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Crude futures fall on new Iran proposal for peace talks

May 1, 2026 3:56

HOUSTON: An Iranian proposal on negotiations with the U.S. sent crude oil futures diving on Friday, but prices remained on track for weekly gains, with Tehran still blocking the Strait of Hormuz and the U.S. Navy blocking exports of Iranian crude. Brent crude futures for July were down $1.62, or 1.47%, at $108.78 a barrel by 10:16 CDT (1516 GMT). West Texas Intermediate futures lost $3.40, or 3.24%, to $101.67. Iran sent its latest proposal for negotiations with the United States to Pakistani mediators on Thursday, state news agency IRNA reported on Friday, a move that could improve prospects for breaking an impasse in efforts to end the Iran war. Still, the Brent benchmark and WTI were poised for a gain over the week. Brent’s June contract hit $126.41 a barrel on Thursday, marking the highest level since March 2022, before ending the session down. “This Iran proposal has given hope to the market that there is an off-ramp for the United States,” said Phil Flynn, senior analyst with Price Futures Group. Oil prices have been on the rise since the U.S. and Israel attacked Iran at the end of February, resulting in the closure of the Strait of Hormuz and the disruption of shipments of about a fifth of the world’s oil and liquefied natural gas supply. A ceasefire has been in place since April 8. UAE presidential adviser Anwar Gargash said on Friday Tehran could not be trusted over any unilateral arrangements it makes for the Strait of Hormuz, in a sign of deep mistrust on all sides. A senior official of Iran’s Revolutionary Guards had threatened on Thursday “long and painful strikes” on U.S. positions if Washington renewed attacks on Iran, pushing oil prices to intraday peaks before retreating. U.S. President Donald Trump was scheduled to receive a briefing on Thursday on plans for a series of fresh military strikes on Iran to compel it to negotiate an end to the conflict, a U.S. official told Reuters. Washington did not immediately announce any details of its plans. [...]

Nasdaq, S&P 500 hit fresh highs as Wall St extends gains after best month in years

May 1, 2026 3:08

Wall Street’s main indexes extended their rally on Friday, with the S&P 500 and the Nasdaq reaching record highs driven by the impetus from their biggest monthly gains in years. Sentiment was boosted after a report from Iranian state media said Tehran had sent its latest proposal for negotiations with the United States to Pakistani mediators on Thursday. Friday’s session wraps up a heavy week of Big Tech earnings and economic data. Analysts now see S&P 500 first-quarter earnings growth at 27.8% - the fastest pace since the fourth quarter of 2021 and up from 16.1% last week, according to LSEG IBES data. Markets will watch if the rally holds as markets enter May, historically the start of a weaker six-month stretch for stocks. Since 1945 through April 2026, the S&P 500 has gained an average of about 2% from May to October, according to data from Fidelity. That compares with an average gain of about 7% from November through April. While earnings were largely solid, some investors have voiced concerns about tech giants’ AI spending spree. Doubts about the sustainability of some software business models have also surfaced, prompting reassessment of portfolios. “The disruptive potential of AI across software, services, financials and other industries has created uncertainty about the durability and terminal value of certain business models,” said Peter Vanderlee, portfolio manager at ClearBridge Investments. Economic data released on Thursday also raised fears that the equity buying frenzy could be due for a reality check. Although U.S. economic growth regained momentum in the first quarter, consumer spending, the economy’s main growth engine, decelerated, while the personal savings rate declined, suggesting households tapped into savings to support outlays. Besides, the figures take into account just one month of the disruption stemming from the Middle East war. With shipping through the Strait of Hormuz having come to a standstill, oil prices may become a bigger burden, especially as the support from tax refunds in the first quarter tapers off. U.S. manufacturing activity held steady in April, data on Friday showed, but supplier delivery performance worsened as the Middle East conflict disrupted shipping in the Strait of Hormuz, boosting prices for raw materials and other inputs to a four-year high. At 09:54 a.m. ET, the Dow Jones Industrial Average rose 148.14 points, or 0.30%, to 49,800.28, the S&P 500 added 40.71 points, or 0.56%, to 7,249.72, and the Nasdaq Composite gained 193.21 points, or 0.78%, to 25,085.52 - fresh records for the Nasdaq and the S&P 500. Seven of the 11 main S&P sectors were in the green, with the S&P 500 information technology sector gaining the most with a 1.5% rise. The S&P 500 ended April with its biggest monthly percentage gain since November 2020, while the Nasdaq Composite advanced the most since April 2020. The Dow’s monthly rise was its biggest since November 2024. Upbeat apple forecast lifts shares Apple jumped 4.8%after robust demand for its flagship iPhone 17 and MacBook Neo led the company to forecast solid sales growth for the fiscal third quarter. Among energy companies, Exxon Mobil and Chevron reported first-quarter profit above estimates. Shares of both companies were flat. Software companies climbed after Atlassian lifted its annual forecast. The enterprise software maker surged 27.7%. Peers Salesforce and Service Now added 3.2% and 1.8%, respectively. Datadog rose 5.8% and Workday gained 2.7%. Other major movers included Roblox, which fell 18.4% following a cut in its annual bookings forecast. Reddit gained 7.8% after an upbeat quarterly revenue forecast. Advancing issues outnumbered decliners by a 1.09-to-1 ratio on the NYSE and by a 1.16-to-1 ratio on the Nasdaq. The S&P 500 posted 27 new 52-week highs and five new lows, while the Nasdaq Composite recorded 75 new highs and 22 new lows. [...]

Aluminium rebounds on supply concerns amid US-Iran standoff

May 1, 2026 11:46

LONDON: Aluminium prices bounced back on Friday on fears of supply shortages as the standoff between the U.S. and Iran continued, constricting shipments from the Gulf region, home to large smelters. Iran said on Thursday it would respond with “long and painful strikes” on U.S. positions if Washington renewed attacks. Benchmark three-month aluminium on the London Metal Exchange rose 1.2% to $3,515 a metric ton by 0950 GMT after five sessions of losses. The metal used in construction, transport and packaging hit $3,672 a ton on April 16, its highest in four years after disruptions to operations in the Gulf, which account for about 9% of global production. However, prices lost steam after a truce halted attacks. “It’s the threat of supply side destruction from a prolonged war, given that the facilities in Qatar and Bahrain won’t open up anytime soon,” said Nitesh Shah, commodity strategist at WisdomTree. Middle East conflict disrupts scrap supplies to India’s aluminium producers, raises costs “There’s indications of escalation, then de-escalation, and you don’t really know where you are at any point in the day. It keeps things pretty choppy on prices.” Emirates Global Aluminium said fully restoring primary aluminium production at its Al Taweelah smelter that was hit by an Iranian attack could take up to a year. The premium of the LME cash contract to the three month future rose 7% to $60 a ton on Friday, having more than doubled since April 17, indicating worries about short-term supply. Trading activity was muted, with the Shanghai Futures Exchange closed until Wednesday for the Labour Day holiday. LME copper was barely firmer, up 0.2% to $13,013 a ton. The combination of high energy prices and high copper prices do not bode well for copper demand, Commerzbank analyst Thu Lan Nguyen wrote in a note. Copper inventories in Shanghai Futures Exchange warehouses have more than halved from a peak in March, supporting prices, but this is in line with seasonal trends and inventories elsewhere are high. LME three-month zinc slipped 0.3% to $3,351.50 a ton, lead gave up 0.5% to $1,945, nickel added 0.4% to $19,550 and tin edged down 0.1% to $49,265. [...]

