Economy

The preliminary deal to end US-Israel war on Iran has sent oil prices tumbling to a three-month low amid hopes that the Strait of Hormuz will reopen.

But it could be months before American consumers see major relief at the petrol pump.

The closure of the strategic chokepoint disrupted global energy markets for more than three months, cutting off a major shipping route through which roughly one-fifth of the world’s oil and liquefied natural gas normally passes.

On Sunday, US President Donald Trump said prices would “drop like a rock” once the strait reopens, a claim he has made multiple times in the past few weeks.

However, experts caution that a major decline in prices is unlikely to happen as quickly as Trump suggests.

While Asian markets rely more heavily on oil shipped through the Strait of Hormuz than North American markets, tighter supply and steady demand have pushed prices higher worldwide.

On Monday, petrol prices in the US remained above $4 per gallon (3.78 litres), averaging $4.06 nationwide, according to the American Automobile Association (AAA). This was a dip from a high in early May of $4.48 per gallon.

By comparison, prices stood at $2.98 per gallon on February 28, when the US and Israel first struck Iran, triggering a ripple effect across global energy markets.

Energy prices have risen sharply in the US in recent months, increasing 7.7 percent over the last two months alone, and are up 40 percent from a year ago, according to last week’s inflation report from the Labor Department’s Bureau of Labor Statistics,

However, prices are beginning to fall, a dip that began as Washington and Tehran entered negotiations.

“The potential deal that the US and Iran agreed to over the weekend certainly could pave the way for even lower prices… in the next two to three days by what we saw over the weekend,” Patrick De Haan, head of petroleum analysis at GasBuddy, which tracks petrol prices, told Al Jazeera.

But De Haan expects a plateau and says that consumers may not see gas prices at pre-war levels until 2027, even if the ceasefire holds.

“It may take many months, if not beyond a year, for global oil inventories to recover to pre-war levels,” De Haan said.

Amid strains on the supply chain, producers will also need time to ramp up output, while port bottlenecks and heightened demand during the busy summer travel season could delay any substantial relief for everyday consumers.

“There are some mitigating factors that are going to slow the decline in prices. There are a lot of organisations and companies that have to re-up their stockpiles [like the US’s strategic petroleum reserve] and fulfil contracts that have been on hold for the last few months,” John Deal, managing director of capital markets at the Post Oak Group investment bank, said.

Supply chain strains

Fixing kinks in the supply chain takes time.

Oil production slumped amid the war. More than 14 million barrels per day, or 14 percent of the world’s demand, has been shut, according to the International Energy Agency.

Deal said it would take time to get oil production back online.

“My sense is that there’s going to be sustained high demand through the summertime, and we probably won’t get back to pre-war levels [on petrol prices] until after the summer, maybe September or October,” Deal said.

Mark Jones, a professor of political science at Rice University, said that producers might be reluctant to bring full operations back online until they can see the ceasefire hold.

The agreement opening the blockade is for a 60-day negotiation period between the two countries.

“Many [producers] may be reluctant to restart production until they are convinced that the peace will hold, because the last thing they want to do is carry out the costly effort to restart production only to see the conflict revived and then have to shut it down once again,” Jones told Al Jazeera.

Getting production back online is also dependent on the impact individual producers have faced throughout the war.

Refineries that were shut as a precaution could reach as much as 95 percent capacity within 40-60 days, Vitol Bahrain’s head of research, Bader Nooruddin, told the Reuters news agency. Those damaged in the fighting could take much longer.

But bottlenecks at ports could be the biggest hurdle, according to Deal.

“There’s a lag time with shipping capacity. Shipping capacity is perhaps the most significant constraint,” Deal said.

This is because there are more than 500 ships still awaiting passage, according to shipping data from Kpler.

With the ships headed all over the world, it will take them weeks to reach their destinations, dock, and unload at the ports.

That also means a wave of empty ships is waiting in limbo for spots at ports to load cargo and ramp back up to normal operations.

Major shipping giants are in a holding pattern.

Norway’s Wallenius Wilhelmsen and Denmark’s Maersk both told Reuters that they have not changed their Middle East operations in the wake of the announcement.

During the war, there was limited passage through the Strait of Hormuz, with an average of 10 ships a day passing through, compared with 135 that normally transit the waterway, according to an analysis by Bloomberg.

“Tankers take months to reach their final destination and then come back again. So the ability to replenish the stocks is going to take until, I think, the early fall, just from a shipping perspective, to get back to the status quo that was in place before the conflict started,” Jones said, referring to the preferred term for the months of September through November in North America.

At the same time, US strategic reserves are running low, at their lowest levels since 1983. Reserves have tumbled by 18 percent since the war began.

“Demand might keep prices high through the summer as strategic reserves get refilled,” Deal added.

Jet fuel demand will also put pressure on consumers amid the normally busy JuneAugust travel season in the US.

“The war has really affected airlines and their ability to schedule and anticipate how the summer months are going to go,” Deal added.

In April, United Airlines CEO Scott Kirby said that airfares for the carrier may have to jump as much as 20 percent on higher fuel prices.

Grocery woes

The increase in prices is also hitting food budgets.

The most recent consumer price index report showed US inflation ticked up by 4.2 percent compared with this time last year. While inflationary pressures were mostly driven by fuel prices, the impact has still been felt at the grocery store.

Almost half of the world’s urea, which is used in fertiliser, is produced in the Gulf region and passes through the Strait of Hormuz. For American farmers, that means access to fertilisers for the next crop season is more expensive.

Tomato prices, already driven up by Trump’s tariffs on Mexico, have surged 40 percent in the last year amid rising transportation costs.

Lettuce prices rose by more than 16 percent in May, and the price of ground beef increased by about 12 percent compared with this time last year.

Jones warned that food prices may not go down.

“Many retailers, wholesalers, and producers will keep them where they are or only reduce them if forced to from a sales perspective. Unlike petrol, which tends to ebb and flow with the price of oil, prices for many other goods that have been adversely affected by all of this are much less likely to return to where they were prior to the start of the conflict,” Jones said.

“For groceries, for manufacturing goods, for anything that has gone up during the conflict, the price that is there now often becomes the new baseline from which prices move in the future.”

This can be compared with the COVID-19 pandemic period. When the pandemic stalled supply chains, producers increased prices. A 2024 investigation by the Federal Trade Commission found that retail grocers kept prices elevated after supply chain constraints brought on by the pandemic had eased.

“Some in the grocery retail industry seem to have used rising costs as an opportunity to further raise prices to increase their profits,” the report said.

The lawsuit originally filed in September focused on broader alleged misappropriation of confidential information.

A United States federal judge has dismissed a lawsuit by Elon Musk’s artificial intelligence company xAI that accused rival Sam Altman’s OpenAI of stealing trade secrets for chatbots.

US District Judge Rita Lin in San Francisco said on Monday that xAI failed to show that OpenAI induced former xAI senior engineer Xuechen Li to divulge confidential information related to its Grok chatbot, or that OpenAI engineers knew Li might have disclosed any.

Lin dismissed the lawsuit with prejudice, saying it would be “futile” to continue. She dismissed an earlier version in February. The lawsuit originally filed last September focused on broader alleged misappropriation of confidential information, including source code, by xAI employees who left for jobs at OpenAI.

Monday’s decision is Musk’s second legal loss against OpenAI in four weeks.

On May 18, a federal jury ruled against Musk, the world’s richest person, in his $150bn lawsuit accusing OpenAI and Altman of “stealing a charity” by betraying the company’s original mission as a nonprofit to enrich themselves.

The xAI business is part of Musk’s rocket, satellite and AI company SpaceX.

Lawyers for xAI did not immediately respond to requests for comment. OpenAI and its lawyers did not immediately respond to similar requests.

Discussing past work

The amended complaint focused on a presentation that Li gave while OpenAI was recruiting him.

Musk’s company said OpenAI wanted secrets related to the July 2025 release of Grok 4, knowing its forthcoming update to ChatGPT “could not compete” on complex reasoning, and because OpenAI was “lagging” in reinforcement learning and post-training techniques that Li understood.

But the judge said asking job candidates to discuss their prior work was routine, and one could not infer that OpenAI pushed Li to leak anything confidential.

“To hold otherwise would potentially expose employers to liability any time they inquire about a candidate’s past work,” Lin wrote.

OpenAI has said Li never worked for the company and that it never acquired xAI secrets.

In seeking dismissal, lawyers for OpenAI wrote: “OpenAI does not need or want anyone’s trade secrets, especially not from xAI, which is failing in the marketplace and hemorrhaging talent.”

