Sirik, 56 ships, and the wider U.S.-Iran retaliation

The lead story

Nine other stories

1. Bond yields jump across major markets. Japan's 10-year government bond yield moved above 3% for the first time in 30 years. Germany's 10-year yield reached its highest level since 2011, Britain's reached its highest since 2008, and the U.S. 10-year yield stood at 4.7961%; the U.S. 30-year yield traded near a 19-year high. Oil and European gas prices rose as renewed strikes revived inflation concerns, and markets priced roughly a 70% chance of a Federal Reserve rate increase the following week. Higher energy costs and higher yields raise financing costs together, giving governments and companies less room to absorb the shock. 3
2. Chevron plans a larger Venezuelan footprint. Chevron said it plans to invest more than $7 billion through its Venezuelan joint ventures and double production to about 600,000 barrels per day over five years. The figure describes a company plan, while the production target describes a future outcome; neither is completed production. More Venezuelan barrels would matter most if the investment, operating conditions, and export access turn the plan into sustained supply. 4
3. Uber plans 3,300 job cuts. Uber is preparing to cut 3,300 jobs, about 10% of its workforce, as food delivery faces pressure and the company spends in the robotaxi race. The cuts connect two different problems: slower economics in a mature delivery business and the capital demands of a new transport bet. The next test is whether Uber can reduce costs while continuing to fund autonomous-vehicle expansion. 5
4. Google avoids the breakup remedy sought by the DOJ. Judge Leonie Brinkema rejected the U.S. Justice Department's request to force Google to sell its AdX exchange and publisher ad-server businesses. The ruling leaves Google's advertising assets under a remedy that stops short of the requested divestitures. The next legal and commercial question is what restrictions, if any, will govern how Google connects advertisers, exchanges, and publishers. 6
5. OpenAI faces 30 new complaints tied to the Tumbler Ridge shooting. Students, teachers, and a principal filed 30 new complaints in San Francisco against OpenAI and Sam Altman over the February shooting; seven earlier suits from victims or families were already pending. The complaints allege that a flagged account was treated as a credible threat and that a recommendation to alert police was overruled. OpenAI denies the allegations and disputes claims about Chris Lehane's role. The allegations remain claims in litigation, and the court has yet to decide them. 7
6. Xi Jinping makes a rare Egypt visit before a Trump summit. Xi Jinping's visit to Egypt forms part of a burst of foreign travel before his expected meeting with Donald Trump. The Financial Times framed the trip as part of a campaign to erode U.S. influence. The diplomatic signal sits alongside G20 finance talks in which every finance leader except China backed action against "non-market" policies and trade distortions, according to reporting from The Japan Times. 89
7. Ukraine warns airlines away from Russian airspace. Ukraine told the International Civil Aviation Organization that Russian airspace was "not safe" because of increasing Ukrainian drone activity and asked member countries to prohibit its use. ICAO had not commented in the dated update, while Moscow said it was improving flight safety. Airlines from China, Turkey, the United Arab Emirates, and other Gulf states still use parts of Russian airspace, leaving carriers to weigh route length against a widening security warning. 10
8. Edouard leaves a costly flood aftermath in Texas. Former Tropical Storm Edouard weakened into a depression after landfall, while eastern Texas remained under a flood threat through Thursday morning. Hardin County received 18 to 20 inches of rain in two days; rescuers evacuated 12 motorists, two people from a flooded home, and 21 assisted-living residents. About 22,000 Jefferson County customers lacked power, and roughly 50,000 Texas utility customers were affected. The immediate watch is the remaining water and the restoration of roads and electricity. 11
9. Congo starts Ebola vaccination as the outbreak spreads. Congo's Ministry of Health reported 6,186 confirmed cases and 3,007 deaths across six provinces. The CDC described uncontrolled expansion, while the World Health Organization cited unknown transmission chains; vaccination with Ervebo began for frontline workers in Kisangani. Health officials also identified Bundibugyo virus in the response, adding a diagnostic and operational constraint to a campaign already limited by the speed of transmission. 12

Quote of the day

"It was a very heavy attack last night, and we're prepared to do another one any time we want."

— Donald Trump 1

Further reading

• Energy price surge hits bond markets as European gas reaches three-year high — An FT reading on how the energy shock is reaching government bond markets and European gas prices.
• FirstFT: US-Iran hostilities reignite surge in energy prices — An FT briefing on the renewed conflict's effect on energy markets.