Author: News Desk

Oil prices spiked to nearly $120 a barrel on Monday, the highest since Russia’s 2022 invasion of Ukraine, before retreating sharply. On Tuesday, Brent crude settled just above $90, still well above levels recorded prior to U.S. and Israeli strikes on Iran. The sharp fluctuations followed mixed signals from U.S. President Donald Trump regarding his Iran policy, with the initial spike potentially pushing U.S. gas prices above a $4 per gallon national average. The Strait of Hormuz, which handles about one-fifth of global oil shipments, has been effectively blocked for a week, with vessels transporting oil, natural gas, and other…

Germany has surpassed China to become the world’s fourth-largest arms exporter over the 2021–2025 period. According to a report released on Monday by the Stockholm International Peace Research Institute, Germany now accounts for 5.7% of global weapons exports, narrowly ahead of China’s 5.6% share. The shift underscores a rising trend among European arms manufacturers to expand production. The report notes that Ukraine, Egypt, and Israel are the main destinations for German military exports. Although the difference between Germany and China remains narrow, China is seeing a deceleration in its arms export growth. Analysts observe that Beijing is focusing on equipping…

The Washington Legislature on Wednesday approved a bill that would prohibit real estate brokers from marketing the sale or lease of residential properties exclusively to select groups. The measure, Senate Bill 6091, has been sent to the Governor for final approval. If enacted, the law would require brokers who advertise residential property to a limited group of potential buyers or tenants to also make the listing available to the broader public and other licensed brokers. The legislation emerges amid an ongoing debate within the real estate industry regarding the practice of private listings. Some contend that property owners should retain…

The United States is considering a new regulatory framework for exporting advanced AI chips that may require foreign governments to invest in AI data centers in the U.S. or offer security assurances before receiving large-scale shipments, Firstpost reported, citing Reuters. The proposed policy would cover exports of 200,000 or more advanced AI chips, potentially strengthening the U.S. position in negotiating technology partnerships and infrastructure investments. Although still under internal review and subject to revisions, it represents the administration’s first major effort to reshape AI chip exports. Earlier measures under the Biden administration largely exempted close allies from strict controls, but…

A U.S. trade court judge has directed the federal government to begin refunding tariffs to businesses that the Supreme Court recently ruled unlawful. On Wednesday, the U.S. Court of International Trade ordered Customs and Border Protection (CBP) to refund tariffs imposed last year by President Donald Trump under the International Emergency Economic Powers Act (IEEPA). The ruling requires federal authorities to return the collected levies, marking a significant legal setback for the Trump administration’s trade policy. “All importers of record whose entries were subject to IEEPA duties are entitled to the benefit,” Judge Richard Eaton wrote. Any company that paid…

The Indian Rice Exporters’ Federation (IREF) has urged the government to issue an official advisory recognizing the ongoing logistics disruptions linked to the Iran crisis as a force majeure or exceptional circumstance. In its submission to the Agricultural and Processed Food Products Export Development Authority (APEDA), the Federation highlighted severe operational challenges, including the shortage of containers, suspension of vessel services to the Middle East, and rising freight costs. IREF stressed that immediate government intervention is needed to mitigate the adverse impact of these disruptions on India’s rice trade. Such a measure would help exporters manage contractual obligations and prevent…

The Pakistan government intends to import crude oil from Saudi Arabia and the United Arab Emirates through the Red Sea, while considering a shift to a weekly petroleum price review system, as the closure of the Strait of Hormuz disrupts shipping routes in the Gulf. Officials stated that these steps are designed to guarantee steady fuel supplies amid the ongoing Iran–U.S.–Israel tensions, which have disrupted oil shipments through the key waterway. Pakistan brings in about one million barrels of crude each month, with Saudi Arabia and the UAE serving as its primary suppliers. According to The Express Tribune, citing sources,…

U.S. President Donald Trump has warned that the United States may suspend all trade with Spain after Madrid blocked American access to its military bases for operations related to Iran. Trump criticized Spain as being ‘terrible’ and hinted that the U.S. might cut off all trade ties. “I could tomorrow—or today, even better—stop everything having to do with Spain, all business having to do with Spain,” Trump said on Tuesday. It remains uncertain whether his administration will act on the threat or how it would enforce trade restrictions against the EU member. His remarks further escalate tensions between the two…

Indonesia’s Coordinator Minister for Food Affairs, Zulkifi Hasan, revealed that the country intends to import specialty rice from the United States, noting that the imports will not be meant for daily consumption. Indonesia’s pledge to import rice is tied to the reciprocal trade agreement (ART) with Washington, which was signed on February 19. “The agreed 1,000 tons of rice is limited to specialty rice,” said Zulkifli Hasan on Monday. The chair of the National Mandate Party (PAN) said the imported rice would not be broadly distributed in the domestic market. “This is specialty rice, for instance, varieties for those with…

The Philippines and South Korea on Tuesday committed to fully leveraging their Free Trade Agreement (FTA) to strengthen trade and investment ties. The two nations signed 10 memorandums of understanding (MOUs) spanning defense, agriculture, law enforcement, tourism, education, and technology. Philippine President Ferdinand R. Marcos and South Korean President Lee Jae-myung witnessed the signing of the agreements during their meeting at Malacañan Palace. “We acknowledged the efforts of both sides to enhance bilateral trade and investment, and we look forward to realizing the full potential of the PH-ROK Free Trade Agreement for the benefit of both our peoples,” Marcos said…