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☆ Donald Trump is just hours away from a $457 million deadline
▼ + stars: | 2024-03-25 | by ( Chris Johnston | ) www.businessinsider.com time to read: +2 min

Donald Trump faces a Monday deadline for paying a bond to New York state. The payment follows last month's verdict that Trump and his company inflated the value of assets. The NY attorney general may move to seize Trump's assets if he fails to pay in time. AdvertisementDonald Trump is hours away from a deadline to pay a $457 million bond to New York Attorney General Letitia James . Trump's debt rises daily by $111,984 in interest , meaning he owes New York state another $1 million every nine days.

Persons: Donald Trump, Trump, —, Letitia James, Judge Arthur Engoron Organizations: NY, Service, New York, Trump Organization, New York Times Locations: New York, New

☆ Why auto insurance rates are skyrocketing in the U.S.
▼ + stars: | 2024-03-23 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

Car insurance is getting more expensive. The average annual premium for full coverage auto insurance in the U.S. rose to $2,543 in 2024 — up 26% from the previous year, according to Bankrate. "That has led to an environment where the consumer, the insured, is out shopping for auto insurance and finding that they cannot find an insurer that has a lower premium for them." Around 215 million Americans carry auto insurance and the market is valued at roughly $353 billion, according to IBISWorld. So, what other factors are behind the spike in auto insurance rates and what impact are rising premiums having on consumers and large publicly traded companies such as Allstate, Progressive and Berkshire Hathaway's Geico ?

Persons: Stephen Crewdson, Berkshire Hathaway's Organizations: American, Casualty Insurance Association, Allstate, Progressive, Berkshire Locations: U.S, .

☆ Grayscale CEO says fees on its bitcoin ETF will drop over time after outflows hit $12 billion
▼ + stars: | 2024-03-19 | by ( Ryan Browne | ) www.cnbc.com time to read: +5 min

Grayscale CEO Michael Sonnenshein said that the crypto fund manager expects to bring fees on its Grayscale Bitcoin Trust ETF down in the coming months, as the nascent crypto ETF market matures. The FTX bankruptcy estate reportedly offloaded the majority of its shares in Grayscale's bitcoin ETF, according to January reporting from Bloomberg and CoinDesk. Grayscale also wants to introduce other ways of giving investors less costly ways of accessing its bitcoin ETF, including a "mini" version of its flagship product — the Grayscale Bitcoin Mini Trust, announced last week. The new BTC ETF would be effectively spun out of the Grayscale Bitcoin Trust ETF and seeded with an as-yet undisclosed portion of bitcoin underlying GBTC shares. The firm is currently awaiting approval from the U.S. Securities and Exchange Commission for its Bitcoin Mini Trust ETF.

Persons: Michael Sonnenshein, Sonnenshein, GBTC, FTX Organizations: NYSE, LONDON, CNBC, Bloomberg, BlackRock, Fidelity, Vanguard, Trust, BTC, U.S . Securities, Exchange Commission, SEC Locations: Grayscale's bitcoin, solana

☆ Fatal Houthi rebel attack may be a ‘red line’ in Red Sea shipping crisis
▼ + stars: | 2024-03-07 | by ( Hanna Ziady | ) edition.cnn.com time to read: +6 min

The deadly strike marks a significant escalation of the Houthi attacks on ships in the Red Sea and and comes despite a US-led naval coalition to protect the crucial waterway. Fewer ships appear to be transiting through the Red Sea and adjoining Suez Canal after the latest attack, according to maritime risks analytics company Windward. According to Windward, the number of bulk carriers anchoring outside ports to the north and south of the Suez Canal surged 225% Wednesday compared with the previous day. Windward data shows that last month the number of bulk carriers in the Red Sea was already at its lowest level in two years. Just 30% of the usual shipping capacity — including container ships, bulk carriers, car carriers, and tankers carrying oil and liquefied natural gas — is still passing through the Red Sea and Suez Canal, according to Sand.

