Iran responds to US ceasefire proposal but Trump rejects it as 'unacceptable'
DUBAI, United Arab Emirates (AP) — Iran has sent its response to the latest U.S. ceasefire proposal via Pakistani mediators, but U.S. President Donald Trump quickly rejected it as “TOTALLY UNACCEPTABLE!”, offering no details. Sunday's development is the latest setback to resolve the standoff in the Persian Gulf that has throttled shipping and sent energy prices soaring. Iran's state media said that Tehran rejected the proposal from the United States as amounting to surrender, insisting instead on “war reparations by the U.S, full Iranian sovereignty over the Strait of Hormuz, an end to sanctions, and the release of seized Iranian assets.”
Saudi oil giant Aramco sees 25% jump in Q1 profit after shifting exports from Strait of Hormuz
Aramco, the world’s largest oil company, reported a 25% jump in first-quarter profits amid tight global oil supplies. The company shifted some of its oil shipments to a pipeline that avoids the disrupted Strait of Hormuz. Aramco said its East-West Pipeline, which runs across Saudi Arabia to the Red Sea, is now at full capacity, moving 7 million barrels of oil per day. The pipeline has helped mitigate the global energy shock but can't fully replace the lost capacity from the Strait of Hormuz. Aramco reported a profit of $32.5 billion for the January-March period, which was 25% higher than the same period a year ago.
Iran war disruptions spark higher costs and lost income in Bangladesh
DHAKA, Bangladesh (AP) — Tariqul Islam, a ride-share driver in Bangladesh, faces long fuel lines due to supply disruptions linked to the war in Iran. This has sharply cut his income, making it hard to survive in Dhaka. Bangladesh, heavily reliant on imported fuel, is grappling with an energy crisis affecting daily life and economic growth. Governments across Asia face similar challenges as rising energy prices lead to inflation and higher operating costs. The World Bank warns of slower growth and increased inflation in Bangladesh. The garment industry, a key economic sector, is also struggling with rising costs and slowing exports.
Bolivia’s fuel shortages and 'junk gasoline' drive a surge in electric cars
LA PAZ, Bolivia (AP) — A small but growing number of Bolivians are trading their fossil fuel-powered vehicles for electric ones. This comes as fuel costs in Bolivia have doubled after subsidies ended under President Rodrigo Paz. The country has faced fuel shortages with long lines at gas stations and complaints about poor quality gasoline. Electric vehicle numbers have surged from 500 to 3,352 in five years. They are mostly imported from China. Experts predict this trend will continue and will create new opportunities for electricians and mechanics.
Oregon Democrats found a way to improve roads. Now their gas tax goes before voters as prices soar
PORTLAND, Ore. (AP) — A referendum on Oregon's primary ballot seeking to repeal a Democratic gas tax increase is complicating the affordability message central to the party's midterm election strategy. The Democratic-controlled Legislature raised the state gas tax and other fees last fall as a way to pay for roads and plug a hole in the state’s transportation budget. Republicans responded with a petition to repeal the increases. That's leading to a referendum that will land before voters just as the Iran war is causing the price of gas to skyrocket around the country. Republicans say the tax increase will further fuel the high cost of living.
China says April exports jump 14.1% from a year ago ahead of Trump-Xi summit
HONG KONG (AP) — China says exports have risen 14.1% in April from a year earlier, despite the Iran war and lingering impacts from higher U.S. tariffs. The data were released Saturday, just days ahead of a planned meeting next week between President Donald Trump and Chinese leader Xi Jinping in Beijing. That beat analysts’ estimates and is a significant improvement from March’s 2.5% year-on-year expansion. Imports have climbed 25.3%, slower than the 27.8% growth in March but still robust. The Trump-Xi summit comes at a time when relations are beset by multiple troubles, with efforts to end the war in Iran topping the list.
US stocks rise to records after a solid jobs report overshadows higher oil prices
NEW YORK (AP) — U.S. stocks rose to records following the latest sign that the nation’s job market is doing better than economists expected. The S&P 500 climbed 0.8% Friday to an all-time high after a report said employers added more jobs last month than expected, even though the war with Iran is raising fuel costs and uncertainty. The Dow Jones Industrial Average edged up less than 0.1%, and the Nasdaq composite rallied 1.7% to its own record. Monster Beverage and Akamai Technologies helped lead the market after reporting better profits for the latest quarter than analysts expected. Oil prices climbed on uncertainty about the war with Iran.
US employers defy economic shock from Iran war and add a surprisingly strong 115,000 jobs in April
WASHINGTON (AP) — America’s employers delivered a surprising 115,000 new jobs last month despite an economic shock from the Iran war. Hiring was better than the 65,000 that economists had expected, though it decelerated from the 185,000 jobs created in March. The unemployment rate remained at a low 4.3%. The war has caused the biggest disruption of global oil supplies in history and sent average U.S. gasoline prices surging past $4.50 a gallon this week. But the conflict hasn’t done much damage to the American job market so far.
Shipping firms are being whipsawed by changing stances and risks as they wait for Hormuz to reopen
NEW YORK (AP) — With hundreds of vessels still stuck in the Persian Gulf and costs piling up, shipping companies are being whipsawed by uncertainty over how and when the Strait of Hormuz might reopen more than two months into the Iran war. U.S. President Donald Trump first announced an effort in which the U.S. military would “guide” ships through the strait, then paused that to allow time for a deal to end the war. A French-operated ship was damaged attempting to transit the strait. Industry figures say a return to normal transit will take weeks even if there's a deal.
One evacuated passenger tests positive for hantavirus, another develops symptoms on flights home
TENERIFE, Canary Islands (AP) — Passengers evacuated from the hantavirus-hit cruise ship have started flying home aboard military and government planes after the vessel anchored in the Canary Islands. Personnel in full-body protective gear and breathing masks had escorted the travelers from ship to shore Sunday in Tenerife, the largest island in the Spanish archipelago off the West African coast. The effort flying out passengers from more than 20 countries was expected to last until Monday. The World Health Organization is recommending close monitoring of the former passengers, and many countries are quarantining them. U.S. officials say one American among the 17 being flown home tested positive but has no symptoms. One of five French passengers taken to Paris developed symptoms on the flight.
