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☆ She traveled every New York City subway line — and photographed every first and last stop
▼ + stars: | 2024-02-03 | by ( Alex Rees | ) edition.cnn.com time to read: +6 min

CNN —It wasn’t until after photographer Rita Nannini left New York that she grew fascinated by the city’s subways. Rita Nannini Exiting the A train station at Far Rockaway—Mott Avenue in Queens, the easternmost subway station in New York City. Rita Nannini Escalators at the 96th Street stop at the end of the Q line in Manhattan's Upper East Side. Rita Nannini A flight of stairs ascends to the A train station at Ozone Park—Lefferts Avenue in Queens. Rita Nannini A decade-long photo project documenting every New York City subway line Prev Next“It’s often said it’s that (my images show) the end of the lines — the ‘last stops,’” she said.

Persons: Rita Nannini, Nannini, — Nannini, ’ ”, ” Nannini, — Parsons, Archer, it’s, Kate Jones, Jones, “, ’ ” Nannini, ‘, ” Organizations: CNN, World Trade, Brighton, Grand Central Station, Shuttle, JFK, Grand Central, Apple, Central, New, Metropolitan Transportation Authority, “, New York Locations: New York, Manhattan’s, Princeton , New Jersey, Manhattan, Forest Hills, Queens, Williamsbridge, Bronx, Brooklyn, Rockaway, New York City, Manhattan's, Coney, Broad, Bedford, East New York, South Ferry, Jamaica, —, York City, York, Inwood, ’, Midtown, New

☆ Why U.S. renters are taking corporate landlords to court
▼ + stars: | 2024-02-03 | by ( Carlos Waters | In Carloswaters | ) www.cnbc.com time to read: +5 min

Equity Residential purchased Portside Towers in 2019. A group of renters in the U.S. say their landlords are using software to deliver inflated rent hikes. Renters told CNBC they discovered how revenue management software is used in real estate after reading a 2022 ProPublica investigation. Equity Residential investor materials show that the company started to experiment with Lease Rent Options between 2005 and 2008. Equity Residential and other defendant landlords declined to comment on ongoing RealPage litigation.

Persons: RealPage, District of Columbia Brian Schwalb, We've, Kevin Weller, There's, Jeffrey Roper, Thoma, Thoma Bravo, Harry Gural, Gural, we're, Mark Parrell Organizations: Washington , D.C, District of Columbia, CNBC, Equity Residential, Towers, World Trade, RealPage, U.S . Department of Justice, Equity, U.S, Thoma Bravo, U.S . Locations: Washington ,, RealPage, Jersey City , New Jersey, Portside, U.S, Miami, Van Ness, Jersey City, Atlanta, Austin , Texas, U.S . East

☆ 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 ,

☆ United Nations Seeks $2.7 Billion for Aid to Yemen in 2024
▼ + stars: | 2024-02-01 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +2 min

UNITED NATIONS (Reuters) - The United Nations appealed for $2.7 billion on Thursday to pay for humanitarian aid operations this year in war-torn Yemen, where most of the 18 million people in need live in the north of the country ruled by the Iran-aligned Houthi group. Peter Hawkins, the acting U.N. humanitarian coordinator for Yemen, described the amount of money the U.N. was seeking as more realistic than the $4.3 billion it asked for last year. He stressed that Yemen should not be forgotten as the world deals with multiple humanitarian crises. Hawkins also said he was hoping a U.S. decision in January to return the Houthis to a list of terrorist groups would not affect aid operations in Yemen. Yemen has been mired in conflict since Houthis ousted the government from the capital Sanaa in late 2014.

