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The world’s largest maritime insurance mutuals will withdraw war-risk insurance for ships entering the Persian Gulf from March 5, escalating pressure on global shipping as conflict in the region intensifies. Seven members of the International Group of Protection and Indemnity (P&I) Clubs - which insure about 90% of global ocean-going tonnage - will automatically terminate war-risk coverage for vessels entering the Persian Gulf and adjacent waters. The move follows similar cancellations by reinsurers, prompting insurers to reassess their exposure. The withdrawal is expected to discourage shipowners from loading cargoes in the region, which supplies roughly 20% of the world’s crude oil and is a major exporter of refined fuels and liquefied natural gas. While alternative coverage remains available, market participants report premiums have surged by 25% to 50%, and in some cases doubled.

 

Bloomberg

Major e-commerce platforms are warning of longer delivery times to the Middle East after US-led airstrikes on Iran disrupted key air and sea routes, threatening supplies to one of the sector’s fastest-growing markets. Temu has extended estimated delivery times to up to 20 days from around 15, while Shein has widened its shipping window to eight to 10 days from five to eight. Some Amazon orders are showing delivery times of up to 45 days, roughly 10 days longer than before the conflict. Merchants selling via Amazon, Shein and Temu have paused new inventory shipments from China, with freight forwarders warning that both shipping costs and delivery times could double if disruptions persist. Container lines including MSC, Maersk and Hapag-Lloyd have suspended or rerouted shipments through the Strait of Hormuz, compounding delays.

 

Bloomberg

Amazon Web Services has said it experienced disruption after unidentified objects hit one of its data centres in the United Arab Emirates. Bloomberg reports that it is unclear if the incident is related to the conflict between the US and Iran, although came as the UAE reeled from Iran's retaliatory missile and drone strikes following US and Israeli attacks. “One of our Availability Zones . . . was impacted by objects that struck the data centre, creating sparks and fire,” Amazon said in a post about the incident.

 

Bloomberg

Reuters

France's Foreign Minister Jean-Noël Barrot has said that the country is "ready" to defend Gulf nations and Jordan against potential Iranian attacks. His declaration follows a series of missile and drone strikes by Iran targeting US bases in the region. Barrot expressed solidarity with countries including Saudi Arabia and the UAE, but also added that Israeli and US "unilateral" attacks in ​Iran ‌should have ⁠been debated by bodies that uphold international law, such as the ​United Nations.

 

France 24

France 24 reports that self-styled "influencers" in Dubai are grappling with the shocking reality of missile strikes as Iran retaliates against US-Israeli military actions. Many expatriates shared videos of smoke rising above the city, expressing disbelief at the sudden violence. Israeli influencer Hofit Golan exclaimed: "OMG!" as she filmed a nearby building on fire. The situation marks a "back-to-reality" moment for influencers, who often remain disconnected from geopolitical issues.

 

France 24

Economists warn that an extended conflict in the Middle East could trigger global stagflation - a combination of high inflation and weak or non-existent growth - due to spiking oil and gas prices. Ruben Nizard, head of political risk research at trade credit insurance company Coface, also said the crisis could drive up maritime freight costs and push up inflation. "At the global level, this would open the door to an economic scenario of stagflation," he said.

 

France 24

German retail sales declined by 0.9% month-on-month in January, falling more sharply than expected, according to federal statistics agency Destatis. Economists polled by Reuters had forecast a more modest 0.2% decrease, highlighting weaker-than-anticipated consumer spending at the start of the year.

 

Reuters

Norway's $2.2trn sovereign wealth fund is leveraging artificial intelligence to screen companies for environmental, social, and governance (ESG) risks, including potential links to forced labour and corruption. The fund, which invests in around 7,200 companies globally, reported that “within 24 hours of our investment, the AI tools flag new companies” that may present risks, enabling proactive measures to avoid potential financial losses. This innovative use of large language models significantly enhances the fund's ability to assess smaller companies in emerging markets, where data coverage is often limited.

 

Reuters

PlayStation users in the UK are pursuing a £2bn class action lawsuit against Sony, claiming overcharges on digital game downloads. Led by consumer advocate Alex Neill, the case represents approximately 12.2m gamers who allege Sony's pricing practices are "excessive and unfair." The Competition Appeal Tribunal in London will hear the case starting March 10. Claimants could receive around £162 each if successful. Sony defends its model, citing security concerns and its investment in hardware. Robert Palmer KC has said that Sony's "closed ecosystem" has created a captive market for digital users.

 

The Independent

Tesla and the German union IG Metall are for now to set aside their dispute over a labour meeting at the company's factory near Berlin earlier this month, the union has said. The automaker had filed a criminal complaint against a union member it accused of secretly recording the meeting on February 10. IG Metall had described the claim as a "calculated lie". Local IG Metall leader Jan Otto said: "Now, just a few days before the works council election, we can concentrate fully on the issues [over working conditions] . . . there's a lot to do," said 

 

Reuters

The UK's Financial Conduct Authority has selected Revolut, Monee Financial Technologies, ReStabilise and VVTX to test the use of stablecoins - a crypto token pegged to the pound - in a regulatory sandbox. The firms were selected from 20 that applied. While stablecoins are often used in crypto trading, some banks argue that they could make mainstream financial services more efficient.

 

The Times

BASF has announced plans to relocate jobs from Germany to Asia as part of a cost-cutting strategy. The company, which faces challenges including overcapacity and high energy costs, aims to enhance efficiency through digitalisation. CFO Dirk Elvermann said: "We will adapt our existing location structures and achieve significant cost savings." While the company's Berlin hub will remain open, it will operate with fewer staff. A union protest is underway against the relocation plans, which could affect around 3,000 employees in Berlin. BASF has already cut 4,800 jobs and said it has achieved €1.7bn in savings this year.

 

France 24

The Maltese government has initiated a social dialogue to reform work-life balance, focusing on maternity, paternity, and parental leave, as well as remote working. Parliamentary Secretary Andy Ellul said that discussions aim to strengthen existing measures to support families while ensuring economic sustainability. A key topic is the potential equalisation of maternity and paternity leave. Ellul also highlighted the importance of remote working arrangements and the right to disconnect. A Technical Committee on Work-Life Balance, chaired by Ingrid Baldacchino, will gather insights and propose recommendations for public consultation before finalising reforms.

 

Independent

Australian retailer Woolworths has adjusted its AI assistant, Olive, after users reported it discussing its mother during customer interactions. Complaints surfaced on platforms like Reddit, where users described Olive's off-topic conversations, including personal anecdotes about its family. A Woolworths spokesperson clarified that these responses were scripted by a human employee years ago to create a personal connection. Following customer feedback, the company has removed this particular scripting. Olive has been operational since 2018 and was recently enhanced through a partnership with Google to expand its capabilities.

 

The New Zealand Herald