US - Azzet - Business news, investments companies & executives

Sign inJoin Now

US

US
Chubb leads US-backed insurance for Hormuz shipping
Insurance giant Chubb has been selected as the lead insurer in a United States government-backed programme designed to restore commercial shipping through the Strait of Hormuz, as conflict involving Iran disrupts one of the world’s most critical oil transit routes and pushes energy prices higher. The initiative, led by the U.S. International Development Finance Corporation (DFC), will provide up to US$20 billion (A$27.97 billion) in reinsurance to cover war-related losses for vessels transiting the Gulf. Under the plan, Chubb will issue primary insurance policies to shipowners, with the DFC absorbing a large share of the risk to encourage insurers and shipping firms to resume operations in the high-risk corridor. The programme is intended to address a sharp contraction in shipping traffic since the outbreak of hostilities with Iran in late February. Tanker operators and crews have increasingly avoided the route amid repeated attacks on commercial vessels and the prospect of escalating military action. “The commerce passing through the Strait of Hormuz plays a vital role in the global economy, and providing vessels with insurance protection is essential for resuming trade flows,” Chubb chairman and chief executive E
US
House votes against restricting Trump's war powers
The Republican controlled House voted to reject a resolution that would restrict United States President Donald Trump’s war powers against Iran. This comes just a day after the Senate blocked a similar war powers resolution. Both actions together represent an authorisation by Congress for Trump to carry on his military strikes in Iran, even though a majority of Americans say they oppose the war. The House vote was 212-219, with just two Republicans joining most Democrats in supporting the resolution. Right-wing lawmaker Warren Davidson supported the measure and warned that Trump has overstepped his authority by attacking Iran. “Make no mistake, Iran is an enemy of the United States. As our military engages them, they do so justly. Unfortunately, they are not yet doing so constitutionally,” Davidson said. “For some, this debate will be about whether we should even be fighting in Iran. For me, the debate is more fundamental: is the president of the United States, regardless of the person holding the office, empowered to do whatever he wants? That’s not what our constitution says.” Republican House Speaker Mike Johnson said a passage of a war powers resolution now would be a “terrible, dangerous idea”. “It w
US
US crypto regulation stalls as banks oppose yields
United States cryptocurrency legislation has stalled in the Senate as banks said they opposed crypto companies offering yields. The Clarity Act, another cryptocurrency regulation bill following last year’s Genius Act, includes a provision allowing crypto businesses to offer yield-bearing products. While the White House has recommended a compromise that would mainly allow yields on crypto in peer-to-peer payments, major U.S. banks have rejected it, Reuters reported. “The Banks should not be trying to undercut The Genius Act, or hold The Clarity Act hostage. They need to make a good deal with the Crypto Industry because that’s what’s in best interest of the American People,” wrote U.S. President Donald Trump on social media. U.S. banks could lose around $6.6 trillion in deposits to stablecoins if crypto companies offer a yield, according to a 2025 U.S. Treasury report. These banks are already set to lose $500 billion in deposits to stablecoins by the end of 2026, Standard Chartered has predicted, with losses concentrated in smaller regional banks. The White House’s suggested compromise would prevent crypto companies from offering yields on idle holdings, but would permit yields on peer-to-peer payments. Cryptocurrency
US
Trump officially nominates Warsh as next Fed Chair
United States President Donald Trump has officially nominated Kevin Warsh as the next chairman of the Federal Reserve. Warsh would succeed Fed Chairman Jerome Powell for a four-year term if confirmed by the Senate. The White House said Trump’s nomination has been transmitted to the Senate. The transmittal came more than a month after Trump announced he wanted Warsh as the next Fed chairman. Republican Senator Thom Tillis said he would block Warsh’s nomination from proceeding in the Senate until a federal investigation of Powell by the U.S. attorney’s office in Washington, D.C., was dropped. This could prevent the nomination from being considered by the full Senate. The investigation was in connection with the US$2.5 billion renovation of the Federal Reserve’s headquarters in Washington, and his testimony about that project to the Senate. The chair also said that “the threat of criminal charges” against him is directly due to him and other Fed governors refusing to bow to Trump and his demands that they cut interest rates more quickly than the president has demanded. Trump also attempted to fire Fed Governor Lisa Cook, who sided with Powell on interest rate decisions. At the time, the president cited alle
US
Congress set to vote on Iran military action
Congress will vote on war powers for Iran this week, after attacks were launched over the weekend. Washington and Israel launched drone strikes across Iran and the surrounding United Arab Emirates over Sunday and Monday, ahead of an already planned vote in congress for a war powers resolution "This is a disaster, it is illegal, and the president is obligated under the Constitution to come to Congress and ask for an authorization of military force," Democratic Senator Chris Murphy said on Sunday in response to the drone strikes. The vote will still go ahead this week in both the House and Senate, pushed forward by Democratic Representatives but with some bipartisan support, which will require the Trump administration to receive congressional approval before any further military activity can occur, and likely limit it. “Congress declares war. America is at war. Congress did not declare war,” wrote Republican Representative Warren Davidson. “This week we’ll either see real intel, hear a persuasive explanation with a defined mission, and declare war / authorize a mission, or Congress must pass this War Powers Resolution and cease work in Iran.”

