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☆ Trump's proposed 10% tariff plan would 'shake up every asset class,' strategist says
▼ + stars: | 2024-01-22 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

Mike Segar | ReutersMarkets need to begin thinking about the structural impact of Donald Trump's proposed 10% tariff increase, which "shakes up every asset class," according to Michael Every, global strategist at Rabobank. He suggested one of investors' top concerns would be the 10% tariff on all U.S. imports. Trump floated the 10% tariff during an interview last year with Fox Business' Larry Kudlow, his former White House economic advisor, saying "it's a massive amount of money." China responded with its own tariffs on U.S. goods, and Trump also imposed tariffs on steel and aluminum imports from most countries, including many of Washington's biggest allies. He noted Trump's tendency to "change his mind" so frequently on geopolitical issues that "people won't know where his thinking is at."

Persons: Donald Trump, Mike Segar, Donald Trump's, Michael Every, Janet Yellen, Ron DeSantis, CNBC's, Trump, Tom Lee, Larry Kudlow, it's, Keen, Joe Biden's, Dan Boardman Organizations: U.S, Republican, New, Reuters, Rabobank, The, Foundation, Forum, GOP, Trump, Fox Business, White, AAF, BRI Wealth Management Locations: New Hampshire, Rochester , New Hampshire, U.S, America, China, Beijing, Weston

☆ US, Britain Strike Underground Houthi Storage Site in Yemen
▼ + stars: | 2024-01-22 | by ( Jan. | At P.M. | ) www.usnews.com time to read: 1 min

WASHINGTON (Reuters) - The United States and Britain carried out an additional round of strikes on Monday against Yemen's Houthis over their targeting of Red Sea shipping, the Pentagon said, targeting an underground storage site, missiles and other Houthi military capabilities. The Pentagon detailed the eight new strikes in a joint statement with Britain, as well as from Australia, Bahrain, Canada and the Netherlands, which supported the latest military action, the statement said. "These precision strikes are intended to disrupt and degrade the capabilities that the Houthis use to threaten global trade and the lives of innocent mariners," the statement said. (Reporting by Phil Stewart and Idrees Ali; Editing by Chris Reese)

Persons: Yemen's Houthis, Phil Stewart, Idrees Ali, Chris Reese Organizations: WASHINGTON, Red, Pentagon Locations: United States, Britain, Australia, Bahrain, Canada, Netherlands

☆ 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

☆ Oil extends losses as economic headwinds weigh on demand outlook
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +2 min

Oil prices fell for a second day on Monday as economic headwinds pressured the global oil demand outlook and outweighed geopolitical concerns in the Middle East and an attack on a Russian fuel export terminal over the weekend. Brent crude fell 41 cents, or 0.5%, to $78.15 a barrel by 0105 GMT after settling down 54 cents on Friday. "This morning's subdued re-open speaks volumes about current sentiment in the crude oil market despite ongoing geopolitical tensions in Europe and the Middle East," IG analyst Tony Sycamore said. Russian producer Novatek aid on Sunday it had been forced to suspend some operations at the Baltic Sea terminal because of a fire. In the Middle East, the Gaza war rages on while the U.S. struck another anti-ship missile preparing to launch into the Gulf of Aden by Yemen's Houthi militants on Saturday.

Persons: headwinds, Brent, Tony Sycamore, Yemen's, IG's Sycamore, Baker Hughes, JP Morgan Organizations: West Texas, U.S . Energy Information Administration, International Energy Agency, Organization of, Petroleum, Energy Locations: Red, Ras Behar, Egypt, Europe, Ukrainian, Russian, Gaza, U.S, Aden, Iran, China

As he went under, Navy Special Warfare Operator 1st Class Christopher J. Blake Chaney, commander of Naval Special Warfare Group 1, which oversees SEAL Team 3. They loaded onto small special operations combat craft driven by naval special warfare crew to get to the boat. Chambers, 37, of Maryland, enlisted in the Navy in 2012, and graduated from SEAL training in 2014. Ingram, 27, of Texas, enlisted in 2019, and graduated from SEAL training in 2021.

