Stay updated with breaking news from Corby ward. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
countries will include the united kingdom, bahrain, canada, france, italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond to address this threat. for exactly what this shipping disruption might mean for the global economy, i spoke to hung tran, who s a seniorfellow at the atlantic council and also former deputy director at the international monetary fund. this area of the red sea leading to the suez canal is quite important in terms of the volume of trade passing through it. about 12% of global trade passes through the red sea, including 30% of the container shipping. all together, it accounts for about us$1 trillion per year of world trade, so it is quite significant, and a disruption there would cause damage to world trade. aside from avoiding this area, what can companie ....
israel hamas wore widespread the region. here s our business reporter david waddell. the situation has come to a head because two big shipping companies, maersk, the container company and hapag lloyd another big shipping container company have both announced that they would stop sending shipping through the babar el mandeh strip. i lljust show you where that is. it is at the south side of the red sea. and at the north side of the red sea, we have the suez canal. these are two of the world s biggest choke points. if anything halts shipping through these points then it has a major effect on other shipping. any ships making their way from india or the philippines to europe or the united states, further west has to come through here and here then eventually through the straits of gibraltar before going further west or north from there. the alternative is to go south around the cape of good hope, suez canal and that adds 14 days possibly on to the journey time. now the sue ....
italy and spain, among others. this is notjust a us issue, this is an international problem and it deserves an international response. and that s why i m convening a meeting tomorrow, a ministerial meeting, with fellow ministers in the region and beyond, to address this threat. for more on what the shipping disruption might mean for the global economy, i m joined from washington by hung tran, a senior fellow at the atlantic council and former deputy director at the international monetary fund or imf. thank you so much forjoining us on the programme. firstly, if you can explain how important this area is to global trade? important this area is to global trade ? important this area is to global trade? important this area is to ulobaltrade? , ., ., ., global trade? this area of the red sea leading global trade? this area of the red sea leading to global trade? this area of the red sea leading to the - global trade? this area of the red sea leading to the suez l red ....
debt and getting financial regulations and co ordinate in the event of an economic shock. slowly emerging as a key player in the biden administration handling of this challenging relationship to the two superpowers. planning to visit china again next year, second visit sincejuly. a major faultline between washington and beijing is the race to develop advanced semiconductors. chips power everything from smartphones to high end military equipment and are increasingly seen as crucial to the global economy. some countries, led by the us, have been trying to stem china s progress in the sector. this week, south korea and the netherlands, two key nodes in the global chip supply chain said they are partnering up. the announcement came during a state visit by the south korean president to netherlands. our two countries have decided to establish semiconductor alliance encompassing governments, businesses, and universities. the netherlands, the world s largest producer of semicon ....
of solidarity for hamas. as a result, some of the world s biggest shipping firms have suspended services through the world s most important route for oil and fuel shipments. with more context, here s our business reporter david waddell. let s have a look at the geography of the situation. right here is the bab al mandab strait. it s right next to yemen, from where those houthi attacks originated. it s at the southern end of the red sea. at the northern end is the suez canal. now, ships cannot pass through the suez canal from the south without first passing through this choke point. a couple of days ago, the maersk shipping container company and hapag lloyd both announced they wouldn t be making that transit. they ve since been joined by other shipping companies. now, if you re a ship master trying to get your vessel from the indian ocean to the atlantic ocean and you cannot or will not traverse through suez, you need to pass by the cape of good hope. that adds an extra ....