Asian shares mostly gain while oil prices keep rising
TOKYO (AP) — Asian markets that are open for trading are mostly rising as investors continue to closely watch the war in Iran, soaring oil prices and what President Donald Trump might say next. Japan’s benchmark Nikkei 225 and South Korea’s Kospi has gained in early Monday trading. Oil prices continued to rise. Trading was closed in Australia for Easter, and in Hong Kong and Shanghai for a traditional Chinese holiday. The Tuesday deadline Trump has given for Iran to open the Strait of Hormuz is looming. Some analyst fear the war may escalate after that. Over the weekend, Trump made more threats against Iran.
From digging coal to selling noodles? China’s mining workers face change
DATONG, China (AP) — As China runs away from the rest of the world in developing renewable energy, its coal mining industry is facing the prospect of major change. That includes the northern province of Shanxi, which turns out nearly one-third of China's coal and would be the world's largest producer if it was its own country. Officials in Shanxi and the city of Datong don't want miners to be left behind. They're pinning some of their hopes for new jobs on growing tourism to sites like the Yungang Grottoes, an ancient and significant area of caves and Buddhist carvings. Some miners are making the transition while others are fearful of leaving good jobs. And few think that Shanxi will leave coal behind entirely because it's an important safety net for energy security.
Housing market trends favor home shoppers, but Iran war clouds the outlook for mortgage rates
LOS ANGELES (AP) — The economic fallout from the war with Iran is driving up the cost of buying a home, even as other housing market trends in many parts of the country favor home shoppers this spring. Mortgage rates, which had been trending lower heading into this year, have been rising as the conflict stokes inflation fears. That threatens to put a damper on home sales during what’s traditionally the busiest time of the year for the housing market. At the same time, home shoppers who can afford to buy this spring are likely to benefit from more properties on the market and lower prices than a year ago in many metro areas.
Workers plan to halt strike at major US meatpacking plant and resume negotiations
Workers at one of the nation’s largest meatpacking plants plan to return to work next week and halt a three-week strike in order to resume negotiations with the plant's owner. The strike by thousands of workers at the Swift Beef Co. plant in Greeley, Colorado, began on March 16 in coordination with the United Food and Commercial Workers Local 7 union. A JBS representative said the company is preparing to ramp up the Greeley plant without yet reaching a new labor agreement. It was the first major strike at a U.S. slaughterhouse since 1985. Surging beef prices have added to economic anxiety in the U.S..
European ministers call for profit caps on energy companies as Iran war drives price surge
Finance ministers from five European Union member states are urging the bloc to introduce a windfall tax on energy companies as surging oil and gas prices raise inflation fears. Spain, Germany, Italy, Portugal and Austria warned of market distortions linked to the Iran conflict that are driving up costs for households and businesses. The proposal would revive profit caps used during the 2022 energy crisis after Russia’s invasion of Ukraine. Inflation in the eurozone has already risen to 2.5% in March. With Iran disrupting tanker traffic through the Strait of Hormuz, officials warn fuel prices may stay elevated.
US employers added a surprisingly strong 178,000 jobs last month, rebounding from a weak February
WASHINGTON (AP) — American employers added a surprisingly strong 178,000 new jobs last month, rebounding from a dismal February. And the unemployment rate dipped to 4.3%. The Labor Department reported Friday that hiring marked a rebound from the loss of 133,000 jobs in February. The job gains were about three times what economists had forecast. The unemployment rate was down from 4.4% in February. But uncertainty surrounding the war with Iran — and its impact on energy prices — is clouding the outlook for the labor market.
Meloni hails arrest of top crime family suspect after raid at an Italian resort
ROME, Italy (AP) — Italian Prime Minister Giorgia Meloni has praised police after the arrest of alleged organized crime boss Roberto Mazzarella. He is one of Italy’s most wanted fugitives. Authorities captured the 48-year-old Mazzarella during a raid on a luxury villa on the Amalfi Coast where he allegedly used false documents to stay. Mazzarella is wanted in connection with a 2000 fatal shooting in Naples. Meloni called the arrest “an important blow" against Naples-based crime syndicate Camorra.
Trump unveils 100% tariff on some patented drugs on 'Liberation Day' anniversary
NEW YORK (AP) — President Donald Trump has signed an executive order that could slap long-threatened pharmaceutical tariffs of up to 100% on some patented drugs from companies that don’t reach deals with his administration in the coming months. Companies that have signed a “most favored nation” pricing deal and are actively building facilities in the U.S. to onshore production of patented pharmaceuticals and their ingredients will have a 0% tariff. For those that don’t have a pricing deal but are building such projects in the U.S., a 20% tariff will apply but increase to 100% in four years. Companies still have months to negotiate before the 100% tariffs kick in. Also Thursday, Trump rolled out an update on his 50% tariffs on imported steel, aluminum and copper.
Trump issues an expletive-filled threat against Iran as details of US aviator's rescue emerge
TEHRAN, Iran (AP) — U.S. President Donald Trump has issued an expletive-filled threat to escalate strikes on Iran if it doesn’t open the Strait of Hormuz by his Tuesday deadline. It follows the U.S. rescue of an aviator whose plane was downed by Iran. Trump on Sunday promised strikes on Iran’s power plants and bridges. Iran shows no sign of backing down and has hit targets in Gulf Arab countries. Both sides threaten civilian targets. War crime concerns have been raised. Diplomatic efforts continue with countries like Oman and Pakistan trying to mediate. The war, now in its sixth week, has already caused significant casualties and economic disruption.
Trump gives Iran 48 hours to open Strait of Hormuz as search continues for missing US pilot
TEL AVIV, Israel (AP) — U.S. President Donald Trump has again warned Tehran over his Monday deadline to open the crucial Strait of Hormuz and allow ship traffic to flow again, and Iran has responded by threatening to open “the gates of hell.” The U.S. military meanwhile searched a remote area in Iran for a second day Saturday after a warplane was shot down and a pilot went missing. Israel confirmed striking a petrochemical complex in Iran, and state media there said at least five people are dead. Meanwhile, Iran's top diplomat signaled willingness for talks as Pakistan said efforts were “right on track.”
