Coin Press - Economy

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Trump warns Iran blockade could last months, sending oil soaring

President Donald Trump said that a US naval blockade against Iran could last months, leading oil prices Wednesday to spike to their highest in more than four years.

Powell to stay as Fed governor after chairman term, citing legal attacks

US Federal Reserve chief Jerome Powell said Wednesday that he would stay at the central bank as a governor after his term as chair concludes, as the independent institution battles legal challenges under the Trump administration.

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UK supermarket Tesco says Mideast war hits profit outlook

Britain's biggest supermarket chain Tesco warned Thursday that its profits could be impacted by the Mideast war lifting food costs, as it posted higher earnings for its last financial year.

EasyJet says first-half loss to deepen on Mideast war

British no-frills airline EasyJet on Thursday said it expects to post a deeper first-half loss compared with one year earlier after the Middle East war sent jet fuel prices soaring.

AI demand drives chipmaker TSMC's net profit to fresh record

Taiwanese chip manufacturer TSMC said Thursday that net profit for January-March leaped to a fresh quarterly record, boosted by the race to develop artificial intelligence technology.

Chatbots at the ballot box: AI skirts Brazil election rules

"Chat, who is the best candidate?": Six months out from Brazil's presidential election, AI chatbots are still answering such questions in defiance of new electoral rules banning them from giving voting tips.

Threat of grounded planes nears as jet fuel supplies dwindle

Could planes soon be stuck on the ground due to a lack of fuel? The risk of jet fuel shortages is growing each day the Strait of Hormuz remains closed, although it isn't certain when exactly supplies will run out.

Val Kilmer returns via AI as filmmakers test Hollywood's red line

The first images of late American film star Val Kilmer returning to the big screen courtesy of artificial intelligence were unveiled Wednesday in Las Vegas, in what will likely stir debate over the technology's role in Hollywood.

China's economy beats forecasts, but war darkens outlook

China's economy expanded more than expected in the first three months of the year, with official data Thursday indicating resilience in the face of a Middle East crisis that threatens to hit global growth.

Tokyo record leads Asia stocks higher as Iran peace hopes grow

Japanese stocks hit a record high as Asian equities extended the week's rally Thursday on heightened optimism the United States and Iran will extend their ceasefire for further talks to end their war and reopen the Strait of Hormuz.

Fuel supply fears after blaze tears through crucial Australian refinery

Towering columns of fire have engulfed a crucial Australian oil refinery after a chain of explosions, authorities said Thursday as they warned of disruptions to domestic fuel supply.

BBC to cut up to 2,000 jobs under 'financial pressures'

The BBC said on Wednesday that the British broadcasting corporation is set to cut up to 2,000 jobs amid a challenging media landscape.

Hormuz shipping muted as US blockade takes hold: tracking data

A trickle of ships crossed the Strait of Hormuz Tuesday and Wednesday as a US blockade appeared to further curb traffic in the trade route already paralysed by Iranian forces, marine tracking data showed.

Swiss watchmakers say time will tell on effects of Mideast conflict

The Middle East war has plunged Swiss watchmakers into uncertainty, testing the resilience of an iconic national industry already shaken by several crises.

World Bank announces water security plan covering one billion people

The World Bank announced a plan Wednesday that aims to improve secure water access for a billion people within the next four years.

Merz praises Lufthansa on centenary as strikes ruin party

Chancellor Friedrich Merz on Wednesday praised "the strategic importance" of Lufthansa as the German airline giant marked its centenary, but the celebrations were marred by a wave of recent strikes.

IMF chief warns of 'tough times' if oil prices stay high

IMF chief Kristalina Georgieva warned Wednesday of difficult times ahead for the global economy if war in the Middle East is unresolved and oil prices stay high, adding that inflation risks could seep into food prices.

Starmer says 'won't yield' to Trump's Mideast war threats

British Prime Minister Keir Starmer on Wednesday said he would not "yield" to pressure to join the Iran war after US President Donald Trump threatened to scrap a UK trade deal.

Chinese suppliers, Mideast importers fret about war fallout on trade

Suppliers and buyers at a trade show in southern China were cautious on Wednesday as they weighed costs for ice cream machines, home appliances and cars that have risen since the start of the Middle East war.

Markets steadier on Mideast peace hopes, as war hits luxury goods

Markets largely steadied Wednesday as traders waited to see if Mideast peace talks resume, though share prices of Gucci parent Kering and French luxury group Hermes tumbled on weak earnings linked partly to the conflict's fallout.

EU says age-check app 'ready' in push to protect children online

European Union chief Ursula von der Leyen said Wednesday that an EU-developed age verification app was ready to go, as the bloc pushes to better protect children from online harm.

The Middle East war: latest developments

The latest developments in the Middle East war:

French luxury firms Hermes, Kering knocked by disappointing sales

Shares in the French fashion groups Kering and Hermes plunged Wednesday after both reported sales that missed analyst expectations, in part due to the Middle East war, which has hit business in a key region.

Stocks rally, oil falls further as Trump fans fresh peace hopes

Stocks rose and crude dropped again Wednesday after Donald Trump said a second round of US-Iran talks could take place "over the next two days", fuelling hopes for a deal that would reopen the Strait of Hormuz and allow crude to flow again.

Kanye West postpones France concert after minister's block call

US rapper Kanye West postponed late Tuesday his concert in the French city of Marseille, following reports that the country's interior minister was seeking to block the performance.

Stocks rally, oil extends losses as Trump fans fresh peace hopes

Stocks rose and oil fell again Wednesday after Donald Trump said a second round of US-Iran talks could take place "over the next two days", fuelling hopes for a deal that would reopen the Strait of Hormuz and allow crude to flow again.

US lawmaker demands FIFA pay World Cup transport bill amid ticket hikes

A top US lawmaker called on FIFA to pay for World Cup public transportation costs on Tuesday following a report that local authorities in New Jersey are planning massive price hikes during the tournament.

Netflix boss Sarandos has 'constructive' talks with cinema owners

Netflix CEO Ted Sarandos met with US cinema owners on the sidelines of an industry gathering, the trade association chief said Tuesday, as movie theaters look for ways to work with a one-time foe.

US bank profits jump as execs see consumers surviving oil spike, for now

Large banks reported higher profits Tuesday, pointing to resilience among US businesses and customers despite spiking oil prices from the Middle East war.

Renault to cut up to 20% of engineers

French carmaker Renault said Tuesday that it plans to reduce its number of engineers by 15 to 20 percent in the coming two years as it seeks to remain competitive.

Gucci -- again -- drags down Kering's performance

French luxury group Kering saw sales slide by six percent in the first quarter of this year, with its troubled flagship Gucci fashion house still dragging down its performance.

Rolls-Royce unveils ultra-luxury limited series electric car

Far from the downturn that has shaken many luxury houses in recent years, Britain's Rolls-Royce on Tuesday launched an ultra-luxury, limited-series electric car.

Paris engineer wins Picasso painting at charity auction

An art-loving engineer from Paris was the lucky winner of an original Picasso painting worth over a million euros at a charity raffle in Paris on Tuesday.

Stocks rise, oil prices retreat on hopes for Mideast peace deal

Stock markets climbed and oil prices tumbled Tuesday on rekindled hopes for a deal to end the Middle East war and reopen the key Strait of Hormuz to end disruptions that have sent energy prices soaring.

Coin Press - Economy (English)