US

War in the Middle East: latest developments

  • - Iran's president asked Americans if the Middle East conflict was truly putting "America First" and accused the US of war crimes and being influenced by Israel.
  • Here are the latest developments in the Middle East war: - Trump to address nation - President Donald Trump will address Americans on the Iran war on Wednesday evening, his first prime-time speech since the conflict began, as his approval ratings plunge and economic anxiety rises.
  • - Iran's president asked Americans if the Middle East conflict was truly putting "America First" and accused the US of war crimes and being influenced by Israel.
Here are the latest developments in the Middle East war:

Trump to address nation

President Donald Trump will address Americans on the Iran war on Wednesday evening, his first prime-time speech since the conflict began, as his approval ratings plunge and economic anxiety rises.
The White House gave no details on the address, but it comes hours after Trump claimed Iran had sought a pause in hostilities, and that fighting could be over in "two weeks, maybe three."

Israel medics say 14 wounded

Israel's emergency services said 14 people, including an 11-year-old girl, were wounded near Tel Aviv during a missile attack that the military blamed on Iran.
Later in the day, medics said they were treating a 61-year-old man in mild condition with blast injuries in the north following fire from Lebanon, where Israeli forces are fighting Iran-backed Hezbollah.

Stocks rally, oil falls -

Global stocks rallied and oil prices fell after Trump said the Middle East war could be over within weeks despite Tehran pushing back against his comments.
Wall Street's main indices closed higher, building on major gains from the previous day. German, French and British markets also rose.

World Bank raises alarm

The World Bank is "extremely concerned" about the impact the conflict will have on inflation, jobs and food security, and is in talks with member states on how to address immediate needs in the crisis, a top official told AFP on Wednesday.
Managing Director Paschal Donohoe's comments came as his organization announced a new partnership with the International Monetary Fund (IMF) and International Energy Agency (IEA) to coordinate aid responses to the war.

'America First'?

Iran's president asked Americans if the Middle East conflict was truly putting "America First" and accused the US of war crimes and being influenced by Israel.
The US-Israeli attacks sow "instability, increase human and economic costs" and plant "seeds of resentment that will endure for years," said President Masoud Pezeshkian. "Exactly which of the American people's interests are truly being served by this war?"

Former Iran foreign minister wounded

Former Iranian foreign minister Kamal Kharazi was seriously wounded in a strike that claimed the life of his wife, Iranian media reported.
According to the newspapers Shargh, Etemad and Ham Mihan, Kharazi's home in Tehran was targeted in a US-Israeli strike. He is still an adviser to the government.

Iran denies seeking ceasefire

Iran denied Trump's assertion that Tehran had asked for a ceasefire, state television reported, citing the foreign ministry. 
"Trump's statements about Iran's request for a ceasefire are false and baseless," foreign ministry spokesman Esmaeil Baqaei was quoted as saying.
Separately, Iran's Revolutionary Guards insisted that the strategic strait of Hormuz will remain closed to the country's "enemies," as Trump said re-opening the Straits was one of his conditions for a ceasefire.

UN warns of crackdown

Iran and countries across the Middle East are using the war as an excuse to clamp down on rights, the UN warned, denouncing attempts to restrict the press in Israel and the United States.
United Nations rights chief Volker Turk warned that governments had dramatically tightened security and restrictions on people's actions and movements in public spaces, infringing on their rights.
bur-mjf/bgs

diplomacy

US lifts sanctions on Venezuelan interim leader Delcy Rodriguez

  • The reopening came after the US military operation that seized Maduro and his wife Cilia Flores from Caracas on January 3, taking them to New York to face drug trafficking charges that they deny.
  • The United States on Wednesday lifted sanctions against Venezuela's interim President Delcy Rodriguez, who took power after Washington ousted her predecessor Nicolas Maduro in a military operation in January.
  • The reopening came after the US military operation that seized Maduro and his wife Cilia Flores from Caracas on January 3, taking them to New York to face drug trafficking charges that they deny.
The United States on Wednesday lifted sanctions against Venezuela's interim President Delcy Rodriguez, who took power after Washington ousted her predecessor Nicolas Maduro in a military operation in January.
Rodriguez's name was deleted from the "Specially Designated Nationals List," according to a post on the US Treasury's Office of Foreign Assets Control website.
Rodriguez welcomed the decision, writing on X that it was part of the "normalization and strengthening" of bilateral relations.
"We trust that this progress will allow for the lifting of the sanctions currently in force against our country, and make it possible to build and guarantee an effective binational cooperation agenda for the benefit of our peoples," she added.
Ties between Washington and Caracas have warmed since Maduro's ouster, with Rodriguez complying with US President Donald Trump's demands for Caracas to open up its energy industry to American companies.
Rodriguez served as Maduro's deputy and was sanctioned by Washington for being a key official in his government, alongside officials including former defense minister Vladimir Padrino Lopez and Interior Minister Diosdado Cabello.
Rodriguez fired Lopez in mid-March, but she has been walking a fine line between demands from Washington and those from her own backers since Maduro's toppling.
Cabello, who remains in office, is seen as one of her key backers. 
On Monday, the US Embassy in Caracas resumed operations after being closed for seven years, the State Department said.
The reopening came after the US military operation that seized Maduro and his wife Cilia Flores from Caracas on January 3, taking them to New York to face drug trafficking charges that they deny.
The operation killed around 100 people in Venezuela, according to authorities there.
aha/mjf/pnb/js

US

Middle East war: global economic fallout

  • - Germany outlook dims - Leading economic institutes cut their growth forecasts for Germany on Wednesday, warning that surging inflation resulting from the Middle East war and rising energy costs would hit Europe's biggest economy hard.
  • Here are the latest economic events in the Middle East war: - Stocks rise, oil slides - Stocks rallied and oil fell Wednesday after US President Donald Trump said the Middle East war might be over within weeks, and comments by his Iranian counterpart that Tehran had "the necessary will" to end the conflict.
  • - Germany outlook dims - Leading economic institutes cut their growth forecasts for Germany on Wednesday, warning that surging inflation resulting from the Middle East war and rising energy costs would hit Europe's biggest economy hard.
Here are the latest economic events in the Middle East war:

Stocks rise, oil slides

Stocks rallied and oil fell Wednesday after US President Donald Trump said the Middle East war might be over within weeks, and comments by his Iranian counterpart that Tehran had "the necessary will" to end the conflict.
International benchmark Brent North Sea crude dropped 2.7 percent to $101.16 a barrel, and the main US oil contract WTI fell 1.2 percent to $100.12 a barrel.
Wall Street's main indices built on strong gains made Tuesday. European and Asian markets also finished higher.

New Iranian strikes

Iran's military announced Wednesday evening a new wave of missile and drone attacks targeting Israel and US bases in the Gulf, though there was no immediate word from either of any direct hits.

UK meeting on Hormuz shipping

Britain will hold a meeting of about 35 countries Thursday to discuss how to reopen the strategic Strait of Hormuz that has been crippled by the Middle East war, Prime Minister Keir Starmer said.
The meeting will "assess all viable diplomatic and political measures that we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and resume the movement of vital commodities", Starmer said.

