On the back of a strong start to the financial year it is expecting revenues for the full year to come in more than 30% on 2025

One of Wales’ leading technology firms, IQE, is expecting revenue growth of more than 30% in its current financial year as it looks to build on strong half year trading.

In an upbeat trading statement the Cardiff headquartered Alternative Investment Market business, a leading global supplier of compound semiconductor wafer products and advanced material solutions, said the first half exceeded management expectations with strong demand across all core segments. This is expected to result in first half revenues of at least £64m.

Demand for IQE’s iondium phosphide (InP) solutions is continuing to accelerate due to their critical role in enabling optical photonics products for data centres and AI infrastructure. Revenue growth was also supported by ongoing strength in aerospace and defence segments, as well as robust demand for both 3D sensing and wireless products.

For the full year (2026 calendar year), IQE it is now anticipating revenue growth in excess of 30% year-on-year, resulting in an Ebitda in the “low teen” millions . The group remains bank-debt free with a cash position as at 30 June of £41.6m.

Chief executive Jutta Meier said: “I am very pleased that half trading exceeded our expectations. Our long-established leadership in InP and other key material systems means we are critically embedded in supply chains enabling industry trends that will continue to deliver further progress in H2. I remain extremely excited about the significant opportunities ahead for the transformed IQE, and look forward to sharing our continued progress.”

Following the trading statement broker Panmure Liberum increased its share target price from 50p to 54p, having recently upgraded its hold recommendation to a buy.

Last week IQE was boosted with a multi-year production order valued at $14 million from a strategic global technology customer. The order which is to be manufactured at IQE’s Newport foundry, supports applications serving AI and datacentre markets, where increasing data generation and hyperscale infrastructure requirements are driving demand for high-performance storage technologies.

In addition to the production order with the new undisclosed client, IQE says it continues to engage with the customer on future opportunities, including the development of next-generation technologies supporting multiple stages of the customer’s data lifecycle.

Mr Meier said: “We are pleased to have secured this production order with a strategic global technology leader, supporting the rapid growth of AI and datacentre markets from IQE’s volume manufacturing facility at Newport and expected to build over the coming years. This highlights the role IQE plays supporting high-performance infrastructure from the datacentre to the edge, enabled by our differentiated epitaxy portfolio, which also includes indium phosphide optical communications, silicon photonics and gallium arsenide vertical-cavity surface emitting laser-datacom applications.”

Earlier this year IQE was boosted with £81m funding package which included a £30m investment by US semiconducter manufacturer MACOM Technologies Solutions. MACOM is also supporting the company with a further £15m in convertible loan notes . The US business, which has become a minority shareholder, remains a long-term client of IQE.

Following the MACOM investment its executives Robert Dennehy and David O’ Carroll have joined the board of IQE as non-executives. Mr Dennehy has more than 30 years of experience at MACOM and since last November has been its senior vice president and chief operating officer. Mr O’ Carroll over has more than 10 years of experience with MACOM, with particular expertise in international operations, finance, and government relations across Europe and Asia. He has served as MACOM’s vice president since October 2023, managing facilities in France, Japan and Ireland and overseeing MACOM’s Asian operations.

Mark Cubitt, chairman of IQE, said: “I am delighted to welcome Robert and David to the board of IQE. I look forward to working with them and the rest of the Board as we capitalise on the opportunities ahead for the company.”

Southeast Asia is in the middle of one of the most consequential financial transformations in its history. Digital payments are proliferating, virtual banks are launching, cross-border QR networks are linking national systems that once operated in complete isolation, and a generation of mobile-first consumers is bypassing traditional banking infrastructure entirely. The numbers tell a compelling story: ASEAN’s fintech market reached USD 16.7 billion in 2025 and is projected to grow to USD 66.4 billion by 2033, at a compound annual growth rate of 18.8%.

Yet beneath the growth headlines lies a structural problem that has dogged the region’s financial integration agenda for decades and that no single bilateral deal or regulatory framework has yet resolved: fragmentation. Ten economies, ten regulatory regimes, ten currencies, and ten distinct national payment architectures — all attempting, with varying degrees of ambition and coordination, to build a seamless regional financial system. The question for investors, fintech operators, and policymakers is no longer whether ASEAN fintech will grow. It clearly will. The question is whether the region can grow together — or whether its own complexity will cap the potential of the ecosystem it is building.