Li is being sued separately by xAI and has denied wrongdoing.

SpaceX lands on public markets as the sixth largest US company by market value.

SpaceX has debuted on US markets with a market valuation of more than $2 trillion, minting CEO Elon Musk as the world’s first trillionaire.

Shares are set to open on Friday at $150 per share, marking a 6.6 percent increase from the initial public offering (IPO) price, valuing the company at $1.96 trillion putting the aerospace company on track to become the sixth-largest company in the United States.

The company sold $75bn in shares, immediately valuing it at $1.77 trillion. The IPO was oversubscribed four times higher than was otherwise expected, according to the Reuters news agency.

Of the institutional investors allocated, according to Bloomberg News, as much as 70 percent went to what are called long-only investments — a strategy in which holders buy assets based on the expectation that their value will grow over time — and sovereign wealth funds, including those from Saudi Arabia and Kuwait as well.

SpaceX President Gwynne Shotwell and Chief Financial Officer Bret Johnsen rang the Nasdaq MarketSite in New York City opening bell at 9:30am local time as US markets opened.

On Thursday, protesters gathered outside the MarketSite to protest the IPO amid continued allegations that Grok, part of xAI, a subsidiary of SpaceX, allowed users to create non-consensual deepfake sexualised images before the IPO debut.

Shares of SpaceX did not trade until the middle of the trading day as the exchange collected buy and sell orders and underwriters delayed trading until supply and demand were balanced.

“We would expect SpaceX to see an immediate pop in trading due to the hype around the deal, north of 20 percent perhaps,” said Samuel Kerr, global head of equity capital markets at Mergermarket. “Anything lower would actually make me nervous.”

Exchanges and trading firms are eager to avoid the technical mishaps that marred Meta’s 2012 debut. With SpaceX widely viewed as a dress rehearsal for a new generation of mega-listings, market participants will also be watching for signals on investor appetite in advance of forthcoming IPOs for AI heavyweights Anthropic and OpenAI.

The landmark listing cemented Musk’s status as the first trillionaire ever and propelled SpaceX into the ranks of the world’s most valuable companies — even though the firm posted a loss of nearly $5bn last year and generated only a fraction of the revenue brought in by similarly valued tech giants.

The surge comes amid growth driven by its Starlink subsidiary, which drives as much as 80 percent of its revenue.

On Friday, SpaceX launched its Falcon 9 rocket with 29 satellites into space from Cape Canaveral in Florida.

Wall Street and Asian markets rally on hopes for an end to the US-Israel war on Iran.

Stock markets have surged following US President Donald Trump’s announcement that he called off planned strikes against Iran and a peace deal with Tehran is imminent.

Wall Street’s benchmark S&P500 index finished nearly 1.8 percent higher on Thursday, ending a three-day streak of losses for the biggest single-day gain since April.

The tech-focused Nasdaq Composite jumped 2.5 percent, while the older, blue-chip Dow Jones Industrial Average gained about 1.9 percent.

The rally continued in the Asia Pacific on Friday, with markets in Japan, South Korea, Taiwan, Hong Kong, and Australia racking up gains.

South Korea’s Kospi, the best-performing major index this year, surged more than 8 percent in morning trading, while Japan’s benchmark Nikkei 225 rose as much as 4 percent.

Taiwan’s TAIEX gained about 2.4 percent, and Australia’s ASX 200 rose about 1.8 percent.

In Hong Kong, the Hang Seng Index was up more than 1 percent.

Brent crude, the primary international benchmark for oil prices, fell about 1 percent to below $89.50 a barrel on hopes for a return to normality in the Strait of Hormuz, which in peacetime carries about one-fifth of global energy supplies.

The market rebound came after Trump on Thursday suggested that a deal to end the war on Iran could be signed as soon as this weekend.

“We just made a great settlement of the war with Iran… subject to finalisation of documents,” Trump told reporters in the Oval Office of the White House.

Iran has not publicly confirmed Trump’s claims, but a Ministry of Foreign Affairs spokesman told reporters a memorandum of understanding with the US is “under consideration”.

“For the rally to be sustained, investors will want to not only see the actual deal being signed, but a complete reopening of the Strait of Hormuz,” Khoon Goh, head of Asia research for ANZ Bank, told Al Jazeera.

“Only then will we see the gains extend.”

Fabien Yip, a market analyst at the online broker IG Group in Sydney, Australia, said the rally reflected a “meaningful easing of geopolitical risk”, as well as anticipation over Friday’s market debut of SpaceX, set to be the largest of its kind in history.

“The broader read on today’s Asian follow-through is that dip-buying interest remains genuine,” Yip told Al Jazeera.

“That matters for how you characterise what’s happened over the past week.

“This looks less like a structural break in the bull market and more like a healthy reset after a rapid, near-straight-line advance, the kind of consolidation that can potentially extend a rally’s longevity.”

The Washington institution cut its global growth forecast by 0.4 percentage points to 2.5 percent, citing surging energy prices, inflation and borrowing costs.

The conflict in the Middle East is set to bring global economic growth to its slowest since the COVID-19 pandemic, the World Bank has warned.

In its latest Global Economic Prospects report, published on Thursday, the Washington-based institution cut its global growth forecast for 2026 to 2.5 percent from the 2.9 percent it had predicted in January, citing surging energy prices, rising inflation and higher borrowing costs.

The report highlights the significant economic costs of the conflict, which is at risk of flaring up again, as the fragile ceasefire between the United States and Iran is tested on both sides.

The analysis warns that the outlook could decline further if supply disruptions worsen. Iran’s closure of the Strait of Hormuz – a vital passageway for oil and gas transit – in response to the hostilities launched by the US and Israel has put huge stress upon global energy and other supply chains.

The World Bank estimates that Brent crude prices — the international oil benchmark — will average $94 a barrel this year, 36 percent above last year’s average. Fertiliser prices are forecast to increase significantly this year, with knock-on effects for food prices.

Overall, the closure of the strategic waterway will help to push global inflation to 4 percent this year, a substantial increase from last year’s rate of 3.3 percent.

However, the World Bank cautions that global growth could plummet to as low as 1.3 percent this year, should energy supply disruptions worsen, with inflation pushing to 4.4 percent.

The World Bank report also cautions that developing countries are on the front line of the potential impact.

In its report, the institution has downgraded its growth forecasts for two-thirds of countries since January. Global growth is expected to improve to 2.8 percent in 2027, but will remain 0.4 percentage points below the average during the 2010s, during which the world economy was recovering from the global financial crisis.

Excluding China and India, the report worries that developing countries have made little progress towards narrowing their per capita income gap with wealthy nations over the past decade.

“Developing countries have faced a series of challenges over the last decade,” said Ajay Banga, president of the World Bank Group. “The impact differs by country, but the basic test is the same: protect people and preserve stability today, without giving up on growth and jobs tomorrow.”

The World Bank is pledging to assist any developing country experiencing the economic fallout of the Middle East conflict. The organisation says it has set aside up to $60bn to help. It added that if the conflict persists, it can increase its support to $100bn.

Monduli, Tanzania – When drought wiped out most of her family’s livestock, 30-year-old Nesirkar Loongidong’i, a Maasai mother of four from Selela village in northern Tanzania, found herself with very few options. The dry season had already killed most of their animals.

Today, she makes a living growing and selling drought-resistant livestock fodder.

“Before I planted fodder, I lost most of our goats. Now, people come from other villages to buy grass, and I can support my children. I don’t fear drought anymore,” Loongidong’i told Al Jazeera.

With the income, she has built a house and bought five goats.

Loongidong’i’s story is part of a much larger and fast-growing shift. Across northern Tanzania, Maasai women, part of a community of about 430,000 people, are turning fodder production from a survival tactic into a climate-adaptation business. The work is coordinated by the Pastoral Women’s Council (PWC) and is spreading across pastoral districts.

The PWC is a women-led membership organisation working across three northeastern districts, covering more than 28,000 square kilometres (10,810 square miles) and serving about 456,000 people, most of them Maasai pastoralists. Founded in 1997, it now counts around 6,500 members in 90 villages, with years of work focused on land rights, economic empowerment, and girls’ education.

For Loongidong’i, it all comes down to growing pasture grass without irrigation. Because demand remains steady, so does her income, and with it, her household’s stability. Today, she lives in a home with a metal roof, and nearby, her goats graze in a fenced area as their numbers slowly grow again.

