Glencore Zinc Smelter Hit by Deadly Explosion
Glencore’s zinc smelter in Konkola, Zambia suffered a catastrophic explosion that killed at least two workers and injured five others. The blast forced an immediate shutdown of the plant, suspending production of a facility that processes roughly 1.5 million tonnes of zinc annually. Local authorities have launched an investigation, while Glencore is assessing the damage and potential supply disruptions. The incident comes amid tight global zinc markets driven by construction and renewable‑energy demand.
Coinbase to Cut 14% of Staff over Impact of AI and Volatile Markets
Coinbase announced it will eliminate roughly 14% of its workforce, about 1,200 jobs, citing the dual pressures of artificial‑intelligence automation and a volatile cryptocurrency market. The layoffs are part of a broader cost‑cutting initiative aimed at stabilizing earnings after a...
Why the Schroder Family Sold Up
The Schroder family has divested its remaining stake in the UK‑based asset manager Schroders, selling roughly £500 million (about $640 million) of shares to institutional investors. The move follows a multi‑year plan to reduce family involvement and fund a diversified portfolio of...
Starwood Real Estate Fund Halts Redemptions as Bet on Lower Interest Rates Bites
Starwood Capital’s flagship real‑estate fund, the Starwood Real Estate Income Trust (SREIT), announced a temporary halt to investor redemptions after a surge of withdrawal requests overwhelmed its cash reserves. The fund had been leveraging heavily on the expectation that interest...
Jain Global Returning Investor Cash as It Pivots to Millennium Deal
Jain Global, a multi‑strategy hedge fund, announced it will return capital to its investors as it shifts its strategic focus toward a partnership with Millennium Management. The move follows a period of underperformance and liquidity constraints that prompted the firm...
ECB Steps up Its Challenge to Visa and Mastercard
The European Central Bank is intensifying its scrutiny of Visa and Mastercard over high interchange fees and limited competition in the euro‑area payments market. By leveraging new supervisory powers, the ECB plans to conduct a formal investigation and may propose...
Russia to Suspend Kazakh Oil Flows Through Key Pipeline Supplying Berlin
Russia announced it will halt Kazakhstan's crude oil shipments through the Druzhba‑Baltic pipeline that feeds Germany’s refineries, citing recent EU sanctions on Moscow. The pipeline carries roughly 1 million barrels per day (≈ 160,000 bpd to Germany), representing about 10% of Berlin’s oil...
Jewellers Take a Shine to Alternatives as Precious Metal Prices Soar
Fine jewellers are turning to alternative metals as gold, platinum and silver hit record highs, squeezing margins and pricing out younger buyers. Bvlgari introduced gold‑and‑steel pieces, pricing a new ring at about $2,000 versus $3,300 for a full‑gold version. Emerging...
Recycled Gold Reflects Shifting Values for Jewellers and Buyers
London‑based jeweller Lylie now sources 100% of its ready‑to‑wear metal from a Gold Exchange programme that credits customers for returned gold, platinum and silver, with payouts ranging from a few hundred pounds (≈$300) to several thousand pounds (≈$3,000). The model...
Commodity Traders Lost ‘Billions’ in Early Days of Iran War
Commodity traders incurred multi‑billion‑dollar losses during the initial weeks of the Iran‑Israel conflict that erupted in early 2024. The sharp drop in oil prices and heightened market volatility erased large speculative positions, especially in crude futures and related derivatives. Analysts...
Lloyds Will Not Take Legal Action Against UK’s £9bn Car Finance Redress Scheme
Lloyds Banking Group announced it will not pursue legal action against the United Kingdom’s £9 billion (approximately $11.5 billion) car‑finance redress scheme. The scheme, overseen by the Financial Conduct Authority, aims to compensate consumers who were mis‑sold car‑finance products. Lloyds’ decision avoids...
Partners Group Backs Gating as Private Credit Redemptions Test Liquidity
Partners Group, the $140 billion‑asset‑manager, publicly endorsed the use of gating mechanisms for private‑credit funds as redemption pressure mounts. The firm cited a surge in investor withdrawal requests that, in some cases, exceeded 10% of a fund’s net asset value within...
US Inflation Jumps to Two-Year High as Iran War Ripples Across Economy
U.S. consumer prices rose 3.3% year‑over‑year in March, the strongest pace since early 2022, as the Iran‑Israel conflict sent global energy prices soaring. The monthly CPI increased 0.4%, with gasoline and electricity leading the surge; energy costs were up about...
European Insurance Regulators Push for €10bn-Plus Disaster Fund
European insurance regulators are urging the EU to establish a disaster fund of between €10 billion and €65 billion to cover natural and climate‑related catastrophes. The pool would be financed by contributions from insurers, with possible EU budget support, and would act...
Uzbekistan Prepares to List State Assets in London
Uzbekistan announced plans to float a portfolio of state‑owned enterprises on the London Stock Exchange, marking a major step in its market‑oriented reforms. The government aims to tap deep international capital pools, improve corporate governance, and generate a sizable cash...
EU to Relax Methane Rules to Secure Energy Supplies
The European Union announced it will temporarily relax its methane‑emissions rules to safeguard energy supplies amid a tightening gas market. The move delays the implementation of leak‑detection technology and allows member states to apply short‑term exemptions for operators. Officials say...
