The Trump administration is sending letters to banks in four areas about handling Iranian money.

The letter obtained by FOX Business says the Treasury Department has evidence that banks in Oman, the UAE, Hong Kong and China have allowed Iranian funds used for illicit activities to be funneled through them.

A senior administration official not authorized to speak publicly says this is the first step to adding secondary sanctions on those banks, which would cut them off from the U.S. financial system.

CHINA EMERGES AS UNEXPECTED PLAYER IN TRUMP’S IRAN DIPLOMACY PUSH

Treasury Secretary Scott Bessent on Tuesday warned companies and countries against paying Iran to transit the Strait of Hormuz. (Abdul Saboor/Reuters)

“Now is the time to finally disable Iran’s ability to support terrorism, threaten the region and global markets, and seek to continue its nuclear and ballistic missile program, which the U.N. has prohibited,” the letter said.

CHINA-RUSSIA’S COOPERATION HANDS THE US A ‘GRIEVOUS LOSS’ AS IRAN CONFLICT ESCALATES, EXPERT WARNS

The Trump administration is sending letters to banks in four areas about handling Iranian money. (Andrew Kelly/Reuters)

Treasury Secretary Scott Bessent on Tuesday warned companies and countries against paying Iran to transit the Strait of Hormuz because that opens them up to secondary sanctions. Bessent is leading the sanction charge in Operation Epic Fury.

CONGRESSIONAL REPORT DETAILS HOW CHINA BUYS SANCTIONED OIL FROM IRAN, RUSSIA AND VENEZUELA

Tankers are seen at the Khor Fakkan Container Terminal, the only natural deep-sea port in the region and one of the major container ports in the Sharjah Emirate, along the Strait of Hormuz. (Giuseppe Cacace/AFP via Getty Images)

This letter is different, but shows the administration’s willingness to up the ante and truly go after the Iranian money.

The U.S. waiver to sell Iranian oil at sea will expire on April 19.

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Rolls-Royce Motor Cars CEO Chris Brownridge unveiled Project Nightingale — the first model in the company’s newly launched Coachbuild Collection — during a FOX Business exclusive interview Tuesday, describing it as a “very special” addition to the ultra-luxury brand’s lineup.

“Today, we’re announcing Project Nightingale,” Brownridge told “The Big Money Show” co-host Taylor Riggs. 

“Project Nightingale is a very special motorcar for Rolls-Royce. It is the first of our Coachbuild Collection,” he added.

Rolls-Royce first announced the Coachbuild Collection in March, describing it as “an entirely new proposition in super-luxury” featuring highly limited, invitation-only vehicles.

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This photo from Rolls-Royce Motor Cars shows the new Nightingale project. (Courtesy: Rolls-Royce Motor Cars)

“Each Coachbuild Collection is rare and extravagant, authored entirely by Rolls-Royce and created on a completely new canvas, never to be repeated,” the release stated.

Participation in the program will be limited to clients with a “special affinity” for the marque.

Brownridge noted the Nightingale will be built on the company’s “architecture of luxury” and produced in highly limited numbers, with about 100 units planned.

AUTO INDUSTRY TRADE GROUP URFES FEDS TO SCRAP GAS TAX AND REPLACE IT WITH A VEHICLE WEIGHT FEE

Chris Brownridge in the presentation suite at Rolls-Royce’s manufacturing facility and global headquarters in Goodwood, U.K., on Dec. 9, 2025.  (Murray Ballard/Bloomberg via Getty Images)

Because of its rarity, he said, the Coachbuild approach allows for greater design freedom and more elaborate craftsmanship.

“Because it’s so rare and so unusual, it allows us to have a greater freedom in terms of the design, so we can produce something which is truly spectacular, extremely extravagant, and something that, if you were to drive it down the street, everyone would stop and look,” he said.

Brownridge’s interview with Riggs also touched on artificial intelligence, electric vehicles, tariffs and luxury demand in the U.S.

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He said more than 30 clients in the region have already committed to Project Nightingale, calling it a strong signal of demand.

“There are more than 30 clients that are committed to that car in this region. So that’s a great sign for me in terms of the demand which we see in… this part of the world.”

The delay in the decision is preventing major expansion on the site

A significant increase in employment at Dorset’s Innovation Park could materialise next year – once the Ministry of Defence finalises its future spending plans. Councillors have been informed that a delay in spending decisions by the MoD is already preventing one major expansion on the site, which already has planning approval, with other potential developments likely to proceed as soon as funding is confirmed.

Several of the companies on the site are defence-related including those working on the development of autonomous and semi-autonomous machines for land, sea and air.

The Dorset Council-owned enterprise zone site has recently completed the acquisition of additional land next to the site with discussions also taking place about attracting a hotel after a consultant’s report indicated it should be commercially viable.

Other discussions under way include plans for a new gatehouse, which is currently regarded as a drawback for the Winfrith site, and a proposal to establish a catering outlet, possibly located at the Battlelab.

Councillors on the shareholders committee have also been informed that approaches are being made for a permanent education satellite facility on the park – with discussions having taken place with Bournemouth University, Yeovil College and Plymouth University.

The shareholders committee was told that Fareham Borough Council, which owns a similar business park, ‘took off’ after securing a permanent higher education facility on its site.

Businesses already operating at the Dorset site are understood to be supportive of securing an education partner, which would assist with their own workplace training programmes, with many indicating it is crucial to future job creation and staff retention.

Outstanding issues include public transport links to the site from the surrounding area, with priority being given to connections from Wool railway station to the Innovation Park – proposals under consideration include establishing a bus route and exploring alternative options such as hire electric bikes and scooters.

