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☆ U.S. and Britain strike Yemen's Houthis in a new wave, retaliating for attacks by Iran-backed militants
▼ + stars: | 2024-02-03 | by ( ) www.cnbc.com time to read: +7 min

Yemen's Houthi followers take part in a tribal parade held against the United States-led aerial attacks launched on sites in Yemen, and solidarity with Palestinians, on January 22, 2024, near Sana'a, Yemen. The Defense Department said the strikes targeted sites associated with the Houthis' deeply buried weapons storage facilities, missile systems and launchers, air defense systems and radars. Saturday's strikes marked the third time the U.S. and Britain had conducted a large joint operation to strike Houthi weapon launchers, radar sites and drones. Iran has tried to distance itself from the drone strike, saying the militias act independently of its direction. Mosawi said the targeted sites in Iraq were mainly "devoid of fighters and military personnel at the time of the attack."

Persons: Yemen's, Dwight D, Lloyd Austin, Eisenhower, Carney, Hope, Bab, Jordan, Hussein, Mosawi, Rami Abdurrahman, Bassim, Awadi Organizations: Iranian Revolutionary Guard, Eisenhower, USS Carney, Associated Press, Defense Department, U.S, Human Rights, Islamic, Iraq, Israel Locations: United States, Yemen, Sana'a, Britain, Iran, Israel, Iraq, Syria, Jordan, U.S, Gulf of Aden, Australia, Bahrain, Canada, Denmark, Netherlands, New Zealand, Washington, Tehran, Sanaa, SABA, al, Gulf, Aden, Africa, Suez, Mandeb, Iranian, Baghdad, Gaza, Iraqi

☆ Self-navigating ships could change the shipping industry. Here are the companies poised to benefit
▼ + stars: | 2024-02-02 | by ( Hakyung Kim | ) www.cnbc.com time to read: +7 min

Worldwide, the autonomous ships market reached $4.13 billion in 2022, and is forecasted to grow to $10.1 billion in 2032, according to Emergen Research . Avikus said this journey marked the first time autonomous navigation successfully enabled a large vessel to complete a trip over 10,000 kilometers. HiNAS 2.0 deployed a level-three autonomous navigation system, meaning that human intervention is only deployed in an emergency situation. The success of the HiNAS 2.0 and Prism Courage journey marked a foray into greater commercialization and implementation of autonomous ship navigation technology. The company is aiming for its fully autonomous ship technology to reach full-scale commercialization by 2025.

Persons: Patrick Ryan, Covid, Courage, Avikus, Carol Schleif, Rudy Negenborn, — Ryan, Ryan, BMO's, Morgan Stanley, Ravi Shanker, Shanker, Hunt, C.H, Robinson, Negenborn Organizations: Research, American Bureau of Shipping, Hyundai, Yara International ASA, Yara, BMO Family, Delft University of Technology, Moeller, Maersk, Yara International, Mitsui, Mitsui O.S.K, Royce, Shipbuilders, Expeditors International Locations: Covid, Avikus, Freeport, of Mexico, Panama, Korea, Red, Suez, U.S, Danish, American, ADRs, Japan

☆ Trump Would Not Reappoint Powell as Fed Chief
▼ + stars: | 2024-02-02 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

(Reuters) - Former President Donald Trump said he would not reappoint Federal Reserve Chair Jerome Powell if Trump wins this year's presidential election, the Republican frontrunner told Fox Business in an interview aired Friday. "No I wouldn't," Trump said in response to a question on whether he would reappoint Powell, whose second four-year term as chair will expire in 2026. Trump said he believes Powell is going to lower interest rates to help President Joe Biden's prospects for re-election. "I think he’s going to do something to help the Democrats, if he lowers interest rates,” Trump said. Biden, a Democrat who beat Trump in the 2020 White House race, reappointed Powell to a second term in 2021.

Persons: Donald Trump, Jerome Powell, Trump, reappoint Powell, Powell, Joe Biden's, ” Trump, Biden, Dan Burns, Doina, Chizu Nomiyama Organizations: Reuters, Trump, Republican, Fox Business, White, Fed Locations: U.S, Iranian, Suez, Asia, Europe, South Africa

Energy prices fell 6.3%, contributing to the drop in inflation in the 20 European Union countries that use the euro currency. Inflation has fallen steadily as the ECB rapidly raised interest rates, the typical antidote to out-of-control price increases. Inflation decreased to 3.1% in Germany, Europe’s biggest economy, down from 3.8% in December and the lowest since June 2021. The decline in inflation has unleashed speculation that the European Central Bank could start cutting interest rates as early as April. And European growth could use a boost.

