New Delhi: The Red Sea crisis has become a major threat to global trade and its impact on trade volumes will become visible in FY25, according to a report released on Tuesday by the Global Trade Research Initiative (GTRI), an economic think tank. The crisis began when Houthi militants attacked civilian-operated cargo ships near the …
Indian Defense officials informed that in a major mission, the Indian Navy warship INS Sumitra rescued a hijacked fishing vessel Al Naemi with Somali pirates around 800 miles off the coast of Kochi. The Al Naemi was sailing off the East Coast of Somalia and successfully rescued 19 Pakistani nationals on Monday This was the …
Oil prices rose for a second week in a row and settled at their highest in nearly two months on Friday, January 26, as positive US economic growth and signs of Chinese stimulus boosted global demand expectations, while Middle East supply concerns added support to price rise. Brent crude futures rose $1.12, or 1.4 per …
The greatest disruption to global trade in decades has resulted from two months of missile, drone, and hijacking attacks against civilian ships in the Red Sea, driving up costs for shippers as far away as Asia and North America. The disruption’s spread is stoking fears of more widespread economic consequences. The Houthi militant attacks that …
Israel’s Benjamin Netanyahu has proposed a two month pause to the attack on Gaza, killing Palestinians, reports Axios. Israel conveyed the proposal to to Hamas fighters through Qatari and Egyptian mediators. The proposal comes merely a day after Netanyahu rejected a deal by Hamas fighters to end the war on Gaza, that has killed over …
The attacks are part of a broad response to the Gaza conflict by a so-called Axis of Resistance. Washington: The Biden administration on Wednesday returned the Yemen-based Houthi rebels to a list of terrorist groups, U.S. officials said, in the latest attempt by Washington to stem attacks on international shipping. Officials said the “Specially Designated …
US and British forces on Friday launched strikes on rebel targets across Yemen. (File) Dubai: Yemen’s Huthi rebels hit a US-owned cargo vessel with a missile on Monday, the US military said, heightening fears for the volatile region after repeated attacks on shipping triggered American and British strikes. The Marshall Islands-flagged Gibraltar Eagle suffered a …
Crude futures lost over 10 per cent in 2023 in a volatile year of trading and reported their biggest annual drop since 2020, marked by geopolitical conflict in the Middle East and concerns about the oil output levels of major producers around the world. Organisation of Petroleum Exporting Countries (OPEC) is currently cutting output by …