US Hits Iran-Linked Supertanker, TSMC Boosts Outlook, More
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What is the main topic discussed in this episode?
A new chapter in global growth is being written and much of it is happening in Africa. Africans need to invest. There are deals to be done and business to be won. I'm Jennifer Zabasaja. Every week on the Next Africa podcast, we track capital flows and political shifts shaping the continent's future. The digitalization of Africa is going to power its growth. Creating the world of something like HIV is possible. Population growth is so enormous in Africa. Listen to Next Africa on Apple, Spotify or wherever you get your podcasts.
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And I'm Caroline Hepker.
The US military has struck a supertanker deep inside the Persian Gulf in its first attack on a vessel since reimposing its blockade of Iranian shipping. The strike came as President Trump vowed to intensify the bombardment of Iran until Tehran stops attacking ships in the Strait of Hormuz. There are no signs of Tehran backing down. Here is our Middle East managing editor on Iran.
The Islamic Republic responded as expected. There have been retaliatory attacks, especially on Arab states in the Persian Gulf, Bahrain and Kuwait bearing the brunt of it, as well as Jordan, which said it intercepted about eight missiles launched by Iran on U.S. bases in the country. So this basically takes up the escalation one step further.
On Iran, our Middle East managing editor, in a statement carried by the semi-official Iranian student's news agency, the country's army said the waterway would remain closed until the United States accepts what it calls Iran's legal system. Speaking to Bloomberg, International Energy Agency executive director Fatih Birol warned the global economy will be in peril if the crisis isn't resolved within weeks.
If the Hormuz state is not open end of July, then the travel season starts, which means the demand goes up. We may be entering the restaurant for global economy. Thanks God there was a ceasefire and some oil went through the state of Hormuz. It is good news. But if the current situation lasts longer and the state of Hormuz is quasi-closed, then we may again have some difficult days for the global economy.
Beryl spoke to Bloomberg as Trump repeated his claim that Iran wants to resume negotiations after US strikes degraded its missile and drone capabilities. US President also announced that Iran had released an American woman detained since December 2024 as calling it a gesture of goodwill.
TSMC has beaten profit forecasts as booming demand for artificial intelligence chips continues to fuel growth. The world's biggest contract chip maker reported a 36% rise in revenue and quarterly net income equivalent to $22 billion. TSMC says that demand remains so strong that it won't be able to meet orders from U.S. customers for years. Bloomberg's Neil Campling is our senior strategist.
The key takeaway is that despite high expectations, they still managed to beat those expectations. There's clearly evidence of the AI trade, the momentum, the associated capex spend.
What happened when the US struck an Iran-linked supertanker in the Persian Gulf?
All of these incremental information is very positive for the narrative. I think it's quite staggering to think about the size of this company still growing at a 30% plus type of growth rate.
Neil Campling offering his assessment there. As a U.S. official has told Bloomberg that TSMC plans to spend an additional $100 billion to expand U.S. chipmaking capacity, that move formalizes a pledge that's part of a larger deal between Washington and Taipei to bring semiconductor manufacturing to American soil.
The UK economy unexpectedly returned to growth in May, easing concerns over higher energy prices and political uncertainty. GDP rose by 0.1%, beating expectations after a slight contraction in April. The expansion was driven entirely by the services sector, while production and construction both declined.
Well, the better than expected economic data came after the pound had climbed to a one year high against other major currencies on reports that incoming Prime Minister Andy Burnham will appoint Shabana Mahmood as UK Chancellor.
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Chapters
4 chapters
1
What is the main topic discussed in this episode?
0:00–3:12
2
What happened when the US struck an Iran-linked supertanker in the Persian Gulf?
3:12–6:13
3
How has Iran responded to recent US attacks and the closure threat to the Strait of Hormuz?
6:13–8:53
4
Could a prolonged Strait of Hormuz shutdown threaten the global economy and oil markets?
8:53–9:22
Speakers
8 identifiedMore from Bloomberg News Now
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