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The Swiss inflation rate doubles to 12% in April, as petrol prices soar
Government data released on Tuesday showed that the Swiss inflation rate had doubled in April. It was at its highest level for nearly 18 months as the Middle East conflict drove 'petrol prices' sharply up. According to the Federal Statistical Office, consumer prices increased 0.6% compared to a year ago, accelerating a 0.3% increase in March. This figure was higher than expected in an analyst poll. This increase is largely due to a 17% increase in petroleum prices. The price of petrol, diesel, and heating oil increased by 0.3% month-on-month. The FSO reported that "prices for air travel?also increased, as well as those for?international?package holidays." Hotel and supplementary accommodations prices decreased as well as those for car rentals and car sharing. The Swiss National Bank declined to comment about the figures. It targets an inflation rate between 0%-2%. Even though the SNB's interest rate is currently 0%, the economists do not expect it to increase at the next SNB meeting in June. Thomas Gitzel is the chief economist of VP Bank. He said that there is no immediate need to act as the inflation 'rate is still'relatively?low. However, he did add that the SNB may increase rates in the?second half of the year. Alessandro Bee is an economist with UBS and he expects that the SNB will hold rates at zero percent for the next year. He said: "Economic growth is below average, and inflation is at a low level despite higher oil prices."
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Gulf shares fall after new attacks rattle truce
Stock markets in 'the Gulf' fell on Tuesday morning, after fresh attacks from Iran and the United States deepened the battle for the Strait of Hormuz. This was a key global energy chokepoint. Washington wants to reopen Strait of Hormuz in order to relieve the strain on the global energy supply after Iran closed the passage after the U.S.-Israel war began on February 28, 2008. The UAE has confirmed that there have been Iranian missile and drone attacks in the UAE. One of these strikes allegedly caused a fire to break out at the main oil port, Fujairah. Fujairah was critical to UAE oil exports in the Iran War as it is located at the end of a pipeline that carries crude oil from inland fields into the Gulf of Oman without going through the Strait of Hormuz. Dubai's main stock index fell 1.5% due to a 2.2% decline in the Salik Company, and a 1.8% drop in blue-chip developer Emaar Properties. Air Arabia, a budget airline, lost 2.8%. Aldar Properties fell 2% in Abu Dhabi. The benchmark index dropped 0.7%. The UAE authorities issued mobile phone alerts on Monday in Dubai and Abu Dhabi, warning of the possible occurrence of missile attacks. A survey revealed that the Iran 'war' has affected shipping, tourism and sales, as well as exports. Saudi Arabia's benchmark Index fell 0.4%. Al Rajhi Bank dropped 0.5%, and Saudi Arabian Mining Company declined 1.1%. Brent?oil for July futures fell?51cents, or 0.5% to $113.93 a barrel at 0622 GMT, after closing up 5.8% Monday. The Qatari Index fell by 0.4%.
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Kazakh airline Air Astana's loss triples as costs rise
Air Astana announced a?first-quarter 'loss? on Tuesday that widened by nearly threefold. Costs increased after the Kazakhstani carrier moved capacity away from Gulf routes due to the Iran War. The carrier reduced Middle East capacity by 51% compared to the planned levels for the quarter. Flights were stopped from Dubai, Doha and Madinah. The reallocation of capacity was also done to Southeast Asian leisure routes as well as East-West transit connections. Air Astana reported a loss after taxes of $21.1 million for the three-month period ending March 31. This is a significant increase from the $7.3 million loss the year before, due to a 19.8% rise in 'unit costs' as the company maintained a cost base to support a higher planned capacity. (Reporting by Raechel Thankam Job, Bengaluru. Editing by Subhranshu sahu and Janane Venkatraman.)