ECB's Makhlouf concerned energy prices may stay higher for longer

May 1, 2026 11:38

DUBLIN: European Central Bank Governing Council member Gabriel Makhlouf said he is concerned that energy prices may stay higher for longer without a clear timeline for the end of Middle East conflict and will be watching closely for knock on effects. “I will be paying close attention to indirect effects, that is how higher energy prices are contributing to cost-push inflation in production, transportation, and services,” Makhlouf said on his blog on the Irish central bank’s website on Friday, a day after the ECB left interest rates but debated hiking them. Energy costs this year to hit highest since Ukraine invasion: World Bank “Potential second-round effects via wages will take longer to show up, given the staggered nature of wage-setting in Europe. In the meantime, inflation expectations need to be closely monitored for signs of de-anchoring.” [...]

India collects 2.43 trillion rupees in goods and services tax in April

May 1, 2026 6:46

NEW DELHI: India collected ‌2.43 trillion rupees ($25.61 billion) in goods and ⁠services tax in April, a rise of 8.7% from last year, ‌the ⁠government said in a statement on ⁠Friday. [...]

NatWest's first-quarter profit rises 12%, takes Iran war provision

May 1, 2026 6:36

LONDON: NatWest reported its first quarter profit rose 12% year-on-year on Friday, as the British lender grew lending income while taking a modest charge against potential losses from the economic impact of the Iran war. The bank said operating profit before ⁠tax for January-March came in at 2 billion pounds ($2.72 billion), up from 1.8 billion pounds in the same period a year ago and just above the average of analysts’ forecasts of 1.9 billion pounds. NatWest also upgraded its income guidance for the year, now saying it expects to be near the top of the 17.2-17.6 billion pound range it previously set out. The positive earnings upbeat showed the British lender, like its rivals, ‌so ⁠far sustaining a recent robust run of profitability, as increased income outweighs concerns about sluggish economic growth and the fallout from the Middle East conflict. FTSE 100 closes at record high, boosted by financials NatWest did take a 283 million pound impairment charge, of which 140 million pounds ⁠came from downgrades to its economic forecasts to recognise the impact of the war in the Middle East. The provision, which follows accounting rules put in place ⁠after the 2008 crisis and aimed at getting banks to recognise a portion of expected loan losses in advance, follows similar charges taken ⁠earlier this week by lenders across Europe including Deutsche Bank and Lloyds Banking Group. NatWest also cut some of its forecasts for Britain’s economic growth. [...]

Gold heads for weekly loss on oil-driven inflation concerns

May 1, 2026 6:21

Gold was steady in thin trading on Friday, but was on course for a weekly decline as higher oil prices fuelled inflation worries and expectations of higher-for-longer interest rates. Spot gold was steady at $4,620.57 per ounce, as of 0248 GMT, but was on track for a weekly loss of 1.8%, having dropped to a one-month low on Wednesday. US gold ⁠futures for June delivery rose 0.1% to $4,632.70. “In the Asian session, the market is going to be quite thin because of public holidays, so we’re really in a bit of a crossroads, or at least waiting for the next catalyst to make more of a directional move,” said Kyle Rodda. Financial markets in the top gold consumers, China and India, are closed for the holiday. Iran said on Thursday it would respond with “long and painful strikes” on US positions if Washington renewed attacks and restated its claim to the Strait of Hormuz. Brent oil prices held ‌firm ⁠above $110 a barrel as efforts to resolve the Iran conflict have hit an impasse. US inflation accelerated in March as the Iran war raised gasoline prices, reinforcing expectations that the Federal Reserve could keep interest rates on hold well into next year. Global brokerages have also gradually stepped back from earlier expectations of two US rate cuts ⁠in 2026, with forecasts now split between some easing and none due to lingering inflation risks and cautious policymakers. The European Central Bank and the Bank of England also kept interest rates unchanged on Thursday following holds earlier in ⁠the week by the Fed and the Bank of Japan, though all signalled concerns about inflation. While gold is traditionally seen as a hedge against inflation, elevated interest rates aimed at controlling ⁠price pressures weigh on its appeal as a non-yielding asset. In other metals, spot silver rose 0.5% to $74.13 per ounce, platinum slipped 0.3% to $1,980.15, and palladium was up 0.2% at $1,527.29. [...]

Standard Chartered sees ECB hiking rates in June

May 1, 2026 6:11

Standard Chartered expects the European Central Bank (ECB) to ‌deliver a 25 basis point rate hike in its June meeting, compared to ⁠its previous forecast of steady rates through 2026, following hawkish remarks from policymakers, it said in a note on Thursday. Policymakers speaking ‌to ⁠Reuters on condition of anonymity said they are likely to ⁠raise interest rates at least twice, starting in ⁠June, unless a peace deal ⁠is reached and energy prices ease. [...]

Apple says India antitrust body overstepping judicial authority as spat intensifies

May 1, 2026 5:42

NEW DELHI: Apple has accused India’s competition body of exceeding its powers by pushing the US tech company to submit its financials in an antitrust case related to the iPhone apps market, while Apple challenges the law governing penalties, documents show. An April 24 non-public Indian court submission by Apple, reviewed by Reuters on Thursday, is ⁠the latest sign of a growing confrontation between the company and Indian investigators over a case in which Apple says it could face a penalty of up to $38 billion. The Competition Commission of India has since 2024 sought Apple’s financial information - typically needed to calculate penalties - after an investigation found it abused its dominant position. Apple has resisted, arguing it has challenged India’s entire antitrust penalty calculation law in a New Delhi court, and the watchdog must wait. After the CCI this month gave Apple an ultimatum to submit its financials and scheduled a final hearing on May ‌21, ⁠the company has urged the Delhi High Court to urgently intervene to put the matter on hold. The “commission’s decision to schedule a final hearing represents an escalation in its efforts to usurp the Hon’ble Court’s authority,” Apple said in the filing, in which it asked the court to hear the matter on ⁠May 15. Apple and the CCI did not respond to Reuters queries. The filing came in response to CCI’s April order, in which the watchdog said Apple had “been afforded adequate opportunities to file” its objections to ⁠the investigation report and has also “not submitted the requisite financial information.” China’s Q2 smartphone shipments down 2.4%, says Counterpoint The Indian case is among many Apple faces around the globe for alleged antitrust breaches. India is a key market for ⁠Apple where its iPhones have a 9% market share, compared to 4% two years ago, according to Counterpoint Research. Apple has maintained it is a small player compared to Google’s Android, which is the dominant player in India. [...]

