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Suez Canal revenues down 40-50% amid Red Sea tension: Egypt president

Shipping firms Red Sea passage

“The Suez Canal contributes about $10 billion annually to Egypt, but its revenues dropped 40-50%,” Sisi said at the opening of the annual Egypt Energy Show in Cairo.

The canal, considered one of the world’s most important waterways, is the shortest shipping route between Europe and Asia and one of the main sources of foreign currency for Egypt.

Transits through the international waterway, however, were affected by tensions in the Red Sea amid Houthi attacks on Israeli-linked commercial ships and US retaliatory airstrikes.

According to the UN Conference on Trade and Development, weekly transits through the canal dropped an estimated 42% over the last two months.

Sisi stated Egypt faces major challenges resulting from the conflicts in the Gaza Strip, Libya, Sudan, and the Russia-Ukraine crisis.

“All this is going on while the Egyptian government is committed to fulfilling its obligations with petroleum companies, development partners, and financial institutions,” he added.

Tensions have escalated across the Mideast amid a deadly Israeli offensive on the Gaza Strip, which has killed over 29,000 and injured thousands since an Oct. 7 Hamas attack.

The Israeli war on Gaza has pushed 85% of the territory’s population into internal displacement amid acute shortages of food, clean water, and medicine, while 60% of the enclave’s infrastructure has been damaged or destroyed, according to the UN.

EU launches Red Sea naval mission to protect shipping from Houthi strikes

Yemen Houthis

European Commission President Ursula von der Leyen announced the decision to deploy Naval Force Operation Aspides on Monday on X, saying, “Europe will ensure freedom of navigation in the Red Sea, working alongside our international partners.”

“Beyond crisis response, it’s a step towards a stronger European presence at sea to protect our European interests,” she added.

The naval mission will send European warships and airborne early warning systems to the Red Sea, Gulf of Aden and surrounding waters.

Italian Foreign Affairs Minister Antonio Tajani confirmed the launch during a meeting of foreign ministers in Brussels, Belgium, calling it “an important step towards common European defence”.

So far, France, Germany, Italy and Belgium have said they plan to contribute ships.

Aspides vessels, whose operational command centre will be in the Greek city of Larissa, will have orders to fire on the Houthis only if they attack first and will not be authorised to shoot pre-emptively, an EU official told the German Press Agency dpa.

Since November, the Houthis have been attacking commercial and military shipping in the busy Red Sea, across which 12 percent of global trade travels. The group initially announced it was targeting Israel-linked ships in solidarity with Palestinians in the Gaza Strip, which has been under a Israeli assault since October.

The group later said it was expanding its targets to include vessels linked to the United States and the United Kingdom after Washington and London carried out air strikes on Houthi sites in Yemen in response to the attacks on shipping.

On Friday, an EU official stated the country most harmed by the Houthi attacks was not Israel but Egypt, where declining traffic has caused a 40 percent loss of revenue for the Suez Canal Authority.

EU Economy Commissioner Paolo Gentilloni told reporters on Thursday: “As shipping through the Red Sea has been rerouted, delivery times for shipments between Asia and the EU have increased by 10 to 15 days, and the costs of these shipments have gone up by around 400 percent.”

Earlier on Monday, the Houthis claimed an attack on the Rubymar cargo ship, a Belize-flagged, British-registered and Lebanese-operated cargo ship, in the Red Sea and said it was at risk of sinking.

Houthi military spokesperson Yahya Sarea said the crew were safe despite the attack.

“The ship was seriously hit which caused it to stop completely. As a result of the extensive damage the ship suffered, it is now at risk of sinking in the Gulf of Aden,” Sarea stated.

He added the group had also shot down a US drone in the port city of Hodeidah.

Separately on Monday, The British maritime security firm Ambrey announced in a statement that a Greece-flagged, US-owned cargo ship also came under attack twice in two hours off southern Yemen.