World Bank 'extremely concerned'

The World Bank is "extremely concerned" about the effect the war on Iran will have on inflation, jobs and food security, and is in talks with member states on how to address immediate needs in the crisis, a top official told AFP.
Managing Director Paschal Donohoe's comments came as his organization announced a new partnership with the International Monetary Fund and International Energy Agency to coordinate aid responses to the war.

Germany outlook dims

Leading economic institutes cut their growth forecasts for Germany on Wednesday, warning that surging inflation resulting from the Middle East war and rising energy costs would hit Europe's biggest economy hard.
The German economy is expected to grow by 0.6 percent this year, the seven institutes said, down from a September forecast of 1.3 percent, while inflation is predicted to stand at 2.8 percent, up from 2.0 percent.

Bank of England warning

The Bank of England said the Middle East war had caused "a substantial negative supply shock to the global economy", increasing risks to the financial system.
Following a surge in oil prices that is set to push up overall inflation, the BoE said the fallout would also weigh on economic growth and tighten financial conditions, such as restricted lending by banks.

India fuel hike

India's oil ministry said that domestic jet fuel prices would rise as the Middle East war pushed up energy costs, but that it had cushioned airlines from an expected 100-percent jump.

Kuwait airport hit

Kuwait's international airport came under an Iranian drone attack that led to "a large fire" at fuel tanks, but no casualties were reported, the civil aviation authority said.
In a further sign of strain in the Gulf state, the National Bank of Kuwait said it would close its headquarters for two days along with another branch as Iran carries out daily strikes on the Gulf.

Save fuel, Australians

Australian Prime Minister Anthony Albanese urged his countrymen to switch to public transport and save fuel for rural communities and essential services.
"Farmers and truckies, small businesses and families are doing it tough. And the reality is, the economic shocks caused by this war will be with us for months," Albanese said in a national address.

Cambodia farmers suffer

The price of diesel in Cambodia spiked to double the level at the start of the Middle East war after the latest government increase.
Farmers are being particularly hard hit as they rely on the fuel for tractors and water pumps.

Tanker struck off Qatar

A tanker has been hit by a projectile off the coast of Qatar's capital Doha, a British maritime security agency said, reporting damage but no casualties.
burs-aha/js

Israel

Top World Bank official 'extremely concerned' by fallout of Iran war

BY ASAD HASHIM

  • "We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security," he said.
  • The World Bank is "extremely concerned" about the effect the war on Iran will have on inflation, jobs and food security, and is in talks with member states on how to address immediate needs in the crisis, a top official told AFP on Wednesday.
  • "We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security," he said.
The World Bank is "extremely concerned" about the effect the war on Iran will have on inflation, jobs and food security, and is in talks with member states on how to address immediate needs in the crisis, a top official told AFP on Wednesday.
Managing Director Paschal Donohoe's comments came as his organization announced a new partnership with the International Monetary Fund (IMF) and International Energy Agency (IEA) to coordinate aid responses to the war.
Donohoe flagged that countries in Asia and Africa were particularly vulnerable to the energy, price and supply-side shocks of the crisis.
"At the moment, we are consulting with many governments and countries in relation to what their needs will be, and I would anticipate within the next number of weeks that will become far clearer," Donohoe said.
The United States and Israel launched strikes on Iran on February 28, igniting a war that has engulfed the Middle East, snarled key supply chains and sent energy prices soaring.
The World Bank offers development assistance and immediate budgetary support to member nations in the form of loans and technical assistance.
Donohoe said the organization was currently offering both forms of support in talks with countries in need.
"We are extremely concerned regarding the effect that this will have on inflation, on jobs and on food security," he said. "That is why we will put in place responses that have a financing element and a policy element that can and will be of support.”
Discussions regarding financial options -- which could take the form of immediate loans -- were "underway," but were not expected to conclude for "a number of weeks."
On the policy advice front, Donohoe expected talks to wrap up "in a few days' time." 

Risks go beyond energy

Since the start of the war, Tehran has virtually blocked the key Strait of Hormuz, through which roughly a fifth of the world's crude oil and liquefied natural gas -- and one-third of its fertilizers -- pass.
Much of that is bound for Asian countries, which have seen energy flows abruptly dry up, as prices spike and supplies shrink. 
Several countries -- including top World Bank borrowers Pakistan, Indonesia and Bangladesh -- have implemented widespread fuel-saving measures to address the crisis, saving what they have for use in key industries and sectors.
Vulnerable countries in Asia and Africa have flagged several issues of concern to the bank.
"They're calling out the income shock that will be created due to rising prices, what that will mean for households and businesses," said Donohoe.
In addition to the shock of lower energy availability -- which can lead to a drop in economic output -- there are also concerns about food security related to fertilizer supply chains being frozen.
Earlier this week, the IMF flagged that the war could have a serious effect on low-income countries if food prices rise significantly.
"People in low‑income countries are most at risk when prices rise because food accounts for about 36 percent of consumption on average, compared with 20 percent in emerging market economies and nine percent in advanced economies," said an IMF report.
In Africa, South Asia and the Middle East, the IMF warned that a number of countries were already struggling with meager foreign reserves and "limited market access," making them vulnerable to "dangerous" debt shocks.
Donohoe, of the World Bank, said the lender was "well positioned to assist countries in their economic response" and was engaged in "intense" talks with member states.
"While this challenge is going to begin in energy, it really has the ability to have consequences that go across entire economies," he said.
aha/bys/msp

space

SpaceX files to go public, paving way for record stock offering

BY THOMAS URBAIN AND JOHN BIERS

  • The confidential filing puts the rocket and satellite builder on track to list its shares on a public exchange by July, according to The Wall Street Journal, citing unidentified sources. 
  • Elon Musk's SpaceX has filed papers with US regulators that set the stage for what could be the largest-ever public stock offering, a source familiar with the matter told AFP on Wednesday.
  • The confidential filing puts the rocket and satellite builder on track to list its shares on a public exchange by July, according to The Wall Street Journal, citing unidentified sources. 
Elon Musk's SpaceX has filed papers with US regulators that set the stage for what could be the largest-ever public stock offering, a source familiar with the matter told AFP on Wednesday.
The confidential filing puts the rocket and satellite builder on track to list its shares on a public exchange by July, according to The Wall Street Journal, citing unidentified sources. 
Media reports have said the initial public offering could be valued at a whopping $75 billion or more, for a venture with stratospheric ambitions.
The IPO looks set to blow past a record from 2019, when the oil group Saudi Aramco raised $25.6 billion.
SpaceX did not respond to a request for comment, and officials at the Securities and Exchange Commission declined to comment.
If successful, SpaceX could arrive on Wall Street with a valuation exceeding $1.75 trillion, putting it among the world's ten biggest companies by market capitalization.
After its acquisition of xAI in early February, SpaceX was valued at $1.25 trillion.
Analysts have said that taking SpaceX public will require it and Musk to maintain greater transparency, particularly about its revenues.
It could also expose the company to investor pressure to focus on profits instead of long-term investments -- such as Musk's plan to build a rocket for sending people to Mars.