Persons: Christoph Swonke, ” Organizations: European Union, Energy, Union, European Central Bank, ECB, DZ Bank, Bank of England, U.S . Federal Reserve Locations: FRANKFURT, Germany, Europe’s, France, Europe, Iranian, Yemen, Africa, Suez, Israel, U.S

☆ Red Sea Disruption Threatens Italy's Economic Stability - Minister
▼ + stars: | 2024-02-01 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

ROME (Reuters) - Ongoing disruption in the Red Sea threatens to destabilise Italy's economy and marginalise ports in southern Europe, Italy's defence minister said on Thursday. "From a geopolitical perspective, the continuing of this situation could lead to the marginalisation of ports on the Mediterranean Sea," Defence Minister Guido Crosetto told lawmakers from parliament's defence committees. "Not only does it threaten the security of navigation but also (Italy's) economic stability". The minister said that commercial traffic through the Suez Canal -- which he estimated to represent some 40% of Italy's total maritime trade -- had dropped by 38% by the last week of 2023. Navigation times increased by 10-12 days and costs increased almost five-fold, he added.

Persons: Guido Crosetto, Crosetto, Giulia Segreti, Keith Weir Organizations: " Locations: ROME, Europe, Iran, Yemen, South Africa, Suez, Israel, Gaza, Aspides, Italy

☆ Why Yemen’s Houthi rebels welcome conflict with the US
▼ + stars: | 2024-02-01 | by ( Nadeen Ebrahim | ) edition.cnn.com time to read: +11 min

Since mid-November the rebels have been attacking commercial ships in the Red Sea and the Strait of Bab al-Mandab. The Red Sea is a vital waterway that connects to the Suez Canal, through which 10% to 15% of world trade passes. In its fight, the Houthi group has distracted from Yemen’s humanitarian crisis, shored up domestic and international support, and made its name known among those who knew little to nothing about the movement, they say. That narrative has taken hold among those who oppose the Gaza war the world over. Yemen’s civil war began in 2014, when Houthi forces stormed the capital Sanaa and toppled the internationally recognized, Saudi-backed government.

Persons: Abdel Malek al, Houthi, ”, Allah, Thomas Juneau, ” Juneau, ’, Ahmed Nagi, Juneau, Israel, “, Biden, Netanyahu, ” Mohamed Ali al, Nagi, ” Nagi, ” Mohammed Ali Al, Yemen's Houthi, ” “ Houthis, Nadwa, Yemenis, ” Dawsari Organizations: CNN, Hamas, Hezbollah, Yemeni, Graduate School of Public and International Affairs, University of Ottawa, Canada’s Department of National Defense, Yemeni Armed Forces, European Union, NATO, United, Crisis, UN, BBC, Political Council, Galaxy Leader, Getty, Middle East Institute Locations: Constantinople, Istanbul, United States, Saudi, Israel, Gaza, Bab, Suez, Iran, China, India, Tehran, Iraq, Jordan, Yemen, Red, Solidarity, Aden, Instagram, US, United Kingdom, Brussels, Saudi Arabia, tatters, Yemen's province, Hodeida, AFP, America, Washington ,

☆ 120 passengers on Cunard Cruise got sick with diarrhea and vomiting from an unknown cause
▼ + stars: | 2024-02-01 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +2 min

Read previewMore than 100 passengers and some staff members sailing on Cunard Cruise Line's Queen Victoria ship fell ill from an unknown cause this month, according to the Centers for Disease Control and Prevention. The cruise ship was in Guatemala as of Tuesday, according to the itinerary, and is set to arrive in Honolulu around February 12. Cunard did not immediately respond to Business a request for comment from Business Insider. The agency said 100 people, including passengers and crew, got sick, with the main symptoms being vomiting and diarrhea. In January 2023, Cunard's Queen Victoria received a high sanitation score, 95 out of 100.

