US

Middle East war: global economic fallout

  • In addition, three tankers -- including one co-owned by a Japanese company -- crossed the strait on Thursday via an alternative, southern route.
  • Here are the latest economic events in the Middle East war: - More ships pass Hormuz -  A French-owned and a Japanese-owned vessel are among a handful of ships to have transited the war-torn Strait of Hormuz, maritime tracking data showed Friday.
  • In addition, three tankers -- including one co-owned by a Japanese company -- crossed the strait on Thursday via an alternative, southern route.
Here are the latest economic events in the Middle East war:
- More ships pass Hormuz - 
A French-owned and a Japanese-owned vessel are among a handful of ships to have transited the war-torn Strait of Hormuz, maritime tracking data showed Friday.
The passage, a vital route for oil and liquified natural gas, has been virtually blocked by Tehran since US-Israeli strikes on Iran triggered conflict throughout the Middle East.
Both ships made the crossing on Thursday, according to tracking company Marine Traffic.
In addition, three tankers -- including one co-owned by a Japanese company -- crossed the strait on Thursday via an alternative, southern route.
They hugged close to the shore of Oman's Musandam Peninsula, a first in nearly three weeks, according to Lloyd's List.

UAE gas site fire kills one

One person was killed and four others wounded after a fire at a gas complex in Abu Dhabi, caused by falling debris from an intercepted attack on Friday, the government media office said.
It also reported "significant damage" at the facilities.

Italian central bank cuts forecast

Italy's central bank revised down its growth forecasts due to "sudden energy price hikes" linked to the war.
The Bank of Italy now expects gross domestic product (GDP) to grow by 0.5 percent both this year and next, and then by 0.8 percent in 2028.
It previously forecast 0.6-percent growth in 2026 and 0.8 percent in 2027.

White House seeks $1.5 tn

US President Donald Trump asked lawmakers to approve a massive $1.5-trillion defence budget for 2027, as the United States faces rising costs from its war with Iran and mounting global security commitments.
The proposal would increase Pentagon spending by more than 40 percent in a single year -- the sharpest rise since World War II.

UAE company needs year to restart aluminium

Emirates Global Aluminium, one of the world's largest aluminium producers, said it could take up to a year to resume full production after an Iranian missile attack damaged its Abu Dhabi site.
Iran has attacked several smelters in the United Arab Emirates and Bahrain since the war began on February 28, saying they play a role in supplying US military.

Israel re-opens gas field

Israel resumed operations at its Leviathan offshore major natural gas field.
It had been shut down since the onset of its war with Iran, halting exports to neighbouring Egypt and Jordan. 

Bangladesh cuts office hours

Bangladesh cut office and shop hours and banned decorative lighting at weddings starting Friday, to conserve energy stocks after price hikes.
Bangladesh imports 95 percent of its oil and gas needs. About 60 percent of its electricity is generated using imported gas, while diesel is primarily used for farming.

Free bus rides in Pakistan

State-run public transport in Pakistan's capital and most populous province will be free for the coming month, officials said Friday.
The announcement came hours after a late-night decision to impose a 43-percent rise in the price of petrol and 55 percent on diesel, prompting street protests and long queues at gas stations.

Food prices rise

The UN's Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, rose 2.4 percent in March from February due to higher energy and fertiliser costs.

Australia faces petrol shortages

Australia's government urged motorists to fill their cars at city petrol stations ahead of any long road trips over the Easter holiday.
Energy Minister Chris Bowen said hundreds of service stations in rural towns had run out of diesel nationally and more than a hundred were without unleaded petrol.
burs-aha-bys/sst

indicator

US registers strong job growth in boost to Trump

BY ASAD HASHIM AND MYRIAM LEMETAYER

  • "My Economic Policies have created an enormously powerful engine of Economic Growth, and nothing can slow it down," Trump said on his Truth Social platform, hailing the number of private sector jobs gained.
  • The US economy posted unexpectedly strong job gains in March, data showed Friday, in a development hailed by US President Donald Trump -- but seen with caution by analysts.
  • "My Economic Policies have created an enormously powerful engine of Economic Growth, and nothing can slow it down," Trump said on his Truth Social platform, hailing the number of private sector jobs gained.
The US economy posted unexpectedly strong job gains in March, data showed Friday, in a development hailed by US President Donald Trump -- but seen with caution by analysts.
The world's largest economy gained 178,000 jobs in March, after losing 133,000 in February, and the unemployment rate dropped by 0.1 percentage points to 4.3 percent, the Labor Department said.
Friday's data significantly beat analyst expectations, with economists polled by Dow Jones Newswires and The Wall Street Journal expecting an increase of 59,000 jobs.
The data was stronger than forecast, "but vastly overstates the sustainable pace of job growth," said Oxford Economics lead US economist Nancy Vanden Houten.
"The end of a strike, seasonal quirks and a rebound after harsh winter weather likely boosted job growth in some sectors," she said.
Trump touted the numbers as a success.
"My Economic Policies have created an enormously powerful engine of Economic Growth, and nothing can slow it down," Trump said on his Truth Social platform, hailing the number of private sector jobs gained.
Earlier, White House spokesperson Kush Desai said that once the "short-term disruptions" of the US-Israel war on Iran are over, "America's economic resurgence is set to only accelerate."
Markets were closed Friday in the United States for Good Friday.

Health care recovery

Much of March's recovery was fueled by health care jobs, which have remained resilient even as labor demand has dropped in other sectors.
Health care added 76,000 jobs in March, after having lost jobs the month before, in part due to strike actions.
Employment in construction also grew by 26,000 in March, although the Labor Department flagged that it had changed little over its level from a year ago.
Federal government employment continued to decline, down 11.8 percent since October 2024. Trump has taken a hatchet to the sector in a drive aimed at cost-cutting and reducing the size of government. 
The new data reflected a revision in the figures for January and February, showing employment for those two months combined was 7,000 lower than previously reported.

'Look through the noise'

The US-Israel war on Iran has engulfed the Middle East, sent oil prices surging and snarled supply chains, leading to fears of a global economic slowdown.
Analysts signaled caution as the economic impact of the war begins to hit Americans.
Nationwide Chief Economist Kathy Bostjancic said the March report showed the labor market was in "good standing," with "broad-based gains in the private sector."
Oxford Economics' Houten, however, said the report "doesn't change our assessment that the downside risks to the labor market have increased" due to the war.
"As the labor market softens due to the fallout from the war, we expect the unemployment rate to edge up," she said.
High energy prices tend to drive up production costs, curbing economic activity, with analysts expecting the current "low-hire, low-fire" trend to continue.
"If you look through the noise you have, you know that same picture that we've been looking at, which is a labor market that's holding up, but that has become more fragile, and that remains stuck in this low-hire, low-fire type of environment," EY-Parthenon Senior Economist Lydia Boussour told AFP.

Fed fallout

Uncertainty about the war's economic shock has so far led policymakers at the Federal Reserve to adopt a wait-and-see approach on interest rate moves, as they balance curbing stubbornly high inflation with managing unemployment.
Unemployment rates have remained relatively steady in the United States -- but the figure has hidden churn under the surface, analysts warn, as weak jobs growth has been matched by a drop in labor supply.
That drop in supply is largely attributed to Trump's crackdown on migrants.
For Fed policymakers, however, inflation currently appears to be a bigger risk than unemployment.
"We are getting mixed signals, with some key indicators showing signs of steadying while others are suggesting a weakening labor market," New York Fed President John Williams said Monday.
EY-Parthenon's Boussour said Friday's report will provide "a little bit of reassurance and a little bit of breathing room for the Fed to focus on the inflation side of their mandate in the coming months."
aha-myl/sst/mjf/dw 

US

Iran hunts crew of crashed US jet, one reported rescued

BY AFP TEAMS IN TEHRAN, JERUSALEM, WASHINGTON, BEIRUT, DUBAI AND SANAA

  • - 'Valuable reward' - A spokesperson for the Iranian military's central operational command said "an American hostile fighter jet in central Iranian airspace was struck and destroyed by the IRGC Aerospace Force's advanced air defence system".
  • Iranian and American forces were racing each other early Saturday to recover the crew of the first US fighter jet to go down inside Iran since the start of the war.
  • - 'Valuable reward' - A spokesperson for the Iranian military's central operational command said "an American hostile fighter jet in central Iranian airspace was struck and destroyed by the IRGC Aerospace Force's advanced air defence system".
Iranian and American forces were racing each other early Saturday to recover the crew of the first US fighter jet to go down inside Iran since the start of the war.
Tehran said it had shot down the F-15 warplane, while US media reported American special forces had rescued one of two crew members.
Iran's military also said it downed a US A-10 ground attack aircraft in the Gulf, with US media saying the pilot was rescued.
The war erupted more than a month ago with US-Israeli strikes on Iran that killed supreme leader Ali Khamenei, triggering retaliation that spread the conflict throughout the Middle East, convulsing the global economy and impacting millions of people worldwide.
US Central Command did not immediately respond to a request for comment on the loss of the F-15, but White House Press Secretary Karoline Leavitt said: "The president has been briefed".
President Donald Trump told NBC the F-15 loss would not affect negotiations with Iran, saying: "No, not at all. No, it's war."

