Global Pulse

分类： business

  • Oil prices rise as US stocks fall ahead of Trump’s deadline for Iran

    Oil prices rise as US stocks fall ahead of Trump’s deadline for Iran

    Financial markets across the globe faced heightened volatility on Tuesday, driven by cascading geopolitical uncertainty as a self-imposed deadline from U.S. President Donald Trump for Iran to reopen the Strait of Hormuz approached. With the clock ticking down to an 8 p.m. Eastern time cutoff, Trump issued a stark warning that a “whole civilization will die tonight, never to be brought back again” if Tehran failed to comply with his demands. In direct response, Iranian officials have called on civilian youth to form human chains around critical infrastructure, including power plants and bridges that the U.S. president has explicitly threatened to destroy.

    By 11:30 a.m. Eastern time, major U.S. stock indices were deep in negative territory. The broad-based S&P 500 slid 0.8%, while the Dow Jones Industrial Average dropped 355 points, also a 0.8% decline. The tech-heavy Nasdaq composite underperformed further, closing the mid-morning window down 1.2%. Trading has been marked by erratic swings since the outbreak of hostilities between the U.S.-led coalition and Iran in late February, and Tuesday was no exception: within the first hour of trading alone, the Dow fluctuated wildly from a 74-point gain to a 425-point loss as investors scrambled to price in shifting geopolitical risks.

    The most dramatic market moves played out in the global energy sector, where crude oil prices spiked sharply following Iran’s decision to block the Strait of Hormuz, a critical chokepoint through which roughly 20% of the world’s daily oil supplies pass to global markets. The ongoing conflict has already disrupted crude production and shipping routes across the Persian Gulf, pushing energy prices far above pre-war levels. On Tuesday, benchmark U.S. crude climbed 3.2% to settle at $116.08 per barrel, while international benchmark Brent crude added 0.9% to reach $110.75 per barrel — up from roughly $70 per barrel before the war began in late February. The national average for a gallon of regular gasoline in the U.S. has now jumped to $4.14, up from under $3 just weeks before the start of hostilities, AAA data shows.

    Market analysts warn that prolonged disruption to Persian Gulf energy supplies could lock in sustained high oil prices, triggering a global wave of persistent inflation that would weigh heavily on household budgets and economic growth. Compounding uncertainty, Iran rejected a latest ceasefire proposal on Monday, reiterating that it would only accept a permanent end to all offensive military operations. This is not the first time Trump has issued a high-stakes deadline for bombing Iranian infrastructure, only to back down and extend the ultimatum multiple times since the war began. This pattern of shifting threats, paired with the president’s 2025 decision to walk back multiple threatened stiff tariffs on global imports after his second inauguration, has left investors guessing whether another delay could be in the cards.

    “Investors are likely to remain on edge and markets unable to establish trends, probably until there is a clear outcome later this evening: a deal, the U.S./Israeli strikes intensify, or Iran’s retaliation becomes escalatory instead of proportional,” said Paul Christopher, head of global investment strategy at Wells Fargo Investment Institute.

    Sectors most sensitive to rising fuel costs bore the brunt of the selling pressure on Wall Street. Norwegian Cruise Line Holding dropped 5% amid expectations of higher operating costs, while United Airlines sank 3.9%. Discount retailers that cater to lower-income households, whose customers are least able to absorb rising gasoline prices, also saw sharp declines: Dollar Tree slid 4.9% and Dollar General fell 2.7%. Cryptocurrency-linked firms also fell alongside sinking bitcoin prices, with Coinbase Global dropping 4% and Strategy declining 4.4%.

    Not all sectors closed in negative territory, however, as a handful of positive corporate and regulatory news limited broader market losses. Health insurance stocks surged after the U.S. Centers for Medicare & Medicaid Services announced an expected net average 2.48% increase in Medicare Advantage payments for 2027, a figure that outpaced most investor expectations. UBS analyst AJ Rice noted that the higher payment forecast was better than many on Wall Street had predicted, pushing UnitedHealth Group up 8.7% and Humana 6.2% higher.

    Universal Music Group (UMG) also provided a boost to global indexes after Bill Ackman’s Pershing Square Capital Management announced a cash-and-stock bid to acquire the major record label, home to superstars including Taylor Swift and Bad Bunny, for an approximate valuation of $64 billion. Pershing Square argues that the buyout would eliminate lingering uncertainty that has suppressed UMG’s share price, and if completed, would relocate the company’s headquarters to Nevada and shift its primary listing from Amsterdam to the New York Stock Exchange. UMG’s Amsterdam-listed shares jumped 12.3% on the news, but still trade below the offer price, signaling that investors remain skeptical the deal will cross the finish line.

    Overseas, most European stock indices finished the day in negative territory, while Asian markets delivered mixed results: South Korea’s Kospi led regional gains with a 0.8% climb. In U.S. bond markets, Treasury yields moved higher ahead of the deadline, with the 10-year Treasury yield rising to 4.36% from 4.34% late Monday, lifted in part by climbing oil prices. The 10-year yield now sits well above its pre-war level of 3.97%, and the rise has pushed up mortgage and lending rates for U.S. households and businesses, creating additional downward pressure on overall economic growth.

  • India’s high-growth economy gets a Middle East oil shock

    India’s high-growth economy gets a Middle East oil shock

    Just weeks ago, the Reserve Bank of India (RBI) lauded the nation’s rare combination of robust economic expansion and contained inflation as a ‘Goldilocks’ moment — a sweet spot few major global economies could claim. Today, that optimism has crumbled, swept away by the escalating conflict in the Middle East that has sent shockwaves through India’s energy-dependent economy.

