Iran war driving up costs for UK companies; BP’s new chair suffers investor revolt – business live

Iran conflict drives sharpest service sector cost inflation in 30 years as eurozone economy contracts for first time in 16 months. | Contesto: cronaca

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• Iran war driving up costs for UK companies; BP’s new chair suffers investor revolt – business live

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The ongoing war in Iran is sending shockwaves through European economies, with service providers reporting the sharpest acceleration in service sector cost inflation in three decades and the eurozone private sector contracting for the first time in 16 months, according to data released Thursday by S&P Global. The data provider reported that the eurozone's private sector dipped into contraction in April, pulled down primarily by a downturn in the services sector. The composite Purchasing Managers' Index fell below the 50-point threshold that separates growth from contraction, marking a significant reversal after more than a year of expansion. Economists pointed to the conflict in Iran as a principal driver, with concerns over fuel shortages and spiking energy prices rippling through supply chains and consumer behavior. “With the ongoing conflict in Iran causing concerns over fuel shortages and spiking prices, the downtick may also be driven by consumers beginning to limit their vehicle usage to necessary journeys,” S&P Global noted in its report. The sharp rise in fuel costs has been particularly acute for service sector businesses, which are now facing their steepest input cost increases in 30 years. This inflation is squeezing margins and forcing companies to either absorb higher expenses or pass them on to customers, further dampening demand. The implications extend beyond the eurozone. In the UK, businesses are also feeling the heat, as higher fuel prices drive up operating costs across multiple industries. The crisis comes as BP’s new chair faced a significant investor revolt at the company’s annual general meeting, with shareholders expressing frustration over the firm’s strategy amid the volatile energy market. The revolt underscores growing tension between energy companies, investors, and governments as the Iran conflict destabilizes global oil supplies. The broader economic significance is stark. The eurozone had been showing resilience despite persistent inflation and tight monetary policy, but the Iran war has introduced a new layer of uncertainty. Analysts warn that if the conflict escalates further, fuel shortages could become more severe,...

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Categoria: cronaca