Persons: Nathan Gage Ingram, Christopher J, Chambers, Chris, Gage selflessly, ”, Blake Chaney, Joe Biden, “ Jill, USS Lewis B, Puller, Ingram, Chaney Organizations: WASHINGTON, —, Navy's, Navy, Special Warfare, NSW, White, — Navy, ”, USS, Central Command, U.S . Navy, Warfare, Marine Locations: Somalia, Yemen, Gulf of Aden, Gaza, East Africa, Iran, West Coast, Maryland, Texas

☆ Dollar struggles to retain gains even as March rate cut odds recede
▼ + stars: | 2024-01-22 | by ( ) www.cnbc.com time to read: +3 min

Japan's yen was the notable mover in otherwise quiet trading, as it tiptoed away from Friday's one-month low of 148.80. San Francisco Federal Reserve Bank President Mary Daly on Friday said she believes the U.S. economy and monetary policy are in a "good place" and it is premature to think rate cuts are imminent. Short-term interest rate futures market show traders are betting interest rate cuts will start in May, with the probability of a March cut dropping below 50%, down from near 80% in the first weeks of January, according to CME Group data. "The USD holds a fair relationship with the evolving implied pricing for a March Fed cut, where rate cut probability falls the USD rallies, and vice versa," he wrote. Much of the gains have come from investor bets on Fed rate cuts.

Persons: dovish, Mary Daly, Chris Weston, Pepperstone Organizations: U.S, of Japan's, Federal Reserve, San Francisco Federal Reserve Bank, Group, NatWest Markets, European Central Bank, ECB Locations: Japan, Europe, U.S

☆ New sanctions on Russian diamonds will change the global trade in gems
▼ + stars: | 2024-01-22 | by ( Sarah Kent | ) edition.cnn.com time to read: +5 min

But as of the start of January, EU and G7 countries have banned the direct purchase of non-industrial diamonds from Russia. This move will be followed by further restrictions on the import of Russian diamonds processed in third countries starting in March. Industry groups including the World Diamond Council, Antwerp World Diamond Centre, the Gem and Jewellery Export Council of India and the Gemological Institute of America (GIA) have been working together to develop an effective solution. What does this mean for the diamond industry? LVMH-owned Tiffany and Richemont both said they stopped sourcing Russian stones shortly after the war in Ukraine broke out.

Persons: Russia’s, Pavel Alekseevich Marinychev, ”, Paul Zimnisky, Russia they’ll, Andrey Rudakov, Morgane Winterholer, De Beers, Tiffany, Richemont Organizations: CNN, European, Bloomberg, Getty, EU, Industry, World Diamond Council, Diamond Centre, Jewellery Export, of India, Gemological Institute of America, “, ”, GIA Locations: Ukraine, Canada, Japan, France, Germany, Italy, Antwerp, Belgian, Russia, Europe, Moscow, “

☆ 25 experts calculated the scenarios they think could play out in the US-China relationship. All the results are bleak.
▼ + stars: | 2024-01-22 | by ( Matthew Loh | ) www.businessinsider.com time to read: +8 min

Read previewThe future of US-China relations looks grim, according to a new report by a group of 25 experts on both countries. And US scientists might find a mysterious avian flu in China, while China detains five Americans on accusations that they broke the law. Advertisement"Instead, the war scenario is a scenario of increasing crises leading to increasing distrust in diplomatic solutions," he said. 2) A zero-sum bloc gameOr US-China trade could fall to all-time lows by the late 2020s, with competition ramping up over AI, quantum computers, and other technology, the analysis said. Seyle emphasized that the analysis isn't presenting forecasts, but theoretical scenarios that hit areas of concern in broad strokes.