'Enamored' investors

When the documents are released, SpaceX's IPO filing will likely reveal details about its operations, including its satellite and rocket manufacturing, alongside its xAI artificial intelligence arm.
Given that investors appear "enamored" with Musk's space and artificial intelligence ambitions, SpaceX could "probably get away with listing in a less exuberant market than some other companies might," said Steve Sosnick of Interactive Brokers.
Matthew Kennedy, a senior strategist at Renaissance Capital, said he had little worries that SpaceX would be able to raise such a massive amount of capital, even as markets are roiled by the ongoing war in the Middle East.
"US markets are some of the largest, most robust fundraising in the world, and this is a unique company that has captured the imagination of a lot of investors," Kennedy said.
He also noted investor enthusiasm in potential advancements on space exploration and in AI, alongside the cash to be made in the telecoms sector.
Besides SpaceX, two other tech heavyweights, the AI developers OpenAI and Anthropic, are reportedly planning IPOs this year.
SpaceX, which dominates the space launching market with its reusable rockets, is owned by Musk alongside several investment funds and tech companies including Google's parent Alphabet.
The company's rockets vastly reduce the cost of putting satellites into orbit. SpaceX is also the owner of the Starlink satellite constellation.
In February, Musk announced that SpaceX would take over his artificial intelligence outfit xAI, a step in the billionaire's plan to use SpaceX's rockets to launch solar-powered, satellite-based data centers to run future AI models.
jmb-elm-tu-bys/js

demonstration

Tractors roll through Vienna as farmers protest

  • Austrian supermarkets must label the origin of raw products, and workplace cafeterias must say where the products in their dishes are from.
  • Some 300 tractors rolled down the streets of Vienna Wednesday in a rare such protest in the Austrian capital as farmers pushed for restaurants and supermarkets to list the country of origin for their prepared dishes.  
  • Austrian supermarkets must label the origin of raw products, and workplace cafeterias must say where the products in their dishes are from.
Some 300 tractors rolled down the streets of Vienna Wednesday in a rare such protest in the Austrian capital as farmers pushed for restaurants and supermarkets to list the country of origin for their prepared dishes.  
"The lack of mandatory origin labelling is threatening the very livelihoods of our farmers," said Hannes Royer, an organic farmer.
Austrian supermarkets must label the origin of raw products, and workplace cafeterias must say where the products in their dishes are from. But the rules do not apply to transformed food in supermarkets nor to restaurants.  
Hiding the use of imports "massively distorts competition and penalises those who provide quality", said Land Schafft Leben, or Land Creates Life, an Austrian farmers' association.  
"Consumers have a right to the truth on their plates. Those who conceal the origin are deliberately depriving them of their freedom to choose," said Royer, the farmer. 
Protests are rare in Austria, but the farmers' demonstration is part of a wider European agricultural crisis.
A free-trade agreement with South American countries, climate-related pressures, rising costs of diesel and fertilisers, and stagnant agricultural prices are threatening the entire sector, which also complains of increasing red tape.  
bg/oaa/mr/gv/rl

US

UK to host multi-nation meeting on Hormuz shipping Thursday

  • On Tuesday, he said that countries which had not joined the war but were struggling with fuel shortages should "go get your own oil" in the Strait of Hormuz, adding that the US would not help them. pdh/har/jj
  • Britain will on Thursday hold a virtual a meeting of about 35 countries to discuss how to reopen the strategic Strait of Hormuz which has been crippled by the Middle East war.
  • On Tuesday, he said that countries which had not joined the war but were struggling with fuel shortages should "go get your own oil" in the Strait of Hormuz, adding that the US would not help them. pdh/har/jj
Britain will on Thursday hold a virtual a meeting of about 35 countries to discuss how to reopen the strategic Strait of Hormuz which has been crippled by the Middle East war.
Prime Minister Keir Starmer announced the meeting earlier Wednesday, while a UK official told AFP the meeting would be virtual and held on Thursday.
UK Foreign Secretary Yvette Cooper will host the discussions, Starmer told reporters during a Downing Street news conference. 
The meeting will "assess all viable diplomatic and political measures that we can take to restore freedom of navigation, guarantee the safety of trapped ships and seafarers and resume the movement of vital commodities", he added.
"Following that meeting, we will also convene our military planners to look at how we can marshal our capabilities and make the strait accessible and safe after the fighting has stopped," he added.
The discussions will include countries who recently signed a statement saying they were ready "to contribute to appropriate efforts to ensure safe passage through the Strait of Hormuz", said Starmer.
Britain, France, Germany, Italy, Japan and the Netherlands are among those to have signed it.

'Will not be easy'

Iran has virtually closed the vital strait since the US-Israeli strikes that started the war on February 28, causing global oil and gas prices to soar.
A fifth of the world's oil and liquefied natural gas passes through the strait in peacetime.
"I do have to level with people on this. This (reopening) will not be easy," Starmer said.
The UK leader also backed NATO following renewed criticism of the eight-decade-old alliance by US President Donald Trump.
"NATO is the single most effective military alliance the world has ever seen, and it has kept us safe for many decades, and we are fully committed to NATO," Starmer said.
Trump told Britain's Telegraph newspaper in an article published Wednesday that NATO was a "paper tiger".
Asked whether he would reconsider US membership, he replied: "Oh yes, I would say (it's) beyond reconsideration," the paper reported.
Last month, Trump told the Financial Times that it would be "very bad for the future of NATO" if members fail to help reopen the vital waterway.
On Tuesday, he said that countries which had not joined the war but were struggling with fuel shortages should "go get your own oil" in the Strait of Hormuz, adding that the US would not help them.
pdh/har/jj

space

SpaceX files securities documents to go public: source

  • The filing puts SpaceX on track to list on a public exchange by July, according to the Wall Street Journal, which cited people familiar with the matter. 
  • Elon Musk's SpaceX has filed confidential papers with US securities regulators for what could be the largest-ever public stock offering, a source familiar with the matter told AFP on Wednesday.
  • The filing puts SpaceX on track to list on a public exchange by July, according to the Wall Street Journal, which cited people familiar with the matter. 
Elon Musk's SpaceX has filed confidential papers with US securities regulators for what could be the largest-ever public stock offering, a source familiar with the matter told AFP on Wednesday.
The filing puts SpaceX on track to list on a public exchange by July, according to the Wall Street Journal, which cited people familiar with the matter. 
SpaceX did not immediately respond to a request for comment. Officials at the Securities and Exchange Commission declined comment.
US media have reported that the IPO could be valued at a whopping $75 billion or more for a venture with stratospheric ambitions.
The IPO looks set to blow past the biggest public offering on record from 2019, when the oil group Saudi Aramco raised $25.6 billion.
SpaceX, which dominates the space launch market with its reusable rockets, is owned by Musk alongside several investment funds and tech companies including Google's parent Alphabet.
The company's rockets vastly reduce the cost of putting satellites into orbit. SpaceX is also the owner of the Starlink satellite constellation.
In February, Musk announced that SpaceX was taking over his artificial intelligence outfit xAI, a step in the billionaire's plan to use SpaceX's rockets to launch solar-powered, satellite-based data centers to develop and run future AI models.
jmb-elm/acb

