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☆ Blackstone says the real-estate market is bottoming. Here are 7 ways it's getting ahead of the situation.
▼ + stars: | 2024-05-08 | by ( Alex Nicoll | ) www.businessinsider.com time to read: +2 min

This story is available exclusively to Business Insider subscribers. We found the firm has been spending on distressed real estate, such as its purchase of loans from the FDIC after the failure of Signature Bank, as well as investments in buzzy real estate, like data centers. In a January earnings call, Blackstone president Jonathan Gray announced that commercial real estate, which recently suffered its biggest price declines in half a century, could soon hit bottom. "While it will take time, we can see the pillars of a real estate recovery coming into place." Here are the 7 recent real estate and real-estate-adjacent deals that show how Blackstone is trying to get ahead of the CRE bottom in chronological order.

Persons: Jon Gray, Blackstone, Gray, Jonathan Gray Organizations: Business, Signature Bank

☆ Blackstone President Jon Gray: The Fed's policy has been effective
▼ + stars: | 2024-04-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackstone President Jon Gray: The Fed's policy has been effectiveJon Gray, Blackstone president and COO, joins 'Squawk Box' to discuss the company's quarterly earnings results, growth outlook, state of private credit, commercial real estate and real estate market at large, impact of elevated interest rates, the Fed's rate path outlook, and more.

Persons: Jon Gray Organizations: Blackstone

☆ Blackstone's data-center bets have climbed 10-fold to $100 billion in just 3 years. And it's just the start, Steve Schwarzman says.
▼ + stars: | 2024-04-18 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +4 min

Schwarzman said QTS was now "the largest data center company in North America" and that data centers were one of Blackstone's "highest conviction investment themes today." Jon Gray, Blackstone's president, suggested Blackstone's data center portfolio would continue to grow. The size of Blackstone's investments in data centers reflect an astonishing rise for a once-obscure industry that's gaining importance in the race to develop and commercialize artificial intelligence. Around the country, there has been a boom of data center construction. Late last year, QTS won local approval to build one of the country's largest new data center projects in Virginia.

Persons: Steve Schwarzman, Schwarzman, Blackstone's, Blackstone, QTS, Jon Gray, Gray, Michael Chae, We've Organizations: Business, Blackstone, Google, Income Trust, Digital Realty Trust Locations: North America, QTS, Virginia, Frankfurt, Paris

Our Electoral College maps below lay out the best scenarios for him and Mr. Trump. In a Wall Street Journal battleground poll taken in March, Mr. Biden had only 37 percent job approval in the state. … orand The second and harder path for Mr. Trump would be if he carried only one Southern swing state – most likely North Carolina. By carrying these states, Mr. Biden has several paths to 270, but the first three scenarios are his most viable. Scenario 4 They involve Mr. Biden winning Georgia and Arizona … They involve Mr. Biden winningand Scenario 5 … or Michigan and Georgia.

Persons: Biden, Akshita Chandra, Yuji Sakai, Joe Biden, Donald Trump, Trump, Biden’s, Court’s, … orand, Hamas’s, Mr, …, —, Bill Clinton’s, Doug Sosnik, Bill Clinton Organizations: Presidency, Trump, New York Times, Electoral, Wisconsin –, Sun, Siena, Black, The Arizona, Michigan, Mr, North Carolina, Republicans, Georgia, Democrats, Congressional District, Michigan …, Wisconsin, Democratic, House Locations: Arizona, – Michigan, Pennsylvania, Wisconsin, Georgia, Nevada, North Carolina, Mich, Pa, Nev, N.C, Ariz . Ga, Wis, Ariz ., Michigan, Arizona , Michigan, Arizona , Nevada, Israel, Gaza, Nebraska, Minnesota, United States, Michigan , Pennsylvania

☆ Dubai weather: A year’s worth of rain plunges city underwater
▼ + stars: | 2024-04-16 | by ( Mary Gilbert | Brandon Miller | ) edition.cnn.com time to read: +2 min