The Scale of the Opportunity

The structural foundations driving ASEAN fintech growth are well understood: a large and young unbanked population, rapidly expanding middle class, high mobile penetration, and governments motivated to accelerate financial inclusion as a development priority.

Southeast Asia’s fintech transaction value reached USD 1.4 trillion in 2025, shaped by data-driven super apps and digital payments, and is projected to grow further. In ASEAN’s six largest economies — Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam — the share of global fintech investments increased from 2% in 2018 to 7% in 2022, amounting to approximately USD 4.3 billion. The trend has continued despite global funding volatility: in 2024, ASEAN-6 fintech funding fell by less than 1%, against a 28% decline in global fintech funding over the same period.

The resilience is notable. But so is the concentration: fintech funding remains highly concentrated, with Singapore-based firms accounting for up to 85% of regional funding in 2025. For markets such as Indonesia, Malaysia, Thailand, and the Philippines, these gaps in capital access present a structural constraint on scaling.

The Fragmentation Problem

ASEAN’s fintech ecosystem is expanding rapidly, but growth remains uneven due to fragmented regulation, infrastructure gaps, and highly concentrated funding that limits firms’ ability to scale and extend services to underserved populations.

The regulatory dimension is the most acute. Each ASEAN member state maintains its own licensing frameworks, data localisation requirements, anti-money-laundering and know-your-customer standards, and digital asset rules. A fintech firm licensed in Singapore cannot automatically offer services in Thailand, Indonesia, or Vietnam. It must navigate three separate regulatory environments — each with distinct timelines, compliance costs, and enforcement cultures. The primary challenges include currency conversion costs, regulatory fragmentation across different jurisdictions, slow settlement times, and limited interoperability between domestic payment networks.

The IMF has flagged this constraint directly. The current web of bilateral cross-border payment arrangements is not scalable for a globally interconnected economy. As more countries join, the number of necessary connections grows exponentially. Moving to a multilateral system will significantly enhance efficiency, interoperability, and reduction in complexity.

The stablecoin surge adds a further complication. In the ASEAN+3 region, where regulatory frameworks vary widely, the rise of stablecoin alternatives will contribute to a more fragmented cross-border payment system. The real challenge lies in resilience: building a cross-border payment ecosystem that is diverse, interoperable, and robust against shocks.

Progress on the Ground: QR Networks and Project Nexus

Despite the structural complexity, tangible progress is being made — and faster than many observers anticipated.

As of April 2026, ASEAN countries have officially entered the era of borderless payments. Indonesia, Malaysia, the Philippines, Singapore, and Thailand have linked their respective national QR systems — QRIS, DuitNow, QR Ph, PayNow, and PromptPay — enabling seamless cross-border transactions across a 420-million-consumer payment zone.

The volume of activity already flowing through these corridors is significant. ASEAN cross-border QR payment transactions surged to 12.9 million in the first half of 2025 alone, setting the stage for further expansion as additional cross-country linkages are explored.

The architecture underpinning this expansion is Project Nexus. Launched by the BIS Innovation Hub with ASEAN central banks, Project Nexus replaces the unwieldy web of bilateral links with a hub-and-spoke model where each instant payment system connects once to a central gateway, gaining access to all others. With India, Malaysia, the Philippines, Singapore, and Thailand onboard, and Nexus Global Payments established in Singapore, the initiative is on track for rollout in 2026. By standardising message formats, compliance, and FX processes, Nexus promises near-instant payments across jurisdictions at minimal cost.

By using the Local Currency Transaction framework, countries like Indonesia, Thailand, and Malaysia are settling payments directly between their own currencies, reducing reliance on the US dollar as an intermediary and protecting local economies from global exchange rate volatility.

Thailand’s Position: A Fintech Leader With Structural Ambitions

For Thailand specifically, the fintech moment represents both a competitive opportunity and an unfinished policy agenda.

Thailand presents perhaps the clearest model of government-led digital financial transformation in the region. PromptPay, launched in 2017, now processes more than 75 million daily transactions. Thailand’s financial inclusion rate stands at 92% of adults — with women slightly ahead of men, a phenomenon attributed in part to cultural norms in which women manage household finances.

The next phase is virtual banking. The Bank of Thailand’s approval of three digital banking licence applicants — Krungthai Bank in partnership with AIS and PTT OR; SCBX with South Korea’s KakaoBank and China’s WeBank; and the CP Group with TrueMoney — represents a turning point in Thailand’s push for financial innovation and inclusion. These virtual banks, expected to launch in 2026, will challenge incumbents with cloud-native infrastructure and customer-centric propositions targeting underserved segments.