US
Polls signal trouble for Trump’s midterm elections
While United States President Donald Trump continues to peddle the line that ‘affordability’ is a con job conjured up by the Democrats, recent polls make it abundantly clear that, despite his economic growth claims, the gap between what Americans earn and their cost of living is widening. While touting the narrative that the nation is back: Bigger, richer and stronger than ever before, Trump’s one-hour and 48-minute State of the Union address on Wednesday conveniently avoided a material reference to the squeeze on middle America’s household budgets. While Trump’s messages were clearly meant for this political base, which has slumped to 36%–37% after peaking at around 50% after his 2025 inauguration, it did little to win over independents that Republicans are going to need in the upcoming 3 November midterm elections.Turnaround for the ages Trump spoke of what was described as a “turnaround for the ages” with inflation under control, jobs being created in a reindustrialising economy stoked by low taxes and trillions in foreign investment. Trouble is, while Trump’s State of the Union address resembled a victory lap to celebrate his self-acclaimed economic turnaround, it seems to have passed middle America by. While
US
Trump calls for Netflix to fire Susan Rice from board
United States President Donald Trump is calling for Netflix to remove former U.S. Ambassador and national security advisor Susan Rice from its board. This comes as Trump continues to scrutinise the streaming giants' attempts to merge with Warner Bros Discovery. Rice was the national security advisor to Barack Obama, the UN ambassador, and a White House advisor under Joe Biden. In a post to Truth Social, Trump said Rice has “no talent” and called her a “political hack”. “Netflix should fire racist, Trump Deranged Susan Rice, IMMEDIATELY, or pay the consequences,” he said. He also reposted an X post by right-wing influencer Laura Loomer, who called Rice and Netflix “anti-American” and accused her of “threatening half of the country with weaponised government and political retribution for choosing who they wanted to vote for as president?” This comes after Rice said corporations that “take a knee” to the president would be held accountable if the Democrats returned to power. Trump’s comments signal fresh intervention in the takeover battle between Netflix and Paramount Skydance for Warner Bros, just weeks after the president promised not to get involved. In an interview with NBC News, Trump said he would let t
US
Navarro: Data centre builders should absorb costs
President Donald Trump’s trade manufacturing adviser, Peter Navarro, said the White House might force data centre builders to absorb their costs, as voters continue to sour on the economy and utility prices soar. “They need to pay, not only pay for the electricity that they’re using on the grid, but they have to pay for the resiliency that they’re affecting as well,” he told Fox News. “They need to pay for the water. So there’s activity, action here going forward, where we force them to internalise the cost.” He didn’t reveal what the White House’s plans to force data centre builders to internalise costs would look like. Navarro made specific mention of Meta, and in response, a spokesperson said the company already pays for all of its energy usage. “Meta pays the full costs for energy used by our data centres so they aren’t passed onto consumers — and we go beyond that by paying for new and upgraded local infrastructure as well as adding new power to the grid,” the spokesperson said. Data centres and their drag on utilities are part of the affordability problem as electricity prices surged 6.9% year-over-year in 2025, with little sign of easing. Navarro said the White House is “on it” and blamed the soaring co
US
House votes to override Trump's Canada tariffs
The House voted to pass a resolution disapproving of President Donald Trump’s tariffs against Canada, with many Republicans siding with Democrats. The resolution cleared the House 219-211, signalling growing GOP discomfort with Trump’s aggressive tariff strategy and willingness from some Republicans to go against Trump. It also marked the first time the House formally weighed in on Trump’s trade agenda. Minutes before the vote, Trump took to Truth Social to warn Republicans from voting against his tariffs. “Any Republican, in the House or the Senate, that votes against TARIFFS will seriously suffer the consequences come Election time, and that includes Primaries,” he said. “TARIFFS have given us Economic and National Security, and no Republican should be responsible for destroying this privilege.” Reps. Thomas Massie (R-Ky.), Don Bacon (R-Neb.), Kevin Kiley (R-Calif.), Dan Newhouse (R-Wash.), Jeff Hurd (R-Colo.) and Brian Fitzpatrick (R-Pa.) voted to terminate Trump's use of a national emergency to impose tariffs on Canada. Rep. Jared Golden (D-Maine) was the lone Democratic no. The Democratic side of the House celebrated the resolution when it passed. “The Speaker continues to abdicate his responsibilities