Connect with us

Business

US Expands Iran Sanctions, Putting Global Companies on Notice

Published

on

The United States has expanded sanctions aimed at cutting Iran off from the global financial system, warning companies around the world that continuing to do business with Tehran could put their access to the US dollar at risk.

US Treasury Secretary Scott Bessent described the campaign as an “economic onslaught” against Iran’s remaining financial connections. He also said he expected a major financial institution to be sanctioned before the end of the week.

The latest measures, described by Washington as Operation Economic Outcast, target almost 60 companies, individuals and vessels across several countries. Chinese nationals are among those affected. The Treasury has also withdrawn licences that previously allowed limited transactions involving Iran.

The new approach expands the threat of secondary sanctions beyond Iran’s oil industry. Shipping, aviation, gold, technology and digital assets are now among the sectors facing greater scrutiny.

Bessent said companies that help move money for Iran could be excluded from the US dollar system. When asked whether China could be targeted, he said no entity would be exempt from the measures.

Washington has not imposed penalties directly on a third country under the latest measures, instead giving companies time to adjust their activities. Bessent did not provide a specific deadline but warned that the United States would not wait indefinitely.

President Donald Trump has also been contacting foreign leaders as Washington seeks to persuade them to reduce or end commercial ties with Iran.

Iran has promised to respond and said it expects major trading partners to resist US pressure.

For European companies, direct exposure to Iran remains relatively small. European Union trade in goods with Iran was worth about €3.72 billion in 2025, with EU exports accounting for €2.97 billion. That represented around 0.1% of the bloc’s total exports, a sharp decline from more than €27 billion in trade recorded in 2011.

See also  Roca Group to Invest €70 Million in Kazakhstan to Establish Central Asian Production Hub

Germany accounted for about 32% of EU-Iran trade, followed by Italy with 16% and the Netherlands with 15%. European exports to Iran mainly include pharmaceuticals, machinery and medical equipment, while imports are largely food products such as pistachios.

European financial markets showed little immediate reaction to the announcement, with major indexes trading modestly higher on Tuesday.

The larger concern for European businesses is the effect of US sanctions on international banking and trade networks. Banks, insurers, shipping firms and commodity traders can face penalties because of transactions involving sanctioned entities, even when their own operations are outside Iran.

European companies remember the case of BNP Paribas, which paid $8.9 billion in 2014 after processing transactions involving Iran, Sudan and Cuba.

The latest US measures are therefore likely to force international businesses to weigh their limited Iranian trade against the much larger importance of maintaining access to the US financial system.

Business

Kennedy Center to Close for Repairs After Judge Blocks Trump Naming Plan

Published

on

Most of Washington’s Kennedy Center will close for renovations after its board voted Tuesday to shut the landmark performing arts venue, hours after a federal judge blocked another attempt to add President Donald Trump’s name to the building.

The decision followed a ruling by US District Judge Christopher Cooper, who said the Kennedy Center board could not install a memorial to Trump or change the institution’s name without approval from Congress. The judge had previously ordered Trump’s name removed after it was added to the building’s facade.

“Simply put, Defendants cannot install memorials for President Trump or anyone or anything else at the Kennedy Center without Congress’s blessing,” Cooper wrote in his latest ruling.

Trump has said the renovation work, for which Congress has allocated $257 million, will not proceed unless the courts allow the board to move forward with plans to recognize him on the building. He said the Justice Department would appeal Cooper’s decision.

The board, which Trump chairs after replacing members with his appointees, voted to close the venue as it faces extensive repair needs and financial difficulties. Trump participated in the board’s virtual meeting, where the dispute over the institution’s future produced tense exchanges with Rep. Joyce Beatty, an Ohio Democrat and ex-officio board member who has opposed efforts to add Trump’s name.

The Kennedy Center has argued that the building requires major work. A partial ceiling collapse in a main hallway earlier this month added to concerns about the condition of the facility. Reuters reported that the closure could last as long as two years.

See also  Nvidia and Wall Street Firms Plan $500 Billion AI Financing Push

The dispute over the building’s name began after Trump’s return to the White House. The board first added his name to the facade, but Cooper ruled in May that the change was unlawful because Congress had established the Kennedy Center as a memorial to President John F. Kennedy. Workers removed Trump’s name in June, leaving scaffolding and a tarp covering part of the facade.

In August, the board voted to add an inscription describing the center as restored and renovated by Trump and proposed renaming the plaza outside the venue. It also considered another inscription if the Trump Kennedy Center Fund raised $100 million. Cooper’s latest ruling blocked those plans.

The court dispute has coincided with financial problems at the institution. Court filings have described declining ticket sales and contributions, while several artists and organisations have canceled performances or moved activities elsewhere. The board has argued that Trump’s involvement and fundraising are important to the center’s financial future.

The Kennedy Center, which opened in 1971, hosts major performing arts organisations and events including the annual Kennedy Center Honors. Its future now depends on the renovation process, the court appeal and decisions over how the institution will be financed and managed.