Thailand is one of the fastest-growing fintech markets in ASEAN, and a pioneer in the adoption of 5G technology to improve capacity for deep technology including blockchain, AI, big data, and cloud computing. Yet even in Thailand, most banks still face barriers in industrialising AI across the enterprise, with AI remaining limited to isolated use cases due to fragmented data architectures and unclear governance structures.

What the Region Can Learn

The external models are instructive. India’s Digital Public Infrastructure — comprising the Aadhaar identity system, the Unified Payments Interface, and Account Aggregators for secure data exchange — facilitates over 20 billion transactions per month in 2025, making it among the world’s largest payment networks, now adopted or licensed by countries including Singapore and Peru. Brazil’s Pix instant payment system processed 57 billion transactions in 2024. Both demonstrate what regulatory coherence and standardisation at the national level can unlock at scale.

A more united ASEAN policy approach, drawing on lessons from these emerging economies, could harness the region’s significant potential for fintech growth, promote meaningful and equitable financial inclusion, bolster competition, and fuel innovation. The architecture for that approach is taking shape — in Project Nexus, in the ASEAN Payment Connectivity initiative, and in the national digital banking frameworks now being activated across the region. The gap that remains is political will and regulatory harmonisation speed.

ASEAN fintech’s rise is not in question. The pipeline of investment, the demographic tailwinds, and the infrastructure already in place are too substantial for the trajectory to reverse. What remains genuinely uncertain is whether the region will realise its full potential as an integrated financial ecosystem — or continue to grow as a collection of nationally dominant platforms that are technically connected but structurally siloed.

For businesses and investors operating across ASEAN, that distinction is material. A company that can deploy one compliance framework, one payment integration, and one data architecture across the region has a fundamentally different cost structure and market opportunity than one that must rebuild its operating model in each jurisdiction. Closing that gap is not merely a regulatory ambition. It is the defining competitive task for ASEAN fintech in the years ahead — and Thailand, as one of the region’s most advanced and strategically positioned markets, has both the most to gain and an important role to play in making it happen.

Sources: East Asia Forum (March 2026); IMF Staff Country Reports (February 2026); GSMA Intelligence (April 2026); AMRO Asia; BIS Innovation Hub; Chambers and Partners Fintech 2026 Thailand; DataCube Research

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The UK is one of Europe’s largest short-term rental markets, but performance varies widely between cities.

A property in London, Edinburgh, or Manchester does not face the same demand patterns, guest expectations, or regulatory pressure as one in a coastal or rural location. The same applies to management companies. Some offer national coverage, while others are strong in one city but thinner elsewhere.

For owners comparing providers for the first time, the difficult part is understanding coverage gaps, commission structures, and service exclusions before signing. This comparison looks at six UK Airbnb management companies across the criteria that affect real-world performance and net income.

What we compared

For each company, we assessed five areas: national coverage and the cities where they actively operate, published commission rates and fee structures, what is included in the standard service versus charged as an add-on, the technology available to property owners for tracking performance, and the quality of owner support for multi-property portfolios. Where information was not publicly available, we’ve noted it.

GuestReady — national coverage with full-service Airbnb management

GuestReady is one of the larger short-term rental operators active in the UK, with coverage across London, Edinburgh, Manchester, Liverpool, Brighton, and other cities. It also operates internationally across multiple countries, making it relevant for owners with properties in more than one market. For owners comparing Airbnb management in the UK, this matters because service consistency across cities can be as important as local performance.

The service includes professional photography, listing creation and optimisation across Airbnb, Booking.com, VRBO and other platforms, price optimisation, 24/7 guest communication, cleaning coordination, check-in and check-out management, an owner dashboard with real-time booking and financial visibility, and a dedicated account manager. GuestReady positions itself as a full-service operator rather than a listing-only provider.

The details that require direct enquiry are mainly commercial. Commission starts from 12% in some UK markets, but rates vary by city and property profile. An onboarding fee applies, and service inclusions may differ slightly between cities. Mid-term rental options are also available but handled separately from the core short-term service.

Best for: owners with properties across multiple UK cities who need a single operator with consistent standards and a proven track record in major markets.