Persons: Peter Hawkins, Hawkins, stoked, Washington, Houthis, Michelle Nichols, Alistair Bell Organizations: UNITED NATIONS, Reuters, United Nations, The U.S Locations: Yemen, Iran, Israel, Gaza, The, Saudi Arabia

☆ Meet the JPMorgan executive emerging as a dark horse to succeed Jamie Dimon
▼ + stars: | 2024-01-31 | by ( Rebecca Ungarino | ) www.businessinsider.com time to read: +9 min

Read previewA longtime JPMorgan executive who has kept a low public profile while cultivating a reputation as a successful trader with a talent for managing risk is emerging as a contender to succeed Jamie Dimon as chief executive. His new position through the internal shuffle has vaulted him more publicly and prominently into the most closely watched succession race on Wall Street. JPMorgan executive David Hudson told the publication that he returned to JPMorgan after working at Nomura in 2010 "to work for Troy." Rohrbaugh's other stops at JPMorgan have been head of global markets and head of macro markets. A senior JPMorgan executive who works with Rohrbaugh recalled that time during the pandemic.

Persons: —, Jamie Dimon, Dimon, Troy Rohrbaugh, Jennifer Piepszak, Wall, Marianne Lake, Rohrbaugh, Goldman Sachs, Euromoney, Eddie Wen, David Hudson, He's, Gary Gensler's, Goldman, Cantor Fitzgerald, Tim Soulas, Cantor, Johns Hopkins, you've, he'll, Kaja Whitehouse, Alex Morrell Organizations: Service, JPMorgan, Wall, Business, CIB, North America, Goldman, Nomura, Troy, Federal Reserve Bank of New, Global, Securities, Exchange, Banque Nationale, CooperNeff, Philadelphia Stock Exchange, World Trade Center, New York Daily News, Gilman School, Johns Hopkins University, Alpha Delta Phi, Baltimore Sun, Bloomberg Locations: Dimon, North, JPMorgan's, Canadian, Manhattan, Baltimore, Maryland, New York

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

☆ '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

☆ World's largest sovereign wealth fund posts record $213 billion profit, boosted by tech stocks
▼ + stars: | 2024-01-30 | by ( Sam Meredith | ) www.cnbc.com time to read: +2 min

Norway's giant sovereign wealth fund on Tuesday reported record profit of 2.22 trillion kroner ($213 billion) in 2023, supported by robust returns on its investments in technology stocks. "Despite high inflation and geopolitical turmoil, the equity market in 2023 was very strong, compared to a weak year in 2022," Nicolai Tangen, chief executive of Norges Bank Investment Management, said in a statement. Norway's sovereign wealth fund, the world's largest, was established in the 1990s to invest the surplus revenues of the country's oil and gas sector. Last year, Norges Bank Investment Management said its return on equity investments was 21.3%, its return on fixed income investments came in at 6.1%, while investments in unlisted real estate returned -12.4%. The fund said a negative year for its unlisted real estate investments was due to rising interest rates and subdued demand.

Persons: Nicolai Tangen, Norges Bank Investment Management's Tangen Organizations: Fund, Norges Bank Investment Management, Technology, Norges Bank Investment Locations: America, China

☆ 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

☆ The next tallest building in America may be nowhere near New York
▼ + stars: | 2024-01-27 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +5 min

New York CNN —A group of developers wants to construct what would be America’s tallest building in an unlikely place: Oklahoma City. The skyscraper would be more than double the height of Oklahoma City’s tallest building now and the fifth-tallest building in the world. Between 2010 and 2020, Oklahoma City was one of 14 US cities that added more than 100,000 people. A city’s population is also a strong indicator of how tall its tallest building will be. “It’s not fathomable to me that Oklahoma City is ready for a building like that.”CNN’s Andy Rose contributed to this article.

