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- Iran war fuels Asia energy crunch as India, Japan, others feel strain
The latest phase of the Iran war is locked on the Strait of Hormuz and critical energy infrastructure. Already, its effects are rippling thousands of miles away in Asia.Asia is at the front line of the energy crisis, with shortages hitting nearly every country. Roughly a fifth of the world’s oil flows through the Strait of Hormuz, with some 80% going to Asia, according to the International Energy Agency.As Iran refuses to open the strait, Asia is scrambling to mitigate disruptions and is being forced to take measures reminiscent of COVID-era actions.Asia is especially susceptible due to its heavy import dependence, weaker currencies and large populations. And the impact has hit households fast.The conflict has disrupted sectors from air travel and shipping to gas supplies. People are struggling to cook and businesses across the board are bearing the brunt as liquefied petroleum gas imports slow.A STATE-BY-STATE LOOK AT GAS PRICES AS IRAN CONFLICT PUSHES OIL HIGHERWidespread disruptions have hit South Asia in particular, which is extremely reliant on Middle Eastern oil. India, which imports nearly 90% of its crude and about half its natural gas from abroad and is the world's third-biggest oil importer and consumer, has been left especially vulnerable.Yesterday, President Donald Trump and Indian Prime Minister Narendra Modi spoke on the phone, their first call since the Feb. 28 war broke out. In a post on X, Prime Minister Modi stressed, "Ensuring that the Strait of Hormuz remains open, secure and accessible is essential for the whole world."The Strait of Hormuz serves as a conduit for more than 40% of India's crude oil imports.This week, two tankers bound for India sailed through the strait. Vessels with ties to China, Pakistan and Thailand have also transited successfully, while several other Asian governments are in talks with Tehran to secure passage.But a lot of these imports are expected to be used for non-power, industrial purposes such as fertilizer production, leaving the public left in the lurch.In a new move that shows the precariousness of the situation, India’s Reliance Industries, which operates the world's biggest refining facility, reportedly bought 5 million barrels of Iranian oil. The deal marks India's first such purchase since 2019 and comes days after the U.S. temporarily lifted sanctions."All our kitchens run on gas and so, they’ve all been hit," Indian hospitality veteran AD Singh told FOX Business. "We have been forced to stop serving several items and shorten our… [TheTopNews] Read More.1 hour ago - Rowe warns of massive workforce shakeup, says Sanders is right: ‘Revolution un...A rare point of agreement is emerging across ideological lines as concerns grow over how artificial intelligence could reshape the American workforce.mikeroweWORKS Foundation CEO Mike Rowe joined FOX Business’ Stuart Varney on 'Varney & Co.' to discuss how rapid technological change is colliding with a long-standing shortage of skilled labor, creating what he sees as a turning point for the economy.Rowe’s warning echoes a broader message gaining traction across the political spectrum. Sen. Bernie Sanders, I-Vt., has also pointed to mounting pressure on workers and a changing economic landscape, framing the moment as one of major disruption.DATA CENTER BOOM POWERING AI REVOLUTION MAY DRAIN US GRIDS — AND WALLETS"I actually agree with Bernie Sanders... I think we're on the cusp of a revolution, unlike anything we've ever seen," Rowe said.Rowe pointed to a surge in demand for skilled trades as companies race to build out the infrastructure needed to support Artificial Intelligence, data centers and energy expansion. In some parts of the country, he said, electricians are commanding salaries that rival or exceed many white-collar roles, with employers competing aggressively for a limited pool of workers.THE INVISIBLE LAYOFF: AI IS QUIETLY LOCKING AMERICANS OUT OF THE JOB MARKET, CEO WARNSThat shift, he argued, could flip long-held assumptions about education and career paths, as industries once seen as secondary become central to supporting a new digital economy."This new era is going to be a renaissance for electricians, steamfitters, pipefitters, welders, CNC operators," Rowe said.Rowe warned the scale of the coming buildout, which he described as tied to trillions of dollars in investment, will test whether the U.S. workforce is prepared to meet the moment as companies and institutions scramble to close the skills gap.GET FOX BUSINESS ON THE GO BY CLICKING HERE [TheTopNews] Read More.2 hours ago
- Meta and Google found liable in landmark social media addiction trial