Houst — flexible management plans

Houst is a well-known UK Airbnb property manager with operations in London and other major markets. Its positioning is built around flexible hosting support, with different plans for owners who want either occasional short-letting or year-round management.

Its services include listing optimisation, smart pricing, multi-platform distribution, professional photography, guest support, and cleaning coordination. Houst’s pricing pages mention flexible commission structures and different plan types, including options for owners who use their property part-time and those letting full-time.

What is less clear from public pages is how fees, platform charges, and add-ons vary between cities and contract types. Some plan-specific benefits, such as onboarding fee treatment or reduced management fees, appear to depend on the contract selected. Owners should ask for a written breakdown of what is included, what is optional, and what applies to each property in their portfolio.

Best for: owners who want a recognised operator with flexible plan options and are comfortable clarifying the fee structure before signing.

Stayful — nationwide management with published fees

Stayful presents itself as a nationwide Airbnb rental management provider with a clearly published 15% + VAT management fee. Its public pages are unusually direct about what is included and what is not, which makes it easier for owners to compare net returns.

The standard service includes multi-platform listing management across Airbnb, Booking.com, VRBO, Google, and Stayful Direct, daily dynamic pricing, 24/7 guest communication, professional photography and listing copywriting, cleaning coordination, key management, maintenance coordination, review management, and monthly income reporting. Stayful also states that cleaning costs are passed to guests at cost, and maintenance materials are charged at cost.

The main point to verify is location depth. “Nationwide” coverage does not always mean the same level of operational density in every city, borough, or rural area. Owners outside major demand centres should ask who handles cleaning, key access, inspections, and issue response locally.

Best for: owners who want published fees, clear inclusions, and broad UK coverage without a long enquiry process.

HelloGuest — low-fee nationwide short-let management

HelloGuest promotes itself as a nationwide Airbnb property management UK provider, with services across England, Scotland, Wales, and Northern Ireland. Its pages describe the company as operating “from city to coast”, which is useful for owners outside the biggest city markets.

The service includes listing creation, pricing optimisation, guest communication, occupancy management, and day-to-day short-let operations. HelloGuest publishes fees from 12%, and its pages highlight a high review volume and award recognition, including Airbnb-related hosting recognition.

The missing detail is how service delivery works across every covered location. Nationwide coverage can depend heavily on local contractor quality, response times, and market-specific pricing. Owners should ask whether the same services are delivered directly in each city, which costs are passed on, and whether dashboard access or reporting is included as standard.

Best for: owners looking for a lower published commission and broad UK coverage, especially if they want to compare national options beyond London.

CityRelay — London-focused flexible letting

CityRelay is strongest in London, where it positions itself around flexible letting rather than only short-term stays. Its model combines short, mid, and long lets to maximise yield, which can be useful in a market affected by seasonality and the 90-night rule.

Its published service includes marketing, guest vetting, payment collection, property maintenance, and flexible lettings management. CityRelay also highlights data-driven technology and London property expertise, with public pages focused heavily on London property owners and portfolio management.

Its main limitation is geographic. CityRelay may be a strong fit for London owners, but it is not presented as a broad national Airbnb management provider in the same way as some competitors. Commission information is not always published clearly on primary service pages, so owners should request a full fee schedule, including management fees, cleaning, maintenance handling, and any onboarding costs.

Best for: London owners who want a flexible letting strategy rather than pure short-let management.

SmartHost — a London and Dubai operator

SmartHost appears to operate across London and Dubai, with a focus on Airbnb and flexible letting services. Its positioning is more boutique than national, making it more relevant for owners in its active markets than for those comparing full UK coverage.

Its service pages mention complete Airbnb and flexible letting services, guest experience, pricing support, and property management. SmartHost also provides a dashboard login, suggesting owners or operators may have access to a management system, although the website does not explain the dashboard features in detail.

The main issue is limited public transparency. Commission, city-by-city UK coverage, onboarding fees, and specific service inclusions are not clearly published on the main pages. For owners comparing UK providers, this means SmartHost requires a direct enquiry before it can be fairly compared on cost or scope.

Best for: owners with properties in London who are open to a smaller operator and willing to request detailed commercial terms directly.

Where coverage gaps actually matter

Coverage gaps usually become obvious after signing, not during the sales call. For an owner with properties in both London and a regional city, the question is whether the operator can deliver the same cleaning standards, guest response times, and revenue management outside the capital. Not every company strong in London has the same depth in Manchester, Leeds, Bristol, or coastal markets.

