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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. Japanese insurers have also reduced or suspended war-risk coverage in nearby waters, reflecting broader industry caution. Analysts warn that further escalation, particularly any direct attacks on merchant vessels, could drive insurance costs significantly higher and disrupt global energy and trade flows.

 

Bloomberg

The digital activity of Iranian-linked cyber groups has increased tenfold since the start of the conflict in the Middle East, according to Tel Aviv-based cyber security company Check Point Software Technologies. Attacks and activities have focused on Israel and Arab countries and have included phishing attempts and alleged “hack and leak” operations, Check Point has said.

 

Wall Street Journal

JPMorgan and Citigroup employees in the Middle East have been asked to work ​from home amid escalating local tensions, according to two sources familiar with the matter. Both U.S. lenders say they do not expect disruptions to their operations in the region due to the U.S.-Israeli air war ‌against Iran, said the ​sources. "We ​are continuing to take measures to help keep our employees ⁠and their families safe," Citigroup said in a statement.

 

Reuters

Millions of migrant workers in the Gulf region are at risk as Iran retaliates against U.S.-Israeli strikes. The Philippines, Indonesia, Thailand, and Pakistan are monitoring the location of their citizens and preparing evacuation and repatriation plans, and Vietnam has suspended the deployment of workers to the region. Bloomberg notes that previous conflicts in the Middle East have seen some migrant workers abandoned by employers, often without their wages or travel documents.

 

Bloomberg

South China Morning Post

Straits Times

Federal Communications Commission chair Brendan Carr has signalled that the watchdog will not seek to block Paramount’s $110bn deal to buy Warner Bros and played down competition concerns over a combination of CBS and CNN, the Financial Times reports. Carr told the FT at the Mobile World Congress in Barcelona on Monday ​that concerns had been raised in Washington about the concentration ​of power stemming from Warner Bros’ previously agreed deal ⁠with Netflix, but said that the market share implications of a ​potential Paramount purchase were “drastically different.”

 

Financial Times

Reuters

The Food and Drug Administration (FDA) is set to implement a bonus program for its scientific staff, rewarding those who complete drug reviews ahead of schedule. The initiative, which is expected to be announced in an upcoming internal meeting, could see reviewers receiving substantial quarterly bonuses for high-quality work. This move is part of a broader strategy to accelerate drug evaluations, alongside plans to hire over 1,000 new scientists.

 

Bloomberg

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 labor 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

U.S. businesses are reducing tariff costs by using legal strategies such as the "first sale" rule, which allows importers to declare goods at the manufacturer’s original price rather than the higher intermediary price. Companies are also unbundling non-tariff costs like shipping and relocating production to lower-tariff countries. Analysts estimate importers avoided about $45.7bn in tariffs in 2025 through such measures, helping limit inflation despite higher duties. However, the practice has triggered political backlash, with bipartisan senators proposing legislation to ban the rule, arguing it undermines trade policy. Businesses face compliance risks and scrutiny from customs authorities, while some smaller firms find the legal and documentation costs prohibitive.

 

Wall Street Journal

A federal judge in Manhattan has rejected a request from Binance to resolve claims through arbitration from customers who accused the trading platform of illegally selling unregistered tokens and causing significant losses. U.S. District Judge Andrew Carter said customers could pursue claims that arose by February 20, 2019 in court, because the cryptocurrency exchange did not sufficiently notify them that it modified their terms of use to require arbitration and waive the right to sue in a class action.

 

Reuters

A federal judge in California has dismissed a lawsuit from Elon Musk's AI company xAI which accused rival OpenAI of stealing its trade secrets. U.S. District Judge Rita Lin in San Francisco said that xAI could refile the case, but for now it has failed to allege that the Sam Altman-led startup committed any misconduct. "Notably absent are allegations about the conduct of OpenAI itself," Lin said. "xAI does not allege any facts indicating that OpenAI induced xAI’s former employees to steal xAI’s trade secrets or that these former xAI employees used any stolen trade secrets once employed by OpenAI." 

 

Reuters

Papa John’s International plans to close 300 North American stores by the end of 2027, most of them this year, as the pizza chain seeks to revive its struggling business amid weak sector growth and softer consumer demand. The company said many of the affected locations, largely franchise-owned, are unprofitable and generate low sales. As part of its turnaround strategy, Papa John’s is also cutting about 7% of corporate jobs and streamlining its menu, discontinuing items such as Papadias sandwiches and Papa Bites pizza rolls to focus on core products. Fourth-quarter profit fell 42% to $8.6m, while revenue declined 6.1% to $498.2m, missing analyst expectations. Adjusted earnings of 34 cents per share narrowly beat forecasts. 

 

CNN

USA Today

Wall Street Journal

Japanese convenience store chain Lawson has opened its first disaster-response-focused convenience store in Futtsu, Chiba Prefecture, designed to support residents during emergencies. Developed in partnership with KDDI, the store is equipped with a Starlink antenna to provide free Wi-Fi if mobile and fixed-line networks fail. It also features a battery charger capable of powering up to 10 smartphones at once, a disposable toilet for use during water outages, digital signage for emergency updates, and a well supplying nonpotable water. Solar panels and storage batteries allow the store to operate during power cuts. While serving as a regular retail outlet, it will also prepare rice balls on-site for customers. Lawson plans to expand the concept to 100 stores nationwide by fiscal 2030.

 

The Japan Times