Persons: Chicago’s Willis, ” Scot Matteson, ‘, David Holt, Stefan Al, “, ” “ I’m, ”, ” Al, Matteson, Jason Barr, Barr, ” Steve Agee, “ It’s, ” CNN’s Andy Rose Organizations: New, New York CNN, Oklahoma City, Oklahoma, Oklahoma City’s, Matteson, Trade, Hyatt, Bricktown, NBA’s Oklahoma City Thunder, CNN, “, Rutgers University, Newark, Devon Energy Center, Oklahoma City University Locations: New York, Oklahoma, United States, Chicago, Oklahoma City, “ Cities, ”

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

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

☆ The tallest building in the US could be in... Oklahoma
▼ + stars: | 2024-01-25 | by ( Hana R. Alberts | ) www.businessinsider.com time to read: +2 min

Read previewThings are looking up — way up — for Oklahoma City. A California real-estate development firm said it wants to build the tallest tower in the US on an L-shaped plot in the Sooner State capital that currently holds a mundane parking lot. In December, Matteson Capital filed plans for an already eye-popping 1,750-foot-tall building for the site, located in a downtown Oklahoma City neighborhood called Bricktown. The current tallest building in the US is New York City's One World Trade Center, which stands at a patriotic 1,776 feet. AdvertisementDon't get too excited: To build a structure this big in Oklahoma City — where the current tallest building is the 844-foot-tall Devon Tower, home to a regional oil and natural gas company — Matteson will need to get city approval.

Persons: — Organizations: Service, Oklahoma City, Sooner State, Business, Matteson, Trade Center, Oklahoma City —, Oklahoma City Free Press, Free Press Locations: —, California, Sooner, Oklahoma City, Oklahoma, New York, Devon, Bricktown

BEIJING (AP) — China, the world’s biggest exporter, says it is deeply concerned about tensions in the Red Sea that have upended global trade by forcing many shippers to avoid the Suez Canal. Political Cartoons View All 253 Images“We are deeply concerned about the recent escalation of the Red Sea situation. The Red Sea is an important international trade route for goods and energy,” Wang said. Some of the world’s largest container shipping companies and oil giant BP have been sending vessels on longer journeys around Africa that bypass the Red Sea. In response to the growing impact on global trade, the United States and a host of other nations have created a new force to protect ships.

Persons: Wang Wenbin, ” Wang, Yemen’s, Israel —, Wang, Good Hope, “, ” Organizations: BEIJING, Foreign, Kiel Institute, Washington, U.S, United Nations Security Locations: China, Suez, Iran, Red, Iranian, Asia, Europe, Sanaa, Saudi, Israel, Gaza, United States, Africa, Good, Drewry, Germany, U.S, Iraq, Syria, Red Sea, Saudi Arabia, East, Beijing, Yemen

☆ Why the West can't stop the Houthi rebels' missile attacks on ships
▼ + stars: | 2024-01-23 | by ( Michael Peck | ) www.businessinsider.com time to read: +5 min

They enjoy three advantages that magnify their ability to create havoc, and make it difficult for the West to stop them. Bab el Mandeb is just 70 miles long and 20 miles wide, within easy range of land-based anti-ship missiles, drones and even howitzers firing extended-range shells. The Houthis also have Iranian-made anti-ship ballistic missiles with a range of around 300 miles, as well as drones. Even a giant aircraft carrier is hard to spot in the vastness of the ocean, and an anti-ship missile's onboard radar can only scan a small area . The Houthis claim they are only attacking Israeli ships out of solidarity with Gaza, though many of the ships have nothing to do with Israel .

Persons: Bab el, Quds Organizations: Service, U.S, U.S ., International Institute for Strategic Studies, US Locations: Red, America, Yemen, Europe, U.S . East Coast, India, East Asia, Suez, Egypt, East Coast, Bab, Eritrea, Djibouti, Iran, Saudi, Gaza, Israel, Persian, Tehran isn't, Vietnam

☆ 5 reasons why Airbus went from struggling outsider to beating Boeing
▼ + stars: | 2024-01-20 | by ( Pete Syme | ) www.businessinsider.com time to read: +7 min

The A320's revolutionary fly-by-wire design and the Boeing 737 Max groundings help boost Airbus. In the 2014 documentary "Airbus vs Boeing: The Jumbo Jet Race" he said he was nearly fired for doing so. AdvertisementThe A320 went on to become the world's second-best-selling airliner, behind the Boeing 737. 737 Max groundingsSouthwest Airlines' grounded Boeing 737 Max jets in 2019. As Boeing and its 737 Max face more scrutiny following the Alaska Airlines blowout, Airbus seems likely to keep flying high.

