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Chief financial officers at major commodity trading firms have warned that the prolonged closure of the Strait of Hormuz is likely to spark a wave of legal disputes, as disrupted energy flows lead to widespread contract breaches. With the strait - normally responsible for around one-fifth of global oil and LNG shipments - effectively shut to most shipping, producers have declared force majeure, leaving hundreds of millions of barrels undelivered and forcing refineries to cut output. Executives from firms including Mercuria, Vitol, and Trafigura say the situation is creating significant legal, operational, and market risks, with expectations of numerous claims and disputes over unfulfilled contracts likely to impact profits.

 

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As chief executives become increasingly visible and politically outspoken, companies face growing risks when leadership identity becomes tied to brand perception. New research published in the Harvard Business Review shows Elon Musk’s political activism has not simply reduced demand for Tesla but polarized it, alienating some left-leaning consumers while attracting right-leaning buyers, and leading to an overall decline in brand appeal and willingness to pay. Attempts to shift political positioning risk offsetting gains with losses across different customer segments. The research finds that improving core product attributes, such as vehicle range and charging speed, is a more effective strategy than political repositioning, as it boosts demand across all consumer groups and can help win back those put off by CEO behavior. The broader lesson for companies is that while CEO activism can reshape brand perception, long-term performance is more reliably driven by product value, with firms better positioned when they focus on innovation and customer needs rather than ideological alignment.

 

Harvard Business Review

Tailored Brands has confidentially filed for a U.S. IPO, signalling a potential return to public markets more than five years after emerging from bankruptcy. The menswear retailer, which operates over 1,000 stores across North America under brands including Men’s Wearhouse and Jos. A. Bank, is seeking to capitalize on improving IPO market conditions, although the size and pricing of the offering have not yet been disclosed. The offering also comes as demand for tailoring services increases, driven by trends such as resale clothing, weight-loss-driven wardrobe changes, and the ongoing need for fitted garments. The profession has declined sharply over decades due to offshoring and reduced training pathways, with the U.S. tailor workforce falling nearly 30% over the past decade, prompting retailers to invest in apprenticeships and training programmes to rebuild the talent pipeline. 

 

Bloomberg

Reuters

Wall Street Journal

Reuters reports that the Supreme Court on Monday appeared inclined to back the SEC in a case testing the bounds of "disgorgement," a financial remedy in which the SEC seeks recovery of profits made from illegal activities. The SEC's general power to pursue disgorgement is not in dispute, Reuters notes. At issue in Sripetch v. SEC is whether the agency must demonstrate that victims suffered economic harm before it can seek the surrender of illegal ⁠profits. Some on the court, including conservative Justice Amy Coney Barrett, pushed back on the argument made by Sripetch's lawyer, Daniel Geyser, that the disgorgement in the case would amount to impermissible punishment by the SEC because it had ​failed to prove that victims had experienced economic harm.

 

Bloomberg

Reuters

Roblox has reached a $35.8m settlement with attorneys general in West Virginia, Alabama, and Nevada over allegations that it failed to adequately protect children on its platform, agreeing to implement stronger safety measures and fund education initiatives. The agreements require Roblox to enhance safeguards, including verifying the ages of all users and restricting adults from contacting users under 16, while part of the settlement funds will support child safety education programs. The settlements follow years of scrutiny over the platform’s exposure to harmful interactions, with officials stating the company had not done enough to prevent risks to young users. Roblox said it has already introduced multiple safety updates, including new account types for younger users, and will continue investing in protections. Despite the settlements, legal pressure remains, with several other U.S. states, including Tennessee, Texas, and Florida, continuing to pursue separate lawsuits over child safety concerns.

 

Bloomberg

NBC News

Reuters

Meta is implementing new tracking software on U.S. employees' computers to monitor mouse movements, clicks, and keystrokes. The initiative, known as the Model Capability Initiative (MCI), aims to enhance the company's AI models by mimicking human interactions with technology. The tool will operate on work-related applications and websites, capturing occasional screenshots of employees' screens. According to an internal memo, the goal is to improve AI performance in tasks including selecting from dropdown menus and using keyboard shortcuts. "This is where all Meta employees can help our models get better simply by doing their daily work," the memo said.

 

The Tech Portal

The Japan Times Online

A small group of unauthorized ​users has gained access to Anthropic's new Mythos AI ‌model, according to a Bloomberg report which cites documentation and a person familiar with the matter. Users in a private online forum ​gained access to Mythos on the same ⁠day that Anthropic first announced a ​plan to release the model to a ​limited number of companies for testing purposes, Bloomberg has reported. Anthropic has said it is investigating the report of unauthorized access, and currently has no evidence that the access is affecting any of its systems.