US

Strait of Hormuz shipping blockade update

  • - Tanker hit in Qatar waters - In total 27 commercial ships, including 13 tankers, have been attacked or reported incidents since March 1 in the Gulf, the Strait of Hormuz, or the Gulf of Oman, according to British marine security agency UK Maritime Trade Operations (UKMTO).
  • Here are the latest key facts about security alerts and trade impacts from the blockage of the Strait of Hormuz, a crucial shipping route virtually paralysed by the Middle East war.
  • - Tanker hit in Qatar waters - In total 27 commercial ships, including 13 tankers, have been attacked or reported incidents since March 1 in the Gulf, the Strait of Hormuz, or the Gulf of Oman, according to British marine security agency UK Maritime Trade Operations (UKMTO).
Here are the latest key facts about security alerts and trade impacts from the blockage of the Strait of Hormuz, a crucial shipping route virtually paralysed by the Middle East war.
Around a fifth of global crude oil and liquefied natural gas (LNG) passes through the waterway in peacetime.
The war erupted on February 28 when the United States and Israel began bombing Iran, prompting Tehran to retaliate with strikes across the region and restrict access to the strait.

Tanker hit in Qatar waters

In total 27 commercial ships, including 13 tankers, have been attacked or reported incidents since March 1 in the Gulf, the Strait of Hormuz, or the Gulf of Oman, according to British marine security agency UK Maritime Trade Operations (UKMTO).
In the latest incident, a tanker leased to Qatar's state-owned energy company was struck by an Iranian missile in the Gulf country's territorial waters, officials there said Wednesday.
They said 21 crew members were evacuated without any casualties.
UKMTO said the vessel had been struck by "two projectiles" north of Ras Laffan, the world's largest LNG hub.
It noted "one projectile caused a fire, which was extinguished, and another "remains unexploded within the vessel's engine room".

11 sea workers killed

Since the conflict began, at least 11 seafarers or dock workers have died in incidents in the region, according to the International Maritime Organization (IMO).
The UN agency updated that tally Tuesday, after formally confirming the deaths of three seafarers aboard the Thai bulk carrier the Mayuree Naree, which was attacked while transiting the strait on March 11.

Handful of crossings

Just seven vessels crossed the strait on Tuesday and to 1500 GMT Wednesday, according to maritime intelligence firm Kpler.
Since March 1, commodities carriers made 218 crossings, according to Kpler data, a 94 percent decrease on peacetime.
Of these, 135 were by oil tankers and gas carriers and most were travelling east out of the strait.
Six out of 10 crossings involved ships coming from or heading to Iran. The United Arab Emirates accounted for 22 percent, India 15 percent, China 14 percent and Saudi Arabia nine percent.
The channel in peacetime sees around 120 daily transits, according to shipping industry intelligence site Lloyd's List.

2,000 ships in Gulf

Bloomberg data showed Wednesday that 2,190 vessels sent transponder signals in the Gulf west of the Strait of Hormuz over the past day.
Of those, 327 were oil and gas vessels, including 12 very large gas carriers and 50 very large crude carriers.

Iran-approved route

Recent crossings appeared to have mainly used a route apparently approved by Iran around Larak Island just off the country's coast.
Leading shipping journal Lloyd's List on Tuesday estimated at least 48 ships had used it since last week, the majority with links to Iran.
The Revolutionary Guards said the route was closed to vessels travelling to and from ports linked to Iran's "enemies".

46% sanctioned ships

Since the war started, 46 percent of the crossings have been by ships under US, EU or UK sanctions, according to an AFP analysis of passage data.
Of the crossings by oil and gas tankers, 63 percent were by vessels under sanctions.
rlp-jj/rl

Pr

Chelsea announce record pre-tax loss of £262.4 million

  • All together, English top-flight club spent £460.3 million on agents' fees.
  • Chelsea made a Premier League record pre-tax loss of £262.4 million ($349.3 million) for the year ending June 30, 2025, the club said on Wednesday as it was revealed they had spent more on agents' fees than any other English club this season.
  • All together, English top-flight club spent £460.3 million on agents' fees.
Chelsea made a Premier League record pre-tax loss of £262.4 million ($349.3 million) for the year ending June 30, 2025, the club said on Wednesday as it was revealed they had spent more on agents' fees than any other English club this season.
The previous highest recorded pre-tax loss in the Premier League was the £197.5 million posted by Manchester City for the 2010/11 season.
Chelsea posted a profit of £128.4m in the previous year's accounts but this was aided by the sale of the women's team to Blueco Midco -- a subsidiary company -- for nearly £200 million.
Chelsea said that the losses were due in part to increased operating costs in 2024/25 compared to the previous year.
Revenue was £490.9 million, the club said, the second-highest recorded by the Blues, and included some of the money earned from winning last year's Club World Cup.
Later Wednesday, a Football Association report into agents' fees in 2025/26 had Chelsea leading the Premier League with a spend of £65.1 million -- well ahead of 'second-placed' Aston Villa's £38.4 million.
All together, English top-flight club spent £460.3 million on agents' fees.
Last month, Chelsea admitted to breaching Premier League rules in relation to some £47.5 million of undisclosed payments made under former owner Roman Abramovich.
The Blues were fined £10.75 million and given a suspended one-year transfer ban by the Premier League.
But, unlike other clubs, they escaped a points deduction -- a move justified by the Premier League on the grounds Chelsea's new owners, a consortium led by US businessman Todd Boehly, had self-reported the information that led to an investigation and had demonstrated "exceptional co-operation" throughout.
Chelsea were deemed compliant with the Premier League's profitability and sustainability rules (PSR) for the three-year period ending 2024/25. 
The rules allow for maximum losses of £105 million over three years, but some of the losses clubs post in their financial reports can be overlooked under PSR –- for example spending on women's football and youth development.
Chelsea also announced on Wednesday that their women's team, champions of England's elite Women's Super League for the past three seasons, posted a loss of £17.1 million, despite generating £21.3 million in revenue.
jdg/bsp 

defense

Swiss government eyes dropping purchase of US Patriot air defence system

  • - Unauthorised payment - Last week, the Swiss government said the United States had circumvented the freeze on its payments for the Patriot system by dipping into Swiss payments into the same fund but intended for its purchase of a fleet of F-35A fighter jets.
  • The Swiss government is considering dropping the agreed purchase of the Patriot air-defence system from the United States amid severe delivery delays, Defence Minister Martin Pfister said Wednesday.
  • - Unauthorised payment - Last week, the Swiss government said the United States had circumvented the freeze on its payments for the Patriot system by dipping into Swiss payments into the same fund but intended for its purchase of a fleet of F-35A fighter jets.
The Swiss government is considering dropping the agreed purchase of the Patriot air-defence system from the United States amid severe delivery delays, Defence Minister Martin Pfister said Wednesday.
"Cancellation is alway an option in the event of a delay," he told the ATS-Keystone news agency.
Earlier Wednesday, the defence ministry announced it would continue suspending payments for the system "until the United States has firmly announced new delivery dates and payment deadlines".
Switzerland, which is not in NATO, had ordered five Patriot systems in 2022, with delivery scheduled to begin this year and to be completed in 2028.
But last July, the government said it had been informed by the US defense department that the deliveries to Switzerland would be delayed as Washington strived to provide more support for Ukraine.
Switzerland first suspended its payments for the system last autumn.
"We are still operating on the assumption that we will receive the delivery, but we don't know when," Pfister said, adding that the government was mulling various options.
"A possible cancellation is one of them, but we don't know the conditions," he said.