According to Tanzania’s Ministry of Livestock and Fisheries, at least 306,358 animals, including cattle, goats, sheep, and donkeys, died between September 2021 and January 2022 due to prolonged drought. In Simanjiro district alone, 92,047 livestock were lost, wiping out livelihoods across pastoral communities.

In response, the PWC established 10 major grass seed banks across eight villages in Monduli and Longido districts. Today, about 75 hectares (185 acres) are under fodder production, with another 37 hectares (90 acres) expected to be added in the 2025-2026 season. Around 250 women directly manage these farms, while thousands of herders now depend on them for feed during dry seasons.

The impact is already visible. In 2025, a single seed bank earned 6.6 million Tanzanian shillings (about $2,500) from seed sales, along with 1,111 hay bales sold at 6,000 shillings ($2.30) each. For many women, this has shifted their role from dependents to economic providers.

Backed by organisations such as the Global Fund for Women and Oxfam, the PWC is now seen as offering a replicable model for protecting a livestock economy worth millions of dollars.

This shift is no longer limited to survival. Across northern Tanzania, it is becoming a quiet but steady form of enterprise, reshaping daily life in pastoral communities.

From survival to business

In Longido and Monduli, deep in northern Tanzania, Maasai life has been slowly changing. As traditional grazing patterns weaken under worsening droughts, women are increasingly taking on roles once tied only to herding, now growing pasture for income on open communal land.

Loongidong’i explains that what began as a way to survive dry years has now become a reliable source of income for many women. In the past, planting hardy grasses such as Cenchrus ciliaris was simply about keeping livestock alive. Today, it is also a business.

To respond to declining rainfall, women grow resilient species such as Rhodes grass (Chloris gayana) and Masai love grass (Eragrostis superba) on designated community plots. These grasses stay green longer than natural pasture during dry periods. Once harvested, they are bundled and sold to local herders as animal feed.

“Seeds are also saved and traded later when demand rises,” Loongidong’i says, adding that this cycle now supports many households across arid areas.

Herding families also benefit during drought periods, when natural grazing disappears and these managed plots become a lifeline for livestock.

The seed bank project, managed by Naisho, the group Loongidong’i works with under the PWC, generated about 6.6 million Tanzanian shillings ($2,514) from seed sales, alongside more than 1,000 bales of grass. Small in scale, but steady in output, it has proven what organised local production can achieve.

For the Maasai, cattle are more than livestock; they are the centre of daily life, economy, and identity. When rains fail, the impact is immediate: animals weaken, and families struggle.

As in many pastoral communities, women carry much of the responsibility for daily survival, from food preparation to fetching water and caring for children. Now, alongside those roles, they are also becoming earners.

“Women who once depended entirely on their husbands now have their own income,” says Rachel Letiety, a founding member of the PWC. “Families are becoming more stable. Men are beginning to value women’s contributions, especially during droughts.”

Ongoing challenges

Still, the progress comes with challenges.

Loongidong’i says some farms are affected when weeds take over and when fences break, allowing livestock, and sometimes wild animals, to destroy carefully cultivated plots.

“I have seen invasive plants ruin large parts of our farms,” she says. “And sometimes animals enter and destroy what we have worked on for months. It is not easy to guard these fields every day.”

She also points to tensions within groups, where disagreements sometimes arise over responsibilities and how income is shared.

At present, with support from organisations such as Justdiggit, Trees for the Future, and Swissaid, around 200 women are directly involved in the project. Many more benefit indirectly, especially during drought periods when pasture becomes scarce.

“This work prevents our cattle from dying and keeps them healthy,” says Nairiyamu Laizer, a mother of three and secretary of the Naisho group. “It also helps sustain the bulls we raise.”

“If all women take up this opportunity, these projects can lift our economy,” she adds.

“We harvest the grass and sell it; some buyers use it for cattle feed, others for thatching houses. We also grind some of it into animal feed,” she says.

For Loongidong’i and many Maasai women, growing fodder is no longer just about surviving difficult seasons. It has become a new beginning, reshaping livelihoods and the place of women in pastoral life.

“Now women help bring money into their homes,” she says, “and families are becoming more stable.”

This article is published in collaboration with Egab.

Former airline captain charged with fraud after allegedly commanding more than 900 flights without required credentials.

A former airline pilot in Canada has been arrested for allegedly flying hundreds of flights without a proper licence for nearly 17 years.

Police in Peel, Ontario, said on Tuesday that they had charged former Air Canada captain Geoffrey Wall with fraud and other charges following a four-month investigation.

The Peel Regional Police said Wall, 59, had used fraudulent pilot licences to command more than 900 domestic and international flights between 2009 and 2025.

Police said they obtained evidence to suggest that Wall had deceived both Air Canada and civil aviation authorities about his credentials before his retirement in 2025.

While Wall did hold a valid commercial pilot licence, he did not have an airline transport pilot licence, the highest level of pilot certification required to captain commercial aircraft, police said.

Wall faces one count of fraud, two counts of uttering forged documents, three counts of possessing a counterfeit trademark, and one count of public mischief.

Al Jazeera was unable to locate Wall’s legal representatives for comment.

“This case is deeply concerning and strikes at the heart of public trust and safety, as the accused is alleged to have put hundreds of thousands of passengers at risk across more than 900 domestic and international flights,” Peel Regional Police Chief Nishan Duraiappah said in a statement.

Air Canada said that while it viewed the pilot’s alleged actions with “utmost seriousness”, passenger safety had not been compromised, as all pilots undergo mandatory training every six months to assess their competency, in addition to an annual flight check with a certified pilot.

The airline said that Wall had “successfully met or exceeded” his training requirements and demonstrated “a high level of competency to safely operate large aircraft”.

The Canadian flag carrier also said it had found no other instances of non-compliance with licensing requirements following an audit of its pilots.

“Immediately upon Air Canada’s discovery of this, the individual was removed from active duty, and the company voluntarily reported the matter to Transport Canada,” the airline said in a statement.

Hassan Shahidi, a licensed pilot who heads the US-based Flight Safety Foundation nonprofit, described the charges against Wall as an “exceptionally rare case”.

“If the allegations are proven, the key issue isn’t that an untrained person was flying airliners, but that this pilot bypassed a fundamental regulatory requirement for many years,” Shahidi told Al Jazeera.

“The case could point to weaknesses in licence verification and oversight processes, particularly if fraudulent credentials were able to evade detection for so long.”

Shahidi said that Wall’s alleged actions did not appear to have exposed passengers to the same level of risk that they would have faced if an untrained pilot were at the controls.

“The larger concern is the apparent failure of a regulatory safeguard that is supposed to ensure trust in the system,” he said.

Caracas, June 9, 2026 (venezuelanalysis.com) – Venezuela has registered the lowest month-to-month inflation figure since October 2024.

According to the Venezuelan Central Bank (BCV), consumer prices went up by 6.3 percent in May. Inflation has fallen for four consecutive months after hitting 32.6 percent in January, following the US military attack and kidnapping of President Nicolás Maduro.

Overall, prices have more than doubled in the first five months of 2026, and accumulated 12-month inflation currently stands at 525 percent. 

Despite the widespread use of the US dollar in cost structures, prices have likewise gone up by 12.5 percent over the last year when measured in USD, meaning a loss of purchasing power even for those with incomes pegged to the official exchange rate.

Venezuela’s inflation remains heavily correlated with currency instability. Despite the Central Bank devaluing the USD-bolívar exchange rate by more than 30 percent since March and providing significantly increased volumes offoreign currency to the private sector, a 30-40 percent gap remains between the official and parallel market rates.

Since January, the BCV has directed over US $5.5 billion in foreign currency via bank-run exchange tables, at more than double the rate of 2025, according to figures from Banca y Negocios. However, the chasmbetween official and parallel rates has persisted.

Many economists have identified the stabilization of the foreign exchange market as a necessary step for macroeconomic recovery, but critics have pointed to a lack of regulation and accountability in forex allocation as fueling currency speculation.

Caracas’ monetary and fiscal policy is presently subject to US control. Since January, the Trump administration has mandated that Venezuelan export revenues, principally oil sales, be deposited in US Treasury accounts. Washington returns an undisclosed portion of the proceeds at a time of its choosing.

The White House has likewise imposed that disbursed funds be channeled directly to the private sector via foreign exchange auctions, as well as outside auditing of Central Bank accounts by consulting giant Deloitte. Secretary of State Marco Rubio indicated in January that the Venezuelan government headed by Acting President Delcy Rodríguez would need to submit a “budget request” before accessing its own resources.

For its part, the Rodríguez administration has fast-tracked a series of pro-business reforms tailored to attract foreign investment, including in the oil, mining, and electricity sectors. 

