Wall Street's biggest banks posted blowout quarters, TSMC kept minting money from AI chips, and consumer sentiment cratered to a 70-year low - all while the Iran war tightened its chokehold on global energy markets and Europe counted down the weeks before the jet fuel ran out. All the top moves, shakes, and petrodollar takes from Azzet's editorial team are right here in your weekly business wra
Netflix shares fell following its first-quarter earnings report, which included a key governance change. This also marks the company’s first earnings report since it walked away from its proposed acquisition of Warner Bros. Discovery’s streaming and film assets. The streaming giant’s revenue grew 16% year-over-year to US$12.25 billion and also beat Wall Street expectations of $12.18 billion.
United States President Donald Trump dismissed concerns about much higher gas prices because of the Iran war, even after they’ve nearly doubled since the start of the year. When a reporter at the White House asked Trump how long Americans would continue to see higher gas prices, he said: “They are not very high”. Trump said the prices aren’t as high as what was expected as a result of the wa
New applications for United States unemployment benefits fell more than expected last week, signalling continued labour market resilience even as escalating geopolitical tensions and rising energy costs weigh on business sentiment. Initial claims for state unemployment benefits dropped by 11,000 to a seasonally adjusted 207,000 in the week ended 11 April, according to the U.S. Labor Department.
Anthropic will move into a new United Kingdom office that could allow it to nearly quadruple its London headcount, amid the UK government’s efforts to court the company. The 158,000 square foot London office includes space for 800 employees, and is located in the Knowledge Quarter district. Anthropic currently has over 200 people based in London, it said. “London is already one of our most i
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Taiwan Semiconductor Manufacturing Co. beat estimates last quarter as its profit surged 58%, but flagged a potential future hit from rising material costs amid the Iran war. Revenue was up 35.1% to NT$1.134 trillion (US$35.90 billion), above LSEG SmartEstimates of $1.127 trillion. Earnings per share soared 58.3% to $22.08 (US$3.49). “Our business in the first quarter was supported by strong
The United States Navy has turned back 13 ships since its Iranian port blockade started more than 24 hours ago, according to the Pentagon. President Donald Trump announced the blockade earlier this week after complaining Iran has not reopened the Strait of Hormuz, which was one of his conditions for agreeing to the two-week ceasefire that is currently in effect. The U.S. has continued to mou
The International Energy Agency (IEA) warned that Europe only has “maybe six weeks or so” of remaining jet fuel due to oil shortages caused by the closure of the Strait of Hormuz. IEA executive director, Fatih Birol, said that there would be flight cancellations “soon” if oil supplies from the Middle East were not restored within the coming weeks. “I can tell you soon we will hear the news t
PepsiCo surpassed revenue and earnings estimates last quarter as its North American foods segment posted its first volume growth in two years. Net revenue increased 8.5% year-over-year to US$19.44 billion, passing LSEG consensus estimates of $18.94 billion. Earnings per share rose 9% to $1.61, beating estimates of $1.55. “We are pleased with our first-quarter results, which featured an accel
A Manhattan federal jury found Ticketmaster owner Live Nation guilty of having a harmful monopoly over big concert venues. The jury deliberated for four days before reaching a decision that dealt a loss to the company over claims brought by dozens of U.S. states. Live Nation Entertainment owns, operates, controls booking for or has an equity interest in hundreds of venues, with its booking p
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