Unauthorised payment

Last week, the Swiss government said the United States had circumvented the freeze on its payments for the Patriot system by dipping into Swiss payments into the same fund but intended for its purchase of a fleet of F-35A fighter jets.
This manoeuvre was authorised, head of the Swiss armaments department, Urs Loher told Swiss media.
However, "if the fund's liquidity falls below a critical threshold, projects may be suspended or even abandoned in the event of a further decline", the Swiss defence ministry said in Wednesday's statement.
"This could affect not only the acquisition of the Patriot system but also the entire Swiss portfolio within the framework of the (Foreign Military Sales) programme with the United States," it warned.
The ministry noted that Washington had said it would inform Switzerland in the coming weeks about the next steps in the operation, delivery schedules and the costs and consequences of a potential interruption.
According to its statement, a recommendation on this matter will be submitted to the government "by the end of June, 2026".
In early March, Bern announced its intention to examine the acquisition of an additional long-range surface-to-air missile system, preferably manufactured in Europe, to complement the Patriot system.
Last month, the government also said that it now wanted to buy only 30 F-35A fighter jets, instead of the 36 ordered, after Washington last year hiked the price tag, citing high inflation and surging raw material and energy prices.
ag/nl/jj

IATA

IndiGo lands IATA chief Willie Walsh as new CEO

  • Walsh's "experience in managing large scale airline operations and navigating complex market dynamics make him ideally suited to strengthen and lead IndiGo for continued growth in an ever-evolving and competitive international aviation environment," IndiGo's board chairman Vikram Singh Mehta said in a statement.
  • IndiGo said Wednesday it was appointing Willie Walsh as its new chief executive as India's leading airline sought to recover from an embarrassing spate of cancellations that threw the country's airports into turmoil Walsh currently leads the civil aviation industry's leading trade association, the IATA. But he also has two decades of experience leading airlines, including a decade at International Airlines Group (IAG), the parent company of Aer Lingus, British Airways, Iberia and Vueling.
  • Walsh's "experience in managing large scale airline operations and navigating complex market dynamics make him ideally suited to strengthen and lead IndiGo for continued growth in an ever-evolving and competitive international aviation environment," IndiGo's board chairman Vikram Singh Mehta said in a statement.
IndiGo said Wednesday it was appointing Willie Walsh as its new chief executive as India's leading airline sought to recover from an embarrassing spate of cancellations that threw the country's airports into turmoil
Walsh currently leads the civil aviation industry's leading trade association, the IATA. But he also has two decades of experience leading airlines, including a decade at International Airlines Group (IAG), the parent company of Aer Lingus, British Airways, Iberia and Vueling.
Walsh's "experience in managing large scale airline operations and navigating complex market dynamics make him ideally suited to strengthen and lead IndiGo for continued growth in an ever-evolving and competitive international aviation environment," IndiGo's board chairman Vikram Singh Mehta said in a statement.
IndiGo's previous chief executive, Pieter Elbers, stepped down on March 10, months after mass flight cancellations by the carrier threw airports across India into disarray.
In January, India's civil aviation regulator imposed a fine of $2.45 million on IndiGo for poor roster planning that led to large-scale cancellations in December. 
The operational meltdown came even though IndiGo had two years to prepare for the new rules aimed at giving pilots more rest periods in between flights to enhance passenger safety.
IndiGo operates more than 2,200 daily flights with a fleet of over 400 aircraft, connecting more than 95 domestic and 40 international destinations.
The airline carried about 124 million passengers in 2025, making it India's biggest carrier by market share.
Walsh is expected to take over the reins at IndiGo on August 3, days after his mandate at the head of the International Air Transport Association ends on July 31. 
im/rl/jj

Global Edition

Germany growth forecasts slashed as Mideast war hits economy

BY PIA DOLESCH AND LOUIS VAN BOXEL-WOOLF IN FRANKFURT

  • "The energy price shock triggered by the Iran war is hitting the recovery hard," said economist Timo Wollmershaeuser of the Ifo institute, adding that increased government spending was nevertheless "preventing a stronger slide".
  • Leading economic institutes more than halved their growth forecast for Germany on Wednesday, warning that the energy shock caused by the Middle East war would hit Europe's top economy hard.
  • "The energy price shock triggered by the Iran war is hitting the recovery hard," said economist Timo Wollmershaeuser of the Ifo institute, adding that increased government spending was nevertheless "preventing a stronger slide".
Leading economic institutes more than halved their growth forecast for Germany on Wednesday, warning that the energy shock caused by the Middle East war would hit Europe's top economy hard.
A group of leading institutes slashed their joint GDP growth forecast for 2026 to 0.6 percent, down from a September prediction of 1.3 percent.
Inflation is now forecast to rise to 2.8 percent, up from 2.0 percent, "weighing on household purchasing power".
"The energy price shock triggered by the Iran war is hitting the recovery hard," said economist Timo Wollmershaeuser of the Ifo institute, adding that increased government spending was nevertheless "preventing a stronger slide".
Oil and natural gas prices have surged since the end of February, when the United States and Israel attacked Iran, killed its supreme leader and plunged the Middle East into war. 
Iran has since closed the Strait of Hormuz to ships of countries it considers allied with the US and Israel, effectively blocking a sea lane that normally transports about a fifth of the world's oil and liquefied natural gas.
Higher inflation in Germany would hit consumer spending, the institutes said, weighing on an already weak economy that has barely grown since a burst of pent-up demand after the Covid pandemic in 2022.
The government on Wednesday introduced rules allowing petrol stations to only raise prices once a day, at noon.
But motorist Sebastian, a 49-year-old estate agent who did not want to give his surname, told AFP at a Frankfurt petrol station that this was not enough to protect his spending power.
"Whether the price of petrol changes once a day or 10 times a day doesn't really matter," he said, adding it was "certainly not enough" to lower his costs.

