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Maersk CEO sees Red Sea shipping disruption lasting 'at least a few months'.
CEO Vincent Clerc said on Wednesday the disruption to global shipping caused by the attacks on vessels in the Red Sea will probably last at least a few months.
Maersk and other large shipping lines have instructed hundreds of commercial vessels to stay clear of the Red Sea, sending vessels on the longer route around Africa in response to attacks on shipping by Iranian-backed Houthi militants.
"So for us this will mean longer transit times and probably disruptions of the supply chain for a few months at least, hopefully shorter, but it could also be longer because it's so unpredictable how this situation is actually developing," said Clerc, speaking to the Reuters Global Markets Forum in Davos.
Freight rates have more than doubled since early December, according to maritime consultancy Drewry's world container index, while insurance sources say war risk insurance premiums for shipments through the Red Sea are also rising.
Banking executives have said they were worried the crisis might create inflationary pressures that could ultimately delay or reverse interest rate cuts.
"This is extremely disruptive because you have close to 20% of global trade that transits through the Bab al-Mandab Strait. It's one of the most important arteries of global trade and global supply chains and it's clogged up right now," said Clerc.
read more.
https://www.reuters.com/business/maersk-ceo-sees-red-sea-shipping-disruption-lasting-at-least-few-months-2024-01-17/?taid=65a7b45ecc8ea90001fdf049&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
DYOR
Btw Joe ,just for the record, you have never been the UK PM...
DYOR
""President Joe Biden.
Did not know he was UK PM
I must of been a sleep""
Hi Joe...
DYOR
Unveils proposed changes to big banks’ overdraft fees.
The Consumer Financial Protection Bureau unveiled a highly anticipated rule proposal targeting big banks’ overdraft fee practices.
Since 2000, American consumers have paid an estimated $280 billion in bank overdraft fees, according to CFPB data.
“Banks call it a service—I call it exploitation,” said President Joe Biden.
https://www.cnbc.com/2024/01/17/biden-administration-unveils-proposed-changes-to-big-banks-overdraft-fees.html?taid=65a7a5cdcc8ea90001fdecef&utm_campaign=trueanthem&utm_medium=social&utm_source=twitter%7Cmain
DYOR
FTSE 100 definitely has the January blues after that CPI reading this morning. Back below trendline resistance, below 200-day MA, just gets gloomier and gloomier:
https://twitter.com/ChrisB_IG/status/1747558019435483300
DYOR
All is not well...
https://www.bbc.co.uk/news/live/business-67998084
DYOR
Capt'n Hollybean, this is going to Davey Jones Locker...
DYOR
As inflation climbs, China data weighs.
https://www.reuters.com/world/uk/ftse-100-extends-slide-inflation-climbs-china-data-weighs-2024-01-17/?taid=65a7a19f30e2620001dc53df&utm_campaign=trueAnthem:+Trending+Content&utm_medium=trueAnthem&utm_source=twitter
DYOR
Hardluck....oh dear she's out of bed again!.
Chancellor's tax rise fuels price growth
It was tobacco, rather than alcohol, that was the biggest driver of inflation in December, according to the Office for National Statistics (ONS). This is because the Chancellor raised duty on tobacco products in the Autumn Statement last November.
In total - the ONS groups alcohol and tobacco together - prices rose by 12.8%.
But tobacco was the fuel behind that increase after prices grew by 16% in the year to December.
Looking at prices on a monthly basis, tobacco increased by 1.2% between November and December, but alcohol dropped by 1.6%.
That's probably helped by the fact that in the same Autumn Statement, Jeremy Hunt froze duty on beer, wine, cider and spirits until this coming August.
DYOR
Shal, tobacco and alcohol price rises have largely driven an unexpected increase ..
DYOR
UK inflation unexpectedly increased to 4% in December.
DYOR
Hardluck, like i say Lewis on TV tonight repeating what he had stated days ago.... You seem to have bb tourettes compounded with a case of Stockhold Syndrome...
DYOR
Hardluck, like it or not Lewis has and will continue to have more air time than some bb cartoon guard dog...
DYOR
Hardy, it becomes old news when it's not relevant...and right now it is relevant.
DYOR
Claims to be investigated – what it means for your complaint.
""I’ve done back of the envelope numbers and at the top end this could be PPI-type scale (that was £40 billion), big enough to be a form of quantitative easing (so real consequences for the next Government as it’ll likely take a year).
"It is to look at the handling of complaints about commissions when people got motor finance (pre-2021). Two big Ombudsman cases revealed today indicate that firms are falsely rejecting complaints and the Financial Conduct Authority (FCA) is now to do a full review of complaint handling.
"The FCA wouldn’t do this unless it was likely to find they were doing it wrong. So my suspicion is when it finishes its investigation it will (in order of likelihood) set up either"
https://www.moneysavingexpert.com/news/2024/01/car-finance-misselling-claims-complaints-paused-regulator-concer/!~OMSelectionMarkerStart~!!~OMSelectionMarkerEnd~!
DYOR
Fleccy "This is not PPI, the general consensus seems to suggest Lloyds is on the hook for no more than £1 Billion, the Telegraph payout covers it."
initial provisions set aside by lloy for PPI was 4bln...we all know how that ended...
DYOR
Brix, just a bit yeah... 🤣
D...
Brix, bit like the Mersey Ferries, they keep bringing them over from Birkenhead... 😂
D....
LTI ""must learn to accept a majority vote.""
I wonder if you will be stating this if Labour win by a landslide...for the record I'm not stating they will as one never knows but.....
just saying....
DYOR