Chief-Exec.com

US temporarily lifts sanctions on Russian oil at sea as Iran war sees global prices surge
The United States has temporarily waived sanctions on Russian oil stranded at sea as Trump administration officials attempt to reverse a surge in prices that is causing mounting apprehension about global supplies. Scott Bessent, the US Treasury secretary, announced a “temporary authorization” late on Thursday, allowing countries to buy the stranded Russian oil for 30 days. Trump is “working to keep prices low”, he said, after average US fuel prices rose by 65 cents per gallon in a month. “This narrowly tailored, short-term measure applies only to oil already in transit and will not provide significant financial benefit to the Russian government, which derives the majority of its energy revenue from taxes assessed at the point of extraction,” Bessent claimed. Brent crude, the international benchmark, remained above $100 per barrel during early trading on Friday despite this latest in a string of measures designed to soothe concerns around the economic impact of the US-Israel warn on Iran. The Guardian, March 13

Gulf states lose $15bn in energy revenues since start of war
Gulf oil producers have lost an estimated $15.1bn in energy revenues since the start of US and Israeli strikes on Iran, with millions of barrels of crude trapped by the near-shutdown of the Strait of Hormuz. According to estimates by commodities analytics firm Kpler, the strait typically carries about $1.2bn worth of crude oil, refined products and liquefied natural gas each day, based on average prices and volumes in 2025. Since the conflict escalated on February 28, traffic through the critical shipping route has largely stopped, with Iran attacking vessels and insurance premiums soaring. The total lost revenue lays bare the financial cost of the war for Gulf states that are heavily reliant on commodity sales to fund their governments. The waterway now sees only “negligible” flows compared with prewar levels, said Florian Gruenberger of Kpler. Among the halted shipments, crude oil accounted for the largest share, representing 71 per cent of the value. Financial Times, March 13

Zelensky in Paris to discuss increasing pressure on Russia as US peace talks stall
Ukrainian President Volodymyr Zelensky arrived in Paris on Friday, his spokesman said, for talks with President Emmanuel Macron on ways to increase pressure on Russia. "The president is already in Paris," Zelensky's spokesman Sergiy Nykyforov told reporters, including AFP journalists. The visit comes as talks brokered by the United States to end the four-year invasion have been derailed by the US-Israeli war with Iran. The talks between Macron and Zelensky will focus on increasing sanctions pressure on Russia by targeting its "shadow fleet" of tankers used to transport oil in breach of sanctions imposed over the 2022 invasion of Ukraine, the French presidency said. Zelensky and Macron are also expected to discuss diplomatic efforts to halt the war in Ukraine, Macron's office said. The Kremlin said the planned meeting would obstruct the peace process and that the "very idea of trying to put pressure on Russia is absurd". France 24, March 13

UK chancellor to make new push for greater single-market access
Chancellor Rachel Reeves will next week make another push for Britain to secure greater access to the single market against a backdrop of renewed trade strains between London and Brussels. Reeves will use her Mais economic lecture to pitch her vision for closer ties with the EU, which is central to a new growth strategy for the UK. “It will be a statement of intent,” said one person close to the chancellor. But her agenda is meeting resistance in some European capitals. Talks in Brussels about a limited “reset” of relations - covering a youth mobility scheme and a removal of barriers to trade in agricultural products and energy - have dragged on for months. Many European capitals and EU diplomats are also wary about Reeves’ idea of re-engaging with the single market on a sector-by-sector basis in future years. “When I speak to people in Paris and Berlin, there’s not much enthusiasm,” said Charles Grant, director of the Centre for European Reform, an independent think-tank. “It feels like it’s cherry picking.” Financial Times, March 13

UK economy saw zero growth in January ahead of Iran war
The UK economy unexpectedly failed to grow in January, ahead of the outbreak of the US-Israeli war with Iran. The zero growth for the month was weaker than had been predicted and followed growth of 0.1 per cent in December. The overall picture is "subdued", said the Office for National Statistics, while analysts called it a "disappointing start to the year". The figures underscore that the economy was fragile even before the outbreak of Middle East conflict, which has caused a major energy shock that could have a ripple effect around the world. The longer the war lasts, the more likely it is that there will be an effect on the UK economy, Prime Minister Sir Keir Starmer warned this week. While households under Ofgem's energy price cap will be protected from rising energy prices until July, increased fuel costs are already being felt at the petrol pump and by heating oil users. It could push up inflation, which before the conflict was on track to reach the Bank of England's 2 per cent target by spring. BBC news, March 13

Fujitsu failed to pay ‘a single penny’ of £2bn Horizon bill
Fujitsu has yet to contribute a single penny to the £2 billion cost of compensation for victims of the Post Office Horizon scandal despite acknowledging a moral obligation to do so more than two years ago, MPs will say today. A report by the House of Commons business and trade committee said progress had been made in compensating victims, with more than 11,300 claimants having received payments and £1.44 billion distributed so far. However, it noted that “serious structural failings persist” in the redress system and condemned Fujitsu for failing even to offer an interim payment while the taxpayer shoulders the bill. The MPs highlighted that the Japanese technology company continues to benefit from substantial public sector work. The committee’s intervention furthers growing political discontent that a firm so deeply entwined in the scandal has still not contributed anything to victims. Fujitsu supplied the Horizon computer system whose faulty accounting data was used for years as the basis for accusations of theft, fraud and false accounting against sub-postmasters. Yet the company says substantive decisions on redress should await the final publication of Sir Wyn Williams’s public inquiry report. The Times, March 13