CNN —A year’s worth of rain unleashed immense flash flooding in Dubai Tuesday as roads turned into rivers and rushing water inundated homes and businesses. Shocking video showed the tarmac of Dubai International Airport – recently crowned the second-busiest airport in the world – underwater as massive aircraft attempt to navigate floodwaters. A vehicle drives through deep floodwaters in Dubai, United Arab Emirates, Tuesday. Jon Gambrell/APDubai – like the rest of the United Arab Emirates – has a hot and dry climate. Cars drive through a flooded street in Dubai, United Arab Emirates, Tuesday.

Persons: Dubai International Airport –, Jon Gambrell, United Arab Emirates –, Abdel Hadi Ramahi Organizations: CNN, Dubai International Airport, “, United Arab Emirates, United Nations, AP Dubai –, United Locations: Dubai, United Arab, Gulf of Oman, Oman, Iran

☆ Opinion | 2024, I’d Like You to Meet 1892
▼ + stars: | 2024-04-11 | by ( Jon Grinspan | ) www.nytimes.com time to read: +1 min

By 1892, a giddily consumerist, venomously partisan Gilded Age society had gotten good at churning out campaign tchotchkes. The 1892 election marked Cleveland and Harrison’s second contest against each other. The repeated, deadening matchups of Cleveland and Harrison in 1888 and 1892 did just that. There are other rematches in American presidential history, but 1892 was the only time a sitting president lost re-election, ran four years later against his vanquisher, and won. That weird race has a message for all those planning to hit snooze on the coming campaign: Great political change can unfold when the system seems woefully stalled.

Persons: Grover Cleveland, Benjamin Harrison, Cleveland, Harrison, tchotchkes Organizations: Cleveland, Biden, Trump Locations: Cleveland

The rule issued by the Interior Department's Bureau of Land Management will tighten limits on gas flaring on federal lands and require that energy companies improve methods to detect methane leaks that add to planet-warming greenhouse gas pollution. It also regulates smaller wells that are now required to find and plug methane leaks. Venting and flaring activity from oil and gas production on public lands has significantly increased in recent decades. Interior had previously announced a rule to restrict methane emissions under former President Barack Obama. The climate law includes $1.5 billion in grants and other spending to improve monitoring and data collection of methane emissions, intending to find and repair natural gas leaks.

Persons: —, Biden, Deb Haaland, ”, Jon Goldstein, Tannis Fox, Holly Hopkins, Raul Grijalva, Grijalva, “ I’m, Barack Obama, Donald Trump Organizations: WASHINGTON, Interior Department's, of Land Management, Environmental Protection Agency, United Arab, Environmental, Environmental Defense Fund, Western Environmental Law Center, American Petroleum Institute, Arizona, Natural Resources Committee, Oil, Trump, Obama, Congress Locations: United Arab Emirates, United States

☆ The global trade system has already started planning for potential Trump win, new China tariffs
▼ + stars: | 2024-03-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

The Trump administration used delegated authorities under three trade laws to unilaterally levy tariffs without Congressional approval. The Trump administration tariffs kickstarted a shift in supply chain strategy which, according to Frank, became more well-developed by customers during Covid, when they contemplated moving factories and production out of China. He expects any increase in tariffs during a second Trump presidency to lead to a greater shift in trade from China to Mexico to avoid the tariffs. "If you charge tariffs to China, they're going to build ... their car plants here and they're going to employ our people," Trump said. S&P Global research shows that China's share of the imports of products covered by tariffs imposed by the Trump administration has dropped.