    As one of the world’s most reliant nations on Gulf energy imports, India faces uniquely acute risks from the crisis: 60% of its natural gas, over 90% of its cooking gas (LPG), and a quarter of its fertiliser imports originate from the Middle East. This deep supply dependence has turned regional tensions into an immediate domestic crisis, with visible disruptions rippling from currency markets to neighborhood restaurants.

    The most immediate impact has played out in foreign exchange markets, where the Indian rupee has tumbled to repeated record lows, falling nearly 10% against the U.S. dollar over the past 12 months. While the RBI’s intervention to curb speculative trading has temporarily slowed the rupee’s slide, economists warn the relief is likely temporary. Global investment firm Bernstein projects that if the conflict drags on through most of 2026, the rupee could plummet past 110 against the dollar, a outcome the firm describes as catastrophic. Even a quick resolution to the conflict would not reverse the current downward trajectory, analysts agree.

    A persistently weak rupee amplifies pressure across every corner of the Indian economy. It raises import costs for energy and goods, pushes up consumer prices, erodes corporate profit margins, widens government fiscal deficits, and discourages foreign investment into Indian equities. Already, India’s benchmark stock indexes have fallen 12% since the start of 2026, driven by broad foreign capital outflows that have erased the wealth effect that had powered upper-class consumption, a key engine of India’s recent growth.

    The conflict has also cast a shadow over India’s medium-term growth and inflation outlook. India’s finance ministry warned in its latest monthly economic review that higher import and logistics costs, paired with potential declines in remittances from the 10 million Indian citizens living in the Gulf, could have a significant impact on economic performance. Early indicators already show a measurable moderation in activity across multiple sectors.

    Before the crisis, India projected gross domestic product (GDP) growth of 7% for the 2026-27 financial year, a pace that would keep it on track to overtake Japan as the world’s fourth-largest economy. Now, leading brokerages estimate the Gulf crisis could cut growth by up to a full percentage point. Compounded by recent downward revisions to India’s GDP statistics following a base year update, the setback will almost certainly delay the nation’s long-held goal of rising to fourth place in global GDP rankings.

    Energy shortages have already hit everyday life across India. While the Indian government has absorbed most of the crude oil price shock to keep pump prices stable ahead of key state elections — cutting excise duties on petrol and diesel and imposing windfall taxes on fuel exports — LPG and natural gas shortages have forced widespread closures. Restaurants, hotels, food processing facilities, ceramics manufacturers, and even funeral services have suspended operations in parts of the country due to lack of fuel. Care Edge Ratings notes that fertiliser supply disruptions could also harm India’s large agricultural sector ahead of the upcoming sowing season, which already faces elevated risk from the El Niño weather pattern.

    Former Indian chief economic adviser Arvind Subramanian warns the crisis could deliver a large-magnitude stagflationary shock, with rising inflation paired with stagnating growth. ‘The stag part of the stagflation is already being felt in terms of restaurants closing down and households having less natural gas,’ Subramanian told India Today TV. Early worrying signs include migrant workers beginning to leave major urban centers like Mumbai in response to energy shortages, echoing population shifts seen during Covid-19 lockdowns. Economists warn that if labor shortages emerge and wage pressures rise, the country could face persistent supply-side headwinds.

    To address the crisis, the Indian government has proposed a $6.2 billion economic stabilization fund and has requested approval for additional spending on food and fertiliser subsidies. The funding has been freed up by cutting non-essential spending, likely from infrastructure allocations for roads and railways. Even so, Bernstein notes the fund remains modest relative to the scale of the current economic challenge.

    For its part, the RBI is widely expected to hold interest rates steady at its upcoming policy announcement this week, as policymakers wait for clarity on how long the conflict will last. Care Edge Ratings explains that a ‘wait and watch’ approach preserves the central bank’s flexibility to adjust policy once the full scale of risks to growth and inflation becomes clear.

    Amid the widespread gloom, analysts point to a few bright spots. A weaker rupee could improve the competitiveness of India’s export sector, and the country’s current comfortable foreign exchange reserves provide a larger buffer against market volatility than past crises. Still, Subramanian and other experts frame the crisis as a critical wake-up call for India to address longstanding vulnerabilities in its energy sector. The path forward, they argue, requires building larger strategic energy stockpiles, diversifying import sources, and accelerating the transition to renewable energy in the long term.

  • Somalia set for ‘historic’ first offshore oil drilling

    Somalia set for ‘historic’ first offshore oil drilling

    Decades of political instability and persistent conflict have long blocked Somalia from tapping its vast untapped offshore hydrocarbon reserves, but the East African nation is finally poised to turn that page this week, with the arrival of a Turkish state-owned drilling ship expected at its Arabian Sea territorial waters on Friday.

    This long-awaited exploratory operation comes on the heels of a successful 2024 seismic survey conducted by a Turkish research vessel, which mapped out high-potential deep-water sites for initial drilling. The milestone is the result of a formal energy cooperation agreement between Somalia and Turkey signed in 2024, cementing a partnership that has grown steadily over more than a decade of Turkish investment in the Horn of Africa nation.

    Somalia’s Petroleum Minister Dahir Shire framed the launch of the country’s first-ever offshore drilling project as a transformative moment for the country in a post on social media platform X, calling it “a historic milestone in our offshore energy journey” that opens “a new chapter” for the Somali energy sector. “This signals Somalia’s readiness to move into exploratory drilling, beginning with our most promising offshore prospects,” Shire added, noting that the government is committed to ensuring any energy revenues generated will be directed toward broad national prosperity and improved public welfare for all Somali citizens.

    The vessel leading the operation is the Turkish Petroleum Corporation’s (TPAO) drilling ship *Çağrı Bey*, which is embarking on its first international mission for the state-owned energy firm. Once anchored, it will conduct deep-water drilling at the hydrocarbon-rich sites identified in last year’s survey.