Toyota to post fourth straight quarterly profit drop as Middle East risks, costs mount

May 1, 2026 5:38

TOKYO: Toyota is expected to report a fourth successive year-on-year decline in quarterly operating profit next week, as rising material and labour costs and the impact of US tariffs offset strong demand, particularly for hybrid vehicles. The world’s ‌biggest automaker is forecast to post operating profit of 813 billion yen ($5.17 billion) for the January-March quarter, down 27% from a year earlier, according to the median estimate of seven analysts surveyed by LSEG. That would bring Toyota’s full-year operating profit to a three-year low of around 4 trillion yen, highlighting the pressure facing the Japanese automaker despite continued high production and sales volumes globally. Analysts say the rising costs - including higher wages across the supply chain, the impact of U.S. President Donald Trump’s import tariffs, and rising raw material prices linked to the Middle East conflict - could take a toll on the ⁠results. Toyota forecast a 3.8 trillion yen operating profit for the financial year just ended, as it continues to benefit from robust demand in key markets such as the United States, where higher-margin hybrids have helped support earnings. Middle east impact, material costs in focus Asia is the most vulnerable region to supply disruption, relying more heavily than others on crude, gas, fuel and other imports from the Gulf. Without these, some businesses are finding it increasingly difficult to operate. “If the current situation in the Middle East continues, higher aluminium prices would be quite tough to absorb,” said Yuya Takahashi, an analyst at Marusan Securities. While the conflict, which began on February 28, mainly only affected the final month of the quarter, it has already pushed up prices of aluminium, naphtha and other materials, and disrupted car shipments to the Middle East. Toyota’s sales in the region fell by nearly a third in March, contributing to a second straight monthly decline in global sales, the company said last week. Toyota raises offer for Toyota Industries by 15% Although ‌the Middle ⁠East is a relatively small market for Toyota, with sales of almost 34,000 cars last month, it is known for its demand for higher-margin models. Attention will also be on how new CEO Kenta Kon handles the earnings report on May 8. Kon, a close ally and former secretary of Chairman Akio Toyoda, became chief executive last month. Kon was a key figure behind the tender offer to take group firm Toyota Industries (6201.T), opens new tab private, an effort that succeeded in March after drawing opposition from investors, including activist fund Elliott Investment Management. Potential knock-on ⁠effect ahead Takahashi said higher aluminium prices typically filter through to automakers’ costs with a delay of around six months, pointing to a bigger potential knock-on impact on Toyota and its suppliers in the current financial year that started on April 1. He added that it may be difficult for Toyota to fully offset increasing material costs, even though years of ⁠investment in its workforce and supply chain have made it more resilient to external shocks. Toyota’s shares are down more than a fifth since the U.S. and Israel attacked Iran at the end of February, and around 10% this year. On Tuesday, Toyota suppliers including Aisin, Denso and Toyoda Gosei warned of growing uncertainty over their ⁠outlook, with executives flagging potential profit hits from higher aluminium and oil-linked input costs. Investors will closely watch how Toyota addresses the impact of the war in the Middle East on vehicle volumes and how much rising material prices could weigh on profits in the current financial year, analysts said. [...]

Pakistan-bound tanker exits Strait of Hormuz with Kuwait diesel: report

May 1, 2026 5:35

A Pakistani tanker laden with diesel from Kuwait was seen transiting out of the Strait of Hormuz, a rare event in the blockaded waterway, reported Bloomberg. The tanker, the Khairpur, commenced its journey on Thursday along the Tehran-approved northern route near Qeshm and Larak islands, reported Bloomberg, citing its vessel-tracking data. The vessel, operated by Khairpur Shipping Private Limited, is moving towards Pakistan’s port city of Karachi and is expected to arrive on May 4. The Khairpur tanker was loaded with about 511,000 barrels of diesel at Kuwait’s Mina Al Ahmadi port, according to data from intelligence firm Kpler, read the report. Last month, Pakistani-flagged tanker Shalamar exited the Gulf via the Strait of Hormuz carrying crude loaded from the United Arab Emirates. The Aframax tanker exited the waterway laden with about 440,000 barrels of Abu Dhabi’s Das Blend crude. Meanwhile, global oil prices have been on the rise since the end of February when the US and Israel attacked Iran, resulting in the closure of the Strait of Hormuz and the disruption of shipments of around one-fifth of the world’s oil and liquefied natural gas supply. Brent gained 50% in March alone. A ceasefire has been in place since April 8, but on Thursday evening, Iranian Foreign Ministry ‌spokesman Esmaeil ⁠Baghaei said it was not reasonable to expect quick results from US talks, according to the official IRNA news agency. “Expecting to reach a result in a short time, regardless of who the mediator is, in my opinion, is not very ⁠realistic,” he was quoted as saying. US President Donald Trump was scheduled to receive a briefing on Thursday on plans for ⁠a series of fresh military strikes on Iran to compel it to negotiate an end to the conflict, a US official told Reuters. [...]

Indian Oil hikes prices of industrial LPG, jet fuel for foreign airlines

May 1, 2026 5:34

India’s largest state-run refiner Indian Oil Corporation has ‌raised the prices of liquefied petroleum gas used by industries and jet fuel for foreign airlines from Friday, the company said in ⁠a statement. The price of a 19-kilogram commercial LPG cylinder for industrial clients was hiked by 993 rupees, or 47.8%, to 3,071.5 rupees, the refiner said. Aviation turbine fuel prices for international airlines were raised by $76.55 per kilolitre to $1,511.86 ‌per ⁠kilolitre from $1,435.31, the refiner added. Prices of household LPG, primarily used as cooking fuel, were left unchanged. Jet fuel prices for domestic ⁠airlines were also not revised, the company said. The price hikes come amid a sharp surge in ⁠global oil prices, which have climbed above $100 a barrel following the closure of ⁠the Strait of Hormuz amid the ongoing Iran war. [...]

Asia shares find relief in tech resilience, oil off peak

May 1, 2026 5:15

SYDNEY: Asian share markets rebounded in relief on Friday as oil prices came off the boil and upbeat company earnings pulled investors into tech stocks, while Japan’s first yen-buying intervention in two years steadied the battered currency. Apple amplified the cheer by beating forecasts and providing an upbeat ‌outlook for sales, though it did warn of chip supply constraints. Its shares rose 2.7% in extended trading, adding to gains of 10% in both Caterpillar and Alphabet as they beat expectations. Hopes for ever-rising profits saw the S&P 500 climb more than 10% for all of April, while Nasdaq surged 15% in its best performance since 2020. S&P 500 futures were up 0.2% on Friday, with Nasdaq futures firming 0.1%. April was also a barnstormer for Asia, with Japan’s Nikkei up 16% for the month, Taiwan gaining 23% and South Korea almost 31%. Market holidays limited the reaction across Asia on Friday, with the Nikkei up 0.4% and Australian ⁠shares adding 0.7%. MSCI’s broadest index of Asia-Pacific shares outside Japan edged 0.3% higher. Asia does remain acutely vulnerable to higher energy prices, importing most of its oil and gas, and oil flows remain badly disrupted through the vital Strait of Hormuz. Iran said on Thursday it would respond with “long and painful strikes” on U.S. positions if Washington renewed attacks and restated its claim to the strait. That saw Brent crude firm 1.2% to $111.70 a barrel, though that was well off Thursday’s four-year peak of $126.41. U.S. crude rose 0.5% to $105.64 a barrel. Japan draws a line for yen Currency markets had also come alive after sources said Japanese authorities had intervened on Thursday to sell dollars for yen, initially sending the greenback sliding five whole yen to a two-month low of 155.50 . Yet buyers were back on Friday, lifting the dollar to 157.29 in a sign Tokyo may yet have to do more if it really wants to draw a line at the 160.00 yen barrier. “The cost is likely to be in the tens of billions of ‌dollars based ⁠on history,” said Tim Baker, a macro strategist at Deutsche Bank, referring to the size of the intervention. “We’re not convinced USD/JPY will keep falling, or even stay here for long,” he argued. “The cross may well be high relative to rates, but it’s actually low relative to a simple model that includes rates, equities and oil.” Japan imports all its oil and the rise in crude prices is set to sharply widen the country’s trade deficit. The burst of dollar sales indirectly lifted the euro to $1.1729 and away from a three-week trough of $1.1655. The pound firmed as ⁠far as a 10-week high at $1.3612 . Both currencies were supported by hawkish commentary from their respective central banks. The Bank of England warned that the fallout from the Iran war could lead to “forceful” rate rises if energy prices kept climbing, and one board member voted for an immediate hike. European Central Bank President Christine Lagarde said they were debating whether to lift rates and noted that data ⁠over the next six weeks would decide the issue. “The messages conveyed during the press conference leave us with a distinct perception that the consensus among governors is that they will hike policy rates at the next meeting on June 11,” said analysts at Citi in a note. “We find no reason to alter our expectation of back-to-back rate ⁠hikes in June and July.” That follows a hawkish shift from the Federal Reserve on Wednesday that saw markets give up on any hope for a rate cut there this year. The pivot left U.S. 10-year Treasury yields up 8 basis points on the week at 4.390% , but off a top of 4.436%. Elsewhere in commodity markets, gold was flat at $4,623 an ounce , having been stuck in a tight trading range for more than a month now. [...]

