The Global Economic News

Image source, Reuters By Michael Race Business reporter , Reporting from New York Published 4 August 2026 Updated 5 hours ago Donald Trump said the Strait of Hormuz would open "very soon" or Iran would be "hit very hard" as oil prices fell to a three-week low amid hopes of a deal. The US president was speaking to Fox News after Secretary of State Marco Rubio and Treasury Secretary Scott Bessent both said talks had progressed to allow shipments potentially to resume later this week. On Tuesday, the cost of a barrel of Brent crude, the global benchmark for oil prices, fell by almost 5% to under $80 ( 60) on the news of supply disruptions potentially being eased. It continued to move lower on Wednesday - down about 0.7% in Asian trading. But the failure of previous talks in recent months to de-escalate the conflict has led to a volatile oil market, with motorists ultimately being hit by higher fuel prices. "We're having very good discussions," Trump said...

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The U.S. military said the Strait of Hormuz was open for all commercial vessels to transit, after Treasury Secretary Scott Bessent claimed that an Iran deal is close. U.S. Central Command said the "southern route of the Strait of Hormuz remains free and open" in a post on X, highlighting that it had assisted more than 1,000 vessels in transiting the waterway despite "unwarranted" Iranian aggression. The southern route passes through Omani territorial waters, rather than the part closer to Iran. The announcement comes as oil prices also fell sharply Tuesday, following remarks by U.S. Treasury Scott Bessent that there may be a deal to open the Strait of Hormuz as soon as this week. "We are in talks with the Iranians," Bessent told CNBC's "Squawk Box." "There is a chance we may have a deal today or tomorrow to open the Strait and move towards a more normalized position in this conflict." Brent , the international oil benchmark, climbe...

Image source, Bloomberg via Getty Images Image caption, The Philippines is known as the call centre capital of the world By Suranjana Tewari Asia Business Correspondent , Reporting from Manila Published 3 hours ago For 15 years, single mother Lisa made a living from content writing. She began writing straight out of college, freelanced for years and eventually followed a path taken by many young Filipinos: joining a multinational in the country's booming outsourcing industry. Lisa says she never felt the need to use artificial intelligence (AI) in her work. "I can say that I am able to do my job, I meet deadlines. In my opinion, there is no need for [AI]," she told the BBC. Eight months into her latest role, and one month before the position was due to become permanent, she was made redundant. In the months before, Lisa says a public relations agency had been tasked with producing AI-generated material that she and her colleagues were asked to edit. She says her skills w...

Image source, Leanne and Sarah/BBC Image caption, Sarah and Leanne say their decision to buy a house together as friends worked out well By Jemma Crew Business reporter Published 1 hour ago When Leanne split up with her partner in her late 20s she thought she'd have to put her dream of a buying a home in the area where she grew up on hold. She was earning a good salary but the properties she was hoping for - with a garden and parking space - were too expensive on her own. While she'd just started seeing someone new, it was very early days - far too early to discuss living together. Her friend since school, Sarah, was single and renting a room in a shared house in Brighton. She also wanted to move back home to Kent, but was worried about how she'd get on the housing ladder on her cabin crew salary. When Sarah suggested they buy together, Leanne admits she "totally baulked". But after chatting with a mortgage adviser they went ahead - and say it's helped them a...

40% of workers ages 55 to 65 have no retirement account, AARP finds and the average Gen Xer has saved just $215K Jessica Wong Mon, August 3, 2026 at 8:30 AM PDT 4 min read shutterstock.com / fizkes For many Gen Xers, retirement isn't some far-off milestone; instead it's sitting squarely on the horizon. But a surprising number are approaching their 60s without the nest egg that they might need. About 40% of U.S. workers ages 55 to 65 do not have a retirement account, according to an AARP analysis of private-sector workers. Gen Xers are the generation born roughly between 1965 and 1980, and are often dubbed " the forgotten generation ," being caught between larger Baby Boomer and Millennial generations. Must Read Jeff Bezos backs a platform that lets anyone invest in rental homes for as little as $100 6 ways to build wealth like a landlord without actually being one Dave Ramsey warns nearly 50% of Americans are making 1 big Social Security mistake. Here's what it i...

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Michael Burry of "The Big Short" fame is sticking with his bearish wagers even as the S&P 500 surges to a record high, warning that the rally could still end in a sharp sell-off reminiscent of the 1987 stock-market crash. "I continue to believe it is possible we are near a major top, and possible a 1987-type fall, but the S&P 500 making new highs likely will bring new money into the market," Burry said in a Tuesday Substack post. The S&P 500 jumped 1.9% Tuesday to its first record close since June, buoyed by stronger-than-expected corporate earnings and another drop in oil prices as hopes grew that the Strait of Hormuz could reopen to maritime traffic. The tech-heavy Nasdaq Composite soared 2.7%, extending its gain in just the first two days of the week to nearly 5%. Burry has been among Wall Street's most outspoken skeptics of the artificial intelligence boom, arguing that demand for AI infrastructure is being fueled by financing arrangements that ...