    Somalia’s Foreign Ministry has emphasized that successful discovery of commercial oil reserves would not only unlock the country’s massive offshore resource potential, but also position Somalia as a new competitive regional energy player and provide a critical boost to the country’s ongoing post-conflict economic recovery. Somali Foreign Minister Ali Omar reinforced this perspective earlier this week, noting that the collaborative drilling campaign further solidifies Turkey’s standing as a “trusted long-term partner” for Somalia’s development efforts.

    Turkey’s Energy Minister Alparslan Bayraktar echoed that mutual benefit ahead of his upcoming official visit to Somalia, stating that any significant oil or gas discovery from the project would deliver major economic gains for three parties: Somalia, the broader East African region, and Turkey. Ankara has built deep political, economic and security ties with Somalia over the past 12 years, expanding its engagement steadily; it established a large military base in the country in 2017 and has grown its presence there in recent years.

    Industry researchers have long estimated that Somalia holds billions of barrels of untapped oil reserves, but decades of civil war, political fragmentation and security instability have prevented large-scale exploration and development of these resources for generations. If this initial drilling campaign yields successful results, analysts say it could open a new era of energy development for one of Africa’s most conflict-affected nations.

  • US motorists warm up to China’s electric vehicles

    US motorists warm up to China’s electric vehicles

    Despite steep tariffs and regulatory restrictions that currently bar Chinese-made electric vehicles from the mainstream US market, a new consumer survey reveals that a large and growing share of American drivers — particularly younger generations — are increasingly willing to consider purchasing these vehicles, drawn to their competitive pricing, innovative design and advanced digital features.

    A poll conducted between December 29, 2025 and January 2, 2026 by Cox Automotive, a leading industry research and forecasting firm for new and used vehicle markets, found that 69 percent of Generation Z car shoppers (defined as those aged 14 to 29) said they are more likely to consider Chinese EV brands than competing international or domestic options. This growing positive perception has been fueled in large part by viral positive reviews of Chinese EVs on major social platforms including YouTube and TikTok, which have introduced American consumers to the vehicles’ attractive value proposition.

    Shifting economic conditions have further amplified consumer interest: soaring fuel prices tied to regional tensions linked to the US-Israel-Iran conflict have boosted demand for electric alternatives, while the persistently high cost of domestic EVs has pushed shoppers to seek more affordable options. Data from Kelley Blue Book shows the average transaction price for a new electric vehicle in the US hit $57,245 by August 2025, pricing many middle-income buyers out of the market.

    Sarano LaGrande, a 72-year-old New York resident, shared his positive outlook with China Daily, noting that he has seen Chinese EVs featured across social media and is attracted to their aesthetic design and potential fuel savings. “Why shouldn’t Americans have access to these cars? They’re beautiful, reasonably priced, and offer something new for city driving. American-made cars often start at $30,000 and up — that’s far too expensive for many buyers,” LaGrande said.

    Bill Russo, founder and CEO of Shanghai-based automotive investment advisory firm Automobility Limited, broke down the key competitive advantages that set Chinese EVs apart from global competitors. “Chinese electric vehicles differentiate themselves primarily through rapid development cycles, unrivaled cost competitiveness, and seamless integration of cutting-edge digital technologies,” Russo explained. “Major brands each have unique strengths: BYD stands out for its vertical integration and massive production scale, Geely (including its premium brand Zeekr) for its global strategic positioning, Xiaomi for its integrated consumer digital ecosystem, and NIO for its premium user experience and after-sales services.”

    Russo added that while Chinese EVs are technically competitive enough to capture significant market share in the US, near-term large-scale market entry remains out of reach due to steep geopolitical and regulatory hurdles. The Biden administration previously imposed a punitive tariff of over 100 percent on Chinese-made EVs, a policy designed to effectively price the vehicles out of the market under the guise of protecting American manufacturing jobs. Additional federal restrictions also block Chinese vehicle technology from the US market.

    The Cox Automotive survey confirms that openness to Chinese EV brands splits sharply along demographic lines, with age being a key dividing factor. While younger, EV-curious shoppers demonstrate clear willingness to purchase Chinese brands, older consumers and buyers loyal to domestic automakers remain largely reluctant.

    China’s EV industry has expanded rapidly over the past decades, backed by significant sustained investment, with more than 100 domestic manufacturers competing for market share at home. As the world’s largest producer and exporter of motor vehicles, China has already successfully built a strong foothold for its EVs in European and Latin American markets, and most recently gained access to Canada, which cut tariffs to 6.1 percent for an initial annual quota of 49,000 Chinese-made EVs.

    In the US, where Tesla dominates the domestic EV market, established domestic auto trade groups have pushed for continued restrictions. In a March 12 letter, the groups called on the second Trump administration to maintain barriers blocking Chinese automakers from entering the US market. Still, President Donald Trump has signaled potential flexibility: during a January speech at the Detroit Economic Club, he hinted that he would be open to allowing Chinese automakers to enter the US market within the next two years, on the condition that they manufacture vehicles in US factories using American workers.

    Another New York resident, 68-year-old Tony Jackson who originally hails from Missouri, echoed the view that the US should open its market to Chinese EVs that meet consumer quality standards. “For me, the top priorities are build quality, strong structural safety features, and adequate charging infrastructure. If Chinese vehicles deliver on these points and come at a fair price, that’s a win for American consumers,” Jackson said.

    Among US auto dealerships, the Cox survey found that 15 percent of respondents already support allowing Chinese auto brands to enter the domestic market. Russo reiterated that policy constraints will almost certainly keep Chinese EVs from widespread availability at US dealerships in the near term. “That said, if regulatory and tariff barriers were reduced, Chinese EVs would almost certainly be well received by American consumers thanks to their clear value: a long list of premium features offered at highly competitive price points,” he noted.