Californians now paying 6 bucks a gallon for kicks on Route 66

May 1, 2026 5:11

CARLSBAD: Motorists commemorating the centennial of US Route 66 - a celebrated symbol of carefree road trips - were paying $6 a gallon for gasoline in California on Thursday, the highest price in two years and a brewing political flashpoint as elections loom. The Iran war has brought the worst-ever disruption to global oil supplies, driving up gasoline prices worldwide and posing ‌particular hardships for California, the most populous US state with the most cars on the road. The Golden State also has some of the highest gasoline prices in the country because of stringent emissions standards, high taxes and its reliance on imported petroleum. With California’s gubernatorial primary barely one month away, candidates sparred at a debate this week over whether to eliminate the state’s $0.61-per-gallon gas tax, the highest in the nation. At the national level, high gas prices look certain to become a major political issue ahead of congressional midterm elections in November, when President Donald Trump’s Republicans will be struggling to retain control. Three out of four Americans said the Trump administration bore responsibility for the recent rise in gas prices, according to an April Reuters/Ipsos poll, while a majority said they expect gas prices to get worse over the next year. Highest gas prices in the US California’s average gasoline price hit $6.01 a gallon on Thursday, the highest in the country and the most that ⁠motorists in the state have had to pay since October 2023, GasBuddy data showed, while the US national average climbed to $4.34 a gallon, the highest since July 2022. The fuel price surge has pinched US consumers, contributing in March to the biggest gain in annual inflation in nearly three years. Analysts expect the pain to worsen as the Iran conflict - which has closed the Strait of Hormuz and bottled up nearly a fifth of global oil flows - stretches into the peak US summer travel season, typically beginning around Memorial Day in late May and lasting through Labor Day in September. Oil prices rise with no sign of end to Iran war California relies heavily on Asia for imports to meet its domestic fuel requirements, making it one of the US states most affected by supply shortages due to the Iran war. Asian refiners have cut production and restricted exports as they struggle to find crude oil to replace barrels from the Middle East. That means they have less to export to California. Fuel shortages have also pushed foreign importers to snap up crude and fuel supplies from the US Gulf Coast, pushing benchmark oil prices higher - and with them fuel prices across the United States. US gasoline exports rose in March to 834,000 barrels per day, the highest since November, with at least two cargos sent to Asia, Kpler data showed. Fuel stockpiles in California hit record lows in April. Gasoline imports to California dropped sharply after hitting a record 195,000 bpd in the week starting April 13, to less than 75,000 bpd last week, Kpler data showed. “California is arguably the state most impacted by the Strait ‌of Hormuz in ⁠the United States, which has been largely insulated from the events,” said Denton Cinquegrana, chief oil analyst at Dow Jones Energy. Summer road trips face a speed bump The rising fuel prices are fueling political controversy in California and nationwide. California’s incumbent Governor Gavin Newsom, one of Trump’s most vocal critics, has blamed the war in Iran for soaring gas prices in his state and elsewhere. “Every American who fills up their tank this week, buys groceries, or books a flight is paying Donald Trump’s Iran war tax,” Newsom said in a press release on Thursday. Newsom has faced criticism from Trump after energy policies he has supported contributed to the closure of some California refineries, increasing the state’s reliance on imports. The California Energy Commission last year sought to reassure motorists that the ability to import from Asia would protect against possible price spikes, after the closure of two ⁠refineries supplying about 20% of the state’s motor fuel requirements. That has, however, proved a vulnerability rather than a strength during the current energy crisis. Miguel Angel Cruz, who owns a landscaping business, said he used to fill up his truck for $50 but now it costs $80. As he spoke, the pump display at the gasoline station in Carlsbad, California, shot past $80 to land at $85.75 for a little more than 13 gallons. “I cannot drive any less,” Cruz said, citing the needs of his business. “Every time we get a new president in the White House, they say this year ⁠is gonna be better. But nothing’s changed. It’s the same story, except now it’s worse because of the war in Iran.” The US government’s Route 66 Centennial Commission and independent motorists have scheduled a series of events to celebrate the 100th anniversary of the 2,400-mile (3,860 km)Route 66 - often called “The Mother Road” - that stretches through eight states to connect Chicago with Los Angeles. About 41% of Americans planned to visit at least parts of Route 66 during the 2026 centennial celebration, an AAA survey showed. The iconic route is ⁠a favorite road trip for motorists during summer holidays. “I don’t believe gas in California should cost this much at all … I cannot afford this gas,” said Amanda Martinez, a video editor who recently moved to California from Texas. She added that if gas prices rise further, she would consider driving less. She plans to ask her employer for more work from home or for a gas card, and is considering buying an electric vehicle as her office is about 20 miles away from her home. [...]

Yen steadies after Japan intervention; traders brace for more action

May 1, 2026 4:59

TOKYO: The yen trimmed gains against the dollar on Friday, but was still poised for its strongest weekly rally in more than two months after Japanese authorities stepped into the markets to haul the currency back from near two-year lows. Investors remained ‌on high alert for further action from Japan’s Ministry of Finance (MOF), with May 1 holidays thinning markets around Asia. A Japanese official hinted that further intervention could come as the nation heads into its Golden Week holidays next week. The euro edged higher after the European Central Bank signaled it was ready to hike interest rates. The Aussie dollar held at a near four-year high as global shares remained buoyant. “The difficulty is they are sort of fighting against some underlying fundamentals there,” Ken Crompton, the head of rates strategy at National Australia Bank, said about Japan’s intervention efforts. “The weak yen is probably there for a reason and how successful the MOF will be in ⁠fighting against the tide on a sustained basis is sort of hard to see at the moment,” he added. The yen stepped back 0.35% against the greenback to 157.15 per dollar, but Thursday’s surge put the Japanese currency on course for a 1.4% jump this week, the most since mid-February. The dollar index , which measures the greenback against a basket of currencies, fell 0.04% to 98.11, while the euro inched up 0.04% to $1.1735. Japan’s top currency diplomat Atsushi Mimura on Friday said speculative positions remain in markets, putting traders on notice of possible further strikes to bolster the yen during the holiday period. Two sources familiar with the matter told Reuters that officials had intervened to buy the yen on Thursday, after it hit its weakest level against the dollar since July 2024. The sudden jolt in the dollar-yen rate occurred in London trading hours and followed earlier comments from Japanese Finance Minister Satsuki Katayama that the time for “decisive” action was nearing. “Past intervention has had only a temporary effect on the yen if the underlying fundamentals haven’t shifted,” Kristina Clifton, senior currency strategist at Commonwealth Bank of Australia, wrote in ‌a note. “Continued ⁠yen depreciation may prompt several rounds of intervention, which in turn would cause larger two-way swings in USD/JPY.” In the oil market, prices remained elevated following threats by Tehran of “long and painful strikes” on U.S. positions if Washington renewed attacks on Iran. As a U.S. legal deadline loomed for President Donald Trump to end the conflict, a senior administration official said late on Thursday that a ceasefire in place since April 7 constituted a termination of hostilities. The currencies of Japan and other nations dependent on energy imports had been in decline since late February, when U.S.-Israeli strikes on Iran started, leading to ⁠the closure of the Strait of Hormuz shipping lane for oil. The dollar index slid 1.76% in April after a surge in March that underscored the U.S. economy’s relatively lower exposure to higher oil prices compared with the euro zone and Japan. The ECB and the Bank of England kept interest rates unchanged on Thursday, as expected, following holds earlier in the week by the Federal Reserve and Bank ⁠of Japan. Even so, the ECB and BOJ signaled readiness to hike rates as soon as June to contend with imported energy inflation. Data on Friday showed Japan’s core inflation slowed in April as government subsidies blunted the effect of energy prices, but analysts expect price gains to accelerate from here, keeping pressure on the central bank to hike rates. “Combined with ⁠the Bank of Japan’s ‘hawkish hold,’ if the market starts to price in a rate hike at the next meeting in June, yen buying could gather momentum,” Sakura Koike, an analyst at Mitsubishi UFJ Bank, said in a note. The Australian dollar strengthened 0.04% versus the greenback to $0.7202, after closing above the $0.72 level on Thursday for the first time since June 2022. New Zealand’s kiwi weakened 0.03% to $0.5905. In cryptocurrencies, bitcoin gained 0.97% to $77,206.95 and ether rose 0.98% to $2,285.67. [...]

