Latest Corporate News
US Markets Fall as Oil Surges on Middle East Tensions
US stock markets declined on Monday with the Dow Jones falling 1.13% to 48,941.90, the S&P 500 dropping 0.41% to 7,200.75, and the Nasdaq easing 0.19% to 25,067.80. The sell-off followed reports that the United Arab Emirates intercepted missiles fired from Iran, with West Texas Intermediate crude gaining 4.39% to US$106.42 a barrel and Brent crude climbing 5.8% to US$114.44
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Long Lake Acquires American Express Global Business Travel for $6.3 Billion
Long Lake Management has agreed to acquire American Express Global Business Travel (Amex GBT) for $9.50 per share in an all-cash transaction valued at approximately $6.3 billion. Amex GBT shareholders will receive a 60.2% premium to the stock's May 1, 2026 closing price, with major shareholders representing 69% of GBT's shares supporting the transaction, including American Express, Expedia, Qatar Investment Authority, and BlackRock
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Australian Shares Set to Open Lower
Australian shares are expected to open lower following weakness on Wall Street and rising energy prices, with S&P/ASX 200 futures down 0.8% to 8,645. Key economic events scheduled include the Reserve Bank of Australia's policy decision at 2:30pm AEST and household spending data release at 11:30am
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South Korean Ship Hit by Explosion in Strait of Hormuz
A South Korean merchant ship was hit by an explosion in the Strait of Hormuz, raising concerns about the safety of the critical shipping route. The incident dampened optimism from strong first-quarter earnings reports, with Iran demonstrating its grip on Middle East oil as tensions continue
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GameStop Proposes $56 Billion Acquisition of eBay
GameStop unveiled a proposal to acquire online marketplace eBay for approximately $56 billion in a cash-and-stock deal, causing GameStop's stock to tumble 10% while eBay rose about 5%. GameStop's own market value is approximately $11 billion
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US Launches 'Project Freedom' for Strait of Hormuz
US President Donald Trump announced 'Project Freedom' to guide stranded ships through the Strait of Hormuz as a humanitarian mission, with Trump expressing optimism about ongoing negotiations. Iran warned that the initiative could violate the ceasefire, adding to regional tensions
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Iran Forces US Warship to Turn Back at Strait
Iran reported forcing a US warship to turn back after it attempted to enter the Strait of Hormuz, while the United Arab Emirates reported a fire at an oil installation following an alleged Iranian drone attack. These developments added uncertainty around the conflict and raised fears of further disruption to global energy supply
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Amazon and Atlassian Gain Despite Market Decline
Amazon rose after unveiling expanded logistics services, while Atlassian extended recent gains despite the broader market sell-off. These gains came as most US markets retreated from record highs amid geopolitical concerns
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S&P 500 Retreats from Record Highs
The S&P 500 retreated from record highs reached on May 1, 2026, when strong first-quarter earnings reports initially drove investor optimism. The renewed Middle East tensions subsequently reversed those gains, with energy stocks rising as investors sought defensive positioning
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Oil Price Volatility Amid Middle East Escalation
Oil prices surged sharply as Middle East tensions escalated, with conflicting reports including claims of an Iranian attack on a US warship that were later denied by US Central Command. The volatility highlighted investor concerns about potential disruption to global energy supply during the renewed geopolitical tensions
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