Persons: Donald Trump, Trump, Niki Frank, Frank, Beth Whited, they'd, Paul Brashier, Chris Rogers, Biden, Rogers, Jon Gold, John Taylor IV, Taylor, Peter Boockvar, Critics, it's, that's Organizations: United, Canada Trade, White, CNBC, Global, Trump, China, Biden, OF DHL, Union, Canadian Pacific, Canadian Pacific Kansas City, Union Pacific, ITS Logistics, P Global, Vietnam, National Retail Federation, Berlin Packaging, Trade, Bleakley Financial, ASEAN Locations: United States, Mexico, Canada, Washington , DC, U.S, OF DHL Asia, Long Beach , California, China, Union Pacific, Canadian Pacific Kansas, East, West, Vietnam, Malaysia, South Korea, CNBC Mexico, Europe, Thailand, Indonesia

☆ Opinion: Why ‘My Way’ won’t go away
▼ + stars: | 2024-03-03 | by ( Richard Galant | ) edition.cnn.com time to read: +17 min

We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. “That is the way he spoke,” Anka told Ed Masley of the Arizona Republic. It may not go his way, but the failure of Congress to approve more aid to Ukraine likely is giving Putin hope. Whether Congress chooses to provide the continued financial support Ukraine, Israel and Taiwan desperately need will go a long way toward answering this question. “If Biden wants to improve his standing with voters,” wrote Jon Gabriel, “a Brownsville photo won’t cut it.

Persons: CNN — “, ”, Frank Sinatra, “, Alexey Navalny, Paul Anka, Sinatra, …, Anka, ” Anka, Ed Masley, Vladimir Putin, Donald Trump, Melania Trump, Odessa Rae, Trump, Joe Biden, Jack Smith, Mitch McConnell, McConnell, Julian Zelizer, Putin, Emmanuel Macron, Mark T, Esper, Russia resurges, ” Esper, Nick Anderson, Dahlia Lithwick, Steve Vladeck, Walt Handlesman, Biden, Nikki Haley, “ Biden, specter, ” David Axelrod, Haley, ” Dana Summers, Joe Biden John Halpin, Sophia Nelson, Catherine Russell, Russell, Ofri Bibas Levy, Yarden, Kibbutz Nir, Shiri Bibas, Ariel, ” Levy, Shiri, Kfir, Frida Ghitis, Drew Sheneman, Roe, ” Cupp, Katie Britt, Elena Sheppard, I’d, Betsy Ross, ” Sheppard, Dorothea Dix, Lucy Delaney, Elizabeth Cady Stanton, Sheppard, Kristen Kelly, Serene Williams, Clay Jones, Jon Gabriel, Gabriel, Eric Adams, Laken Riley, Raul A, Reyes, ” Don’t, David Horsey, Agency Van Jones, Ariel Dorfman, Dean Obeidallah, Shane Gillis, Noah Berlatsky, —, Kellie Carter Jackson, Lev Golinkin, Josephine Apraku, Germany Jill Filipovic, Jodie Turner, Smith, Michael Bociurkiw, Anna Arutunyan, Kirk Tanner, Jeff Yang, ” Wendy’s, ” Yang Organizations: CNN, FBI, Liberty Ball, Russia ”, Twitter, Capitol, Republicans, Senate, GOP, Trump, Republican Party, West, Tribune Content Agency Trump, Michigan Trump, Democratic, Agency, Tribune Content Agency, UNICEF, Hamas, CNN Republicans, Union, Biden, New York City, Immigration, Customs Enforcement, University of Georgia, Congressional, Stanford Locations: Moscow, Miami, Arizona Republic, Russian, Russia, Odessa, Ukraine, Michigan, “, United States, Israel, Taiwan, Washington ,, Gaza, Tribune Content Agency Gaza, Rafah, ”, Alabama, Biden’s State, Brownsville, New York, Venezuela, Germany

☆ Opinion: On the border, voters want action, not photo ops
▼ + stars: | 2024-02-29 | by ( Opinion Jon Gabriel | ) edition.cnn.com time to read: +6 min

Upholding that proud tradition, President Joe Biden is headed to the border on Thursday — and so is former President Donald Trump. I’m a lifelong resident of Arizona, and border-state voters have heard a lot of talk, but haven’t seen much action. The president’s only other visit to the border was a year ago, briefly stopping in El Paso before racing back home. This would at least mitigate Biden’s polling drop while also giving border states and blue cities a respite from the migrant influx. They’re done with photo-ops next to broken border walls and other campaign stunts.

