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Shell profits rise as Iran war pushes oil prices higher

Shell profits rise as Iran war pushes oil prices higher

May 07, 2026 • BBC World

Summary

Shell's profits rose to $6.92 billion in the first three months of the year, helped by higher oil prices after the war involving Iran began. The conflict caused the Strait of Hormuz to close, reducing oil supply and raising prices, which also helped Shell's oil trading business make more money.

Key Facts

  • Shell earned $6.92 billion in profits from January to March 2024, up from $5.58 billion last year.
  • Oil prices rose sharply due to the war involving Iran and the closure of the Strait of Hormuz.
  • About 20% of the world's oil and natural gas usually passes through the Strait of Hormuz.
  • Rival company BP reported that its profits more than doubled in the same period.
  • Shell’s oil and gas production fell by 4% because its gas plant in Qatar was damaged during the conflict.
  • Shell’s profits were supported by gains in its oil trading business, which benefits from price changes.
  • Shell’s CEO Wael Sawan highlighted their focus on safe operations and working with governments amid energy market challenges.
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BBC World BBC Business BBC Top Stories
New gasfield approved near Twelve Apostles puts climate and ‘pristine’ ocean in jeopardy, environmentalists warn

New gasfield approved near Twelve Apostles puts climate and ‘pristine’ ocean in jeopardy, environmentalists warn

May 07, 2026 • Guardian World

Summary

The federal and Victorian governments have approved a new gas drilling project called the Annie gasfield in the Otway basin, expected to start producing gas by 2028. Environmental groups warn this project could harm the ocean near the Twelve Apostles and slow down the shift to cleaner energy in Victoria.

Key Facts

  • The Annie gasfield project is located about 9 km off the coast near Peterborough and Port Campbell, close to the Twelve Apostles.
  • The project could produce up to 65 petajoules of gas, which is over one-third of Victoria’s yearly gas use.
  • Gas demand is falling as more people move to electric power, but some industries still need gas.
  • Environmental groups say the new gasfield risks the ocean environment and harms efforts to reduce carbon emissions.
  • Victoria aims to reach 95% renewable energy by 2035, but new fossil fuel projects may slow progress.
  • Victoria is the largest gas user in Australia, especially in manufacturing and industrial heating.
  • The Australian Energy Market Operator expects gas supply shortages to be delayed until 2029 due to new projects and less gas use.
  • The opposition plans to pause major renewable energy transmission projects and support urban solar farms instead of new power lines.
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Guardian World
$19bn order boosts Belfast Airbus factory

$19bn order boosts Belfast Airbus factory

May 07, 2026 • BBC Business

Summary

Malaysian airline Air Asia has ordered 150 Airbus A220 airplanes, worth about $19 billion. The wings and center parts of these planes are made at Airbus’s Belfast factory, which is an important manufacturing site in Northern Ireland.

Key Facts

  • Air Asia placed the largest ever order for the Airbus A220, totaling 150 planes.
  • The list price of the order is $19 billion, but the final payment amount is not confirmed.
  • The Belfast Airbus factory makes the wings and mid-body sections of the A220 aircraft.
  • The factory employs around 1,500 people and supports more jobs through local suppliers.
  • Airbus bought the Belfast factory in 2025 during a deal that split Spirit AeroSystems.
  • Boeing also owns some parts of the former Spirit AeroSystems site and employs most of the 3,500 staff there.
  • Airbus plans to invest more money in Belfast to increase A220 production and improve efficiency.
  • Air Asia is interested in a larger "stretched" version of the A220, which could hold around 200 passengers.
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BBC Business
UAE’s ruling royal family benefits from more than €71m in EU farming subsidies

UAE’s ruling royal family benefits from more than €71m in EU farming subsidies

May 07, 2026 • Guardian World

Summary

The ruling royal family of the United Arab Emirates (UAE), the Al Nahyans, has received over €71 million in European Union (EU) farming subsidies between 2019 and 2024. These subsidies support large farms in Romania, Italy, and Spain, which produce crops for export to the Gulf region.