The verdict marks the end of a five-week trial on the addictive nature of social media platforms. [TheTopNews] Read More.2 hours ago - Jury finds Meta, Google liable in landmark social media addiction trial, awards ...A Los Angeles jury on Wednesday found Meta and Google liable in a closely watched trial accusing social media platforms of designing their products to get young users addicted, awarding the plaintiff $3 million in damages. The verdict came after nine days, roughly 43 hours of deliberations. The case centered on a now 20-year-old California woman identified as K.G.M., who said social media platforms encouraged addictive use when she was a minor and contributed to depression and suicidal thoughts.Her lawsuit alleged that companies behind several major platforms designed their products in ways that encouraged compulsive use among young people. The companies have denied wrongdoing and argued their services include safety tools and parental controls.JILLIAN MICHAELS: BIG TECH BUILT A DIGITAL DRUG — AND OUR KIDS ARE HOOKEDTikTok and Snap, the parent company of Snapchat, were originally named as defendants but settled ahead of trial, leaving Meta and Google-owned YouTube as the remaining companies in the case.The trial had been closely watched as one of the first to test in front of a jury whether social media companies can be held legally responsible for alleged harms tied to youth use of their platforms.TENNESSEE TEACHER'S FACEBOOK POST REVEALING WHY ‘KIDS AREN’T READY FOR SOCIAL MEDIA' GOES VIRAL: ‘TERRIFYING’Jurors were asked to determine whether Meta or YouTube should have known their platforms posed a danger to children, whether the companies were negligent in designing their products, and if so, whether their services were a "substantial factor" in causing the plaintiff’s mental health issues.On Monday, jurors told the judge that they were having difficulty coming to a verdict with one of the two defendants and asked how to move forward. They were given their previous instructions, with the judge suggesting they read the details out loud before they were sent back for more deliberations. The verdict came a day after a jury in New Mexico ordered Meta to pay $375 million after finding the company misled users about the safety of its platforms and allegedly enabled child sexual exploitation.This is a breaking news story; check back for updates.FOX Business’ Kelly Saberi contributed to this report. [TheTopNews] Read More.2 hours ago
- Jamie Dimon says US has ‘become like Europe’ on defense, and it̵...JPMorgan Chase CEO Jamie Dimon said on Tuesday that the U.S. is becoming more like Europe in terms of defense procurement, and it's holding the country back.Dimon spoke at the Hill & Valley Forum, which is an annual meeting that brings together policymakers, defense leaders, tech builders and investors to discuss national security, emerging technology and U.S. competitiveness.He said he was "deeply frustrated" by what he sees as excessive bureaucracy in the defense procurement process at the Department of War that inhibits its ability to respond quickly and adapt during a conflict."We've become like Europe, we're unable to move and change – change budgeting, change procurement. You know, let people do what they need to do," Dimon said.JAMIE DIMON WARNS OF PRE-FINANCIAL CRISIS PARALLELS, SAYS SOME PEOPLE DOING 'DUMB THINGS'Dimon added that the bureaucracy's rules and compliance processes as well as Congress' involvement create barriers to the ability of defense contractors to deliver on time and on budget.He added that the defense industrial base and policymakers need to be more adaptable as he sees a need to increase defense spending given threats around the world."Of course, you also know that there's going to be a lot more spent on the military, which we really need to do," he said. "We just want to be part of helping their supply chain."DEFENSE SPENDING COULD RISE FOLLOWING US ARREST OF VENEZUELA'S MADURO, ANALYST SAYSDimon added that he thinks the involvement of more private companies in the defense industrial base could foster more rapid development and deployment of new technologies. Some private companies like Anduril and SpaceX are emerging as significant defense contractors in their areas of expertise.As the competition between the U.S. and China intensifies and the threat of conflict over Taiwan grows, Dimon said that the dependencies that the U.S. government and American corporations developed for components from China were harmful over the long-term. US BANS NEW FOREIGN-MADE CONSUMER INTERNET ROUTERS OVER SECURITY CONCERNSHowever, that experience could be informative for the U.S. if a conflict with China ever arises, as it could attempt to emulate aspects of what China has done in terms of critical industries."We should acknowledge [China has] done some things magnificently well," Dimon said, noting the country's manufacturing of cars, drones, ships and batteries. "We should look at our own shortcomings and then be prepared, if they ever become an adversary, to face off against them."GET FOX BUSINESS ON THE GO BY CLICKING HEREHe added that… [TheTopNews] Read More.2 hours ago
- What Happened After a U.S. Warship Hit an Iranian Mine in 1988
President Trump has suggested providing escorts for stranded tankers. A mine strike on a U.S. frigate in the Persian Gulf shows the perils of doing so. [TheTopNews] Read More.3 hours ago
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