Ata mārie and welcome to your Tuesday summary of international business and political news.
First up, a man has been charged with attempting to assassinate US President Donald Trump, after a security breach that disrupted the annual White House Correspondents’ Dinner.
California man Cole Tomas Allen, 31, appeared in a federal court in Washington, the ABC reported. Allen was charged with attempting to assassinate Trump and faces firearms charges.
White House Press Secretary Karoline Leavitt said a meeting is scheduled this week to ensure the safety of Trump. She also criticised a "left-wing cult of hatred against the president". Trump earlier said he "wasn't worried" during the shooting on Saturday night local time.
Meanwhile, Trump plans to meet with top national security officials to discuss a new Iranian proposal that could reopen the Strait of Hormuz, CNN reported. It comes after peace talks with Iran stalled over the weekend.
Trump defended his decision to cancel his envoy’s trip to Pakistan for talks, saying Iranian authorities “can call” if they want. He reiterated that the war with Iran could “come to an end very soon”.
Iranian Foreign Minister Abbas Araghchi travelled to Russia to meet with President Vladimir Putin. Earlier, he gave Pakistani officials a list of “red lines” to be conveyed to the US, including “nuclear issues and the Strait of Hormuz”.
Ahead of the meeting, Araghchi told reporters that the US had achieved none of its war goals, Al Jazeera reported.
The White House confirmed that Iran’s proposal to end the war and reopen the Strait of Hormuz was currently under discussion by senior US officials.
Oil prices rose after plans for a second round of peace talks between the US and Iran stalled over the weekend. Earlier, Brent crude gained more than 3% to just under US$109 per barrel, the BBC reported.
More broadly, there were concerns from investors about the prolonged disruption to energy flows and renewed tension around the Strait of Hormuz.
Capital.com senior market analyst Daniela Hathorn noted while oil prices remained elevated, US equities had surged to new highs, suggesting that investors were increasingly looking through the geopolitical noise and focusing on underlying fundamentals.
“Those fundamentals, for now, remain supportive. Earnings season has started strongly, with expectations for double-digit growth not only holding but, in some cases, being revised higher.
“The outlook for the second quarter remains particularly robust, with forecasts pointing to continued expansion in corporate profits. This has provided a powerful anchor for equity markets, helping to justify valuations even as macro risks persist.”
Nato rejected parts of a report that the US could look to punish its allies over a lack of support for the war in Iran, the BBC reported. There is no provision for Nato members to be suspended or expelled.
A reported internal Pentagon email suggested suspending Spain from the military alliance over its position on the Iran war. The US defence department memo, according to Reuters, also suggested reviewing the US position on the UK's claim to the Falkland Islands.
In business news, British oil giant Shell has agreed to buy Canadian energy company ARC Resources for US$16.4 billion, CNBC reported.
The transaction could add about 370,000 barrels of oil equivalent per day to Shell’s portfolio.
“We are accessing uniquely positioned assets and welcoming colleagues that bring deep expertise which, combined with Shell’s strong basin level performance, provides a compelling proposition for shareholders,” Shell CEO Wael Sawan said.
Shell said the deal would generate double-digit returns and boost free cash flow per share from 2027.
Chinese President Xi Jinping.
Elsewhere, China blocked tech giant Meta’s US$2b acquisition of Chinese-founded artificial intelligence startup Manus, CNN reported.
The move comes just weeks ahead of Trump’s summit with counterpart Xi Jinping in Beijing. The two leaders are expected to discuss disputes on several key issues, ranging from trade to technology controls.
Finally, jury selection has started in a legal battle between Elon Musk and Sam Altman in California, CNBC reported.
Musk, who co-founded OpenAI in 2015, alleged Altman and others reneged on their commitments to keep the artificial intelligence firm a non-profit and follow its charitable mission.
OpenAI repeatedly dismissed Musk’s lawsuit as “baseless”. Musk left OpenAI’s board in 2018, and five years later started xAI as a rival, merging that company with SpaceX earlier this year.
