The price of base oil for synthetic motor oil has tripled due to the war in Iran and disruptions in the Middle East. Supply chain issues, including damage to a key Qatari plant and prioritization of diesel fuel, are leading to higher prices and potential shortages for consumers.
The ongoing war may continue to affect consumer and business sentiment in the Asia-Pacific region due to higher energy prices and supply chain disruptions, despite CFOs remaining cautiously optimistic about business prospects.
The European Commission has proposed new regulations, approved by its 27 member states, to reduce dependence on US and Chinese technology, particularly in microchips, AI, and cloud services. The move aims to enhance "tech sovereignty" and mitigate national security risks.
AutoZone Inc. stock fell 9% despite Q3 earnings per share of $38.07 (vs. $36.28 expected) and revenue in line with estimates ($4.84B vs. $4.83B expected), due to concerns over international growth, margin compression, and potential supply chain disruptions.
The EU may temporarily lift sanctions on Chinese chipmaker Yangzhou Yangjie Electronic Technology Co. after European automakers warned of supply chain disruptions. The proposal, if approved by all 27 member states, would offer a temporary reprieve to allow industries to diversify suppliers.
A Reuters analysis of corporate disclosures reveals the Iran conflict has cost global businesses at least $25 billion due to supply chain disruptions and soaring fuel costs. Airlines, Toyota, and P&G reported significant financial hits, while consumers face higher fuel prices.
Japanese snack manufacturer Calbee is transitioning 14 of its products to black-and-white packaging due to a shortage of colored ink ingredients caused by the ongoing war in Iran and disruptions in the Strait of Hormuz.
Defence Minister Rajnath Singh assured citizens that India is prepared for global supply chain disruptions, with ample petroleum products and robust foreign exchange reserves. He urged fuel conservation to ease the nation's financial burden amid high international crude prices. The government is implementing measures for fuel efficiency and responsible consumption.
Prime Minister Narendra Modi urged citizens to reduce fuel and edible oil consumption, citing the West Asia crisis and global supply chain disruptions. Opposition parties criticized the appeal, calling it an admission of failure and a shift of responsibility onto the public after elections. The BJP defended the PM's call as responsible leadership and national interest.
Hyundai Motor reported an 8 percent drop in global sales for April, citing production shortfalls and supply chain disruptions. Domestic sales saw a significant 19.9 percent decline, while international sales fell by 5.1 percent.
Speaker Sir Lindsay Hoyle earlier confirmed that MPs will decide whether to let inquiry into Keir Starmer’s statements over Peter Mandelson proceedDowning Street has said that the UK is “in a good position” to handle the global supply problems caused by the Iran war not being resolved.Speaking at the morning lobby briefing, the PM’s spokesperson said:We remain focused on a long-term, permanent solution to the crisis. As a result of the forward-planning, the government undertook over the past few months, the UK is in a good position.We’re ramping up planning for all different potential impacts on the UK economy and consumers, and that means focusing on a live monitoring of stock levels and what plans are in place for addressing supply chain disruption.Even Boris Johnson didn’t block his MPs voting for scrutiny. Labour MPs must be given a free vote on any motion to refer Starmer to the privileges committee, not forced into being accomplices to a cover-up.If Keir Starmer has misled the House and the public, he must be held to the same standard that we should expect of any prime minister. Continue reading...
Speaker Lindsay Hoyle has confirmed MPs will debate a Tory motion tomorrow calling for the privileges committee to investigate whether Keir Starmer misled parliament about the Peter Mandelson vetting process. Former PM Gordon Brown has urged Labour MPs to support Starmer, with the government working to defeat the motion backed by a three-line whip. The debate follows publication of a cabinet office memo stating appropriate processes were followed in Mandelson's appointment. Meanwhile, progress is reported in the Birmingham bin strike, with a settlement now within sight.
Commons speaker Lindsay Hoyle has confirmed MPs will debate and vote tomorrow on Kemi Badenoch's motion to refer Keir Starmer to the privileges committee over claims the PM misled parliament about Peter Mandelson's appointment as Washington ambassador. Hoyle received letters from various MPs including the opposition leader and, after taking advice, decided to let MPs decide. Badenoch claims the case against Starmer is 'overwhelming' and that he appointed a 'national security risk.' Downing Street called it a 'desperate political stunt' the week before local elections.
Kemi Badenoch urges Labour MPs to support an inquiry into Keir Starmer's conduct, while John Swinney states the SNP will hold an independence referendum vote if they win the Holyrood election.
Meeting could coincide with possible Commons debate on claims he lied to MPs about Mandelson’s vettingDowning Street has said that the UK is “in a good position” to handle the global supply problems caused by the Iran war not being resolved.Speaking at the morning lobby briefing, the PM’s spokesperson said:We remain focused on a long-term, permanent solution to the crisis. As a result of the forward-planning, the government undertook over the past few months, the UK is in a good position.We’re ramping up planning for all different potential impacts on the UK economy and consumers, and that means focusing on a live monitoring of stock levels and what plans are in place for addressing supply chain disruption.Even Boris Johnson didn’t block his MPs voting for scrutiny. Labour MPs must be given a free vote on any motion to refer Starmer to the privileges committee, not forced into being accomplices to a cover-up.If Keir Starmer has misled the House and the public, he must be held to the same standard that we should expect of any prime minister. Continue reading...
