Global Edition

Oil rallies, stocks drop as Trump dampens Mideast hopes

  • Britain was hosting talks featuring some 35 nations Thursday to discuss how to reopen the waterway, through which a fifth of global oil normally travels.
  • Oil surged and stocks fell on Thursday after Donald Trump threatened further heavy strikes on Iran, and offered no solution to reopening the key Strait of Hormuz.
  • Britain was hosting talks featuring some 35 nations Thursday to discuss how to reopen the waterway, through which a fifth of global oil normally travels.
Oil surged and stocks fell on Thursday after Donald Trump threatened further heavy strikes on Iran, and offered no solution to reopening the key Strait of Hormuz.
Investors were left unimpressed with 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.
While Trump signalled that the US was "very close" to achieving its military objectives, he vowed "extremely hard" strikes against Iran in the next two to three weeks.
Tehran responded by warning the US and Israel to expect "more crushing, broader, and more destructive actions".
The address late Wednesday in the US dampened hopes of de-escalation that had earlier buoyed markets.
International 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.
Frankfurt's stock market shed more than two percent and Paris dropped one percent in midday deals Thursday.
London dipped just 0.2 percent, helped by gains of around three percent for the share prices of energy heavyweights BP and Shell.
"Market sentiment has deteriorated overnight after 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."
The dollar, seen as a safe haven investment, rose strongly against major rivals. 
Asian equities struggled, with Tokyo closing down more than two percent and Hong Kong and Shanghai also lower. 
Markets have endured huge volatility since the US-Israeli war on Iran was launched on February 28, with Trump frequently U-turning after making policy statements.
Markets were volatile amid the "possibility of a growth shock and even stagflation, where low growth and high inflation provide a toxic mix", said Richard Hunter, head of markets at Interactive Investor.
Trump's claims that Washington and Tehran were in peace talks have been denied by the Islamic republic, which insists the Strait of Hormuz will remain closed to the country's "enemies".
Britain was hosting talks featuring some 35 nations Thursday to discuss how to reopen the waterway, through which a fifth of global oil normally travels.
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 1045 GMT

Brent North Sea Crude: UP 7.8 percent at $109.00 a barrel
West Texas Intermediate: UP 8.3 percent at $108.38 a barrel
London - FTSE 100: DOWN 0.2 percent at 10,341.03 points
Paris - CAC 40: DOWN 1.2 percent at 7,889.14
Frankfurt - DAX: DOWN 2.1 percent at 22,898.67
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)
New York - Dow: UP 0.5 percent at 46,565.74 (close)
Euro/dollar: DOWN at $1.1519 from $1.1586 on Wednesday
Pound/dollar: DOWN at $1.3189 from $1.3305
Dollar/yen: UP at 159.63 from 158.88 yen
Euro/pound: UP at 87.32 pence from 87.08 pence
dan-ajb/bcp/gv

US

Strait of Hormuz shipping blockade update

  • 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.
  • Here are the latest key facts about impacts from the blockage of the Strait of Hormuz, a crucial shipping route virtually paralysed by the Middle East war.
  • 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.
Here are the latest key facts about 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.

27 ships targeted

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.

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 a handful of vessels crossed the strait on Wednesday and Thursday, according to maritime intelligence firm Kpler.
Since March 1, commodities carriers have made 225 crossings, according to Kpler data, a 94-percent decrease on peacetime.
Of these, 139 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 other main countries involved in recent days were the United Arab Emirates, India, China and Saudi Arabia.
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 Thursday that 2,163 vessels sent transponder signals in the Gulf west of the Strait of Hormuz over the past day -- including 308 oil and gas vessels.