As part of efforts to court US investors, Economic Vice President Calixto Ortega reportedly took part in a closed-door meeting with US officials and corporate representatives hosted by the Atlantic Council, a hawkish Washington-based think tank funded by the US government, its allies, and major corporations.

The opening to foreign investment has seen Western business executives flock to Caracas in recent weeks, often escorted by White House officials, to explore opportunities. Pro-Trump tech billionaires such as Fred Ehrsam have made repeated visits, while Peter Thiel’s Erebor Bank struck a corresponding banking agreement with Venezuela’s largest public bank.

Javier Kulesz, a strategist from investment bank Jefferies, relayed optimism after a visit to the South American country and forecast an imminent “stream of announcements” related to the country’s debt restructuring and investments in key economic sectors.

Edited by Lucas Koerner in Caracas.

The National Aeronautics and Space Administration, better known as NASA, has unveiled the crew for its upcoming Artemis III spaceflight, a preparatory mission as the United States plans to return to the Moon.

On Tuesday, it was revealed that astronauts Andre Douglas, Frank Rubio, Luca Parmitano and Randy Bresnik will be leading the flight. Serving as a backup is veteran test pilot Bob Heintz, who is able to substitute into any role.

Their two-week mission will focus on collecting research and practising in-space docking procedures in preparation for a future Moon landing.

While no women were named to the Artemis III flight, the newly announced crew represents a range of experiences and backgrounds.

Making his first spaceflight is Florida-born engineer Douglas, 40, who was a backup crew member for NASA’s last major spaceflight, Artemis II, which flew a loop around the Moon.

Douglas will serve as mission specialist on Artemis III, and his presence on the flight will make him one of roughly two dozen African American people to travel to space, out of a population of hundreds of space travellers so far.

Also serving as mission specialist will be Rubio, a 50-year-old Salvadoran American physician who used to pilot Black Hawk helicopters for the US Army. He currently holds the record for the longest single-duration spaceflight by a US astronaut, at 371 days.

The oldest member of the four-man crew is its 58-year-old commander, Bresnik. A former US Navy test pilot and Marine, Bresnik is the only Artemis III crew member to have participated in a space shuttle mission, back in 2009. That programme has since been retired.

More recently, in 2017, Bresnik served as the commander for the International Space Station.

The fourth and final member of the Artemis III mission is its pilot, Parmitano, 49. He will be the only astronaut on the mission who is not a US citizen.

Born in Paterno, Italy, Parmitano has a background in his country’s air force. In 2019, he too served as commander on board the International Space Station, becoming the first Italian to do so.

“ Each of you possess a unique background,” said NASA administrator Jared Isaacman, who introduced the astronauts. “Your vast experience and unwavering dedication to NASA’s mission enables you to help make us and take this next great step in space exploration.”

The Artemis III mission will be a public-private partnership. Three rockets will blast off as part of the initiative.

One will carry the four-man crew into orbit around Earth in an Orion spacecraft. Another two rockets will bear aloft Moon lander models from Blue Origin and SpaceX, private firms owned respectively by tech entrepreneurs Jeff Bezos and Elon Musk.

The Orion spacecraft will then practice rendezvous procedures with each of the two landers, in preparation for similar manoeuvres during future Moon missions. The Artemis III flight is set to take off before the end of 2027.

“Artemis III will be an extraordinary demonstration of what is possible when the greatest aerospace companies across the United States, alongside our European partners, come together to showcase the technological might and ambition of the free world,” said Isaacman, a Trump appointee who has experience commanding private space flights for SpaceX.

Explosion prompts concern

The mood at Tuesday’s unveiling ceremony was celebratory, as each newly announced astronaut took the stage to soaring music and standing ovations.

But looming over the event were concerns related to the explosion of an uncrewed Blue Origin New Glenn rocket in Florida on May 28.

That blast sent a mushroom cloud billowing above the city of Cape Canaveral, and it caused severe damage to a launchpad complex where the takeoff was scheduled.

Representatives from both NASA and Blue Origin, however, took the stage to wave aside any concerns.

“While we recognise there are questions about how Blue Origin’s recent anomaly impacts our plans, setbacks are a learning opportunity,” said Jeremy Parsons, NASA’s acting deputy administrator.

He added that NASA was taking an “active role” with its partners to “ensure the right outcomes are achieved”. The private firms, in turn, were granted “unparalleled access” to NASA experts, technology and test facilities.

“We are confident that New Glenn will be ready for Artemis III, together with Blue Origin,” Parsons said.

John Couluris, a representative for Blue Origin, likewise described the May 28 explosion as an “anomaly”.

“We’ve redoubled our efforts and are moving forward,” Couluris said, describing Blue Origin’s factories as “running around-the-clock shifts” to be ready for the Artemis III launch.

“We will measure ourselves not only by our successes but how we respond to setbacks.”

Race to the Moon

The race to beat China’s space programme was another theme that cropped up during Monday’s ceremony.

Several speakers alluded to China’s growing lunar landing programme, a rival to NASA’s efforts.

Earlier this year, the China Manned Space Agency announced its intentions to place a person on the Moon by 2030. Already, in 2024, China became the first country to retrieve soil samples from the far side of the Moon using robotics.

But lunar missions have been a point of pride for the US, which holds the distinction of completing the first crewed mission to the Moon in 1969.

Last April, the Artemis II flight marked the US’s return to lunar travel. For the first time since 1972, a crewed capsule flew beyond low Earth orbit, and it broke records for the farthest crewed flight into space.

Next year’s Artemis III mission is set to build on that effort. The administration of US President Donald Trump has signalled it would like to see astronauts land on the Moon before the Republican leader’s term ends in January 2029.

NASA officials have also described the Artemis programme as a stepping stone to establishing a permanent base on the Moon. Various speakers on Monday highlighted that vision.

Couluris, the Blue Origin representative, called the Moon an “eighth continent” for humans to explore.

NASA scientist Nicky Fox, meanwhile, described the Artemis III mission as part of the preparatory work that would enable the US “to plant astronaut boots back on the lunar surface — to stay”.

But the US’s lunar programme has faced numerous setbacks, as NASA engineers work to address technical issues that could otherwise cause life-threatening situations in deep space.

Originally, Artemis III was supposed to mark the US’s return to the Moon, bearing a crew to the lunar surface. But in February, that plan was scrapped in favour of the present-day project, which focuses on conducting practice drills in low Earth orbit.

“We will use this mission to reduce risk for our future crewed Moon missions with lander test articles from both Blue Origin and SpaceX, to ensure we will beat China back to the Moon,” Parsons said on Tuesday.

“This mission is deliberately designed to take calculated risks so that future crews will be safer and ultimately successful when we put boots on the lunar surface.”

Still, officials applauded Artemis III as a major step towards human beings reaching the Moon once more.

In a recorded statement, Senator Ted Cruz suggested that the Artemis III mission would also put the US a step ahead of China.

“At a time of growing competition with China in space, this mission will strengthen America’s leadership, expand our economy, and help secure a lasting American lunar presence,” he said.

“When America commits to a mission, we lead and we succeed.”

A MULTI award-winning airline has revealed it will be adding premium economy seats to its aircraft.

The boss of Turkish Airlines has said that it will bring back the seats for its passengers despite discontinuing them in 2013.

Talking to Skift, chairman of the airline, Murat Şeker said: “We are going to have premium economy.

“Our thinking is as early as 2028 – at the beginning of 2028 – we will be able to introduce a premium economy class in our Airbus A350s.”

These are expected to be rolled out later on the Boeing 787.

The hope is that it will be extended to all of the long-haul aircraft for Turkish Airlines.

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This isn’t the first time that Turkish Airlines has offered premium-style seats onboard.

It used to offer Comfort Class on some of its routes on Boeing 777 aircraft – but these were withdrawn in 2013.

On the subject, Murat Şeker added that the previous offerings were “not the right time” or “the right configuration”.

Currently, Turkish Airlines has economy seats which have adjustable headrests and arms as well as entertainment screens and USB ports in the seats.

The other are in business class which have lie-flat seats with a massage feature, a cocktail table, touchscreen media screens and adjustable head rests.

Turkish Airlines is considered one of the best in the world, and picked up the Skytrax Award for the ‘Best Airline in Europe’ last year.

This isn’t the first time either, in fact that award marked the tenth win in a row for the airline.

At the same awards, it scooped up eight accolades in total and placed sixth in the rankings for ‘World’s Best Airline’.

