UK inflation eases more than expected to 2.8%, led by lower electricity and gas bills – business live
Food inflation slows to 3%, led by meat and chocolate; prices of computer game downloads drop sharply; economists say benign inflation data reduces chances of June rate hike Stamp duty should be scrapped and replaced with a new property wealth tax to fix London’s housing crisis, a leading thinktank has proposed. A report on the capital’s property market suggests an annual tax to replace the levy p
Three supertankers carrying crude oil to Asia have attempted to pass through the strait of Hormuz today, a couple of days after Iran announced a new authority to oversee shipping through the waterway.
Two ships are carrying Iraqi crude to China while a third is transporting Kuwaiti oil to South Korea, the Financial Times reported, citing shipping data.
Together the three ships are carrying 6m barrels of oil, potentially the largest amount to exit the Gulf in a single day since the US and Israel started launching missile attacks on Iran on 28 February.
The ships went through the northern side of the strait, following a route designated by Iran. “It is most likely that there was a deal done,” with Tehran, Matthew Wright, lead shipping analyst at data company Kpler, told the FT.
The news came after Iran threatened to spread war beyond the Middle East if the US attacks again, after Donald Trump said he had come within an hour of restarting the military campaign.
Iran submitted a new proposal to end the war to the US this week, but the terms appear to be the same as those previously rejected by Trump, including demands for control of the strait of Hormuz compensation for war damage, lifting of sanctions, release of frozen assets and the withdrawal of US troops from the area.
