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☆ US, EU Discuss Russia Sanctions Ahead of Ukraine War's Second Anniversary
▼ + stars: | 2024-02-14 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +5 min

"Many of us are prepared to roll out quite robust anniversary packages," the official told Reuters, but declined to provide details. The new sanctions would come as the U.S. and its allies look to maintain pressure on Russia with U.S. military aid to Ukraine increasingly in doubt. "All delegations expressed their support to the proposed package, except one who requested a bit more time to analyze the content of the proposals," said an EU official, pointing to Hungary. The official said, however, the new EU sanctions would blacklist almost 200 people and entities. "The Russia sanctions program is both an extraordinary success and an extraordinary failure, depending upon one's point of view," said Smith.

Persons: Daphne Psaledakis, Gabriela Baczynska WASHINGTON, Joe Biden's, John Smith, Smith, Gabriela Baczynska, Don Durfee Organizations: Reuters, Kyiv, Republican, Representatives, Washington, EU, Wednesday, Russia, U.S . Treasury Department’s, Foreign Assets Control Locations: BRUSSELS, U.S, Russia, Brussels, Ukraine, Washington, EU, Hungary, Moscow, Lincoln

☆ China can't use civilian ships to invade Taiwan just yet, but it's getting there, says former US intelligence officer
▼ + stars: | 2024-02-14 | by ( Matthew Loh | ) www.businessinsider.com time to read: +5 min

AdvertisementChina's fleet of civilian ships earmarked for war is unlikely to successfully invade Taiwan until at least 2030. AdvertisementThese civilian ships are mostly used to ferry military assets, particularly for beach landings, in exercises focused along the Taiwan Strait, Dahm added. AdvertisementChina might also use open-deck civilian ships as sea-based landing pads for helicopters, he added. Alternatively, the civilian ships can be used to rapidly transport military resources along China's coast during war, he added. "The PLA is clearly developing required procedures and increasing proficiency using civilian ships for logistics and landing operations," he wrote.

Persons: Michael Dahm, They're, Dahm, —, William Lai Ching Organizations: Service, Mitchell Institute for Aerospace Studies, US, China Maritime Studies Institute, PLA, Trade, People's Liberation Army Locations: Taiwan, Beijing, China, Taiwan Strait

☆ Russia's economic decline is in only in the early stages, and the country is masking significant 'degradation,' think tank says
▼ + stars: | 2024-02-13 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +4 min

Russia's economic decline is still in the early stages, according to a London-based think tank. But talk of Russia's economic resilience is misguided, and there are deep-rooted issues that will continue to plague its economy, the think tank said. AdvertisementRussia's robust military spending has been a key factor in propping up its economic growth so far. "Significantly greater isolation and economic degradation is baked into the cake for the Russian economy and people." Russian inflation grew 7.2% year-per-year in January, well above the nation's 4% inflation target.

Persons: —, Mark Sobel, Sobel, Brent, that's Organizations: Service, Official Monetary, Financial, International Monetary Fund, Bloomberg, Yale School of Management . Companies Locations: London, Ukraine, Russia, Oilprice.com, Moscow

☆ Red Sea crisis: How global trade is being upended by attacks on container ships
▼ + stars: | 2024-02-08 | by ( Anna Cooban | ) edition.cnn.com time to read: +7 min

That’s added as much as two weeks to a typical East-to-West journey for container ships, and 18 days for slower bulk carriers and tankers. Global container shipping costs are less than half their level during the coronavirus pandemic, which peaked at $10,380 in September 2021. Even so, he said, container shipping is “very cost-effective” as many goods can be packed into a single shipping container. The Galaxy Leader cargo ship is escorted by Houthi boats in the Red Sea on November 20, 2023. Fewer oil tankers have avoided the Red Sea than container ships, which the Houthi militants more closely identify with Western countries allied with Israel.

