Wizz Air issues profits warning due to Middle East crisis; China ‘tells refiners to halt diesel and gasoline exports’ – business live

Rolling coverage of the latest economic and financial newsMiddle East crisis live: Israel launches fresh strikes on Tehran; Iran claims to have targeted Kurdish groups in IraqThe US-Israel war with Iran could disrupt supplies of key semiconductor manufacturing materials, a South Korean ruling party lawmaker said on Thursday.South Korea’s chip industry – which supplies around two-thirds of global memory chips – was also concerned that a prolonged conflict in Iran would lead to higher energy costs and prices, Kim Young-bae said after meeting executives from companies such as Samsung Electronics and trade groups.That comes as the IRGC said they would intensify and expand strikes in the coming days, while the US confirmed it had sunk an Iranian warship in the Indian Ocean near Sri Lanka.There was also little clarity over the war’s potential length, with US Defense Secretary Pete Hegseth saying “it could be six, it could be eight, it could be three” weeks. There’s also uncertainty on when shipping will resume through the Strait of Hormuz, and we’ve seen signs of oil importers beginning to adjust behaviour. Continue reading...