Ambrey added the vessel reported a “missile attack” in the Gulf of Aden before another projectile hit the water close to the ship. The ship and its crew, including five Greek members, were safe and proceeding to the next port of call.

Iran’s beach soccer team beat Tahiti at FIFA world cup, move to quarterfinal

Iran beach soccer team

The Iranian side came from behind to give Tahiti a 5-3 drubbing to advance to the quarterfinal.

The game was goalless in the first period. Tahiti took the lead in the second period through Tearil Labaste and Roonui Tinirauarii, but Iran managed to pull one back.

Iran leveled the game in the third period and took over minutes later while Teaonui Tehau’s own goal gave Iran a firm upper hand.

Patrick Tepa’s goal revived Tahiti’s hopes, but it was Iran’s Mokhtari that put the final nail in the coffin of the rivals less than 90 seconds on the clock.

Iran moved on to take on the United Arab Emirates on Thursday in the knockout stage.

In the group stage, the Iranian team beat Spain and Argentina.

Israel’s economy shrinks by a fifth: Report

Israel’s economy

Israel’s GDP slumped by a seasonally adjusted 19.4% in the final three months of 2023, which was the first quarterly drop in Israel’s economy in two years.

The contraction was significantly worse than both the Bloomberg and Reuters consensus forecast of a 10% decline. The hostilities paralyzed businesses, prompted evacuations and a record call-up of reservists, which removed roughly 8% of Israel’s workforce, according to economists.

The war caused a severe disruption to Israel’s $520 billion economy, leading to “restrictions comparable to shutdowns imposed during the Covid-19 pandemic, causing a sudden crash in manufacturing, jolting consumption and briefly emptying schools, offices and construction sites”, Bloomberg wrote.

Investment in Israel took the biggest blow, plunging by 70%, while private consumption, a major driver of economic growth, dropped by 27% in the fourth quarter. Public consumption plummeted by almost 90%, data showed.

Meanwhile, government spending skyrocketed by 88.1%, according to the statistics. Increased military spending played a large role in the surge.

For the full year, Israel’s GDP expanded by 2%, down from 6.5% growth in 2022. The Bank of Israel maintained its growth estimate for 2024 at 2%, while the Finance Ministry sees it at 1.6%.

Earlier this month, the international ratings agency Moody’s lowered Israel’s credit rating, which was Israel’s first-ever sovereign downgrade. Israel’s rating was lowered from A1 to A2 and its outlook kept at ‘negative’ due to what the ratings agency believes are the political and fiscal risks stemming from Israel’s continuing war with Hamas.

Brazil recalls ambassador to Israel in row over president’s Gaza comments

Brazilian President Luiz Inacio Lula da Silva

“What’s happening in the Gaza Strip with the Palestinian people hasn’t happened at any other moment in history. Actually, it has happened: when Hitler decided to kill the Jews,” Lula said on Sunday.

During World War II, the Nazis systematically killed six million Jewish people.

Israeli Prime Minister Benjamin Netanyahu described Lula’s comments as “disgraceful and grave”.

On Monday, Israeli Foreign Minister Israel Katz announced that Lula is not welcome in Tel Aviv until he takes back his comments.

“We will not forget nor forgive. It is a serious anti-Semitic attack. In my name and the name of the citizens of Israel, tell President Lula that he is persona non grata in Israel until he takes it back,” Katz told Brazil’s ambassador, according to a statement from Katz’s office.

In response, Brazil’s Ministry of Foreign Affairs announced it would summon Israel’s ambassador to Brazil, Daniel Zonshine, for a meeting in Rio de Janeiro.

“He [Brazilian Foreign Minister Mauro Vieira] also recalled the Brazilian ambassador in Tel Aviv, Frederico Meyer, for consultations. He will depart for Brazil tomorrow,” the Foreign Ministry added on Monday.

Meanwhile, Lula, 78, also faced backlash at home over his statements on Sunday, which came during a press conference on the sidelines of an African Union summit in Addis Ababa.