Persons: Richard Meade, Tesla, Peter Sand, Good Hope, That’s, ”, Lloyd —, “, ” Simon MacAdam, ” Maersk, Meade Organizations: London CNN —, Hamas, Lloyds, CNN, Maersk, Hapag, Carriers, Global, Container, Capital Economics, Organisation for Economic Co, Development, Galaxy Leader, Houthi Military Media, Reuters Locations: Iran, Suez, Asia, Europe, Germany, Swedish, Africa, South Africa’s, Good, Sand, Vietnam, Drewry, Shanghai, China, Rotterdam, Netherlands, Xeneta, Israel, United States, Canada

☆ US Imposes Sanctions for Violations of Russia Oil Price Cap
▼ + stars: | 2024-02-08 | by ( Feb. | At P.M. | ) www.usnews.com time to read: +1 min

WASHINGTON (Reuters) - The U.S. Treasury Department said on Thursday it had put sanctions on three entities based in the United Arab Emirates (UAE) and one registered in Liberia for violating a cap placed on the price of Russian oil by a coalition of Western nations. The Treasury also said it had taken steps to bar the import of certain categories of diamonds mined in Russia, another step designed to deprive Moscow of foreign revenues following the 2022 invasion of Ukraine. In a statement, the Treasury Department said it had imposed sanctions on three UAE-based entities - Zeenit Supply and Trading DMCC, Talassa Shipping DMCC and Oil Tankers SCF Mgmt FZCO - as well as on Liberia-registered NS Leader Shipping Incorporated. The price cap imposed by the Group of Seven countries, the European Union and Australia bans the use of Western maritime services such as insurance, flagging and transportation when tankers carry Russian oil priced at or above $60 a barrel. War in Israel and Gaza View All 194 Images(Reporting by Daphne Psaledakis, Ismail Shakil and Arshad Mohammed; editing by David Ljunggren)

Persons: Daphne Psaledakis, Ismail Shakil, Arshad Mohammed, David Ljunggren Organizations: WASHINGTON, U.S . Treasury, United Arab Emirates, Treasury, Treasury Department, Talassa Shipping, Oil, Mgmt, NS, Shipping Incorporated, Group, European Union Locations: UAE, Liberia, Western, Russia, Moscow, Ukraine, Australia, Israel, Gaza

FRANKFURT, Germany (AP) — Missiles and drones are flying in the Red Sea, disrupting one of the world's key trade arteries and a chokepoint for energy shipments headed for Europe. Last year, 12.9% of Europe's LNG went through the Red Sea from suppliers in the Middle East, mainly Qatar. That means “an extended shut-in of the Red Sea route from the Middle East poses a supply risk to Europe,” said Kaushal Ramesh, vice president at Rystad Energy. So far, there's been little to no impact on natural gas prices. Europe is getting a break because demand for natural gas is weak amid a sluggish economy.

Persons: Yemen's Houthi, it's, ”, Kaushal Ramesh, there's, ” Rystad's Ramesh, Simone Tagliapietra, Tagliapietra, Biden, Vladimir Putin, Joe Biden, Jennifer Granholm, Eurogas, Tagliapeitra, Claudia Kemfert, ___ Daly Organizations: Missiles, Union, SEA, Italy's, Europe's, Rystad Energy, WHAT'S, Energy, Industry, German Institute of Economic Research, Leuphana University Locations: FRANKFURT, Germany, Red, Europe, Italy, Russia, Ukraine, Mandab, Israel, U.S, Yemen, Africa, Suez, Qatar, China, Norway, Azerbaijan, Brussels, Iran, Hormuz, Persian, That's, ”, Asia, ” U.S, USA, EU, Washington

☆ Onboard a U.S. aircraft carrier, a cat-and-mouse game with Houthi forces plays out
▼ + stars: | 2024-02-04 | by ( Courtney Kube | Dan De Luce | ) www.cnbc.com time to read: +3 min

It was the second night in a row that aircraft from the Eisenhower have targeted Houthi militants in Yemen who are attacking cargo ships in the Red Sea. NBC News is currently the only news organization embedded with the U.S. Navy in the Red Sea while it is conducting strikes. Houthi militants based in Yemen have attacked roughly 30 cargo ships navigating the Red Sea since Nov. 19. Houthi leaders dismissed the U.S. and U.K. strikes on Saturday and vowed to continue their Red Sea attacks until Israel ends its military operations in Gaza. On Friday, the carrier's F/A-18 aircraft intercepted multiple drones that Houthi forces were preparing to launch, military officers told NBC News.

