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Italy's Prime Minister Giorgia Meloni has conceded defeat in a referendum on her justice reforms, confirming she will continue as prime minister despite the setback.With almost all votes counted, the provisional result showed the 'No' camp at about 53.5 percent, and 'Yes' at about 46.5 percent, with a higher-than-expected turnout of more than 58 percent.Meloni stated that 'The Italians have decided. And we respect this decision,' adding that the result was 'a lost opportunity to modernise Italy.'Her government had aimed to change Italy's constitution to separate the roles of judges and prosecutors and reform their oversight body, but critics argued it was a political power grab that failed to address real challenges.The referendum campaign was marked by intense opposition within the judiciary, with over 80 percent of members of Italy's National Magistrates Association staging a one-day strike last year.

Oil prices have experienced a significant surge, rising more than 5%, in the wake of an Israeli strike on Iran's South Pars gasfield. This development comes as the United States-Israeli conflict with Iran continues to escalate.The international standard, Brent crude, rose 5 percent to $108.66 a barrel on Wednesday. Meanwhile, US West Texas Intermediate crude (CLc1), the price barometer for US oil, gained 2.5 percent to $98.65. This widened its discount to Brent to the largest since May 2019, driven by fears of a prolonged conflict.Iranian state media reported that natural gas facilities associated with its offshore South Pars field – the largest gasfield in the world, located off the coast of southern Iran's Bushehr province – were attacked. Iran's Revolutionary Guard threatened to attack oil and gas infrastructure in Qatar, Saudi Arabia, and the United Arab Emirates, heightening the risk of further disruptions to energy supplies in the region.Later on Wednesday, Qatari authorities reported a fire at the country's Ras Laffan gas facility after an Iranian ballistic missile attack. Qatar's Interior Ministry later confirmed that the fire had been brought under control.The US-Israeli war on Iran and Tehran's retaliatory attacks on Gulf neighbours have disrupted oil and natural gas exports from the Middle East and forced production stoppages. Experts warn that if these disruptions keep oil and gas prices elevated for an extended period, the global economy could experience a wave of inflation.Fighting has halted most shipments via the Strait of Hormuz, through which 20 percent of global oil and liquified natural gas supplies pass. Total oil output cuts in the Middle East are estimated at 7 million to 10 million barrels per day or 7 percent to 10 percent of global demand.

The US Department of Justice has charged three people, including a co-founder of Super Micro Computer, with helping to smuggle at least $2.5 billion worth of US AI technology to China. The indictment alleges a complex scheme to send US-made servers through Taiwan to other countries in Southeast Asia, where they were swapped into unmarked boxes and sent on to China.The defendants, Yih-Shyan Liaw, Ruei-Tsang Chang, and Ting-Wei Sun, are accused of using fabricated documents and staged bogus equipment to pass audit inventories, and a pass-through company to conceal their misconduct and true clientele list.The US has had export restrictions on China for advanced AI chips since 2022. Nvidia, which dominates the market for AI chips, has stated that strict compliance with export laws is a top priority.Liaw, 71, was arrested in California and released on bail, while Sun, 44, a company contractor, was held for a bail hearing. Chang remains a fugitive. Super Micro's shares fell 8 percent in after-hours trading following the news.

The trial in San Francisco centers on a class-action lawsuit filed against Elon Musk, who is accused of engaging in a pattern of deceptive behavior that misled investors as he attempted to back out of his $44bn deal to buy Twitter, now known as X, in 2022.Musk's claims about the number of bots on Twitter were a key part of his argument for backing out of the deal. He testified that Twitter had a much higher number of fake and spam accounts than the 5 percent it disclosed in regulatory filings, claiming it was actually around 20 percent. However, Twitter's former CFO Ned Segal disputed this claim, saying the number was closer to 1 percent.The trial has significant implications for Musk, whose fortune is now estimated at $839bn. If the court rules in favor of the shareholders, Musk could be liable for damages. The case highlights the challenges of navigating complex financial deals and the importance of transparency in corporate transactions.Closing arguments are set to begin on Tuesday, with the jury instructed to consider the evidence presented during the trial. The case has been closely watched by investors and observers, who are eager to see how the court will rule on the matter.

Oil prices are continuing to rise as markets see no end in sight to the effective closure of the Strait of Hormuz. The critical waterway, which usually transports about one-fifth of the global oil supply, has been brought to a standstill by Iran in retaliation for US and Israeli strikes on the country.Brent crude, the most important benchmark for global prices, rose as much as 3 percent on Sunday to top $106 a barrel, before easing slightly early on Monday to $104.63 a barrel, up nearly 1.5 percent. This represents a more than 40 percent increase in global oil prices since the start of the war.US President Donald Trump has called on other countries to help Washington reopen the Strait, but his proposal has received a muted response. None of the countries he appealed to by name – including China, Japan, France, and the UK – have publicly committed to deploying their navies to secure the strait. Japan and Australia have both stated they have no plans to send ships to the critical waterway.The closure of the strait has resulted in what the International Energy Agency has called the largest disruption to global energy supplies in history. According to the United Kingdom Maritime Trade Operations (UKMTO) centre, no more than five ships have passed through the strait each day since the start of the war, compared with a historical average of 138 daily transits. At least 16 commercial vessels have been attacked in the region since the war began on February 28.Trump has repeatedly stated he is willing to deploy the US Navy to escort commercial shipping through the strait if necessary. However, Trump administration officials have said that warships will not be deployed to the waterway until Tehran's military capacity has been further degraded.