  • Tourism enjoys robust growth

    Tourism enjoys robust growth

    This spring, China’s inbound tourism sector is seeing sharp, sustained growth, powered largely by the ongoing dividends of expanded visa-free policies that have opened the door for longer, deeper trips across the country for international travelers. Unlike the decades-long trend that saw most international visitors stick exclusively to China’s top-tier megacities and iconic landmarks, today’s foreign travelers are increasingly venturing into smaller second- and third-tier destinations, and prioritizing hands-on, culturally immersive experiences over routine sightseeing.

    Gone are the days when most international itineraries were limited to checking off bucket-list sites like the Great Wall or the Terracotta Army. Today’s visitors are stepping into local workshops to learn about China’s centuries-old intangible cultural heritage, try on traditional Hanfu clothing, hand-make dumplings from scratch, and even participate in the traditional process of porcelain firing. What began as a casual goal to “see China” has evolved into a widespread desire to “live like a local for a day,” turning deep cultural engagement into the fastest-growing new engine of the country’s inbound tourism market.

    One striking example of this new trend can be found at Zhangjiajie’s Tianmen Mountain, a stunning scenic spot in Hunan Province that blends breathtaking natural landscapes with one-of-a-kind adventure and cultural offerings. A recent viral short film posted by a foreign blogger on Instagram captured Asia’s first wingsuit pilot, Zhang Shupeng, leaping from Yuhu Peak and speeding through Tianmen Mountain Square at over 200 kilometers per hour. Within days, the clip racked up more than 100 million views and nearly 5 million likes, with comments from users across the globe expressing awe at the location and the stunt.

    Ding Yunjuan, deputy marketing manager for the Tianmen Mountain Scenic Area, explained that the site has long positioned itself as a hub for extreme sports fans, hosting world-class international events including the annual World Wingsuit League Championship, downhill stair bicycle races, and international parkour competitions that draw spectators and participants from around the world. Beyond adventure sports, the area has also invested heavily in high-quality cultural tourism offerings, most notably *Tianmen Fox Fairy*, the world’s first large-scale live musical performance staged in a high-mountain canyon. Adapted from the classic Xiangxi folk tale *The Legend of Woodcutter Liu Hai*, the production centers on traditional Oriental concepts of love and beauty.

    Between 2024 and 2025, international tourists made up 60 to 70 percent of *Tianmen Fox Fairy*’s total audience. In 2025 alone, the show drew 250,000 overseas visitors from more than 120 countries and regions, marking a 45 percent year-on-year increase. During the first run of shows in 2026, international visitors accounted for 70 percent of the audience. Overall, Tianmen Mountain welcomed 162,100 international tourists in the first quarter of 2026, a 26 percent jump compared to the same period last year, with the top four source markets being South Korea, Taiwan (China), Indonesia, and Malaysia. To better serve this growing international audience, the scenic area has rolled out a range of upgrades: it has mandated English language training for all customer-facing staff, distributed portable translation devices to front-line teams, and launched guided tour services in Mandarin, English, and Korean.

    In Lijiang, a historic scenic city in southwest China’s Yunnan Province, international visitors are similarly flocking to experience the region’s unique ethnic culture and well-preserved ancient town. During this year’s Sanduo Festival, a traditional Naxi ethnic celebration honoring the group’s guardian deity, two American travelers from New York and Los Angeles, Iren Helperin and Soheila Halimi, shared that they were drawn to Lijiang specifically for its blend of ancient culture and welcoming, safe travel environment.

    “As a tourist who doesn’t know the city or the culture, safety is always my top priority,” Helperin said. “Back in Europe, we have to tie our phones to our bodies with a string to prevent theft. Here, we never have to worry — I can carry my phone out freely and take photos whenever I want.” A German couple visiting Lijiang, Evgeni Knispel and Denise Nagel, echoed that praise, noting they discovered the city while researching China trips online. Nagel highlighted the area’s exceptional cleanliness and mild, pleasant weather, while Knispel added that while Lijiang is a popular tourist spot, it feels far less crowded than popular Southeast Asian destinations like Thailand, and he plans to recommend it to all his friends and family back home.

    Industry experts say the shift toward smaller destinations and immersive experiences is no accident. Lyu Ning, dean of the School of Tourism Sciences at Beijing International Studies University, explained that smaller tier cities across China often retain far more authentic natural landscapes and intact folk customs, which perfectly aligns with growing international demand for unique, genuine travel experiences that can’t be found in crowded megacities.

    At the same time, China’s expanded investment in transport and service infrastructure has made it far easier for international travelers to reach these off-the-beaten-path destinations. High-speed rail now connects most third- and fourth-tier cities, including popular scenic spots like Wuyishan in Fujian and Huangshan in Anhui. Regional air travel networks have also been expanded, while upgraded rural tourist roads and dedicated scenic area shuttle services have solved the longstanding “last mile” accessibility issue that once kept small destinations out of reach for most international visitors.

    Another key driver of the boom is the shift in how China’s tourism is promoted to international audiences. “Gone are the days when most international exposure came from official government promotion,” Lyu noted. “Today, most new outreach happens through authentic experience sharing on global social platforms like TikTok, Instagram, and YouTube. Real-life posts from actual foreign visitors are far more relatable and influential than any traditional advertising campaign.”

    The evolution from casual sightseeing to immersive “day in the life” experiences also marks a deeper shift in how international visitors engage with Chinese culture, Lyu added. Young international travelers, especially those from Generation Z, no longer want to just check famous landmarks off a bucket list — they want to participate in ordinary daily life in China. “This change in demand is essentially a shift from just ‘knowing about China’ to actually ‘understanding China,’” Lyu explained. “Immersive experiences turn Chinese culture from abstract symbols into tangible, shareable moments, creating a natural word-of-mouth cycle that goes from personal experience to emotional connection to social sharing.”