'Zero growth' looms

Germany's economy, struggling with fierce Chinese competition in sectors from cars to chemicals, was in the doldrums even before US President Donald Trump last year imposed sweeping new tariffs before starting the Mideast war in late February.
Chancellor Friedrich Merz, who took office last May, vowed to borrow and spend hundreds of billions through a special infrastructure fund over coming years in what was dubbed a spending "bazooka" aimed at getting the economy back on its feet.
But the economists said that much of the money was simply paying for day-to-day spending.
"Government expenditure on consumption is rising much more sharply than investment," economist Oliver Holtemoeller of the Halle Institute for Economic Research said. "That was not the idea behind changing the financing rules."
The outlook for the longer term was also dire.
Citing low productivity, industrial decline and an ageing population, the institutes warned that Germany's economy would soon be unable to grow sustainably. 
"We have also reassessed the structural changes in the German economy and, in particular, revised our forecast for industrial growth downwards," Wollmershaeuser said.
In an era when "demographic change is hitting with full force", he said, "potential growth will come to a standstill by the end of the decade, and we will have to get used to average GDP growth rates of zero percent".
Speaking to broadcaster Welt TV, Economy Minister Katherina Reiche said the government was working on reducing labour taxes and energy costs but that Germans would have to get used to working more over the course of their lives.
"We need to make this country vigorous again," she said. "Germany needs to get its will to win back."
bur-vbw/fz/rl

defense

France's Dassault says 'weeks' left to save Europe warplane project

  • "We're giving ourselves a little more time -- two to three weeks –- to try to reach an agreement between the French and Germans, between Dassault and Airbus," he said at a forum in Paris.
  • The head of France's Dassault Aviation said on Wednesday he was giving his company "two to three weeks" to see if the multibillion-euro warplane programme with Germany could work as the government tries to salvage the project.
  • "We're giving ourselves a little more time -- two to three weeks –- to try to reach an agreement between the French and Germans, between Dassault and Airbus," he said at a forum in Paris.
The head of France's Dassault Aviation said on Wednesday he was giving his company "two to three weeks" to see if the multibillion-euro warplane programme with Germany could work as the government tries to salvage the project.
He spoke after French President Emmanuel Macron and German Chancellor Friedrich Merz voiced determination to rescue the programme. Merz said last week that two mediators had been tasked with making a proposal by the end of April.
The Future Combat Air System (FCAS) programme is a flagship joint effort to build a next-generation combat aircraft between France, Germany and Spain.
But it has faltered as disagreements persist between Dassault and Airbus, which represents Germany and Spain.
On Wednesday, Eric Trappier said he was "not a man for co-management".
"We're giving ourselves a little more time -- two to three weeks –- to try to reach an agreement between the French and Germans, between Dassault and Airbus," he said at a forum in Paris.
"I am not in favour of an ambitious industrial project that will serve our armed forces being co-managed. We need a leader."
The FCAS programme was launched in 2017 to replace the Rafale jet and the Eurofighter planes used by Germany and Spain.
It is often seen as a bellwether of defence and security cooperation between France and Germany as the two EU powerhouses seek to put up a united front in the face of a hostile Russia and wavering US security commitment.
Trappier once again stressed that his company was capable of going it alone.
"We are going to build an aircraft to succeed the Rafale. It must be capable of carrying out missions and operating from an aircraft carrier," he said.
"We built the Rafale on our own. We know how to do it on our own, whereas the Eurofighter was built by four countries," he said, referring to Britain, Germany, Italy and Spain.
neo-as/ah/jxb

US

Greenpeace accuses oil companies of reaping Mideast 'war profits'

  • In Germany, excess profits stood at 23.8 million euros per day, followed by France, at 11.6 million euros per day.
  • A study commissioned by Greenpeace said on Wednesday that oil companies have been making more than 80 million euros a day in "war profits" in the European Union since the start of the war in the Middle East.
  • In Germany, excess profits stood at 23.8 million euros per day, followed by France, at 11.6 million euros per day.
A study commissioned by Greenpeace said on Wednesday that oil companies have been making more than 80 million euros a day in "war profits" in the European Union since the start of the war in the Middle East.
"If this level persists, the oil companies can expect additional operating profits of approximately 2.5 billion euros ($2.9 billion) for the month of March alone," the study said.
The study examined the difference between the price of crude oil and the price of fuel at the pump between January and February 2026, and the first three weeks of the war in March.
"The report shows that the rise in prices at the pump is far greater than that of underlying crude oil prices," Greenpeace said in a statement.
The increase in margins was much greater for diesel fuel than for petrol.
"Compared with the pre-war months, the oil companies earned a daily excess profit of 75.3 million euros from the sale of diesel fuel to cars and trucks," the report said.
"Petrol sales contributed 6.1 million euros per day."
Margins were expanded predominantly in countries with high purchasing power such as the Netherlands, Sweden, Denmark, Austria and Germany, the report said.
In Germany, excess profits stood at 23.8 million euros per day, followed by France, at 11.6 million euros per day.
"Greenpeace France is calling on European governments to introduce permanent additional taxes on the profits of oil and gas companies, the proceeds of which would be used to reduce energy bills and accelerate European energy independence," the environmental group said.
The United States and Israel launched strikes against Iran on February 28, triggering a regional conflict that has caused global oil and gas prices to surge and sparked fears of fuel shortages, especially in import-reliant Asia.
Last week, the price of diesel in France hit its highest level since 1985, surpassing the peaks reached after Russia's invasion of Ukraine in 2022.
Under increasing pressure, many governments have rolled out measures to limit the impact of supply difficulties and soaring energy prices. 
hrc-as/ekf/sbk

automobile

Chinese robotaxis stall in apparent 'malfunction': police

  • "After investigation, preliminary findings suggest the cause was system malfunction," police added, without specifying how many cars were impacted.
  • A string of self-driving robotaxis owned by Chinese internet giant Baidu stalled in central China, stranding passengers after an apparent "system malfunction", police said Wednesday.
  • "After investigation, preliminary findings suggest the cause was system malfunction," police added, without specifying how many cars were impacted.
A string of self-driving robotaxis owned by Chinese internet giant Baidu stalled in central China, stranding passengers after an apparent "system malfunction", police said Wednesday.
Local authorities in Wuhan, Hubei province, began receiving calls "one after another" on Tuesday night about "multiple Apollo Go cars stopped in the middle of the road, unable to move", police said in a statement.
Apollo Go is Baidu's driverless taxi service which began charging for rides in Beijing in 2021 and operates in designated areas across several cities.
"After investigation, preliminary findings suggest the cause was system malfunction," police added, without specifying how many cars were impacted.
Social media users shared videos of themselves attempting to contact customer service from inside their stalled robotaxis as other vehicles passed by.
"Apollo Go, are you paralysed?" one person wrote on social media, alongside a video of unanswered calls to the company dialled from an in-car tablet.
The light green Apollo Go logo was visible on the steering wheel.
The social media user said they were "stuck" in the middle of the road for more than 30 minutes.
Baidu did not immediately respond to AFP's request for comment.
The company has announced deals to have its cars on popular rideshare apps Lyft and Uber and is seeking to expand its presence outside China.
In the fourth quarter of 2025, Apollo Go delivered 3.4 million driverless rides, with total rides increasing over 200 percent compared to the same period a year prior, according to company filings.
The company has a fleet of more than 500 driverless cars in Wuhan.
mya/dhw/cms