Trump says he will raise tariffs on EU autos to 25%

May 1, 2026 4:08

WASHINGTON: U.S. President Donald Trump on Friday said he would be increasing tariffs on cars and trucks from the European Union to 25%, saying the EU had not complied with its trade deal. “Based on the fact the European Union is not complying with our fully agreed to Trade Deal, next week I will be increasing Tariffs charged to the European Union for Cars and Trucks coming into the United States,” he wrote in a social media post. “It is fully understood and agreed that, if they produce Cars and Trucks in U.S.A. Plants, there will be NO TARIFF,” Trump added. EU ‘expects’ US to honour trade deal as Trump hikes tariffs [...]

Crude futures fall on new Iran proposal for peace talks

May 1, 2026 3:56

Pentagon reaches agreements with top AI companies, but not Anthropic

May 1, 2026 3:37

WASHINGTON: The Pentagon said on Friday it had reached agreements with seven AI companies to deploy their advanced capabilities on the Defense Department’s classified networks as it seeks to broaden the range of AI providers working across the military. The statement notably excludes Anthropic, which has been in dispute with the Pentagon over guardrails for the use of its artificial intelligence tools by the military. The Pentagon labeled the AI startup, which is widely used across the Department of Defense, a supply-chain risk earlier this year, barring its use by the Pentagon and its ⁠contractors. Pakistani co-founded AI startup Cursor draws $60bn buyout option from SpaceX SpaceX, OpenAI, Google, NVIDIA, Reflection, Microsoft and Amazon Web Services, several of which already work with the Pentagon, will be integrated into its Impact Levels 6 and 7 network environments giving more of the military access to their products, the Pentagon said in a statement. By expanding the AI services offered to troops, who use it for planning, logistics, targeting and a bevy of other reasons to streamline huge operations and perform more quickly, the Pentagon said in its statement it will avoid “vendor lock”, a likely nod to its overdependence on Anthropic. Pentagon staffers, former officials and IT contractors who work closely with the U.S. military have told Reuters they were reluctant to give up Anthropic’s AI tools, which they view as superior to alternatives, despite orders to remove them over the next six months. AI has become increasingly important for the U.S. military. The Pentagon’s main AI platform GenAI.mil has been used by over 1.3 million Defense Department personnel, the agency noted in its release, after five months of operation. OpenAI hardware leader resigns after deal with Pentagon Google, which is already used within the Pentagon, has signed a deal enabling the Department of Defense to use its artificial intelligence models for classified work, a source told Reuters earlier this week. Anthropic still a ‘risk’ Defense Department Chief Technology Officer Emil Michael on Friday told CNBC that Anthropic remained a supply-chain risk, but that Mythos, the company’s artificial intelligence model with advanced cyber capabilities that created a stir among U.S. officials and corporate America over its ability to supercharge hackers, was a “separate national security moment.” While numerous companies and public and private entities have gained access to a Mythos preview product to help secure their IT infrastructure against future cyberattacks, it is not clear if the Pentagon is part of that program. Pentagon threatens to cut off Anthropic in AI safeguards dispute, Axios reports U.S. President Donald Trump said last week that Anthropic was “shaping up” in the eyes of his administration, opening the door for the AI company to reverse its blacklisting at the Pentagon. Still, the falling out reinforced the need to diversify the supply of AI tools for the military, opening new opportunities for small defense industry artificial intelligence startups. [...]

Venezuela's oil exports jump to highest since 2018, with more sales to US, India

May 1, 2026 3:13

Venezuela’s oil exports rose 14% to 1.23 million barrels per day in April, the highest in more than seven years, fueled by more sales to the United States, India and Europe, shipping data and documents from state company PDVSA showed on Friday. The South American country has been draining oil inventories and recovering crude output in recent months following the U.S. capture of President Nicolas Maduro in January, which led to a flagship supply pact between the governments of U.S. President Donald Trump and Venezuela’s interim President Delcy Rodriguez. The agreement, coupled with U.S. licenses easing sanctions on the country, has allowed PDVSA’s joint-venture partners and trading houses including Vitol and Trafigura to receive cargoes from the state firm for sales to refiners in the U.S., Europe and Asia. India’s Reliance buys Venezuelan oil directly from PDVSA, document and data show In April, a total of 66 vessels departed from Venezuelan waters, compared with 61 ships that carried 1.08 million bpd of crude and refined products in March, according to the data, based on tanker movements. The April average is the highest monthly volume since late 2018, before U.S. sanctions were imposed on Venezuela’s energy industry. [...]

Nasdaq, S&P 500 hit fresh highs as Wall St extends gains after best month in years

May 1, 2026 3:08

Load management ends in Pakistan as LNG supply stabilises system: Leghari

May 1, 2026 1:59

Federal Minister for Power Awais Ahmed Khan Leghari on Friday announced the end of load management across the country following the arrival of LNG cargo, saying the improved fuel supply has restored stability to the power system. In a video message, Leghari noted that Pakistan experienced varying levels of load shedding from April 13, including up to five hours, which increased to around seven hours before reducing to minimal levels. He said the electricity shortfall was not due to systematic constraints, but because of fuel supply constraints. “We were unable to procure gas, needed to generate electricity, due to the Iran-US war. And if we generated electricity from diesel and furnace oil, then this electricity will be very expensive, and it will affect our consumers.” Discos from SPPs and CPPs: Leghari takes notice of electricity procurement The minister said additional gas supplies, which were purchased on spot rates, have arrived. Moreover, hydropower generation in the country has improved, rising from around 1,000 MW to nearly 6,000 MW. Leghari said Pakistan’s installed generation capacity stands at 32,000 MW, and claims of higher figures circulating in public were inaccurate. He expressed hope that, with improved fuel availability and timely interventions, the country would not face a return to prolonged load shedding. “Load shedding will not return to previous levels.” [...]

