Bill Ackman’s $60 billion bid for Universal Music Group, the record label behind Justin Bieber and Olivia Rodrigo, is classic Ackman: a second bite at a complicated apple. UMG shareholders can receive either cash or stock in the new entity, which would be reincorporated in the US and funded in ...
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US plastics industry is rare winner of Iran warUS plastics industry is rare winner of Iran war
The US plastics industry has emerged as one of the few winners of the Iran war. Oil is the key raw material for plastics, and production has been scaled back in Asia, Europe, and the Middle East, sending prices soaring. US chemical companies have stepped up their own output and ...
Somalia’s first offshore drilling project underwaySomalia’s first offshore drilling project underway
Somalia prepared its first offshore drilling operation, which it hopes will unlock a major new income stream and make Somalia a regional energy player. A Turkish drilling ship is in the Arabian sea as part of an energy cooperation deal signed by Ankara and Mogadishu in 2024. Somalia joins other ...
Dubai’s property market starts to crackDubai’s property market starts to crack
The News Dubai’s yearslong property boom was always expected to deflate eventually. Iranian strikes on the city now appear to be puncturing the cycle, putting pressure on residential and commercial property prices — and on the people whose jobs depend on them. Last year, more than 270,000 properties worth 917 ...
Global stocks edge higher, bucking wartime trendGlobal stocks edge higher, bucking wartime trend
Oil prices rose to around $111 a barrel after the US and Iran rejected a ceasefire deal, but stocks also edged higher, breaking with the “oil up, stocks down” trend. Though there was a “noticeable uptick” in traffic through the Strait of Hormuz over the weekend, most ships remained blocked, ...
Allies remain reliant on the US, even is distrust is growingAllies remain reliant on the US, even is distrust is growing
Nations in Asia, Europe, and the Middle East remain reliant on a Washington they no longer trust. Many “wonder if they are even allies anymore,” The Wall Street Journal’s chief foreign affairs correspondent reported, as US President Donald Trump insults their leaders, withdraws from international institutions, and presses on with ...
Expert survey sees higher GDP growth, job losses from AIExpert survey sees higher GDP growth, job losses from AI
US economists predict substantial economic gains, but also significant job losses, as AI takes off. A survey found that experts — tech workers, economists, and professional forecasters — expect significant AI capability advances by 2030. Under the fastest scenarios, it could drive GDP growth up to levels not seen since ...
Cuba turns to Chinese solar for energy lifelineCuba turns to Chinese solar for energy lifeline
Cuba’s energy crisis is making the island more reliant on Chinese solar power. US President Donald Trump’s oil blockade on Cuba has led to widespread and frequent blackouts in the communist nation; the gigawatt of photovoltaic panels China provided last year has become a lifeline, the Financial Times reported. The ...
Tehran is letting more ships through the Strait of HormuzTehran is letting more ships through the Strait of Hormuz
Traffic through the Strait of Hormuz rose to its highest level in weeks, as more countries negotiated with Iran for safe transit. “Passage is still at Iran’s mercy,” a Kpler analyst said, with nations striking opaque deals with the Islamic Republic to get through the strait; ships linked to India, ...
Jamie Dimon warns on war inflation risksJamie Dimon warns on war inflation risks
The Iran war risks pushing US inflation and interest rates up, JPMorgan Chase CEO Jamie Dimon warned Monday. In his closely watched annual letter to shareholders, the head of the country’s largest bank said the world could face “significant ongoing oil and commodity price shocks,” though the US economy continues ...