Economy

Trump's business
Billionaire rages against Trump's crypto company – calls it a "private ATM"

The Trump family's crypto venture World Liberty Financial is facing growing opposition from investors after a loan linked to the company's WLFI token, writes the Financial Times.

The digital token, issued by the company where Donald Trump Jr and Eric Trump are co-founders, has fallen almost 16 percent in the past month. One of the project's largest financiers, crypto billionaire Justin Sun, has attacked the company's governance and accused the WLFI team of treating the crypto community like a "personal ATM".

World Liberty dismisses the criticism as "baseless accusations".

Middle East Crisis  Economic Impact
After the Energy Shock: US Provides Relief for Russian Oil

The US is extending the exemption that allows countries to buy Russian oil, despite sanctions against Moscow, Reuters reports. The temporary relief was initially valid until April 11, but is now extended until May 16.

The announcement comes after pressure from countries affected by rising energy prices in the wake of the Iran war. The aim is to get more oil on the market and dampen the price rise.

Critics say the measure could strengthen Russia's war economy. According to the US Treasury Department, the decision is about "ensuring that oil is available to those who need it".

Analyst: Oil no longer the stock market's clear warning light

The oil market is more balanced than the sharp price movements suggest, says IG analyst Patrick Thomenius to DI. According to him, the market is overestimating the drop in the Strait of Hormuz.

The bottleneck is more in the refineries than in crude oil production, which can pressure the price of crude oil but keep gasoline and diesel expensive. This also makes the oil price a weaker stock market signal.

- Oil and the stock market can go up and down at the same time. The negative correlation is no longer as relevant, says Thomenius.

Middle East Crisis  Food Prices
Pågen's CEO on food prices: "That's where it hits right away"

Food prices could continue to rise for several years, even if the war in Iran is short-lived, writes DI. The conflict has driven up energy and fuel prices and threatens the availability of artificial fertilizers, which is expected to hit food production.

- I would have been most worried about fruit and vegetables. They are grown in greenhouses, so that's where it hits right away, says Anders Carlsson Jerndal, CEO of Pågen.

Coffee, spices and tea are also expected to be strongly affected by more expensive transport.