Aluminium rebounds on supply concerns amid US-Iran standoff

May 1, 2026 11:46

ECB's Makhlouf concerned energy prices may stay higher for longer

May 1, 2026 11:38

Pakistan inflation returns to double digits at 10.9% in April 2026

May 1, 2026 10:18

Headline Inflation YoY Headline Inflation YoY Chart.register(ChartDataLabels); var ctx = document.getElementById('inflationChart').getContext('2d'); var inflationChart = new Chart(ctx, { type: 'bar', data: { labels: ["Jan-24", "Feb-24", "Mar-24", "Apr-24", "May-24", "Jun-24", "Jul-24", "Aug-24", "Sep-24", "Oct-24", "Nov-24", "Dec-24", "Jan-25", "Feb-25", "Mar-25", "Apr-25", "May-25", "Jun-25", "Jul-25", "Aug-25", "Sep-25", "Oct-25", "Nov-25", "Dec-25", "Jan-26", "Feb-26", "Mar-26", "Apr-26"], datasets: [{ data: [28.3, 23.1, 20.7, 17.3, 11.8, 12.6, 11.1, 9.6, 6.9, 7.2, 4.9, 4.1, 2.4, 1.5, 0.7, 0.3, 3.5, 3.2, 4.1, 3.0, 5.6, 6.2, 6.1, 5.6, 5.8, 7.0, 7.3, 10.9], backgroundColor: 'orange', borderWidth: 1 }] }, options: { responsive: true, plugins: { legend: { display: false }, datalabels: { anchor: 'end', align: 'top', formatter: function(value) { return value + '%'; }, font: { weight: 'bold' } } }, scales: { y: { beginAtZero: true } } } }); Pakistan’s headline inflation clocked in at 10.9% on a year-on-year (YoY) basis in April 2026, as shown by Pakistan Bureau of Statistics (PBS) data on Friday, a reading higher than the Ministry of Finance’s estimate of 8-9%. The consumer price index (CPI) was recorded at 7.3% in March 2026. The CPI stood at 0.3% in April 2025. On month-on-month basis, it increased by 2.5% in April 2026 as compared to an increase of 1.2% in the previous month and a decrease of 0.8% in April 2025. During the first ten months of the fiscal year, inflation stood at 6.19% against 4.73% recorded in the same period last year. CPI inflation urban increased by 11.1% on year-on-year basis in April 2026, as compared to an increase of 7.4% in the previous month and an increase of 0.5% in April 2025. On a month-on-month basis, it increased by 2.7% in April 2026 as compared to an increase of 1.3% in the previous month and a decrease of 0.7% in April 2025. CPI inflation rural increased by 10.6% on year-on-year basis in April 2026, as compared to an increase of 7.2% in the previous month and a decrease of 0.1% observed in April 2025. On month-on-month basis, it increased by 2.1% in April 2026 as compared to an increase of 1% in the previous month and a decrease of 1% in April 2025. In its Monthly Economic Update & Outlook, March 2026, the Finance Division had anticipated inflation to remain in single digits, within the range of 8-9% for April 2026. “Amid ongoing supply chain constraints [due to geopolitical tension in Middle East], inflation is anticipated to remain within the range of 8-9% for April 2026,” the ministry said in its latest Monthly Economic Update & Outlook April 2026 published on Thursday. Meanwhile, Insight Securities Head of Research Muhammad Shahroz said in a commentary that headline inflation could stand at 10.1% for April 2026. “The [expected] increase is mainly driven by low base effect coupled with elevated food and housing index. On a month-on-month basis, inflation is expected to inch up by 1.7%. This surge is primarily driven by higher retail fuel prices coupled with elevated LPG prices,“ he said. The rising inflation rate agreed State Bank of Pakistan (SBP) to increase its key policy rate by 100 basis points to 11.5% this week. This was the first hike in the past three years. [...]

India collects 2.43 trillion rupees in goods and services tax in April

May 1, 2026 6:46

NEW DELHI: India collected ‌2.43 trillion rupees ($25.61 billion) in goods and ⁠services tax in April, a rise of 8.7% from last year, ‌the ⁠government said in a statement on ⁠Friday. [...]

NatWest's first-quarter profit rises 12%, takes Iran war provision

May 1, 2026 6:36

Gold heads for weekly loss on oil-driven inflation concerns

May 1, 2026 6:21

Standard Chartered sees ECB hiking rates in June

May 1, 2026 6:11

Apple says India antitrust body overstepping judicial authority as spat intensifies

May 1, 2026 5:42

Toyota to post fourth straight quarterly profit drop as Middle East risks, costs mount

May 1, 2026 5:38

Trump says 'not satisfied' with new Iran proposal

May 1, 2026 5:57

WASHINGTON: President Donald Trump said Friday he was unhappy with a new proposal from Iran for peace talks with the United States, and threatened to “blast them to hell” if they failed to strike a deal. “At this moment I’m not satisfied with what they’re offering,” Trump told reporters at the White House. The president’s remarks came after Iranian state media reported that Tehran had delivered the text of a talks proposal to mediator Pakistan on Thursday evening. The war, launched by the United States and Israel with a vast wave of surprise strikes on February 28, has been on hold since April 8 with a ceasefire. But only one failed round of direct talks has taken place between Iranian and US representatives. Meanwhile Iran has maintained its stranglehold on the Strait of Hormuz, cutting off vast amounts of oil, gas and fertilizer from the world economy, while the US has imposed a counterblockade on Iranian ports. Asked why he was unsatisfied with the Iranian offer, Trump said: “They’re asking for things that I can’t agree.” He gave no details. Also read: Trump discussed new Iran proposal with national security aides on Monday, White House says Trump said Iran had “made strides” in negotiations, but added that there was “tremendous discord” in the Islamic republic’s leadership and warned: “I’m not sure if they ever get there.” Trump was asked what he would do if there was no deal but refused to say whether he would launch more strikes. “Do we want to go and just blast the hell out of them and finish them forever – or do we want to try and make a deal? I mean, those are the options,” he said. Trump added that he would “prefer not” to launch a huge offensive but added: “That’s the option: do we want to go in there heavy and just blast them away or do we want to do something?” He was also asked about blowing past the 60-day deadline set out in the War Powers Act for getting congressional approval for the war and claimed that the notion that he would need approval was “totally unconstitutional.” “Also, we had a ceasefire so that gives you additional time, but no other country has done it,” he said. “We’re in the midst of a big victory. This is a victory like we haven’t had since Venezuela.” He meant the US ouster of Nicolas Maduro in January. [...]

Senator Mushtaq released after unlawful detention by Israeli forces: Dar

May 1, 2026 5:55

Former Senator Mushtaq Ahmad Khan, who was unlawfully detained by Israeli occupying forces along with other humanitarian workers aboard the Global Sumud Flotilla, has been released, Foreign Minister Ishaq Dar said on Friday. The release comes after a concerted effort involving multiple parties. In a post on X, Dar said the Hellenic authorities facilitated his release at Crete, Greece, allowing for his safe return. The Government of Turkiye also played a pivotal role in arranging his transfer to Istanbul, from where he will travel to Pakistan. Dar acknowledged their swift and effective response, along with the support from the Pakistani Embassy in Athens. “I reiterate my strongest possible condemnation of the illegal detention of humanitarian workers abroad the flotilla as well as obstruction of humanitarian aid destined for the besieged people of Gaza,” Dar said. Pakistan has been and will continue to extend unequivocal support for our Palestinian brothers and sisters, he added. [...]

