EU-Mercosur Mega-FTA Kicks In Despite Court Challenge
On 1 May 2026 Brussels activated the EU-Mercosur free-trade agreement, slashing most tariffs immediately even though the pact’s legality is still awaiting a European Court of Justice ruling.
Business & Economics
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ECB Sets Stage for June Rate Hike as Energy-Shock Inflation Builds
After leaving policy unchanged at its 30 April meeting, ECB leaders publicly warned on 1 May that they will raise rates at the 11 June session unless Middle-East-driven energy prices retreat.
EU–Mercosur Free-Trade Deal Provisionally Enters Into Force
On 1 May 2026 the European Commission activated the long-negotiated EU-Mercosur agreement, immediately slashing most tariffs despite an unresolved legal challenge in the EU Court of Justice.
Powell Defies Tradition, Stays on Fed Board as Warsh Clears Senate Panel
On 29 Apr 2026 outgoing Fed chair Jerome Powell said he will keep his governor seat beyond his 15 May term-end until a DOJ-linked probe is “well and truly over,” even as Kevin Warsh won a 13-11 Banking Committee vote, setting up the first chair–ex-chair coexistence since 1948.
OpenAI Cuts Azure Chains, Signs $38 B AWS Pact in Overhauled Microsoft Deal
OpenAI scrapped its AGI-triggered exclusivity with Microsoft and immediately inked a seven-year, $38 billion distribution agreement with Amazon Web Services, ending Azure’s sole grip on its frontier models.
Brent Crude Tops $125 as Trump Weighs Fresh Iran Strikes, Deepening Hormuz Blockade
On 30 Apr 2026 Brent oil spiked more than 6 %, breaching $125 a barrel, after an Axios leak said President Trump would be briefed that day on new U.S. military strikes and a months-long extension of the naval blockade that has kept the Strait of Hormuz closed since February.
Powell Becomes First Ex-Chair Since 1951 to Stay on Fed Board
On 29 April 2026 Jerome Powell announced he will remain a Fed governor after his chair term ends on 15 May, citing unresolved legal assaults on the central bank even as the FOMC held rates steady.
UAE Leaves OPEC After 59 Years, Removing Cartel’s Largest Spare-Capacity Buffer
On 29 April 2026 Abu Dhabi confirmed it will withdraw from OPEC and OPEC+ effective 1 May, ending nearly six decades of membership while Gulf exports are snarled by the Hormuz blockade.
Microsoft–OpenAI Pact Revised: Exclusivity Dropped, AGI Clause Scrapped
On 27-28 Apr 2026 the $135 bn Microsoft-OpenAI alliance was rewritten, ending Azure-only exclusivity and the AGI-trigger while granting Microsoft a capped 20 % cut of OpenAI revenue through 2030 and non-exclusive IP rights through 2032.
DOJ Ends Powell Inquiry, Unfreezing Senate Confirmation of Kevin Warsh as Next Fed Chair
On 24 April 2026 the Justice Department abruptly closed its months-long criminal probe into Jerome Powell’s headquarters-renovation testimony, removing Senator Thom Tillis’s procedural block and enabling Kevin Warsh’s Fed-chair nomination to race toward a likely Senate vote before Powell’s 15 May term expiry.
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