The second issue is expansion. If you add a property in a city where your operator does not work, you may need a second Airbnb management service, creating fragmented reporting and inconsistent guest standards.

The third issue is rural or coastal coverage. These properties often have fewer operator options, different cleaning logistics, and less standardised commission structures. Owners should confirm local delivery before comparing headline fees.

Direct comparison: coverage, commission, and inclusions

The table below summarises what each operator publishes and where direct enquiry is required.

The 90-night rule: why your operator choice has regulatory consequences

In London, entire residential properties can only be used for short-term letting for up to 90 nights per calendar year without planning permission. The rule applies across platforms, not just Airbnb. London City Hall’s guidance makes clear that legal requirements apply to short-term letting regardless of how the property is organised or marketed.

This matters when choosing an operator. A good Airbnb property manager should understand how the rule affects pricing, channel strategy, and the balance between short, mid, and long stays. If an operator promises year-round short-let income in London without explaining the 90-night cap, ask more questions before signing.

Four questions to ask any UK operator before signing

1. Does your commission rate vary between cities, and what is the rate for each property in my portfolio?
2. Is regulatory compliance, including the London 90-night cap or local authority licensing, included in your standard service or billed separately?
3. If I add a property in a city where you do not currently operate, what happens to my contract?
4. What are the minimum contract terms and the conditions for early exit?

Request written answers to all four before signing anything.

Final Thoughts

Choosing between UK Airbnb management companies is not only a question of headline commission. For owners with a national or multi-city portfolio, the real comparison is coverage breadth, fee consistency, and regulatory competence.

A genuinely national operator should be able to show where it works, what is included, how commissions vary by market, and how owner reporting works across every property. A company that performs well in one city may still be the wrong choice if its service becomes thin elsewhere.

Before signing, audit each provider against coverage, commission, inclusions, and compliance. This gives a clearer view of expected net income than a headline fee alone.

JPMorgan Chase CEO Jamie Dimon said in an interview on Monday that he wouldn’t buy stocks or long-term Treasury bonds at their current prices as he thinks investors aren’t accounting fully for risks that could cause turmoil in equity and debt markets.

Dimon said in an interview with CNBC that he thinks geopolitical and fiscal risks are “probably bigger than other people think” amid the ongoing conflicts in Ukraine and the Middle East, as well as looming tensions between the U.S. and China.

He also said that growing budget deficits by governments around the world pose a fiscal risk during a period of rising defense spending, which could lead to interest rates on government bonds remaining higher.

JPMorgan Chase CEO Jamie Dimon said he’s cautious about stock market valuations and wouldn’t buy bonds given current prices and yields. (Caroline Brehman/Bloomberg via Getty Images)

Dimon said he wouldn’t buy long-term Treasurys given the current conditions of the bond market, saying that he thinks interest rates on U.S. bonds will likely remain elevated even if inflation subsides.

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The JPMorgan Chase CEO said he believes “the 10-year bond should probably be at 4% to 4.5%” even if inflation returns to the Federal Reserve’s long-run target of 2%, and said that he personally wouldn’t buy long-term Treasurys and sees little upside for bond prices.

The 10-year Treasury yield is currently about 4.6% and has remained above 4.2% since March after they had trended closer to 4% late last year.

The most recent consumer price index (CPI) data showed inflation was up 3.5% from a year ago – well above the Fed’s 2% target – despite declining month-over-month as gas prices declined as the energy market stabilized during a period of reduced hostilities between the U.S. and Iran.

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Stubbornly high inflation prompted the Fed to leave interest rates unchanged at the central bank’s June meeting and Fed Chair Kevin Warsh has signaled that policymakers won’t tolerate elevated inflation.

That has caused the market’s view of the probability of rate cuts to plunge, as the CME FedWatch tool suggests that the federal funds rate will either remain steady or rise before the end of this year.

Dimon also struck a cautious note on the stock market in the interview, saying he wouldn’t invest in the broader market at the high valuations that can currently be found at many leading companies and would instead look at individual companies to find “a great investment.”

Dimon likened the surge of investment in AI to the rise of the Internet. (Alexander Tamargo/Getty Images for America Business Forum)

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He also likened the impact of artificial intelligence (AI) on the market as it reshapes the tech sector and the broader economy to what happened during the initial internet boom, saying that companies are spending a “huge” amount of money that may not quickly lead to the desired results.