Iran has granted safe passage through the Strait of Hormuz to ships from select countries, including Pakistan, India, and Turkey, despite its ongoing war with the United States. The strait, a vital waterway for global oil shipments, has been effectively blocked since the conflict began on February 28, causing oil prices to skyrocket above $100 per barrel.On March 2, Ebrahim Jabari, a senior adviser to the commander-in-chief of Iran's Islamic Revolutionary Guard Corps (IRGC), announced that the strait was 'closed' and warned that any vessels attempting to cross would be 'set ablaze' by the IRGC and the navy. This move led to a significant increase in oil prices, with Brent crude rising 2.5 percent to $105.70 on Monday, more than 40 percent higher than before the war began.Iranian Foreign Minister Abbas Araghchi revealed that Tehran had been approached by several countries seeking safe passage for their vessels, with the decision ultimately resting with the military. He confirmed that a group of vessels from 'different countries' had been allowed to pass through, although details were not provided.Pakistan was one of the first countries to have a ship pass through the strait, with a Pakistani-flagged Aframax tanker called Karachi sailing out of the Gulf on Sunday. India also secured permission for some of its vessels to pass through, with two Indian-flagged tankers carrying liquefied petroleum gas safely crossing the strait on Saturday.In addition, Turkey obtained permission for one of its ships to pass through the strait after authorities received approval from Tehran. China is reportedly in talks with Iran to secure safe passage for its crude oil and Qatari liquefied natural gas carriers, with 45 percent of China's oil imports passing through the strait.Meanwhile, France and Italy have requested talks with Iran regarding safe passage for their ships, according to reports. The US has proposed a naval coalition to secure the strait, but countries such as Germany and Greece have ruled out military involvement.

The ongoing conflict in Iran, now in its 18th day, has sparked concerns about the global economy's stability. Typically, during such periods of uncertainty, investors flock to safe-haven assets like gold, causing its price to rise. However, gold prices have remained broadly steady at around $5,000 an ounce.On Tuesday, spot gold was almost flat at $5,001.36 per ounce at 11:00 GMT, and US gold futures for April delivery rose just 0.1 percent to $5,005.20. This lack of movement is surprising, given that gold prices typically shoot up during economic crises as investors look for safe havens to shelter their cash.Experts suggest several reasons for this unexpected stability. Traders may be anticipating that the US Federal Reserve will halt interest rate cuts and perhaps even raise rates in response to rising inflation, making dollar assets more attractive and gold, which pays no interest, less so. Additionally, gold had already risen significantly at the start of the year, which may be contributing to its current stability.Another factor is the strengthened dollar, which provides an alternative safe-haven choice. Higher oil prices, which have soared above $100 per barrel due to the conflict, may also lead to higher inflation, making the dollar more attractive.Experts also note that gold has become a very speculative asset, and typical gold investors, including central banks, tend to be more risk-averse and may have been spooked by the volatility of gold in the current climate.For the price of gold to shift dramatically, two things would need to happen: a clear indication from the Federal Reserve that interest rates may be cut further, despite inflationary pressure, and a change in perception as to the length of the war.

Iran has started to permit a limited but increasing number of commercial vessels to transit the Strait of Hormuz, as indicated by ship tracking data. On Monday, eight non-Iranian flagged vessels were detected in the strategic waterway. This represents a notable increase, with MarineTraffic recording nine transits on Monday and Sunday, compared to just five over the preceding two days. According to Michelle Wiese Bockmann, an analyst at Windward, the growing number of ships rerouting via Iran's territorial waters suggests that Tehran is granting 'permission-based transits to friendly countries.' The Strait of Hormuz, a critical passage that normally carries about one-fifth of global oil supplies, has seen traffic plummet by more than 95 percent since the onset of the conflict between the US, Israel, and Iran. This drastic reduction has led to a surge in oil prices, which have risen above $100 per barrel, an increase of over 40 percent. Iranian officials have issued mixed messages regarding the strait's status. Iranian Minister of Foreign Affairs Abbas Araghchi stated that the strait was 'open, but closed to our enemies'. Conversely, a spokesperson for the Islamic Revolutionary Guard Corps (IRGC) warned earlier in the month that any ship attempting passage would be set ablaze. The situation has drawn international attention, with US President Donald Trump asserting that Washington does not require other countries' assistance to secure shipping traffic through the strait. Meanwhile, the US military reported dropping bunker buster bombs on 'hardened' Iranian missile sites located near the strait, citing the risk these posed to international shipping.

Emmanuel Gregoire, representing a coalition of the Socialist Party, Greens, and Communists, has been elected mayor of Paris, marking a significant victory for the traditional left in France's municipal elections. The 48-year-old former deputy to outgoing mayor Anne Hidalgo secured the capital's top office with an estimated margin of 51 to 53 percent of the vote, defeating his conservative rival Rachida Dati. Gregoire campaigned on a platform positioning Paris as a 'city of refuge' and a 'bastion against the right and the far right.'While the left celebrated victories in major southern hubs, the far-right National Rally (RN) achieved its most significant breakthrough in decades. Despite falling short of taking control of the key cities of Marseille and Toulon, the RN secured a major win in the southern city of Nice, with former mainstream conservative Eric Ciotti elected as mayor. National Rally leader Jordan Bardella hailed the results as the party's biggest electoral success in its history, noting victories in local constituencies where the party had previously held little presence.The political landscape reflects a complex shift ahead of the 2027 presidential election. In Marseille, Socialist Mayor Benoit Payan was re-elected with 56.3 percent of the vote, a result bolstered by the withdrawal of a hard-left candidate from France Unbowed. Meanwhile, former Prime Minister Edouard Philippe delivered a better-than-expected performance in Le Havre, strengthening his potential candidacy for the presidency. The election results underscore a fragmented electorate, with low turnout—hovering just above 48 percent—suggesting voter disengagement despite the high stakes of the political battle.