Turkish Airlines also won the ‘Best Economy Class in Europe‘, ‘Best Economy Class Onboard Catering in Europe’, ‘Best Business Class Onboard Catering’.

It also was awarded the ‘Best Business Class in Europe’, ‘Best Business Class in Southern Europe’, ‘Best Business Class Onboard Catering in Europe’, and ‘Best Airline in Southern Europe.’

Turkish Airlines also offers cheap flights from the UK to destinations like Istanbul, Antalya, and other Turkish cities, as well as other destinations like New York, Sharm El Sheikh, and Cape Town.

Orapa, Botswana – It is a year since Motshwegwa Rakhudu lost his job after 14 years working as an installer at Debswana diamond mining operations in northern Botswana. He says he had been on rolling three-year renewable contracts with Enabler Hires (Pty) Ltd, and expected the arrangement would continue through to 2027.

Instead, he was retrenched and made redundant without warning.

“The shock was too much,” Rakhudu, (not his real name), told Al Jazeera.

“In early 2025, I took a loan of 26,000 pula (about $1,900) to buy a car because I believed my job was secure. By mid-May, I was out of work.” He said the sudden retrenchment left him struggling with debt and household responsibilities, including school fees, with no compensation received.

“Being caught unprepared has been very difficult. Jobs are scarce, and even when work is available outside mining, the pay is much lower. I am still looking for work,” he said.

Rakhudu said he has considered farming or starting a small business, but lacks the capital. Selling his car, he added, would only cover the outstanding loan.

“I would want to go into farming, but if I sell the car, the money will only clear the loan,” he said.

Al Jazeera contacted Gaotlhobogwe Radikwata, a senior management official at Enabler Hires (Pty) Ltd, for comment on the retrenchments.

“I am not going to answer your questions even if you convince me you are from Al Jazeera. Who gave you my number? I never shared my contacts with journalists. I am not at liberty to share information,” she said.

Jobs vanish as diamond production slows

The retrenchments come as Botswana’s diamond sector, the backbone of its economy, slows sharply.

Debswana Diamond Company, a joint venture between the government and De Beers, cut production by about 27% in 2024 to 17.9 million carats amid weak global demand, and plans further reductions to around 15 million carats in 2025. The company accounts for roughly 90% of Botswana’s diamond sales.

That slowdown has rippled through the wider economy. Botswana’s output contracted by about 5.3% in the second quarter of 2025, the sharpest fall since the pandemic, driven largely by declining diamond production, according to Reuters.

Diamonds account for around 70% of export earnings and roughly a third of government revenue, according to Reuters and S&P Global Ratings, which in 2025 downgraded Botswana’s sovereign credit rating to BBB-, citing sustained pressure from the global diamond downturn and weakening fiscal revenues.

Household pressure builds across mining communities

For workers, the impact is no longer abstract.

“The diamond downturn is no longer just a business issue. It is a human issue affecting workers, families, contractors and entire mining communities,” said Mbiganyi Gaekgotswe, General Secretary of the Botswana Mineworkers Union.

He said uncertainty now defines everyday life.

“The first question on everyone’s mind is whether they will still have a job next year,” he said. “Will contracts be renewed? Will overtime be reduced? These are not abstract concerns. They affect school fees, loans, medical bills and family responsibilities.”

Even where jobs remain, pressure is rising as wages stagnate while food and transport costs increase.

Beyond diamonds: searching for new growth

Restructuring has already filtered through contractors and service providers, with more workers shifted onto short-term agreements, said Dominic Obusitse Mapoka, Chairperson of the Botswana Diamond Workers Union.

“Workers who remain employed are increasingly on short-term or temporary contracts,” he told Al Jazeera. “This makes it difficult for families to plan because they do not know whether contracts will be renewed.”

He said many earn between $190-250 a month, while the cost of living continues to increase, with knock-on effects for small businesses tied to mining activity.

Since independence in 1966, Botswana’s diamond wealth has transformed what was once among the world’s poorest countries into a middle-income economy, financing infrastructure, public services and sustained growth.

But that success has also left it heavily exposed to global shocks. The sector is now under pressure from weak demand, competition from lab-grown diamonds and reduced luxury spending in key markets, according to S&P Global Ratings.

The downturn exposes the risks of economic concentration, said Levy Ndou, a political scientist at Tshwane University of Technology.

“When citizens depend heavily on one sector, a fall in global demand becomes very damaging.”

He called for faster diversification into agriculture and beef production, alongside stronger regional trade links.

Botswana’s Minister of Labour and Home Affairs, Pius Mokgware, said the government is responding by trying to absorb job losses, including expanding copper mining and opening new projects. He added that diversification efforts are also targeting agriculture, tourism and Information and Communication Technology.

Minister of Minerals and Energy, Bogolo Joy Kenewendo, did not respond to repeated requests for comment.

Tshepo Modibedi, President of the Small Scale Miners Association of Botswana, said smaller operators remain largely excluded from the diamond value chain, which is dominated by large firms.

While not directly involved in diamonds, the downturn still spreads through households nationwide, he said.

“Lab-grown diamonds and strict regulations are challenges,” he told Al Jazeera. “But they could also be opportunities, if policy becomes more inclusive.”

For Rakhudu, however, structural shifts in the global diamond market remain distant from daily survival.

“I am still looking,” he said. “I just want another chance to work.”

Chinese embassy in Washington, DC, condemns designation, calling it ‘discriminatory’.

The United States has designated Chinese corporate giants Alibaba, BYD and Baidu as companies that support China’s military, expanding its blacklist to some of the country’s best-known commercial brands.

The Pentagon included the firms in an update on Monday that is likely to complicate the fragile detente under way between Washington and Beijing after years of rocky relations.

China’s embassy in Washington, DC, condemned the listing as “discriminatory” and an example of the US government “overstretching” the concept of national security.

“Chinese companies that do business overseas have been strictly observing laws and regulations of their host countries,” an embassy spokesperson said.

“The US should stop its wrong practice and create a fair, just and non-discriminatory environment for Chinese companies.”

Alibaba, BYD and Baidu did not immediately respond to requests for comment.

The Pentagon’s list of “Chinese military companies,” which is updated annually, now includes 188 firms, up from 134 in 2025.

Firms included on the list, which was created in 2021, will be barred from consideration for US defence contracts from later this month.

The Pentagon defines “Chinese military companies” as entities owned or controlled by the Chinese military, or that contribute to China’s “military civil fusion”, referring to Beijing’s strategy of melding civilian and defence-related research and innovation.

Companies must also carry out some of their operations in the US to be designated.

The expansion of the blacklist comes less than a month after US President Donald Trump met Chinese leader Xi Jinping in Beijing for a two-day summit aimed at lowering the temperature in their countries’ years-long trade war and tech rivalry.

Alibaba, Baidu, and BYD are among China’s most prominent brands, claiming the top spots in the e-commerce, internet search and electric vehicle markets, respectively.

The addition of several household brands not normally associated with the defence sector mirrors last year’s designation of tech firm Tencent, the owner of the ubiquitous messaging app WeChat.

Other additions to the list include RoboSense Technology, an AI and robotics company with headquarters in Shenzhen, and Hangzhou-based Unitree Robotics.

RoboSense Technology and Unitree Robotics did not immediately respond to requests for comment.

Dennis Wilder, a national security expert who worked on China at the CIA and the White House’s National Security Council, expressed scepticism about the feasibility of implementing such a “broad-brush” blacklist.

“Although it may make some US firms wary of engaging with the labelled entities, in fact, many US firms already have deep relationships with these entities, that they are not going to give up unless there are real penalties attached to working commercial deals with them,” Wilder told Al Jazeera.

“Sanctions that range this widely are sanctions that don’t work. Unless the US is willing to decouple from the Chinese economy altogether, these sanctions are simply performative,” Wilder said.

As the World Cup nears, many Iranians say their normal enthusiasm for the event has been dampened by the co-host US’s war against their country as well as economic hardships.

Anthropic is proposing that the world’s top artificial intelligence companies come up with a coordinated way to pause development of advanced AI systems, warning that the technology is improving so quickly that there’s a risk humans would lose control.

The company behind the Claude chatbot said in a blog post on Thursday that, as cutting-edge AI gets increasingly faster at carrying out tasks, “it would be good for the world to have the option to slow or temporarily pause” its development.

Anthropic said its internal research institute plans to explore the issue in collaboration with others and “take actions” to help build the systems for a credible slowdown or pause, without being more specific.

