United States forces have struck five oil tankers linked to Iran's Islamic Revolutionary Guard Corps (IRGC) after attempted Iranian attacks on a U.S. warship, while renewed tensions across the Middle East pushed oil prices towards $100 a barrel. U.S. Central Command (CENTCOM) said Tuesday that it had "destroyed" five oil tankers associated with the IRGC in response to a series of unsuccessful I
LIV Golf has filed for Chapter 11 bankruptcy protection as the Saudi-backed golf league faces the loss of its funding and seeks new investment to support its operations. The golf venture, initially backed by Saudi Arabia's Public Investment Fund (PIF), said Tuesday it had entered into a restructuring support agreement with BC Partner Advisors LP, the credit arm of private equity firm BC Partner
Jaguar Land Rover (JLR) has announced plans to cut up to 4,000 jobs over the next two years, equivalent to around 10% of its global workforce, as the luxury carmaker responds to intense competition from cheaper Chinese rivals, a cyberattack and United States tariffs. The British automaker, owned by India’s Tata Motors, is targeting roughly £1.7 billion (US$2.3 billion) in savings over the next
Major United States benchmark averages closed lower on Tuesday (Wednesday AEST), as Salesforce and other software makers came under pressure, while renewed hostilities in the Middle East pushed oil prices higher and investors awaited key inflation data that could influence the outlook for interest rates. The Dow Jones Industrial Average declined 628.2 points, or 1.2%, to 52,786.1. The S&P 500 f
Canada has imposed retaliatory tariffs on a wide range of United States goods worth C$27.6 billion, escalating a trade dispute with Washington after negotiations between the two countries collapsed last month. The duties, which took effect Tuesday, range from 15% to 50% across hundreds of U.S. products, including dairy, agricultural equipment, paper, household appliances and electronics. Tar
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Premium German carmaker Audi has unveiled a new compact electric vehicle as it seeks to strengthen its presence at the smaller end of the European market, where Chinese automakers are rolling out more affordable models and intensifying competition. Sales at Audi, a unit of Volkswagen, have declined for two consecutive years and fell 7% in the first half of 2026, as fierce competition in China a
The United States economy added jobs at a much faster pace than expected in August, reversing a summer slowdown in hiring and increasing market expectations for a potential Federal Reserve rate hike this month. Nonfarm payrolls rose by a seasonally adjusted 162,000 last month, according to the Bureau of Labor Statistics. The reading was well above the 56,000 increase expected, while the unemplo
The Organization of the Petroleum Exporting Countries and allies (OPEC+) has kept its oil output policy unchanged for October, the producer group said on Sunday, as members work to establish new production quotas before determining their next steps. The meeting of seven core OPEC+ members - Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman - comes as the Iran war continues to dis
The Japanese yen surged to a seven-month high on Monday as traders reassessed the battered currency’s outlook amid expectations of faster Bank of Japan policy tightening and growing bets that Japanese investors could repatriate overseas funds. The main event this week is Friday’s United States inflation report, which could influence the Federal Reserve’s decision on whether to raise interest ra
Nvidia has agreed to acquire artificial intelligence platform Hugging Face for approximately US$12.9 billion, marking one of the chipmaker's largest acquisitions as it expands further into AI software. Founded in 2016, Hugging Face has grown into a popular platform where developers and researchers can discover, share and test AI models and tools. Nvidia chief executive Jensen Huang said in a
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