Page 40 - Suez News Today

While a prolonged blockage of this vital trade route could impact company earnings, analysts said that it’s too early to gauge the full extent of the potential repercussions.

Shipping rates from China to Europe are soaring as a growing number of companies suspend and restrict transit through the Red Sea.

In the face of Houthi attacks, rerouting, and calls for a 40-nation military alliance, the Suez Canal is a focal point of global tension.

A second Suez Crisis is upon us. In the first, Gamal Abdel Nasser, the powerful nationalist president of Egypt, seized the canal from the British, triggering an ill-fated intervention.

Yemen’s Houthi rebels have closed off one of the global economy’s most vital checkpoints by targeting commercial cargo ships in the Red Sea amid the Israel-Hamas war.

Swedish discount-furniture giant Ikea warned that many of its beloved build-it-yourself products are experiencing shipping delays because of the mass diversion of shipping containers from the Red Sea.

Nearly 20,000 Gaza civilians, mostly children and women, have died from bombs and gunfire in Israel’s war so far. Many more will be dying soon from lack of medical care, food, water, and the spread of infectious diseases.

Plus: Quartz’s 2023 Innovators.

Plus: Quartz’s 2023 Innovators.

If all traffic in the Suez Canal stopped, Egypt would lose about $13 million daily, disrupting its main foreign currency income.