    Today, experiential travel products have become the core competitive advantage of China’s inbound tourism market, driving a broader industry shift from a resource-dependent model to a creativity-driven model. These offerings don’t just expand the range of products available to visitors — they also increase the added value of tourism and encourage repeat visits, as travelers who form an emotional connection to a destination often return to pursue more specific experiences in the future.

  • Tailors and dressmakers retire their pincushions as US demand for skilled sewers grows

    Tailors and dressmakers retire their pincushions as US demand for skilled sewers grows

    NEW YORK — Inside Kil Bae’s compact Manhattan one-man shop 85 Custom Tailor, the 63-year-old artisan leans over his sewing machine, carefully hemming a custom dress, when a new request interrupts his work: a customer is ready to pay $280 to alter a $20 vintage Tommy Hilfiger reversible bomber jacket he picked up from a local thrift store. For Bae, this price disparity, once unheard of, has become an increasingly common source of revenue that keeps his small business running today.

    Bae, who began honing his tailoring craft at 17 in his native South Korea, examines the cotton jacket, pins its seams, and moves around his client with the focused precision of a sculptor shaping raw marble. He is just one of thousands of aging professional tailors, sewers and dressmakers across the United States: the entire trade is shrinking as veteran artisans retire, even as consumer demand for custom alteration work surges to multi-year highs.

    Fashion industry analysts trace this new wave of demand to shifting consumer attitudes and changing health trends. A generation of shoppers raised on low-cost disposable fast fashion are now turning to skilled tailors to refine mass-produced ready-to-wear pieces, add one-of-a-kind personal touches to off-the-rack garments, breathe new life into thrifted secondhand finds, and extend the lifespan of their existing wardrobes. Beyond that, Bae notes that the rising popularity of weight-loss medications including Wegovy and Zepbound has driven a sharp increase in requests for resized waistbands, tapered sleeves and other body-altering adjustments to existing clothing.

    Unlike many traditional skilled trades, tailoring has a unique advantage that will protect it from technological disruption, Bae argues: “I recommend this job to young people because this one cannot be AI’d. Artificial intelligence has automated pattern making, but it cannot replicate the handcrafted nuance a tailor brings to every job. Every body is different, every shape is unique. AI can’t copy that kind of personalization. If I close this shop today, I can walk out and find another tailor job tomorrow.”

    Even with that stability, however, the trade has failed to attract enough new entry-level workers to replace the generation of artisans set to retire in the coming decade. The trend mirrors labor gaps seen in other hands-on skilled trades from custom engraving to musical instrument repair, where decades of under-recruitment have left widespread workforce shortages.

    U.S. Bureau of Labor Statistics (BLS) data underscores the scale of the decline. Almost two years ago, the agency counted fewer than 17,000 tailors, custom sewers and dressmakers working at formal business establishments across the country — a 30% drop from 10 years earlier. When including self-employed artisans and workers in private households, the median age for all tailors and sewers hit 54 in 2024 — 12 years higher than the median age for the entire U.S. employed workforce.

    Industry experts point to pay and working conditions as the key barriers drawing young people to the trade. The mean annual wage for tailors, dressmakers and custom sewers was $44,050 as of May 2024, according to BLS calculations, far below the $68,000 average annual income for all U.S. workers. The job also requires hours of hunched, detail-focused work that takes a significant physical toll over a career. Most modern fashion education programs also prioritize training for mass industrial production rather than hands-on custom craft work, says Scott Carnz, provost at LIM College, a New York-based institution that offers fashion business degrees: “Most of fashion training is really aimed at mass production, not spending time in a shop handmaking a garment. The work is also tedious.”

    Despite the overall decline in the total workforce, online job postings for tailors have stayed remarkably stable in recent years, says Cory Stahle, a labor economist with Indeed’s research division. Between February 2020 and February 2024, advertised tailor openings dropped by just 2%, compared to a nearly 30% drop in marketing and software development postings over the same period. “There is a kind of craftsmanship here that I think is an important piece that we can’t ignore,” Stahle, who specializes in U.S. labor market analysis, said.

    For more than a century, immigrant workers have been the backbone of America’s custom garment and tailoring trade. Julia Gelatt, associate director of the U.S. Immigration Policy Program at the nonpartisan Migration Policy Institute, says an analysis of recent U.S. census data finds roughly 40% of all tailors, dressmakers and sewers are foreign-born, with the largest shares hailing from Mexico, South Korea, Vietnam and China.

    To address the deepening labor shortage, industry and education leaders have begun partnering to cultivate a new generation of master tailors. Nordstrom, North America’s largest employer of tailoring and alteration specialists, has teamed up with New York’s Fashion Institute of Technology (FIT) to launch a nine-week intensive training program focused on advanced sewing and alteration techniques.

    “Customarily, tailoring has never been part of the American skill set,” said Michael Harrell, an FIT instructor and Broadway costume builder who teaches the program. The course received more than 200 applications for its inaugural 15-student cohort, which began coursework in October 2023 and graduated with completion certificates in February 2024, according to Jacqueline Jenkins, executive director of FIT’s Center for Continuing and Professional Studies. The hands-on curriculum is designed specifically to prepare graduates for full-time roles at Nordstrom, which employs 1,500 alteration and tailoring specialists across its luxury department store locations to handle everything from basic jean hemming and rip repair to custom suit fitting and evening gown reworking. So far, 10 graduates from the first cohort have already been hired by Nordstrom or are in the final stages of the hiring process, said Marco Esquivel, Nordstrom’s director of alterations. “We owe it to the broader industry to ensure that this is an art form that exists for years and years to come, and continues to serve customers both within our walls as well as outside,” Esquivel said.