Anthropic rival OpenAI argued for a different approach in a report published on Wednesday, saying that “democratic governments — not private companies acting alone — must ultimately determine the rules, safeguards, and accountability mechanisms”.

“Our view is that decisions about the pace of AI innovation should not be left to any one lab, company, or special interest group,” it said.

AI models are getting faster, with rapid increases in how quickly they can carry out software tasks like coding on their own, Anthropic said in its post. Based on current trends and given enough computing power, an AI system could be able to design and develop its own successor, in what is known as “recursive self-improvement”.

Self-building AI would be a major technological milestone that would bring benefits in science, healthcare and other areas, Anthropic said, but it “also might increase the risks of humans losing control over AI systems”.

Some tech industry figures have long warned of such a scenario.

Anthropic’s post comes after a different warning this week from a team of researchers at the University of Toronto who showed how AI tools could be used to create a new kind of AI “worm” that adapts its hacking strategy as it spreads from device to device and takes over a vast computing network.

“I think it’s really important that people understand that it’s not just the biggest, most powerful language models that pose the security concerns,” lead researcher Nicolas Papernot said in an interview.

The authors of the Anthropic post, company cofounder Jack Clark and Marina Favaro, head of its research institute, said the pause would be used to enable “societal structures and alignment research” to keep up with AI advances. Alignment is industry shorthand for making sure the technology matches human values and intentions.

The proposed coordination would let advanced AI labs verify that global rivals have actually stopped or slowed their work, “and that a bad actor could not use the auspices of a coordinated slowdown to jump ahead in secret”.

The company said a coordinated global mechanism is needed because, without it, a slowdown in AI development could let the “least cautious” players catch up and add to pressure on companies and governments as they make tough choices about AI safety.

Fears that advanced AI systems may get out of human control and cause societal harm have risen as the technology becomes increasingly capable. Anthropic’s own Mythos model sent shockwaves through industries, including banking and software, earlier this year with its ability to find vulnerabilities in existing code.

But regulation has been slow, especially in the US, where most leading AI labs are based. A Trump administration executive order earlier this week put the onus on the labs themselves, asking them to voluntarily submit their most capable models for government cybersecurity testing before public release.

Safety focus

AI researchers have also urged a pause before, but have had little success. Elon Musk, who owns AI lab xAI, was among the backers of a 2023 push by the non-profit Future of Life Institute to halt AI development for six months to allow time for safety guardrails.

Anthropic has long positioned itself as a safety-focused AI lab. Earlier this year, it refused to let the US military use its models for domestic surveillance and fully autonomous weapons, prompting backlash from the government, which put it on a national security blacklist, set to take effect later in 2026.

Anthropic’s post comes as the company and ChatGPT-maker OpenAI race to sell shares on the stock market, in an IPO that could value Anthropic at nearly a trillion dollars.

Papernot notified Canadian cybersecurity authorities prior to releasing his report, which shows how researchers developed the worm in a laboratory by using an “open-source” AI tool that is easy for software developers to cheaply access and modify.

“In the past, cyber attackers would focus on targets that are very high value,” he said. “Banking systems, hospitals, electricity grids, water treatment systems, schools.”

Papernot agreed that there should be more collaboration between companies, government agencies and academic researchers to develop countermeasures as AI-powered hacking tools supercharge the search for computer vulnerabilities.

“That old laptop you have in your basement that you don’t check on regularly doesn’t seem like a very high-value target, but it can be used as a launch pad to attack these higher-value targets,” he said. “Anything connected to the internet is now at risk because of how low the cost has become to mount these cyberattacks.”

Elon Musk’s rocket company SpaceX is targeting a valuation of nearly $1.77 trillion in its blockbuster initial public offering (IPO), paving the way for the largest stock market debut in history.

In a filing with the US Securities and Exchange Commission on Wednesday, SpaceX said that it plans to sell 555.6 million shares at $135 apiece, raising approximately $75bn.

The eye-popping valuation would make SpaceX the world’s seventh-largest company by market capitalisation, ahead of Musk’s electric vehicle maker Tesla and social media giant Meta, and just behind Taiwanese chipmaker TSMC.

It would also eclipse energy giant Saudi Aramco’s 2019 debut, which raised $26bn at a valuation of $1.7 trillion.

Musk, who holds a roughly 42 percent stake in SpaceX, is poised to become the world’s first trillionaire upon the company’s debut on the New York-based Nasdaq stock exchange on June 12.

Despite the public listing, Musk will retain effective control of SpaceX with more than 82 percent of voting rights, the result of a dual-class stock structure that grants certain shares 10 votes instead of one.

The Texas-based firm’s decision to set a specific share price ahead of its IPO marks a break from usual practice.

Companies preparing for a public listing usually announce a preliminary price range that can be adjusted based on investor interest.

“The genuine surprise is that SpaceX fixed a price before the investor roadshow began,” Fabien Yip, a market analyst at online trading and investment company IG Group, told Al Jazeera.

“To me, this reflects Musk’s control over the deal terms and his confidence that the book will fill.”

Founded by Musk in 2002, SpaceX is best known for designing and launching rockets, spacecraft and reusable launch vehicles on behalf of NASA and private companies.

The company also provides internet services and artificial intelligence models through its Starlink and xAI divisions.

Musk has outlined lofty ambitions for SpaceX, including to establish a “self-sustaining” city on Mars, “make life multiplanetary,” and “extend the light of consciousness to the stars”.

SpaceX’s listing will be a test of investors’ confidence in Musk’s vision, which has yet to translate into profits at the company.

SpaceX reported a net loss of $4.9bn on revenue of 18.7bn in 2025, followed by a $4.3bn loss in the first quarter of this year.

Jay R Ritter, an emeritus professor at the University of Florida who specialises in IPOs, said the SpaceX IPO differs from Saudi Aramco’s blockbuster listing as the state-owned oil company had a track record of generating large revenues and profits.

“SpaceX, in contrast, has trailing annual revenue of less than $20bn, and is not profitable,” Ritter told Al Jazeera.

“So, one company’s valuation was – and is – based on its demonstrated profitability, while the other company’s valuation is based on potential.”

“With SpaceX, there is a risk that cash flows will be used to send hundreds of thousands of people to Mars, at a loss,” Ritter added.

Despite SpaceX’s lack of profitability, market sentiment is strong, said IG’s Yip, noting that buyers of investment products linked to the listing are pricing the company’s end-of-first-day market capitalisation at $2.2 trillion.

“The Tesla parallel is perhaps worth drawing: It debuted in 2010 as a loss-making company and largely tracked the S&P 500 for years, only breaking away decisively once it turned profitable for the first time in Q1 2013,” Yip said, referring to the benchmark stock index on Wall Street.

“SpaceX investors are making a similar bet on future growth, with the added complexity that SpaceX’s addressable market – rockets, satellite internet, AI – is considerably broader than Tesla’s was at listing.”

Tehran, Iran – Iran is facing more energy constraints as its summer season begins, with the widespread use of air conditioning and other needs during hotter months contributing to an imbalance between supply and consumption.

For decades, successive Iranian governments have kept utility bills well below supply costs for households and offices through a mix of implicit oil-and-gas subsidies, administered tariffs, state-controlled pricing, and sometimes direct financial support.

The negative impacts of the war with Israel and the United States on the economy mean the government has fewer tools at its disposal to deal with an energy crisis this summer.

Despite having the world’s third-largest proven crude oil reserves, Iran will have to import fuel again as demand outpaces refinery output.

President Masoud Pezeshkian has repeatedly urged households and offices to take practical steps to limit energy consumption. Last week, he removed his jacket during a government meeting to demonstrate how Iranians can avoid turning down their air conditioning thermostats in their offices.

Even though energy costs for households are much lower than in other parts of the world, corruption, mismanagement, sanctions, chronic inflation and currency devaluation have eroded the benefits Iranians usually feel from subsidised energy prices.

In November 2019, the government announced a tiered gasoline price scheme that would see huge increases for some consumers. This sparked nationwide protests, and since then, the government has been wary about similar price hikes.

While inflation has galloped on, continued subsidies have kept fuel artificially low.

The administration’s attempts to tackle the subsidies burden due to a mounting budget crunch have resulted in only limited increases in petrol through a complex three-tiered pricing system.

This is applied via a government-issued fuel card, giving most users of Iranian-made vehicles access to 60 litres (15.85 US gallons) per month of subsidised petrol at 15,000 rials (0.8 cents) and another 100 litres (26.42 gallons) at 1.6 cents.

Iranians going over this amount then must use an “emergency card” issued at petrol stations, permitting them to an additional 30 litres (7.9 gallons) of fuel a day at 50,000 rials (about 2.9 cents) per litre.

