, the country’s biggest building society said.
Continue reading...Funding uncertainty is main concern, despite Labour’s pledge to revitalise construction, survey shows
Almost two-thirds of senior council officers have said they are seeing construction projects delayed, despite the key role of local authorities in creating the wave of new housing and infrastructure promised by Labour.
Before Rachel Reeves’s spring forecast on Tuesday, a survey of senior council officers showed that 40% do not think the local authority they work for is well placed to follow through on its construction plans.
Continue reading...Tufan Erginbilgiç says decision is for the government but German participation remains a possibility
The boss of Rolls-Royce has said he would welcome Germany helping to build Britain’s next-generation fighter jet, arguing it would bring in more business for the project.
The aircraft, designed to replace the Eurofighter Typhoon, is a joint effort between the UK, Italy and Japan. Rolls-Royce is building the engine for the jet, which has attracted fresh attention as plans for a rival Franco-German warplane edge towards collapse.
Continue reading...Chancellor urged to reform Office for Budget Responsibility to open way to more public investment
Rachel Reeves must reform the Office for Budget Responsibility (OBR) to open the way to more public investment, an alliance of thinktanks has argued ahead of the chancellor’s spring forecast on Tuesday.
With Keir Starmer’s government under intense pressure after Labour’s defeat by the Greens in Thursday’s Gorton and Denton byelection, the thinktanks called on Reeves to review the watchdog’s remit.
Continue reading...Investors shifting to ‘heavy-asset, low-obsolescence’ companies insulated from disruption, says Goldman Sachs
Investors have a new mantra as they prepare for AI to shake up the global economy – the Halo trade.
Interest in Halo – short for “heavy assets, low obsolescence” - has risen as investors seek out companies with tangible, productive assets, which might be insulated from AI disruption, such as energy and transport infrastructure companies.
Continue reading...DoJ says it will not ask US supreme court to rehear tariffs case despite president’s complaint on Truth Social
The Trump administration said refunds of tariffs struck down by the US supreme court “will take time”, according to court documents filed by the Department of Justice.
Businesses including FedEx have lined up to demand reimbursement for US tariffs they have paid but that the court last week deemed were imposed illegally, prompting heavy criticism from Donald Trump.
Continue reading...IAG reports record operating profits on margins of more than 15% at British Airways and sister airline Iberia
British Airways’ owner, International Airlines Group, has announced a sharp rise in annual profits to almost £4bn despite a slight fall in passenger numbers in 2025.
Pre-tax profits across IAG increased by 20% to €4.5bn (£3.9bn), with record operating profits on margins of more than 15% at BA and its sister airline Iberia.
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