'Valuable reward'

A spokesperson for the Iranian military's central operational command said "an American hostile fighter jet in central Iranian airspace was struck and destroyed by the IRGC Aerospace Force's advanced air defence system".
"The jet was completely obliterated, and further searches are ongoing."
An Iranian television reporter on a local official channel said anyone who captured a crew member alive would "receive a valuable reward".
The US military has announced the loss of several aircraft during Iran operations, including one tanker that crashed in Iraq and three F-15s shot down by Kuwaiti friendly fire.
Fresh strikes meanwhile hit Israel, Iran, Lebanon and Gulf countries -- and large blasts rocked northern Tehran, an AFP journalist said. Israel said it had launched a wave of strikes in the Iranian capital, alongside parallel attacks in Beirut.

Blown-out windows

Earlier, Israel's military reported a new missile salvo from Iran, activating its air defences.
Strikes by all sides have increasingly targeted economic and industrial sites, raising fears of wider disruption to global energy supplies.
In the area around a bridge west of Tehran that was targeted by the United States, an AFP reporter saw a villa and residential buildings with blown-out windows -- but no military installations.
According to the martyrs foundation of Alborz province, cited by the official IRNA agency, the attack killed 13 civilians and wounded dozens.  
In Abu Dhabi, Iran's neighbour across the Gulf, metal giant Emirates Global Aluminium meanwhile said it could take up to a year before it can resume full production, after its site was damaged by Iranian strikes.

Ex-FM urges deal

Writing in the US journal Foreign Affairs, Iran's former foreign minister, Mohammad Javad Zarif, said Tehran should make a deal with Washington to end the war by offering to curb its nuclear programme and reopen the Strait of Hormuz in exchange for sanctions relief.
Iran has virtually blocked the key waterway since the war began, where one-fifth of the world's oil and natural gas normally passes. 
Of the few ships that have managed to cross, most have had links to Iran, with 60 percent of commodity-bearing ships crossing the strait either coming from Iran or heading there, an AFP analysis of maritime data showed.
In the first known transit by a major European shipping group since March 1, the Maltese-flagged Kribi, belonging to the French maritime transport group CMA CGM, crossed the strait to exit the Gulf on Thursday, according to Marine Traffic data analysed by AFP.
Three other ships, including one co-owned by a Japanese company, crossed Thursday.
Iranian military spokesperson Ebrahim Zolfaghari warned that Iran would increase its own attacks on energy sites in the region in response to threats from Trump of attacks on infrastructure.
A drone attack on a refinery owned by Kuwait's national oil company on Friday sparked fires at several of its units, state media said. 
Later, an Iranian attack damaged a power and desalination complex, Kuwait's water and electricity ministry said.
In Abu Dhabi, a gas complex shut after a fire broke out, following an attack that resulted in "falling debris" upon interception, the government media office said.

Bridge destroyed in Lebanon

The Israeli military said Friday it had struck more than 3,500 targets across Lebanon in the month since fighting with Iran-backed Hezbollah began.
It added that it would attack two bridges in Lebanon's eastern Bekaa region "in order to prevent the transfer of reinforcements and military equipment".
Lebanese state media later reported that Israel destroyed one bridge in the region.
Lebanon's health ministry said Thursday that 1,345 people had been killed -- and 4,040 wounded -- since the start of the war.
Hezbollah has so far not announced its losses.
The United Nations Interim Force in Lebanon peacekeeping force said a blast of unknown origin wounded three peacekeepers Friday, the third such incident in a week.
bur-wd/sst

US

French, Japanese ships cross Strait of Hormuz in first since war

  • - Down to a trickle - Just 221 commodities vessels have crossed the Strait of Hormuz since March 1, some more than once, according to Kpler data up to Friday morning.
  • One French- and another Japanese-owned vessel are among a handful of vessels to have crossed the war-torn Strait of Hormuz, maritime tracking data showed Friday.
  • - Down to a trickle - Just 221 commodities vessels have crossed the Strait of Hormuz since March 1, some more than once, according to Kpler data up to Friday morning.
One French- and another Japanese-owned vessel are among a handful of vessels to have crossed the war-torn Strait of Hormuz, maritime tracking data showed Friday.
The passage, a vital maritime route for oil and liquified natural gas, has been virtually blocked by Iran since the start of the war.
But both ships made the crossing on Thursday, according to ship tracking company Marine Traffic's website.
The Maltese-flagged Kribi belonging to the French maritime transport group CMA CGM crossed the waterway to leave the Gulf on Thursday afternoon, Marine Traffic's data showed.
By early Friday, it was off Muscat, Oman, still broadcasting the message "owner France" on its transponder system in the field usually used to give the destination.
The vessel's navigation data showed it had crossed via an Iranian-approved route through its waters, dubbed the "Tehran Toll Booth" by leading shipping journal Lloyd's List.

Southern route

In addition, three tankers -- including one co-owned by a Japanese company -- crossed the Strait of Hormuz on Thursday by taking an alternative, southern route.
They hugged close to the shore of Oman's Musandam Peninsula -- a first in nearly three weeks according to Lloyd's List.
Before the war, which started more than a month ago, about a fifth of global oil and liquefied natural gas (LNG) passed through the Strait.
All three ships signalled they were an "OMANI SHIP" in the message broadcast by their transponder as they crossed the strait.
The Sohar LNG, which was empty when crossing, is co-owned by Japanese shipping company Mitsui O.S.K.
That makes it the first Japanese vessel to exit the Gulf since the start of the war, according to a company statement quoted by Japanese media.
The Hong-Kong flagged New Vision, which crossed the strait on March 1 right after the war started, is expected in the French port of Le Havre on Saturday evening.
Since the conflict started however, that has dwindled to a trickle as Iran selectively attacks ships and energy facilities throughout the Gulf in retaliation for US and Israeli attacks.
A few commercial ships crossing the Strait of Hormuz recently have passed through the Iranian-approved route in the north of the waterway.

