business6.69 min read
Iran Aims Bitcoin-Backed Marine Insurance for Hormuz Strait
17 minutes ago•Source: Decrypt
Business News
The latest business stories, summarized by AI
Featured Business Stories
View original source
14.415 min•28 minutes ago
IEA Warns Global Oil Reserves Are Quicker to Diminish Amid Hormuz Crisis
IEA chief Faith Birol warned in Paris that global oil inventories are shrinking to weeks’ worth due to the Strait of Hormuz crisis tied to Trump’s Iran war, signaling potential sharp energy-price spikes. He noted inventories are declining rapidly and that markets may be underpricing the coming supply crunch, a gap echoed by economists who warn fertilizer shortages and rising food costs could push inflation higher and strain growth if prices continue to rise. The situation comes as discussions of resumed strikes and ceasefires keep the Strait closed, raising the risk of a broader energy crisis.
More Business Stories
Tesla Semi Debuts Twin-Display Cab for Fleet Efficiency
Tesla is rolling out a twin-display cockpit for the refreshed Semi, splitting core telemetry on the left with a high-fidelity park visualization and reserving the right display for navigation, climate, settings, and media, while adding vertical docks with extra hardware controls for quick access to vehicle and safety features. The company is also expanding its industrial charging footprint with a 125 kW Basecharger and dedicated megawatt charging stations as it scales toward about 50,000 trucks annually, signaling a stronger focus on fleet operations and infrastructure.
Radar crosses unicorn threshold with $170M Series B for RFID-driven retail inventory
Radar, a RFID-based retail inventory startup backed by Jay Schottenstein, raised $170 million in a Series B led by Gideon Strategic Partners and Nimble Partners, valuing the company above $1 billion and expanding its deployments with retailers like American Eagle and Old Navy. The platform provides real-time in-store inventory visibility to reduce shrink and improve product availability, with reported gains in stock accuracy and lower order cancellation rates for buy-online-pickup-in-store.
UK petrol spikes to wartime high as Iran conflict pushes oil costs
UK unleaded petrol jumped to 158.52p per litre — the highest since the start of the Iran war — as Brent crude climbed to around $111 a barrel from about $73 pre-conflict, lifting pump prices; diesel rose to 185.92p. The RAC says petrol could push past 160p unless oil prices ease, while diesel looks relatively more positive. The chancellor’s plans to raise fuel duty are under review, but the Treasury did not comment.
Adani Fraud Charges Dropped by U.S. Authorities
The U.S. has dropped fraud charges against Gautam Adani, chairman of the Adani Group, effectively ending the criminal investigation and shifting focus to regulatory and market implications for the conglomerate.
Mango founder’s son detained in renewed probe into fatal Montserrat fall
Jonathan Andic, 43, son of Mango founder Isak Andic, has been arrested by Catalan police as part of a renewed inquiry into his father’s December 2024 death after a fall from a cliff in the Montserrat mountains; investigators say inconsistencies in his testimony led to reopening the case, though the family denies any involvement and he was to be questioned again before a judge.
Starbucks Korea sacks CEO after Tank Day promo tied to Gwangju crackdown
Starbucks Korea fired its CEO after a tank-themed tumbler promo timed to Democratisation Movement Day drew backlash for echoing the 1980s crackdown on pro-democracy protesters. The campaign was withdrawn, leaders apologized, and Starbucks Global said a thorough internal investigation and stronger controls would follow; Shinsegae Group also apologized as the stock moved lower, underscoring questions about marketing sensitivity and corporate accountability.
Meta Slashes Jobs as AI Budget Rises
Meta Platforms is expanding layoffs while boosting investment in AI, signaling a shift to fund AI initiatives by reallocating resources from staff.
Home Depot: Modest Q1 FY2026 Growth, Guidance Reaffirmed
The Home Depot reported Q1 FY2026 sales of $41.8 billion (up 4.8% YoY) with 0.6% comparable sales growth; net earnings were $3.29 billion and adjusted EPS $3.43. It reaffirmed fiscal 2026 guidance: about 2.5%–4.5% sales growth, comparable sales roughly flat to +2%, gross margin ~33.1%, operating margin 12.4%–12.6%, and adjusted EPS up about flat to 4% from 2025, with capex ~2.5% of sales and ~15 new stores. The results reflect steady demand amid housing affordability pressures, as the company continues to operate ~2,361 stores and over 1,280 SRS locations with roughly 470,000 associates.
Treasury yields ease as traders eye 30-year near-1999 highs
U.S. Treasuries pulled back slightly after Monday’s spike, with the 10-year yield around 4.62% and the 30-year near 5.14%, while the 2-year sits near 4.08%. A Bank of America survey shows 62% of global fund managers expect 30-year yields to reach 6%—the highest since 1999—helped by ongoing inflation pressures from energy costs and deficits; analysts caution that the market’s rate-hike expectations may be excessive if inflation and growth dynamics diverge. Oil prices remain elevated, underscoring long-end pressure.
Next-gen obesity drug race tightens as pivotal readouts loom
Pharma is racing to commercialize next-generation obesity drugs as pivotal readouts approach from Lilly, Viking Therapeutics, and Pfizer; Lilly’s retatrutide shows potentially stronger weight loss and knee-pain relief in Triumph-4, Viking is testing maintenance dosing for VK2735, and Pfizer’s PF’3944 posted encouraging phase 2b results for monthly maintenance injections, signaling a crowded path to a multi-billion GLP-1 market by 2030.