Countries including the UK, Japan, China and South Korea have said they are still considering their options but without making commitments after the US president, Donald Trump, urged them to send warships to the strait of Hormuz to secure the vital shipping route. In a post on his Truth Social platform, Trump called on the UK, China, France, Japan, South Korea and other countries to send ships to the waterway, the world’s busiest shipping route, which is being violently blockaded by Iran. In his post, Trump alleged that “many countries,…
Tag: Oil and gas companies
China calls for vessels in strait of Hormuz to be protected amid soaring shipping costs
The Chinese government has called for vessels passing through the strait of Hormuz to be protected by all sides in the escalating Iran conflict, as shipping freight rates soared. Maritime traffic through the strait – a narrow channel on Iran’s southern border that connects the Persian Gulf with the Gulf of Oman – has effectively been closed since the US and Israel launched missile attacks on Iran at the weekend, prompting a retaliation from Tehran. Beijing’s foreign ministry on Tuesday urged “all parties to immediately cease military operations, avoid escalating…
Putin says he will never bow to US but concedes sanctions may cause ‘some losses’
Vladimir Putin has said Russia will never bow to US pressure but conceded new sanctions could cause some economic pain, as China and India were reported to be scaling back Russian oil imports after Washington targeted Moscow’s two largest producers. The US on Wednesday imposed sanctions on Rosneft and Lukoil, as well as nearly three dozen of their subsidiaries, as the Trump administration increased pressure on the Kremlin to negotiate an end to its war against Ukraine. The EU separately discussed a loan for Ukraine secured on frozen Russian assets…
Oil prices drop as aid arrives in Gaza; major Apple supplier faces China tax inquiry – business live
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British Gas is ready to bully beyond the grave | Brief letters
“It’s not who we are,” says British Gas in response to criticism of its bullying tactics (‘It’s not who we are,’ wails British Gas. Sorry but when you’re using bailiffs to install meters, that’s exactly who you are, 3 February). Oh, yes it is. This is a company with a “bereavement team” that is, in fact, a debt collection agency. Nothing could surprise me now about British Gas. Edith Nicoll Menstrie, Clackmannanshire In response to Janet Mansfield (Letters, 1 February), as a politics teacher at Loreto sixth-form college in Manchester,…
Oil prices hit lowest level since Ukraine invasion on China growth fears
Global oil prices have dropped amid concerns over weaker growth in the Chinese economy caused by repeated Covid lockdowns and a downturn in the property sector. A barrel of Brent crude fell by about 5% to below $94 (£78) on Monday, hitting the joint lowest levels since the Russian invasion of Ukraine as traders reacted to weaker figures from the world’s second-largest economy. China’s central bank unexpectedly cut interest rates on its key lending facilities for the second time this year after disappointing official growth figures. Factory output in the…