Ata mārie and welcome to your Friday summary of the key international business and political stories making headlines.
First, US President Donald Trump announced that any country or person that purchases oil or petrochemicals from Iran would not be allowed to do business with the United States, CNBC reported.
“Any Country or person who buys ANY AMOUNT of OIL or PETROCHEMICALS from Iran will be subject to, immediately, Secondary Sanctions,” Trump wrote online.
“They will not be allowed to do business with the United States of America in any way, shape, or form.”
CNBC noted that Trump had imposed a “maximum pressure” campaign against Iran, aiming to shut down that country’s oil exports.
Staying with Trump, a federal judge in Texas ruled that the president unlawfully invoked the Alien Enemies Act and blocked the Trump administration from deporting some alleged members of a Venezuelan gang, CNN reported.
US District Judge Fernando Rodriguez said Trump had unlawfully imposed the 18th-century wartime authority to fast-track some deportations.
To trade tariffs, and European budget airline Ryanair threatened to cancel its order of hundreds of Boeing aircraft because the tariff threat had driven prices higher, Reuters reported.
As a result, Ryanair was considering alternative suppliers, including Chinese plane manufacturer Comac. The airline had ordered 330 Boeing 737 Max aircraft, valued at more than US$30 billion.
“If the US government proceeds with its ill-judged plan to impose tariffs, and if these tariffs materially affect the price of Boeing aircraft exports to Europe, then we would certainly reassess both our current Boeing orders, and the possibility of placing those orders elsewhere,” Ryanair chief executive Michael O’Leary said in a letter.
Meanwhile, Kamala Harris has delivered her first major speech since losing the election to Trump. The former vice-president criticised the Trump administration's agenda, the BBC reported.
She criticised the administration's handling of the economy and immigration policy, while she said "fear isn't the only thing that's contagious. Courage is contagious".
As we reported yesterday, the US and Ukraine finally signed a long-awaited deal involving Ukraine's natural resources, after months of negotiations.
As a result, Ukraine will share profits with the US from the future sale of mineral and energy reserves, with the aim of providing an economic incentive for the US to continue to invest in Ukraine's defence and reconstruction, the BBC reported.
On Wall Street, strong quarterly results from technology giants Meta and Microsoft eased concerns that artificial intelligence progress would slow amid the economic and trade turmoil, CNBC reported.
Earlier, the Dow Jones climbed 246 points, or 0.6%, while the S&P500 gained more than 1%, and the tech-heavy Nasdaq rose more than 2%.
Investors had worried that the Trump tariffs and downturn in the US economy would threaten AI development. CNBC noted Meta posted stronger than expected revenue in the first quarter. Chief executive Mark Zuckerberg said the business was “well positioned” to navigate the macroeconomic uncertainty. Over the road, Microsoft also reported better results and produced upbeat guidance.
Mark Zuckerberg.
Elsewhere, South Korean Finance Minister Choi Sang-mok has resigned just before he was expected to be named as the country’s stand-in leader, Bloomberg reported.
“I apologise to the people for having to resign as I cannot continue to perform my duties under severe domestic and international economic conditions,” Choi said.
His resignation marked the latest knock in South Korea’s leadership crisis, according to Bloomberg. Choi had been set to take over as acting president.
Over the Ditch, Rio Tinto was accused of failing to address “decades of hurt” caused by some of its mines in Western Australia, the ABC reported.
The company owns two iron ore mines within the Robe River Kuruma native title area in the Pilbara region, north of Perth.
The ABC reported Rio Tinto had been at loggerheads with traditional owners of the land over how much water was being extracted for mining operations.
Chair Dominic Barton said the company was committed to solving the water dispute. “We acknowledge the impact mining is having on water and we are committed to rectifying and improving that.”