Persons: Eisenhower, Mason, Mohammed Al Organizations: EISENHOWER, Navy, —, NBC News, U.S . Navy, U.S . Central Command, Maersk, U.S, Gaza, Nimitz, Desert Locations: Yemen, Red, U.S, Aden, Israel, Gaza, Iran

☆ 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

☆ 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

☆ Oil jumps 1% after Houthis attack on fuel tanker in Red Sea
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +2 min

A lone pumpjack located in the middle of a large solar array outside of Bakersfield, Kern County, California. Oil prices jumped 1% on Monday on fuel supply concerns after a missile struck a Trafigura-operated fuel tanker in the Red Sea and as Russian refined products exports are set to fall as several refineries are under repair after drone attacks. Brent crude futures climbed 83 cents to $84.38 a barrel by 2341 GMT after hitting a session-high of $84.80. "Disruptions to supply have been limited, but that changed on Friday after an oil tanker operating on behalf of Trafigura was hit by a missile off the coast of Yemen," ANZ analysts said in a note. "With oil tankers linked to the U.S. and UK now under threat of attack, the market is likely to reprice the risk of disruptions."

Persons: Brent, Trafigura, Yemen's Organizations: . West Texas, Commodities, ANZ, Middle, Organization of, Petroleum Locations: Bakersfield, Kern County , California, Yemen, Middle East, Russia, OPEC

☆ 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

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

☆ Worries in Europe Over the White House Move to Delay Gas Terminals
▼ + stars: | 2024-01-26 | by ( Stanley Reed | ) www.nytimes.com time to read: +1 min

The Biden administration’s decision to delay approval of new liquefied natural gas terminals in the United States has been hailed as a major victory for environmental advocacy groups, but it is creating unease outside the United States about future energy supplies. exports have been a real boon to global energy security,” said Ben Cahill, a senior fellow in the energy security and climate change program at the Center for Strategic and International Studies, a research institution in Washington. The Biden administration’s move on Friday to pause the permitting process for new liquefied natural gas export facilities is not expected to have an impact on global gas supplies soon. But it could create uncertainty, especially in Europe, which has only recently weathered a major energy shock after Russia’s invasion of Ukraine almost two years ago. Tankers full of liquefied gas from the United States helped mitigate what could have been a dire situation.

Persons: ”, Ben Cahill, Biden Organizations: Biden, Center for Strategic, International Studies Locations: United States, Washington, Europe, Ukraine, Russia

☆ Oil prices fall as investors monitor supply threats, Libya production restart
▼ + stars: | 2024-01-23 | by ( Spencer Kimball | ) www.cnbc.com time to read: +1 min

A Repsol Oil Operations oil drilling rig pounds into the desert searching through thousands of feet for and oil reserve in El-Sharara, Libya. Oil prices fell on Tuesday as investors monitored the war in Ukraine, the conflict in the Middle East and the restart of production at a major oilfield in Libya. The West Texas Intermediate contract for March fell $1.27, or 1.61%, to trade at $73.56 a barrel. Oil prices rallied about 2% on Monday after a suspected Ukrainian drone strike against a major Russian fuel terminal on the Baltic Sea highlighted the geopolitical threats to crude supplies. The potential threats to crude supplies have been tempered by Libya restarting production at the Sharara oilfield, which was shut down for about two weeks due to protests.

Persons: Brent, John Evans Organizations: Operations, The West Texas Intermediate, PVM Oil Associates, Houthi Locations: El, Sharara, Libya, Ukraine, The, Ukrainian, Baltic, U.S, Britain, Yemen, Red

☆ As more tankers divert from Suez Canal, there's a 'sea change' in way Europe is buying crude
▼ + stars: | 2024-01-23 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

Al HUDAYDAH, YEMEN - JULY 17: Yemen's replacement oil tanker Nautica floats over its arrival to Al Hudaydah port in the Red Sea on July 17, 2023 in Hudaydah, Yemen. (Photo by Mohammed Hamoud/Getty Images)Energy prices for Europe are expected to increase as more petroleum products and crude tankers are diverting away from the Rea Sea and Suez Canal. They would rather go around the Cape of Good Hope versus taking a chance through the Red Sea." LNG vessels travel faster than oil tankers because they are lighter and they can sail up to 21 knots versus the 12-13 knots for crude tankers. Before the Red Sea disruptions, a tanker from Jamnagar, India to Rotterdam, Netherlands would have taken 24 days.

