Washington, July 20 (IANS) The Trump administration said that oil traffic through the Strait of Hormuz had recovered to about two-thirds of its pre-war level, even as a former NATO commander warned that Iran could widen the conflict by threatening the Suez Canal.US Energy Secretary Chris Wright rejected suggestions that traffic through the Strait of Hormuz had effectively stopped amid renewed US strikes and Iranian attacks.“The seven-day trailing average right now is just under seven million b…
Latest Suez Canal News & Updates
Rome, July 14 (IANS) Italy’s government opposes any charges on shipping in straits where there are no man-made structures, Italian Foreign Minister Antonio Tajani said on Tuesday after US President Donald Trump announced a 20 per cent levy on all cargo vessels to ensure their safe passage through the Strait of Hormuz.”We are in favour of freedom of navigation; we oppose any kind of toll in straits where there are no man-made structures,” Tajani told reporters at the foreign ministry.Tajani’s com…
New Delhi, June 23 (IANS) With the West Asia conflict leading to energy shocks and disruption in supply chains due to the choking of Strait of Hormuz, the importance of alternative trade routes for countries like India has come to the fore, according to a new report.In this context, the Eastern Maritime Corridor (EMC), an Indo-Pacific seaborne trade route between southern India and Russia’s Far East connecting Chennai port with Russia’s Vladivostok port, features both as an economic and stra…
New Delhi, June 4 (IANS) The India-Middle East-Europe Economic Corridor (IMEC), a proposed multinational infrastructure initiative aimed at upgrading connectivity between the three regions through integrated trade, energy, and digital networks, is envisioned partially as a counterweight to China’s international infrastructure project, the Belt and Road Initiative (BRI), according to an article.Announced at the Group of 20 (G20) Summit in New Delhi in September 2023, IMEC is designed to create …
Coimbatore, April 27 (IANS) Tender coconut exports from Pollachi in Tamil Nadu’s Coimbatore district have been severely disrupted over the past two months, with shipments to key international markets coming to a halt due to escalating freight charges and prolonged transit delays linked to the Iran–Israel conflict. The sharp increase in shipping costs, coupled with uncertainty over delivery timelines, has rendered exports commercially unviable for traders.As a result, several consignments have …
New Delhi, March 13 (IANS) As global supply chains face recurring disruptions from geopolitical tensions and shifting trade routes, resilient infrastructure and logistics networks will be critical to sustaining economic growth, said Karan Adani, Managing Director (MD), Adani Ports and Special Economic Zone (APSEZ), and Director, Adani Cement, at the annual leadership summit of a media group here on Friday.He noted that the ongoing crisis in West Asia has highlighted the vulnerability of global t…
New Delhi, March 1 (IANS) The US‑Iran war is likely to disrupt transportation of Bangladesh’s exports to Europe and the US and affect the country’s overall macroeconomic stability, a report has said.The report from The Daily Star said rising prices of imported petroleum products and liquefied natural gas (LNG) and disruptions to industrial raw material supply chains are likely if the conflict continues. “Bangladesh is always a victim of geo‑political tension as the country is an import…
New Delhi, Feb 12 (IANS) Amid ongoing discussions over a potential India–US trade agreement, Priyam Gandhi Modi, Executive Director of the Future Economic Cooperation Council (FECC), on Thursday highlighted India’s growing global stature and underlined that the interests of farmers and the dairy sector would remain fully protected in any trade deal.Speaking to IANS, she said India has made significant progress in strengthening its artificial intelligence (AI) ecosystem over the past few year…
New Delhi, Jan 25 (IANS) Egypt has set a strong goal to nearly double its trade with India, aiming to reach $12 billion in the coming years. Currently, trade between the two countries stands at around $5 billion, which Egypt believes is far below the real potential of the partnership.Speaking at the Foreign Correspondents’ Club of South Asia here, Egypt’s Ambassador to India, Kamel Zayed Galal, said both nations have many opportunities to grow together, especially in sectors like energy, man…
Cairo, Jan 15 (IANS) Minister of State (MoS) for External Affairs Kirti Vardhan Singh held a meeting with Arab League Secretary General Ahmed Aboul Gheit on Thursday, discussing wide-ranging political, economic and cultural engagement between two sides. Singh and Gheit also welcomed the upcoming 2nd India-Arab Foreign Ministerial Meet scheduled to take place in New Delhi later this month.”Pleased to meet H.E. Ahmed Aboul Gheit, the Secretary General of Arab League. Held productive discussions on…