Global recession is inevitable if Strait of Hormuz stays shut, says Citadel’s Ken Griffin
A prolonged blockage of the Strait of Hormuz for the next six to 12 months will mean an unavoidable recession, the billionaire investor said.
CEOs are betting AI will augment work rather than displace all workers
Panelists at the Semafor World Economy conference said artificial intelligence can supplement the work that’s already done, improving its quantity and quality.
More U.S.-Iran peace deal talks are in discussion, White House says
Traffic through the Strait of Hormuz remains at a trickle, despite President Donald Trump proclaiming that a ceasefire with Iran depended on it reopening.
Iran war will hit UK growth the hardest of any rich economies, IMF says
The IMF said that the U.K. will be hardest hit out of all developed economies as a result of the Iran war.
BP’s new CEO to simplify company structure into upstream, downstream units
BP will reorganize into two main business units – upstream and downstream – under new CEO Meg O’Neill, who took the helm on April 1.
Amazon to buy Globalstar to bolster Leo satellite business in deal worth about $11.6 billion
Amazon said it would acquire Globalstar, giving its nascent satellite internet business a boost as it vies to compete with Elon Musk’s SpaceX.
J&J tops first-quarter profit estimates even as Stelara sales plunge
Strong demand for cancer drug Darzalex and psoriasis treatment Tremfya more than offset a steep falloff in sales of its blockbuster autoimmune drug Stelara.
Stocks making the biggest moves premarket: Novo Nordisk, JPMorgan Chase, United Airlines & more
These are the stocks posting the largest moves premarket.
Citigroup beats estimates, boosted by gains in fixed income
Citigroup reported its best quarterly revenue in a decade and a 56% year-over-year jump in earnings per share.
The Iran war could cost the American taxpayer $1 trillion, says Harvard academic
As efforts to reach a lasting settlement have so far proved unsuccessful, one Harvard academic estimates the total could end up far higher than was promised.
