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Global crude oil inventories are approaching a record low as the war in the Middle East continues, decimating tanker traffic via the Strait of Hormuz, Goldman Sachs commodity analysts have warned. Even if oil flows via the chokepoint begin to improve by the end of the current month, the decline will continue, the analysts said in a note, as quoted by the Wall Street Journal. Even if the Strait of Hormuz reopens by May, the shrinking in global oil inventories will extend into May and even June, they said. The war has so far cost Middle Eastern producers…
Memory stocks sell at single-digit multiples on skepticism AI boom will last.
A BBC investigation in 2023 heard from more than 100 McDonald's workers in the UK claiming they faced sexual assault, harassment, racism, and bullying
The interest rate set by the Bank of England affects mortgage, loan and savings rates for millions.
Millions of fans gearing up for the 2026 World Cup have already been hit with sticker shock over ticket prices. Now many are realizing that getting to the stadiums will cost them even more. Michelle Kaske explains (Source: Bloomberg)
Ferrexpo Plc slumped 13% after the Ukrainian iron ore producer warned that without fresh funding it could run out of cash by the end of August.
Germany’s economy, Europe’s largest, probably expanded slightly in the first quarter though was weighed down by the Iran war and longstanding structural issues, according to the Bundesbank.
Polymarket, the long-time leader in prediction market trading volume, has fallen behind its chief rival as it faces a growing list of operational stumbles in its attempt to reach a crucial audience: US customers.
The move could further delay payouts to millions of drivers who were mis-sold motor finance.
Exxon Mobil Corp. is exploring a sale of its gasoline station network in Hong Kong, according to people familiar with the matter, as the US oil and gas giant continues to trim its retail footprint globally.
Greece announced fresh economic relief measures worth around €500 million ($587.6 million), after data showed the country’s budget outperformed its targets last year.
The war in Iran has pushed UK Inflation further above the Bank of England's 2% target.
The trading arms of some of China’s biggest state-owned oil giants have started selling crude for May loadings in a rare move from the majors that have cut refinery rates in response to soaring oil prices and constrained crude supply from the Middle East. Sinopec, the world’s biggest refiner by capacity, and Sinochem Group have already sold crude grades from Nigeria and Ghana, mostly to refiners in Asia, including Indonesia and Taiwan, anonymous traders with knowledge of the deals told Bloomberg on Wednesday. The state refiners in China…
The European Union proposed measures such as optimizing jet fuel distribution, as it unveiled a plan to navigate the energy crisis caused by the Iran war.
Governments tap labour income as an ‘easy’ revenue raiser but risk undermining incentives to work and hire
Russian plan puts majority of German city’s supplies of petrol, kerosene and heating fuel at risk
Santos Ltd. is restructuring the company’s oil and gas business in order to cut costs, according to an internal notice seen by Bloomberg, after a string of stymied takeover bids in recent years that have raised pressure to increase shareholder returns.
Airlines around the world are grounding more planes to cope with the increases in jet-fuel prices. Global capacity for May has been reduced by about 3 percentage points, with all but one of the 20 largest airlines slashing flights, according to data compiled by analytics firm Cirium Ltd. Lufthansa is scrubbing 20,000 uneconomic short-haul flights from its European summer schedule to save on fuel. Earlier in the week, United Airlines slashed its full-year profit forecast due to higher fuel prices caused by war in the Middle East. Bloomberg's Benedikt Kammel breaks down the situation. (Source: Bloomberg)
The figures provide the first official look at the impact of the Iran war on the cost of living in the UK.
Russia extended fertilizer export quotas until December as a global deficit deepens due to the Iran war and disruptions in the Strait of Hormuz, a key route for the seaborne trade in nutrients.
U.S. President Donald Trump is considering extending the two-month waiver of the Jones Act to ease fuel prices that have spiked following the war in Iran, Axios reported on Wednesday, citing U.S. officials. The Merchant Marine Act of 1920, also known as the Jones Act, requires that no vessel may transport any merchandise by water, by land and water, or via a foreign port, for any part of the transportation, between points in the United States, unless the vessel is U.S.-built, U.S.-owned, and coastwise endorsed by the U.S. Coast Guard. However,…
Ming Yang Smart Energy Group Ltd. is considering building a wind turbine factory in Spain after the UK blocked the Chinese company’s plans for a facility in Scotland, citing risks to national security.
The technology, media and telecommunications sector has been behind the world’s largest public M&A deals and could be on course to deliver a fresh record.
Microsoft Corp. must face a UK class action trial over allegations it abused its dominant position in the market to overcharge businesses that used the Windows Server operating system and Azure, an antitrust tribunal has ruled.
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