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.
Analyst Bridget Diakun of leading shipping journal Lloyd's List estimated 63 ships had used it in the past two weeks.
She said there had been at least two cases of shippers paying Iran for permission to pass, while others may have been gaining passage through "diplomatic negotiations".
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, 64 percent were by vessels under sanctions.
rlp/ach 

semiconductors

Nexperia's China unit nears fully local production of chips: company sources

BY LUNA LIN

  • Nexperia's Dutch headquarters has since cut off access to its office systems for employees in China, causing "significant disruption" to operations, the Chinese unit said in a statement last month.
  • The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia will soon be able to produce semiconductors locally within China, according to two company sources.
  • Nexperia's Dutch headquarters has since cut off access to its office systems for employees in China, causing "significant disruption" to operations, the Chinese unit said in a statement last month.
The domestic unit of the Chinese-owned, Dutch-headquartered chipmaker Nexperia will soon be able to produce semiconductors locally within China, according to two company sources.
Nexperia is at the centre of a global tug-of-war over critical semiconductor technology, with a Dutch court in February ordering a probe into alleged mismanagement at the company.
The geopolitical tussle has disrupted supply chains, with some carmakers reportedly forced to cut production due to chip shortages.
Local production would allow Nexperia's domestic arm, Nexperia China, to bypass restrictions in place since October on the supply of silicon wafers -- etched with tiny components to make chips -- from Nexperia factories in Europe to China.
"From a supply chain perspective, we have completed the shift from global to domestic production in China," a Nexperia China representative told potential clients at a company event in Beijing on Wednesday.
The representative assured attendees that the domestically made chips would meet the same stringent quality standards as previous products.
"Because the Dutch side cut our wafer supply, we have to use domestically made wafers. In the future, all products will be full local production," a source close to the matter told AFP, who asked not to be named as they were not authorised to speak to media.
Nexperia's China unit could achieve full localisation for most of its chips in the second half of 2026, including ones widely used in car production, he said.
AFP contacted both Nexperia and Nexperia China for official comment but had no immediate response.

Tug of war

The Nexperia saga kicked off in September 2025 when the Dutch government invoked a Cold War-era law to effectively seize control of Nexperia, which is based in the Dutch city of Nijmegen.
Once part of Dutch electronics giant Philips, it was acquired in 2018 by China's Wingtech.
Nexperia's Dutch headquarters has since cut off access to its office systems for employees in China, causing "significant disruption" to operations, the Chinese unit said in a statement last month.
Nexperia microchips are mainly found in cars, but also industrial components, as well as consumer appliances and electronics, such as refrigerators.
Prior to the seizure, Nexperia typically produced wafers in Europe and then sent them for packaging into finished chips in China and Southeast Asia.
Beijing retaliated to the seizure in October with export controls on products made by Nexperia in China -- a blow to the company's business -- but has since re-allowed exports for civilian use.
The resumption of shipments was part of a trade deal agreed by Chinese President Xi Jinping and his US counterpart Donald Trump after talks in South Korea last October, the Wall Street Journal reported at the time.
Nexperia said in late October that it had suspended direct wafer supplies to its Chinese unit. The suspension remains in place.
The latest development comes just weeks after Nexperia China announced it had started producing several types of chips using domestically made 12-inch wafers.
Similar chips made by its Chinese-owned Dutch parent use less advanced 8-inch wafers from Germany.
Nexperia China's packaging factory in the manufacturing hub of Dongguan is currently operating at about 60-70 percent of its original production capacity using stockpiles, client-supplied wafers and alternative domestic suppliers, the source close to the matter told AFP.
The company is on track to resume up to 90 percent production capacity for its popular products in the second quarter of this year, he said.
The China unit's main production now centers on a packaging factory in Dongguan and a wafer factory in Shanghai, supplemented by contracted external suppliers for additional packaging and wafer capacity.
"Nexperia China's future focus will be on these two factories (in Dongguan and Shanghai)," the source said.
"They will serve as the main production centres for our products."
ll/kaf/abs