Persons: Jon Gabriel, CNN — It’s, Joe Biden, Donald Trump, Jon Gabriel Unfortunately, Biden, Bob Dole, Bill Clinton, Sen, John McCain, Barack Obama, Hillary Clinton, I’m, haven’t, Greg Abbott, Eric Adams, JB Pritzker, Abbott, “, Trump, ”, Alejandro Mayorkas, They’re Organizations: The Arizona, Twitter, CNN, Trump, Texas Gov, Texas National Guard, Gallup, Democratic, New York City, Immigration, Customs, Illinois Gov, New York City Police Department, Republicans, U.S . Border Patrol, Senate, GOP, Homeland Locations: The Arizona Republic, Texas, Arizona, Douglas, Yuma, Tucson, El Paso, Brownsville , Texas, Gulf of Mexico, Eagle Pass , Texas, Del Rio, America, New York, Illinois, New, Georgia, Brownsville

☆ Big insurance companies want more private credit. Here's how Blackstone is using AI to win them over.
▼ + stars: | 2024-02-08 | by ( Bianca Chan | ) www.businessinsider.com time to read: +6 min

Insurance companies represent a big opportunity for private equity firms, who invest with the accumulated premiums paid by millions of everyday Americans. It's not just insurance clients that benefit from AI to bring more transparency to the cloudy private credit market. With private credit, insurance firms can invest in a more diversified set of assets with greater yield (and, albeit risk) than public credit markets, like vanilla corporate bonds. And because insurance companies often have long-term horizons with their financial obligations to policyholders, they can invest in less-liquid asset classes, like private credit. But to win more insurance clients, Blackstone must compete with the likes of Apollo Global Management, Carlyle, and KKR, which have also been keen on insurance.

Persons: Blackstone, John Stecher, it's, Stecher, Gilles Dellaert, Carlyle, that's, Jon Gray, Gray Organizations: Blackstone, —, Business, Insurance, Blackstone Insurance, Apollo Global Management, KKR Locations: BXCI

Rami Abdurrahman, who heads the Britain-based Syrian Observatory for Human Rights, said that 23 people, all rank-and-file fighters, were killed. The air assault was the opening salvo of U.S. retaliation for a drone strike that killed three U.S. troops in Jordan last weekend. The U.S. has blamed that on the Islamic Resistance in Iraq, a coalition of Iranian-backed militias. Iran, meanwhile, has attempted to distance itself from the attack, saying that the militias act independently of its direction. On Friday, the USS Carney shot down a drone over the Gulf of Aden and there were no injuries or damage.

Persons: Hussein, Washington “, ” Mosawi, Rami Abdurrahman, Bassim, Awadi, embassy’s, “, —, Yemen’s, Carney, Dwight D, Abby Sewell, Bassem, Jon Gambrell, Tara Copp Organizations: Iranian Revolutionary Guard, Associated Press, Human Rights, U.S, Population Mobilization Forces, Islamic, Popular Mobilization Forces, Israel, U.S . military’s Central Command, U.S . Navy, Eisenhower Locations: BAGHDAD, United States, Iraq, Syria, Iranian, Baghdad, U.S, Britain, Jordan, Iran, Iraqi, Islamic State, Gaza, Aden, Red, Beirut, Jerusalem, Washington

☆ Allegiant Stadium: Everything to know about Las Vegas’ state-of-the-art ‘Death Star’ hosting Super Bowl LVIII
▼ + stars: | 2024-01-30 | by ( Ben Morse | ) edition.cnn.com time to read: +5 min

The game will be played in Las Vegas at the Raiders’ state-of-the-art Allegiant Stadium, aka the “Death Star,” the first time the venue – and Nevada – has hosted the NFL’s championship game. A new homeOpened in 2020, Allegiant Stadium was part of a monumental project spearheaded by Raiders owner Mark Davis. A general view of the playing field at Allegiant Stadium. Despite not really looking anything like the doomed Death Star – a giant planet-destroying space station that is twice blown up in the original Star Wars trilogy – the name has stuck. However, back in 2020, Davis was confident his Death Star would be more successful than its ill-fated namesake.

