Latest Business News
Oil Prices Surge Past $100/Barrel Amid Iran War Escalation
Global oil prices have spiked above $100 a barrel due to the US-Israel-Iran conflict entering its 14th day, with Iran blocking the Strait of Hormuz in retaliation. Markets retreated as supply concerns worsen, with Dow closing down 700 points.
Experts warn of depressed growth and inflation impacts worldwide.
US Temporarily Lifts Sanctions on Russian Oil to Curb Prices
The White House is lifting sanctions on Russian oil, first imposed over Ukraine, to increase supply and lower prices amid Middle East war disruptions. This follows a failed release of record oil reserves, with oil still hovering near $100.
Russia stands to benefit significantly from the move.
Canada Sheds 84,000 Jobs in February Worst Monthly Loss
Canada's economy lost 84,000 jobs last month, far exceeding expectations of gains, hit by US trade wars and rising energy costs from Iran conflict. Sectors like autos suffer from tariffs, prompting production shifts south.
Bank of Canada faces bleak outlook for rate decisions.
Trump Pushes New Tariffs to Close $1.6 Trillion Revenue Gap
The Trump administration ramps up tariffs to replace $1.6 trillion lost after Supreme Court struck down import taxes. This escalates trade tensions amid sluggish US economy.
South Korea passes law for $350B US investments to dodge higher tariffs.
US Job Openings Rise to 7 Million Despite Sluggish Market
US job openings increased to nearly 7 million in January, beating expectations in a cooling labor market. This contrasts with broader economic slowdown from government shutdowns and wars.
Recovery remains uncertain with oil shocks.
US Economy Grows at Sluggish 0.7% in Q4 After Downgrade
The US economy expanded at just 0.7% annually in Q4, downgraded due to fall government shutdown impacts. Ongoing Iran war adds further drags via high oil prices.
Asia shares mostly lower tracking Wall Street losses.
Iran Blocks Strait of Hormuz, Warns of Economic Fallout
Iran retaliated by blocking the Strait of Hormuz, surging oil prices and promising global economic pain. Eurasia Group's Ian Bremmer predicts two quarters of depressed growth.
Everyone will feel knock-on effects, risking recession.
Dow Drops 700 Points as Oil Jumps 5% on Shipping Attacks
Wall Street retreated with Dow down 700 points as oil rose another 5% from Iran attacks on shipping. No signs of US-Israel scaling back after war's second week.
S&P lost all yearly gains amid uncertainties.
Meta Acquires AI Social Media App 'Moltbook'
Meta bought 'Moltbook' AI social app to enable new AI agents for people and businesses. The acquisition aims at innovation amid economic turmoil.
Details on integration remain emerging.
China Focuses on Tech and Growth Amid US-Iran Tensions
At its annual Congress, China positions as stability force, prioritizing technology and economy despite rising US-Iran conflict. This signals decoupling from global oil shocks.
BRICS struggles with unified Iran stance.
US Marines Approach Kharg Island in Iran War Day 15
US forces near Iran's Kharg Island as war hits day 15, with Trump eyeing potential endgame. Strikes continue amid reports of thousands affected.
Conflict deepens supply disruptions.
BRICS Grapples with Iran Conflict, No Unified Position
BRICS faces challenges as members involved in West Asia conflict, hindering consensus. India, as chair, held virtual Sherpa meeting on March 12 but interests diverge.
Diplomatic efforts ongoing.