Reports that two tanker ships have been attacked in the Gulf of Oman, near the strategic Strait of Hormuz, have focused new attention on the region as tensions have risen. Here's a look at the key waterway and its importance for the global economy. ___ WHERE IS THE STRAIT OF HORMUZ? The Strait of Hormuz is the narrow mouth of the Persian Gulf. It is in the territorial waters of Iran and Oman, which at its narrowest point is just 33 kilometers (21 miles) wide. The width of the shipping lane in either direction is only 3 kilometers (2 miles). It flows into the Gulf of Oman, where ships can then travel to the rest of the world. The strait is viewed as an international transit route. ___ WHY IS IT IN THE NEWS? Two oil tankers near the Strait of Hormuz were reportedly attacked on Thursday. In all, 44 sailors were evacuated from the vessels and the U.S. Navy has assisted amid heightened tensions between the United States and Iran. The incident comes after the U.S. alleged that Iran used … [Read more...] about AP Explains: Mideast tensions rattle a key global oil route
Why crude oil prices are rising in india
Energy costs the latest headwind for slowing global growth Enda Curran and Michelle Jamrisko, Bloomberg Published 9:48 pm CDT, Sunday, April 28, 2019 Photo: Bloomberg Photo By Ty Wright. A customer prepares to pump fuel at a Go Mart Inc. gas station in Rockbridge, Ohio, on Feb. 6, 2016. A customer prepares to pump fuel at a Go Mart Inc. gas station in... Surging crude prices are posing another headwind for the world economy after President Donald Trump’s “zero” pledge on Iran oil sales. Brent crude has risen about 33 percent this year and is close to the highest in six months. While higher prices due to strong demand typically reflects a robust world economy, a shock from constrained supply is a negative. Much will depend on how sustained the spike proves to be. Exporting nations will enjoy a boost to corporate and government revenues, while consuming nations will bear the cost at the … [Read more...] about What oil at $100 a barrel would mean for the world economy
Heesu Lee and Grant Smith, Bloomberg 7:15 am CDT, Tuesday, April 9, 2019 (FILES) This file photo taken on January 11, 2017 shows a general view shows an oil refinery in Libya's northern town of Ras Lanuf on January 11, 2017. (FILES) This file photo taken on January 11, 2017 shows a general view shows an oil refinery in Libya's northern town of Ras Lanuf on January 11, 2017. Photo: ABDULLAH DOMA, AFP/Getty Images Photo: ABDULLAH DOMA, AFP/Getty Images Image 1 of / 1 Caption Close Image 1 of 1 (FILES) This file photo taken on January 11, 2017 shows a general view shows an oil refinery in Libya's northern town of Ras Lanuf on January 11, 2017. (FILES) This file photo taken on January 11, 2017 shows a general view shows an oil refinery in Libya's northern town of … [Read more...] about Oil holds near five-month high amid Libya, Iran political risks
Vietnam, DPRK advised to foster economic cooperation A confectionery production line Vietnam and the Democratic People’s Republic of Korea (DPRK) should maintain exchanges through political and diplomatic channels and step up the sharing of information on policies and regulations related to import-export and investment so as to boost bilateral economic and trade ties, according to an official from the Ministry of Industry and Trade. Do Quoc Hung, Deputy Head of the ministry’s Asia-Africa Market Department, further suggested the two countries’ enterprises actively participate in trade promotion activities and fairs in each country to foster their imports and exports that are not banned following the United Nations Security Council’s resolutions. According to the ministry, before 2010, Vietnam mainly bartered with the DPRK. Since 2011, the country has not imported goods from the DPRK, but mainly exported pharmaceutical products, plant oil, consumer … [Read more...] about BUSINESS NEWS IN BRIEF 1/3
By Bloomberg Tues., Jan. 15, 2019 Central banks enter the new year under pressure from investors to rethink just how aggressive they can be hiking interest rates. A slowdown in the world economy, the trade war and skittish financial markets are forcing policy-makers including Federal Reserve Chairman Jerome Powell to express fresh caution about their scope for tightening monetary policy. The People’s Bank of China is also pledging support for its economy. That outlook marks a change from last year where a majority of central banks raised rates and the European Central Bank ceased buying assets. Of course, if economies weather the latest challenges, policy-makers may need to rethink anew. What Our Economists Say: “Heightened uncertainty about the trajectory for policy normalization and reduced divergence between the Fed and the rest are set to characterize the 2019 central bank outlook.” — Tom Orlik Here is Bloomberg Economics’ quarterly … [Read more...] about When it comes to rates, what are central banks going to do next?