Persons: —, Trump, Pax Sapiens, Conor Seyle, BRICS, Saudi Arabia —, calculatingly, Seyle, Ren Libo, Adam Kahane of Organizations: Service, Business, Obama, People's Liberation Army, Observers, Pentagon, Pax Sapiens, WTO, Grandview Institute, Adam Kahane of Massachusetts, Reos Partners Locations: China, Beijing, Washington, Taiwan, Taipei, Pax, Europe, Asia Pacific, Brazil, Russia, India, Saudi Arabia, America, Africa, United States, Latin America, Southeast Asia, US

WASHINGTON (AP) — The 10-day search to rescue two Navy SEALs lost in the Arabian Sea during a mission to board a ship and confiscate Iranian-made weapons has been ended and the sailors are now considered deceased, the U.S. military said Sunday. In a statement, U.S. Central Command said the search has now been changed to a recovery effort. “We mourn the loss of our two Naval Special Warfare warriors, and we will forever honor their sacrifice and example," said Gen. Erik Kurilla, head of U.S. Central Command. They loaded onto small special operations combat craft driven by naval special warfare crew to get to the boat. The U.S. Navy ultimately sunk the ship carrying the weapons after deeming it unsafe, Central Command said.

Persons: “, Erik Kurilla, USS Lewis B, Puller Organizations: WASHINGTON, Navy, U.S, . Central Command, Meteorology, Oceanography Center, U.S . Coast Guard Atlantic Area Command, University of San, Oceanography, Naval Research, Special Warfare, U.S . Central Command, U.S . Navy, USS, Central Command Locations: U.S, Japan, Spain, University of San Diego, Yemen, Gulf of Aden, Gaza

☆ US Strikes Another Houthi Anti-Ship Missile
▼ + stars: | 2024-01-20 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +2 min

By Kanishka Singh and Enas AlashrayWASHINGTON/CAIRO (Reuters) - U.S. Central Command forces on Saturday struck a Houthi anti-ship missile that was aimed into the Gulf of Aden and prepared to launch, the U.S. military said, with the latest round of strikes coming hours after the United States struck three other Houthi anti-ship missiles. Hours earlier on late Friday, U.S. Central Command forces conducted strikes against three Houthi anti-ship missiles that they said were aimed into the Southern Red Sea. Since last week, the United States has been launching strikes on Houthi targets in Yemen, and this week returned the militia to a list of "terrorist" groups. President Joe Biden said on Thursday that air strikes would continue even as he acknowledged they may not be halting the Houthi attacks. Saturday's strikes were the fifth in the past week by the U.S. against Houthi missile launchers that were prepared to launch attacks.

Persons: Kanishka Singh, Enas Alashray, Joe Biden, Enas, Mark Heinrich, Nick Zieminski Organizations: . Central Command, U.S, U.S . Navy, U.S . Central Command, Houthi, Houthis, . Locations: Enas Alashray WASHINGTON, CAIRO, Aden, United States, U.S, Gulf of Aden, Yemen, Iran, Asia, Europe, Gaza, Israel, Hamas, Palestinian

People attend the 54th annual meeting of the World Economic Forum, in Davos, Switzerland, January 18, 2024. Javier MileiArgentina's President Javier Milei delivers a speech at the World Economic Forum (WEF) meeting in Davos on January 17, 2024. Sam AltmanSam Altman, CEO of OpenAI, attends the 54th annual meeting of the World Economic Forum in Davos, Switzerland, on Jan. 18, 2024. He said AGI could be developed in the "reasonably close-ish future," speaking at a private gathering at the Bloomberg House in Davos, Switzerland. AI took a huge leap forward in the last year or two years," Benioff said on a World Economic Forum panel Thursday.