Persons: Al, Mohammed Hamoud, Rea, Viktor Katona, Good Hope, It's, Katona Organizations: United Nations, Europe, U.S, Good Locations: Al HUDAYDAH, YEMEN, Al Hudaydah, Hudaydah, Yemen, Sana'a, Europe, Suez, Brazil, Africa's, Good, Israel, Jamnagar, India, Rotterdam, Netherlands, Basrah, Iraq, Milazzo, Sicily

JERUSALEM (AP) — Iran is “very directly involved” in ship attacks that Yemen's Houthi rebels have carried out during Israel's war against Hamas, the U.S. Navy's top Mideast commander told The Associated Press on Monday. The tempo of Houthi attacks on shipping appears to have slowed for the time being as the U.S. and its allies have increased their naval patrols in the region. A series of attacks blamed on Iran and ship seizures by Tehran followed the collapse of Iran's nuclear deal with world powers. However, Cooper maintained Iran had been directly fueling the Houthi attacks on shipping. There’s no secret there.”Cooper described the ship attacks striking the Mideast as the worst since the so-called Tanker War of the 1980s.

Persons: Yemen's, Adm, Brad Cooper, Cooper, ”, Houthi, that's, Israel —, they’re resourcing, ” Cooper, George Wikoff Organizations: JERUSALEM, Hamas, Associated Press, AP, United Nations, U.S ., Fleet, United, United Arab Emirates, 5th Fleet, Navy, military's, Command Locations: Iran, U.S, Tehran, Aden, Persian, Hormuz, Yemen's, Sanaa, Iranian, Suez, Asia, Europe, Saudi, Israel, Africa's, Egypt, Gulf, Gaza, Washington, America, American, Yemen, Abu Dhabi, United Arab, Bahrain

How Houthi Attacks Have Upended Global ShippingShipping routes before attacks After attacks EUROPE ASIA Suez Canal Red Sea Gulf of Aden Malacca Strait AFRICA Area of Houthi attacks Continued traffic South Atlantic Ocean Indian Ocean Ships diverted after attacks Cape of Good Hope Shipping routes before attacks After attacks EUROPE ASIA Suez Canal Gulf of Aden Red Sea AFRICA Area of Houthi attacks Continued traffic South Atlantic Ocean Indian Ocean Ships diverted after attacks Cape of Good Hope Shipping routes before attacks After attacks EUROPE Suez Canal Gulf of Aden Red Sea AFRICA Area of Houthi attacks Continued traffic Ships diverted after attacks Cape of Good Hope Note: To show the changing paths of ships that regularly traverse the Red Sea, 3,461 cargo vessels recorded at entrances to the Red Sea in the last three months are shown. Those detours, and the Houthi attacks, have persisted despite airstrikes by the United States and its allies against the Houthis. Houthi attack involving commercial vessels Other Houthi attacks in the Red Sea Three commercial vessels were struck in one day on Dec. 3. Nov. 15, 2023 Dec. 1 Dec. 15 Jan. 1, 2024 Jan. 15 Houthi attack involving commercial vessels Other Houthi attacks in the Red Sea Nov. 15, 2023 Armed Houthi fighters boarded a commerical vessel. The Houthi attacks have delayed China’s annual surge in exports before its factories are idled next month for the Lunar New Year.

