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AI summarySeoul stocks fell more than 1 percent on Thursday, ending a three-day winning streak, as investors locked in gains following a sharp rise in oil prices and lingering Middle East tensions. The KOSPI closed at 6,598.87, down 92.03 points, after touching a fresh all-time high earlier in the session.
AI summaryOperating costs for Hong Kong's industrial and commercial sectors have risen by 50 per cent since the outbreak of the US-Israel war with Iran, according to an oil executive, as the government rolls out diesel and liquefied petroleum gas subsidies. A major cosmetics chain warns that shipping and airfreight costs have climbed by up to 15 per cent, raising fears of price increases on some products.
AI summaryReports say e& (formerly Etisalat) is reviewing its investment in Pakistan's PTCL as part of a broader portfolio optimisation, but PTCL insists its shareholders remain committed and no change is planned.
AI summaryThe United Arab Emirates has officially left OPEC and OPEC+ effective May 1, 2026, a move reported across multiple outlets as a response to ongoing regional conflicts and a shift toward national energy priorities. The decision comes amid significant disruptions to oil flows through the Strait of Hormuz due to the US-Israel war with Iran, with some sources suggesting the move is a rebuke to neighboring states. The UAE has also left OAPEC but remains a member of the Arab League, according to an official statement.
AI summaryPresident Trump said new US strikes on Iran depend on ongoing negotiations, while Tehran warns it is prepared for any scenario and could expand the conflict beyond the Middle East if attacked again. Washington’s counterterrorism strategy signals continued military pressure, even as diplomatic efforts remain stalled.
AI summaryDuring a visit to Beijing, Australian Foreign Minister Penny Wong secured a Chinese commitment to facilitate jet fuel supplies to Australia, easing disruptions caused by the Middle East conflict. The move is seen as a first step in stabilizing fuel flows and strengthening bilateral ties.
AI summaryThe U.S. Federal Reserve kept its benchmark interest rate unchanged for a third straight meeting, citing elevated inflation and economic uncertainty from the Middle East conflict. The decision defies President Trump's calls for a cut, with Chair Jerome Powell's term ending soon and a Senate confirmation process underway for his successor, Kevin Warsh.
AI summaryCambridge International Education (CIE) has confirmed that an AS-level Mathematics paper was shared prematurely, affecting multiple regions including Pakistan. The board has cancelled the exam and scheduled a replacement for June 9, while also postponing another Mathematics paper scheduled for May 15.
AI summaryOne Nation's David Farley has won the Farrer by-election, securing the party's first-ever federal lower house seat. The Liberal primary vote collapsed below 13%, and the result has been described as a 'bloodbath' for the Coalition and a blow to Angus Taylor's leadership.
AI summaryAs the US-Israel war in Iran disrupts global oil supplies, major energy companies report soaring profits, sparking debate over windfall taxes and the burden on households. BP and TotalEnergies lead with significant earnings jumps, while analysts highlight the broader economic impact on consumers and governments.
AI summaryUS Defense Secretary Pete Hegseth announced plans to expand nuclear deterrence capabilities and modernize the nuclear triad, while also signaling readiness to use military force in the Western Hemisphere and warning NATO allies of consequences for insufficient support.
AI summaryThe United Arab Emirates has announced its withdrawal from OPEC and OPEC+ effective May 1, 2026, a decision that experts say reflects a broader shift toward market-driven energy arrangements. While some analysts predict higher oil prices in the medium term, others see opportunities for price softening and increased competition.
AI summaryRussian Foreign Minister Sergey Lavrov is in New Delhi for a three-day visit, participating in the BRICS Foreign Ministers' Meeting chaired by India. He has held talks with his Indian counterpart, met with Prime Minister Narendra Modi, and discussed bilateral ties, regional issues including Ukraine and the Middle East, and preparations for upcoming summits.
AI summaryEuropean airlines face their biggest challenge since the Covid-19 pandemic as the Iran war pushes up jet fuel prices and disrupts travel through the Middle East. Tourists are reshaping plans, booking later and staying closer to home, while carriers warn of potential fuel shortages if the conflict persists.
AI summaryAverage US gasoline prices have climbed to multi-year highs above $4 a gallon, with reports citing figures from $4.18 to $4.48 nationally and over $6 in California, as Brent crude exceeds $100 a barrel. Outlets link the rises to disruptions in the Strait of Hormuz amid the US-Israel conflict with Iran and related naval measures. Officials and analysts offer differing assessments of the economic impact and underlying causes.
AI summaryAnalysts say the UAE’s planned exit from OPEC and OPEC+ will structurally benefit oil-importing Asian economies in the long term, though the Strait of Hormuz closure may delay price relief. The UAE cites strategic and geopolitical motives for the move, effective May 1, 2026.
AI summaryAn analysis by Reuters and reporting by The Guardian show that despite UK Prime Minister Keir Starmer's threat to board Russian shadow fleet vessels, the number of such ships transiting UK waters remains unchanged, with at least 98 passing through in the month after the threat. While the Royal Navy has increased surveillance, no boardings have been announced, and Russia has responded by deploying naval escorts.
AI summaryPrime Minister Shehbaz Sharif announced that Pakistan's weekly oil import bill has surged to $800 million from $300 million before the Middle East conflict, straining the economy. Authorities report sufficient fuel reserves until late June despite global price spikes and ongoing supply disruptions.
AI summaryFIFA has amended its regulations to allow the exiled Afghan women's football team, Afghan Women United, to compete in official international matches, ending a ban that began after the Taliban returned to power in 2021. The decision, announced after years of advocacy, enables the team to aim for the 2028 Olympics, though they will miss the 2027 World Cup.
AI summaryLloyds Banking Group has warned that the Middle East conflict could cost it £151m, as it forecasts slower UK growth, higher unemployment, and rising inflation. The bank also expects the Bank of England to hold interest rates this year, contrary to market expectations. NatWest reported a 12% rise in profits but also took a £140m economic fallout charge.