Persons: Denis Balibouse, Donald Trump, Ursula von der, Ursula von der Leyen, Jamie Dimon Jamie Dimon, JPMorgan, Adam Galici, Jamie Dimon, Dimon, Larry Fink's, bitcoin, Volodymyr Zelenskyy, CNBC's Andrew Ross Sorkin, Vladimir Putin, Zelenskyy, Putin, Javier Milei, Fabrice COFFRINI, FABRICE COFFRINI, Fabrice Coffrini, Milei, Adena Friedman Adena Friedman, Adena Friedman, Friedman, Sam Altman Sam Altman, Sam Altman, Altman, Antony Blinken Antony Blinken, CNBC Putin, Antony Blinken, Blinken, Trump's, it's, Christine Lagarde, Emmanuel Macron, Macron, Dmytro Kuleba, Arnd Wiegmann, Trump, Vladimir, Ukraine's, Kuleba, Michelle Yeoh Michelle Yeoh, Mike Coppola, Michelle Yeoh, CNBC's Tania Bryer, Yeoh, Pedro Sanchez Spanish, Pedro Sanchez, Isabel Infantes, Sanchez, Li Qiang Li Qiang, Li Qiang, Li, Isaac Herzog, Kfir Bibas, Herzog, Kfir, Hossein Amir, Abdollahian, Atta Kenare, Joe, Biden, Netanyahu, Amir, Sergio Ermotti, MICHAEL BUHOLZER, Ermotti, Marc Benioff Marc Benioff, Salesforce, CNBC's Sara Eisen, Marc Benioff, Benioff, Ray Dalio Ray Dalio, Bridgewater, Ray Dalio, Dalio, Mark Carney Mark Carney, DANIEL LEAL Organizations: Economic, Reuters, European, JPMorgan Chase, CNBC, BlackRock, Getty, Afp, NASDAQ, CNBC Nasdaq, Reuters OpenAI, Bloomberg, State, European Central Bank, Central Bank, Reuters Ukraine's, United Nations Development, Spanish, Getty Images, Hamas, Palestinian, Hezbollah, Turkish, AFP, Iranian, Sergio Ermotti UBS, Getty Images UBS, Credit Suisse, Bridgewater Associates, U.S, Bank of England, UN, OLIVAS Locations: Davos, Switzerland, Ukraine, Gaza, Russia, China, Moscow, WEF, AFP, OpenAI, U.S, Russian, Iran, Europe, United States, Hollywood , California, Madrid, Spain, Beijing, Washington, Lebanese, Tehran, Israel, Hiroshima

☆ The U.S. Strikes More Houthi Sites in Yemen
▼ + stars: | 2024-01-19 | by ( Eric Schmitt | More About Eric Schmitt | ) www.nytimes.com time to read: +2 min

For the sixth time in 10 days, the United States on Friday said it had destroyed Houthi missiles in Yemen that were poised to attack merchant and military vessels in the Red Sea, a pattern of strikes that the White House says will continue for the foreseeable future to weaken the militia group. The U.S. military hit three Houthi missiles and launchers, John F. Kirby, a spokesman for National Security Council, told reporters on Friday. He did not say what weapons the United States had deployed in the attack, but previous strikes have used cruiser missiles and munitions dropped by fighter jets. President Biden said on Thursday that U.S. airstrikes against the Houthis will continue even though they have not halted the group’s attacks on Red Sea shipping. Yes.”Last Thursday, American and British attack planes and warships attacked more than 60 Houthi targets, including air defenses, command hubs and facilities to store and launch anti-ship cruise and ballistic missiles, as well as drones.

Persons: White, John F, Kirby, Biden, Mr, “, ” Organizations: National Security Council, Hamas Locations: United States, Yemen, Red, U.S, States, Gulf of Aden, Suez, Iran, Gaza, British

☆ 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

☆ Bank credit is shrinking for the first time since the Great Recession – and that's a red flag for the economy
▼ + stars: | 2024-01-19 | by ( George Glover | ) www.businessinsider.com time to read: +5 min

The last one was during the Great Recession, brought about by the global financial crisis of 2008-2009. The extended slump in bank lending comes as many Wall Street experts continue to project a pessimistic outlook for the economy, despite the surprisingly upbeat trend seen in 2023. Recession warningsThe US economy defied forecasters' gloomy predictions by dodging a recession last year, with strong consumer spending helping to prop up growth. AdvertisementBut not everyone on Wall Street is so cheerful. It might be a mild recession or a heavy recession," he added, noting it's possible that the downturn bites in 2024.

