November 28, 2023
United States:
US Warns of Evolving Threats to Ships Sailing in Red Sea
A spate of attacks on merchant shipping near Yemen and Somalia, likely triggered by the war in Gaza, have prompted the US to warn vessel operators to be extra careful when navigating the region.
On Nov. 19, Houthis seized of the Galaxy Leader car carrier while a Liberia-flagged chemicals tanker was targeted over the weekend. Both have an Israeli connection. At the same time, there have also been at least four other suspicious approaches to ships in the Indian Ocean in the past few weeks — many of them taking place in the Red Sea or the Gulf of Aden — according to the UK navy.
Europe:
ECB’s Nagel Says Premature to Even Talk About Rate Cuts
The European Central Bank isn’t yet at a point where it should consider reducing borrowing costs, according to Bundesbank President Joachim Nagel.
“It would be premature to lower interest rates soon or to speculate about such steps,” the German central banker said Tuesday in Nicosia. “It is not just the level of interest rates that matters for the stance, but also expectations about the future path of interest rates. The main effect of the policy tightening on inflation is yet to unfold.”
Asia:
China’s Property Lifeline Exposes Banks to Big Losses, Job Cuts
China’s escalating push to have its banking behemoths backstop struggling property firms is adding to a maelstrom of woes for the $57 trillion sector.
Already stung by soaring bad loans and record low net interest margins, lenders such as Industrial and Commercial Bank of China Ltd. may soon be asked for the first time to provide unsecured loans to developers, many of whom are in default or teetering on the brink of collapsing.
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