Down to a trickle

Just 221 commodities vessels have crossed the Strait of Hormuz since March 1, some more than once, according to Kpler data up to Friday morning.
In peacetime, the same waterway handles around 120 daily transits, according to Lloyd's List.
Of the vessels that made the crossing, 60 percent either came from Iran or were heading there.
The other countries whose vessels -- of origin or destination -- made the crossing, were in decreasing order: the United Arab Emirates, China, India, Saudi Arabia, Oman, Brazil, and Iraq.
It was not clear from the data how many had been cleared to make the crossing by Tehran.
But it did show that, among the 118 crossings by ships carrying cargo, 37 had left the Gulf carrying crude oil.
Most of those oil tankers -- 30 of them -- came from Iran or sailed under the Iranian flag. And most ships carrying Iranian oil did not specify their destination on their transponder.
Of those who did, all but one reported they were heading to China.
In the early days of the war, transponder data showed dozens of ships broadcasting messages such as "Chinese crew" or "Chinese owner" in the field usually used for their destination.
This appeared to be an attempt by the ships to avoid being targeted by Iran.
dvz-jah-ys-lmc-lcr/jj

media

Wary of news media, Silicon Valley builds its own

BY ALEX PIGMAN

  • The show -- like a whole ecosystem of podcasts and media orbiting Silicon Valley today -- operates in a world where the benefits of tech for society need no explaining, and tech enthusiasm runs deep.
  • When OpenAI acquired the tech podcast TBPN this week, it wasn't just buying a show -- it was buying a message.
  • The show -- like a whole ecosystem of podcasts and media orbiting Silicon Valley today -- operates in a world where the benefits of tech for society need no explaining, and tech enthusiasm runs deep.
When OpenAI acquired the tech podcast TBPN this week, it wasn't just buying a show -- it was buying a message.
The move laid bare a strategy that Silicon Valley has been perfecting for years: ditch the tech-sceptics of the traditional press, and build your own media.
TBPN is in many ways a tribute to mainstream news, with co-hosts John Coogan and Jordi Hays -- both from the venture capital world -- presenting a three-hour show daily from a studio in Los Angeles that resembles a business or sports program on a cable news network.
But Coogan and Hays insist they are not journalists, even if they line up interviews with key figures in the industry who offer insightful access to the Silicon Valley world.
The show -- like a whole ecosystem of podcasts and media orbiting Silicon Valley today -- operates in a world where the benefits of tech for society need no explaining, and tech enthusiasm runs deep.
Fidji Simo, OpenAI's CEO of AGI Deployment, said the acquisition was driven by a need for "constructive conversation about the changes AI creates," and said TBPN would maintain its editorial independence.
The show and its team now fall under the responsibility of OpenAI's public affairs chief Chris Lehane, a veteran Washington lobbyist who made his name handling scandals for the Clinton administration.
"You could read this as OpenAI needing help translating complexity to decision-makers. You could also read it as buying favorable narrative positioning during a period of intense scrutiny. Probably both," said Monica Kahn, CEO of brand advisory Creator Revolution.
"They're buying the layer where interpretation happens," she added on LinkedIn.
The transaction follows a movement spearheaded by Elon Musk and venture capitalist Marc Andreessen in which the most powerful figures in tech are circumventing mainstream news media to avoid an establishment they describe as anti-tech or left-wing.
The roster of shows where Silicon Valley's elite now prefer to make news constitutes a parallel media ecosystem.
Andreessen Horowitz has invested heavily to build its own media empire, putting out podcasts to showcase its portfolio of tech investments and push a deeply pro-tech agenda without confrontation.

'Mistake'

Lex Fridman's podcast draws millions of viewers or listeners and has attracted tech luminaries including Musk, Zuckerberg, DeepMind CEO Demis Hassabis, and OpenAI CEO Sam Altman for two-to-three-hour discussions ranging from business to the personal.
The unabashedly right-wing All-In Podcast has featured the top CEOs, as well as executives closely linked to the Trump administration who avoid the mainstream news coverage they see as unsympathetic.
Zuckerberg used a three-hour January 2025 appearance on Joe Rogan's podcast to defend Meta's rollback of content moderation.
Whether bypassing the news media will actually benefit tech's cause remains an open question.
"I think the TBPN deal is a mistake," said former BuzzFeed reporter Alex Kantrowitz of the Big Technology Podcast. "Under the OpenAI umbrella, the network loses credibility and everything it says will be seen as OpenAI marketing."
The deeper problem, Kantrowitz argued, is one of reach.
While OpenAI may be looking to reshape public opinion at a moment when AI is polling poorly in the United States, TBPN's audience -- like on other Silicon Valley-made podcasts -- is already a converted one.
arp/bgs

judiciary

French court rules to extradite Russian who owned Portsmouth football club

  • Antonov's lawyer said that his client would challenge the ruling.
  • A French court has ruled to extradite Russian banker Vladimir Antonov, a former owner of English football club Portsmouth, to Lithuania, his lawyer said on Friday.
  • Antonov's lawyer said that his client would challenge the ruling.
A French court has ruled to extradite Russian banker Vladimir Antonov, a former owner of English football club Portsmouth, to Lithuania, his lawyer said on Friday.
Antonov was detained in western France last December on suspicion of fraud, following a European arrest warrant from Lithuania.
He is accused of having stripped assets and funds from a leading Lithuanian bank, Snoras, where he was a majority shareholder, between 2008 and 2011, when the lender was nationalised.
A second arrest warrant issued in December 2025 added charges of corruption, money laundering and bankruptcy, with total losses amounting to at least 478 million euros ($551 million).
Antonov's lawyer said that his client would challenge the ruling.
The court "clearly did not take into account the real risk to Mr. Antonov's life in Eastern Europe", Henry Ermeneux told AFP.
In 2024, a Lithuanian court sentenced Antonov in absentia to 10.5 years in prison for embezzlement.
In 2011, Antonov was arrested in Britain on the strength of a Lithuanian arrest warrant issued over the collapse of the Snoras Bank, but later released.
He purchased Portsmouth, then in the second-tier Championship, in June 2011.
He stepped down the following November when his company, Convers Sports Initiatives, went into administration following his arrest over the fraud allegations.
In 2015, a lawyer said Antonov had fled Britain because he feared for his life.
laf/ekf/as/jj

politics

EU under pressure as fertiliser costs soar on Middle East war

BY ADRIEN DE CALAN

  • A commission spokeswoman said the EU executive was continuously monitoring prices and has already "taken several measures to help farmers with affordability of fertilisers".
  • With the war in the Middle East sending global fertiliser prices soaring, the EU is coming under pressure from farmers and some member states to take action. 
  • A commission spokeswoman said the EU executive was continuously monitoring prices and has already "taken several measures to help farmers with affordability of fertilisers".
With the war in the Middle East sending global fertiliser prices soaring, the EU is coming under pressure from farmers and some member states to take action. 
Agriculture sector representatives are due in Brussels for talks with the European Commission on April 13, as many complain the conflict risks plunging an already strained industry into a deeper crisis. 
"The situation is very dire," lamented Amaury Poncelet, a cereal farmer in central Belgium.
This winter he bought fertilisers for 380 euros ($439) a tonne, up from 330 euros last summer, he noted. "And since things flared up in Iran, prices are going further up," he told AFP. 
About a third of fertilisers shipped by sea reach the global market through the Strait of Hormuz that Iran has effectively closed in retaliation against US-Israeli strikes.
That sent prices up, with the UN expressing concern in particular about the impact on developing countries.
In Europe, the price of nitrogen fertilisers, which are derived from gas, has risen by around 20 percent over the past month, and is approaching 500 euro per tonne -- a one-two punch for farmers already facing higher costs because of the war in Ukraine.
Cereal producers, who need vast amounts of the stuff, have been hit particularly hard, said Luc Vernet of Farm Europe, an agriculture sector think tank.
"They haven't been able to make a living for the past three years," he said. 
In France alone, about 300,000 hectares of land once used for cereal farming has been left fallow or abandoned since 2022, he said. 