Persons: Ami Daniel, ”, Peter Sand, “, Hapag Lloyd —, Christine Lagarde, CMA CGM, Stephen Cotton, Cotton, David Ashmore, Reed Smith, John Stawpert, ” Maisie Linford Organizations: London CNN, Liberian, ” Windward, CNN, Maersk, MSC, European Central Bank, Drewry, CMA, International Transport Workers ’ Federation, International Chamber of Shipping Locations: Red Sea, Iran, Suez, Africa, Windward, Red, Norway, Sand, “, London, Good, Gulf, Aden and Red, Aden

☆ A real estate CEO predicts hundreds of banks will fail or be taken over by 2026
▼ + stars: | 2024-03-06 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

A real estate boss expects at least 500 banks to fail or be taken over in the next two years. Scott Rechler, CEO of RXR, said the maturing of commercial real estate loans would hit smaller lenders. Commercial real estate has been hit by declining asset prices, costlier borrowing, and tighter lending. AdvertisementHundreds of American banks will collapse or be taken over by 2026, a top real estate executive predicted. Silicon Valley Bank, Signature Bank, and Silvergate Bank folded last spring after worries about their health spurred a wave of deposit withdrawals.

Persons: Scott Rechler, —, Fortune, I'm, It's, Jamie Dimon's Organizations: Service, Deposit Insurance Corporation, Silicon Valley Bank, Signature Bank, Silvergate Bank, New, New York Community, Federal Reserve, JPMorgan Locations: New York

☆ There's been a rebound in volatile shipping stocks. The market opportunity isn't over, report says
▼ + stars: | 2024-03-01 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

During 2022-2023, ocean carriers used some of those reserves for their own buying sprees to expand their footprints. While adding to the ocean carrier bunker fuel costs, they are being compensated.. "The Red Sea diversions are a good thing for ocean carriers. The big question mark is the duration of the diversions and the surcharges the ocean carriers can charge. Those two regions have steadily taken market share away from the West Coast ports, with shippers also benefitting from investments in ports infrastructure. "The West Coast ports have strengthened infrastructure," Iampieri said.

Persons: Marc Iampieri, Cash, Iampieri, Jeff Bezos, It's, Paul Brashier, Brashier, AlixPartners Organizations: Bloomberg, Getty, Dow Jones Transportation, Fortune, Convoy, Amazon, Technology, Ocean, Maersk, CNBC, ITS Logistics Locations: Panama, Red, East Coast, AlixPartners, Flexport, Europe, North America, Asia, West Coast, East, Gulf, Mexico, West, Los Angeles, Long

☆ Opinion: We must help Ukraine now or fight costlier wars later
▼ + stars: | 2024-02-28 | by ( Opinion Mark T. Esper | ) edition.cnn.com time to read: +8 min

Whether Congress chooses to provide the continued financial support Ukraine, Israel and Taiwan desperately need will go a long way toward answering this question. Secretary of Defense Mark Esper testifies during a House Armed Services Committee hearing on July 9 in Washington, DC. Without renewed US support, the arms pipeline to Ukraine will continue to dwindle over the coming months, directly impacting what happens on the battlefield. Politics must be set aside, and politicians who spurn allies, coddle autocrats and argue for American retrenchment should be ignored. Leadership is a heavy cross to bear, indeed, but the benefits of doing so — especially in the face of clear threats — will always outweigh the costs and favor the United States.

Persons: Mark, Esper, Trump, Russia resurges, Defense Mark Esper, Greg Nash, Vladimir Putin’s, Israel dismantles, Joe Biden, Anatolii Stepanov, Putin, Xi Jinping, coddle autocrats Organizations: Times, The McCain Institute, CNN, Defense, Armed, Funds, Communist, NATO, Ukraine, Taiwan Locations: Russia, Ukraine, United States, Israel, Taiwan, Washington , DC, Ukrainian, Avdiivka, Communist China, Kyiv, Moscow, Russian, Kostyantynivka, Donetsk, AFP, China, Japan, South Korea, Philippines, Washington, Iran, Afghanistan, East

☆ Meet the DIPS parents: Double Income, Public School. They've got it better than the POLKs, or Parents of Little Kids.
▼ + stars: | 2024-02-25 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +6 min

But the double whammy of housing plus childcare costs doesn't hit all parents — just parents of very young kids. However, after-school programs or an afternoon babysitter are typically a fraction of the cost of full-time day care.) I propose we call them: DIPS, or Double Income, Public School. For example, Massachusetts has the highest average childcare costs, where day care for an infant is $24,472. I'm stuck in between — one kid in public school and a younger one still in day care.