Key Facts

  • The Al Nahyan family controls subsidiaries that received more than €71 million in EU farming subsidies over six years.
  • These subsidies come from the EU’s Common Agricultural Policy (Cap), which pays about €54 billion annually to farmers and rural areas.
  • The largest recipient is Agricost, a Romanian company owning the EU’s largest single farm, covering 57,000 hectares (141,000 acres).
  • Agricost alone received €10.5 million in direct payments in 2024, far more than the average EU farm.
  • The Al Nahyans are one of the richest royal families, with wealth mainly from UAE oil reserves, and have expanded global farmland holdings to around 960,000 hectares.
  • The UAE’s farming expansion is part of a food security strategy since the country imports up to 90% of its food.
  • Critics say the EU subsidies disproportionately benefit large landowners and are indirectly supporting autocratic regimes like the UAE.
  • The European Commission is proposing to limit subsidy payments to large farms to improve fairness in future EU budgets.
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Guardian World
Cut UK speed limits to reduce Iran war impact on consumers, thinktank urges

Cut UK speed limits to reduce Iran war impact on consumers, thinktank urges

May 07, 2026 • Guardian World

Summary

A UK thinktank recommends lowering speed limits and cutting fuel taxes to reduce the impact of the Iran conflict on consumers. They suggest these measures could help lower fuel demand, reduce inflation, and support the economy amid rising energy prices.

Key Facts

  • The Institute for Public Policy Research (IPPR) suggests reducing speed limits to 20 mph in towns and 60 mph on motorways.
  • Lower speed limits aim to cut fuel use and encourage walking, cycling, carpooling, and working from home.
  • The thinktank also proposes a temporary fuel duty cut of 10p per litre until spring 2027.
  • A new energy price cap of £2,000 a year is recommended to help households manage high gas and electricity bills.
  • These measures could reduce inflation peaks from 5.8% and possibly prevent Bank of England interest rate hikes.
  • The Bank of England is cautious about rising rates but has kept them steady at 3.75% for now.
  • The policy package might cost up to £5 billion a year but is less expensive than previous energy crisis responses.
  • The UK Treasury could lose up to £8 billion annually from economic slowdown without such support.
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Guardian World
Gas companies will be forced to set aside local supply under major Labor shakeup

Gas companies will be forced to set aside local supply under major Labor shakeup

May 07, 2026 • Guardian World

Summary

The Australian government will require gas companies to reserve 20% of their export amounts for domestic use starting July 1, 2027. This rule aims to increase gas supply and reduce prices for people and businesses on the east coast.

Key Facts

  • Gas companies based in Queensland must keep 20% of their export gas for local use.
  • This rule applies to new contracts signed after December 22, 2023.
  • Companies must prove they met this requirement to get a permit for exporting gas on the overseas spot market.
  • The policy aims to create a small extra supply of gas to lower prices and prevent shortages.
  • Gas prices in Australia have increased because local markets are linked to international prices since LNG exports began.
  • The government will remove the "gas trigger," a rule that previously forced exporters to keep some gas for domestic use.
  • Prime Minister Albanese has decided not to introduce a new gas export tax in the upcoming federal budget.
  • A parliamentary inquiry on a possible new gas export tax is expected to report its findings soon.
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Guardian World
PlayStation users could get refunds in Sony settlement

PlayStation users could get refunds in Sony settlement

May 07, 2026 • The Hill

Summary

Sony faced accusations of controlling the market unfairly and causing digital game prices on the PlayStation Store to rise. A settlement with Sony may allow PlayStation users to receive refunds.

Key Facts

  • Sony was accused of monopolizing the digital game market.
  • The accusations claim this led to higher prices for games on the PlayStation Store.
  • A legal settlement has been reached involving Sony.
  • As part of this settlement, some PlayStation users might get refunds.
  • The issue involves digital purchases made through the PlayStation Store.
  • The case highlights concerns about fair competition in online gaming sales.
  • The settlement aims to resolve consumer complaints without a prolonged court case.
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The Hill
Former CNN president describes Ted Turner's "extraordinary" influence

Former CNN president describes Ted Turner's "extraordinary" influence

May 07, 2026 • CBS News

Summary

Ted Turner, the businessman who started CNN, died at age 87. Jonathan Klein, who led CNN from 2004 to 2010, spoke about Turner's strong impact on the news industry.