US

Iran vows 'crushing' attacks on US after Trump threats

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

  • "Over the next two to three weeks, we are going to bring them back to the Stone Ages, where they belong," said Trump in a 19-minute speech delivered in front of American flags.
  • Iran on Thursday threatened "crushing" attacks on the US and Israel, firing missiles at Tel Aviv after US President Donald Trump vowed to bomb the Islamic republic "back to the Stone Ages".
  • "Over the next two to three weeks, we are going to bring them back to the Stone Ages, where they belong," said Trump in a 19-minute speech delivered in front of American flags.
Iran on Thursday threatened "crushing" attacks on the US and Israel, firing missiles at Tel Aviv after US President Donald Trump vowed to bomb the Islamic republic "back to the Stone Ages".
The war, which erupted more than a month ago with US-Israeli strikes on Iran, has spread throughout the Middle East and roiled the global economy, impacting hundreds of millions of people worldwide.
In a prime-time White House address, Trump said the US was "very close" to achieving its objectives but warned attacks would intensify if Iran did not reach a negotiated settlement.
"Over the next two to three weeks, we are going to bring them back to the Stone Ages, where they belong," said Trump in a 19-minute speech delivered in front of American flags.
Iran's response was immediate, with Israeli air defences pressed into action and police responding to "several" impact sites, as four people were reportedly lightly injured in the Tel Aviv area.
The Iranian military command centre Khatam Al-Anbiya put out a statement carried on state TV warning the US and Israel to expect "more crushing, broader, and more destructive actions".
"With trust in Almighty God, this war will continue until your humiliation, disgrace, permanent and certain regret, and surrender," said the statement.
The latest attacks came as Jewish Israelis were celebrating Passover, which some were forced to do underground.
"This is not my first choice," said a writer who gave his name as Jeffrey, at a meal organised in a bunker in Tel Aviv.
"But at least in the shelter, we can sit here and just ride it out," he added.

'Resist until the end'

Trump has recently raised the possibility of a deal to end the war, which has pushed up fuel prices in the US and around the world, and pushed down his approval ratings.
He said talks could be possible with Iran's new leadership, which he described as "less radical and much more reasonable" than their predecessors.
But Tehran has dismissed Washington's ceasefire overtures, describing US demands to end the conflict as "maximalist and irrational".
"Messages have been received through intermediaries, including Pakistan, but there is no direct negotiation with the US," said Iranian foreign ministry spokesman Esmaeil Baqaei, quoted by the ISNA news agency on Thursday.
Trump warned that if no agreement with Tehran was struck, Washington had "our eyes on key targets including the country's electric generating plants".
Pro-government Iranians voiced defiance as they marched in Tehran at the funeral of a Revolutionary Guards naval commander killed in an Israeli strike.
"This war has lasted a month. However long it takes, we will continue," said Moussa Nowruzi, a 57-year-old pensioner.
"We will resist until the end."
The country's health ministry said the Pasteur Institute of Iran, a century-old medical centre in Tehran, had been extensively damaged in a strike.
In Lebanon, militant group Hezbollah said its fighters launched drones and rockets at northern Israel Thursday, with the Israeli military's Home Front Command saying air raid sirens were activated.
A day earlier, Israel killed a top Hezbollah commander, two sources told AFP, in a Beirut strike that the Lebanese health ministry said killed seven people.
Authorities in Lebanon say Israeli attacks have killed more than 1,300 people in the country since war erupted between Israel and Iran-backed Hezbollah on March 2.

'Oxygen for volatility'