The Brazil-Israel Institute called his comments “vulgar” and warned they risk “fuelling anti-Semitism”.

Lula condemned the Hamas-led October 7 attacks on southern Israel as a “terrorist” act the day it happened, and he has since grown vocally critical of Israel’s retaliatory military campaign in Gaza.

26 EU members warn against Israel’s military action in Rafah, Gaza

The European Union

The warning came in a joint statement issued by 26 of the bloc’s foreign ministers at the end of their Monday meeting. Only Hungary did not join in.

The statement asked Israel “not to take military action in Rafah that would worsen an already catastrophic humanitarian situation and prevent the urgently needed provision of basic services and humanitarian assistance”.

Israel has been waging a genocidal war against Gaza since last October following Operation al-Aqsa Storm by the coastal territory’s resistance groups against the occupied territories.

More than 29,000 Palestinians, mostly women and children, have lost their lives in the regime’s brutal military onslaught, which has left over 69,000 others injured.

Last week, Prime Minister Benjamin Netanyahu ordered the Israeli military to evacuate civilians from Rafah ahead of a planned ground operation, despite the fact that the city is now hosting around 1.5 million Palestinian refugees.

The EU statement called for “an immediate humanitarian pause that would lead to a lasting ceasefire, the unconditional release of all hostages, and the provision of humanitarian assistance” to the people in Gaza.

Meanwhile, the bloc’s foreign policy chief Josep Borrell said, “We have to continue putting pressure on Israel to make them understand that there are so many people in the streets of Rafah, [and] it will be impossible to avoid civilian casualties.”

“This, certainly, will be against the respect of humanitarian law,” he added.

EU calls for ‘international investigation’ into Russian opposition activist’s death

Alexei Navalny

“Russia must allow an independent and transparent international investigation into [the] circumstances of his sudden death,” Borrell said in a statement on Monday.

He added that the European bloc “will spare no efforts to hold Russia’s political leadership and authorities to account”, and threatened to impose more sanctions on Moscow.

He reiterated that the EU has been “outraged” by Navalny’s death.

Kremlin officials rejected on Tuesday a call for an independent postmortem examination on the remains of Navalny.

A spokesperson for Russian President Vladimir Putin rejected the body’s request, stressing “Moscow does not accept such demands” from the EU.

According to the Russian authorities, Navalny suddenly “felt ill” and collapsed on Friday. The efforts to resuscitate him had failed and he was pronounced dead the same day. The exact cause of death remains unclear. An investigation has since been launched.

Navalny was sent behind bars in 2021 for violating the terms of his suspended sentence for fraud. Two years later, he was sentenced to 19 years in prison for “extremist activities”.

The activist denied any wrongdoing and insisted that all cases against him were politically motivated. Navalny also alleged that the prison conditions were tantamount to “torture”.

Multiple Western leaders, including US President Joe Biden, have stressed that Russian President Putin the Russian government are ultimately “responsible” for Navalny’s death.

Russian Foreign Ministry spokeswoman Maria Zakharova blasted the West for “cynically” rushing to blame the Russian authorities instead of waiting until forensic reports are made public.

Kremlin spokesman Dmitry Peskov said on Monday that it was “completely unacceptable” for Western politicians to make “outrageous statements” regarding Navalny when the investigation into his death is still ongoing.

US drops opposition on Gaza ceasefire: Report

White House

The draft resolution noted that the planned storming of Rafah would harm civilians and displace more Gaza residents, potentially pushing many into Egypt, Reuters has reported on Monday, citing a copy of the text.

Israel’s Rafah operation – targeting the last Hamas stronghold in the besieged enclave – “would have serious implications for regional peace and security, and therefore underscores that such a major ground offensive should not proceed under current circumstances”, according to the proposed resolution.

Washington’s UN delegation has previously opposed making demands for a ceasefire in the Israel-Hamas war and has twice vetoed UN Security Council resolutions since the conflict began in October. Its new proposal comes in response to a draft resolution from the Algerian delegation, which demanded an immediate humanitarian ceasefire.