Key Facts

  • Ted Turner founded CNN, the first 24-hour cable news channel.
  • He passed away on Wednesday at the age of 87.
  • Jonathan Klein was CNN's president between 2004 and 2010.
  • Klein described Turner's influence as extraordinary.
  • Turner was also known for his work as a philanthropist.
  • CNN changed how people get news by broadcasting continuously.
  • Turner's innovations helped shape modern news media.
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CBS News
Breaking down Spirit's liquidation process

Breaking down Spirit's liquidation process

May 07, 2026 • CBS News

Summary

Spirit Airlines is going through liquidation because rising fuel costs hurt its finances and stopped it from reorganizing. Lawyers want to speed up the liquidation to help both creditors (those owed money) and customers.

Key Facts

  • Spirit Airlines filed for bankruptcy and is now being liquidated.
  • A lawyer said rising fuel prices caused financial problems for Spirit Airlines.
  • The airline lost liquidity, meaning it ran low on available cash.
  • Attempts to restructure and save the company were unsuccessful.
  • Lawyers involved want to move the liquidation process faster.
  • Speeding up liquidation could benefit people and companies owed money by the airline.
  • Customers might also benefit if the process is completed quickly.
  • Bob Allen, an expert in aircraft leasing, discussed the situation on CBS News.
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CBS News
Gulf economies face long-term hit from Iran conflict

Gulf economies face long-term hit from Iran conflict

May 06, 2026 • BBC Business

Summary

An Iranian missile strike hit Qatar’s main liquefied natural gas (LNG) complex, cutting about 17% of global LNG supply and causing major damage. The conflict between Iran, Israel, and the US has harmed Gulf states’ energy infrastructure, leading to economic losses and slowing growth in the region.

Key Facts

  • Qatar’s Ras Laffan LNG facility was struck by an Iranian missile on March 18, damaging roughly 17% of the world’s LNG supply.
  • QatarEnergy expects $20 billion in lost annual revenue and estimates repairs will take 3 to 5 years.
  • The strike followed Israeli bombings on Iran’s South Pars gas field, which shares reserves with Qatar’s North Dome field.
  • Over 80 energy facilities in Gulf countries like Bahrain, Kuwait, Saudi Arabia, and the UAE have been hit since February 28.
  • The Gulf region has suffered about $58 billion in damage due to ongoing conflict.
  • The World Bank reduced its Middle East growth forecast for 2024 to 1.8% from an earlier 4% estimate for 2026, citing war-related impacts.
  • The closure of the Strait of Hormuz, a key oil and gas shipping route, has forced Gulf producers to rely on less efficient pipelines, reducing export capacity.
  • Saudi Arabia and the UAE are somewhat less affected due to alternative oil routes that bypass the Strait of Hormuz.
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BBC Business
PlayStation Agrees To Pay Out $7.85 Million Settlement: Who Qualifies

PlayStation Agrees To Pay Out $7.85 Million Settlement: Who Qualifies

May 06, 2026 • Newsweek

Summary

Sony agreed to pay $7.85 million to settle a lawsuit about how it sold digital PlayStation games. The lawsuit said Sony stopped other stores from selling game codes, which made prices higher for buyers. Eligible PlayStation users in the U.S. who bought digital games since 2019 may get money back as store credit.

Key Facts

  • Sony stopped third-party retailers like Amazon and Walmart from selling PlayStation game download codes in 2019.
  • This move made the PlayStation Store the only place to buy many digital games.
  • A lawsuit claimed this limited competition and led to higher prices, but Sony denied breaking any laws.
  • Sony agreed to pay $7.85 million to settle the case and avoid more legal actions.
  • About 4 million U.S. PlayStation users who bought digital games between April 1, 2019, and December 31, 2023, qualify for the payout.
  • Most eligible users will receive settlement credits automatically in their PlayStation wallets.
  • Users with closed accounts must apply and prove purchases by emailing the settlement administrator.
  • Users can opt out of the settlement by July 2, 2026, if they want to keep the right to sue Sony separately.
  • A final approval hearing for the settlement is expected later this year before payments are made.
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Newsweek
TSMC taps wind power as AI chip demand soars, Taiwan feels energy crunch

TSMC taps wind power as AI chip demand soars, Taiwan feels energy crunch

May 06, 2026 • Ars Technica

Summary

Taiwanese chipmaker TSMC has signed a 30-year agreement to buy all the power from an offshore wind project called Hai Long to increase renewable energy use amid a global energy crisis. Taiwan faces energy shortages due to natural gas supply disruptions and is accelerating renewable energy and nuclear power development to reduce reliance on fossil fuels.