Persons: —, Cunard Cruise, Victoria, CruiseMapper, Queen Victoria, Cunard Organizations: Service, Cunard, Centers for Disease Control, CDC, Business, Cunard Cruise, Fox Business, Celebrity Cruises Locations: Fort Lauderdale , Florida, Aruba, Panama, Guatemala, Honolulu

☆ Demand for shipments from China via rail through Russia has 'skyrocketed' since the Red Sea attacks
▼ + stars: | 2024-02-01 | by ( Lucy Handley | ) www.cnbc.com time to read: +6 min

And — while it only represents a very small proportion of containers moved between the Far East and Europe — rail routes via Russia have seen an uptick in interest too. Rail through RussiaFirms have raised concerns about sending goods via rail through Russia, Sciglaite said. A train engine pulls carriages that started their journey in Yiwu, China into Barking rail freight terminal on January 18, 2017 in the U.K. Igor Tambaca, managing director of Rail Bridge Cargo, a Dutch logistics company, said China-Europe rail route bookings were up 37% over the past four weeks. Tambaca said the cost of sending one forty-foot container (FEU) from China to Europe via rail is currently around $7,900.

Persons: Liu Wenhua, Julija, RailGate, Hapag Lloyd, Sciglaite, Dan Kitwood, Igor Tambaca, Tambaca, Maria Magdalena Pavitsich, Pavitsich, Vladimir Putin, Davies Turner Organizations: China News Service, Getty, Air, CNBC, Rail, Cargo, OBB Rail Cargo Group, FEU, Initiative, British Locations: China, Europe, Russia, Manzhouli, Vietnam, Xeneta, East, European, Rotterdam, South Africa's, Ukraine, Yiwu, Barking, Kazakhstan, Belarus, Poland, Germany, Belgium, France, Red, Dutch, Turkey, Austrian, Asia, Xian, Chengdu, Suez, Africa, Moscow, Central Siberia, Beijing, Wuhan, Duisburg

☆ Cramer names railroad stocks to watch as Red Sea troubles shake up freight routes
▼ + stars: | 2024-01-31 | by ( Julie Coleman | ) www.cnbc.com time to read: +2 min

CNBC's Jim Cramer on Wednesday suggested railroad stocks may be starting to climb. "Boy is that terrific for the West Coast operators, and there you're thinking about Union Pacific and Canadian Pacific Kansas City." Cramer reviewed earnings reports from Union Pacific , Canadian Pacific Kansas City , CSX and Norfolk Southern , saying all except the latter have potential. Canadian Pacific Kansas City saw the largest volume growth of the bunch. If investors feel confident about the economy, they have Cramer's "blessing to stick with Union Pacific, Canadian Pacific, or CSX — in that order, by the way — and forget about Norfolk Southern for the moment."

Persons: CNBC's Jim Cramer, Cramer, we've, — you've Organizations: West Coast, Union Pacific, Canadian Pacific, Canadian Pacific Kansas City, Norfolk, Pacific's, Canadian, CSX, Norfolk Southern Locations: Yemen, Red, West Coast, Suez, East Coast, Canadian Pacific Kansas, Canadian Pacific Kansas City, CSX, Canadian Pacific, Ohio

☆ Premarket stocks: The Fed isn’t vexing markets. Here’s what might
▼ + stars: | 2024-01-31 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +6 min

But with practically all of Wall Street in agreement that no changes will be made, investors are focused on Fed Chair Jerome Powell’s afternoon press conference where he’ll answer questions about his outlook for monetary policy. Conflict in the Middle East and the Red Sea in particular “poses a risk to global trade,” said EY Senior Economist Lydia Boussour on Tuesday. That’s a huge blow to trade: As much as 15% of global trade and 25%-30% of global container shipments transit through the waterway. “For now, we don’t expect the situation in the Red Sea to substantially alter the outlook for global inflation and global monetary policy this year,” said Boussour. The company reported earnings per share of $2.93, beating Wall Street expectations of $2.79.

Persons: Jerome Powell’s, Powell isn’t, we’ve, ” Johns, Laurence Ball, Kevin Gordon, Charles Schwab, Gordon, ”, There’s, Jay Powell, CNN’s Arlette Saenz, Joe Biden, “, Brent, EY, Lydia Boussour, “ We’ve, Satya Nadella Organizations: CNN Business, Bell, New York CNN, Federal Reserve, ” Johns Hopkins, “, Commerce Department, West Texas Intermediate, International Monetary, Microsoft, Revenue Locations: New York, East, Europe, China, Jordan, Gaza, Suez, Iran

☆ Red Sea supply chain inflation may be peaking already, new trade data suggests
▼ + stars: | 2024-01-31 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

It tells CNBC that rates on ocean routes from Asia to Europe and the Mediterranean are beginning to decline, but for U.S.-bound trade, prices are still climbing. Rates for cargo headed to the U.S. are still risingBut for U.S companies, while some have negotiating leverage, shipping rates are not seeing any reprieve. According to Sand, rates for the trade route from the Far East to the U.S. East Coast are still heading higher. "Everyone is accusing everyone at the moment, which is normal during situations when there is so much uncertainty in the market," Sand said. "Ocean freight carriers did not invent this crisis and it takes time for them to put in new shipping networks to deal with the disruption caused by diverting away from the Suez Canal."