'Strategically important'

Brussels, which has slapped high tariffs on fertilisers from Russia -- a major producer -- with plans to end imports by 2022 in a bid to hit Moscow's war coffers, has found itself again the target of requests for help. 
France and farmers groups are pushing for a pause in the application of the EU's carbon border tax on fertilisers. 
But the commission, which has promised an action plan for May, has so far ruled that out. 
Supporters point out that the levy targets carbon-intensive imports to level the playing field for European industries subject to strict emissions rules, noting their development is key if Europe wants to avoid a similar crisis in the future. 
The crisis sparked by the Iran war has made it "clear that maintaining strong domestic fertiliser production is strategically important for Europe", said Fertilizers Europe, an industry group. 
A commission spokeswoman said the EU executive was continuously monitoring prices and has already "taken several measures to help farmers with affordability of fertilisers".
These included suspending duties on all imports with the exception of those from Russia and Belarus and adjusting the carbon border tax to soften its impact, she said.
Its May plan will be addressing "structural vulnerabilities and market imbalances" and look to boost domestic production, including low-carbon alternatives. 
But there is a long way to go before these can become a competitive reality.
Some such green projects have been abandoned as too costly and others are in the initial stages, said Vernet. 
adc/ub/del/gv 

US

Container ship declaring French ownership passes through Hormuz strait

  • The few commercial vessels transiting through the waterway with their transponders on since the start of the war have passed close to Larak Island, according to maritime data analysed by AFP. Most of the transits made since March 1 have been ships coming from or heading to Iran, with some linked to the United Arab Emirates, India, China or Saudi Arabia.
  • A container ship declaring itself to have a French owner has passed through the Strait of Hormuz, according Marine Traffic data analysed by AFP Friday.
  • The few commercial vessels transiting through the waterway with their transponders on since the start of the war have passed close to Larak Island, according to maritime data analysed by AFP. Most of the transits made since March 1 have been ships coming from or heading to Iran, with some linked to the United Arab Emirates, India, China or Saudi Arabia.
A container ship declaring itself to have a French owner has passed through the Strait of Hormuz, according Marine Traffic data analysed by AFP Friday.
The Maltese-flagged Kribi belonging to the French maritime transport group CMA CGM crossed the strait -- which has been virtually blocked by Iran since early in the Middle East war -- to exit the Gulf on Thursday afternoon, the maritime tracking website showed.
It appears to be the first known transit by a major European shipping group since March 1, when Iranian attacks against ships near the Strait of Hormuz, in retaliation for US-Israel strikes, reduced crossings to a trickle. 
The ship was off Muscat, Oman, early Friday, still broadcasting the message "owner France" on its transponder system in the field usually used to give the destination.
The vessel's navigation data showed it crossed via a new Iranian-approved route through its waters, dubbed the "Tehran Toll Booth" by leading shipping journal Lloyd's List.
At least two vessels have paid to use the corridor around Larak Island just off Iran's coast, a Lloyd's List Intelligence analyst said in a briefing on Thursday.
The few commercial vessels transiting through the waterway with their transponders on since the start of the war have passed close to Larak Island, according to maritime data analysed by AFP.
Most of the transits made since March 1 have been ships coming from or heading to Iran, with some linked to the United Arab Emirates, India, China or Saudi Arabia.
In peacetime, around 20 percent of the world's crude oil and liquefied natural gas passes through the chokepoint. 
In early March, vessels began displaying links to China while sailing or anchoring in the Gulf region in a effort to signal political neutrality and reduce the risk of being targeted by Iran, according to analysts.
Beijing expressed "gratitude" on Tuesday after three of its ships passed through the strait, including two container ships on Monday belonging to state-owned shipping giant Cosco.
The war broke out on February 28, when the United States and Israel began bombing Iran, prompting Tehran to retaliate with strikes across the region and by severely restricting access to the Strait of Hormuz. 
dvz-jah-ys/pa/er/lmc/aks/rmb

offbeat

Streaming channel for pets launched in China

  • PetTV is available to paid subscribers of Tencent Video, which said its market research found that 66 per cent of dog owners leave the television on for their pets when they are out.
  • Cats and dogs can now fill the hours their owners are at work with a dedicated all-day streaming channel for pets launched by Chinese tech giant Tencent.
  • PetTV is available to paid subscribers of Tencent Video, which said its market research found that 66 per cent of dog owners leave the television on for their pets when they are out.
Cats and dogs can now fill the hours their owners are at work with a dedicated all-day streaming channel for pets launched by Chinese tech giant Tencent.
Clips of a duckling swimming in a bath or two happy pooches patrolling their neighbourhood are examples of the curated programming on "PetTV".
The new channel on Tencent Video -- China's most popular online streaming platform -- is meant to keep pets company while alone or can act as an activity for animals and humans to enjoy together.
"This is all dog content, when will the cat programme be on?" one person engrossed in the service wrote in the chatroom on PetTV's streaming page.
Tencent Video described PetTV as a "24-hour happiness hub specially designed for your furry kids" in a post on social media app WeChat introducing the service last weekend.
Dogs and cats' senses are different to humans', so the channel's colours, refresh rates and audio frequencies have been designed to suit their specific needs, it said.
PetTV is available to paid subscribers of Tencent Video, which said its market research found that 66 per cent of dog owners leave the television on for their pets when they are out.
But the streaming service isn't the only pet specific media on the market. 
Popular Headspace mindfulness app posted a YouTube video this week titled: "When your pets miss you, play this: 6 hour calming music for dogs and cats".
Tencent Video will also take advantage of third-party content including airing America's DogTV -- the world's first TV channel and streaming service for pets.
The value of China's growing urban pet market is estimated to reach 405 billion yuan ($59 billion) in 2028, according to a recent report by PetData.cn.
On average last year, Chinese households spent more than 3,000 yuan ($435) on each dog and more than 2,000 yuan on each cat for their care needs.
ll/kaf/ane

business

Microsoft to invest $10 bn for Japan AI data centres

  • On Tuesday, the company announced plans to invest more than $1 billion in cloud and AI data centre infrastructure and operations in Thailand over the next two years. nf/kaf/abs
  • Microsoft said Friday it will invest $10 billion in Japan over the next four years to build artificial intelligence data centres and related infrastructure.
  • On Tuesday, the company announced plans to invest more than $1 billion in cloud and AI data centre infrastructure and operations in Thailand over the next two years. nf/kaf/abs
Microsoft said Friday it will invest $10 billion in Japan over the next four years to build artificial intelligence data centres and related infrastructure.
Power-hungry data centres -- warehouse-like facilities that power AI tools from chatbots to image generators -- are springing up worldwide, and the sector is growing particularly fast in Asia.
Microsoft President Brad Smith met Japanese Prime Minister Sanae Takaichi at her office on Friday to announce the investment.
Smith said in a statement that it was a "response to Japan's growing need for cloud and AI services".
Businesses in Japan, the world's fourth-largest economy, are keen to get ahead in the fast-moving AI field.
But data centre expansion there is constrained by limited space and relatively expensive electricity.
The US tech giant will collaborate with Japan's SoftBank Group and Sakura Internet to expand domestic tech infrastructure, it said in a press release.
It follows a $2.9 billion two-year investment Microsoft announced in 2024 to bolster the country's push into AI and strengthen its cyber defences.
The investment unveiled Friday also includes funds to enhance cybersecurity partnerships with Japanese government agencies, and to train one million engineers in cooperation with telecom and tech giants NTT and NEC.
A rush to build data centres in the Asia-Pacific region, especially in India and Southeast Asia, has sparked concerns over the facilities' environmental impact.
That includes increased demand on electricity grids that are often reliant on fossil fuels, and on local water supplies used to cool the hot servers inside.
Microsoft says it has pledged to become carbon negative, zero-waste and "water positive" by 2030.
On Tuesday, the company announced plans to invest more than $1 billion in cloud and AI data centre infrastructure and operations in Thailand over the next two years.
nf/kaf/abs

