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Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea."

Persons: What’s, Ryan Petersen, Petersen, It’s, Clifton Broumand, Broumand, —, ”, “, it’s, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, it's, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti, ____ Anderson, Kelvin Chan, Anne D'Innocenzio, Yuri Kageyama, Tom Krisher, David McHugh Organizations: WASHINGTON, —, Hamas, Machine, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer, Free People, AP Business Locations: Belgium, Germany, British, Maryland, Asia, Ukraine, Yemen, Gaza, Europe, United States, Suez, Africa, “, Panama, Greater Landover , Maryland, Taiwan, China, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India, New York, London, Tokyo, Detroit, Frankfurt

☆ Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +8 min

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was "impacting everyone and something we're very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was "only mildly impacted by the transit challenges in the Red Sea."

Persons: It's, Petersen, Ryan Petersen, Clifton Broumand, Broumand, it's, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti Organizations: Galaxy, Houthis Media, Getty, Machine, Hamas, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer Urban Outfitters, Free People Locations: Iran, Yemen, Anadolu, Greater Landover , Maryland, Taiwan, China, Gaza, Panama, Asia, Europe, United States, Suez, Africa, Ukraine, Belgium, Germany, British, Maryland, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India

UNITED NATIONS (AP) — The U.N. trade body sounded an alarm Thursday that global trade is being disrupted by attacks in the Red Sea, the war in Ukraine, and low water levels in the Panama Canal. Since November, the Iranian-backed Houthis have launched at least 34 attacks on shipping through the waterways leading to the Suez Canal. Total transits through the Panama Canal in December were 36% lower than a year ago, and 62% lower than two years ago, Hoffmann said. Hoffmann said ships transporting liquified natural gas have stopped transiting the Suez Canal altogether because of fears of an attack. “Here you see the global impact of the crisis, as ships are seeking alternative routes, avoiding the Suez and the Panama Canal,” Hoffmann said.

Persons: Jan Hoffmann, Yemen’s Houthi, Hoffmann, Yemen’s, ” Hoffmann Organizations: UNITED NATIONS, United Nations Conference, Trade, UNCTAD, Suez, U.N, Ships Locations: Red, Ukraine, Panama, Suez, Asia, Europe, Iranian, Saudi, Israel, United States, Britain, Geneva, Russia, East Africa, South Asia, Southeast Asia, East Asia, Hope, Africa, Shanghai, U.S

☆ Four bankers who helped Putin’s friend set up Swiss bank account convicted
▼ + stars: | 2023-03-30 | by ( ) edition.cnn.com time to read: +4 min

Four bankers who helped a close friend of Russian President Vladimir Putin move millions of dollars through Swiss bank accounts have been convicted of failing to perform due diligence in financial transactions. The executives — three Russians and one Swiss — helped Roldugin, who is godfather to Putin’s eldest daughter, Maria, deposit millions of francs in Swiss bank accounts between 2014 and 2016. The men, who cannot be identified under Swiss reporting restrictions, were found guilty at a hearing at Zurich District Court and were given fines totaling 741,000 Swiss francs ($809,000). Red flagsFurther investigations should have been conducted because of the amount of assets involved, which was more than 10 million Swiss francs ($11 million), the judge said. Sums of around 30 million Swiss francs ($31.84 million) were involved in the case, Hoffmann told an earlier hearing.

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