data

AI giant Anthropic says 'exploring' Australia data centre investments

BY STEVEN TRASK

  • "Australia's investment in AI safety makes it a natural partner for responsible AI development."
  • Artificial intelligence giant Anthropic is eyeing data centre investments in Australia, saying Wednesday the nation was a "natural partner" for work in the booming sector.
  • "Australia's investment in AI safety makes it a natural partner for responsible AI development."
Artificial intelligence giant Anthropic is eyeing data centre investments in Australia, saying Wednesday the nation was a "natural partner" for work in the booming sector.
With immense renewable energy potential and vast stretches of uninhabited land, Australia has touted itself as a prime location for the power-hungry data centres needed to power AI.
US-based Anthropic said it was "exploring investments in data centre infrastructure and energy throughout the country" after signing a memorandum of understanding with the Australian government.
"The visit to Australia marks the beginning of long-term collaboration and investment into the Asia-Pacific region," the technology company said in a statement.
"Australia's investment in AI safety makes it a natural partner for responsible AI development."
The agreement, signed by Anthropic chief executive Dario Amodei in capital Canberra, said the firm would abide by local laws to "maintain strong social licence for investment".  
Australia's arts sector has accused Anthropic and other AI companies of pushing to loosen copyright laws so chatbots can be trained on local songs and books.
Anthropic said it had also agreed to share AI research and safety information with Australian regulators, mirroring similar agreements in Japan and Britain.
Industry Minister Tim Ayres said Australia and Anthropic would "harness AI responsibly". 

Energy-intensive

New data centres -- warehouse facilities that store files and power AI tools -- are springing up worldwide.
But there are increasing fears about the environmental impact of hulking data hubs.
Singapore halted data centre developments between 2019 and 2022 over energy, water and land use worries.
Australia last week adopted new rules governing the operation of data centres.
Tech companies must show how they will source renewable energy and minimise their emissions.
"As demand for AI grows, continued expansion of data centre infrastructure must reflect Australian values and be environmentally and socially sustainable," the guidelines state.
Anthropic's Claude is the Pentagon's most widely-deployed frontier AI model and the only such model currently operating on its classified systems.
But the company is locked in a dispute with the US government, after saying it would refuse to let its systems be used for mass surveillance.
Washington has since described Anthropic's tools as an "unacceptable risk to national security".
The United States has not only blocked use of the company's technology by the Pentagon, but also requires all defense contractors to certify that they do not use Anthropic's models.
sft/mjw

environment

The reality of restarting North Sea oil drilling

BY ALI BEKHTAOUI

  • - Why call for North Sea drilling?
  • As the Middle East war drives up oil prices, the UK's main opposition Conservative party is urging the government to restart drilling in the North Sea -- echoing repeated calls from US President Donald Trump.
  • - Why call for North Sea drilling?
As the Middle East war drives up oil prices, the UK's main opposition Conservative party is urging the government to restart drilling in the North Sea -- echoing repeated calls from US President Donald Trump.
Experts warn, however, that the proposal runs up against geological and economic realities.

Why call for North Sea drilling?

The Conservatives, who are heavily outnumbered in parliament, are preparing legislation aimed at removing barriers to oil and gas drilling in the North Sea, in order to facilitate access to domestic fossil fuel resources.
They echo Trump's repeated criticism of Britain's Labour government for failing to sufficiently exploit offshore reserves, even as the UK faces some of the highest energy prices in Europe.
"Go get your own oil!" Trump again urged on Tuesday in a post on Truth Social, without explicitly naming any country.
"Drilling in the North Sea and expanding other sources of generation" is the "only way we can protect families from rising bills, keep the cost of energy down for business, and control inflation," Conservative leader Kemi Badenoch wrote in a blog post.
The Labour government, meanwhile, has pledged to halt new exploration licences in the North Sea for environmental reasons, although it slightly softened its policy in November.

What would be the impact?

While supporters argue that restarting drilling would strengthen security and energy independence, experts interviewed by AFP emphasised major constraints for both oil and gas.
The area that "the UK has access to is a very mature, depleted basin," Tessa Khan, an environmental lawyer, told AFP. 
"The productivity of that -- in terms of how much you could extract from it -- peaked in the late 1990s and it's been in decline ever since," she added.
Structural limits also apply, as production cannot immediately be redirected to domestic consumption. 
"The UK is part of oil and gas international markets, and we have to remain part of these markets because we need to import," said Simon Cran-McGreehin, an analyst at the Energy and Climate Intelligence Unit, a non-profit research group.
Prices are set on these markets according to supply and demand, and the UK's low level of production has little, if any, impact on them.
"Bringing in new production takes years, which means that any new oil and gas would arrive long after the crisis has passed," the UK Energy Research Centre said in a recent briefing.

What are the other solutions?

The quest for energy independence has returned to the forefront since the start of the Middle East war, as it did after Russia invaded Ukraine in 2022, which sent gas prices soaring.
Two options are often put forward by experts: reducing fossil fuel consumption and significantly expanding renewables.
"The UK has one of the biggest offshore wind markets in the world," Khan said.
"We already have a backlog of renewable energy projects that are waiting for grid connections," and the timelines are potentially "much shorter" than for fossil fuel projects.
Renewables also offer stronger job creation prospects.
According to a study by Robert Gordon University in Aberdeen released last year, the workforce in the oil and gas sector could be cut in half by the early 2030s, while jobs in renewables are projected to nearly triple by 2035.
alb-ajb/jkb/giv/ceg

indicator

US auto sales seen falling as car market awaits war impact

BY ELODIE MAZEIN

  • A bigger factor than the war in the first quarter will be the market dynamics compared with last year, when worries about expected tariffs from President Donald Trump prompted shoppers to rush car purchases.
  • Carmakers are expected to report lower first-quarter US sales as the Middle East war clouds the industry's outlook compared with unusually favorable dynamics a year ago.
  • A bigger factor than the war in the first quarter will be the market dynamics compared with last year, when worries about expected tariffs from President Donald Trump prompted shoppers to rush car purchases.
Carmakers are expected to report lower first-quarter US sales as the Middle East war clouds the industry's outlook compared with unusually favorable dynamics a year ago.
The US-Israeli offensive on Iran, launched on February 28, has boosted oil prices by more than 50 percent, sending gasoline prices to more than $4 a gallon.
While that adds to the affordability challenges facing the industry, experts and automakers say it is too soon to determine the war's overall impact on sales.
"We're certainly keeping an eye on this situation," Toyota said. "At this stage, however, it's too early to determine how the industry will be impacted."
Cox Automotive forecasts a 0.1 percent dip in Toyota's auto sales in the first quarter.
A bigger factor than the war in the first quarter will be the market dynamics compared with last year, when worries about expected tariffs from President Donald Trump prompted shoppers to rush car purchases.
Cox Automative expects sales drops of more than nine percent for both General Motors and Ford compared with a year earlier, when both automakers reported sizzling sales amid the tariff headlines.
Exactly how the Iran conflict impacts auto sales will depend on the length of the fighting, especially if higher inflation prompts central banks to keep interest rates high, or raise them higher. 
"The current Middle East conflict adds tremendous amount of uncertainty to the vehicle market," said Charlie Chesbrough, economist at Cox Automotive.