The conflict has drawn in Gulf countries once seen as a safe haven in a volatile region, with air defences in the United Arab Emirates responding to missile and drone threats Thursday.
Trump vowed the United States would not allow allies in the region -- Israel, Saudi Arabia, Qatar, the UAE, Kuwait and Bahrain -- to "get hurt or fail in any way, shape or form".
The war has highlighted the importance of the Strait of Hormuz, a shipping lane through which one-fifth of the world's oil usually passes.
Iran's Revolutionary Guards have vowed to keep it shut to the country's "enemies" while Trump has made reopening it a condition for a ceasefire.
China is a major importer of oil through the vital waterway and the foreign ministry in Beijing blamed the United States and Israel for being the "root cause" of disruption. 
Britain will lead a summit of 35 countries later Thursday to discuss how to restore freedom of navigation in the strait.
Trump's speech did nothing to reassure markets, as oil prices spiked and stocks tumbled.
The World Bank's Managing Director Paschal Donohoe told AFP his institution was "extremely concerned" about the war's impact on inflation, jobs and food security.
The real world economic impact is being felt around the globe, with airlines in China saying they will hike fuel surcharges and Malaysian civil servants being asked to work from home.
Even the Himalayan kingdom of Bhutan is feeling the impact, with the government saying "external conditions beyond our control" had forced a hike in fuel prices.
AFP reporters in the capital Thimphu saw long queues at filling stations Thursday, with shortages hitting the landlocked nation of around 800,000 people.
"I don't know what to say. It's not like our government is responsible, they are trying their best despite the war in the Middle East and price hike in India," said Karma Kalden, 40, a Thimphu resident. 
"We are helpless."
burs-ric/ser

politics

India's says defence exports hit 'all-time high' of $4 bn

  • "This big jump... in defence exports reflects the growing global trust in India's indigenous capabilities and advanced manufacturing strength," Singh said, adding that it had hit an "all-time high" in the fiscal year 2025-26 of 38,424 billion rupees ($4.15 billion).
  • India's defence exports "skyrocketed" to an all-time high of more than $4 billion in the last fiscal year, as it looks to boost its arms manufacturing sector, the government said Thursday.
  • "This big jump... in defence exports reflects the growing global trust in India's indigenous capabilities and advanced manufacturing strength," Singh said, adding that it had hit an "all-time high" in the fiscal year 2025-26 of 38,424 billion rupees ($4.15 billion).
India's defence exports "skyrocketed" to an all-time high of more than $4 billion in the last fiscal year, as it looks to boost its arms manufacturing sector, the government said Thursday.
The figures mark a rise of more than 60 percent from 2024, the defence ministry said, and provide a shot in the arm for the South Asian country, which is determined to recast itself as a major producer and exporter of weapons.
"India is marching ahead towards becoming a global defence manufacturing hub," the ministry quoted Defence Minister Rajnath Singh as saying.
"This big jump... in defence exports reflects the growing global trust in India's indigenous capabilities and advanced manufacturing strength," Singh said, adding that it had hit an "all-time high" in the fiscal year 2025-26 of 38,424 billion rupees ($4.15 billion).
Government defence companies produced nearly 55 percent of the exports, with the rest made by private companies.
"This milestone showcases the power of a collaborative and self-reliant defence ecosystem," Singh said.
India exports defence equipment to more than 100 countries, with the United States, France and Armenia among the top customers, according to the defence ministry.
Shipments range from missiles, boats and artillery to radar systems, rocket launchers and electronic components.
However, the country is still primarily a buyer, not a seller, and remains globally a minor player in exports. 
New Delhi earlier this year announced a record $85 billion boost for its defence sector. 
The spending hike came after a four-day conflict with arch-rival Pakistan in May that killed at least 70 people, and saw both sides make extensive use of drones as well as intense missile and artillery barrages.
But India's arms purchases still make up around eight percent of all imports globally, according to the Stockholm International Peace Research Institute.
ash/pjm/dan

US

Middle East war: global economic fallout

  • Air China, China Southern and its subsidiary Xiamen Airlines said in statements that they will increase surcharges on flights of up to 800 kilometres (500 miles) by 60 yuan ($8.70), and 120 yuan for longer flights.
  • Here are the latest economic events in the Middle East war: - China fuel surcharges - Several Chinese airlines, including national carrier Air China, said they will raise their fuel surcharges on domestic flights from Sunday.
  • Air China, China Southern and its subsidiary Xiamen Airlines said in statements that they will increase surcharges on flights of up to 800 kilometres (500 miles) by 60 yuan ($8.70), and 120 yuan for longer flights.
Here are the latest economic events in the Middle East war:

China fuel surcharges

Several Chinese airlines, including national carrier Air China, said they will raise their fuel surcharges on domestic flights from Sunday.
Air China, China Southern and its subsidiary Xiamen Airlines said in statements that they will increase surcharges on flights of up to 800 kilometres (500 miles) by 60 yuan ($8.70), and 120 yuan for longer flights.
Spring Airlines and Juneyao Airlines also announced fuel surcharge hikes.