space

'Breathtaking': Artemis astronauts blast towards Moon

BY MOISéS ÁVILA, WITH MAGGY DONALDSON IN NEW YORK

  • "From this point forward, the laws of orbital mechanics are going to carry our crew to the Moon, around the far side and back to Earth," NASA official Lori Glaze said.
  • Four Artemis astronauts were zooming towards the Moon late Thursday after a major engine firing, a milestone that commits NASA to the first crewed lunar flyby in more than half a century.
  • "From this point forward, the laws of orbital mechanics are going to carry our crew to the Moon, around the far side and back to Earth," NASA official Lori Glaze said.
Four Artemis astronauts were zooming towards the Moon late Thursday after a major engine firing, a milestone that commits NASA to the first crewed lunar flyby in more than half a century.
With enough thrust to accelerate a stationary car to highway driving speed in less than three seconds, the Orion capsule engine blasted the astronauts on their trajectory towards the Moon, which they now will loop as part of the 10-day Artemis 2 mission.
In the moments that followed what the US space agency dubbed a "flawless" firing that lasted just under six minutes, astronaut Jeremy Hansen said that "humanity has once again shown what we are capable of."
The astronauts said they were "glued to the window" taking pictures, and later passed a floating microphone back and forth as they took questions from US television networks
They said the spacecraft was a little chilly and they were still making it a home, but the crew was all smiles. 
"There's nothing that prepares you for the breathtaking aspect of seeing your home planet both lit up bright as day, and also the Moon glow on it at night with the beautiful beam of the sunset," said Christina Koch.
Thursday's nudge came one day after the enormous orange-and-white Space Launch System (SLS) rocket carrying the Orion capsule launched from Kennedy Space Center in Florida for the long-anticipated journey around the Moon.
The astronauts are now on a "free-return" trajectory, which uses the Moon's gravity to slingshot around it before heading back towards Earth without propulsion.
"From this point forward, the laws of orbital mechanics are going to carry our crew to the Moon, around the far side and back to Earth," NASA official Lori Glaze said.
The astronauts are wearing suits that also serve as "survival systems" -- in the unlikely case of a cabin depressurization or leak, they'll maintain oxygen, temperature controls and the correct pressure for up to six days.
The astronauts -- Americans Reid Wiseman, Victor Glover and Koch along with Canadian Hansen -- spent their first hours in space performing checks and troubleshooting minor problems on the spacecraft that has never carried humans before, including a communications issue and a malfunctioning toilet.
Queried on the toilet situation, Koch said she was "proud to call myself the space plumber.
"I like to say that it is probably the most important piece of equipment on board," she said. "So we were all breathing a sigh of relief when it turned out to be just fine."

'Herculean'

Crewmembers also had their first workouts of the mission on the spacecraft's "flywheel exercise device" -- each astronaut will carve out 30 minutes a day for fitness, a bid to minimize the muscle and bone loss that happens without gravity.
The 10-day mission is aimed at paving the way for a Moon landing in 2028.
Artemis 2 marks a series of historic accomplishments: sending the first person of color, the first woman and the first non-American on a lunar mission.
If all proceeds smoothly, the astronauts could also set a record by venturing farther from Earth than any human before.
"There is nothing normal about this," said Wiseman. "Sending four humans 250,000 miles away is a Herculean effort, and we are now just realizing the gravity of that."
The Artemis 2 mission is part of a longer-term plan to repeatedly return to the Moon, with the goal of establishing a permanent base that will offer a platform for further exploration.
The current era of American lunar investment has frequently been portrayed as an effort to compete with China, which aims to land humans on the Moon by 2030.
Asked about division closer to home and what message they had for Americans, Glover said from his vantage point, "You look amazing. You look beautiful."
"From up here, you also look like one thing," he added. "We're all one people."
bur-mdo/mlm

Mangione

Mangione federal trial over CEO murder delayed to January

  • The federal trial originally scheduled for September was delayed on Wednesday until October, and has now been pushed to January 25, 2027.
  • The federal trial of Luigi Mangione in the killing of healthcare CEO Brian Thompson has been delayed further to January 2027, according to court documents filed on Thursday.
  • The federal trial originally scheduled for September was delayed on Wednesday until October, and has now been pushed to January 25, 2027.
The federal trial of Luigi Mangione in the killing of healthcare CEO Brian Thompson has been delayed further to January 2027, according to court documents filed on Thursday.
The December 2024 shooting outside of a New York City hotel, captured on security cameras, shocked Americans while highlighting deep public anger over the country's private, often costly, healthcare system.
Mangione, 27, faces charges in both federal and New York state courts.
Both trials were delayed on Wednesday. The state trial, originally scheduled for June, was postponed until September. 
The federal trial originally scheduled for September was delayed on Wednesday until October, and has now been pushed to January 25, 2027.
Mangione's lawyers requested the delays because they argued the tight turnaround would make it impossible to prepare adequately for both.
The scheduling order filed on Thursday by US Judge Margaret Garnett said the decision was made "in light of the... decision in the defendant's state court case to adjourn the state trial to September 8, 2026." 
Defendants in the United States can be tried at both the state and federal level for the same crime, although the charges tend to differ -- as they do for Mangione. 
In New York court, Mangione is charged with murder. In federal court, he is charged with interstate stalking.
Mangione has denied all charges.
If convicted in either court he faces life imprisonment without parole.
Mangione was arrested five days after the shooting, at a McDonald's in the state of Pennsylvania -- some 230 miles (370 kilometers) from the crime scene.
pnb/mjf/mlm

France

Airbus bets on copter capability for tomorrow's war drones

BY OLGA NEDBAEVA

  • In this context, there is a need for all kinds of drones," Emmanuel Huberdeau, spokesperson for Airbus Helicopters division, told AFP. The division recently took over management of tactical drones developed by the European aerospace firm.
  • In the heart of southeastern France, aerospace giant Airbus is drawing on its helicopter expertise to develop drones -- a core element of modern warfare -- and enable them to work in tandem with manned aircraft.
  • In this context, there is a need for all kinds of drones," Emmanuel Huberdeau, spokesperson for Airbus Helicopters division, told AFP. The division recently took over management of tactical drones developed by the European aerospace firm.
In the heart of southeastern France, aerospace giant Airbus is drawing on its helicopter expertise to develop drones -- a core element of modern warfare -- and enable them to work in tandem with manned aircraft.
A small, isolated hangar at Pierrelatte airfield in France's Drome region bears the name Survey Copter, a French venture integrated into Airbus, which is expanding its facilities to prepare for a doubling of production rates by 2027.
"This is a key focus area" given "the lessons learnt from the war in Ukraine and the rearmament drive in Europe. In this context, there is a need for all kinds of drones," Emmanuel Huberdeau, spokesperson for Airbus Helicopters division, told AFP.
The division recently took over management of tactical drones developed by the European aerospace firm.
The Pierrelatte site makes Aliaca, a light 25-kilogramme (55-pound) drone with six hours of autonomous flight for surveillance and short-range reconnaissance.
The model is already in service with the French Navy. A heavier model, the 120-kilo Capa-X -- which can operate for 10 hours on similar missions but also alongside manned aircraft -- is currently awaiting contracts.
Twenty Aliaca and 10 Capa‑X are slated for production this year, with 2027 seeing a doubling as staffing rises from 60 to 80 amid a two-million-euro ($2.3-million) investment in a new hangar, site director Christophe Canguilhem told AFP.
Tuesday was to see a hardware demonstration for the media -- but strong winds prevented that.
"When there's no wind or storm, not a week goes by without flights taking off from here. The hangar door opens right onto the runway. That's a real competitive advantage," said Canguilhem.

Reusable

Drones have transformed the war in Ukraine, and now in the Middle East, where Western forces are vulnerable to Iranian-made Shahed suicide drones already in extensive use by Russian forces in Ukraine.
"Ukraine has shown us it is possible to manufacture low-cost drones in large quantities," said Huberdeau.
But for its hardware, Airbus is focusing "added value" on more complex and integrated systems.
"There's also a need for certain non-disposable drone missions, capable of operating in challenging environments... that will be able to return or carry out missions further afield," he added.
"It makes sense for Airbus Helicopters to explore solutions for the armed forces," said Pascal Fabre of the AlixPartners consultancy.
"It's easier when you are Airbus than when you're a start-up."