Key Facts

  • TSMC signed a 30-year deal to purchase 100% of power from the Hai Long offshore wind project in Taiwan.
  • Hai Long will have over 1 gigawatt capacity, enough to power more than 1 million Taiwanese homes.
  • The wind farms started supplying power in 2025 and will be fully operational by 2027.
  • Taiwan lost one-third of its liquefied natural gas supply after damage to Qatari facilities in March 2026.
  • Taiwan relies on natural gas for about half its electricity and typically keeps only two weeks of fuel in reserve.
  • The Taiwan government secured oil and gas supplies through August or September from suppliers like Australia and the US.
  • Taiwan plans 15 gigawatts of offshore wind capacity by 2035 to reduce fossil fuel dependence.
  • TSMC aims to have 60% of its global energy from renewables by 2030, and 100% by 2040.
  • TSMC’s energy use accounted for nearly 10% of Taiwan’s electricity in 2023 and could grow to 25% by 2030 due to AI chip production.
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Ars Technica
Fertiliser shortages will have ‘dramatic’ effect on global food prices, warns farming boss

Fertiliser shortages will have ‘dramatic’ effect on global food prices, warns farming boss

May 06, 2026 • Guardian World

Summary

Fertiliser shortages caused by the Iran war and the closure of the Strait of Hormuz have increased costs for UK farmers by up to 70%. This issue may lead to higher global food prices next year, as fertiliser is essential for crop production.

Key Facts

  • Fertiliser prices have risen between 50% and 70% since the Iran war began in February.
  • The closure of the Strait of Hormuz has limited global fertiliser supplies because many shipments pass through this route.
  • UK farmers mostly used fertiliser this year, so immediate effects are limited, but next year's crops may be at risk.
  • The Grosvenor Group, a major UK farming and property company, says the shortage will cause significant food price increases worldwide.
  • Natural gas, needed to produce nitrogen-based fertilisers like urea, is also restricted due to the strait’s closure.
  • Alternative sources of fertiliser nitrogen are limited, making the supply issue critical.
  • The Grosvenor Group profits decreased by 18% last year, partly due to North American operations, but its UK property business remains strong.
  • Rising food prices are causing concern among British consumers, with 80% worried about grocery costs.
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Guardian World Guardian Business
Airline fuel costs jumped 56 percent in March: Transportation Department

Airline fuel costs jumped 56 percent in March: Transportation Department

May 06, 2026 • The Hill

Summary

Airline fuel costs in the United States rose by 56 percent in March, as reported by the Department of Transportation. This increase happened shortly after the start of the conflict involving Iran. U.S. airlines spent over $5 billion on fuel during that month.

Key Facts

  • Airline fuel costs increased 56 percent in March.
  • The rise occurred after the outbreak of the Iran war.
  • The data comes from the Department of Transportation’s Bureau of Transportation Statistics.
  • U.S. airlines with scheduled flights spent $5.06 billion on fuel in March.
  • The report was released on a Wednesday.
  • This spike represents a sharp increase compared to previous months.
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The Hill
Corporate America shrugging off economic uncertainty as earnings deliver

Corporate America shrugging off economic uncertainty as earnings deliver

May 06, 2026 • Axios

Summary

Many big U.S. companies reported better-than-expected profits this season, showing strong business activity despite concerns about inflation, consumer worries, and rising energy prices. However, some sectors like airlines and restaurants face challenges due to higher fuel costs and other issues.

Key Facts

  • About 84% of S&P 500 companies reported earnings above expectations, higher than the five-year average of 78%.
  • Uber saw a 25% increase in bookings, with its CEO noting steady consumer spending.
  • Disney had better profits in all three divisions: entertainment, experiences, and sports, with parks seeing healthy visitor numbers.
  • CVS Health raised its earnings forecast for 2026 after medical costs dropped significantly.
  • Novo Nordisk also raised its forecast following strong sales of its new oral weight loss pill, with 2 million prescriptions.
  • All 11 sectors of the S&P 500 are expected to show profit growth compared to last year, the first time in four years.
  • The airline industry is struggling due to rising jet fuel prices, highlighted by Spirit Airlines’ collapse.
  • Restaurant Brands International reported a 6.5% drop in sales, its worst quarterly performance in 20 years.
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Axios
Gas tax: How beer fuelled a debate on Australia's energy giants

Gas tax: How beer fuelled a debate on Australia's energy giants

May 06, 2026 • BBC World

Summary

Australia makes more money from taxing beer than from its large gas exports. There is a growing debate about introducing a 25% tax on gas exports to raise government revenue, but the prime minister has rejected this idea so far.