Persons: Cape, Jan, JPMorgan Chase, Port Said Organizations: Global Shipping Shipping, Atlantic, Ships, Good Hope Shipping, Shipping, United States Central Command Shipping, Ikea, East, JPMorgan, Maersk, U.S . Energy Information Administration, Rotterdam EUROPE Venice, Good Hope, EUROPE Venice, International Monetary, Trade, Galaxy Leader, U.S . Navy, America Locations: ASIA Suez, Aden Malacca Strait AFRICA, ASIA Suez Canal Gulf, Aden Red, Suez Canal Gulf, Suez, Africa, Yemen, Israel, Gaza, United States, U.S, Asia, Europe, China, Northern Europe, East Coast, Maersk Hong Kong, The Singapore, Singapore, Slovenia, Port Said, Egypt, Port, Russia, Ukraine, India, Rotterdam EUROPE, Rotterdam EUROPE Venice Barcelona, Istanbul ASIA SYRIA LEBANON IRAN ISRAEL IRAQ Strait, Hormuz GAZA Suez, Kuwait, Red, Mumbai Malacca, YEMEN AFRICA, Aden, Good, Good Hope EUROPE ASIA SYRIA LEBANON ISRAEL IRAN IRAQ GAZA Suez, Strait, Hormuz Red, YEMEN, EUROPE, EUROPE Venice Tokyo Barcelona, Istanbul Shanghai ASIA SYRIA LEBANON IRAN ISRAEL IRAQ GAZA, Hormuz Hong, Suez Canal Kuwait, AFRICA Red, Mumbai Bangkok YEMEN Malaca, Istanbul Shanghai SYRIA LEBANON IRAN ISRAEL IRAQ ASIA GAZA, Suez Canal AFRICA Kuwait City Red, Red Sea, Beijing

☆ Oil prices drift lower on China demand worries
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +2 min

An oil pumpjack stands idle near homes on February 09, 2023 in Long Beach, California. Oil prices drifted lower on Friday after a rally the day before, as geopolitical tensions and disruptions in U.S. oil production from a cold blast were countered by concerns over slow demand growth in China. Both benchmarks, which gained about 2% on Thursday as the International Energy Agency, or IEA, joined producer group OPEC in forecasting strong growth in global oil demand, are on track to end the week around 1-2% higher. There are also worries that the U.S.-China conflict could attract attention again as the U.S. election approaches, which would be negative for energy demand, he said. On Thursday, the IEA again raised its 2024 global oil demand growth forecast, though its projection remains lower than OPEC's expectations, and said the market looked well supplied because of strong growth outside the producer group.

Persons: Hiroyuki Kikukawa Organizations: Brent, U.S . West Texas, International Energy Agency, NS, Nissan Securities, U.S ., U.S . Energy Information Administration Locations: Long Beach , California, China, U.S, Pakistan, Iran, Tehran, Mandab, North Dakota

☆ Here are Friday's biggest analyst calls: Nvidia, Netflix, Apple, Starbucks, Marvel, Coinbase, IBM, Amazon & more
▼ + stars: | 2024-01-19 | by ( Michael Bloom | ) www.cnbc.com time to read: +8 min

Goldman Sachs upgrades Fiverr to buy from neutral Goldman said the Israeli online marketplace is well positioned for AI. Bank of America reiterates Amazon as buy Bank of America said it's standing by its buy rating on Amazon shares. Bank of America downgrades Celsius to neutral from buy Bank of America says it sees "uncertainty to sales momentum" for the energy drink company. Deutsche Bank names Starbucks a top pick Deutsche says it sees an improved same-store sales environment for Starbucks in 2024. Bank of America upgrades Teekay Tankers to buy from neutral Bank of America upgraded the tanker stock due to "rising rate upside."

Persons: Stifel, McKhann, thoughtfully, Goldman, Goldman Sachs, FVRR, Raymond James, TXN, Oppenheimer, Morgan Stanley, ASML, Citi downgrades Blackstone, Carlyle, it's bullish, headwinds, Evercore, Price, Apple Evercore, Janney, Jefferies, Hertz Organizations: Broadcom, Semiconductor, Enterprise, Nvidia, Bank of America, Amazon, North, Holdings, Netflix, Deutsche Bank, Starbucks, Deutsche, SSS, UBS, Texas, Barclays, Nokia, Ericsson, Citi downgrades, Citi, BMO, Marvel, " Bank of America, United Rentals, of America, IBM, Enterprise IT, Apple, Shoals Technologies, Inc, HSBC, Discover, Motorola Solutions, HERTZ Locations: North America, 4Q, 2026E, CY24