After a new cap was imposed during the war to limit fuel consumption, each card allows only 30 litres of fuel a day. Petrol stations are issued their own “emergency card” for uses beyond this limit.

Due to supply constraints, staff at petrol stations have now reportedly been instructed to limit the use of these cards to 10 to 15 litres (up to 4 gallons) or asked not to issue any new cards at all to customers.

The Iranian government is running similar schemes for natural gas, electricity and urban water, with fears of social unrest making them averse to any sudden price hikes.

There appears to be little the government can do to bridge the divide between lower energy production and growing demand for subsidised fuel, illustrated by the perpetual queues at petrol stations since the start of the war.

“Reforming and increasing the price of energy is currently not feasible and logical due to the current economic conditions and social concerns,” Esmail Saghab Esfahani, a vice president of the state-linked Organization for Energy Optimization and Strategic Management, said earlier this week.

There have been some changes to pricing structures, but this is impacting small businesses that are already struggling with the dire economic conditions in Iran.

One 35-year-old owner of a welding workshop near Tehran, who asked to remain anonymous, told Al Jazeera that a surge in his monthly energy bill from 40 million rials ($23) per month in the previous Persian calendar year to three times that today.

“I went to the electricity company, and they only kept saying the tariffs have gone up,” he said.

“I had a similar message from a friend who is paying much more now for roughly the same usage as before, so it looks like we’re to pay for the cost of war.”

Authorities say that any complaints about escalating bills will be reviewed. They also have a system where normal household energy consumption is kept artificially low, but excessive users can be billed as much as 45 times the normal prices.

Despite having the second-largest proven natural gas reserves in the world, Iran still suffers from perpetual supply shortages during its winter and summer, when consumption is at its highest.

The situation has worsened during the war, with strikes on Iranian energy facilities seeing Iran’s gasoline production capacity drop marginally from 115 million litres (30.37 million gallons) per day to 110 million litres (29.06 million gallons). Meanwhile, consumption has jumped from 10 million litres (2.64 million litres) in 2025 to 140 million litres this year (36.98 million litres).

US President Donald Trump’s threats of more strikes on power plants have heightened fears of further blackouts and gas shortages this summer, meaning the energy crisis is likely to continue in the coming months.

The administration of US President Donald Trump has proposed new tariffs of up to 12.5 percent on imports from 60 economies after determining they had failed to curb trade in goods made with forced labour, an assertion that was rejected by US trading partners.

The proposal from the Office of the United States Trade Representative (USTR), issued late on Tuesday, comes from a Section 301 unfair trade practices investigation designed to help rebuild US President Donald Trump’s emergency tariffs, struck down by a US Supreme Court decision in February.

Despite laws banning them, the products of forced labour are deeply embedded in supply chains across the world. European lawmakers bristle at the accusation that the region is less effective than the US at curbing the trade in such goods, with one describing the US findings as “utterly absurd”. Business leaders said the US move created more confusion for companies.

The USTR proposed 10 percent additional duties on imports from Canada, Ecuador, the European Union, Indonesia, Mexico, Pakistan, Argentina, Bangladesh, Cambodia, El Salvador, Guatemala, Malaysia, Taiwan and Britain. The USTR said all had plans or partial schemes in place.

The trade agency said it would impose additional duties of 12.5 percent on the remaining 45 countries that it investigated. These include China, India, Nigeria, Japan, South Korea, Vietnam, Australia and New Zealand.

“The failure of our most important trading partners to address the importation of goods made with forced labour is unacceptable,” US Trade Representative Jamieson Greer said in a statement. “This creates a dynamic where American workers are forced to compete globally on an unlevel playing field.”

The USTR said it would accept public comments on the proposed tariffs and other remedies through July 6, with a public hearing scheduled for July 7.

The announcement comes ahead of the July 24 expiration of a 10 percent temporary tariff imposed by the Trump administration on February 20, the day the Supreme Court struck down Trump’s tariffs under the International Emergency Economic Powers Act. It also shows how determined the Trump administration is about building a wall of tariffs around the US economy, the world’s largest, despite repeated setbacks in court.

After the loss in the Supreme Court, Trump turned to another law to impose temporary 10 percent tariffs globally. But those stopgap levies expire July 24. And a specialised trade court ruled last month that they, too, were illegal – though the government can continue collecting them while that case works its way through the courts.

Unjustified tariffs

The European Commission said the tariffs were unjustified and reiterated its commitment to the trade deal sealed with Washington last year.

Bernd Lange, the chair of the European Parliament’s trade committee, which voted on Tuesday to accept that trade deal, said the new tariffs were expected, but said the results of the US investigation were still “utterly absurd” given a 2024 EU law to ban imports of forced labour products.

“The impression is increasingly emerging that a tariff measure is sought first, and only then is a suitable legal justification found,” he said. However, he added that the key question would be whether the additional tariffs would exceed those agreed between both sides last July.

The US’s largest trading partner, the EU, agreed last July to accept tariffs of 15 percent on a broad range of its exports. In its report, the USTR said the EU anti-forced labour measures only came into force in December 2027 and lacked key elements.

It was unclear whether the proposed tariffs – which the US release described as “additional duties” – would come on top of levies agreed in bilateral deals signed with the US.

Britain said it was in regular talks with the US and was taking action to tackle forced labour. It added that the preferential access to US markets that it had negotiated for UK businesses remained in place.

Mexico said that goods that were compliant under the United States-Mexico-Canada Agreement (USMCA) would be exempt from the new tariffs.

Taiwan said it was “hopeful and confident” that the final results would reflect agreements already reached, securing relatively preferential treatment.

Beijing, facing 12.5 percent tariffs, said that it opposed all forms of unilateral tariffs and that there was no forced labour in China. India, confronted with the same rate, said it was engaged with Washington on the Section 301 proceedings, noting the proposed tariffs were not final.

“There will be deep concerns in the international business community that the US [forced labour law could] become a global template,” said Andrew Wilson, deputy secretary general of the International Chamber of Commerce.

“Anyone can make a claim, get a shipment impounded and the company has to prove no forced labour in supply chain.”

Certain exemptions

The USTR said it would exempt from tariffs products including energy, rare earths and some other metals, beef, coffee, certain fruits and vegetables, pharmaceuticals, organic chemicals and aircraft parts.

It also said it was proposing a textile mechanism that would allow for a certain volume of apparel and textile imports to enter the US at a reduced tariff rate, without giving details.

The ICC’s Wilson said the list of exemptions, stretching for more than 76 pages, suggested sensitivities over the potential cost-of-living hit to food and other goods with known forced-labour risks.

“It doesn’t make sense if the object of this is to enhance controls on modern slavery,” he said.

Benchmark Nikkei 225 tops 68,000 for first time as AI-driven buying frenzy shows no signs of slowing down.

Japan’s stock market has hit an all-time high as a global buying frenzy driven by AI shows no signs of slowing down.

The Nikkei 225 rose nearly 3 percent on Wednesday, lifting the benchmark index above 68,000 for the first time.

The latest surge continues a banner year for Japan’s stock market, which is up nearly 33 percent so far in 2026.

“Investor enthusiasm over the AI boom is helping drive Asian equity markets higher,” Khoon Goh, head of Asia research at ANZ, told Al Jazeera.

“While strong demand for high-end chips has seen the top semiconductor companies in Taiwan and South Korea rally strongly, this is also benefiting Japanese markets, which are also getting some tailwind from a weak yen.”

Japanese firms involved in the semiconductor business led the gains.

Tokyo Electron, Japan’s largest manufacturer of semiconductor equipment, soared as much as 14 percent in morning trading.

Advantest, which supplies testing equipment to the semiconductor industry, rose more than 5.5 percent.

Shin-Etsu Chemical, a supplier of silicon wafers used in integrated circuits, gained about 4 percent.

Softbank, which is heavily invested in AI models, chips and data centers, fell about 3 percent, after overtaking auto giant Toyota on Monday to become Japan’s biggest company by market capitalisation.

Ferocious demand for AI chips has been driving record-breaking rallies in stock markets across the globe, taking key indexes in the US, Japan, South Korea, Taiwan to record highs.

During the past month, three memory chip makers – South Korea’s SK Hynix and Samsung Electronics, and US-based Micron – entered the elite club of firms with a market capitalistion of at least $1 trillion.

Only 17 companies have hit the milestone, all but five of which are based in the United States.