Persons: —, Jeffrey Gundlach, Henry Kravis, David Rosenberg, Steve Hanke, Gary Shilling, Continentale, Janet Yellen, haven't, JPMorgan Chase, Jamie Dimon, Hanke, Rosenberg, it'd Organizations: Service, Business, Governors, Federal, Wall, Louis Federal Reserve, Bank, Federal Reserve, Philadelphia Fed, JPMorgan, Fox Business Locations: Bank, Ukraine, Gaza

☆ U.S. says Houthis launched missiles at tanker ship but no damage caused
▼ + stars: | 2024-01-19 | by ( ) www.cnbc.com time to read: +1 min

Members of the Yemeni Coast Guard affiliated with the Houthi group patrol the sea as demonstrators march through the Red Sea port city of Hodeida in solidarity with the people of Gaza on January 4, 2024, amid the ongoing battles between Israel and the militant Hamas group in Gaza. The Iran-backed Houthi militia launched two anti-ship ballistic missiles at a U.S.-owned tanker ship late on Thursday that hit the water near the vessel but caused no injuries or damage, the U.S. military said. The incident, the latest amid growing tensions in the Red Sea that have disrupted global trade and raised fears of supply bottlenecks, took place around 9 p.m. Yemen time (1800 GMT), according to a U.S. Central Command post on X, formerly called Twitter. The Houthis, who control most of Yemen, earlier on Thursday claimed responsibility for the attack, saying they targeted the ship Chem Ranger with naval missiles that caused "direct hits".

Organizations: Yemeni Coast Guard, Hamas, U.S, U.S . Central Command Locations: Hodeida, Gaza, Israel, The Iran, U.S, Yemen

☆ US Says Houthis Launched Missiles at Tanker Ship but No Damage Caused
▼ + stars: | 2024-01-18 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

By Kanishka Singh and Costas PitasWASHINGTON (Reuters) - The Iran-backed Houthi militia launched two anti-ship ballistic missiles at a U.S.-owned tanker ship late on Thursday that hit the water near the vessel but caused no injuries or damage, the U.S. military said. The Houthis, who control most of Yemen, earlier on Thursday claimed responsibility for the attack, saying they targeted the ship Chem Ranger with naval missiles that caused "direct hits". The Houthis say their attacks are in solidarity with Palestinians under attack from Israel in Gaza. Since last week, the United States has launched strikes on Houthi targets in Yemen, and this week returned the militia to a list of "terrorist" groups. President Joe Biden told reporters on Thursday that air strikes would continue even if they may not be halting the Houthi attacks.

Persons: Kanishka Singh, Costas Pitas WASHINGTON, TankerTrackers.com, Joe Biden, Eric Beech, Ahmed Tolba, Costas Pitas, Dan Whitcomb, Miral Organizations: U.S, U.S . Central Command, AIS Locations: Iran, U.S, Yemen, Jeddah, Saudi Arabia, Kuwait, Israel, Gaza, United States, Washington, Cairo, Los Angeles

☆ Indian Navy Rescues Crew After Attack on Ship off Coast of Yemen
▼ + stars: | 2024-01-18 | by ( Jan. | At A.M. | ) www.usnews.com time to read: +3 min

The Houthi movement said its missiles had made a "direct hit" on the bulk carrier. U.S. officials said the move was aimed at cutting off funding and weapons the movement has used to attack or hijack ships. On Monday, Houthi forces had struck the U.S.-owned and operated dry bulk ship Gibraltar Eagle with an anti-ship ballistic missile. The alternative shipping route around South Africa's Cape of Good Hope can add 10-14 days to a journey compared to passage via the Red Sea and the Suez Canal. Freight rates have more than doubled since early December, according to maritime consultancy Drewry's world container index, while insurance sources say war risk premiums for shipments through the Red Sea are also rising.