'Solution for the future'

Airbus's strategy essentially involves fusing cooperation on drones and copters, said Victor Gerin-Roze, programme director at Airbus Helicopters.
"We're convinced drones will greatly enhance the capabilities of helicopters.
"It is a solution for the future," he told AFP.
Tested in Singapore in January, the system lets a copter crew launch a drone, control it from the cockpit and receive live footage to locate an area or a target without putting themselves at risk.
The copter-drone symbiosis will also come into effective play in civilian, firefighting or police missions, said Gerin-Roze.
Up against US firms Boeing, Sikorsky (Lockheed Martin) and Bell (a subsidiary of Textron), the Airbus approach has the crew pilot drones directly from the helicopter.
Its competitors' drones remain a tool linked to the copter but not truly integrated.
Airbus is also exploring development of unmanned copters-as-drones.
For example, the French navy uses the VSR700 drone derived from the small Cabri G2 helicopter for surveillance and reconnaissance.
Airbus is also working on an unmanned version of the H145 helicopter, known as the Lakota in the United States, for the US Navy, a major customer for the conventional model.
It is due for delivery by 2030.
neo/jbo/cw/jhb/jfx

mining

'Metals of the future': copper and silver flow beneath Poland's surface

BY BERNARD OSSER

  • The 24-hour operation runs at a constant roar as machines grind rock at deafening volumes, its tunnels stretching for hundreds of kilometres beneath Poland's surface.
  • Thousands of metres beneath the ground, amid suffocating heat, lies one of the keys to Poland's rumbling mining sector -- and the world economy.
  • The 24-hour operation runs at a constant roar as machines grind rock at deafening volumes, its tunnels stretching for hundreds of kilometres beneath Poland's surface.
Thousands of metres beneath the ground, amid suffocating heat, lies one of the keys to Poland's rumbling mining sector -- and the world economy.
Whitish ore, rich in copper and silver, is extracted from the country's depths and exported around the world to fuel technological and energy transitions.
"These are the metals of the future," Ariel Wojciuszkiewicz, a geologist at the Polkowice–Sieroszowice mine in the west of the country, tells AFP, noting that copper and silver are "indispensable for electronic equipment, electric cars, and renewable energy installations".
Driven by the rise of artificial intelligence, renewable energies, and global defence needs, demand for these metals is expected to keep increasing in the future, with copper even being referred to as "red gold" and a "barometer" for world economic development. 
Poland, responsible for as much as half of Europe's supply, is one of the industry's key players.
Equipped with a helmet and an emergency breathing device, Wojciuszkiewicz leads AFP journalists through the Polkowice–Sieroszowice mine -- one of three sites operated by KGHM, the Polish metals giant, which also owns local smelters and companies in the Americas.  
The 24-hour operation runs at a constant roar as machines grind rock at deafening volumes, its tunnels stretching for hundreds of kilometres beneath Poland's surface.
The world's second-largest silver producer, the KGHM group also supplies between 40 percent and 50 percent of the copper produced in Europe.
Last year, it ranked eighth worldwide in terms of copper extraction volume, behind global giants such as BHP Group, Glencore Plc and Rio Tinto, according to industry statistics.
Global copper demand, already high, is expected to climb by over 40 percent by 2040, according to a 2025 UN Report.  
To meet this demand, "it might take 80 new mines and 250 billion dollars in investments by 2030," the organisation estimates.
The International Energy Agency (IEA), however, predicts that supply will lag 30 percent behind demand by as early as 2035.  
- 1,200 degrees Celsius - 
Dependence on copper is growing exponentially across the world economy's most innovative sectors.  
"We don't realise how much we are surrounded by copper on all sides," Piotr Krzyzewski, KGHM vice president in charge of finance, explains to AFP. 
"An electric car contains 80 kg of copper, compared with 20 kg in a conventional one," he notes, while "a wind turbine contains between four and ten tons of copper per megawatt." 
Farther away, at the Glogow smelter, two workers in protective suits, armed with long lances, open huge furnaces where the ore is melted. 
They work diligently as sparks fly from metal heated to 1,200C. 
Several processing stages later, 99.99 percent pure copper plates, each weighing more than a hundred kilos, are shipped all over the world. 
Last year, the KGHM group as a whole generated more than 36 billion zlotys ($9.7 billion) in revenue. Copper production reached 710,000 tonnes and silver production 1,347 tonnes, according to the group's annual report, published at the end of March. 
No less than half of the silver is used in industry, mainly for electronics, solar panels, and medical applications. The rest goes to jewellery or serves as a safety net and financial asset. 
But it is copper, now an irreplaceable metal for the economy, that has become the object of global strategic contention.
"Copper is on the strategic list of critical metals in Europe, the United States, and China," Krzyzewski tells AFP.  
The metal's impact on geopolitics is already being noted in real time.  
In July, US President Donald Trump announced a 50 percent tariff on copper, eventually limiting the measure to products made with the metal. 
To justify his decision, he invoked the need to "defend national security".  
"Copper is the second most used material by the Department of Defense!" he said.
–  Record prices  –
In 2025, copper prices jumped 41.7 percent, before hitting a record high of $14,527.50 a ton in January of this year.
Even in the face of the war in the Middle East and the slowdown of the global economy, the price remains high at about 12,000 dollars per ton.  
In this uncertain context, Poland's subsoil appears to be a major asset for the energy sovereignty of the Old Continent. 
"It's no longer about the security of our country alone, but the security of all of Europe," Krzyzewski says, adding that KGHM's resources "are still estimated to last for at least 40 years," not counting new exploration and concessions. 
But mining consumes enormous amounts of water, making it subject to the effects of global warming and drought.
bo/gab/ab/ks/gv/jfx

Global Edition

Oil surges, stocks mixed as Trump dashes hopes of quick end of war

  • “It's as if the equity market is a bigger believer that we're closer to the off-ramp than the oil market," said Art Hogan of B. Riley Wealth Management.
  • Oil prices surged Thursday after US President Donald Trump threatened more heavy strikes on Iran, while global equity markets reacted indecisively to the latest developments in the conflict.
  • “It's as if the equity market is a bigger believer that we're closer to the off-ramp than the oil market," said Art Hogan of B. Riley Wealth Management.
Oil prices surged Thursday after US President Donald Trump threatened more heavy strikes on Iran, while global equity markets reacted indecisively to the latest developments in the conflict.
In a prime-time address Wednesday night, Trump warned that more bombing could take Iran "back to the Stone Ages" but offered no solution on the reopening the Strait of Hormuz, a key shipping lane for the world's oil and gas.
Oil prices shot higher, lifting both major benchmarks to about $110 a barrel by the end of the day.
"Trump's much-anticipated address delivered little to nothing new on potential timelines or conditions for ending hostilities against Iran," said Deutsche Bank managing director Jim Reid. "There was no signal of the US seeking an imminent off-ramp out of the war."
US stocks began the session sharply lower, but later regained their footing, with two of the three major indices ending narrowly positive.
“It's as if the equity market is a bigger believer that we're closer to the off-ramp than the oil market," said Art Hogan of B. Riley Wealth Management.
After being down more than one percent, European markets closed mixed, with London higher and Paris and Frankfurt slightly lower.
Signs of de-escalation had buoyed markets in recent sessions, but Trump's speech dashed those hopes.
As time passes, markets are treating Trump's statements with greater skepticism, said Dave Grecsek, managing director at Aspiriant Wealth Management.
"Initially there was a lot more weight attached to his comments, whether this was related to tariffs or what happened in Venezuela or in Iran," he said. 
But "at some point, the markets are going to start to question the veracity of some of his statements," he added.
London finished 0.6 percent higher, boosted by oil companies BP and Shell rising almost three percent. 
Paris dropped about half a percent, even as oil giant TotalEnergies was up almost three percent on reports it made a $1 billion profit in March trading petroleum products.
Most markets in Europe and the United States are closed Friday for Good Friday.
Earlier in the day, Tokyo closed down more than two percent, and Hong Kong and Shanghai also fell. 
World Bank Managing Director Paschal Donohoe said he was fearful about the global economic impact of the crisis.
"We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security," he told AFP as the World Bank partners with the International Monetary Fund and International Energy Agency to coordinate aid responses.