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The Swiss inflation rate doubles to 12% in April, as petrol prices soar
Government data released on Tuesday showed that the Swiss inflation rate doubled in April. It reached its highest level in nearly a year and a half due to the dramatic increase in petrol prices caused by the Middle East conflict. According to the Federal Statistical Office, consumer prices increased by 0.6% in April 2025 compared to 0.3% in March. The figure, which was in accordance with a survey of analysts, was the highest since December 2024. Fuel costs soared by 17%, which was a major factor in the increase. The price of petrol, diesel, and heating oil increased by?0.3% month on month. The FSO reported that "prices for air travel and international package holidays also increased." Prices for hotels, supplementary accommodation, car rentals and car sharing have all decreased. The Swiss National Bank, which targets an inflation rate between 0% and 2 %, refused to comment on these figures. (Reporting and editing by John Revill)
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India's Reliance gives documents to bribery investigation, and executive is released on bail
According to a court ruling, India's largest listed company, "Reliance" Industries, handed over the documents requested by federal police in an investigation into a drone import corruption case involving a senior vice president. The Central Bureau of Investigation's (CBI) request for documents was not specified in the order issued by a New Delhi Court on Monday evening. The CBI arrested a Reliance senior Vice President,?Bharat Mathur, and an official of the country's Aviation regulator last month. They were accused of?agreeing a $16,000 payment to clear drone import requests by Asteria, a Reliance subsidiary. The court also granted Mathur bail, a 64-year-old man, with a personal bond in the amount of 100,000 rupees (1,050 dollars). Both he and the official who is still in jail have denied these allegations. Reliance and Asteria, both led by Mukesh Ambani the billionaire, did not reply to questions. The CBI didn't immediately respond to an inquiry for comment. The arrest and investigation of the senior Reliance executive comes as Ambani's Jio Platforms (which owns Asteria) is preparing to file documents seeking regulatory approvals for Mumbai listing in what will likely be India's largest-ever stock offer. Reliance said previously that Mathur had been?engaged? as a consultant, and the company did not know of or approve "any such unauthorised transactions." Asteria Aerospace describes themselves as a drone technology company that offers "actionable intelligence derived from aerial data". The company provides a range of?services in the agriculture, construction and telecom sectors, as well as oil and gas, through its more than 400 drones. According to the order, CBI investigators also interviewed the co-founders at Asteria Aerospace in the course of their investigation. Reliance purchased the company in 2019 for $2.45million. The company was founded in 2011. (Reporting and editing by Aditya K. Kalra, Raju Gopalakrishnan and Abhijith G. Ganapavaram)
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UAE shares slip after fresh Gulf attacks rattle truce
UAE stocks fell early on Tuesday?trading after new attacks by Iran?and?the United States in?the Gulf deepened?the?fight for?the Strait?of Hormuz?a critical global energy chokepoint and shook an already fragile ceasefire. Washington wants to reopen Strait of Hormuz in order to relieve severe strains on the global energy supply after Iran largely closed the passage following the start of a 'war' with the U.S. The UAE has responded to reports of 'Iranian missile and drone attacks in the UAE including one which sparked fire at the main oil port in Fujairah. It said that the strikes were a serious escalation, and it reserves the right respond. Fujairah is located beyond the Strait of Hormuz and is one of only a few Middle East oil export routes that avoid the waterway. Dubai's main stock index fell 1.8%. This was due to a 2.7% slide in the Salik Company, which operates toll roads. And a 1.8% retreat in Emaar Properties, a blue-chip developer. Air Arabia, a budget airline, lost 2.6%. Aldar Properties fell 1.9% in Abu Dhabi. The index dropped 1.1%. In April, the UAE's private non-oil sector expanded at its lowest rate since February 2021, as the Iran War hammered shipping and tourism and hit sales and exports, according to a Tuesday survey.
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Fraport reports a core profit increase for the first quarter despite Iran War
Fraport, the operator of Germany's biggest airport, said on Tuesday that a?increase in traffic to other areas, notably Asia offset fewer flights into the Middle East area in the first quarter. Fraport shares, which operate airports not only in Frankfurt but also in Brazil, Slovenia, and Bulgaria, have fallen 17% since the start of World War II as airlines reduce capacity and increase fares because kerosene prices are higher. The operator of?Frankfurt Airport pointed out robust passenger growth in all markets during the first quarter. However, the impact was dampened by the conflicts, weather-related cancelations and strikes at Lufthansa. The traffic at the?Frankfurt Airport increased by 2.3% to 12.7 million passengers in this period, contributing to a group increase of 5.2% up to 28.6?million. In a statement,?Fraport's CEO Stefan Schulte stated that despite the outbreak of the Iran War, the company saw growth in all its markets. Fraport's core profits rose 10.4% in January-March to 196 millions euros ($229 mln) compared with the analysts' consensus figure of 192.83 mln euros based on LSEG's data. ($1 = 0.8565 euros)
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Maguire: Booming US energy exports are under scrutiny as domestic fuel costs bite.