US imposes new Iran sanctions, warns against paying Hormuz tolls

May 1, 2026 5:53

WASHINGTON: The United States imposed new sanctions Friday on three Iranian foreign currency exchange firms, in an effort to target Tehran’s “financial lifelines” in the Middle East war. The US Treasury Department warned in a separate statement against paying a “toll” to Iran’s government in exchange for safe passage through the Strait of Hormuz, saying this could also trigger sanctions. Tehran has virtually blocked the Strait of Hormuz, a key waterway for energy transit, since US-Israeli strikes on Iran from late February. This has caused oil prices to surge globally and US gasoline prices to spike, putting pressure on American households. Also read: US imposes new sanctions against suppliers of weapons to Iran US Treasury Secretary Scott Bessent said Friday that his agency would “relentlessly target the regime’s ability to generate, move, and repatriate funds, and pursue anyone enabling Tehran’s attempts to evade sanctions.” In targeting the foreign currency exchange firms, the US Treasury charged that Iran’s “shadow banking networks handle tens of billions of dollars’ worth of trade each year, much of it derived from Iran’s overseas sales of oil and petrochemicals.” In a separate statement, the Treasury’s Office of Foreign Assets Control issued an alert to warn people from and outside the United States about sanctions risks of making payments to Iran’s government for safe passage through the Strait of Hormuz. [...]

Iran FA president says he was allowed to enter Canada but chose to turn back

May 1, 2026 4:18

Iranian soccer federation president Mehdi Taj said Canadian officials cleared him to enter the country for the FIFA Congress, but Iran’s delegation chose to turn back after being held for three hours and questioned at a Toronto airport, Iranian media reported on Friday. Taj, a former member of Iran’s Islamic Revolutionary Guard Corps (IRGC), said he was questioned by Canadian immigration about his ties to the group, but was ultimately allowed into the country for the pre-World Cup gathering in Vancouver. Canadian authorities have said members of the IRGC are prohibited from entering the country, which is set to co-host the World Cup from June along with the United States and Mexico. Trump envoy seeks to replace Iran with Italy in upcoming World Cup, FT reports “We all had visas and were even checked in Turkey. They told us they had questions for you and asked if we were members of the IRGC,” Iran’s semi-official news agency Tasnim quoted Taj as saying. “We told them that there are 90 million IRGC members in Iran. They said that we don’t allow people from this organisation in. They said that it is the laws of our country. “After a while, they said you can enter but we decided to return. They didn’t deport us and we decided to return ourselves… I told the Canadians that you kept us at the airport for three hours, you made us wait for nothing.” Iran cannot participate in World Cup, sports minister says Reuters has contacted Immigration, Refugees and Citizenship Canada, which issues visas to travel to the country, for comment. Taj said FIFA president Gianni Infantino had offered to send a jet to take the Iranian delegation to Canada after they returned to Turkey, but they refused. “I told the FIFA secretary general (Mattias Grafstrom) that you are intimidated by America and that you say ‘yes sir’ to whatever they say,” he said. Reuters has reached out to FIFA for comment. Infantino insisted on Thursday that Iran would play World Cup matches in the United States, despite tensions between the two countries since the U.S. and Israel launched a war against Iran in February. FIFA earlier rejected Tehran’s request for alternative venues for matches on U.S. soil. Infantino says Trump welcomes Iran’s World Cup participation “We need to hold a meeting with FIFA officials to ensure that if we are to come to the World Cup, there should be no side issues and controversies for our team,” Taj said about Iran’s participation. [...]

Trump says he will raise tariffs on EU autos to 25%

May 1, 2026 4:08

PM Shehbaz directs early rollout of global-standard virtual assets regulatory system

May 1, 2026 3:49

Prime Minister Shehbaz Sharif on Friday directed authorities to ensure the early and full operationalization of a robust, globally aligned regulatory framework for virtual assets, aiming to boost Pakistan’s digital economy and strengthen investor confidence, his office said. Chairing a meeting with Minister of State and Chairman of the Pakistan Virtual Assets Regulatory Authority, Bilal Bin Saqib, the prime minister emphasized the need for swift progress in regulating the emerging sector. He stressed that Pakistan must equip its workforce with modern skills, particularly in artificial intelligence and digital finance, to stay competitive in a rapidly evolving global economy. READ MORE: Investment sought in AI, robotics & blockchain The prime minister called for targeted initiatives to train youth in these high-demand areas. During the briefing, Bilal Bin Saqib informed the premier about the authority’s transition into a fully operational regulator and the launch of a regulatory sandbox designed to test innovative financial technologies in a controlled environment. Officials highlighted that innovation is being introduced in areas such as AI-powered payments and regulated virtual asset services, while preparations are underway to align national institutions, workforce capabilities, and regulatory structures with the next wave of economic transformation. The development reflects Pakistan’s broader push to integrate digital finance and emerging technologies into its economic framework while ensuring oversight and compliance with international standards. [...]

White House declines to comment on new Iran proposal

May 1, 2026 3:47

WASHINGTON: The White House said on Friday it will not detail private diplomatic conversations when asked about Iran’s new proposal to the United States that was submitted to Pakistani mediators. “We do not detail private diplomatic conversations. President Trump has been clear that Iran can never possess a nuclear weapon, and negotiations continue to ensure the short- and long-term national security of the United States,” spokeswoman Anna Kelly told Reuters. [...]

Pentagon reaches agreements with top AI companies, but not Anthropic

May 1, 2026 3:37

Olympic bronze medallist Newman suspended for missing doping tests

May 1, 2026 3:26

PARIS: Olympic bronze medallist pole vaulter Alysha Newman has been suspended for 20 months for whereabouts failures in relation to anti-doping testing, the Athletics Integrity Unit (AIU) announced on Friday. “The AIU has banned Alysha Newman (Canada) for 20 months from 3 December 2025 for Whereabouts Failures. DQ results from 23 August 2025,” the anti-doping body posted on social media. The 31-year-old Canadian, who won bronze in the pole vault at the Paris Games, had been provisionally suspended on February 3 for three whereabouts failures over a 12-month period – on February 27, 2025 and on August 17 and 23 of the same year. She has not competed since the Diamond League meeting in Rabat last May. [...]

Venezuela's oil exports jump to highest since 2018, with more sales to US, India

May 1, 2026 3:13

Nasdaq, S&P 500 hit fresh highs as Wall St extends gains after best month in years

May 1, 2026 3:08

Load management ends in Pakistan as LNG supply stabilises system: Leghari

May 1, 2026 1:59

New Princess Diana documentary promises her own words

May 1, 2026 1:52

LOS ANGELES: A new documentary series based on hours of previously unreleased recordings made by Diana, the late Princess of Wales, is in the works, producers announced Thursday. “Diana: The Unheard Truth,” set for release in 2027 – 30 years after her death in a Paris car crash – promises to tell the story of “the people’s princess” in her own words. Using five hours of conversations between Diana and her close confidante, surgeon Dr. James Colthurst, the tapes formed the basis of Andrew Morton’s explosive 1992 book “Diana: Her True Story.” “This revelatory three-part docuseries restores authorship of one of the most scrutinized lives in modern history,” said a statement released Thursday by Love Monday TV, the production company behind the venture. It “will change public perception of Diana forever.” “Through the tapes, we come to know a resilient, perceptive, and relatable young woman, finding herself in the brightest of global spotlights, and navigating the challenges with grace, self-awareness, and determination.” Princess Diana enters Paris waxwork museum in ‘revenge dress’ Diana’s role in Britain’s storied monarchy is unparalleled. The sumptuous 1981 wedding between Diana and the future King Charles III was a global extravaganza of good will. But what followed quickly degenerated into a tabloid feeding frenzy as cracks appeared in the fairytale, with husband and wife seemingly seeking solace in the arms of others. Diana’s shocking 1997 death in a Paris tunnel in a car speeding away from paparazzi sparked a public backlash in Britain that rocked the monarchy and the media. The tapes, say producers, are a reminder that things could have turned out differently. “We hear her infectious humor and twinkling laughter, as she reveals the truth about life inside the most famous family in the world,” the statement said. “But most importantly we hear her dreams for a future that could have been; a new chapter in which Charles goes off into the sunset with (future queen) Camilla, leaving Diana free to carve her own path.” Charles and Camilla, who married in 2005, are wrapping up a state visit to the United States, a visit that is being seen as a chance for London and Washington to move past a difficult few months. The documentary series will also incorporate the perspectives of Diana’s inner circle, including advisers, close friends, her hairdresser, her bodyguard, and one-time royal press secretary Dickie Arbiter. [...]