Persons: —, Alcynna Lloyd, Lloyd, Zillow, it's, I'm, Rich, Stanley, you'll, they'll, POLK Organizations: Service, Business, Public School, Kids, Nationwide Locations: Los Angeles, San Diego, California, Massachusetts, Iowa, In Massachusetts

☆ U.S. and British strikes on Houthi sites in Yemen answer militants’ surge in Red Sea attacks on ships
▼ + stars: | 2024-02-24 | by ( ) www.cnbc.com time to read: +8 min

The U.S. F/A-18 fighter jets launched from the USS Dwight D. Eisenhower aircraft carrier, which is currently in the Red Sea, officials said. President Joe Biden and other senior leaders have repeatedly warned that the U.S. won't tolerate the Houthi attacks against commercial shipping. During normal operations, about 400 commercial vessels transit the southern Red Sea at any given time. The Rubymar, a British-registered, Lebanese-operated cargo vessel, was attacked while sailing through the Bab el-Mandeb Strait that connects the Red Sea and the Gulf of Aden. The Associated Press, relying on satellite images from Planet Labs PBC of the stricken vessel, reported Tuesday that the vessel was leaking oil in the Red Sea.

Persons: Dwight D, Lloyd Austin, Grant Shapps, Shapps, Joe Biden, haven't, We've, Sabrina Singh, we've, Mason, Abdul Malik al, Hope Organizations: US Coast Guard, US Central Command, U.S, Eisenhower, Defense, Yemeni Armed Forces, RAF, Islander, Hamas, Houthi, Aden , U.S . Central Command, Central Command, Khorfakkan, United, Command, Associated Press, Planet Labs PBC Locations: Iran, Yemen, Tampa , Florida, United States, U.S, Gulf of Aden, British, Red, Britain, Australia, Bahrain, Canada, Denmark, Netherlands, New Zealand, Gaza, Aden , U.S, Asia, Europe, Africa, Suez, Mandeb, Gulf, Aden, Palau, Belize, Lebanese, Bulgaria, United Arab Emirates

☆ Mercedes Benz ditches plan to sell only EVs by 2030
▼ + stars: | 2024-02-23 | by ( Jordan Hart | ) www.businessinsider.com time to read: +1 min

In 2021, the German carmaker announced plans only to sell electric vehicles — "where market conditions allow" — by 2030. And, as of Thursday's release, it expects its overall EV sales to reach just 50% by the time 2030 rolls around. During a September interview at the Munich car show, Mercedes CEO Ola Källenius first hinted at a more narrow outlook for the EV market. AdvertisementMercedes expects its EV sales to account for about 19% to 21% of new car sales this year. Mercedes isn't the only automaker that is reevaluating its EV plans.

Persons: Mercedes, Ola Källenius, It's, Mercedes isn't, Harald Wilhelm Organizations: Benz, carmaker, EV, Mercedes, Reuters Locations: Munich

☆ Sorry, parents: The American dream is only for DINKS
▼ + stars: | 2024-02-21 | by ( Alcynna Lloyd | ) www.businessinsider.com time to read: +5 min

Zillow determined that a family earning a median household income of $6,640 per month can expect to allocate $1,984 of that to childcare. It all adds up to a costly reality that's making the American dream of homeownership seem farther out of reach for parents than ever before. Based on the study, a new buyer household in the United States, making the median income, would spend 30% of it on housing. The upshot: Another group, less encumbered financially, appears better poised to realize the dream of homeownership: "DINKS," an acronym that stands for "dual income, no kids." "I paid $1,750 for rent in a crappy little apartment in California," Crossan told BI earlier this year.

