Oil plunges below $95 as the Dow surges 1,300 in a worldwide rally following a ceasefire with Iran
NEW YORK (AP) — Oil prices plunged below $95 per barrel, and stock markets surged worldwide after President Donald Trump pulled back from his threat of devastating attacks against Iran. The S&P 500 leaped 2.5% Wednesday after Trump announced a two-week ceasefire. The Dow Jones Industrial Average soared 1,325 points, and the Nasdaq composite rallied 2.8%. To be sure, stock prices are still below where they were before the war. And oil prices are still higher because the threat remains that the war could continue. Prices for both stocks and oil pared big moves as trading progressed Wednesday.
Iran's proposal to collect tolls in the Strait of Hormuz violates trade norms
FRANKFURT, Germany (AP) — To end the war with the United States and Israel, Iran is demanding the right to collect tolls in the Strait of Hormuz as a precondition for reopening the waterway vital to world oil supplies. Yet collecting tolls in the strait would violate a basic and enduring principle of international maritime trade: freedom of peaceful navigation. Opening the strait would save the global economy from supply constraints that have pushed energy and fertilizer prices sharply higher since the war began on Feb. 28. But agreeing to Iranian toll-collecting would cement the Islamic Republic’s control over the strait through which 20% of the world’s oil is shipped — and enrich the military against whom the war was launched.
Newly created Polymarket accounts bet big on US-Iran ceasefire in hours before Trump's announcement
NEW YORK (AP) — A group of new accounts on the prediction market Polymarket made highly specific, well-timed bets on whether the U.S. and Iran would reach a ceasefire on April 7, resulting in hundreds of thousands of dollars in profits for those users. These bets were made even as President Donald Trump’s threats of devastating attacks on Iran appeared to make an imminent deal unlikely. Analysis of blockchain data shows at least 50 wallets placed substantial “Yes” bets before Trump announced a two-week ceasefire on social media. Polymarket labeled the ceasefire betting event as “disputed” due to ongoing tensions, which means some payouts are on hold. This pattern of strategic bets has raised questions about insider trading.
Hong Kong firm files arbitration against Maersk, claiming it schemed with Panama over port takeover
HONG KONG (AP) — A subsidiary of a Hong Kong-based conglomerate started arbitration proceedings against Danish logistics and port group Maersk, accusing the company of aligning with Panama and scheming to replace its port operation on the Central American country’s critical canal. On Tuesday, Panama Ports Company, a unit of Hong Kong’s CK Hutchison Holdings, pointed to a new operator affiliated with Maersk taking over the Balboa terminal. It said the arbitration will be held in London, but it didn’t specify what claims it was pursuing. In February, Panama’s government seized control of the Balboa and Cristobal ports, after the country’s court declared that a concession allowing the company to run the pair of ports was unconstitutional.
Paramount president Jeff Shell is stepping down from his post amid a legal battle
NEW YORK (AP) — Longtime media executive Jeff Shell is leaving Paramount. The move arrives amid a messy legal battle and the Skydance-owned company’s ongoing efforts to take over Hollywood rival Warner Bros. Discovery. Paramount confirmed Wednesday that Shell decided to “transition” from his role as president and board member. The board reviewed allegations from a lawsuit claiming Shell violated securities disclosure rules but found no evidence. Last month, Shell was sued for fraud by R.J. Cipriani, who claimed he provided Shell 18 months of crisis communications services without compensation. Shell countered, accusing Cipriani of defamation and extortion. Shell was previously CEO of NBCUniversal, but left in 2023 over an inappropriate relationship.
Appeals court rebuffs Anthropic in latest round of its AI battle with the Trump administration
WASHINGTON (AP) — A federal appeals court on Wednesday refused to block the Pentagon from blacklisting artificial intelligence laboratory Anthropic in a decision that differed from the conclusions reached in another judge’s ruling on the same issues.. The U.S. Court of Appeals in Washington, D.C., rejected Anthropic’s request for an order that would shield the company from the fallout stemming from a dispute over how the Pentagon could deploy its AI technology. The ruling followed another judge’s order that forced President Donald Trump’s administration to remove a label tainting the company as a national security risk.
More Federal Reserve officials see possible rate hikes this year, minutes show
WASHINGTON (AP) — More Federal Reserve policymakers were willing to consider an interest rate hike this year at their March meeting than in January, as higher gas prices stemming from the Iran war threatened to worsen inflation in the coming months. Minutes of the Fed’s March 17-18 meeting, released Wednesday, showed that “some” of the central bank’s 19 policymakers on its rate-setting committee supported changing their post-meeting statement to reflect the potential for a future rate hike.
Australia moves to shore up fuel supplies as it prepares for extended disruptions
MELBOURNE, Australia (AP) — Australia has agreed to underwrite two companies buying fuel at inflated prices, with Prime Minister Anthony Albanese warning of extended supply disruptions even if the Iran ceasefire holds. Albanese said Thursday his government has agreed to terms with Australia’s largest suppliers Ampol and Viva Energy to underwrite contracts for gasoline and diesel bought on the spot market for prices above normal commercial rates. Albanese plans to meet his Singaporean counterpart Lawrence Wong in Singapore on Friday to discuss keeping fuel flowing between the countries.
Brazil's Lula argues for ban on online betting platforms
SAO PAULO (AP) — Brazil’s President Luiz Inácio Lula da Silva said on Wednesday he favors a national ban on online betting platforms, whose revenues in the South American nation are estimated in more than $4 billion per year, one of the biggest markets in the world. The 80-year-old Lula, who is running for reelection in October, said online gambling has caused “a massive tragedy” for millions of families who have seen household debt soar. The Brazilian president added any move would require approval of lawmakers, many of which allies of betting companies.
Edmunds: These are the used SUVs that hold their value best
Car shoppers looking for a new SUV want to know the model they’re considering will hold its value. It’s a vital factor in the decision-making process and a good indicator of a vehicle’s record for everything from comfort and performance to reliability and safety ratings. Using their extensive amount of SUV transaction data, the experts at Edmunds have compiled five vehicles that rank at the top of their segment when it comes to residual value. This is a projection of a vehicle’s worth at a given point in the future.