Persons: Krishn Kaushik, Idrees Ali, Phil Stewart NEW, Yemen's, Houthi, Denmark's, Shivam Patel, Simon Lewis, Pavel Polityuk, James Davey, Terje Solsvik, Keith Weir, Catherine Evans Organizations: Indian Navy, U.S, U.S . Navy, Shipping, Genco, Wednesday, Pepco, Denmark's Maersk, Maersk Locations: Phil Stewart NEW DELHI, WASHINGTON, U.S, Gulf, Aden, Genco Picardy, Iran, Asia, Europe, Israel, Palestinian, Gaza, India, Picardy, States, Yemen, South Africa's, Suez, Ukraine, Africa

PANAMA CITY (AP) — A severe drought that began last year has forced authorities to slash ship crossings by 36% in the Panama Canal, one of the world's most important trade routes. The new cuts announced Wednesday by authorities in Panama are set to deal an even greater economic blow than previously expected. On Wednesday, Panama Canal Administrator Ricaurte Vásquez said they would cut daily ship crossings to 24, after already gradually slashing crossings last year from 38 a day in normal times. It was a “significant reduction” for the country, Vásquez said. “The water problem is a national problem, not just of the Canal,” Vásquez said.

Persons: Ricaurte Vásquez, Vásquez, ” Vásquez, “, ” Organizations: PANAMA CITY, Central American Locations: PANAMA, Panama

☆ Biden designates Houthis terrorist group, as U.S. ramps up Red Sea counterstrikes
▼ + stars: | 2024-01-17 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

"If the Houthis cease their attacks, we can consider delisting the designation," a senior administration official said Tuesday on a call with reporters. It is the next move in the U.S. pressure campaign to weaken the Houthis' Red Sea siege, which the official called "a textbook definition of terrorism." Three years later, after months of Red Sea attacks, the Houthis have regained their spot on a U.S. terrorist list. The latest Houthi terrorist label is "one piece of a broader effort" to stabilize global trade in the Red Sea and prevent regional war in the Middle East, the official added. Since the Houthis began their strikes shortly after the start of the Israel-Hamas war in October, major shipping giants like Maersk have paused Red Sea business activity due to safety concerns.

Persons: Saleh al, Samad, Abduljabbar Zeyad, Mohammed Hamoud, Joe Biden, Donald Trump, Yemen's Huthi Organizations: Reuters, U.S . State Department, The State Department, United Nations, Yemen's Huthi Ansarullah Media, Afp, Getty Locations: Saudi, Hodeidah, Yemen, U.S, Sana'a, Israel, Gaza, Red

☆ 2 US Navy SEALS lost at sea were part of a long struggle to stop Iran smuggling deadly weapons to its allies
▼ + stars: | 2024-01-17 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +4 min

They were helping seize Iranian weapons being sent to the Houthis in Yemen, CENTCOM said. The US Navy and its allies have made attempts to shut down this flow of weapons in the past. Advertisement"One of the main problems with the Red Sea in the Gulf of Aden is the type of states that surround them — Ethiopia, Somalia, Yemen, and Sudan," Inglis told BI. Inglis predicts there will now be other such operations, with the US Navy targeting more vessels smuggling weapons. AdvertisementBut, he said, "Iran will continue sending weapons to them in the same way that the Soviet Union did to Cuba in the 1960s."

Persons: CENTCOM, —, Michael Erik Kurilla, Mark Cancian, Richard Kouyoumdjian Inglis, Inglis Organizations: Navy, Service, US Central Command, US Marine, Center for Strategic, International Studies, US Navy, Chilean Naval Reserve, Middle East Institute Locations: Somalia, Yemen, Iran, Gulf of Oman, Gulf, Aden, Ethiopia, Sudan, Israel, Soviet Union, Cuba

☆ Air freight rates could spike as Red Sea attacks disrupt shipments via sea
▼ + stars: | 2024-01-17 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

DHL Cargo planes are unloaded at Halle-Leipzig Airport on February 28, 2014 in Leipzig, Germany. Up to 60 cargo planes land every weeknight. The Houthi attacks in the Red Sea are not only driving up sea freight — air freights are going to get higher too, as global trade flows get increasingly disrupted. This means that air cargo is about to play an expanded role in the supply chain ecosystem. Air freight can slash delivery times to just a few days compared to weeks taken by ocean carriers.