Dorset Council’s portfolio holder for finance, Cllr Simon Clifford, told the shareholders meeting he was ‘heartened’ by the progress being made by the company which will eventually assume day-to-day management of the site – a responsibility currently being shared with Dorset Council officers.

This article was written by

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After taking a significant beating earlier this year due to AI worries and war-led inflationary concerns, the stocks have partially recovered so far in April. Nifty IT jumped more than 2% to emerge as one of the top sectoral gainers on the markets today.

Fresh hopes for Iran-US peace talks

Pakistani officials cited by the Associated Press indicated on Tuesday that Islamabad has proposed a second round of talks to the United States and Iran, while US Vice President JD Vance earlier said negotiations with Iran “did make some progress” and US President Donald Trump said earlier “we’ve been called by the other side” and “they want to work a deal.”Trump hinted at the second round of talks, saying Iran talks ‘could be happening over the next two days’ in Pakistan, as quoted by Reuters, citing the NY Post. He said that Washington was more ‘inclined’ to go to Pakistan for the peace talks that could possibly bring an end to the nearly seven-week-long war in the Middle East. The renewed hopes for fresh peace talks, after the previous round collapsed over the weekend, boosted investor sentiment.

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Earlier, the raging war in the oil-rich Middle East and the subsequent rally in energy prices had led to inflationary worries in the US. IT companies derive a major portion of their revenue from the US economy, inflationary worries and concerns around subsequent lower demand impacted IT stocks back home on Dalal Street. However, the renewed optimism has boosted investor sentiment.

AI worries

Before the Middle East war, it was artificial intelligence that dampened sentiment for the IT stocks earlier this year. The tech stocks saw a massive decline in February with the launch of new and innovative artificial intelligence tools by AI startup Anthropic, which triggered worries around disruption in the software services. Back on Dalal Street, shares of Infosys, Wipro, TCS, HCLTech and other IT companies, saw a sharp selloff.However, while some doomsday prophets painted a grim picture for IT shareholders, some analysts were quick to point out that an overall replacement of software engineers by AI is unlikely. The new technology would instead increase efficiency across the companies, boosting margins, according to them.

Goldman Sachs released its Q1 earnings on Monday. During an analyst’s call, David Solomon, Chairman and CEO of Goldman Sachs, said he is hugely forward-leaning on the power of artificial intelligence to accelerate growth at the bank. “Whenever you have accelerations in new technology, there are going to be bumps, there will be risk issues, and recalibrations. But the power of this technology to use it in an enterprise to increase efficiency is incredibly constructive,” he added. Entrepreneur and financial expert Gurmeet Chaddha highlighted that Solomon claimed that AI taking over enterprise software is not easy.

IT shares rally

Tata Consultancy Services (TCS) shares, which recently fell after its Q4 results, gained more than 3% today to trade at Rs 2,551 apiece.

Infosys, LTIMindtree, Wipro and Persistent Systems shares gained nearly 3% each, while Mphasis, Tech Mahindra and Coforge shares jumped around 2% each. Oracle Financial Services Software shares rallied around 5% in the morning.

Wall Street ended higher yesterday, with the S&P 500 jumping more than 1% to close near the record high level it had hit in January. Tech-heavy Nasdaq Composite gained nearly 2% while Dow Jones Industrial Average rose 0.7%. Microsoft shares gained more than 2%, while Amazon rallied nearly 4%.

Calm before the storm?

Despite the optimism, some caution is warranted. After previous Claude models rattled investor confidence in the sector, Anthropic’s latest release, a preview of a model called Mythos is spooking investors. “Mythos’ significant improvement in software engineering-related tasks is a departure from the trend of incremental improvements between consecutive frontier models,” Kotak Institutional Equities said in a note. “These developments could have implications for IT services firms.”

Additionally, Trump is notorious for his decision flip flops and the peace talks have already once failed, keeping investors on the edge and sentiment fragile.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

REKK’s founders will stay with expanded business

A Greater Manchester waste management group backed by private equity firm Palatine has made its third acquisition in a year. Papilo has acquired REKK Recycling, which is based in Uddingston near Glasgow, in a move that also expands its reach across the UK.

REKK founders, Steven Dodds and John Byrne, will stay with the business as it joins Papilo, which has been backed by Palatine’s Impact Fund. It follows February’s deal by Papilo for Midlands-based Allwood Recycling and last year’s deal for North West-based Silverwoods Waste Management.

Michael Gibson, who joined Swinton-based Papilo as CEO earlier this month, said: “REKK is an excellent strategic addition for Papilo and enhances our geographical presence into Scotland.

“Like ourselves, the company’s ethos is built on best-in-class customer service and on supporting better environmental outcomes through recycling. Founders Steven and John have done a fine job in building the business and I am pleased that along with their team they are remaining with the group for the next phase of growth.”

Greg Holmes, senior investment director at Palatine Impact Fund said: “REKK is an excellent fit for Papilo – not just geographically, but in its shared commitment to diverting waste from landfill and supporting clients to take a more responsible approach to resource management.

“This is Papilo’s third acquisition in under a year as we build a business of true scale in the circular economy in partnership with the ambitious management team and we are well-positioned to continue that growth through further strategic M&A.”

The transaction, whose value was not disclosed, was funded by Kartesia and Virgin Money. Papilo was advised by Gateley (legal), Fellwood Advisory (debt advisory), MHA Smalley (financial and tax due diligence) and Luminii Consulting (commercial due diligence). Advisers to REKK included KBS (corporate finance) and Mackrell (legal).