Persons: Max groundings, —, Wright, Bernard Lathière's, Istvan Bajzat, Bernard Lathière, Lathière, Prince Charles, Princess Diana, Lionel Cironneau, Princess Diana —, Clinton, PAUL RICHARDS, Bill Clinton, ERIC CABANIS, Max —, Max, Mario Tama Organizations: Airbus, Boeing, Eastern Air Lines, Service, Getty, Lines, Washington Post, AP, Lionel Cironneau Airbus, Concorde, World Trade Organization, Union, Reuters, WTO, Getty Images Airbus, Show, Airlines, Max, Lion Air, Ethiopian Airlines, Paris Air, Alaska Airlines Locations: Europe, Toulouse, France, Boeing's, Germany, Spain, AFP, American

☆ Leaders at Davos see a global economy moving toward a new normal
▼ + stars: | 2024-01-19 | by ( Lucy Handley | ) www.cnbc.com time to read: +2 min

President of the European Central Bank (ECB) Christine Lagarde attends a session on the closing day of the World Economic Forum (WEF) annual meeting in Davos, on January 19, 2024. The pandemic saw spending fall and people's savings grow, while global trade was also disrupted. The World Trade Organization (WTO) expects trade to increase by 3.3% in 2024, per a forecast released in October. "Around the world, inflation is coming down, and we have seen it in November [in] both headline inflation and core inflation," she said. Speaking on the same panel, WTO Director General Ngozi Okonjo-Iweala agreed that the economy is "maybe moving towards normalization" but she described it as "not normal, because trade growth is still trending below GDP growth."

Persons: Christine Lagarde, Lagarde, Ngozi Okonjo Organizations: European Central Bank, Economic, Bloomberg, World Trade Organization, ECB Locations: Davos, Switzerland

☆ WTO chief: Red Sea attacks are weighing on our sentiment on goods trade
▼ + stars: | 2024-01-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWTO chief: Red Sea attacks are weighing on our sentiment on goods tradeNgozi Okonjo-Iweala, director-general of the World Trade Organization, says the Red Sea ship attacks have been weighing on the organization's sentiment on goods trade this year.

Organizations: WTO, World Trade Organization

☆ Insurers shun many ships carrying goods through the Red Sea as attacks continue
▼ + stars: | 2024-01-17 | by ( Matt Egan | ) edition.cnn.com time to read: +6 min

The crisis in the Red Sea threatens to damage the economy by increasing prices on consumers and delaying the shipment of goods. A Houthi official vowed on Wednesday that attacks on “Israeli-linked” vessels in the Red Sea as well as the Arabian Sea will continue. Ikea also does not foresee any product shortages from the Red Sea problems. “Shippers are now much better at using alternative ways of moving their goods around the world,” Zandi said. “We have not seen the situation in the Red Sea translate into material movements in prices in the US such as consumer goods and gasoline prices,” Schwartz said.

Persons: ”, Marcus Baker, Marsh McLennan, Baker, Vicent Clerc, ” Clerc, CNN’s Richard Quest, Mark Zandi, Zandi, Kristalina Georgieva, Quest, ” Zandi, Stephen Schwartz, ” Schwartz Organizations: CNN, US, US Central Command, Maersk, International Monetary Fund, Oxford University . Shipping, P, Moody’s, Global, IMF, Economic, Wednesday, Ikea, Wells, Wells Fargo Global Receivables, Trade Finance Locations: Israel, Marsh, Suez, Africa, China, Davos, Switzerland, “, Asia, Europe, Germany, Wells Fargo, Iran

☆ EU's Eastern Members Demand Import Duties on Ukraine Grains
▼ + stars: | 2024-01-15 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +2 min

BUDAPEST (Reuters) - The European Union's eastern states are demanding the EU impose import duties on Ukraine grains, citing unfair competition, Hungary's agricultural ministry said on Monday. "One of these [measures] could be introducing import duties on the most sensitive agricultural products." Ukraine's larger farm sizes make the country's grain exports cheaper and that is pushing EU farmers out of their traditional export markets, the ministers said. Farmers in Bulgaria, Poland, Hungary, Romania and Slovakia "have suffered significant damages" since the EU suspended import quotas and customs on grain from Ukraine last year, they said. Ukraine responded by complaining to the World Trade Organization against the three countries, while other EU members condemned the unilateral moves.