Persons: Mark Davis, Al Davis, Mark Davis ’, David Becker, ” Mark Davis, Davis, ”, Jon Gruden, “, it’s, John Madden, Carol Davis – Al Davis ’, Mark – Organizations: CNN, NFL, Kansas City Chiefs, San Francisco 49ers, Raiders, Allegiant, Silver State, Las, Sports, Las Vegas, Eiffel, Getty, Wars, ESPN, Former Raiders, Oakland Coliseum Locations: Las Vegas, Nevada, Oakland , California, Southern Nevada, Los Angeles, of

☆ 'The shooting has to stop': World's biggest shipping company pleads with Congress to help end Houthi Red Sea chaos
▼ + stars: | 2024-01-30 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Ralby stressed the crisis in the Red Sea is not just a U.S. problem, but recent attacks by the U.S. military have led to greater targeting of its vessels. After those attacks, Maersk announced it would no longer be transiting the Red Sea. MSC announced on December 17 that it would divert its services that would typically transit the Red Sea and the Suez Canal around the Cape of Good Hope. Sailing around the Cape of Good Hope to avoid the Red Sea adds one to two weeks to a one-way shipping journey relative to the Red Sea and Suez Canal. Rising freight costs were a big component of inflation during Covid and the Red Sea crisis has renewed fears that another bout of supply chain-triggered inflation could occur.

Persons: Ralby, Ian Ralby, Darr, Charles, Bud, Salud Carbajal, Biden, Hapag Lloyd, Bab, Good Hope, Jon Gold, Phillips, Ralph Lauren, Levi Strauss, Gold Organizations: U.S, Mediterranean Shipping Company, U.S . Navy, Coast Guard, Maritime Transportation, MSC, Senate Foreign Relations Committee, Maersk, Maersk Detroit, Maersk Chesapeake, Navy, Intelligence, Suzuki, Volvo, Michelin, Ikea, National Retail Federation, Bank of America, Van Heusen Corporation, Birkenstock, Capri Holdings, Nike, Corp Locations: Suez, Ismailia, Egypt, Yemen, U.S, Iran, Gulf, Aden, Maersk, Good, Europe's, Asia, Europe, Vietnam

COLUMBIA, S.C. (AP) — Three American service members were killed and “many” were wounded in a drone strike in northeast Jordan near the Syrian border, President Joe Biden said in a statement Sunday. U.S. Central Command said 25 service members were injured the attack in addition to the three killed. Political Cartoons View All 253 ImagesSome 3,000 American troops typically are stationed in Jordan. The attack on Jordan marks the first targeting American troops in Jordan during the war and the first to result in the loss of American lives. ___Associated Press writers Bassem Mroue in Beirut, Omar Akour in Amman, Jordan and Jon Gambrell in Jerusalem contributed to this report.

Persons: Joe Biden, Biden, Muhannad Mubaidin, Lloyd Austin, Jake Sullivan, Jon, Karine Jean, Pierre said, ”, Bassem Mroue, Omar Akour, Jon Gambrell Organizations: COLUMBIA, American, West Bank, . Central Command, Defense, White, Lebanese, Hezbollah, Hamas, Associated Press Locations: Jordan, Syrian, Iran, U.S, Iranian, Israel, Gaza, United States, Jordanian, Syria, Jordan . U.S, Iraq, Saudi Arabia, Yemen, Red, Columbia , South Carolina, Western, Jerusalem, Palestine, Beirut, Amman

