Economics/Business Archives - Attention to the Unseen

Iran consolidates control of Hormuz with island checkpoints, diplomatic deals – and sometimes ‘fees’

From elsewhere — Thu, 21 May 2026 00:44:26 +0000

Reuters reports: The tanker crew gathered their courage and carefully navigated along a route designated by Iran, hugging the coastline and maneuvering their hulking vessel between island checkpoints through the Strait of Hormuz. The 330-metre-long Agios Fanourios I, laden with Iraqi crude oil and bound for Vietnam, had been bottled up off the coast of Dubai since late April. But on May 10 it set off for the strait after a direct deal with Iran overseen by Iraq’s prime minister....

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A ferocious backlash against AI — especially among young people — is everywhere

From elsewhere — Thu, 21 May 2026 00:43:53 +0000

Michelle Goldberg writes: When Eric Schmidt, the former chief executive of Google, started talking about artificial intelligence during a commencement speech at the University of Arizona on Friday, the graduates erupted in boos. “A.I. is going to touch everything,” said Schmidt, as his stadium-sized audience roared its disapproval. “Whatever path you choose, A.I. will become part of how work is done.” Maybe he meant this as a promise of opportunity, but the students seemed to hear it as a threat...

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Trump’s deportations are costing Americans jobs

From elsewhere — Wed, 20 May 2026 00:04:24 +0000

The New York Times reports: The Trump administration has long claimed that mass deportations would deliver more jobs and higher wages to American-born workers. But a new study casts doubt on that assertion, undermining a central tenet of the president’s immigration policy. Recent surges in deportations have led to job losses for both immigrant and American-born workers, while wages have stayed flat, according to the study, published by the National Bureau of Economic Research, a nonpartisan research organization. Construction, which...

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A utility mega-merger is all about data centers

From elsewhere — Tue, 19 May 2026 02:30:53 +0000

Inside Climate News reports: A proposed merger of the largest utility in the country by market value, NextEra Energy, with the sixth-largest, Dominion, would create a megacompany at a time when data centers and rapid increases in electricity demand are reshaping the industry. The proposal, announced Monday morning and contingent on state and federal regulatory approval, would result in a company that leads in nearly every aspect of the U.S. power and utility industry, including overall electricity generation, natural gas...

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As the American epoch of oil is collapsing, fossil fuel fascists are trying to turn back the clock

From elsewhere — Sun, 17 May 2026 23:34:19 +0000

Jonathan Watts writes: “Farewell,” the flag-waving Chinese children chanted to Donald Trump as he strolled along the red carpet back to Air Force One at the end of his summit with Xi Jinping in Beijing. The US leader claimed he was leaving with a cluster of “fantastic” trade deals to sell US oil, jets and soya beans to China. That has not been confirmed by his smiling host, but one thing was crystal clear from the two days of meetings:...

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Iran eyes a new source of power deep beneath the Strait of Hormuz

From elsewhere — Sun, 17 May 2026 23:33:40 +0000

CNN reports: Emboldened by its successful wartime blockade of the Strait of Hormuz, Iran is turning to one of the hidden arteries in the global economy: subsea cables beneath the waterway that carry vast internet and financial traffic between Europe, Asia and the Persian Gulf. The Islamic Republic wants to charge the world’s largest tech companies for using the subsea internet cables laid under the Strait of Hormuz, and state-linked media outlets have vaguely threatened that traffic could be disrupted...

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Thieves are cloning trucks and blowing up pipelines to steal $1 billion in Texas crude oil every year

From elsewhere — Sun, 17 May 2026 23:33:07 +0000

Moneywise reports: West Texas is losing roughly a billion dollars in crude oil each year to theft — and the people taking it have gotten good enough that they clone service trucks, launder barrels through brokers and occasionally blow up the pipeline they’re trying to rob. “It’s like any other commodity,” Jim Wright, chairman of the Texas Railroad Commission, told Texas Public Radio. “When the price is high, they just get sexier.” With oil prices elevated by the Iran war...

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Rising diesel costs from Iran war strain U.S. school budgets

From elsewhere — Sun, 17 May 2026 00:38:50 +0000

Reuters reports: Soaring diesel prices since the onset of the Iran war are draining already tight U.S. school district budgets, making it more expensive to bus students and run generators in a shock officials say they will not be able to afford for long. School districts from Yakima, Washington, to Waco, Texas, are tapping emergency funding reserves to keep buses running. In remote Alaska, officials are scrambling to secure enough ‌fuel to keep the lights on, according to Reuters interviews....

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China’s ‘industrial policy of everything’ leaves rest of the world in the dust

From elsewhere — Sat, 16 May 2026 01:30:59 +0000

Greg Ip writes: In the decades since China joined the world economy, U.S. presidents have traveled to Beijing with a predictable list of demands: stop stealing American intellectual property, don’t force technology transfer, open your markets. Donald Trump followed the script on his previous visit in 2017. Whether he does so again this week, it would be pointless. Those demands reflect a view of Chinese industrial policy (broadly, government support for favored sectors) that is woefully out of date. Xi...

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As Trump meets Xi, Iran lets Chinese ships through Strait of Hormuz

From elsewhere — Fri, 15 May 2026 00:36:00 +0000

The New York Times reports: Iran has allowed some Chinese vessels to pass through the Strait of Hormuz following diplomatic overtures from China’s government, semiofficial Iranian news agencies reported on Thursday. The reports coincided with a visit to Beijing by President Trump, who held talks with China’s leader, Xi Jinping, on Thursday that were expected to focus heavily on the crisis over the strategic waterway. Dueling Iranian and U.S. attempts to control traffic in the strait have rattled global energy...

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