The Climate Showdown Between Big Oil and US States
US states are intensifying legal and regulatory pressure on major oil companies to curb greenhouse‑gas emissions, leveraging lawsuits, disclosure mandates, and climate‑risk legislation. Big Oil counters with lobbying, emphasizing energy security and arguing that state actions could destabilize markets. Recent...
OECD Urges Governments to Rapidly Unwind Costly Fuel Duty Cuts
The OECD has called on governments to quickly reverse the fuel duty cuts introduced during the pandemic, arguing they are fiscally unsustainable and undermine climate goals. The organization estimates the cuts cost member states billions of euros in lost revenue...
Shipping Stalls as Tehran Dictates Terms in Strait of Hormuz
Iran has intensified its diplomatic pressure on shipping through the Strait of Hormuz, demanding that vessels acknowledge Tehran's regional claims before transiting. The move has prompted several carriers to pause or reroute cargo, creating bottlenecks in one of the world’s...
UK Becomes Top Destination for US Jet Fuel
U.S. jet fuel exports have surged to the United Kingdom, making the UK the top overseas destination for American jet fuel. The shift follows a supply squeeze in the Gulf region, where refinery outages and geopolitical tensions have limited output....
US Oil Exports to Hit Record as Iran War Triggers Race for Supplies
U.S. crude oil exports are set to break records, driven by a sharp surge in demand after the Iran‑Israel conflict disrupted Middle‑East supplies. Analysts project daily shipments to top 5.5 million barrels, eclipsing previous highs. The spike reflects both higher production...
The Oil Market Navigates a Shaky Ceasefire
The fragile Middle East cease‑fire, strained by recent Israeli strikes on Lebanon, is rattling global oil markets as supply‑risk anxieties rise. Saudi Arabia’s key east‑west pipeline has been hit, further tightening the market. Meanwhile, Pakistan is acting as a back‑channel...
The ECB Is Stirring Memories of 2011 — Not All of Them Good
The Financial Times’ Monetary Policy Radar team has been introduced, showcasing five senior contributors who specialize in European central‑bank analysis. Chris Giles leads the unit as the FT’s economics commentator, while Andrew Whiffin brings a decade of corporate‑commentary experience. Data‑driven...
Jamie Dimon Warns Private Credit Losses Will Be Larger than Feared
JPMorgan CEO Jamie Dimon cautioned that losses in the private credit market are likely to exceed earlier estimates, suggesting a potential 5‑10% hit to the asset class rather than the previously feared 2% range. He highlighted that the sector now...
Countries Must Not Hoard Fuel During Iran War, Warns IEA
The International Energy Agency warned that countries should not hoard fuel as the war involving Iran escalates, fearing supply disruptions could tighten global markets. Iran, an OPEC member, accounts for about 4% of world oil output and controls the strategic...
UK Regulator Cuts £2bn From Car Finance Redress Costs for Banks
The UK Financial Conduct Authority (FCA) announced a reduction of roughly £2 billion (about $2.5 billion) from the car‑finance redress costs that banks must pay. The cut applies to the collective settlement aimed at compensating consumers mis‑sold car loans and leasing products....
Trump to Take First Steps in Opening Retirement Funds to Private Markets
The Trump administration announced its first steps toward allowing retirement accounts such as 401(k)s and IRAs to invest in private‑market assets, including private equity and venture capital. The proposal would amend Department of Labor fiduciary rules, aiming to broaden investment...
Why Food Prices Are Resisting the Oil and Fertiliser Shock — for Now
Food price inflation has stayed modest even as oil prices have surged over 50% this year and global fertilizer costs have jumped roughly 70%. The rise in input costs has been partially absorbed by farmers through larger inventories, cheaper alternative...
UK Watchdog Hits Bank of London with New Client Freeze
The UK Financial Conduct Authority has ordered Bank of London to halt onboarding new clients, citing deficiencies in its anti‑money‑laundering and risk‑management frameworks. The freeze, effective immediately, applies to all prospective corporate and retail accounts and could delay the bank’s...
Cuba Hit by Nationwide Blackout as Energy Grid Collapses
Cuba experienced a nationwide blackout on Monday after its aging electricity grid collapsed under the strain of fuel shortages and deteriorating infrastructure. The outage left the entire island without power, disrupting hospitals, airports, and the tourism sector that drives much...
Higher Oil Prices Are Just a Short-Term Worry
Oil prices have surged sharply this month, driven by geopolitical friction and OPEC+ output curbs, but analysts argue the rally is transitory. Global inventories remain ample and demand growth is modest, limiting upward pressure. Historical data shows oil’s price cycle...
‘Sitting Ducks’: Oil Tankers Trapped in Gulf as Iran Widens Attacks on Shipping
Iran has intensified its campaign against commercial shipping in the Persian Gulf, targeting oil tankers and other vessels. The attacks have left several tankers immobilized, creating a bottleneck in a critical export corridor. Regional authorities report heightened naval alerts and...
Blue Owl Permanently Halts Redemptions at Fund Aimed at Retail Investors
New York investment group backtracks from earlier plan to reopen to withdrawals
Flipping Out over the Latest Attempt to Change Sovereign Bond Contracts
When legal creativity collides with reality