Persons: Matthew Burgess, Robinson Organizations: DHL Cargo, Airport Locations: Halle, Leipzig, Germany, South Africa, C.H

☆ Tesla slashes car prices across Europe after similar cuts in China
▼ + stars: | 2024-01-17 | by ( Ryan Browne | ) www.cnbc.com time to read: +2 min

Tesla on late Tuesday trimmed prices for its Model Y cars across several countries in Europe, a week after announcing similar price cuts for its Model 3 and Model Y cars in China. In France, Tesla lowered prices on its Model Y cars by as much as 6.7%, while in the Netherlands, Tesla reduced prices for the Model Y by up to 7.7%. The reductions come after Tesla announced price cuts for its Model 3 and Model Y cars in China. The company has reduced prices for its cars aggressively in China over the past year or so, undercutting local competitor BYD. Tesla trimmed prices of the Model 3 by 6% compared to December last year, also taking prices for the Model Y down by 11%, according to data from JL Warren Capital.

Persons: Tesla, Warren Buffet Organizations: BYD, JL Warren Capital, Volkswagen, U.S Locations: Europe, China, Germany, France, Norway, Netherlands, Red, Iran, Berlin, Brandenburg

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

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

The United States carried out a new military strike against Houthi ballistic missiles in Yemen on Tuesday, the U.S. military said, but the latest salvo against the Iran-backed group left the White House grappling with how to stop a battle-hardened foe from disrupting shipping lanes critical for global trade. The Houthis damaged a U.S.-owned commercial ship on Monday after attempting to hit an American warship the day before. President Biden could order another blitz of strikes against Houthi air defenses, weapons depots, and facilities for launching and producing an array of missiles and drone, but analysts say that would risk widening the war even more. Or he could settle for more limited tit-for-tat exchanges, like Tuesday’s strike, but that would not necessarily resolve the threat to commercial ships, analysts say. Mr. Kirby defended the strikes last Thursday and Friday that American and British attack planes and warships carried out against more than 60 targets using some 150 precision-guided bombs and missiles.

Persons: Biden, “, John F, Kirby Organizations: Houthi, U.S, White, Pentagon’s, Command, American, Kirby, National Security Council Locations: States, Yemen, Iran, U.S, American, Gaza, British

☆ This stock should benefit from Red Sea turmoil disrupting shipping, Redburn says
▼ + stars: | 2024-01-16 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

The railroad Canadian Pacific Kansas City is poised to benefit from mounting disruptions to shipping in the Red Sea that are rerouting global trade routes, according to Redburn Atlantic. The railroad's land bridge through North America is an attractive alternative for cargo from Asia to the U.S. East Coast as the Suez and Panama canals face disruptions to traffic. Container shipping through the Red Sea was down 30% in mid-December due to repeated attacks by Iran-allied Houthi militants in Yemen, Holmes told clients. CPKC's land bridge through Mexico north to the U.S. shortens transit time by 10 to 14 days compared to the Panama Canal, Holmes wrote. "This route is materially faster (10-14 days) than going through the Panama Canal, especially when there are restrictions in place," he told clients.

Persons: Oliver Holmes, Holmes, CPKC Organizations: Canadian, Canadian Pacific Kansas City, U.S ., Ships, Kansas City Southern, CP Locations: Canadian Pacific Kansas, Lázaro, Coast, U.S . East Coast, North America, Asia, Suez, Panama, Iran, Yemen, Hope, Africa, U.S . East, Mexico, U.S

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