Continue Reading

Business

Brent Crude Climbs Above $108 as Hormuz Strike and Saudi Pipeline Shutdown Raise Supply Fears

Published

on

Brent crude prices climbed above $108 a barrel on Monday as growing disruption around the Strait of Hormuz raised fresh concerns about global oil supplies.

Brent crude for October and November deliveries rose by more than 3% during morning trading, extending gains from the previous week when prices moved back above the $100 mark. US West Texas Intermediate crude for October delivery also advanced, rising about 2.3% to around $102 a barrel.

The latest increase followed Saudi Arabia’s announcement that its East-West oil pipeline had been temporarily shut after drone attacks. The pipeline transports crude across Saudi Arabia to ports on the Red Sea, providing an alternative route that allows exports to bypass the Strait of Hormuz.

The closure comes as shipping through the strategic waterway faces growing risks. An unnamed merchant vessel was struck in the strait on Sunday, killing one crew member and injuring three others, according to Iranian authorities.

Shipping conditions have changed significantly since the conflict began. Vessels are required to obtain permission from Iran to pass through the waterway, while Tehran is also considering a system for charging transit service fees. Ships that do not comply have faced attacks, while US forces have carried out periodic strikes along Iran’s coastline.

Diplomatic efforts to address the situation have also suffered a setback. Oman postponed planned talks between Iran and Gulf states concerning the future of the waterway, which is one of the world’s most important routes for seaborne oil shipments.

The disruption is already affecting fuel markets beyond the Gulf. In the United States, the national average price of diesel surpassed $6 a gallon on Friday for the first time, rising from about $5.85 a week earlier and roughly 60% above the $3.71 recorded a year ago.

See also  Pharmaceutical Firms Scale Back UK Investments Amid Drug Pricing Disputes

US petrol prices have also reached record levels, averaging about $4.22 a gallon after rising over the Labor Day weekend.

President Donald Trump has blamed Ukraine for part of the diesel supply pressure, saying Ukrainian President Volodymyr Zelenskyy should stop targeting Russian diesel infrastructure. Ukraine has attacked more than 20 Russian refinery targets this summer, while Russia responded by banning diesel exports.

According to Lipow Oil Associates, Russia’s export restrictions have removed about 800,000 barrels per day of diesel supply, while disruptions linked to the Strait of Hormuz have affected around 1.2 million barrels per day.

The broader impact on crude supplies is even greater. Oil flows through the Strait of Hormuz have fallen from about 20 million barrels per day before the war to roughly 7 million. The conflicts have also disrupted refineries representing about 5 million barrels per day of capacity, adding to pressure on global fuel markets.

Continue Reading

Business

Google Plans €13 Billion Investment in Finland Data Centres

Published

on

Google is set to invest at least €13 billion in data centres and digital infrastructure in Finland over the next two years, marking the company’s largest single investment in Europe as it expands its capacity for artificial intelligence and other digital services.

The investment will support data centres and related infrastructure in the Finnish municipalities of Hamina, Kajaani, Muhos and Vaala. Google also plans to fund clean energy projects as well as initiatives focused on biodiversity, education, research and workforce development.

The company said the decision reflects Finland’s strong position in developing energy-efficient infrastructure for artificial intelligence. The new facilities will support a range of Google services, including its Gemini chatbot.

Construction is expected to take place during 2027 and 2028. Google estimates the investment could contribute around €3.6 billion annually to Finland’s gross domestic product and support more than 37,000 jobs. About 16,000 of those positions are expected to be linked directly to construction work.

Once construction is completed, Google expects its facilities and related economic activity to support around 7,000 jobs each year. These positions are expected to include technical and facility roles, equipment suppliers and workers in nearby shops, restaurants and other services.

Finnish Prime Minister Petteri Orpo welcomed the announcement, saying the investment demonstrated the country’s strengths and could generate benefits beyond the immediate spending.

“The value of the data economy extends far beyond direct investment into spurring innovation, research and development,” Orpo said. He added that closer cooperation with Google could produce long-term benefits for both sides.

See also  European Firms Cut Costs and Investments in China Amid Economic Slowdown, EU Chamber Says

Why Finland is attracting data centres

Finland’s climate and energy supply are major factors behind its appeal to technology companies. Data centres consume large amounts of electricity and produce substantial heat, making cooling a major operational cost.

The country’s cold climate can help reduce cooling requirements, while its energy system includes nuclear power, wind and hydropower. The combination of relatively stable electricity supplies and favourable conditions for cooling has encouraged a growing number of data centre projects across Finland.

Google has maintained a presence in the country since 2009, when it acquired a former paper mill in the coastal city of Hamina and converted the site into a data centre. The company has expanded the facility over the years.

The latest investment comes as Finland faces weak economic growth and record unemployment. For Orpo’s government, attracting major technology investments has become an important economic priority.

With the country’s data economy offering prospects for investment, employment and research, Google’s announcement is expected to strengthen Finland’s position as a major European hub for digital infrastructure and artificial intelligence.

Continue Reading

Trending