U.S. energy exporters helped to plug global shortages of key products due to the Iran War. Sharply increasing domestic fuel costs raise questions about whether it is worth sending as much abroad while the pump prices are rising at home. U.S. oil firms have taken advantage of the Middle East disruptions and met urgent requests from customers all over the world to boost exports. Data from commodities intelligence company Kpler show that from January to April combined U.S. exports of these six key energy products increased?by?20% compared to the same months in 2020 to more than 153 million tons. The increase of roughly 25 million tons in U.S. fuels, oils and LNG exports from the previous year has helped to offset the drop of roughly 82 millions of tons in Middle East exports since the conflict began on February 28. These exports also caused a shortage of fuel at home. This was especially true in the transportation fuel market, where gasoline and diesel prices have reached multi-year highs, causing new concerns about cost of living. U.S. legislators have taken steps to protect consumers from future fuel and energy price increases. But with the midterm elections in 2026, it is likely that there will be more discussions on how to lower fuel and energy prices. SWING SUPPLIER The U.S. has a number of refineries that are geared towards exports along the Gulf Coast. These refineries have been well placed to take advantage of the surge in global fuel demand since Iran closed off the Strait of Hormuz for tanker traffic a couple of months ago. Energy flows from U.S. port have been steadily increasing, and exports of key energy products reached all-time records within the last month. From January to April 2025, U.S. gasoline exports have increased by 27%. Diesel exports are also up 23%. LNG exports are up 26.6%. And ethane exports - which is used in petrochemical factories - are up 30.0%. U.S. Jet Fuel exports have also risen, with an 82% jump from the previous year as refiners filled panicked orders from international buyers. PRICE RESPONSES The record U.S. energy products deliveries likely helped to limit the price hikes of fuels across the globe, even though they remain higher in Asia because the region is heavily dependent on Middle East oil supplies. The U.S. has also seen a rise in fuel prices, due to the international crude oil price rally, which has risen from $70 per barrel at the end of February to $115 this past week, according to Brent futures. Fuel prices have risen sharply due to the roughly 64% increase of crude oil costs since the beginning of the Iran conflict. The average U.S. gas price has risen from $2.91 per gallon?in February, to $4.10 per gallon in April. This trend continues as the nation enters the summer driving season. According to the U.S. Energy Information Administration, diesel prices in the United States have risen even more dramatically, from $3.72 a gallon per month to $5.50 a galon last month. The steep price increases mean that U.S. gas costs are around 30% higher and diesel costs 54% higher than they were a year earlier, despite President Trump's promises to reduce energy costs when he returns to office. EIA data show that the rising cost of natural gas for residential consumers has also affected U.S. customers. The costs have risen by 14% in the past year and are at their highest levels since 2026. The sharp rise in electricity consumption for data centers, AI, and power plants has led to higher?natural gas prices this year. The record high LNG exports has also helped to keep gas prices low for many consumers, particularly in areas where gas is supplied by both exporters and other users. As we approach the peak period for household electricity and transport fuels, tensions between domestic consumers and companies that export energy products will only increase. If consumers are vocal enough, legislators may see energy export restrictions as a way to reduce consumer prices. This could become a major concern for officials when the November midterm elections roll around. These are the opinions of the columnist, an author for. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. Follow ROI on LinkedIn, X and X. Listen to the Morning Bid podcast daily on Apple, Spotify or the app. Subscribe to the Morning Bid podcast and hear journalists discussing the latest news in finance and markets 7 days a weeks.
The day after Gulf Exit, a sanctioned tanker returns to the Strait of Hormuz
The U.S. sanctioned tanker, Rich Starry,?arrived back at the Strait of?Hormuz Wednesday, after leaving the Gulf the previous day,?shipping information showed. It failed to?break a U.S.?blockade?on ships calling at Iranian port. U.S. president Donald Trump announced the ban on Sunday, after the weekend talks between the U.S. government and Iran in Islamabad failed to produce a result. The U.S. Central Command reported on X that "no ships were able to get past the U.S. Blockade during the first 24 hour period." Six vessels complied with the direction of U.S. Forces to turn around and re-enter a port in Iran. On Tuesday, the first U.S.-imposed blockade day, at least eight ships crossed the waterway. The Chinese tanker was one of them. Two oil tankers were stopped by a U.S. destroyer Tuesday as they attempted to leave the Iranian Port of 'Chabahar in the Gulf of Oman, according to a U.S. government official.
U.S. sanctions were placed on The Rich Starry, and its owner Shanghai Xuanrun Shipping Co., for their dealings with Iran. No immediate comment could be obtained from the company.
Kpler data revealed that the Rich Starry was a medium-range methanol tanker, which carried about 250,000 barrels. It was loaded in the port of Hamriyah (United Arab Emirates).
LSEG data reveals that the Very 'Large Crude Carrier Alicia is another vessel sanctioned by the United States, which entered the Gulf on Wednesday via the strait. Kpler data shows that the empty tanker capable of carrying two million barrels is headed to Iraq on Thursday to load a cargo.
The blockade?has created even more uncertainty for shippers and oil companies, as well as war risk insurers. Industry sources reported on Tuesday that traffic is only a fraction of the 130 daily crossings before the U.S.-Israeli war on Iran began in February.
(source: Reuters)