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Middle East
Hapag-Lloyd: Hormuz freight fee is 'fundamentally incorrect'
Hapag-Lloyd of Germany, the world's fifth-largest shipping company by container volume, criticised the U.S. Plans to impose a 20 percent charge on cargo shipping through the Strait of Hormuz are "fundamentally incorrect". U.S. president Donald 'Trump' said on Monday that he reinstated the blockade of Iranian shipping in the Strait of Hormuz last month. He also proposed charging a fee of 20% to cover the costs of safeguarding this vital waterway. Hapag stated in a press release that it would be "fundamentally wrong" to charge?fees when passing through international waters. The German Shipowners' Association VDR?said that such a measure was
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North Africa
UAE: Iranian missiles hit oil tankers in Strait of Hormuz and one sailor was killed
Two Emirati oil tanks were hit by Iranian cruise missiles, killing one Indian crew member and injuring eight others, according to the United Arab Emirates Ministry of Defence. This is the latest incident in this strategic waterway. ADNOC L&S, the shipping arm of Abu Dhabi National Oil Company, confirmed that Mombasa B (VLCC) and Al Bahyah had been struck by a missile while transiting Hormuz. Both vessels sustained "significant damages". Last month, it was reported that the UAE state oil company ADNOC had been one of the most active participants of a U.S.-led military operation to transfer Gulf crude to
Passenger Transportation Services
Passenger Transportation Services
UN shipping agency opposes any fees in the straits after Trump plans Hormuz fee
The?U.N. The 'U.N. Trump stated in a post on Truth Social that the process would start immediately. He did not elaborate. A spokesperson for the United Nations said, "We're aware of this post and are awaiting more details." International Maritime Organization. "We've always maintained a consistent stance against fees - IMO is opposed to charging fees for the passage through straits that are used for international navigation." There is "no legal basis" to introduce tolls for transiting through a strait. Officials from the shipping industry expressed their concern at?the newest development. They added that, in their opinion, such a move...
Passenger Transportation Services
There are some flights to the Middle East that have resumed but there is still disruption.
Some airlines have maintained their suspensions, while others are increasing the number of flights they offer to certain parts of the Middle East following the conflict caused by the U.S.-Israeli?strikes against Iran. Here is an alphabetical update on the status of flights. AEGEAN AIRLINES The largest airline in Greece has cancelled flights to Dubai and Erbil until August 31 and to Baghdad and Baghdad until September 30. AIRBALTIC The cancellation of flights to Dubai is effective until October 24. AIR CANADA Canadian Airlines has cancelled all flights to Tel Aviv, Dubai and Abu Dhabi until October 24. AIR FRANCE-KLM Air...
Passenger Transportation Services
China's first five-year plan aims to boost consumption
China has set a target of retail sales of 60 trillion yuan (8.85 trillion dollars) by 2030 as part a five-year plan to increase consumption and raise household incomes. The plan, which was approved by the State Council on Monday and released, aims to increase service consumption in elderly care, childcare and healthcare, as well as?culture, sport, tourism and education. The report also calls for a stronger?tourism related spending, an increase in visa-free entries to more countries and?more international direct flights to Europe and the U.S., as well as countries participating in?Belt and Road Initiative. China's first 5-year plan aimed...
Passenger Transportation Services
Taiwan evacuates thousands as Typhoon Bavi hits Japan's southern islands
On Saturday, Typhoon Bavi pounded?Japan’s?southern Sakishima Island chain with heavy rainfall and violent winds as it headed toward Taiwan. Authorities warned of the dangers of flooding and landslides. Ishigaki Island, a part of Okinawa Prefecture, was strewn with debris, and only a few vehicles braved the rain and gale. The strong currents in a harbour were caused by the storm's strong winds, which reached a maximum sustained speed of 144 km/h (90mph) near the centre. Authorities warned of gusts up to 198 km/h. All Saturday, flights and ferry services in Ishigaki - a popular tourist spot - were suspended. More...
Passenger Transportation Services
Bahamas grounds Flamingo Air after 10 die in plane crash
The Bahamas' Prime Minister,?Philip Davis, said that 10 people were killed after an aircraft crashed on one of the Caribbean country's islands. Davis stated during a news conference that "once again, tragedy has marked a chapter of our nation's history." "Today was a celebration, but it has now become a mourning day." According to the Bahamian Aviation Accident Investigation Authority, the crash occurred at around 1:00 pm EDT, after the Cessna 402. took off from Lynden Pindling International Airport on its way to San Andros Airport. The authority stated that the aircraft "reportedly experienced difficulties" before it crashed into bushes....
Passenger Transportation Services
The US pump pain worsens as more US-Iran conflict lifts oil prices
After weeks of declines in gasoline prices, U.S. motorists have experienced a new spike after renewed fighting between U.S. and Iran has pushed crudeoilprices up to their highest weekly increase?in eight week. The global refining industry is experiencing disruptions, and the 'U.S. Fuel exports tightened the supply further, and AAA data show that average pump prices increased 6 cents to $3.88 per gallon this week. This was the largest weekly increase since mid May. The renewed fighting between Iran and the U.S. over the Strait of Hormuz has sent energy prices sharply up this week. The U.S. summer driving period...