US Ambassador to the UN Linda Thomas-Greenfield has stated the Algerian resolution could undermine “sensitive negotiations” to broker a pause in the fighting. She indicated on Saturday that the US would veto the resolution if it came up for a Security Council vote on Tuesday.

About 1.4 million Gazans displaced by Israeli bombardments have been crammed into Rafah, a city on the strip’s southern border that normally has a population of around 280,000, according to the UN.

The UN has warned that Israel’s planned Rafah operation would have “dire humanitarian consequences”. Dozens of European countries issued a similar warning on Monday, following in the footsteps of such nations as Egypt, Saudi Arabia, Australia, Canada, and New Zealand.

Israeli Prime Minister Benjamin Netanyahu has vowed to completely eliminate Hamas in response to the deadly October 7 attacks by Palestinian fighters that triggered the war. He has rejected international calls for a ceasefire and has insisted that only “total victory” will make Israel safe.

“Those who want to prevent us from operating in Rafah are essentially telling us, ‘Lose the war’,” he told reporters on Saturday.

While publicly supporting Israel’s war effort – and providing US weaponry – Biden has reportedly clashed with Netanyahu behind the scenes. During a telephone call with Netanyahu on Thursday, Biden “reiterated his view that a military operation should not proceed without a credible and executable plan for ensuring the safety of, and support for, the civilians in Rafah”, according to a White House statement.

The UN resolution proposed by the Biden administration also would condemn any efforts to reduce Gaza’s territory or move Israeli settlers into the enclave, Reuters reported.

Report: 15,220 qualified to run for Iran’s March elections

Iranian Parliament

Tasnim added that more than half of those who had protested their disqualification from candidacy were approved. According to this report, Iran’s Guardian Council, which is responsible for vetting the candidates for any election, has now completed the list of the hopefuls.

The parliamentary elections are scheduled for March 1, 2024.

Voters will also choose members of the Assembly of Experts during the polls.

The Assembly of Experts is tasked with choosing the leader, supervising his performance and if necessary replacing him.

Alexey Navalny’s wife says Russian authorities hiding the opposition figure’s body

Alexei Navalny

Her remarks, part of an 8-minute address shared on her husband’s social media platforms, referenced “traces of another of (President Vladimir) Putin’s Novichoks’s to disappear”.

The widow of the late Russian opposition leader claimed Putin “killed the father of my children”, and “took away the most precious thing that was my closest and most beloved person”.

Yulia Navalnaya promised that she would find out who was responsible for his death and that “We will name names.”

She also promised to continue her husband’s work.

“Putin killed half of me, half of my heart and half of my soul. But the other half of me remains and it tells me that I don’t have the right to surrender,” she said, adding, “No one except ourselves will protect us.”

Novichok, which means “newcomer” in Russian, was first developed in secret by the Soviet Union during the Cold War in the 1980s, as a means of countering US chemical weapons defenses. Navalny returned to Russia in 2021 from Germany, where he had been treated after being poisoned with Novichok. On arrival, Navalnvy was swiftly arrested on charges he dismissed as politically motivated.

Its existence remained secret until the mid-nineties when information regarding its production was revealed as part of a deliberate leak by disgruntled Soviet scientist and whistle-blower Vil Mirzayanov. Even today, no country outside of Russia is known to have developed the substance.

The Russian prison service announced Navalny died on Friday. The cause of his reported death remained unclear. Within hours, multiple Western public figures, including national leaders, blamed the Russian government for it. Some called out Putin personally in their statements. No autopsy results have been released so far.

Kremlin spokesman Dmitry Peskov told journalists on Monday the death of Navalny in the Arctic prison where he was held is being investigated as required by law, regardless of Western reactions to the event.

In the absence of factual information “we believe such uncouth remarks absolutely unacceptable”, Peskov stated.

”They can hardly harm our head of state, but they definitely give no credit to those who deliver such statements,” he added.