Latest Business News
Equities surge on tech rally and Iran deal hopes
US and Asian stock indices climb to record highs, led by AIârelated tech such as AMD, Super Micro, and Samsung, as investors price in a potential USâIran agreement and easing MiddleâEast tensions. Brent and US gasoline prices both retreat from recent spikes, with crude down over 1% after President Trumpâs signal that diplomatic progress may be near.
Samsungâs market cap reaches $1 trillion on AI chip boom
Samsung Electronics joins TSMC as only the second semiconductor maker in the $1 trillionâmarketâcap club, driven by demand for AIâaccelerator chips and dataâcenter growth. The milestone underlines the widening role of Asian chipmakers in the global AI infrastructure buildâout.
China tech stocks rebound after holiday reopening
Hong Kongâ and Chinaâlisted tech shares join the global rally after the May Day break, helped by upbeat commentary from UBS and JPMorgan on Chinese equities and policy support. Strong domesticâholiday consumption and a servicesâsector upswing suggest firms are absorbing earlier price shocks.
US and Iran show signs of diplomatic deâescalation
The US pauses its âProject Freedomâ shipâguidance operations in the Strait of Hormuz to facilitate talks with Iran, a move that boosts sentiment in risk assets and weighs on oil. US officials say the offensive phase of the Iran conflict is over and are pushing for a ceasefire, even as Iranian leaders and parliament continue to voice defiance.
Oil prices fall but costs remain elevated for airlines
Brent crude drops more than 1% as markets react to possible USâIran talks, though prices are still well above preâwar levels after the Hormuz blockade disrupted about a fifth of global supply. Jetâfuel costs remain a major risk for Asian budget carriers, and major airlines have already cut tens of thousands of seats and flights in May.
US gasoline tops $4.50 a gallon for first time since 2022
US retail gasoline prices breach $4.50 per gallon, reflecting lingering effects of earlier supply disruptions and higher crude, even as the current price move is softer than previous peaks. The rise adds to costâofâliving pressure but is being offset somewhat by stronger corporate earnings and consumer spending visible in travel data.
UK longâterm borrowing costs hit 28âyear high
Yields on UK government bonds reach their highest level since 1998 amid ongoing Iranâwar risks and heightened political uncertainty ahead of local and national elections. Similar moves higher in other majorâeconomy bond markets mean governments face sharply higher effective borrowing costs.
Anthropic launches AI agents for financial firms
Anthropic unveils specialised AI agents designed to handle routine financialâservices tasks, targeting banks and asset managers seeking efficiency gains and better riskâmonitoring. The move reflects continued investment in AIâdriven automation across both equities and bond markets.
Apple settles AIâfeatures lawsuit for $250m
Apple agrees to pay $250m to US iPhone buyers to resolve a consolidated classâaction lawsuit over marketing of its âApple Intelligenceâ AI features, including Siri enhancements. The company does not admit wrongdoing but the settlement underscores regulatory and consumerâprotection scrutiny of AIârelated claims.
Nissan to cut European jobs and streamline UK production
Nissan will close one UK production line and cut about 900 jobs across Europe, including Barcelona warehouse reductions, as it merges Leaf, Juke, and Qashqai lines at Sunderland. The move is part of a broader restructuring to adapt to slower demand and rising energy and input costs.
Thousands of flights axed in May due to fuel and route shocks
Global airlines cancel around 13,000 scheduled flights in May, trimming nearly 2 million seats, after warârelated route diversions and sharply higher jetâfuel costs squeezed capacity. Major carriers including British Airways, KLM, Turkish Airlines, and Germanyâs Lufthansaâgroup have scaled back or reconfigured summer networks.
Hong Kong and China services see strong postâholiday rebound
Hong Kongâs economy posts its fastest growth since 2021, buoyed by a recordâbreaking 1.5âbillionâtrip domesticâtravel surge during the May Day holiday and a servicesâsector upswing. Analysts at UBS and other houses point to renewed Chinese consumption momentum despite lingering geopolitical and trade policy uncertainty.