“Will it in total pay off? Probably, just like the internet did,” Dimon told CNBC. “Will it pay off the way you expect and the timetable you expect? Definitely not.”

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Apple is raising prices on Apple Music subscriptions as well as certain Apple One plans as the company faces higher licensing costs.

The tech giant last week hiked prices for Apple Music plans across subscription tiers. Individual plans will rise by $1 a month to $11.99, while student plans will increase by the same amount to $6.99 a month.

Prices for the Apple Music family plan are also rising by $3 per month to a new monthly rate of $19.99.

The company also hiked prices for some tiers of Apple One – the company’s bundle that allows consumers to subscribe simultaneously to Apple TV, Music, iCloud+, Arcade, Fitness+ and News+ or the first four services.

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Apple raised prices on Apple Music plans as well as some Apple One packages. (CFOTO/Future Publishing via Getty Images)

Prices for the Apple One family tier are set to rise by $2 to a new total of $27.95 per month. Family plans may be shared with up to five people and have up to 200 gigabytes of iCloud storage, though they don’t include News+ or Fitness+ in the package.

The individual Apple One subscription, which includes the same four services but with 50 gigabytes of iCloud storage, is unchanged at $19.95 a month.

Apple One’s Premier package, which includes all six of the company’s subscription services with up to 2 terabytes of storage and may be shared among five people, will rise in price by $2 to $39.95 per month.

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The price increases apply to consumers in the U.S. as well as other countries around the world.

The moves weren’t announced by Apple, which adjusted the prices for the various subscriptions and tiers on its website on Friday. Apple told 9to5Mac, “As a result of rising licensing costs, Apple Music is increasing its subscription price beginning today.”

FOX Business reached out to Apple for comment.

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Apple’s subscription price hikes follow higher iPad and MacBook prices. (Apple)

In late June, Apple announced price hikes for its iPad tablets and MacBook laptops amid rising memory chip costs.

The company raised the price of the MacBook Air by $200 to a new total of $1,299, while the budget Neo laptop price rose from $599 to $699. The price of a MacBook Pro with 1 terabyte of storage rose $300 to $1,999, while the iPad Air with 128 gigabytes of storage rose from $599 to $749.

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Apple said at the time that it has “never seen a component price increase this much, this quickly,” adding that it had “shielded our customers from these increases so far, but we have now reached a point where we need to begin raising prices on a number of products.”

The Trump administration has successfully tracked down the ayatollah’s “money man,” Treasury Secretary Scott Bessent revealed to FOX Business on Tuesday, detailing plans to publicly expose more than $100 million in properties linked to Iran’s supreme leader around the world.

“We have found the money man for the ayatollah. We are tracking the ayatollah’s properties around the world,” Bessent told “Mornings With Maria.”

“We hope to soon be able to print his $100 million-plus properties and show the addresses, and we’re preserving this money for the American people.”

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Treasury Secretary Scott Bessent arrives to testify before the House Ways and Means Committee in the Longworth House Office Building on June 4 in Washington, D.C. (Chip Somodevilla/Getty Images)

The Trump Treasury chief said the effort is part of the administration’s broader “Economic Fury” campaign against Iran, a “one-two punch” combined with the military “Epic Fury” campaign that rattled the region.

“Economic Fury,” he said, aims to dismantle the regime’s financial network by tracking overseas assets, freezing accounts and ratcheting up economic pressure following recent military operations.

Bessent said officials are pursuing Iranian assets across the globe while working to choke off the regime’s access to funding, arguing the pressure campaign has already helped drive Iran’s currency to record lows against the U.S. dollar and fueled soaring inflation inside the country.

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An Iranian flag amid rubble and debris in Tehran. (Atta Kenare/AFP/Getty Images)

“[Their currency] is at an all-time low versus the dollar. It’s in freefall, and we think the inflation rate is upwards of 180% in Iran,” he said.

“So, the government is causing the people to suffer, and we’re going to keep pressing, but we’re also going to marshal the resources and save the resources that we recover for the Iranian people when we get on the other side of this.”

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Bessent added that Treasury is also targeting Iran’s oil revenues, pointing to sanctions on Chinese “teapot” refineries and what he described as a roughly 40% decline in China’s purchases of Iranian crude in recent months, which he said has intensified financial pressure on the regime.