Key figures at around 2015 GMT

Brent North Sea Crude: UP 7.8 percent at $109.03 a barrel
West Texas Intermediate: UP 11.4 percent at $111.54 a barrel
New York - Dow: DOWN 0.1 percent at 46,504.67 (close)  
New York - S&P 500: UP 0.1 percent at 6,582.69 (close) 
New York - Nasdaq Composite: UP 0,2 percent at 21,879.18 (close)
London - FTSE 100: UP 0.7 percent at 10,436.29 (close) 
Paris - CAC 40: DOWN 0.2 percent at 7,962.39 (close)
Frankfurt - DAX: DOWN 0.6 percent at 23,168.08 (close)
Tokyo - Nikkei 225: DOWN 2.4 percent at 52,463.27 (close)
Hong Kong - Hang Seng Index: DOWN 0.7 percent at 25,116.53 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,919.29 (close)
Euro/dollar: DOWN at $1.1535 from $1.1589 on Wednesday
Pound/dollar: DOWN at $1.3224 from $1.3305
Dollar/yen: UP at 159.63 from 158.82 yen
Euro/pound: UP at 87.22 pence from 87.10 pence
bur-jmb/mjf/sst

trade

Trump orders new pharma tariff, reshapes metal duties

BY BEIYI SEOW

  • Britain meanwhile has secured a deal allowing UK-made medicines tariff-free access to the United States for three years as part of a broader pact, the US Trade Representative's office said.
  • US President Donald Trump on Thursday ordered new tariffs on certain medicines, alongside an overhaul of metal duties, doubling down on his trade agenda a year after unleashing trade wars on virtually all partners.
  • Britain meanwhile has secured a deal allowing UK-made medicines tariff-free access to the United States for three years as part of a broader pact, the US Trade Representative's office said.
US President Donald Trump on Thursday ordered new tariffs on certain medicines, alongside an overhaul of metal duties, doubling down on his trade agenda a year after unleashing trade wars on virtually all partners.
The latest pair of orders he signed pile pressure on pharmaceutical companies to manufacture more in the United States, while separately targeting firms that officials accuse of "artificially manipulating" metals prices.
Finished products containing substantial amounts of steel, aluminum and copper will also face a lower 25-percent tariff on their full value instead of being targeted for the amount of metals they contain, a move to simplify an onerous system for firms.
It is not immediately clear how these would affect consumer prices, but a senior US official told reporters they did not expect to see any effect on affordability.
The moves come on the anniversary of what Trump had dubbed "Liberation Day," when he announced varying tariff rates on goods from dozens of economies last year, roiling financial markets and snarling supply chains.
Although the Supreme Court struck down these global tariffs this February, Trump has been working to reinstate duties using different authorities.
His aim of "Liberation Day" was the rebirth of American industry, bringing an influx of jobs, revenue and an investment boom -- although critics argue that these have largely not taken place.
Making good on his threat last fall, one of Trump's Thursday orders imposes a 100-percent tariff on patented pharmaceuticals made abroad unless countries struck trade deals to secure lower rates, or companies commit to building plants in the United States.
Large companies will have 120 days to commit to "reshoring plans" before the steep duty kicks in, while smaller companies have a 180-day buffer, a senior US official told reporters. 
"We expect the lion's share of the world's patented pharmaceuticals to be building in America," the official said.
Those who commit to building manufacturing plants -- to be completed by the end of Trump's second presidency -- will face a 20-percent tariff instead.
The European Union, Japan, South Korea and Switzerland will be excluded from this plan and face a 15-percent pharma duty, due to trade deals they earlier struck with Washington.
Britain meanwhile has secured a deal allowing UK-made medicines tariff-free access to the United States for three years as part of a broader pact, the US Trade Representative's office said.
Meanwhile, drug companies that reach "Most Favored Nation" pricing deals with the Trump administration, while also building plants in the United States, can also be exempt from the sharp pharma tariff.
Generic pharmaceutical products are not subject to tariffs, and this will be reassessed in a year's time, said a White House fact sheet.

Affordability hit?

The second order Trump signed reshapes his 50-percent tariffs on steel, aluminum and copper, pushing importers to pay the duty based on prices that American buyers are facing.
It is set to take effect 12:01am Eastern Time on Monday, a White House official told AFP.
The senior administration official charged that "foreign countries were artificially manipulating" prices of imported metals in order to pay a lower tariff.
The same proclamation called for finished products made with more than 15 percent of steel, aluminum and copper will face a 25-percent tariff on their full value, rather than being targeted based on their metal content.
"It's a simplification and a fairness issue," the official said.
Asked about cost of living concerns, which have flared ahead of midterm elections this year, the official maintained that this should not impact affordability for households.
"These will not have impact on the price of the good on the shelf," the official insisted.
bys/dw

Iran

Pakistan hikes petrol, diesel prices due to Middle East war

  • Several Asian countries have hiked fuel prices or implemented other measures to address the crisis sparked by the war on Iran.
  • Pakistan's government on Thursday drastically raised fuel prices in response to spiking global energy prices caused by the Iran war, the country's petroleum minister said in a press conference.
  • Several Asian countries have hiked fuel prices or implemented other measures to address the crisis sparked by the war on Iran.
Pakistan's government on Thursday drastically raised fuel prices in response to spiking global energy prices caused by the Iran war, the country's petroleum minister said in a press conference.
The new prices mark an increase of 42.7 percent in petrol prices and 54.9 percent in the price of diesel.
"The decision made today is that as per international markets, after the increase in the petrol prices the new price will be 458.40 rupees ($1.64 per litre) which will be effective from tomorrow (Friday)," said the minister, Ali Pervaiz Malik.
As for diesel, "which has great importance for our workers and public transport," the price was set at 520.35 Pakistani rupees ($1.86) per litre, he said.
"The government has done its best, looking at its budget, to give people blanket protection" but was "forced" to pass along the price increase "because resources are limited and we do not currently see indications of the end of this war", Pervaiz said.
The US-Israel war on Iran, launched on February 28, has plunged the Middle East into conflict, with Iranian retaliatory strikes hitting targets across the Gulf and virtually freezing shipping in the Strait of Hormuz.
The key waterway normally sees a fifth of the world's energy supplies pass through it, much of it bound for Asia. 
Pakistan is heavily reliant on such oil and gas, and had earlier raised prices by 20 percent on March 6, about a week into the war.
The government has unveiled a raft of austerity measures designed to save fuel, including moving many government offices to a four-day work week, extending school holidays and moving some classes online.
Pakistan is classified as a lower-middle-income country, with roughly 25 percent of its 240 million population living in poverty, as per World Bank data.
Several Asian countries have hiked fuel prices or implemented other measures to address the crisis sparked by the war on Iran.
On Thursday, Bangladesh hiked prices of liquefied petroleum gas used for cooking and compressed natural gas used in some cars by 29 percent.
Earlier this week, the International Monetary Fund warned that vulnerable economies, such as Pakistan, did not just face pressure from higher energy prices, but from supply chain snarls as well.
"Parts of the Middle East, Africa, Asia-Pacific, and Latin America face the added strain of higher food and fertilizer prices and tighter financial conditions," the IMF said in a post on its website.
aha/sst

US

UK-led Hormuz talks demand 'immediate' reopening of Hormuz

BY PETER HUTCHISON AND HELEN ROWE

  • "To that effect, partners today called for the immediate and unconditional reopening of the Strait and respect for the fundamental principles of freedom of navigation and the law of the sea," she added.
  • A UK-led meeting of some 40 countries on the strait of Hormuz crisis wrapped up Thursday with a demand for the "immediate and unconditional" reopening of the vital shipping route, but no immediate breakthrough.
  • "To that effect, partners today called for the immediate and unconditional reopening of the Strait and respect for the fundamental principles of freedom of navigation and the law of the sea," she added.
A UK-led meeting of some 40 countries on the strait of Hormuz crisis wrapped up Thursday with a demand for the "immediate and unconditional" reopening of the vital shipping route, but no immediate breakthrough.
"Iran is trying to hold the global economy hostage in the Strait of Hormuz. They must not prevail," British foreign minister Yvette Cooper said in a statement.
"To that effect, partners today called for the immediate and unconditional reopening of the Strait and respect for the fundamental principles of freedom of navigation and the law of the sea," she added.
The strait has been virtually closed since the US-Israeli war against Iran started on February 28, impacting global supplies of important commodities including oil, liquid natural gas, and fertiliser.
That has led to a sharp rise in energy prices.
The foreign ministers and representatives who joined the call discussed a range of areas of "possible collective, coordinated, action," Cooper added.
This could include increased diplomatic pressure, including through the UN, as well as possible sanctions, she said.
The Gulf Cooperation Council (GCC) meanwhile called Thursday for the UN Security Council to authorise the use of force to protect the key waterway.
Bahrain has proposed a draft resolution that would greenlight states to use "all necessary means" to assure free transit through the Strait of Hormuz. 
However, the measure has divided the 15-member Security Council, with Russia, China and France -- who each hold veto privileges -- all voicing strong objections.
Italy's Foreign Minister Antonio Tajanialso, who joined the virtual talks, called for a "humanitarian corridor" for fertiliser and other essentials through the strait to avoid a food disaster in Africa.
Cooper earlier slammed Iran's "recklessness" over the strait as she kicked off the virtual meeting.
She said Iran's blockade of the waterway was "hitting our global economic security".
Around a fifth of the world's oil and liquefied natural gas passes through the strait in peacetime.
A total of 37 countries have signed a statement, first published last month, expressing "readiness to contribute to appropriate efforts to ensure safe passage through" the shipping lane.
Britain, France, Germany, Italy, Japan and the Netherlands are among those to have signed it.
The United States, China, and most Middle Eastern countries have not, according to a list provided by the UK government.