Key Facts

  • Australia earns more tax revenue from beer excise than from offshore gas exports.
  • Senator David Pocock highlighted this fact during a senate hearing, which became widely viewed online.
  • A proposed 25% tax on gas exports could raise about A$17 billion a year.
  • The current Petroleum Resource Rent Tax (PRRT) on gas is expected to raise A$1.5 billion in 2025-26.
  • Beer tax revenue is expected to be A$2.7 billion in the same financial year.
  • Australia's domestic gas prices have risen, while exports have grown, sparking calls for new taxes.
  • Former treasury secretary Ken Henry supports a gas export tax, saying it would have earned billions for Australia.
  • Japan collects more revenue by taxing Australian gas imports than Australia raises through its own gas taxes.
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BBC World BBC Top Stories
G7 trade ministers seek common ground on minerals

G7 trade ministers seek common ground on minerals

May 06, 2026 • France24

Summary

Trade ministers from the Group of 7 (G7) countries have worked to agree on ways to secure important minerals needed for industry. They highlighted concerns about supply chains and mentioned the role of China in the current trade environment.

Key Facts

  • The G7 includes seven major industrialized countries.
  • Trade ministers from these countries met to discuss critical minerals.
  • They aim to protect supply chains for these minerals.
  • Their discussion took place amid global political and trade tensions.
  • The ministers pointedly addressed issues related to China’s role in mineral supplies.
  • The focus is on cooperation to ensure stable access to these resources.
  • Other news mentioned includes France’s statement on jet fuel and a US decision on flavored vaping products.
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France24
Home shopping? These are the hottest neighborhoods of 2026, Redfin says

Home shopping? These are the hottest neighborhoods of 2026, Redfin says

May 06, 2026 • The Hill

Summary

Redfin released a report identifying the neighborhoods in the U.S. expected to have the highest home sale activity in 2026. Many of these popular areas are in lesser-known parts of Florida and the Midwest.

Key Facts

  • The report focuses on home sale activity for the year 2026.
  • The hottest neighborhoods are mostly in Florida and the Midwest.
  • These areas are less well-known compared to big cities or popular destinations.
  • Redfin is a real estate company that tracks housing market trends.
  • Increased home sale activity means more people are buying and selling homes in these neighborhoods.
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The Hill
Ted Turner obituary

Ted Turner obituary

May 06, 2026 • Guardian Business

Summary

Ted Turner, who died at age 87, was a major American media innovator. He created the first 24-hour news channel, CNN, and helped shape the cable TV industry. Turner also owned the Atlanta Braves baseball team and won major sailing races.

Key Facts

  • Ted Turner was born in Cincinnati, Ohio.
  • He took over his father's billboard business at age 24 after his father’s death.
  • Turner launched CNN in 1980, the first news channel to broadcast 24 hours a day.
  • He created the concept of a “super-station,” a cable TV channel independent of traditional networks.
  • Turner owned the Atlanta Braves baseball team from 1976 and briefly acted as their manager.
  • He won the 1977 America's Cup sailing race and the 1979 Fastnet race.
  • Turner had a public rivalry with media mogul Rupert Murdoch.
  • He merged his company with Time Warner in 1996 and later moved into a consulting role there.
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Guardian Business
Who qualifies for credit card debt forgiveness?

Who qualifies for credit card debt forgiveness?

May 06, 2026 • CBS News

Summary

Inflation has risen to 3.3%, causing higher costs for food and essentials. Many Americans are using credit cards to cover expenses, leading to growing debt with high interest rates. Credit card debt forgiveness means negotiating with creditors to pay less than owed, but it can hurt credit scores and is not offered by the government.

Key Facts

  • Inflation is currently at 3.3%, the highest in several years.
  • Rising costs are causing more people to rely on credit cards for daily expenses.
  • Credit card interest rates are often above 20%, with interest added daily.
  • Debt forgiveness involves settling credit card debt for less money than owed.
  • Government programs do not exist to erase credit card debt.
  • Debt settlement companies negotiate with creditors after borrowers save money.
  • Debt settlement can lower debt but may harm credit scores and borrowing ability.
  • Bankruptcy is another option but was only briefly mentioned in the article.
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CBS News