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BBCNEWS BBC News at Ten June 4, 2024 22:01:00

The strikes by houthi fighters have forced major Shipping Companies to stop using the red sea, through which almost 15 of global seaborne trade passes. Theyre using a much longer route around Southern Africa instead, raising fears that this will drive up prices. Lets go live now to davos and to our Economics Editor faisal islam. Iv e ive heard from some of the worlds biggest Business Leaders here at the world economic forum, and im surprised byjust how concerned they are about these tensions and the immediate impact. The immediate impact as causing dislocation, delay, pushing up costs, Tech Bosses having to fly in their products from the far east, rather than using shipping routes. If
Shipping Companies , Red Sea , Trade Passes , Southern Africa , Faisal Islam , Let S Go , Business Leaders , World Economic Forum , I V E , Tech Bosses , Shipping Routes , Far East , It Wasjust , Economics Editor , Iv E ,

CNN CNN NewsNight With Abby Phillip June 4, 2024 03:05:00

National security correspondent alex marquardt. he is joining me now for more on what the defense department is saying on all of this. alex, tell us about this region. these strikes are taking place in a critical place where so many ships, thousands of them go through on a regular basis. how significant is that? extremely, abby, and that s why the u.s. has held off until now, because this is such a sensitive region. it s why the u.s. wanted to be sure that what they did tonight was with an international coalition. so you have about 15% of the world s seaborne commercial shipping passing into the red sea. and that has come under attack some 27 different attacks by the houthis since late november. and so just a few days ago, last week in fact, the u.s. warned with others that there would be consequences if the houthis kept this up. tonight, abby, we saw these consequences. more than a dozen strikes all ....

Defense Department , Alex Marquardt , Abby Phillip In Washington , Red Sea ,

BBCNEWS BBC News June 4, 2024 04:10:00

Conflict and flagging that they must taken seriously. with the impeding shipping, 15% of seaborne trade goes through this seaway, 8% of global grain and 12% of oil and liquid natural gas, so this is something that has an impact on the entire international community. the united states is not alone in trying to bring this to closure and the yemenis must make a decision if they want to get back to the table to bring peace and stability to their own country or to continue to engage in perhaps in support of israel, but they really need to find a different way of doing that, not to keep their own country in desperate circumstances. a difficult feat at the moment. there are warring factions in yemen but i want to ask you about the secretary of state antony blinken who wrapped up a weeklong visit in the region to try and prevent an escalation. with these strikes, where do you think ....

U S , Natural Gas , Southern Israel , Secretary Of State , Antony Blinken ,

BBCNEWS BBC News June 4, 2024 03:09:00

Are seeing frustrations that they have been dealing with at this dealing within this conflict and flagging that they must taken seriously. impeding shipping, 15% of seaborne trade goes through this seaway, a percent of global grain and 12% of oil so this is something that has an impact on the entire international community. the united states is not alone in trying to bring this to closure and the yemenis must make a decision if they want to get back to the table to bring peace and stability to their own country or to continue to engage in perhaps in support of israel but they really need to find a different way of doing that, not to keep their own country in desperate circumstances. a; country in desperate circumstances. a difficult attempt circumstances. a difficult attempt at circumstances. a difficult attempt at the circumstances. a difficult attempt at the moment. | circumstances. a difficult - attempt at the moment. warring factions in yemen that i want ....

Difficult Attempt ,

BBCNEWS Newsnight June 4, 2024 22:38:00

Makes it hard for president biden simply to do nothing, especially in an election year. so, a military strike designed explicitly to protect shipping lanes and economics but could it create greater risk of another energy shock, just at the moment when the previous ukraine war shock was fading. the treasury has looked at scenarios of a 10% rise in the oil price, and a 25% rise in natural gas prices, because this region is now vitalfor supply of gas shipped in liquid form too, gas that used to come from russia. ben s here. let talks about the market reaction in the wake of air strikes, up the global oil price up 3.5% above $80 a barrel. not surprising given that round 12% of seaborne oil passes through the red sea of course, however it is worth noting that most economists don t expect the disruption to the goods trade in area to result in a big knock on to western consumer price inflation, ....

Energy Shock , Military Strike , Shipping Lanes , Oil Price , Natural Gas Prices , Ukraine War Shock , Air Strikes , 3 5 , Red Sea , Consumer Price Inflation ,