Jeff Bezos filed plans to sell about 15 million Amazon shares worth roughly $4.1 billion, after the dominant e-commerce platform's stronger-than-expected earnings sent the stock to a record high, pushing its market value above $3 trillion. Amazon fell more than 2% Tuesday following the filing, which disclosed the planned sale under a Rule 10b5-1 trading plan adopted on Nov. 14, 2025. The sales occurred on Monday through Morgan Stanley, according to the filing. The filing comes after Amazon shares touched an all-time high on Monday, extending gains sparked by last week's quarterly results. The web services provider reported robust second-quarter earnings , led by stronger-than-expected growth in its cloud computing business, reinforcing investor confidence that its artificial intelligence investments are translating into accelerating demand. Shares of Amazon have rallied about 20% this year, well over the 12% gain in the S&P 500. Amazon year to date The Form 144 filed with ...

The recent cyber breach at Indian Apple supplier Tata Electronics has become propaganda gold for Beijing, as leaders vie to keep international companies locked into China 's supply chains. "Something like this would never happen in China," said Ma Shouhua, an iPhone repair specialist in China's biggest electronics marketplace, Huaqiangbei. Ma recently posted a viral video outlining the purported specifications of Apple's soon-to-be-released iPhone 18 Pro models that were part of the materials leaked after the breach. Tata Electronics confirmed a "cybersecurity incident" to CNBC but said it "had no impact on our operations across businesses." The company did not say if any materials or data were stolen. Reuters reported in June that hacking group World Leaks claimed responsibility for the attack and that stolen data included parts lists, suppliers and photos of Apple's unreleased iPhone 18 Pro. Apple declined to comment on the leak or its s...

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If you invested $1,000 in gold, Bitcoin and $TRUMP on Inauguration Day, here is what each is worth today If you invested $1,000 in gold, Bitcoin and $TRUMP on Inauguration Day, here is what each is worth today TheStreet Getty Images Bibhu Pattnaik Tue, August 4, 2026 at 8:00 AM PDT 3 min read BTC-USD GENIUS-USD TRUMP35336-USD Pick any investor who watched Donald Trump walk back into the White House on January 20, 2025 and decided to put money into the three most talked-about assets surrounding that moment. Bitcoin, the asset Trump had openly embraced. Gold, the safe haven that has anchored portfolios for centuries. And the TRUMP memecoin, the token bearing the president's name that had launched three days earlier and was already being called the trade of the inauguration. Here is what $1,000 in each one looks like today, August 4, 2026. Related: Billionaire reveals 'worst thing' to ever happen to Bitcoin Bitcoin: Down 40% Bitcoin opened inauguration day at approximately $1...

The U.S. and Iran could reach a deal on Tuesday or Wednesday to reopen the Strait of Hormuz with freedom of movement for commercial ships, Treasury Secretary Scott Bessent said in an interview. "We are in talks with the Iranians," Bessent told CNBC's "Squawk Box." "There is a chance we may have a deal today or tomorrow to open the strait and move towards a more normalized position in this conflict." "It would be freedom of movement," the Treasury secretary said when asked whether Iran would be allowed to charge a toll. U.S. crude oil futures fell about 3% to trade below $78 per barrel after his remarks. Prices should drop further when hundreds of ships stuck in the Persian Gulf are able to exit, Bessent said. "It's not just energy. It's fertilizer, it's refined products, it is the various industrial gasses," he said. "We could see a big relief trade as those prices go down." President Donald Trump said Saturda...

Image source, Getty Images Image caption, The 2.2bn expansion will see the West Sussex airport move its emergency runway 12m (39ft) north Published 4 August 2026, 12:09 BST Updated 2 hours ago Campaigners have lost a bid to take their legal fight against the government over plans for a two-runway operation at Gatwick Airport to the Court of Appeal. Peter Barclay and campaign group Communities Against Gatwick Noise Emissions (Cagne) previously took legal action against the Department for Transport over the decision to approve the plans, including over claims that the government did not properly assess the climate impact of the scheme. Cagne and Barclay told a hearing in January the scheme was unlawful, claiming climate impact was not properly assessed. The 2.2bn expansion will see the West Sussex airport move its emergency runway 12m (39ft) north to allow 100,000 more flights a year. Image source, GATWICK AIRPORT Image caption, The plans were approved by Transport Secretary Heidi Alexa...

Prediction market platform Polymarket is in talks for a fundraising round that would value the company at north of $20 billion, a person familiar with the matter confirmed to CNBC. The talks and valuation come after the company told CNBC in late June that its annualized revenue was well above $1 billion, following the launch of its regulated U.S. exchange in May. Bloomberg first reported on Tuesday about the new talks and valuation. Polymarket declined a request to comment by CNBC. The person familiar with the situation who asked not to be named to discuss the ongoing fundraising talks also confirmed that the company previously closed a funding round in April that valued Polymarket at $15 billion. The Information first reported about the funding round that same month, but the company did not confirm the round's closure at the time. That round included an additional $600 million direct cash investment by New York Stock Exchange owner Intercontinental Exchange announced in March , B...