Persons: —, Zillow, DINKS, Elizabeth Johnson, Johnson, Bartie Scott, Juliana Kaplan, Janelle Crossan, Crossan, Pengyu Cheng, Cheng Pengyu Cheng, Cheng Organizations: Service, US Department of Labor, Federal, Consumer Locations: Women’s, Los Angeles, San Diego, United States, Swiss, snorkeled, Hawaii, Canada, New Braunfels , Texas, Costa Mesa , California, California, Austin , Texas, Texas, San Francisco

☆ Houthis claim 'catastrophic' attack in Red Sea that prompted crew to abandon ship
▼ + stars: | 2024-02-19 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +4 min

The Iran-backed Houthi militant group on Sunday damaged a ship offshore Yemen, prompting its crew to abandon the vessel in the latest escalation of maritime tensions that have disrupted key trade routes in the Red Sea. Houthi militants later claimed the attack, with spokesperson Yahya Sare'e identifying the vessel as general cargo ship Rubymar and describing it as British. "The ship suffered catastrophic damage and came to a complete halt," Houthi Spokesperson Sare'e said. The hostilities have also prompted armed exchanges between Houthis and British and American forces, which have previously struck at Yemeni targets in a bid to improve maritime security. Sare'e said that the Houthis on Sunday also shot down a U.S. drone in Hodeidah.

Persons: Yahya Sare'e, Sare'e, Ice Brent, Nymex WTI Organizations: Maritime Trade Operations, CNBC, Global, Djiboutian Navy, Hamas, Maersk, Ice, U.S . Central Command, U.S . Navy, Ambrey Analytics Locations: Iran, Yemen, Red, Belize, British, U.S, Saudi, Khair, Varna, Bulgaria, Gulf, Aden, London, Gaza, Danish, Good Hope, Houthis, ., Houthi, Greece, Yemen's

☆ Yemen's Houthis Hold Funeral for 17 Militants Killed in US-UK Air Strikes
▼ + stars: | 2024-02-10 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +1 min

CAIRO (Reuters) - Yemen's Houthi militia held a funeral on Saturday for at least 17 militants killed during joint U.S.-British airstrikes targeting the Iran-backed militants, the Houthi-run Saba news agency said. The Houthis have launched waves of exploding drones and missiles at commercial ships since Nov. 19 in what they say is a response to Israel's military operations in Gaza, prompting Britain and the United States to start retaliatory strikes last month. "These crimes will not discourage the Yemeni people from continuing their support and backing of their brothers in the Gaza Strip," Saba said in its coverage of the funerals. The Houthi campaign has disrupted international shipping, causing some companies to suspend transits through the Red Sea and instead take the much longer, costlier journey around Africa. Photos You Should See View All 21 Images(Reporting by Ahmed Tolba; Writing by Adam Makary; Editing by Mark Heinrich and Helen Popper)

Persons: Saba, Ahmed Tolba, Adam Makary, Mark Heinrich, Helen Popper Locations: CAIRO, Iran, Saba, Gaza, Britain, United States, Israel, Yemen, U.S, Africa

☆ Strong economic growth but high unemployment: A look at Nevada’s economy
▼ + stars: | 2024-02-08 | by ( Alicia Wallace | Tami Luhby | ) edition.cnn.com time to read: +13 min

In Las Vegas, the cacophony of voices, music, ringing slot machines and car horns that typically pulsed through the Las Vegas Strip was replaced by silence, the chirps of birds and the wails of sirens. In tourism-dependent Nevada, the unemployment rate rocketed even higher, topping out at 30.6% that month. “This is an unemployment rate that’s not driven by job losers, this is an unemployment rate driven by job seekers,” he said. Homes under construction in the Summerlin community, on July 31, 2023, in Las Vegas, Nevada. As of December 2023, the Reno metro area’s unemployment rate was just 0.2 percentage points above the nation’s 3.7% rate.

