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FirstFT: Google pulls ahead as Big Tech AI spending targets surge
Also in today’s newsletter: oil surpasses $125 and Russia’s Mali setback
Inflation hits 50% in Iran as war rattles economy
Consumers feel effects of conflict while many expect Strait of Hormuz stand-off to exacerbate stagnation
Does trade cause peace? Ask an economist
Researchers have been trawling history to measure the pacifying effects of moving goods around
Shipbuilding feels pinch from war-driven paint and lubricant shortage
Supply bottlenecks mark the widening fallout from Iran conflict and its disruption on Middle East oil supplies
Powell vows to remain on Fed board as he warns over attacks by Trump
US central bank chief says he will continue as a governor even after Kevin Warsh succeeds him as chair
Oil tops $120 as Trump signals extended Hormuz stand-off
Brent crude rises for eighth straight day as US president says he will keep naval blockade in place
