Iran news and archive

Association: ships in Gulf region to remain insured

Despite the war with Iran, German ships in the Gulf region can continue to be insured. This was announced by the German Insurance Association (GDV). “Insurers are adjusting terms and prices, but are not pulling out,” said Jörg Asmussen, general manager of the GDV. War risk insurance, which typically covers damage from incidents such as mines, is...

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Luxury: Is Dubai's safe haven status coming to an end?

As the giants of the CAC 40 publish their quarterly results, an exclusive analysis by Reuters reveals the scale of the upheaval hitting the Middle East. Long considered the sector's last growth engine, the Gulf is now seeing its sales collapse due to geopolitical tensions with Iran. Until now, major luxury groups like LVMH, Kering, and Hermès...

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European fashion stocks soar following Iran ceasefire

Madrid – Optimism is taking hold of the markets following the hopeful bilateral ceasefire agreed between the governments of the US and Iran in the early hours of Wednesday, April 8, Central European Summer Time. The agreement, reached for the next two weeks, is based on open negotiations for a “definitive” and “long-term” peace deal. It will...

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Trump announces a bilateral ceasefire between the US and Iran

Madrid – Diplomacy has prevailed over conflict following an announcement made in the early hours of this morning, Central European Summer Time, by US president Donald J. Trump. The statement concerns the armed conflict involving the armies of the US, Israel and Iran since February 28. This crisis appears to be on track according to the American...

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Crisis talks on Strait of Hormuz seek to increase pressure on Iran

During the crisis meeting on the largely blocked Strait of Hormuz, participating countries discussed possible further sanctions against Tehran. The British Foreign Office announced this following an online meeting convened by the UK with representatives from more than 40 countries. Foreign secretary Yvette Cooper spoke of a determination among...

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War in the Middle East: Dubai, a luxury capital on borrowed time

Dubai – Louis Vuitton, Dior, Louboutin... In Dubai's Mall of the Emirates, one luxury boutique follows another. A month into the regional war, their teams of unoccupied salespeople watch for customers or scroll through their phones out of boredom. Having just left Chanel, a rare customer who wishes to remain anonymous is adamant that people “...

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Global economic update: oil prices fall, stock markets reassured amid Middle East conflict

Paris, France – The latest global economic developments on Wednesday at approximately 8am GMT, as the war in the Middle East enters its 26th day. Oil prices fall Oil prices fell on Wednesday, with Brent dropping below 100 dollars, following Iran's announcement that it would unblock the Strait of Hormuz for ships deemed “non-hostile” and the...

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Inditex faces results presentation with shares 'pressured' by Middle East crisis

Madrid – Inditex will present its full-year results for 2025 this Wednesday, March 11, covering the period from February 1, 2025, to January 31, 2026. The Spanish fashion multinational is expected to report record highs in sales and profits, despite the impact of fluctuating exchange rates. To provide context, Inditex closed its 2024 fiscal year...

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Mapped: the impact of the West Asia crisis on global textile trade routes

The ongoing West Asia crisis has thrown open the extreme vulnerability of supply chains, including those of the garment and textile industry. FashionUnited has taken a look at why the Strait of Hormuz and the Bab-el-Mandeb Strait are such “jugular veins” of the textile trade between Asia and the West and what it means in terms of shipping times,...

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European fashion stocks decline amidst Middle East conflict

Madrid – Major European fashion companies are holding their breath, waiting to see how markets and their shares will evolve following the outbreak of the new military conflict between the US and Israel against Iran. The war has unleashed instability in the Persian Gulf region. This has been fraught with uncertainty since last Saturday, which...

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Value chains in jeopardy over Iran: Maersk diverts its vessels to the Cape of Good Hope

Madrid – Tensions are returning to global value chains following the military conflict that erupted this Saturday, February 28, in the Middle East. This follows coordinated attacks against Iran by the Israeli and US armies. The ayatollahs' regime has already responded to these hostilities, announcing an unpredictable escalation of the conflict....

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Inditex enters Iraq amid surging regional tensions

Madrid – Fate has seen the culmination of a major strategic goal for Spanish fashion giant Inditex coincide with one of the most volatile periods of instability in the Middle East. Despite the outbreak of military conflict between Iran and a coalition of the US and Israel, Inditex has officially entered Iraq—its 98th physical and 215th online...