Despite concerns about the sustainability of the sky-high valuations in the sector among some investors, tech companies are continuing to commit huge sums to AI-related infrastructure.

US tech giants are expected to spend about $800bn on AI-related capital investment in 2026, according to Goldman Sachs.

Google parent company Alphabet on Monday became the latest Silicon Valley giant to outline its AI-related investment plans, announcing that it would sell $80bn worth of shares to help fund expected capital expenditures of $180-190bn in 2026.

Mexico and Canada have backed extending the USMCA trade agreement for another 16 years as negotiations over its future continue. The proposal comes amid an ongoing trade dispute with the United States.

The administration of United States President Donald Trump has proposed a new 25 percent tariff on imports from Brazil amid allegations of unfair trading practices.

US Trade Representative Jamieson Greer announced the new punitive tariffs late on Monday, stemming from issues including digital trade and illegal deforestation.

The new tariffs would be imposed under Section 301 of US trade policy — a statute that gives the US government broad authority to impose trade sanctions based on violations of trade agreements, as well as what it deems “unfair” trade practices under the Trade Act of 1974.

Greer said there has been an investigation that began in July. The practices under investigation were related to issues such as illegal deforestation, ethanol market access, and anticorruption enforcement, among other key issues, according to the summary released by the US Department of Commerce on Tuesday.

In the 107-page document, the US government said that trade practices between the two nations “are unreasonable and burden or restrict US commerce”, and pointed to agreements that Brazil has with Mexico and India.

“Brazil’s trade arrangements with Mexico and India also create incentives to offshore US production by creating a financial advantage to exporting to Brazil from these countries, as opposed to exporting from the United States,” the document says.

There is a comment period for the general public to weigh in on the proposed tariffs, which begins on Thursday. The written comment period ends on July 1, and there will be a public hearing in Washington on July 6.

Beef, coffee, rare earths, other metals, energy, and aircraft parts are among the products that would be exempt from the tariffs.

On CNBC, Greer said that it would release more findings on unfair trade practices in the next several weeks in order to address what Greer called a “giant” trade deficit.

However, the data shows that the US maintains a trade surplus with Brazil. In March, Brazil bought more goods, worth $3.3bn, from the US than it exported at $2.9bn, representing a $420m trade surplus.

Other countries under investigation include China and Vietnam.

The new tariff would partially replace a tariff of 50 percent on many Brazilian goods imposed last year by Trump, with 40 percent serving as a punishment for Brazil’s prosecution of former President Jair Bolsonaro, a Trump ally.

The White House also recently dropped tariffs on select aluminium, copper, and steel imports, which include agricultural equipment such as harvesters. Those tariffs will drop from 25 percent to 15 percent. The tariffs expire in December 2027.

The new tariffs come after the Supreme Court, in February, struck down the use of the International Emergency Economic Powers Act (IEEPA), which the White House used to impose its sweeping global tariffs.

“They are the first of many new tariffs to replace the IEPPA national security tariffs. The period of public comment will allow for potential modest tweaks and exemptions. Ultimately, it will add to some inflation pressure compared to the last few months but not compared to a year earlier,” Rachel Ziemba, a senior adjunct fellow at the Center for a New American Security, told Al Jazeera.

Political tensions

The changes come despite President Luiz Inacio Lula da Silva’s visit to Washington last month, as relations have deteriorated in recent months.

The US State Department has also designated two of Brazil’s criminal gangs as “terrorist organisations”, a move that supported Senator Flavio Bolsonaro’s position, Lula’s main rival in October’s election, and over the objections of Brazilian officials.

“I expressly asked President Trump not to tariff our companies,” Bolsonaro wrote on X on Tuesday. “Tariffs are not the solution.”

The White House did not respond to Al Jazeera’s request for comment.

US tech giant says fundraising drive includes deal to sell $10 bn of stock to Berkshire Hathaway.

Alphabet, Google’s parent company, has announced plans to sell $80bn worth of shares to fund its rollout of artificial intelligence.

Alphabet said on Monday that the equity offerings would finance the rollout of AI infrastructure needed to meet “unprecedented customer demand”.

The US tech giant said the fundraising drive included a deal to sell $10bn of stock to Berkshire Hathaway, the conglomerate led for six decades by legendary investor Warren Buffett.

The remaining $70bn will come from $30bn in underwritten offerings – a type of share issuance where a financial institution buys stock to sell on to investors – and $40bn in staggered sales on the open market.

“The company is experiencing strong demand for its AI solutions and services from enterprises and consumers, at levels that are exceeding the company’s available supply,” Alphabet said in a statement.

“By scaling its investments, the company seeks to expand its foundational infrastructure to support the significant growth opportunity ahead.”

Shares of Alphabet, which has a market capitalisation of more than $4.5 trillion, were down about 1 percent in after-hours trading following the announcement.

Like other Silicon Valley giants, Alphabet, whose AI business spans the Gemini family of assistants, data centres and cloud services, has committed eye-watering sums to AI-related infrastructure.

The company said in its most recent earnings call that it expected its capital expenditures to reach $180-190bn this year, and rise “significantly” in 2027.

US tech behemoths, such as Alphabet, Microsoft, Amazon and Meta, are expected to spend some $800bn on AI-related capital investment in 2026, according to an analysis by Goldman Sachs.

Troy Hooper, co-head of equity capital markets for the Americas at the financial intelligence provider Mergermarket, said Alphabet’s funding plans underscored the intensity of the race to lead the AI buildout.

“For hyperscalers, compute capacity is a direct driver of future revenue,” Hooper told Al Jazeera.

“By leaning into equity, Alphabet is bringing in permanent capital rather than burdening a balance sheet already absorbing record capex,” Hooper said, using the shorthand for capital expenditure.

Hooper said US tech giants have come to view underinvestment in AI as an “existential risk” and over-investment as “merely expensive”.

“The logic is simple: under-investing is an existential risk; over-investing is merely expensive. Microsoft, Amazon, and Meta are following the same calculus,” Hooper said.

“Ownership at scale lowers the marginal cost of training advanced models, building a moat smaller competitors will struggle to match. The message is clear: The winners of the AI era will be decided not just by algorithms, but by who owns the largest and most efficient compute platforms.”

Zee will broadcast the 2026 and 2030 World Cups and the 2027 Women’s World Cup among 39 FIFA tournaments until 2034.

FIFA has struck a deal with India’s Zee Entertainment to broadcast the World Cup in the country, ending a months-long ⁠⁠standoff over the tournament’s availability in one of the last major markets where rights remained unsold.

While the financial terms of the package – signed on Monday – were not disclosed, FIFA reportedly sought about $100m for the 2026 and 2030 tournaments before ‌‌slashing its asking price to $60m.

The deal gives Zee a toehold in India’s sports broadcast market, where the Reliance-Disney joint venture JioStar holds rights ranging from the Indian Premier League (IPL) cricket tournament to the English Premier League football.

It covers 39 FIFA events over eight years through 2034, including ‌‌the ‌‌Women’s World Cup in 2027, according to a joint statement from FIFA and Zee.

Shares ⁠⁠of Zee were about 7 percent higher on the day ⁠⁠after the announcement.

The agreement came just 10 days before the tournament kicks off on June 11 across the United States, Canada and Mexico.

Last month, experts told Al Jazeera that the kickoff times for the majority of the matches are the biggest concern for Indian broadcasters since many games will be played at odd hours for the Indian audience, with a 10-12 hour time difference between the host cities and the South Asian nation.

Only 14 out of the total 104 World Cup games will begin before midnight for fans in India.

The final will be held in New Jersey on July 19, beginning at 19:00 GMT, which will be 12:30am on July 20 in India. By comparison, 98.4 percent of matches at the 2018 World Cup started before midnight, and 82.5 percent at the following edition in Qatar.

Karan Taurani, executive vice president at investment firm Elara Capital, sees TV as a “struggling” medium in India.

“When you have these kinds of sporting events, effectively it is mostly digital that is monetising and raising big money,” Taurani told Al Jazeera. “That is a big reason why no one’s showing interest in the FIFA World Cup.”

Taurani explained that cricket leads the sports economy market in India.

“Only a small fraction of people who watch the Indian Premier League will watch the FIFA World Cup,” he said, adding that an even smaller fraction tune in past midnight to watch a match.

Viacom18 paid ⁠⁠about $60m for rights to the 2022 ⁠⁠World Cup, which was hosted in Qatar in time zones far more favourable for Indian audiences. Most of this year’s matches will be screened late at night in India due to the ‌‌time difference, something that dampened broadcaster appetite and complicated FIFA’s sales efforts.