Persons: Istvan Nagy, Valdis, Janusz Wojciechowski, Anita Komuves, Susan Fenton Organizations: European Commission, Hungary's, Farmers, EU Trade, EU, World Trade Organization Locations: BUDAPEST, Ukraine, Bulgaria, Poland, Hungary, Romania, Slovakia, Brussels, Kyiv

That was apparent Monday, when a Houthi missile hit a US-owned cargo ship in the Red Sea, marking what appears to be the first time the militants have successfully struck a US-owned or operated ship. Senior Biden administration officials insist Friday’s operation against the Houthis was successful at its objective: degrading the group’s military capabilities. Houthi fighters and tribesmen stage a rally against the U.S. and the U.K. strikes on Houthi-run military sites near Sanaa, Yemen, on Sunday, Jan. 14, 2024. US officials fear one side will miscalculate, even if none of the major parties – Iran, Israel and the United States – want a wider war. The Suez Canal accounts for 10% to 15% of world trade, which includes oil exports, and for 30% of global container shipping volumes.

Persons: Biden, Israel simmers, John Kirby, Douglas Sims, ”, Mick Mulroy, Trump, Joe Biden, “ Organizations: CNN, US, Houthis, Biden, National Security, Pentagon, Joint Staff, New York Times, U.S, AP, United, Analysts, ABC News Locations: Yemen, Red, Sea, Gulf of Aden, Israel, Washington, Iran, Gaza, Africa, Suez, Red Sea, Gen, Sanaa, United States, Aden

☆ Tesla to pause German production over Red Sea disruption
▼ + stars: | 2024-01-12 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Tesla plans to pause most production at its only European factory due to supply chain problems caused by attacks in the Red Sea. In recent weeks, Houthi militants, based in Yemen, have ramped up attacks on vessels traveling through the Red Sea, saying they are revenge for Israel’s war against Hamas in Gaza. As a result, six of the world’s 10 biggest shipping companies — namely Maersk, MSC, Hapag-Lloyd, CMA CGM, ZIM and ONE — have been largely or completely avoiding the Red Sea. Volkswagen, Germany’s biggest carmaker, said Friday that its passenger car division did not anticipate “significant” restrictions to production over the situation in the Red Sea, according to Reuters. Economic reverberationsTesla’s decision will amplify fears that a prolonged closure of the Red Sea route — which connects with the vital Suez Canal — will hurt the global economy by snarling supply chains and driving up the prices of goods.

Persons: London CNN — Tesla, Tesla, Joe Biden, Brent, “, ”, Robert Yawger, Matt Egan Organizations: London CNN, CNN, RTL, Maersk, MSC, Lloyd, CMA CGM, Carriers, European Automobile Manufacturers ’ Association, Volvo, Reuters, Volkswagen, Economic, Ikea, Crocs, Container, British, West Texas, Mizuho Securities Locations: Red, Berlin, Europe, Yemen, Gaza, South Africa, Belgium, Suez, British, Drewry, Iran

☆ Who Are the Houthis and Why Is the U.S. Attacking Them?
▼ + stars: | 2024-01-11 | by ( Gaya Gupta | ) www.nytimes.com time to read: +1 min

Since mid-November, the Houthis, a Yemeni rebel group backed by Iran, have launched dozens of attacks on ships sailing through the Red Sea and the Suez Canal, a crucial shipping route through which 12 percent of world trade passes. The attack on Houthi bases came a day after the United Nations Security Council voted to condemn “in the strongest terms” at least two dozen attacks carried out by the Houthis on merchant and commercial vessels, which it said had impeded global commerce and undermined navigational freedom. Here’s a primer on the Houthis, their relationship with Hamas and the attacks in the Red Sea. Who are the Houthis? The Houthis, led by Abdul-Malik al-Houthi, are an Iran-backed group of Shiite rebels who have been fighting Yemen’s government for about two decades and now control the country’s northwest and its capital, Sana.