Oil spikes

Oil prices spiked after Trump reiterated that US forces would hammer Iran for another two to three weeks but offered no solution to the closure of the Strait of Hormuz that has crippled global markets.
Brent crude, which had fallen back below $100 a barrel Wednesday, surged almost seven percent to hit $108.15, while West Texas Intermediate jumped more than five percent to $105.65.

Trump tells other countries to 'take care' of Hormuz

US President Donald Trump called Wednesday for countries that receive oil through the Strait of Hormuz to show "courage" and seize the key waterway.
"The countries of the world that... receive oil through the Hormuz Strait must take care of that passage," Trump said in his first prime-time address since the start of the war with Iran.
"Just take it, protect it, use it for yourselves."

Malaysia work-from-home push

Prime Minister Anwar Ibrahim  said Malaysia will introduce a work-from-home policy for ministries, agencies, statutory bodies and government-linked companies starting April 15, to conserve energy while the Middle East war rages.
The policy "aims to reduce fuel consumption and ensure a stable energy supply", Anwar said during a special briefing late Wednesday.

UK meeting on Hormuz shipping

Britain will hold a meeting of about 35 countries Thursday to discuss how to reopen the Strait of Hormuz, 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.
burs-ami/dan

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: - Hezbollah claims attacks - Lebanese militant group Hezbollah said its fighters launched drones and rockets at northern Israel on Thursday, targeting troops and a village.
  • - 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:

Hezbollah claims attacks

Lebanese militant group Hezbollah said its fighters launched drones and rockets at northern Israel on Thursday, targeting troops and a village.
The Israeli military's Home Front Command said air raid sirens were activated across the border. There were no reports of any casualties or damage.

Israel under Iran missile fire

Israel's military said air defences responded to waves of Iranian missile fire early Thursday, including at least two attacks after US President Donald Trump delivered an address to the American public about the war.
After the first attack, police said officers were called to "several" impact sites in central Israel, and media reports citing medics said four people were lightly wounded.

Oil prices jump

Oil prices spiked after Trump reiterated that US forces would hammer Iran for another two to three weeks but offered no solution to the closure of the Strait of Hormuz that has crippled global markets.
Brent crude, which had fallen back below $100 a barrel Wednesday, surged almost seven percent to hit $108.15, while West Texas Intermediate jumped more than five percent to $105.65.

Australia doesn't see 'end point'

Australian Prime Minister Anthony Albanese said on Thursday the original aims of the war in Iran had been met.
"Now those objectives have been realised it is not clear what more needs to be achieved or what the end point looks like," he said during a speech in the capital Canberra.
"What is clear is that the longer the war goes on the more significant the impact on the global economy will be."

Trump vows big strikes

In a speech from the White House, Trump insisted that the United States was nearing victory in Iran, and vowed two to three more weeks of "extremely hard" strikes.
"We are going to finish the job, and we're going to finish it very fast. We're getting very close," he said in remarks that largely rehashed his daily streams of social-media postings and rapid media interviews.
Trump again threatened that if Iran does not reach a negotiated settlement with him, the United States would "hit each and every one of their electric generating plants."
Attacks on civilian energy infrastructure are widely considered to be illegal under the laws of war and could constitute a war crime.

UAE responds to 'threats

Emirati air defences were responding to missile and drone "threats" on Thursday, the United Arab Emirates' defence ministry said.
Since the war erupted, the UAE and other Gulf countries have been regularly targeted by Iranian missile and drone strikes in retaliation for the US-Israeli campaign.