☆ Red Sea shipping crisis unlikely to lift inflation much, UBS says. Here's why
▼ + stars: | 2024-01-19 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Inflation is unlikely to rise much in the U.S. as a result of global shipping costs spiking due to militant attacks in the Red Sea, according to UBS. U.S. freight costs have soared 64% since mid-November when Houthi militants in Yemen began to target commercial vessels transiting the Red Sea, according to the bank. "The impact from shipping costs alone to inflation is likely very small," Kapteyn said. But Kapteyn said the Red Sea disruptions will have less of an effect than the supply chain disruptions that helped fuel inflation during the pandemic. The attacks in the Red Sea come as traffic is also restricted through the Panama Canal due to low water levels from a drought.

Persons: Arend Kapteyn, Kapteyn, Good Hope, Goldman Sachs Organizations: UBS, U.S, Daily, Shipping, JPMorgan, Macquarie, Wall Locations: U.S, Red, Yemen, Suez, Bab, Mandeb, Good, Africa, Panama, Iran, Macquarie, Persian, Hormuz, Strait

☆ Trump is building his power at home while global leaders dread his return
▼ + stars: | 2024-01-19 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

Trump has invigorated an initially lackluster White House bid by leveraging his multiple criminal indictments to create a narrative of political persecution. On Thursday, CNN’s congressional team reported that senators trying to cut an immigration deal with the White House are running into a problem: Trump. The aid measure is being held up by the immigration showdown to which it was linked — perhaps unwisely many Democrats now think — by the White House. It has caused particular consternation in Europe after the transatlantic alliance was constantly rattled by Trump during his White House term. That’s likely to be a pale imitation of what awaits if he gets back to the White House.

Persons: Donald Trump, Trump, Ron DeSantis, Nikki Haley, Haley, Kevin Roberts –, “, can’t, Kamala Harris, Joe Biden’s, Biden, he’s, ”, Sen, Kevin Cramer, Trump’s, Vladimir Putin, Mike Quigley of, Jim Sciutto, CNN Max, Putin, Michael McFaul, Obama, ” McFaul, ” Trump, Ted Cruz, Marco Rubio, Alejandro Mayorkas, Mike Johnson, Mitch McConnell, reverberations, America’s, Christine Lagarde, Heritage’s Roberts, Roberts, that’s, ” Roberts, Jamie Dimon, ” Dimon, Philipp Hildebrand, Emmanuel Macron, ” Macron Organizations: CNN, Florida Gov, South Carolina Gov, New Hampshire, Trump, Economic, Business titans, Heritage Foundation, Republicans, Capitol, GOP, Representatives, Republican, North Dakota Republican, Ukraine, Democratic, Congressional Ukraine Caucus, White, Spirit of, Homeland, US, Colorado Supreme, America, tony, European Central Bank, NATO, CNBC, ” BlackRock, Swiss National Bank Locations: Iowa, Washington, Ukraine, New, Davos, Swiss, Mike Quigley of Illinois, Moscow, Russian, Spirit of America, Ted Cruz of Texas, Marco Rubio of Florida, Europe, Iran, Paris, Switzerland, it’s, China, United States, France

☆ Inflation isn’t beaten yet and risks of a new price shock are rising
▼ + stars: | 2024-01-19 | by ( Hanna Ziady | ) edition.cnn.com time to read: +5 min

The job is not yet done,” François Villeroy de Galhau, the governor of France’s central bank, said this week in Davos. Those “upside risks to inflation” include supply chain fragmentation, trade protectionism, climate shocks and armed conflicts, according to Gopinath. As soon as central banks start lowering interest rates “people feel better, they start spending more,” she said. Now the bank has to keep interest rates high “for as long as necessary” to put inflation firmly on the path back to 2%, she added. Meanwhile, container shipping costs along many of the world’s busiest trade routes have doubled — and in some cases tripled — since the middle of December, according to data from London-based shipping consultancy Drewry.