Oil rises past $100 and global stocks fall
Oil prices rose past $100 on Thursday as Iran’s attacks on shipping and infrastructure rattled markets, sending global stock markets lower. Brent prices rose 9.4 per cent to $100.58 a barrel, putting pressure on global equities. Futures for the S&P 500 declined 1 per cent while Stoxx Europe 600 futures fell 0.7 per cent. Asian equity markets also fell, with Japan’s Topix declining 1.6 per cent. The dollar gained 0.3 per cent against key trading partners while gold fell 0.5 per cent to $5,150 a troy ounce. Yields on 10-year US Treasuries climbed 0.03 percentage points to 4.24 per cent. Bond yields move inversely to prices. Financial Times, March 12

Iran escalates attacks on infrastructure and transport networks across the Gulf
Iran dramatically escalated its strategy of striking civilian infrastructure and transport networks across the Gulf on Wednesday, attacking commercial ships and targeting Dubai’s international airport as US and Israeli warplanes launched new waves of strikes on the Islamic Republic. Senior Iranian officials struck a defiant tone, warning of a long “war of attrition” that would threaten global economic chaos as energy supplies from the region were throttled. In what appears to be a growing stalemate in the 12-day conflict, violence continued across a swath of the Middle East, with Israeli strikes on what it says are Hezbollah targets in Lebanon and barrages of Iranian missiles and Hezbollah rockets targeting Israel. Israeli strikes on Lebanon have killed at least 634 people and injured 1,586 in less than 10 days of fighting. More than 816,700 families have registered as displaced with the Lebanese state. On Wednesday night, in a sharp escalation, Israeli warplanes bombarded Beirut’s southern suburbs and south Lebanon after Hezbollah launched drones and rockets at northern Israel. The Guardian, March 11

Iran warns long war with US, Israel would 'destroy' world economy
Iran warned on Wednesday it could wage a long war with the US and Israel that would "destroy" the world economy, as it effectively closed off transit through the Strait of Hormuz. Under political pressure over the economic fallout from the war, US President Donald Trump said the conflict would end "soon" and promised "great safety" for vessels in the strategic waterway. Oil prices have surged since February 28, when the United States and Israel launched air strikes on Iran, killing its supreme leader and plunging the Middle East into war. The Strait of Hormuz accounts for a fifth of the world's oil supplies, and a mix of Iranian missile strikes and drone barrages has brought shipping through the passage almost to a halt. World economies have scrambled to try to manage prices, with member states of the International Energy Agency agreeing a record release of 400 million barrels of oil from their reserves. France 24, March 11

US launches new probes into EU and other trade partners
The US has launched new investigations into trading partners including the EU, Japan and Korea, as Donald Trump looks to shore up his tariff wall after the Supreme Court struck down many of his previous levies. The US trade representative’s office on Wednesday unveiled an investigation into what it said was “excess capacity and production in manufacturing sectors” in a series of countries. The move is likely to help the Trump administration raise duties back to the level they were at before the US’s top court last month ruled the president could not use emergency powers to impose tariffs. Although the administration moved immediately following the court ruling to impose a blanket 10 per cent tariff on almost all trading partners to replace the levies that were deemed illegal by justices, it will only last for 150 days. Many of the countries targeted on Wednesday - including the EU, Taiwan, Switzerland, Japan and Korea - have reached trade agreements with the US to set their tariffs at specific levels that are often higher than 10 per cent. Financial Times, March 12

MPs launch inquiry into student debt scandal
MPs have announced a parliamentary inquiry into student loan repayments and the tax burden faced by graduates. After a Money investigation revealed the punitive terms faced by graduates, the system has come under intense criticism. Now the cross-party Treasury select committee of ministers is calling for evidence from borrowers about their experience of repayments. Dame Meg Hillier, the Labour MP for Hackney South & Shoreditch and chairwoman of the committee, said that interest rates and high marginal tax rates “have clearly led to widespread dissatisfaction among graduates who may not have fully understood their repayment terms and the possibility that they could change”. She said: “This inquiry is about fairness. Fundamentally, what we’re asking is, have the goalposts been moved in a way which is unfair to graduates?” The committee will look at whether the repayment terms are “reasonable and proportionate”. Workers with an undergraduate loan who earn more than £50,270 face an effective marginal tax rate of 51 per cent once repayments and national insurance are taken into account. The Times, March 12

Social media firms asked to toughen up age checks for under-13s
Major technology companies have been asked to bring in more robust age checks for under-13s in the UK, similar to those currently in place for services designed for adults. The platforms contacted by media regulator Ofcom and data watchdog the Information Commissioner's Office are Facebook, Instagram, Snapchat, TikTok, YouTube, Roblox and X. They have been told they should do more to make sure younger children are kept safe online. Ofcom Chief Executive Melanie Dawes said services were currently "failing to put children's safety at the heart of their products". The companies have defended the safeguards they have in place, with YouTube owner Google saying it was surprised by Ofcom's approach, urging it to focus on higher risk services instead. But both regulators said the social media platforms needed to strengthen their commitment to stopping children under 13 from signing up. Currently, many platforms rely on people who sign up to self-report their own ages. BBC news, March 12