Persons: “, Abdul, Malik al Organizations: United Nations Security Locations: Yemeni, Iran, Suez, United States, Britain, Yemen, Red, Sana

☆ How the Red Sea crisis could clobber the global economy
▼ + stars: | 2024-01-10 | by ( Hanna Ziady | ) edition.cnn.com time to read: +9 min

The Suez Canal accounts for 10-15% of world trade, which includes oil exports, and for 30% of global container shipping volumes. Maersk CEO Vincent Clerc told the Financial Times Thursday that re-establishing safe passage through the Red Sea could take “months.” “It could potentially have quite significant consequences on global (economic) growth,” he added. Ikea has warned of shipment delays and potential shortages of certain products due to disruption in the Red Sea. Some ocean carriers that ordinarily transit through the Panama Canal had rerouted to the Suez Canal before the attacks in the Red Sea escalated, according to logistics company C.H. Matthew Burgess, vice-president of global ocean services at the firm, said global shipping capacity would be constrained for a while yet.

Persons: Joe Biden, Vincent Clerc, Germany’s, Mohamed, El Erian, ” Simon MacAdam, Lily Millard, Ben May, Good Hope, ”, ” It’s, Abercrombie &, Nathan Howard, “, ” Philip Damas, —, Judah Levine, Levine, Eric Thayer, Carolina Klint, Marsh McLennan, Robinson, Matthew Burgess, we’ve, Gene Seroka, Burgess, C.H Organizations: London CNN, British, Energy, World Bank, Maersk, MSC, Lloyd, CMA CGM, Financial Times, Global, Germany’s Kiel Institute, Allianz, Bank, Capital Economics, Oxford Economics, European Automobile Manufacturers ’ Association, Ikea, CNN, Abercrombie, Abercrombie & Fitch, Bloomberg, Getty, Drewry Supply Chain Advisors, Marsh, United, Port Locations: Iran, Crocs, Suez, Yemen, Gaza, Germany, Brent, Gulf, Oman, South Africa, Germany’s Kiel, Red, Israel, Good, Europe, ”, China, Asia, Los Angeles, United States, Panama, Rotterdam, of Los Angeles, of New York, New Jersey

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

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

After months of congressional hand-wringing, Mr. Santos finally met his demise on Friday, after Republicans and Democrats each offered separate expulsion resolutions. The resulting debate on the House floor on Thursday captured the absurdity and unseemliness of Mr. Santos’s scandals. Mr. Santos is only the sixth member of the House to be expelled in the body’s history. Mr. Santos must still contend with the federal indictment in which prosecutors have accused him of multiple criminal schemes. (That company, Harbor City Capital, has been accused of operating a Ponzi scheme by the Securities and Exchange Commission, though Mr. Santos has not been implicated.)

Persons: George Santos, Santos, Mr, “ George Santos, ”, Anthony D’Esposito, Santos’s, Mike Johnson of, Kevin McCarthy of California, Kathy Hochul, Thomas R, Suozzi, Goldman Sachs, Nancy Marks, Marks, Nicholas Fandos Organizations: New York Republican, Queens, Republican, Republicans, World Trade, House, Local, Democratic, New York Times, Baruch College, Citigroup, World Trade Center, Devolder Organization, Harbor, Harbor City Capital, Securities and Exchange Commission Locations: Orlando, Long Island, New York, Mike Johnson of Louisiana, Nassau County, Queens, New York City, Orlando ., Florida, Harbor City, United States

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