Global

• UN International Maritime Organization Secretary-General Arsenio Dominguez stated that the blockading of ships in the Strait of Hormuz due to the US-Iran conflict has turned international shipping and seafarers into leverage in geopolitical disputes. • The crisis highlights how vessels and crews, not involved in the conflict, are being caught up in hostilities between the United States and Iran, disrupting global trade routes. • This development underscores critical weaknesses in global shipping networks, potentially leading to supply chain disruptions, higher costs, and risks to maritime security worldwide.

Industry analysts say fuel price surge could lead to canceled flight routes that could snarl travelers’ plansCalifornia’s jet fuel supply has dropped to a level not seen since 2023, as turmoil in the Middle East continues to squeeze the global oil market.As of 17 April, the state’s jet fuel stock was just over 2.6m barrels, in comparison to 3.2m barrels two years prior, according to the California energy commission (CEC), which publishes a refinery stocks data dashboard. Continue reading...

‘Coalition of the willing’ gathers in Colombia to try to bypass petrostate blockages of Cop summits and chart fresh pathThe world’s first Transitioning Away from Fossil Fuels conference, co-hosted by Colombia and the Netherlands, takes place in Santa Marta, Colombia, from 24 to 29 April. A “coalition of the willing” – including 54 countries and various subnational governments, civil society groups and academics – will try to chart a new path to powering the world with low-carbon energy. Continue reading...

• U.S. lawmakers and foreign policy analysts have reached bipartisan consensus that Russia and Iran have formed a "transformational" military alliance that extends far beyond diplomatic convenience, fundamentally reshaping conflicts in Ukraine and the Middle East. • The alliance involves weapons transfers, intelligence sharing, and sanctions-evasion tactics, with experts describing the relationship's trajectory as shifting "from turbulent to transactional to transformational" following Russia's 2022 full-scale invasion of Ukraine. • Senator Tom Tillis emphasized the lethal implications for American personnel, stating that intelligence and satellite data sharing between Moscow and Tehran directly endangers U.S. service members deployed globally.

HMRC owed more than £640,00 by company that advised clients such as TikTok, GSK and PalantirPeter Mandelson’s former consultancy business, Global Counsel, went bust owing £4.6m – including more than £600,000 to the taxman – a report by the group’s administrators reveals.The company, which provided advice to high-profile clients including Chinese-owned TikTok, US tech business Palantir and UK pharmaceutical firm GSK, collapsed into administration in February, after it lost a series of accounts over the peer’s relationship with the convicted child sex offender Jeffrey Epstein. Continue reading...

There are now 3,110 billionaires but analysis shows ‘deep structural acceleration’ in wealth creation around worldThe number of billionaires in the world could reach nearly 4,000 by 2031, figures suggest, as the super-rich accumulate wealth at an accelerating rate.There are now 3,110 billionaires globally, according to analysis by the estate agent Knight Frank. This is forecast to rise by 25% over the next five years, taking the total to 3,915. Continue reading...