Iran calls US demands 'irrational'

Iran said Thursday that Washington's demands were "maximalist and irrational" and denied any negotiations were under way on a ceasefire to end the war in the Middle East.
"Messages have been received through intermediaries, including Pakistan, but there is no direct negotiation with the US," said Iranian foreign ministry spokesman Esmaeil Baqaei, quoted by the ISNA news agency.

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.

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.

'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?"

Iran Guards say Hormuz closed to 'enemies'

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 strait was one of his conditions for a ceasefire.
bur-ami/fox

space

Astronauts begin NASA lunar mission after climactic blast-off

BY CHARLOTTE CAUSIT WITH MAGGY DONALDSON IN NEW YORK

  • It is also the inaugural crewed flight of NASA's new lunar rocket, dubbed the Space Launch System.
  • Four astronauts blasted off aboard a massive NASA rocket Wednesday on a long-anticipated journey around the Moon, the first crewed lunar flyby in more than 50 years.
  • It is also the inaugural crewed flight of NASA's new lunar rocket, dubbed the Space Launch System.
Four astronauts blasted off aboard a massive NASA rocket Wednesday on a long-anticipated journey around the Moon, the first crewed lunar flyby in more than 50 years.
With a thunderous roar that reverberated far beyond the launchpad, the enormous orange-and-white rocket carried three Americans and one Canadian away from Florida's Kennedy Space Center at approximately 6:35 pm (2235 GMT) local time.
NASA teams and spectators alike were ecstatic as the spacecraft ascended into a radiant sky atop a cascade of flames.
The team, who donned bright orange suits with blue trim as the mission began, includes Americans Reid Wiseman, Victor Glover and Christina Koch along with Canadian Jeremy Hansen.
"We have a beautiful moonrise. We're headed right at it," said Wiseman, the mission commander.
US President Donald Trump praised "our brave astronauts," calling the successful launch "quite something" at the top of his televised address on the war against Iran.
The astronauts are now in orbit around the Earth, where they will remain while performing various checks to ensure the reliability and safety of a spacecraft that has never carried humans before.
They successfully completed "promixity operations" demonstrations, which tested how their Orion capsule can move relative to another spacecraft and included various maneuvers that mimic what would be needed to dock with a lunar lander.
"Great flying with you, Houston. Nice vehicle," said pilot Glover.
Early on teams identified a number of kinks to work out, including "a controller issue with the toilet when they spun it up," said Amit Kshatriya, NASA's associate administrator, during a post-launch briefing.
"We're just getting started," he added.
NASA head Jared Isaacman also noted a temporary communication problem with the spacecraft that had since been resolved.
The astronauts were "safe, they're secure, and they're in great spirits," he said. 
Isaacman also emphasized the historic nature of Wednesday's launch: "NASA is back in the business of sending people to the Moon."

'Big step for humanity'

If all goes well the Artemis 2 team is expected to head out Thursday on its three-day journey towards the Moon, which it will then loop around to capture new images and make naked-eye observations.
The voyage should last approximately 10 days in total, and aims to pave the way for a Moon landing in 2028.
Scientist Sian Proctor ventured to Florida's Space Coast to witness the moment along with the approximately 400,000 people local authorities said had gathered to watch.
"I'm just so happy that we're going back to the Moon," Proctor said.
"Everybody should be excited and be following the next 10 days, because this is a big step for humanity." 
The mission marks a series of historic accomplishments: it will send the first person of color, the first woman and the first non-American on a lunar mission.
If the plan proceeds as expected, the astronauts will set a record by venturing farther from Earth than any human before.
It is also the inaugural crewed flight of NASA's new lunar rocket, dubbed the Space Launch System.
SLS is designed to allow the United States to repeatedly return to the Moon, with the goal of establishing a permanent base that will offer a platform for further exploration.
It was meant to take off as early as February after years of delays and massive cost overruns.
But repeated setbacks stalled it and even necessitated rolling the rocket back to its hangar for investigation and repairs.
"NASA really needs this win right now," Casey Dreier, chief of space policy at The Planetary Society, told AFP, noting the US space agency's recent budget turmoil and a workforce exodus that have challenged morale.