 

Bloomberg

Elite law firm Sullivan & Cromwell has apologized to New York federal judge Martin Glenn for submitting a court filing with inaccurate citations and other errors generated by artificial intelligence. In a letter dated April 18, Andrew Dietderich, co-head of the firm's global restructuring group, said the filing contained multiple “hallucinations” made by AI software. Boies Schiller Flexner - which is also involved in the case - spotted the errors in the filing, Dietderich wrote in the letter to Glenn, chief judge of the U.S. ⁠Bankruptcy Court in Manhattan. "I apologize on behalf of our entire team. I also called Boies Schiller Flexner ​LLP on Friday to thank them for bringing this matter to our attention and to apologize directly to them ​as well," Dietderich wrote.

 

Financial Times

Reuters

U.S. retail sales jumped 1.7% in March, marking the strongest monthly increase in more than three years, driven largely by a sharp rise in gasoline prices and geopolitical disruption. The Commerce Department said that sales at gas stations surged 15.5% as fuel costs spiked following the Iran conflict and supply disruptions, significantly boosting overall figures. Excluding gasoline, retail sales rose a more modest 0.6%, slightly below February’s pace, indicating more moderate underlying consumer demand. Spending remained relatively resilient across several categories, including furniture and electronics, supported in part by tax refunds and income gains. However, signs of strain emerged as apparel sales stagnated and restaurant spending grew only marginally, suggesting that higher fuel costs are beginning to shift household budgets, particularly for lower-income consumers. Economists warn that while savings, tax refunds, and credit are helping sustain spending for now, prolonged high energy prices could increasingly pressure consumers and the broader economy. 

 

CNN

Bloomberg

Reuters

Disruption to energy flows through the Strait of Hormuz is raising the risk of a global food shock, as higher gas prices are forcing fertilizer producers to cut output, threatening crop yields and pushing up future food prices. Traders warn that reduced LNG supply, rising shipping costs and competition for key inputs are straining agricultural supply chains, while markets have yet to price in prolonged disruption, increasing the risk of tighter global food availability and higher prices, particularly if governments begin stockpiling. The World Food Programme says that nearly 45m more people could face acute food shortages if the conflict stretches into the middle of the year, with the Food and Agriculture Organization warning that India, Bangladesh, Sri Lanka, Somalia, Sudan, Tanzania, Kenya, and Egypt are among the countries most at risk. 

 

Al Jazeera

Financial Times

U.S. Trade Representative Jamieson Greer has told American ​allies they must pay more for critical minerals ‌sourced from outside China, the Financial Times has reported. Greer said in an interview with the FT that U.S. allies must be prepared to pay a “national security premium” ​for the minerals, which would be sourced from ​within a proposed group of trading partners including ⁠Europe.

 

Financial Times

Reuters

According to a TIGTA report, some small businesses are improperly claiming the Qualified Small Business Payroll Tax Credit. The report revealed that 40 ineligible businesses claimed this credit for 2023, despite the IRS's efforts to prevent such occurrences. "While most businesses that claim the Payroll Tax Credit are eligible, incorrect claims can have far-reaching effects," the report said. The IRS has received around 11,400 Forms 941 with $382m in credits for 2023. Although the IRS has implemented new controls, some ineligible claims continue to slip through. TIGTA has recommended that the IRS review these cases and recover any erroneously claimed credits. Lia Colbert, commissioner of the IRS's Small Business/Self-Employed division, acknowledged the issue but noted that only a limited number of cases were affected.

 

Accounting Today

Australian mining company BHP has reached a deal with China Mineral Resources Group, the centralised purchasing agency that controls most of the country’s metals imports, after months of intense talks that end a standoff between a vital consumer and the world’s largest miner. David Cachot, Steel & Raw Materials Research Director at Wood Mackenzie, observed: “Overall, the balance of outcomes appears favorable. Market distortions are unwinding, uncertainty is receding, and the risk of escalation has diminished . . . But this was not a clean win for either side. Rather, it reflects a pragmatic decision that managed de‑escalation is preferable to prolonged confrontation.”

 

Australian Financial Review

Bloomberg

Financial Times

Chile President Jose Antonio Kast has announced a reform package aimed at stimulating economic growth and promoting job stability. The plan includes 40 measures, notably reducing the corporate tax rate from 27% to 23% over four years. Kast emphasised that the reforms are a response to urgent economic challenges, saying: "This bill is not an ideological agenda. It is a concrete response to . . . real emergencies." The government has said it aims to increase annual growth to 4% from last year's 2.5%. Other tax measures include the creation of a tax credit for wage payments, which is designed to encourage many smaller companies to pay employees on the books. "This injects $1.4bn annually into the productive sector, benefits 235,000 SMEs (representing 86% of the credit's recipients), and protects more than 4 million workers. Formal employment will no longer be a penalty but an ⁠advantage," Kast said.

 

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