The US-Iran conflict is disrupting supply chains for ice cream and chocolate manufacturers in India, with key ingredients like dry fruits and nuts costing 15-22% more than pre-war levels. Companies including Naturals Ice Cream and Mother Dairy have already taken 10% price hikes, while Pascati Chocolates faces 75% higher hazelnut costs. Firms are reluctant to increase prices during peak summer season but warn margins are being squeezed.
Darren Jones suggests cost of energy, food and flights will remain high after de-escalation and Hormuz strait reopensThe UK faces higher prices for food and fuel for at least eight months after the war in Iran ends, a minister has said. The closure of the strait of Hormuz, a key shipping lane that carried a fifth of global oil and gas, has sent oil prices soaring since the US and Israeli attacks on Iran began in February. Darren Jones, the chief secretary to the prime minister, said the conflict would probably continue to raise prices for energy, food and flights in the coming months as potential issues around energy supplies affect production, rather than lead to shortages on supermarket shelves. The UK government has urged motorists to fill up their cars as usual amid higher prices at the pumps and for air travellers not to change their plans over potential jet fuel shortages. Jones told the BBC’s Sunday with Laura Kuenssberg programme: “You’re going to see prices go up a bit as a consequence of what Donald Trump has done in the Middle East. “That’s probably going to come online not just in the next few weeks, but the next few months. There’s going to be a long tail from this.” Asked how long higher prices might remain, Jones suggested it would be around eight months after the strait of Hormuz was unblocked and a de-escalation of the conflict had taken place. “I think our best guess is eight-plus months from the point of resolution that you’ll see economic impacts coming through the system,” he said. Donald Trump announced an indefinite extension of the US ceasefire with Iran last week that paused most of the fighting, but further efforts towards ending the conflict have been unsuccessful after the US president told his envoys not to travel to Pakistan for talks at the weekend. The UK government is stepping up planning for how to offset the impact, focusing on the live monitoring of stock levels and what plans are in place for addressing supply chain disruption. Jones said: “The government here in the UK, the work that I’m doing with the prime minister is looking at all of those things and saying, ‘What can we do within our power to help people to get through those difficult times?’” The government is also looking to secure stocks of carbon dioxide, which is used in the food industry and by breweries to make drinks fizzy, as well as for defence purposes and medical uses such as MRI scanning. Jones said he was seeking to ensure there was an adequate supply of beer for fans watching the men’s football World Cup which starts on 11 June. He said: “I raised this issue because if there is a problem with jet fuel on holidays and carbon dioxide on beer, the summer might be pretty depressing for people, but we’re doing everything we can to make sure that it’s not the case.” The Liberal Democrats have called for a bill to be included in the next king’s speech in May to put food security at the top of the government’s agenda. Continue reading...
Global condom giant Karex Bhd is hiking prices by up to 30% due to Iran war-induced supply chain disruptions and soaring raw material costs. Naphtha shortages are crippling production, leading to a worldwide shortage of essential goods, from condoms to plastic packaging, impacting public health initiatives, especially in developing nations.
A request for offers to ship 235,000 barrels of jet fuel from Cherry Point, Washington to Subic Bay in the Philippines, and a separate tender for 260,000 barrels to Yokose, Japan, illustrate the disruption to global oil supply chains caused by the war in Iran. The shipments scheduled for May and June add to a growing trend of American fuel heading to regions typically reliant on supplies from the Strait of Hormuz, which has been constrained by the Middle East conflict.
Unusual cargoes of military-grade jet fuel (JP-5) and diesel (F-76) are being shipped from Cherry Point, Washington to Subic Bay in the Philippines and Yokose, Japan, illustrating how the Iran war has disrupted global oil supply chains. A 235,000-barrel jet fuel cargo to Subic Bay and a 260,000-barrel cargo to Sasebo represent a growing trend of American fuel heading to regions typically reliant on Strait of Hormuz supplies. Only four JP-5 shipments have departed the US since 2017, highlighting the unprecedented nature of these voyages amid a global jet fuel crunch.
Karex Bhd, the world's largest condom manufacturer, plans to raise prices by 20-30% due to supply chain disruptions caused by the Iran war. The Malaysian company, which produces over 5 billion condoms annually and supplies Durex, Trojan, UK NHS and UN programs, has seen costs surge for raw materials including synthetic rubber, nitrile and lubricants. Demand has risen about 30% this year as shipping delays leave customers with lower stockpiles, with shipments now taking two months instead of one.
Karex, the world's largest condom manufacturer, announced plans to raise prices by 20-30% with potential further increases if supply chain disruptions from the Iran war continue. The Malaysian company, which produces over 5 billion condoms annually and supplies brands like Durex and Trojan alongside the NHS and UN aid programmes, is facing surging costs for raw materials including synthetic rubber, nitrile, aluminium foils, and silicone oil since the conflict began in late February. CEO Goh Miah Kiat described the situation as fragile, stating the company has no choice but to transfer costs to customers while also noting a surge in demand as customers' stockpiles have dwindled.