    Other major retail brands are also expanding their custom tailoring services to match growing consumer demand. Brooks Brothers, the iconic American luxury menswear brand that has offered custom garments since the 1800s, launched a test of bespoke women’s tailoring at five locations in 2023. This year, the brand rolled out the service to 40 additional stores, with pricing starting at $165 for custom shirts and $1,398 for custom suits.

    Back at Bae’s Manhattan shop, 33-year-old client Jonathan Reiss confirms he is certain he wants to move forward with the $280 alteration of his $20 thrifted jacket. Reiss says he plans to wear the jacket regularly, and has shifted away from the fast fashion habits of his younger years: “I think I fell victim to buying cheap stuff, and then you realize it just falls apart or shrinks or it just doesn’t last long.”

    Like many veteran tailors, Bae has struggled to find a successor to carry on his craft. He tried to persuade his son, now 34, to learn the trade, but his son left a career in tech to open his own bagel shop. “Young people. They just want to find a job in computers,” Bae said. “I think that’s too boring. I think this is very interesting. Every time, I am drawing in my head. I am like an artist.”

    Bae got his start training under his older sister and brother at their custom apparel shop outside Seoul, South Korea. After five years of apprenticeship, he moved to Seoul to work on custom orders and designer samples for major domestic brands. He later relocated to the New York City area, where he worked as a pattern maker for iconic design houses including Ralph Lauren and Donna Karan. He opened his first own shop in Connecticut in 2011, but was forced to close the location after a decade when the COVID-19 pandemic gutted local small business revenue. He reopened at his current Manhattan address a year later, and now works with three specialized sewing machines: a basic all-purpose model, a heavy-duty machine for thick materials like denim and leather, and an overlock machine to finish raw fabric edges.

    For now, Bae says he plans to keep working as long as his hands stay steady enough to handle the fine work of tailoring: “I’m always learning,” he said.

  • Asian shares mostly gain as focus turns to a deadline issued by President Trump on Iran

    Asian shares mostly gain as focus turns to a deadline issued by President Trump on Iran

    TOKYO – As the first full trading week of April got underway, most Asian markets that remained open for trading posted moderate gains on Monday, with investor sentiment tightly tethered to three major destabilizing factors: the ongoing armed conflict in Iran, soaring global crude oil prices, and upcoming policy statements from former U.S. President Donald Trump.

    Japan’s benchmark Nikkei 225 climbed 0.7% to 53,514.39 during afternoon trading, while South Korea’s Kospi index notched a 1.4% gain to reach 5,450.33. Several major regional markets remained closed for public holidays: Australian markets were shut for Easter observance, while both Shanghai and Hong Kong exchanges suspended trading for a traditional Chinese holiday.

    The core source of market anxiety stems from a growing standoff over the Strait of Hormuz, one of the world’s most critical chokepoints for global energy shipments. Trump has issued a deadline for Tuesday, threatening to strike Iran’s critical infrastructure hard if the Iranian government does not reverse its closure of the strait. As of Monday, there had been no indication that Iran would back down from its closure, keeping markets on edge.

    Global energy markets have been roiled by the standoff in recent weeks, with prices surging on widespread fears that the conflict in Iran will drag on longer than initially projected. Energy markets were closed on the prior Friday, so Monday marked the first trading opportunity for many investors to price in new developments. On Monday, benchmark U.S. crude edged down 42 cents to settle at $111.12 per barrel, while Brent crude, the global pricing standard for oil, gained 64 cents to hit $109.67 per barrel.

    While the United States only sources a small share of its imported oil from the Persian Gulf region, global oil pricing operates as a unified commodity market, meaning disruptions in the region ripple through to every consumer economy worldwide. Import-reliant East Asian economies are particularly exposed to the closure: resource-poor Japan, for example, imports the vast majority of its energy needs and depends heavily on unimpeded access to the Strait of Hormuz.

    To offset potential supply disruptions, regional governments have already begun rolling out contingency plans. Japanese Prime Minister Sanae Takaichi told lawmakers recently that Japan would release its national oil reserves and is working to establish alternative shipping routes. South Korea’s trade ministry, meanwhile, announced plans to deploy at least five vessels to Saudi Arabia in the coming weeks to set up new oil transport pathways via the Red Sea.

    “As we kick off the first full trading week of April, the word uncertainty is paramount. Last year it was centered on the impact of ‘Liberation Day’ tariffs, this year it’s uncertainty surrounding the ongoing Iranian War,” explained Jay Woods, a market analyst at Freedom Capital Markets based in New York.

    U.S. stock markets were closed for Good Friday on the prior trading day and were set to reopen for regular trading on Monday. Multiple European markets also suspended trading on Friday for the Easter holiday, adding to thin trading volumes and elevated volatility across global assets.

    In foreign exchange markets, the U.S. dollar posted a tiny decline against the Japanese yen, slipping to 159.56 yen from 159.63 yen in the prior trading session. The euro, meanwhile, inched up slightly to trade at $1.1523, up from $1.1517 a day earlier.

  • OPEC+ hikes oil production quotas, issues warning

    OPEC+ hikes oil production quotas, issues warning

    Against a backdrop of skyrocketing global crude prices spurred by ongoing regional conflict, the OPEC+ oil producer bloc has greenlit a second consecutive monthly increase to collective production quotas, while issuing a stark warning about the long-term risks that damaged energy infrastructure poses to global market stability.

    Following Sunday’s coordination meeting, the alliance — which counts major oil exporting heavyweights Russia and Saudi Arabia among its core members, alongside several Gulf nations that have faced direct Iranian strikes in recent weeks — confirmed it will raise collective production allowances by 206,000 barrels per day (bpd) starting in May. This marks a repeat of the 206,000 bpd quota hike implemented by the bloc’s Voluntary Eight (V8) subgroup just last month.

