Oil and gas crisis from Iran war worse than 1973, ​1979 and 2022 together, says IEA

The oil and ‌gas crisis triggered by the blockade of the strait of Hormuz is “more serious than the ones in 1973, ​1979 and 2022 together”, the head of the International Energy Agency (IEA) has said.Speaking as Donald Trump’s deadline for Iran to reopen the waterway approached, Fatih Birol told ⁠Le Figaro newspaper that the impact of the Middle East conflict on the oil market was larger than the combined force of the twin shocks of the 1970s and the fallout from Russia’s invasion of Ukraine.The IEA executive director also warned that the countries most at risk were developing nations, ‌which ⁠would suffer from higher oil and gas prices, higher food prices and a general acceleration of inflation, while European countries, Japan and Australia would also feel an impact.Oil prices seesawed around the $110 (£83) a barrel mark on Tuesday, rising above that level after Trump warned that a “whole civilization will die tonight” unless Iran made a deal, before later easing to just below.Investors are growing increasingly anxious as Trump escalates his threats against Iran, demanding that it reopen the strait of Hormuz as part of any deal to stop the war

Universal Music, home to Taylor Swift and Drake, receives €55bn takeover offer

Billionaire Bill Ackman’s hedge fund has offered to buy Universal Music Group (UMG) in a deal that values the world’s biggest music company at about €55bn (£48bn).Pershing Square, the New-York based hedge fund, has made a bid for the business, which is home to artists including Taylor Swift and Elton John, with a cash and stock deal that would move its stock market listing from Amsterdam to New York.Ackman said in a statement that while the company, which is led by the British-born Sir Lucian Grainge, had done “an excellent job nurturing and continuing to build a world-class artist roster and generating strong business performance”, its share price had lagged owing to issues “unrelated to the performance of its music business”.Shares in UMG, which have been listed in Amsterdam since 2021, had lost more than a quarter of their value in the past year alone. Pershing’s offer triggered a sharp rise, with the price up by 13% on the previous trading day when the Amsterdam Euronext exchange closed on Tuesday

Oil back above $110 in volatile markets as Trump deadline looms for Iran to reopen strait – as it happened

Brent crude has risen above $110 a barrel again, after Donald Trump warned Iran “a whole civilization will die tonight” if Iran does not make an agreement.Brent, the global oil benchmark, has see-sawed in volatile markets today, and is now up 0.8% at $110.67 a barrel.Writing on Truth Social, the US president said:double quotation markA whole civilization will die tonight, never to be brought back again

BP shareholders advised to vote against chair over climate resolution exclusion

BP shareholders should vote against its new chair over his decision to exclude a climate resolution from the company’s next annual meeting, a major proxy adviser has recommended.Glass Lewis has advised investors to vote against Albert Manifold, who has been in his post for just six months.The institution, which advises some of the world’s biggest investors, said its recommendation was based on BP’s decision to exclude a proposal to share its longer-term strategy under scenarios of declining oil and gas demand.The resolution was tabled by the climate activist shareholder group Follow This and would have prompted the company and its shareholders to discuss the issue at BP’s annual general meeting on 23 April.BP, one of the biggest oil companies in the world, is in the process of pivoting its focus back to oil and gas after an ill-received foray into renewables

Hedge fund borrowing exposes emerging markets to greater Iran war risk, says IMF

Emerging economies are at greater risk of higher interest rates and currency shocks resulting from the Iran war because of increased reliance on market investors such as hedge funds, the International Monetary Fund has warned.The IMF’s analysis shows that a cumulative $4tn flowed into emerging markets last year from outside the formal banking sector – including from hedge funds and investment funds.In a blogpost, IMF economists argue that this can bring benefits, but also risks, as these funds are more likely than traditional bank financing to be withdrawn suddenly in times of financial stress.“Market-based finance can help firms integrate into global value chains, a key driver of exports, by easing access to funding for trade, working capital, and other needs that increase their productive capacity,” it says.But it warns that these investments “tend to be more volatile than bank flows and are increasingly sensitive to global risk conditions”

JP Morgan reaches agreement with City airport for Canary Wharf’s tallest tower

JP Morgan Chase has reached agreement with London City airport to build one of Europe’s tallest office towers in the east of the capital.The £3bn tower is poised to be the tallest in the Canary Wharf financial district after JP Morgan, one of Wall Street’s biggest banks, secured approval from the airport.JP Morgan revealed plans last November to build the Canary Wharf tower, which will serve as its new UK headquarters. The lender has since been in talks with airport officials over building height restrictions, given Canary Wharf’s location four miles west of City airport.Any new developments and planning applications within 10km (6 miles) of the airport are considered to be within its “area of interest”, meaning its safeguarding officials need to be consulted to ensure new buildings in Docklands do not interfere with aircraft movements