'Unrealistic'

A spokesperson for the French foreign ministry said securing the Strait of Hormuz could "only take place once the intense phase of the bombing is over".
French President Emmanuel Macron, speaking on a visit to South Korea, said a military operation to liberate the Strait of Hormuz was "unrealistic", while lamenting Trump's differing daily statements on the Iran war and NATO.
"There are those who advocate for the liberation of the Strait of Hormuz by force through a military operation, a position sometimes expressed by the United States," Macron said.
"I say sometimes because it has varied, it is never the option we have chosen and we consider it unrealistic," he said.
The virtual meeting hosted by Britain came after Trump urged oil-importing nations to show "courage" and seize the narrow strait.
"The countries of the world that ... receive oil through the Hormuz Strait must take care of that passage," Trump said in a prime-time address late Wednesday.
"Just take it, protect it, use it for yourselves," he added.
Trump has said he would consider a ceasefire only when Hormuz is "free and clear".
Many countries have however insisted any operation to protect seafarers using the strait could only come after a ceasefire.
"We are also convening military planners to look at how we marshal our collective defensive military capabilities, including looking at issues such as de-mining," Cooper told Thursday's meeting.
The channel normally sees around 120 daily transits, according to shipping industry intelligence site Lloyd's List.
But since March 1, commodities carriers have made just 225 crossings, according to maritime intelligence firm Kpler, a 94-percent decrease on peacetime.
pdh-har/jkb/yad

US

Grain, steel, fertiliser blocked by Hormuz closure: data

  • - Bulk commodities: down 93% - Within dry goods, "bulk commodities" exports include raw materials such as limestone for cement-making, sulphur for fertilisers and industrial chemicals, and gypsum for construction, agriculture and manufacturing.
  • Besides oil and gas, Iran's blockade of the Strait of Hormuz has choked off shipments of crucial goods and raw materials to world markets.
  • - Bulk commodities: down 93% - Within dry goods, "bulk commodities" exports include raw materials such as limestone for cement-making, sulphur for fertilisers and industrial chemicals, and gypsum for construction, agriculture and manufacturing.
Besides oil and gas, Iran's blockade of the Strait of Hormuz has choked off shipments of crucial goods and raw materials to world markets.
Overall volumes of dry bulk goods fell from 7.5 million tonnes in February to 1.3 million tonnes in March, according to data from maritime intelligence firm AXSMarine -- an 83-percent decline.
Here are five measures of the impact on commodities based on data from the firm, since the war started with US and Israeli attacks on Iran on February 28.

Bulk commodities: down 93%

Within dry goods, "bulk commodities" exports include raw materials such as limestone for cement-making, sulphur for fertilisers and industrial chemicals, and gypsum for construction, agriculture and manufacturing.
Overall shipments of this class of commodities through the strait fell 93 percent in March compared with February, from nearly five million tonnes to just 326,000.

Fertilisers: -92% 

Fertilisers such as urea are crucial for crop production, with exports through Hormuz typically heading to Brazil, China, India and Africa.
Fertiliser shipments through the passage fell 92 percent from over a million tonnes in February to just 82,000 in March.

Iron ore: -65%

Iron ore is a crucial ingredient for making the steel that goes into everything from buildings to vehicles to machinery.
Exports of iron ore through the strait fell by 65 percent in March from the month before, from over 530,000 tonnes to 186,000.

Steel: -93%

Shipments of steel fell 93 percent from nearly 162,000 tonnes to 11,000.

Grain imports: -92%

Meanwhile grain shipments westbound through the strait into the Gulf plunged 92 percent from 2.3 million tonnes to 196,000.
AXSMarine told AFP that a significant share of the goods shipped in March were unknown cargos due to disruptions and manipulation of ships' signals in the conflict zone.
rlp/jj/gv

Global Edition

Oil climbs, stocks slip as Trump dashes hopes of quick end of war

  • "Trump didn't offer a clear path to a relatively quick resolution to the Iran war or a reopening of the Strait of Hormuz," said Charles Schwab analyst Joe Mazzola.
  • Oil surged and stocks fell on Thursday after Donald Trump threatened more heavy strikes on Iran and offered no solution to reopening the key Strait of Hormuz.
  • "Trump didn't offer a clear path to a relatively quick resolution to the Iran war or a reopening of the Strait of Hormuz," said Charles Schwab analyst Joe Mazzola.
Oil surged and stocks fell on Thursday after Donald Trump threatened more heavy strikes on Iran and offered no solution to reopening the key Strait of Hormuz.
But stocks clawed back some of their losses and oil receeded from its highs ahead of a three-day weekend that will allow investors to catch their breaths as they await for new developments in the Middle East war.  
Investors had initially found little solace in the US president's address to the nation, in which he again urged countries dependent on the waterway for energy supplies to reopen it themselves.
"Trump didn't offer a clear path to a relatively quick resolution to the Iran war or a reopening of the Strait of Hormuz," said Charles Schwab analyst Joe Mazzola.
After being down more than one percent, European markets closed mixed with London higher, and Paris and Frankfurt slightly lower.  
New York shares had opened sharply lower but by late morning had clawed back most of their losses.  
Signs of de-escalation had buoyed markets in recent sessions, but Trump's late Wednesday televised speech dashed those hopes.
"Trump's much anticipated address delivered little to nothing new on potential timelines or conditions for ending hostilities against Iran," said Deutsche Bank managing director Jim Reid. "There was no signal of the US seeking an imminent offramp out of the war."
International oil benchmark, Brent North Sea crude, which had fallen below $100 a barrel ahead of Trump's speech, went on to rally around eight percent to above $109 per barrel, but had retreated to about $106 by late afternoon in Europe.
London was one of the few markets to rise, finishing 0.6 percent higher, boosted by oil companies BP and Shell rising almost three percent. 
Paris dropped about half a percent, even as oil giant TotalEnergies was up almost three percent on reports it made a one billion dollar profit in March trading petroleum products.
Most markets in Europe and the United States are closed Friday for Good Friday.
Earlier in the day, Tokyo closed down more than two percent and Hong Kong and Shanghai also fell. 
World Bank Managing Director Paschal Donohoe said he was fearful about the global economic impact of the crisis.
"We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security," he told AFP as the Bank partners with the International Monetary Fund and International Energy Agency to coordinate aid responses.

Key figures at around 1550 GMT

Brent North Sea Crude: UP 6.3 percent at $107.47 a barrel
West Texas Intermediate: UP 10.2 percent at $110.36 a barrel
New York - Dow: DOWN 0.3 percent at 46,422.74 points  
New York - S&P 500: DOWN 0.2 percent at 6,562.98 
New York - Nasdaq Composite: DOWN 0,2 percent at 21,790.97 
London - FTSE 100: UP 0.7 percent at 10,436.29 (close) 
Paris - CAC 40: DOWN 0.2 percent at 7,962.39 (close)
Frankfurt - DAX: DOWN 0.6 percent at 23,168.08 (close)
Tokyo - Nikkei 225: DOWN 2.4 percent at 52,463.27 (close)
Hong Kong - Hang Seng Index: DOWN 0.7 percent at 25,116.53 (close)
Shanghai - Composite: DOWN 0.7 percent at 3,919.29 (close)
Euro/dollar: DOWN at $1.1549 from $1.1586 on Wednesday
Pound/dollar: DOWN at $1.3240 from $1.3305
Dollar/yen: UP at 159.30 from 158.88 yen
Euro/pound: UP at 87.27 pence from 87.08 pence
dan-ajb/gv/giv