Photo: AFP/Anadolu Agency/Fareed Kotb
Eurasia
09/03/2024 11:21
Since Nov. 19, the Iran-backed Houthis have been carrying out attacks on commercial ships in the Red Sea they suspect are linked to Israel or heading to its ports, which they say are in support of the Gaza Strip, which has been at war since Oct. 7, 2023, Asharq Al-Awsat reported.
According to the International Monetary Fund, shipping of containers across the Red Sea has fallen by almost 30 percent in one year. Before the conflict, 12 to 15 percent of global trade passed through the region, according to EU figures.
Merchant ships should have 3 types of insurance: hull insurance, cargo insurance, and finally "protection and compensation" insurance, which includes unlimited coverage for damage to third parties.
However, the cost of insuring ships and cargo against conflict-related risks has "risen a lot" under the conditions in the Red Sea region, according to Frédéric Donneville, managing director of Garex Group, which specializes in insuring conflict-related risks, who confirmed that this was done in a manner "proportionate to the threats", according to AFP.
Claire Ammonik, general manager of Ascoma International Insurance, noted that insurance rates "have risen 5-10-fold, whether to guarantee ships or goods crossing the Red Sea."
In the shadow of Burj Khalifa, a Bentley parks with a 2-digit license plate. Its driver sips into a gold-dusted cappuccino while staying in 7-star hotels, dining at Michelin star restaurants and shops at the most iconic designer brands’ stores. This isn’t an unusual overlook of Dubai. But while this obsession with luxury may seem like extravagance for its own sake, is there something deeper at play?
China's Ministry of Commerce said Friday that dialogue and cooperation are the right path forward, in response to the U.S. lifting of a series of economic and trade restrictions on China, according to Xinhua.
Mongolia has reached a critical juncture and is undergoing a process of foreign policy modernization. The burgeoning relations between Ulaanbaatar and Central Asian states signifies a strategic initiative aimed at balancing its partnerships with Russia and China. Since 2020, Mongolia has augmented its diplomatic activities with Central Asian countries, as evidenced by the Mongolian President's visit to Uzbekistan and Kazakhstan in 2024. Notwithstanding the prevailing positive development dynamics, economic relations between Mongolia and Central Asia remain modest but growing, particularly in trade with Kazakhstan, Kyrgyzstan, and Uzbekistan, where exports have increased significantly.