Iran offers new proposal amid stalled US peace talks

May 1, 2026 1:33

TEHRAN: Iran delivered a new proposal for peace talks with the US via mediator Pakistan, state media reported Friday, with negotiations between the two sides frozen despite a weeks-long ceasefire. The text of the proposal was handed to Islamabad on Thursday evening, the IRNA news agency reported. The war, launched by the United States and Israel with a vast wave of surprise strikes on February 28 has been on hold since April 8, but only one failed round of direct talks has taken place between Iranian and US representatives. In the meantime, Iran has maintained its stranglehold on the Strait of Hormuz, cutting off vast amounts of oil, gas and fertiliser from the world economy, while the United States has imposed a counter blockade on Iranian ports. The Wall Street Journal reported on Thursday that US President Donald Trump had told security officials to prepare for the blockade to last months, causing oil prices to spike. Despite the failure to negotiate an end to the war, the ceasefire has held. On Friday, judiciary chief Gholam Hossein Mohseni Ejei, a senior figure and well-respected cleric, said “the Islamic Republic has never shied away from negotiations”. But in yet another sign that finding a compromise may prove difficult, Ejei said “we certainly do not accept imposition”, in a video shared by the judiciary’s Mizan Online website. Tehran, though, does not want a return to war he said. Trump discussed new Iran proposal with national security aides on Monday, White House says “We do not welcome war in any way; we do not want war, we do not want its continuation.” The lack of fighting has not assuaged markets, with oil prices still more than 50 percent above their prewar levels as traders confront a prolonged closure of Hormuz, while the European Central Bank held interest rates amid fears of soaring inflation. War powers debate Washington, meanwhile, was gripped by a legalistic debate over whether Trump had passed a deadline for requesting congressional approval for his war with Iran. Administration officials, including defence secretary Pete Hegseth, insisted that the ceasefire meant that the clock was paused on a 60-day deadline requiring the president to seek war powers authorisation from Congress. “For War Powers Resolution purposes, the hostilities that began on Saturday, February 28 have terminated,” a senior administration official told AFP late on Thursday. Trump is under increasing domestic pressure over the war, with no clear victory in sight, inflation spiking due to the conflict and midterm elections due in November. On Thursday, US government data showed slower than expected growth and inflation hit 3.5 percent. Two months into Iran war, economic strain mounts across emerging markets In Iran, meanwhile, the economic consequences of the war, which come on top of years of fierce international sanctions, were beginning to bite. On Thursday, the US military said its blockade had stopped Iran from exporting $6 billion worth of oil, while inflation, already above 45 percent before the war, reached 53.7 percent in recent weeks, according to the national statistics centre. “For many people, paying rent and even buying food has become difficult, and some have nothing left at all,” 28-year-old Mahyar told an AFP reporter based outside Iran, saying the company he worked for had laid off 34 people – nearly 40 percent of its staff. Iran war weighs on global economy as IMF moot starts Hormuz missions Trump has repeatedly lashed out at Washington’s international allies for failing to join efforts to reopen the Strait of Hormuz. France and Britain have led efforts to bring together an international coalition of dozens of countries that would help reopen the strait, but only once peace is secured. But on Thursday, a US official confirmed to AFP that Washington was launching its own international coalition to restart shipping, dubbed “the Maritime Freedom Construct”. That prompted French Foreign Minister Jean-Noel Barrot to insist that the two missions would complement and not compete with each other. The US mission is “not of the same nature as the one we established… it comes as a sort of complement”, Barrot said on a visit to the Gulf. [...]

Liverpool's Salah ruled out of Man Utd clash, says Slot

May 1, 2026 1:09

Liverpool forward Mohamed Salah will miss Sunday’s Premier League clash against rivals Manchester United due to a muscle injury, but manager Arne Slot confirmed on Friday that he was expected to return before the end of the season. Salah was forced off during Liverpool’s 3-1 win over Crystal Palace last week with a hamstring concern, sparking fears it could end his campaign and potentially his Anfield career, with the Egyptian set to leave at the end of the campaign. Liverpool said on Wednesday the injury was not as serious as initially feared and that Salah should feature again before the campaign concludes. “As we know from Mo (Salah), he is always working incredibly hard when he is fit but also when he is injured to be back as soon as possible,” Slot told reporters. “We expect him to be back for the final part of the season but not for Sunday (against Man Utd). Rio Ngumoha makes Anfield history, Mohamed Salah seals Liverpool win over Fulham “In all ways it is a big relief that his injury is minor so he is able to play for us and at the World Cup. If ever there was a player that deserves a big send-off, it is definitely Mo.” Liverpool come into the match on the back of three successive Premier League wins and Sunday’s result could prove crucial in the battle for Champions League qualification. United have improved considerably under caretaker boss Michael Carrick, who took charge following Ruben Amorim’s dismissal. They sit third in the table, three points ahead of Liverpool, and need two more points to secure a top-five finish and a spot among Europe’s elite next season. “We are aware of the fact that it is a very big game, not only because we play United but also to qualify for Champions League and to get the highest possible position in the league table,” Slot said. Injured Salah to miss rest of Liverpool season, says Egypt national team director “We always know that they are really good but now they are showing it in the league table. It might be a bit of an advantage that they only play once a week. “When we have played them every time, I have seen how good they are and now they have, especially under Michael Carrick, become more consistent in their results.” Goalkeeper Alisson Becker is still out with injury, with Slot saying he has not yet trained with the club. “I have to hear today from the medical staff if he (Alisson) is able to train with us today, tomorrow or the start of next week. He’s very close,” the Dutchman added. [...]

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It now costs $160 to fill up America’s top-selling vehicle as the Iran war nears its 10th week

May 1, 2026 9:01

Regular unleaded gas is up almost 50% since the start of the Iran war, to $4.42 a gallon late Friday morning, according to GasBuddy. [...]

Apple just gave a clue that an AI acquisition may be in the cards

May 1, 2026 7:35

Apple is officially retiring its net-cash-neutral target, and some suspect the iPhone maker is preparing for a major acquisition to close the gap in the AI race. [...]

‘Why do Americans think we can do socialism?’ asks hedge-fund manager Ken Griffin

May 1, 2026 7:34

The hedge-fund manager’s recent comments came after New York City Mayor Zohran Mamdani, a democratic socialist, singled out Griffin’s ownership of a $238 million penthouse. [...]

‘The numbers don’t lie’: If I had invested my Social Security in the S&P 500 I’d have $4 million. Is the system broken?

May 1, 2026 7:12