WASHINGTON (AP) — The U.S. and U.K. on Thursday imposed sanctions on four leaders of Yemen's Houthi rebel group who have supported the militant group's recent attacks on vessels in the Red Sea and Gulf of Aden. Houthi leaders Mohamed al-Atifi, Muhammad Fadl Abd al-Nabi, Muhammad Ali al-Qadiri and Muhammad Ahmad al-Talibi are all accused of assisting or sponsoring acts of terrorism, according to U.S. Treasury. The sanctions block access to U.S. property and bank accounts and prevent the targeted people and companies from doing business with Americans. Members of a former rebel group originally from the remote mountains of northwest Yemen, Houthi leaders are generally seen as having few assets within reach of U.S. authorities to be affected by the sanctions. The U.S. and the United Kingdom have launched multiple rounds of airstrikes seeking to stop the attacks.

Persons: Yemen's, Mohamed al, Muhammad Fadl Abd al, Nabi, Muhammad Ali al, Muhammad Ahmad al, Abdel Malek al, Matthew Miller, “, ”, Miller, Houthi, Brian E, Nelson, Thursday's, Ellen Knickmeyer, Jon Gambrell, Jack Jeffrey Organizations: WASHINGTON, U.S . Treasury, Department, U.S . Defense, State, U.S . Navy, Associated Press Locations: U.S, Gulf of Aden, Red, Gaza, Israel, Yemen, Yemeni, Aden, United Kingdom, London

☆ Blackstone President Jon Gray on earnings beat: We're facing a 'regime change' for the economy
▼ + stars: | 2024-01-25 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBlackstone President Jon Gray on earnings beat: We're facing a 'regime change' for the economyJon Gray, Blackstone president and COO, joins 'Squawk Box' to discuss the company's quarterly earnings results, state of the economy, M&A outlook, the Fed's interest rate decision, real estate market at large, and more.

Persons: Jon Gray Organizations: Blackstone

Biden said the U.S. would continue the strikes, even though so far they have not stopped the Houthis from continuing to harass commercial and military vessels. Saree said the attack took place in the Gulf of Aden, the waters just south of Yemen. The Pentagon was not immediately able to confirm the strikes but has cautioned that it anticipates the Houthis will continue their attacks. On Wednesday the U.S. military fired another wave of ship- and submarine-launch missile strikes against 14 Houthi-controlled sites. But the links to the ships targeted in the rebel assaults have grown more tenuous as the attacks continue.

Persons: Joe Biden, Biden, Houthi, Yahya Saree, Saree, John Kirby, “ I’m, “, Sabrina Singh, ” Singh, Jon Gambrell, Jack Jeffrey, C, Sagar Organizations: WASHINGTON, —, Iranian, ”, ” U.S . Central Command, Twitter, Navy, Pentagon, White, Marshall, Chem, Prosperity, U.S, Wednesday, U.S ., National Security, Hamas, Associated Press Locations: — U.S, Yemen, ” U.S, U.S, North Carolina, Houthi Brig, Gulf, Aden, Iran, Israel, Gaza, Palestinian, Jerusalem, London, Washington

The move comes as the Houthis have launched dozens of attacks on commercial vessels in the Red Sea. In its waning days, the Trump administration designated the Houthis a foreign terrorist organization over the strong objections of human rights and humanitarian aid groups. Yemen, on the tip of the Arabian Peninsula bordering the Red Sea, is the poorest country in the Arab world. While supporters of broad sanctions argue it’s possible to shape any enforcement mechanisms so to exempt food and humanitarian aid, aid organizations worry that fears of running afoul of U.S. regulation could scare away shippers, banks and other players vital to Yemen’s commercial food supply. The Red Sea attacks have already caused significant disruptions to global trade.