'Competition'

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.
During the post-launch briefing, Isaacman said competition was "a great way to mobilize the resources of a nation."
"Competition can be a good thing," he said. "And we certainly have competition now."
The Artemis program has come under pressure from Trump, who has pushed its pace with the hope that boots will hit the lunar surface before his second term ends in early 2029.
But the projected date of 2028 for a landing has raised eyebrows among experts, in part because Washington is relying on the private sector's technological headway.
Earlier in the day Trump said on Truth Social that the US is "WINNING."
"Economically, Militarily, and now, BEYOND THE STARS. Nobody comes close! America doesn't just compete, we DOMINATE, and the whole World is watching," he posted.
bur-mdo/mlm

sales

US automakers report mixed sales as car market awaits war impact

BY ELODIE MAZEIN

  • A note from Oxford Economics pointed to improving dynamics in March after winter storms abated.
  • Carmakers reported mixed first-quarter US sales Wednesday pointing to a hit from winter storms, as the Middle East war clouds the industry's outlook compared with unusually favorable dynamics a year ago.
  • A note from Oxford Economics pointed to improving dynamics in March after winter storms abated.
Carmakers reported mixed first-quarter US sales Wednesday pointing to a hit from winter storms, as the Middle East war clouds the industry's outlook compared with unusually favorable dynamics a year ago.
The US-Israeli offensive against Iran, launched on February 28, has boosted oil costs by more than 50 percent, sending gasoline prices to more than $4 per gallon in the United States.
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.
General Motors said Wednesday it sold 626,429 vehicles between January and March, and that the early part of the quarter was marred by "severe winter weather," while March emerged as a "much stronger month."
It also cited the "exceptionally high" level of sales in March 2025, when worries about expected tariffs from President Donald Trump prompted shoppers to rush car purchases.
Meanwhile, Toyota Motor North America reported 569,420 first-quarter vehicle sales, down 0.1 percent from a year ago.
But FCA US, the US affiliate of Stellantis, reported a four percent increase to 305,902 from its line-up, which includes Jeep, Dodge and Alfa Romeo.
And Hyundai reported a one percent increase to 205,388 units. 
Other leading automakers, including Ford and Tesla, have yet to release first-quarter figures.
Cox Automative projected a US sales decline of 6.5 percent, with the boost from expected lofty tax refunds offset by affordability difficulties and anxiety about the war.
Exactly how the Iran conflict impacts auto sales will depend on its duration, especially if higher inflation prompts central banks to keep interest rates high, or raise them higher.
The war "adds tremendous amount of uncertainty to the vehicle market," said Charlie Chesbrough, an economist at Cox Automotive.
A note from Oxford Economics pointed to improving dynamics in March after winter storms abated.
"However, sales will face major headwinds as higher gas prices due to the US-Iran war take a bite out of consumers' real disposable income growth," Oxford said.

Impact on EVs?

Auto information website Edmunds projected 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 war on volumes, confirming an outlook of 15.8 million sales for this year, down 2.5 percent from 2025.
Analysts that track electric-vehicle maker Tesla expect it sold 365,645 units in Q1, which would be an increase of 8.6 percent from the 2025 period but a decrease of 12.6 percent from the final quarter of 2025.
The outlook for EV sales has been clouded by Trump's elimination of tax credits to encourage sales of the climate-friendly autos.
But an extended period of high energy prices 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 in late 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 surges 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.
Auto sales plunged 45.5 percent in the year after the 2008 financial crisis, and slid 12.7 percent after Russia's 2022 invasion of Ukraine, according to figures from Anderson Economic Group.
elm-jmb/mlm

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

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

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.
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