Persons: February's GRIs, Emily Stausbøll, Peter Sand, Sand Organizations: CNBC, Logistics, U.S . Locations: Xeneta, Asia, Europe, North Europe, Sand, U.S . East Coast, Suez

Worldwide, the IMF thinks inflation will ease from 6.8% in 2023 to 5.8% in 2024 and 4.4% in 2025. The IMF expects the 20 countries that share the euro currency to collectively grow a meager 0.9% this year. The IMF also modestly downgraded the outlook for the Japanese economy, to 0.9%, a drop from 1.9% growth in 2023. The IMF expects oil prices, which plunged 16% in 2023, to fall a further 2.3% this year and 4.8% in 2025. The IMF expects world trade to grow just 3.3% this year and 3.6% in 2025, below the historical average of 4.9%.

Persons: ’ Pierre, Olivier Gourinchas, Gourinchas, ’ Gourinchas, Joe Biden’s Organizations: WASHINGTON, Monetary Fund, Federal Reserve, IMF, Trade Organization Locations: United States, Yemen, Red, Asia, Europe, Suez, Africa, U.S, Brazil, India, Southeast Asia, Russia, Ukraine, Russian, China

FRANKFURT, Germany (AP) — Europe’s economy failed to expand at the end of 2023, with the stagnation now lasting for more than a year amid higher energy prices, costlier credit and lagging growth in powerhouse Germany. Zero economic growth for the October-to-December period of last year follows a 0.1% contraction in the three months before that, according to figures released Tuesday by EU statistics agency Eurostat. That extends a miserable run of economic blahs: The 20 countries that use the euro currency have not shown significant growth since the third quarter of 2022, when the economy grew 0.5%. With higher shipping costs and delays to products from clothes to keyboard components, concerns are growing of new consumer price spikes if the conflict in Gaza drags on or escalates. The trade disruption could add as much as 0.5% to core inflation, which excludes volatile fuel and food prices, Oxford Economics said.

Persons: ”, Holger Schmieding, Yemen's Houthi Organizations: EU, Eurostat, European Central Bank, Oxford Economics, ECB, Hamas, Oxford Locations: FRANKFURT, Germany, Suez, Asia, Europe, Berenberg, United States, Russia, Ukraine, Red, Africa, Gaza

☆ Egypt is renovating one of its ancient pyramids using granite, and some experts are horrified
▼ + stars: | 2024-01-30 | by ( Mia Jankowicz | Reem Makhoul | ) www.businessinsider.com time to read: +3 min

Egypt's antiquities chief announced a project to restore an ancient pyramid's granite cladding. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA restoration project to cover one of Egypt's most iconic pyramids with granite cladding has produced a decidedly mixed reaction among heritage experts and social media users. The strong reactions have caused Egypt's Ministry of Antiquities to call for a pause to reexamine the project's feasibility, according to the Telegraph.

Persons: —, Mostafa Waziri, Khufu, Waziri, Khaled Desouki, Monica Hanna, Hanna, Hussein Bassir, Salima, Egypt's Organizations: Service, Egypt's, of Antiquities, Facebook, Independent, The Telegraph, Independent Arabia, Biblioteca, American University, Egypt's Ministry of Antiquities Locations: Giza, Cairo, Independent Arabia, Suez, Pisa, France

☆ '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

Global inflation is expected to fall to 5.8% in 2024 and to 4.4% in 2025. “The global economy begins the final descent toward a soft landing, with inflation declining steadily and growth holding up. That is not to say the global economy is without challenges. It also raises concerns about a revival of global inflation pressures as importers face surging shipping costs,” said Lydia Boussour, senior economist at EY-Parthenon. “For now, we don’t expect the situation in the Red Sea to substantially alter the outlook for global inflation and global monetary policy this year,” she added.