Persons: —, Biden, Antony Blinken, Trump, Blinken, ”, Scott Paul, “, Yemen’s Houthi, Jake Sullivan, Linda Thomas Greenfield, Brent, Houthis, Sullivan, Joe Biden's, ” Sullivan, Sheikh Mohammed bin Abdulrahman, Sheikh Mohammed bin Abdulrahman Al Thani, Al Thani, Mohammed Shia, Masrour Barzani, Jon Gambrell, Edith M, Lederer, Ellen Knickmeyer Organizations: WASHINGTON, White, U.S, Nations, Oxfam America, White House, House, Economic, British, United Nations, Consulate, Islamic, Tuesday, ___ Associated Press Locations: Yemen, Red, Gaza, Israel, Yemenis, U.S, Davos, Switzerland, Iran, Malta, Tehran, Lebanon, Syria, Iraq, Sheikh Mohammed bin Abdulrahman Al, Qatar, Kurdish, House, Irbil, ___, Jerusalem, Washington

☆ Iceland scientists want to drill a hole straight into a reservoir of molten magma about a mile underground. It could generate limitless energy.
▼ + stars: | 2024-01-15 | by ( Marianne Guenot | ) www.businessinsider.com time to read: +9 min

Scientists in Iceland want to drill straight into an underground magma chamber. AdvertisementScientists in Iceland want to drill a hole into a magma chamber about a mile underground in an attempt to generate limitless energy. KMTIngólfsson expects one well on a magma chamber could be as productive as 10 other wells elsewhere. I'm not sure how much more efficient systems would be if drilled into a magma chamber," he said. AdvertisementA short time to get a lot of moneyKMT hopes to break ground on the first hole into the magma chamber in 2026.

Persons: —, Ingólfsson, Mika Mika, Paolo Papale, Jon Gluyas, Iceland Layne Kennedy, Gluyas, Hafsteinn Karlsson, it's Organizations: Service, Scientists, Italy's National, of Geophysics, Volcanology, New, KMT, Durham University, Global Geothermal Energy Advancement Association, KMT Ingólfsson, Gluyas Locations: Iceland, Namafjall, Pisa, Northern Iceland, Landmannalaugar, Krafla, Mexico, Kenya, Ethiopia, Italy

☆ Global shipping rates set to jump as carriers avoid the Red Sea amid Houthi attacks
▼ + stars: | 2024-01-10 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +5 min

Freight prices are set to jump Monday, while longer transit times around Africa are disrupting and delaying deliveries of products. British clothing retailer Next recently warned of stock delays as a result of the longer ocean transit. "This creates strong motivations for ocean carrier(s) to increase rate(s) by establishing General Rate Increases (GRIs), Peak Season Surcharge (PSSs), and other contingency or emergency surcharges," the company said. "HLS warned Transpacific freight rates could spike to highs not seen since early 2022, with the Suez Canal route suspended, and the Panama Canal route restricted." Kuehne + Nagel analysts told CNBC that 419 vessels are currently being rerouted due to the Red Sea situation.

Persons: Jon Gold, HLS, Good Hope, Kuehne, Nagel, Franziska Bietke, Mark Rhodes, Rhodes Organizations: Lane Shipping, Ikea, National Retail Federation, CNBC, MSC, U.S ., East, U.S . Shipping Act, Federal Maritime Commission, Kuehne, Logistics, Crane Worldwide Logistics, CNBC PRO Locations: Suez, Ismailia, Egypt, Iran, Red, Africa, Asia, British, West Coast, Panama, U.S . West Coast, East Coast, Gulf of Mexico, South Africa's, Good, Project44, Europe

We're adding to our Eaton position after learning about data center news that makes us even more bullish about this power management company. Late Thursday, Blackstone and Digital Realty announced a huge joint venture to develop $7 billion worth of data centers across Europe and North America. News like this is fantastic for Eaton, whose largest end market by sales is Data Centers & Distributed IT, representing about 15% of sales. In the press release announcing the deal, Gray said, "Data centers are experiencing once-in-a-generation demand growth, driven by cloud adoption and the AI revolution." AI data centers require both higher power and higher power density relative to traditional data centers, resulting in three times the electric content.