Persons: John Simpson, Steve, Sisolak, ” Simpson, It’s, ”, they’re, I’ve, Stephen M, Miller, Mario Tama, Bob Potts, there’s, There’s, Nevadans, Annie E, Casey Foundation’s, Jamelle Nance, Marty Elquist, ” Elquist, “, Andrew Woods, Nicholas Irwin, Start’s Simpson, Irwin, Ethan Miller, Maurice Page, Page, Tesla, ” Potts, Carolyn Cole, Potts, You’ve, you’ve Organizations: CNN, Las, Republican Party, of Labor Statistics, University of Nevada, Lee Business School’s Center for Business, Economic Research, New York, Nevada Governor’s, Economic, Las Vegas, New, Workforce, Children’s, Alliance of Nevada, Education, Development, Silver State, Center for Business, UNLV, Reno, ”, Homes, Nevada Housing Coalition, Harvard University’s, for Housing Studies, Silver, Means, Reno Industrial Park, Apple, Panasonic, Google, Reno Industrial, Los Angeles Times, NCAA, NFL, NFL Pro Bowl Locations: Nevada, Las Vegas, Reno, ” Nevada, State, New York, New, Las, New Mexico, Vegas, “ Nevada, Silver, UNLV . Nevada, California, Sparks, Las Vegas , Nevada, Florida, Hawaii, Clark County, Sparks , Nevada, New Orleans, Denver, Southern Nevada, Northern Nevada, Los Angeles

☆ Storms in California hit homeowners already facing an insurance crisis
▼ + stars: | 2024-02-06 | by ( Anna Bahney | ) edition.cnn.com time to read: +6 min

Washington, DC CNN —The storms pummeling California this week hit a part of the US already being battered by a home insurance crisis. With insurers strained by climate change and inflation, many are demanding higher premiums, making it much harder to find affordable (or any) home and fire insurance. But it is not just California; homeowners in other areas prone to weather events like Florida, Louisiana, and Texas are also facing challenges. Meanwhile, in hurricane-battered Florida, Farmers Insurance deemed it too risky to continue insuring homes and pulled out of that market entirely. “This isn’t just climate change, it is climate-change-plus,” Bach said.

Persons: ”, Amy Bach, United, Michael Monaghan, Sellers, you’ve, Jennifer Branchini, Bach, Hurricane Andrew, ” Bach, mitigations Organizations: DC CNN, Allstate, Farmers Insurance, Coldwell, California Association of Realtors, National Oceanic, Atmospheric Administration, Hurricane, FAIR, California Department of Insurance Locations: Washington, California, Florida , Louisiana, Texas, San Francisco, California’s, Golden State, Florida, Vermont, Colorado, Pleasanton, United, “ Florida, Louisiana

☆ 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

☆ 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

☆ Walking away from Ukraine would be an 'own goal' as the war hollows out the army Putin spent decades building, CIA chief says
▼ + stars: | 2024-01-30 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

Read previewShould the US walk away from the war in Ukraine and abandon it as it attempts to fend off the Russians, it'll be it'll be an "own goal of historic proportions," the CIA director said. Russia's defense industry is on a war footing, and support from pariah states like North Korea and Iran is fueling its war efforts. There are many benefits for the US to continue supporting Ukraine, Burns noted, a "relatively modest investment with significant geopolitical returns." During a Washington, DC visit, the Ukrainian leader pleaded for more US aid and explained that if Russia took Ukraine, Putin wouldn't stop there. The latest aid package to Ukraine has been on hold since October, when Republicans blocked it, along with assistance to Israel.

Persons: —, it'll, William J, Burns, Vladimir Putin, Putin, Volodymyr Zelenskyy, Donald Trump's Organizations: Service, CIA, Republicans, Business, Foreign Affairs, Ukraine, Anadolu, Getty, NATO, Democrats Locations: Ukraine, Russia, North Korea, Iran, handout, Taiwan Strait, There's, United States, Washington, Ukrainian, Israel

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

☆ The global economy is expanding, but the Red Sea crisis could spell trouble, says IMF
▼ + stars: | 2024-01-30 | by ( Anna Cooban | ) edition.cnn.com time to read: +4 min

London CNN —The outlook for the global economy is brightening, the International Monetary Fund said Tuesday as it upgraded its growth forecast for 2024. It expects global growth in gross domestic product — a key measure of economic activity — to pick up slightly to 3.2% next year. Despite the IMF’s upgrades, its projections for global growth for 2024 and 2025 are below the annual average of 3.8% clocked up over the first two decades of this century. The longer and costlier journeys have raised fears of a renewed rise in global inflation. An escalation in the Israel-Hamas war into a wider conflict in the Middle East would threaten global growth, the fund added.