Persons: ” Pierre, Olivier Gourinchas, ”, Lydia Boussour, Gourinchas, ” Gourinchas, Eric LeCompte, LeCompte Organizations: Monetary Fund, IMF, Federal Reserve, . News, USA Locations: U.S, China, –, Ukraine, Iranian, Suez, EY, India, Russia, East, Central Asia, Saudi Arabia, “, Brazil

☆ The Red Sea crisis tests China’s global ambitions
▼ + stars: | 2024-01-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

China’s responseThe Houthi rebels in Yemen started firing missiles and drones at ships in the Red Sea in mid-November, in what they say is an act of solidarity with Palestinians. Chinese officials repeatedly stressed that the Red Sea crisis is a “spillover” from the conflict in Gaza, citing an immediate ceasefire between Israel and Hamas as the top priority. Beijing’s reluctance to wade into the Red Sea crisis reflects these geopolitical calculations. The Chinese government readout of the meeting between Wang and Sullivan did not mention the Red Sea. Egypt is losing millions of dollars per day from the reduced traffic at the Suez Canal at the northern end of the Red Sea.

Persons: Houthi, “, ”, Mordechai Chaziza, Xi Jinping, Israel, ” Chaziza, Wang Yi, Jake Sullivan, Iran ”, we’re, Wang, Sullivan, Ebrahim Raisi, Yan Yan, OOCL, Kuehne + Nagel, Jonathan Fulton, “ can’t, ” Fulton, William Figueroa, Xi Organizations: Hong Kong CNN, Ashkelon Academic College, Beijing, Iran, People’s Liberation Army Navy, Britain, United Nations Security Council, Global, Western, Chinese Foreign, White House, Reuters, Chinese Foreign Ministry, China, Shanghai Shipping Exchange, Atlantic Council, University of Groningen, Xi’s Global Security Initiative, GSI, Hamas Locations: Hong Kong, Red, Israel, Ashkelon, United States, China, Europe, Yemen, Gulf, Aden, Djibouti, Beijing, Gaza, Bangkok, Iran, Tehran, Africa, Switzerland, Francisco, Shanghai, Abu Dhabi, Egypt, Suez, Sea, Saudi Arabia, Netherlands

☆ Venice is installing speed cameras on its canals after a series of deadly accidents
▼ + stars: | 2024-01-30 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Venice is deploying aquatic speed cameras to enforce speed limits on its iconic canals. AdvertisementVenice will use speed cameras along its iconic waterways, with fines given to boats that violate speeding rules, following the approval of an amendment by the city's transportation committee. According to Venice Insider Guide, the amendment permits using "barcaveloxes" to monitor the speed of boats and gondolas navigating the canals. Barcaveloxes are speed cameras adapted to aquatic environments that can detect when boats are going too fast. However, the speed cameras, some of which had already been installed, could not be fully activated due to a lack of regulatory infrastructure.

Persons: —, Martina Semenzato, MailOnline Organizations: Service, Venice, The Telegraph, UNESCO Locations: Venice, Belgian

☆ 2 reasons why Red Sea disruptions won't send inflation soaring again, according to Goldman Sachs
▼ + stars: | 2024-01-29 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

Goldman Sachs doesn't expect an inflation spike in the US fueled by turmoil in the Red Sea. To be sure, Red Sea disruptions have caused freight costs to soar as much as 350%. AdvertisementShipping disruptions in the Red Sea have caused freight costs to spike, but the impact on inflation will remain muted, according to Goldman Sachs. Goldman Sachs Global Investment ResearchHowever, they maintained that goods inflation still won't see a meaningful uptick for two reasons. "Under reasonable pass-through assumptions, a 100% increase in the cost of sea freight therefore only raises core goods inflation by around 0.4pp and overall core inflation by around 0.1pp," the Goldman strategists said.

Persons: Goldman Sachs, —, Jan Hatzius, Hatzius Organizations: Service, Shipping, Goldman Sachs Global Investment Research, Goldman Locations: Red, Iran, Israel, Gaza, Suez, Asia, Europe, China, Southeast Asia, 0.4pp, 0.1pp

☆ Global trade will fall this year amid slower growth and Red Sea turmoil, WTO official says
▼ + stars: | 2024-01-29 | by ( Yuheng Zhan | ) www.businessinsider.com time to read: +2 min

Read previewThe World Trade Organization is likely to slash 2023 and 2024 trade projections due amid weaker-than-expected global economic activity and disruptive attacks by Houthi militants in the Red Sea. The WTO previously projected a rise of 0.8% in merchandise trade volumes for 2023 and a 3.3% increase for 2024. Ossa said the WTO would publish updated forecasts in the coming months, and various global organizations have trimmed their GDP growth forecasts this year, impacting the WTO's trade predictions. He also emphasized a growing uptick in consumer prices due to surging shipping costs since the Houthi attacks began. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea in this photo released November 20, 2023.