Persons: Jim Cramer's, Eaton, Jon Gray, Blackstone, Gray, Jim Cramer, Jim, Brendan Mcdermid Organizations: ETN, Blackstone, Digital Realty, Centers, Data Center, Data, CNBC, New York Stock Exchange Locations: Eaton, Europe, North America, New York City, U.S

KHAN YOUNIS, Gaza Strip (AP) — Israel intensified its bombardment in and around Gaza's second largest city early Tuesday, as ambulances and private cars came racing into a local hospital carrying people wounded in a bloody new phase of the war in Gaza. At the Nasser Hospital in Khan Younis, ambulances brought dozens of wounded people in throughout the night. “My children, since 10 p.m., are still under the rubble.”Satellite photos taken Sunday showed tanks and troops massing outside Khan Younis, the latest target of the offensive, which was home to more than 400,000 people before the war. Constant bombardment on the edge of Khan Younis lit up the sky over the town Monday evening. The area that Israel ordered evacuated covers about a fifth of Khan Younis.

Persons: KHAN YOUNIS, — Israel, Khan Younis, ”, “, Jake Sullivan, Mohammed Aghaalkurdi, ___ Magdy, Jon Gambrell Organizations: U.S, Nasser, United Nations, Israel, Health Ministry, White House, The Associated Press, Aid, PalTel, Communications, Associated Press Locations: Gaza, Gaza's, Israel, Khan, United, Gaza City, Egypt, Palestinian, Shijaiya, Cairo, Dubai, United Arab Emirates, israel

WASHINGTON (AP) — The White House said Monday that the U.S. may establish a naval task force to escort commercial ships in the Red Sea, a day after three vessels were struck by missiles fired by Iranian-back Houthis in Yemen. On Sunday, ballistic missiles fired by Yemen’s Houthi rebels struck three commercial ships, while a U.S. warship shot down three drones in self-defense during an hourslong assault, the U.S. military said. He noted similar task forces are used to protect commercial shipping elsewhere, including off the coast of Somalia. The Houthi attacks imperil traffic on one of the world’s most vital shipping lanes and with it global trade overall. Political Cartoons View All 1277 ImagesThe Red Sea and Bab al-Mandab are also part of a vital route for commercial shipping overall, carrying millions of tons of agricultural products and other goods to markets yearly.

Persons: Jake Sullivan, Yemen’s Houthi, ” Sullivan, Sullivan, Jon Gambrell, Ellen Knickmeyer Organizations: WASHINGTON, U.S, U.S . Energy, Administration, ” Locations: U.S, Red, Iranian, Yemen, Israel, United States, Somalia, Gulf, Europe, China, Bab, Iran

DUBAI, United Arab Emirates (AP) — With Planet Earth running a fever, U.N. climate talks focused Sunday on the contagious effects on human health. “Climate change doesn’t need to be on a death certificate for us to be confident that climate change is causing deaths,” Diarmid Campbell-Lendrum, WHO’s head of climate and health, said. Dubai, the largest city in oil-rich United Arab Emirates, often faces higher levels of air pollution than other places on Earth due to its location — and haze is common. The Dubai government, on its web site devoted to the environment, listed its Air Quality Index level mostly at “good” on Sunday. Switzerland-based IQAir, a technology company that sells air-quality monitoring products, listed Dubai as the city with the 18th-worst air quality in the world with “moderate” air quality levels as of noon local time on Sunday.

Persons: Tedros Adhanom Ghebreyesus, ”, —, Antonio Guterres, Guterres, John Kerry, ” Kerry, Vanessa, Tedros, Diarmid Campbell, ” Diarmid Campbell, Jon Gambrell, Peter Prengaman Organizations: United Arab Emirates, Health Organization, Conference, WHO, United, Associated Press, AP Locations: DUBAI, United Arab, Dubai, U.N, —, U.S, United Arab Emirates, Persian, Switzerland

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