Business

President Trump announced that the US blockade of Iranian ports is proving effective, urging Tehran to “just give up” amid escalating tensions. Iran’s Parliament Speaker dismissed the blockade’s impact, stating it has only increased global oil prices, while tensions in the Strait of Hormuz continue to disrupt markets.

New rules clamping down on China’s internet giants are now in effect. These rules, part of the expanded State Secrets Law, require companies like Tencent, ByteDance, and Weibo to swiftly act if users share sensitive content.

Australia’s newest budget airline – Bonza – has gone into voluntary administration, after cancelling all of its flights on Tuesday. The airline’s financial difficulties have left thousands of passengers stranded around the country. “We apologise to our customers who are impacted by this and we’re working as quickly as possible to determine a way forward that ensures there is ongoing competition in the Australian aviation market,” Bonza said in a statement.

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