Persons: —, Ralph Ossa, Ossa, haven't, Joe Biden Organizations: Service, Trade Organization, Business, WTO, Reuters, Galaxy Leader, Houthi Military Locations: Red, Iran, Suez, Europe

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

CNN —An oil tanker in the Gulf of Aden is on fire after a missile attack by Yemen’s Houthi militants, in the latest incident linked to the Iran-backed group in the key shipping route. US Central Command said the ship had issued a distress call and reported damage after militants fired an anti-ship ballistic missile from a Houthi-controlled area of Yemen. The USS Carney, a guided missile destroyer, and other coalition ships responded “and are rendering assistance,” Central Command said. Earlier in the day, the USS Carney had shot down a Houthi anti-ship ballistic missile that targeted the US warship, according to US Central Command. Houthi forces stormed the capital Sanaa in 2014, and toppled the internationally recognized and Saudi-backed government, triggering a civil war.

Persons: Yemen’s, ”, Carney, Biden, Abdul Malek al, Houthi Organizations: CNN, US Central Command, ”, Command, Resource Management, US, United Nations Development Programme Locations: Gulf, Aden, Iran, British, Yemen, Britain, Israel, Gaza, America, Africa, Suez, Saudi

BANGKOK (AP) — Senior U.S. and Chinese representatives are expected to meet in Bangkok, Thailand as the two countries seek to cool tensions. Officials from both sides said U.S. National Security Adviser Jake Sullivan and Chinese Foreign Minister Wang Yi would meet. Political Cartoons View All 253 ImagesChinese foreign ministry spokesperson Wang Wenbin confirmed that Wang Yi plans to meet with Sullivan. Sullivan, whose visit is scheduled to end Saturday, paid a courtesy call Friday on Prime Minister Srettha Thavisin and later held a bilateral meeting with Foreign Minister Parnpree Bahiddha-Nukara, the Thai foreign ministry said. The Thai foreign ministry announced that Wang Yi will meet with his counterpart on Saturday to sign an agreement exempting Thai nationals from requiring visas to visit China, and on Monday will meet with the prime minister.

Persons: Jake Sullivan, Wang Yi, Adrienne Watson, “, Biden, Xi, Wang Wenbin, Sullivan, Wang, Srettha Thavisin, Parnpree Bahiddha, ” Organizations: — Senior, National, Foreign, Thai, National Security, Foreign Ministry, Washington Locations: BANGKOK, Bangkok, Thailand, Thai, Suez, China, Iran, Beijing, Chinese, North Korea, Washington, Myanmar, Ukraine

☆ Panama Canal Drought Slows Cargo Traffic
▼ + stars: | 2024-01-26 | by ( Mira Rojanasakul | ) www.nytimes.com time to read: +8 min

PANAMA CANAL Colón Atlantic Ocean Lake Alajuela Gatún Lake Panama City PANAMA Ship traffic Pacific Ocean PANAMA CANAL Colón Lake Alajuela Atlantic Ocean Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Colón Lake Alajuela Atlantic Ocean Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Ship traffic Pacific Ocean PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic PANAMA CANAL Atlantic Ocean Colón Lake Alajuela Gatún Lake Panama City PANAMA Pacific Ocean Ship traffic Source: MariTrace Ship movements from Jan. 19 to Jan. 21, 2024. Panama Canal Drought Slows Cargo TrafficThe lake that allows the Panama Canal to function recorded the lowest water level ever for the start of a dry season this year, which means that vastly fewer ships can pass through the canal. The Panama Canal Authority has reduced daily traffic through the narrow corridor by nearly 40 percent compared with last year. “The fact that the Panama Canal operates on freshwater is a major disadvantage compared to other water routes,” said Ricaurte Vásquez Morales, the administrator of the Panama Canal Authority, in a video address last month. But it may not be enough to meet the pressing demand for cargo traffic through the Panama Canal.

Persons: El, Jan, ”, Ricaurte Vásquez Morales, Gatún, Joshua Tewksbury, Gloria Arrocha Paz, Arrocha Paz Organizations: PANAMA Ship, Panama Canal Authority, Maersk, Panama Canal, Smithsonian Tropical Research Institute, Demand, Times, Smithsonian Tropical Research Locations: PANAMA, Lake Panama, Panama City PANAMA, Lake Panama City PANAMA, Panama, East Coast, United States, Northeast Asia, South America, Tewksbury, Indio, Gatún, Panama City, Panama Canal Authority, What’s

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