    While moving to expand output to counter tight global supplies, OPEC+ stressed in an official statement that repairing energy infrastructure damaged by armed conflict is an extremely costly and time-intensive process. The bloc warned that infrastructure damage has already amplified volatility in global oil markets, with the potential to disrupt global energy supplies for months or even years to come.

    The statement also emphasized the non-negotiable importance of protecting international maritime shipping lanes to guarantee uninterrupted global energy flows. Though the announcement did not explicitly name the ongoing Iran-Israel-U.S. conflict, industry analysts widely agree that the crisis that has upended energy markets is the central context shaping Sunday’s decision.

    The conflict erupted after the U.S. and Israel launched military strikes against Iran on February 28, triggering widespread retaliatory attacks from Tehran across the Middle East region. Beyond damaging critical energy facilities in multiple neighboring countries, Iran has effectively paused commercial ship transit through the Strait of Hormuz — the world’s most critical energy chokepoint — by threatening to attack any tanker that crosses the waterway without Tehran’s explicit approval.

    Before the outbreak of war, roughly 20% of the world’s total oil and liquefied natural gas (LNG) supplies passed through the strait each day. The shutdown has severely cut export volumes from Gulf oil producers, creating deep uncertainty over whether increased OPEC+ production quotas will actually translate to more oil reaching global consumers.

    Beyond the Middle East crisis, ongoing attacks on Russian energy infrastructure by Ukraine, as it defends itself against Moscow’s full-scale invasion, have added further strain to global supply chains.

    In a separate statement released Sunday, the V8 subgroup — made up of Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria and Oman — echoed the bloc’s broader concerns. “Any actions undermining energy supply security, whether through attacks on infrastructure or disruption of international maritime routes, increase market volatility and make it more difficult for OPEC+ to manage global prices,” the statement read.

    The subgroup also offered praise for OPEC+ members that have successfully established alternative export routes to continue delivering crude to global markets, noting these adaptations have helped moderate some of the extreme price volatility roiling global markets since the outbreak of new conflict in the Middle East.

  • 3.4pc of service stations have run out of diesel, Energy Minister Chris Bowen says

    3.4pc of service stations have run out of diesel, Energy Minister Chris Bowen says

    Australia is currently facing localized diesel shortages that have left around 3.4% of its national service stations without the critical fuel, Energy Minister Chris Bowen has confirmed, with the problem most acute in New South Wales as authorities intentionally prioritize supplies to local farmers during key planting season.

    Speaking to reporters at the close of the Easter long weekend – a period that saw overall national fuel demand jump by as much as 30% due to increased travel – Bowen explained that the concentrated shortages in NSW were a deliberate trade-off to protect the nation’s food security. With the state in the heart of sowing and seeding season, Bowen said industry and government partners agreed to redirect available diesel supplies to agricultural operations to ensure farmers could plant their crops on schedule.

    “In New South Wales in particular, where we’ve been focusing with the industry on getting fuel to farmers because it’s sowing and seeding season, so therefore our service station numbers out of diesel have been higher than anyone would like,” Bowen told reporters. “Because I think rightly, people have been prioritised in getting diesel to our farmers to make sure they can get the seeds into the ground.”
    Bowen also publicly thanked fuel industry workers and retail staff who worked through the Easter holiday period to restock supplies and mitigate disruptions, noting that many employees gave up their long weekend break to address the shortage. As of Sunday, Bowen reported that 145 service stations across NSW remained out of diesel, down from 182 just two days prior – a change he framed as significant progress in restocking retail supplies, with full national updated data expected to be released Monday.

    Despite the current localized shortages, Bowen confirmed that Australia’s national fuel reserve remains secure through the month of May. As of the latest update, the country holds 39 days of reserve petrol supplies, 29 days of diesel reserves, and 29 days of jet fuel reserves. But the minister warned that long-term disruptions to global energy markets caused by the ongoing Middle East conflict cannot be fully forecast, even after major OPEC+ producers announced plans to raise output.

    The current global energy shock stems from the recent outbreak of conflict in the Middle East, which has led to the closure of the Strait of Hormuz – the critical global shipping chokepoint through which roughly a fifth of the world’s daily oil supplies pass. The closure has cut off oil exports from major OPEC+ producers including Saudi Arabia, the United Arab Emirates, Kuwait and Iraq. Even if the strait reopens immediately, Bowen said long-term damage to energy infrastructure will keep markets volatile for years.

    “There’s been gas fields and production facilities bombed. They take five years to rebuild, for example. So there’s going to be some impact,” Bowen told Australia’s Seven Network in an earlier interview. “The sooner the Strait opened, the sooner the international economy would settle and fuel prices would normalise. But every bit of delay means that tail, that tail is going to be there for quite a while and maybe show itself in ways that can’t 100 per cent be predicted.”

    Over the weekend, OPEC+ announced a plan to increase collective production quotas by 206,000 barrels per day starting in May. Industry sources told Reuters the move is largely symbolic right now, since major producers cannot export additional crude while the Strait of Hormuz remains closed, but it signals producers are prepared to ramp up output immediately once the waterway reopens.

    Global oil prices have already jumped to a four-year high of roughly $US120 per barrel, driven by reduced export volumes out of the Middle East. Financial firm JP Morgan has warned that prices could surge to $US150 per barrel if the strait remains closed through mid-May. Higher global prices have filtered through to Australian markets, while geopolitical uncertainty has also spurred panic-buying and increased demand for diesel across the country.

    Viva Energy’s Geelong oil refinery, one of Australia’s largest, recorded a 30% increase in diesel sales in the two days leading up to Easter compared to the same period in 2024, Bowen confirmed. While diesel demand remains far above normal levels, Bowen added that domestic petrol demand has returned to typical pre-shortage levels.