Persons: Pierre, Olivier Gourinchas, Valerie Plesch Organizations: London CNN, International Monetary Fund, IMF, Federal Reserve, Bloomberg, Getty Images, Hamas Locations: Ukraine, Red, United States, India, Washington , DC, Getty Images Iran, Israel

☆ Trafigura assesses Red Sea risks after tanker attacked by Houthis
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +3 min

Commodities trader Trafigura said on Saturday it was assessing the security risks of further Red Sea voyages after firefighters put out a blaze on a tanker attacked by Yemen's Houthi group a day earlier. The Houthi attacks have primarily targeted container vessels moving through the Red Sea. A notable exception is QatarEnergy, the world's second largest exporter of liquefied natural gas, which earlier this month stopped sending tankers via the Red Sea, citing security concerns. The Marshall Islands-flagged Marlin Luanda issued a distress call on Friday and reported damage, U.S. Central Command said in a post on X, formerly Twitter. About eight hours after the Marlin Luanda incident, the U.S. military destroyed a Houthi anti-ship missile that was aimed into the Red Sea and ready to launch, Central Command said.

Persons: Trafigura, Yemen's, Trafigura's, Marlin, Carney, Ras Issa Organizations: Djibouti . Commodities, U.S . Navy, Marshall, U.S . Central Command, Indian Navy, British, Houthi, U.S, Central Command, Britain, U.S . Fifth Fleet, British Defence Ministry Locations: Djibouti, U.S, Trafigura, Aden, Gulf, Africa, Gaza, Visakhapatnam, Yemen, United States, Ras, Yemen's

☆ 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

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

☆ I moved from Malibu to Vegas and bought a $1.9 million home. California is beautiful but it got too difficult to live there.
▼ + stars: | 2024-01-25 | by ( Kelsey Vlamis | ) www.businessinsider.com time to read: +5 min

Gus Lira, a managing partner at a jet chartering company, recently moved from Malibu to Las Vegas. Lira also said the $1.9 million home he got in Vegas would be $8 million in Malibu. AdvertisementLas Vegas is a lot more affordableI had been to Las Vegas many times, but I'd never been anywhere else but the strip. Everything was green, green, green, green, green. Small homes start at $3 million, $4 million, $5 million.

Persons: Gus Lira, Lira, —, it's, I'm, I'd, Gus Lira's, would've, let's Organizations: Service, Business Locations: Malibu, Las Vegas, California, Vegas, Malibu , California, Los Angeles, Texas , Florida, Mexico, Hermosa Beach, Texas, Florida, Miami, Dallas, Houston, Idaho , Wyoming, Orange County, Summerlin, Nevada, Hollywood, Hermosa, Manhattan

☆ These charts show how much traffic has plunged in the Suez and Panama canals — and the potential impact on inflation
▼ + stars: | 2024-01-22 | by ( Aruni Soni | ) www.businessinsider.com time to read: +3 min

Read previewThe number of vessels passing through the Suez Canal and Panama Canal have dropped 50% from normal levels, according to Apollo Management's top economist. AdvertisementSuez Canal slowdownAbout 12% of global trade passes through the Suez Canal, according to an estimate from the US Naval Institute. Related stories"Normally, 200 ships travel through the Suez Canal from south to north over a week, but that number has recently declined to 100," Sløk wrote. Suez Canal traffic is down 50% APThe trouble in the Suez Canal has been ratcheting up as Yemen-based Houthi rebels have been launching attacks against ships in the Red Sea, forcing some ships to take longer — and costlier — detours. And although goods inflation has been tumbling, higher shipping costs could send that back up again if they continue to follow recent trends.

Persons: —, Torsten Sløk, Sløk, Thierry Wizman Organizations: Service, Business, US Naval Institute, Apollo, Container, Shipping, Apollo Management, Macquarie Locations: Suez, Panama, Yemen, Red, Shanghai, Rotterdam, Drewry

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