Impact on EVs?

The auto information website Edmunds projects US car sales of 3.7 million in the first quarter, down 6.5 percent from the year-ago period.
"Between severe weather, geopolitical uncertainty, rising gas prices and ongoing affordability challenges, it's no surprise sales are down year over year," Edmunds said.
Deutsche Bank said it did not anticipate an "immediate near-term impact" from the Mideast war on volumes, confirming an outlook of 15.8 million sales for this year, down 2.5 percent from last year.
Analysts that track electric vehicle maker Tesla expect it sold 365,645 units in the first quarter, which would be an increase of 8.6 percent from the 2025 period but a decrease of 12.6 percent from the fourth quarter of 2025.
The outlook for EV sales has been clouded by US President Donald Trump's elimination of tax credits to encourage sales of the climate-friendly autos.
But an extended period of high energy prices due to the Iran war could spark greater interest in EVs.
Searches for EVs on Edmunds accounted for 23.8 percent of customer queries in the week of March 16, up from 20.7 percent at the end of February.
"While higher gas prices can spur interest in electrified vehicles, they typically need to be sustained or more pronounced to drive a meaningful shift," said Jessica Caldwell, head of insights at Edmunds.
"Right now, many consumers appear to view the latest spike as temporary," she said.
Previous oil-price spikes have sent automobile markets into tailspins: Sales dropped 44.7 percent the year after the 1973 oil shock and more than 40 percent after the 1979 Iranian Revolution led to another steep increase in crude prices.
Auto sales also plunged in the year after the 2008 financial crisis, dropping 45.5 percent, and were down 12.7 percent after the 2022 Russian invasion of Ukraine, according to figures from Anderson Economic Group.
But more efficient vehicles in the United States combined with the country's domestic energy production means the "US is now energy sufficient overall," said Patrick Anderson, CEO of the research group.
elm-jmb/js

US

Trump says Iran war could end in 'two weeks, maybe three,' to address US

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

  • In a Truth Social post earlier Tuesday, Trump lashed out at NATO allies and other countries that have refused to help the United States secure the strait.
  • US President Donald Trump said Tuesday that the war with Iran may be over in two or three weeks and it will be up to other countries to secure the vital Strait of Hormuz oil shipping channel.
  • In a Truth Social post earlier Tuesday, Trump lashed out at NATO allies and other countries that have refused to help the United States secure the strait.
US President Donald Trump said Tuesday that the war with Iran may be over in two or three weeks and it will be up to other countries to secure the vital Strait of Hormuz oil shipping channel.
The White House announced meanwhile that Trump would give an address to the nation at 9:00 pm Wednesday (0100 GMT Thursday) "to provide an important update on Iran."
In other developments, Israeli Prime Minister Benjamin Netanyahu said the joint campaign against Iran had "changed the face of the Middle East" and Iranian President Masoud Pezeshkian said Tehran had the "necessary will" to end the war provided its enemies guaranteed it would not flare up again.
In Lebanon, the health ministry said early Wednesday that seven people were killed in Israeli strikes in south Beirut and a nearby area and the Israeli military said it had struck a senior Hezbollah commander.
Israel's campaign against Iran-backed Hezbollah has left more than 1,200 dead in Lebanon, according to the health ministry, with over a million displaced.
US stocks surged on hopes that a resolution to the month-long war may be in sight and Brent oil futures finished down 3.2 percent at $103.97 per barrel.
Japan's Nikkei climbed more than three percent at the open Wednesday and South Korea's Kospi was up nearly five percent.
Trump, speaking to reporters in the Oval Office, said the United States would be leaving Iran "very soon," perhaps within "two weeks, maybe three."
"But we're finishing the job," he insisted.
"We want to knock out every single thing they have," Trump said, before adding that "it's possible that we'll make a deal before that."
Trump has zigzagged previously on whether Washington plans to escalate the war that has roiled the world economy -- possibly by deploying American ground forces -- or try to end it through negotiations with Tehran.

'Go get your own oil!'

As for Hormuz, which has been blockaded by Iran and through which one-fifth of global oil normally passes, Trump said France, China and other countries that seek passage through the waterway will have to "fend for themselves."
"What happens with the strait we're not going to have anything to do with," he said.
In a Truth Social post earlier Tuesday, Trump lashed out at NATO allies and other countries that have refused to help the United States secure the strait.
"The U.S.A. won't be there to help you anymore, just like you weren't there for us," he wrote. "Iran has been, essentially, decimated. The hard part is done. Go get your own oil!"
Netanyahu, in a televised statement on the eve of the Passover holidays, said Israeli forces "will continue to crush the terror regime" in Tehran.
"We had to act, and we acted," he said. "We have changed the face of the Middle East."
The United States has not said who it is speaking with in Iran, which has denied it is in talks.
Iranian Foreign Minister Abbas Araghchi told Al Jazeera that he still receives messages from US envoy Steve Witkoff, "directly, as before, and this does not mean that we are in negotiations."
Iran's Revolutionary Guards also threatened to retaliate against leading US tech firms such as Google, Meta and Apple from Wednesday if more Iranian leaders were assassinated.
Trump and Netanyahu launched the war on February 28, killing Iran's supreme leader Ayatollah Ali Khamenei and setting off a wave of retaliatory attacks by Tehran across the region.
The Guards charged that 18 companies, including Intel, Tesla and Palantir, were complicit in previous killings and warned they should expect "destruction" if there are any further assassinations.

'Darkness and weight'

Pentagon chief Pete Hegseth, speaking to reporters early Tuesday after he visited US troops in the Middle East, vowed that "the upcoming days will be decisive.
"Iran knows that, and there's almost nothing they can militarily do about it."
Trump had threatened on Monday that if Iran didn't agree to a deal, US forces would "obliterate" its oil wells, its main Kharg Island export terminal, and possibly water desalination plants.
On Tuesday, heavy strikes hit the central city of Isfahan and Tehran.
Iranian media reported that two steel complexes in the country had been hit.
Iranian state media also reported damage to a Shia religious centre in Zanjan, while the government said airstrikes had hit a plant making cancer drugs, claims AFP could not independently verify.
Tehran residents spoke of trying to cling to some routine.
"When I make it to a cafe table, even for a few minutes, I can almost believe the world hasn't ended," dental assistant Fatemeh, 27, told AFP in Paris via a messaging app. 
"And then I go back home, back to the reality of living through war, with all its darkness and weight."
burs/cl/mlm