    The conflict has also drawn inflammatory commentary from former U.S. president Donald Trump, who posted a violent threat on his Truth Social platform overnight Australian time. Trump called for the immediate reopening of the Strait of Hormuz and threatened to attack Iranian civilian infrastructure, writing: “Tuesday will be Power Plant Day, and Bridge Day, all wrapped up in one, in Iran. There will be nothing like it!!! Open the F***in’ Strait, you crazy bastards, or you’ll be living in Hell – JUST WATCH! Praise be to Allah. President DONALD J. TRUMP.”

    Admitting that gaps in retail diesel supply remain unacceptable for many Australian motorists and businesses, Bowen acknowledged that “more work to do” to fully resolve the shortages, while noting that all possible steps are being taken to stabilize domestic supplies amid ongoing global volatility.

  • Spain’s huge pork industry seeks salvation from swine fever threat

    Spain’s huge pork industry seeks salvation from swine fever threat

    For third-generation pig farmer Jordi Saltiveri, the November 2023 announcement of the first African Swine Fever (ASF) detection in Spain hit with a mix of grief, frustration, and helplessness. Though his 8,000-head farm, nestled in the isolated countryside of Catalonia’s Lleida province hundreds of kilometers from the outbreak’s origin, has never recorded a case, the economic damage has already upended decades of stable production.

    “Every slaughter pig we sell now brings 30 to 40 euros less per head than it did before the outbreak was announced,” Saltiveri, who also serves as president of Catalonia’s federation of agricultural cooperatives, explained. The fallout is universal across Spain’s $27 billion pork sector, the largest in Europe, that has grown exponentially since the country eradicated its last ASF outbreak 30 years ago.

    The first case of the highly contagious, pig-lethal virus — which poses no risk to human health — was traced to a wild boar carcass found in Collserola Park, a protected natural reserve on the outskirts of Barcelona. A preliminary investigation quickly ruled out a leak from a nearby animal research facility as the source, but experts have pinned the risk of wider spread on the region’s booming wild boar population, which has grown unchecked due to relaxed wildlife management policies.

    Catalonia’s regional agriculture minister Òscar Ordeig noted that overpopulation of wild species, from rabbits to deer to boar, has created cascading public safety and health risks, with boars contributing to a sharp rise in traffic collisions and disease transmission. Current estimates put Catalonia’s wild boar population between 120,000 and 180,000 animals, many of which roam into Barcelona’s suburban outskirts. To curb spread, the regional government has set a target to cut the wild boar population in half, with 24,000 animals culled in the first three months of 2024 alone.

    Culling operations are concentrated in a 6-kilometer high-risk radius around the initial detection site, with a broader 20-kilometer low-risk zone also monitored. Teams use a combination of net traps, enclosed box traps, and silenced firearms, supported by drone and camera surveillance to track boar movement. All culled carcasses are tested for ASF; by the end of March 2024, 232 positive cases had been confirmed. Movement restrictions backed by reinforced fencing and strict biosecurity protocols — including disinfection of all vehicles and personnel that enter high-risk zones — are also in place to slow transmission.

    “We are deploying every available resource to protect our pork industry, our rural economy, and our farming families,” Ordeig said, emphasizing that Spain has long maintained some of the strictest biosecurity standards in Europe. “There is far too much at stake here to cut corners.”

    But the economic damage arrived almost instantly. As soon as ASF was confirmed, multiple major export markets including Brazil, Japan, Mexico, South Africa, and the United States immediately moved to close their borders to all Spanish pork imports. Other trading partners, including EU member states, China, and the United Kingdom, implemented targeted restrictions banning only pork from Catalonia and the affected northeastern region.

    The collapse in international demand has sent domestic pork prices plummeting, cutting directly into farmer profits. Data from Catalonia shows that pork exports from the region dropped 17% year-over-year in January 2024. Farmers’ advocacy group Unión de Uniones estimates that the entire Spanish pork sector has already lost more than 600 million euros since the outbreak began. Under international animal health rules, Spain cannot regain full free export status until 12 full months have passed since the last confirmed infection is eliminated.

    The stakes of a prolonged outbreak are high: in recent years, Germany’s ongoing ASF crisis has cut national pork production by roughly 25% and forced thousands of small farms to close. Spanish officials point to Belgium as a successful model, where the country fully eradicated ASF just 14 months after its first detection. Saltiveri, who maintains strict biosecurity protocols on his farm that predate the current outbreak, says he is confident his operation and other Spanish commercial farms will remain free of the virus.

    Still, many industry voices have criticized the government’s containment response as too slow. After positive cases were detected outside the initial high-risk zone in February 2024, Mercolleida, Catalonia’s leading benchmark agricultural market for all of Spain, issued a public rebuke of the culling effort in the Barcelona area, warning that delayed action was already hurting producers across the country. “Farmers from every corner of Spain are already paying the price for this outbreak,” the board said in a statement. “We cannot allow Spain to become the next Germany.”

    Domestically, however, consumer confidence has remained steady, even just a few kilometers from the outbreak’s origin at Barcelona’s central Sants Market. Multiple shoppers purchasing pork told reporters they trusted the government’s safety controls, noting that ASF cannot infect humans — a stark contrast to the 1990s BSE (mad cow disease) crisis, which posed direct risks to human health and upended beef consumption across Europe.

    “I feel more confident buying pork now than I did before the outbreak, because every cut is subject to extra checks,” said shopper Nati Martínez. Longtime pork butcher José Rodríguez added that retail prices have held steady since the outbreak began, and any softness in sales is tied to broader cost-of-living pressures, not consumer concern over ASF. For Spanish consumers, Rodríguez noted, pork remains a staple of the national diet: “We eat every part of the pig, from nose to tail. That isn’t changing anytime soon.”