Persons: Sergio Ermotti, ”, “ It’s, Galhau, Gita Gopinath, Francois Villeroy de, Stefan Wermuth, Gopinath, Mary Callahan Erdoes, Christine Lagarde, “, Joe Biden, Vincent Clerc, CNN’s Richard Quest, Tobias Meyer, ” Robert North Organizations: London CNN, UBS, Economic, Federal Reserve, International Monetary Fund, Bloomberg, Getty, JPMorgan, Central Bank, IMF, Oxford University, Drewry, Oxford Economics, Maersk, DHL Locations: Iran, Africa, Davos, Switzerland, Red, United States, Europe, United Kingdom, France’s, Israel, Pakistan, British, Yemen, Suez, London, Asia

☆ Opinion | In Davos, Israel’s Hostages Get a Hearing
▼ + stars: | 2024-01-19 | by ( Bret Stephens | ) www.nytimes.com time to read: +1 min

The annual meeting of the World Economic Forum in Davos, Switzerland, is largely an opportunity for the powerful to mingle with the even more powerful. But the most moving stories I heard this week came from some of the least powerful people here. “I open my eyes and feel my throat close,” Rachel Goldberg told me, describing her mornings over the previous 100-plus days. Hersh and nearly 30 others tried to hide at a small roadside bomb shelter. Terrorists attacked it with hand grenades, then an R.P.G., killing nearly everyone inside.

Persons: I’ve, —, ” Rachel Goldberg, “, Hersh Goldberg, Hersh Organizations: Economic, Nova Locations: Davos, Switzerland, paragliders

☆ Red Sea crisis: Why escalating violence in the Middle East isn’t pushing up gas prices
▼ + stars: | 2024-01-18 | by ( Anna Cooban | ) edition.cnn.com time to read: +6 min

The prices of a barrel of Brent crude, the global oil benchmark, and West Texas Intermediate, the US oil benchmark, have barely moved. Now, however, analysts say economic factors — weaker demand in countries such as China and Germany, ample oil and gas supply — are superseding concerns about violence in the Middle East. Al Drago/Bloomberg/Getty ImagesGlobal oil demand growth is expected to almost halve this year, the International Energy Agency said in a report Thursday. At the same time, global oil supply is forecast to hit an all-time high, driven by record output from countries including the United States and Canada, the IEA said. Nan said relatively modest demand was also helping to prevent spikes in gas prices.

Persons: Brent, “, Homayoun, “ It’s, ”, Hope, Al Drago, That’s, Falakshahi, Xi Nan, Kpler, Wood Mackenzie, Nan Organizations: London CNN, Hamas, West Texas Intermediate, AAA, CNN, National Bureau of Statistics, Bloomberg, Getty, International Energy Agency, Organization of, Petroleum, Rystad Energy, Gas Infrastructure, LNG “ Locations: Red, Iran, Pakistan, Gaza, Ukraine, China, Germany, South Africa, Washington , DC, United States, Canada, Russia, OPEC, Europe, wean, Gas Infrastructure Europe, Africa, Qatar, United Kingdom

☆ Oil prices fall as stronger dollar offsets Red Sea disruptions risks
▼ + stars: | 2024-01-17 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell on Wednesday as a stronger U.S. dollar limited demand for greenback-denominated crude, though the rising risks of supply disruptions amid the intensifying conflict in the Red Sea curbed the losses. U.S. West Texas Intermediate crude futures , or WTI, fell 43 cents, or 0.59%, to $71.97 a barrel. The stronger dollar reduces demand for dollar-denominated oil for buyers paying in other currencies. British oil major Shell suspended shipments through the Red Sea after the U.S. and UK strikes began, but U.S. producer Chevron is maintaining its Red Sea routes. "While oil benchmarks may not reflect the Red Sea attacks, the realized price for oil and oil products for consumers has increased given the disruption to trade flows through the Red Sea and Suez Canal," Vivek Dhar, director of mining and energy commodities strategist at the Commonwealth Bank of Australia, said in a note.

Persons: Brent, WTI, Daniel Hynes, Vivek Dhar Organizations: greenback, Global, Brent, . West Texas, U.S, U.S . Federal Reserve, ANZ Bank, Shell, Chevron, Commonwealth Bank of Australia Locations: U.S, Iran, Yemen, Red, Suez

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