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Trump is floating a gas tax holiday. What does that mean?
President Trump and some congressional Republicans are suggesting a potential suspension of the gas tax amid rising fuel costs due to the war with Iran.
Petrobras Misses Profit Estimates Despite War-Driven Oil Rally
MarketsPetrobras Misses Profit Estimates Despite War-Driven Oil RallyFacebookXLinkedInEmailLinkGiftExpandOil storage tanks at the Petroleo Brasileiro SA, Petrobras Paulinia Replan Refinery in Paulinia, São Paulo, Brazil.Photographer: Maira Erlich/BloombergFacebookXLinkedInEmailLinkGiftGift this articleContact us:Provide news feedback or report an errorConfidential tip?Send a tip to our reportersSite feedback:Take our SurveyNew WindowFacebookXLinkedInEmailLinkGiftBy Peter MillardMay 11, 2026...
Trump wants to suspend gas tax amid high prices due to war with Iran
President Trump told CBS News' Nancy Cordes that he wants to temporarily lift the federal gas tax as prices continue to rise amid the ongoing war with Iran. Mr. Trump also said the latest response from Iran to end the war was "a bad proposal ... done by people that have no clue as to the danger they're in."
Former Swedish PM says India's rising global clout driving stronger Europe ties, Swedish industry eyeing expansion
Rome: India's growing economic and strategic importance is driving deeper engagement with Europe, former Swedish Prime Minister Carl Bildt said, noting that Swedish industries are preparing to expand into India following the India-European Free Trade Agreement (FTA).In a conversation with ANI, Bildt said India's rapid economic growth and emergence as a global manufacturing hub have made it indispensable for companies seeking a major role in the world economy.Engagement at the highest level"I thi...
Would a federal gas tax pause give Americans financial relief?
President Trump told CBS News on Monday that he wants to suspend the federal fuel tax as the war with Iran continues to send gas prices skyrocketing. CBS News business contributor Javier David joins with analysis.
GM just laid off hundreds of IT workers to hire those with stronger AI skills
General Motors has laid off more than 10% of its IT department, or about 600 salaried employees — in a deliberate skills swap: clearing out workers whose expertise no longer fits and making room for some with AI-focused backgrounds. GM confirmed to TechCrunch that it had conducted layoffs; they were first reported by Bloomberg News.
UK households cut back spending at fastest rate in 18 months, Barclays says
Dip in credit card spending in April, particularly on travel, suggests Britons preparing for harder times amid Iran war falloutHouseholds cut back on their spending in April at the fastest pace in 18 months, as the conflict in the Middle East provoked fears of another cost of living crisis, a report from one of the UK’s biggest banks has suggested.Barclays, which processes nearly 40% of the UK’s credit and debit card transactions, said its data showed there had been a 0.1% fall in card spending...
Economy faces US-Iran war 'shock' as consumer spending forecast to plummet
British households face a dramatic slowdown in spending power this year as the economic fallout from the Iran conflict ripples through the economy, a major new analysis has warned.According to EY's latest economic outlook, growth in consumer spending across the UK is forecast to virtually grind to a halt in 2026, with projections showing a mere 0.3 per cent increase.This represents a significant downgrade from the 0.9 per cent expansion anticipated before hostilities erupted in the Middle East.T...
Early Easter adds to woe of retailers suffering from low consumer confidence
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Households to slam brakes on spending as Iran war sends cost surging, warns EY
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GameStop Shares Roiled by Short-Lived Roaring Kitty Tweets
GameStop Corp. shares spiked and then quickly dropped in postmarket trading Monday after cryptic social media posts showed up and then disappeared from the social media account of Keith Gill, the financial influencer known as “Roaring Kitty,” who became prominent during the 2021 meme-stock craze.
US Unleashes Another Wave of Emergency Oil as Gas Prices Bite
The US Strategic Petroleum Reserve awarded 53.3 million barrels to companies including oil trader Trafigura Group and US refiner Marathon Petroleum Corp, adding to a wave of oil released to help tame surging prices stemming from the Iran war.
Microsoft boss 'proud' of profit-making OpenAI investment
Microsoft CEO Satya Nadella said Monday he was "very proud" of his company's profitable early investment in OpenAI, as he took the stand in Elon Musk's blockbuster lawsuit against the leaders of the AI giant behind ChatGPT.Musk — an early benefactor of the original nonprofit company — claims Microsoft knowingly helped OpenAI's creators betray their philanthropic mission and turn the firm into a cash cow.The trial has laid bare strife within a circle of elite Silicon Valley engineers, investors a...
'Economic Fury': US designates 12 entities for enabling sale of Iranian oil to China
Washington DC: The United States on Monday (local time) designated 12 individuals and entities for their role in enabling the Islamic Revolutionary Guard Corps' (IRGC) sale and shipment of Iranian oil to China. In a press statement shared on Monday, the Treasury Department accused the IRGC of using the revenue to direct it towards weapons development, backing terrorist proxies and funding security forces, which it said suppressed citizens' freedoms instead of supporting the Iranian people. The s...
Gold prices rise amid volatile trading ahead of US inflation data
NEW YORK: Gold prices rose in volatile trading today as investors look ahead to critical US inflation data scheduled for release later this week. Market participants are awaiting the Consumer Price Index (CPI) on Tuesday and the Producer Price Index (PPI) on Wednesday for further clues on the Federal Reserve's interest rate trajectory.Click for the latest gold and forex rates here: Spot gold was trading at around $4,723.10 per ounce by late evening, recovering from an earlier sharp decline of m...
Central Banks in Wait-and-See Mode: Kochugovindan
Aberdeen Senior Research Economist Sree Kochugovindan, says inflation expectations remain anchored for now and monetary policy remains on hold for the BOE, ECB and the Federal Reserve for the rest of the year. She speaks to Bloomberg's Guy Johnson, Tom Mackenzie and Anna Edwards on "The Opening Trade." (Source: Bloomberg)
Stocks remain strong despite Iran war uncertainty
Despite the ongoing war in Iran and high gas prices, stocks started trading higher on Monday. The S&P 500 and Nasdaq both hit record highs, bolstered by the tech sector. Yahoo Finance senior reporter Brooke DiPalma joins with analysis.
Federal budget 2026 live updates: treasurer Jim Chalmers to present budget speech tonight – latest news
Deputy Liberal leader says Coalition should listen ‘very carefully’ to results of Farrer byelection. Follow the latest updatesFederal budget 2026: what we know so farSee all our Australia budget 2026 coverageGet our breaking news email, free app or daily news podcastGood morning and welcome to our live news blog. I’m Martin Farrer with the top overnight stories and then it will be Nick Visser with the main action.The deputy Liberal leader, senator Jane Hume, says the Coalition should be listenin...
Market Still Expecting Strait of Hormuz to Reopen: Renaud-Chatelain
Pictet Wealth Management Senior Fixed Income Strategist Laureline Renaud-Chatelain says short-term inflation rates have not priced in the worse-case scenario of an extended closure of the Strait of Hormuz. She speaks to Bloomberg's Tom Mackenzie, Anna Edwards and Guy Johnson on "The Opening Trade." (Source: Bloomberg)
Trump to cut federal fuel tax as motorists count cost of Iran war at the pump
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