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.

Electric car company Tesla has cut its prices in a number of major markets – including the US, China and Germany – as it faces falling sales. The move comes after it reported a sharp fall in its global vehicle deliveries in the first three months of this year.

Netflix has seen its profits soar in the first three months of 2024 in part due to its crackdown on password sharing. Netflix saw 9.3 million new customers in the first quarter, bringing its total number of subscribers to almost 270 million. The streaming giant said its profits in the first quarter jumped to more than $2.3bn.

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