Passenger Transportation Services
Wall Street closes higher as investors look to earnings season
S&P 500 ended 'just short of a new record high' on Friday as a Nasdaq debut? by South Korea’s SK Hynix fueled optimism for memory-chip makers. Investors also looked forward to the quarterly earnings season, which begins next week. Artificial intelligence is back in the spotlight following SK Hynix's $170 opening price, which was 14% higher than its initial offering price. The semiconductor company raised more than $26 billion by selling American depositary receipts at $149 per piece on Thursday. U.S. stocks increased after U.S. president Donald Trump stated that Iran asked for continued talks, and the U.S. agreed. The...
Passenger Transportation Services
Wall St. slightly higher after SK Hynix's impressive debut limits losses in chips stocks
S&P 500 climbed to a new record high on Friday as a 'blockbuster Nasdaq debut by South Korean chipmaker SK Hynix fueled optimism for semiconductor?stocks. Investors also looked forward to the quarterly earnings season, which begins next week. Artificial intelligence is back in the spotlight following SK Hynix's $170 opening price, which was 14% higher than its initial offering price. This high-profile U.S. IPO brought artificial intelligence to a new level. Memory-chip maker raised $26.5 billion by selling American depositary receipts at $149 per piece on Thursday. U.S. stock prices increased after U.S. president Donald Trump stated that Iran asked...
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European shares end four-week winning streak due to tech selling off, US-Iran War
European shares shook off a four-week streak of gains on Friday. The oil market was rattled by a 'unwinding in tech stocks' and the resurgence of tensions?in the Middle East. Investors lowered their hopes for a quick relief from the energy shock, and the?pan-European?STOXX600 fell 1.8% this week. Brent futures rose 5% this week after the U.S. and Iran exchanged strikes. Washington also reimposed sanctions against Iranian oil. The NATO summit in Turkey added a layer to the uncertainty, as U.S. president Donald Trump called Spain "a terrible partner" and threatened halting trade with that country. He later softened his...
Passenger Transportation Services
European shares end four-week winning streak due to tech selling off, US-Iran War
European shares lost their four-week winning streak Friday as a result of a resurgence in tensions and unwinding in tech stocks. Investors lowered their hopes for a quick easing of the energy supply crisis. The?STOXX?600, the pan-European index, fell 1.8% this week. The U.S. traded strikes with Iran, and Washington reimposed sanctions on Iranian crude oil. The NATO summit in Turkey added a layer to the uncertainty. U.S. president Donald Trump had called Spain a “terrible partner” and threatened to stop trade with Spain, but later softened his rhetoric. The week's events have shown that geopolitical risk is still a...
Passenger Transportation Services
RPT-Wall St. flat as SK Hynix debut's stellar performance limits losses in chip stock
Wall Street's major indexes traded in choppy trade on?Friday as SK Hynix, a?South Korean semiconductor company made a blockbuster Nasdaq debut. This helped to cap losses in a tumultuous stock market. Artificial intelligence is back in the spotlight following SK Hynix's $170 opening price, which was 14% higher than its initial offering price. This high-profile U.S. IPO brought artificial intelligence to a new level. Memory-chip maker SK Hynix raised $26.5 billion by selling American depositary receipts at $149 per piece on Thursday. The stock isn't soaring because this isn’t an IPO. This is a secondary offer of a publicly traded...
Passenger Transportation Services
Wall St flattens as SK Hynix debut's stellar performance limits losses in chip stock
Wall Street's major indexes fluctuated little in Friday's choppy trade, with the Nasdaq debut by SK Hynix of South Korea. This capped a week that saw chip stocks sway at the end. Artificial intelligence is back in the spotlight following SK Hynix's $170 opening price, which was 14% higher than its initial offering price. This high-profile U.S. listing brought artificial intelligence to the forefront. Memory-chip maker SK Hynix raised $26.5 billion by selling American depositary receipts at $149 per piece on Thursday. The stock is not advancing because this is not an IPO. This is a secondary offer of a...
Ground Transportation
Amtrak, the US passenger rail company, sets a record for ridership and cuts losses
Amtrak, the U.S. passenger rail company, said Tuesday that it had set records for revenue and ridership in a single year. It also cut its losses by 15 percent to $598 millions and is aiming for profitability by 2028. Amtrak is a major effort in rehabilitating the infrastructure of the Northeast corridor between Boston, Massachusetts and Washington. It is expanding service throughout the United States by purchasing new Acela trains with higher speeds and replacing regional trains from next year. Amtrak reported that in the twelve months ending September 30, it had 34,5 million trips made by customers, an increase...
Whaleboat sinks into river in Congo, killing at least 107 people
According to a government internal report viewed by us on Friday, at least 107 people died when a whaleboat caught blaze in the west of Democratic Republic of Congo. In a memo, the Ministry of Social Affairs stated that 146 people were missing after the boat, which was a narrow double-ended open vessel, caught fire near Malange Village in Lukolela Territory on Thursday night. The note stated that rescue teams recovered 209 survivors after the vessel burnt and drifted downriver. The fire destroyed the cargo and 15 riverside houses. The search operations continued Friday, with community volunteers and naval personnel...
As inventories shrink, premiums for copper contracts on the nearby LME soar.
The premiums for copper contracts near London Metal Exchange have increased to their highest level since October 2022 due to low inventories, large cash contracts and warrants held by traders. The title document that confers ownership on metal is a warrant. Tom-next, also known as the premium or backwardation that is charged for purchasing copper tomorrow and then selling it the next day, is currently trading at above The price of a metric tonne is $48. This compares to a $2 discount at the beginning of the week. The premium for the cash Copper Contract over the Three-Month Forward It...