Here are the latest global economic developments on Sunday, as the war in the Middle East enters its second month.
– Two more LPG carriers bound for India cross the Strait of Hormuz (Indian ministry)
Two new Indian-flagged ships carrying liquefied petroleum gas (LPG) crossed the Strait of Hormuz, announced the Indian Ministry of Shipping on Sunday.
Following the American-Israeli military strikes that triggered the conflict on February 28, Iran has nearly halted maritime traffic in the Strait of Hormuz, a vital passage for global crude oil and liquefied petroleum gas.
– Indonesia aims to save up to $2.3 billion by reducing free food distributions
Indonesia seeks to save up to $2.3 billion (2 billion euros) by cutting back on its free meal distribution program, the first austerity measure taken amidst rising prices due to the war in the Middle East, announced an official on Sunday.
Meals, primarily for school children, will now only be distributed five days a week instead of six, starting Tuesday, March 31, explained Sudaryati Deyang of the national nutrition agency.
– Two new arrests in the investigation of the foiled attack against Bank of America in Paris
Two new individuals were arrested overnight from Saturday to Sunday as part of the investigation into the thwarted attack on the Paris headquarters of the Bank of America, which the Interior Minister linked to the Middle East conflict.
The detention of the minor arrested on Saturday was also extended, as confirmed by the national counterterrorism prosecutor to AFP.
– Israeli-American strikes on an Iranian port near the Strait of Hormuz
American and Israeli strikes hit a quay at an Iranian port near the Strait of Hormuz on Sunday, resulting in five deaths, reported the official news agency Irna.
– Significant damage at an Emirates Global Aluminium site
Emirates Global Aluminium announced significant damage at one of its sites in Abu Dhabi on Saturday, following a drone and missile attack that caused multiple injuries.
– Defense agreements between Ukraine and Gulf countries
Ukrainian President Volodymyr Zelensky stated on Saturday that agreements signed with Gulf countries during his regional tour encompassed “ten years of cooperation” in defense, as well as the establishment of joint production chains.
– Foiled attack in Paris in front of Bank of America
For the first time since the start of the Middle East conflict, a bomb attack targeting American interests at the Paris headquarters of Bank of America was foiled on Saturday, a matter taken up by the national counterterrorism prosecutor.
– Production halted at a major Iranian steel plant
Production at a major steel plant in Iran was halted following American-Israeli strikes, Iranian media reported on Saturday.
– Thailand says it has reached an agreement with Iran for the Strait of Hormuz
Thailand announced on Saturday that it had reached an agreement with Iran to allow its oil tankers to transit safely through the strategic Strait of Hormuz, which has been nearly paralyzed since the start of the war in the Middle East.
– Turnaround in the Strait of Hormuz
Iranian Revolutionary Guards announced on Friday that they forced three container ships to turn around in the Strait of Hormuz.
