FREIGHT: Houthis to Allow Red Sea Passage For Chinese, Russian Vessels
The Yemen-based Houthi rebels have assured China and Russia their ships can sail through the Red Sea and Gulf of Aden without being attacked, sources told Bloomberg.
- China and Russia reached an understanding following talks between their diplomats in Oman and Mohammed Abdel Salam, one of the Houthis’ top political figures, the sources said.
- In exchange, Russia and China may provide political support to the Houthis in bodies such as the UN Security Council, the people said. However, this has not been officially verified yet.
- This could mean that Russia will resume to ship LNG via the Suez Canal instead of diverting cargoes to Asia via the Cape of Good Hope. No Russian LNG tankers have sailed via the Suez Canal since mid-January, ship tracking data showed.
- The group’s goal is to “sinking America, Britain and the West in the swamp of the Red Sea,” Ali Alqhoom, a senior Houthi political leader, said on X previously.
- Last week, Abdul Malik Al-Houthi, vowed to expand the campaign to the Indian Ocean and hit vessels traveling around South Africa.
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
CANADA: Politics Week: Clock Ticks On NDP's March 1 Healthcare Cash Deadline
- Federal auditor says civil servants broke basic contracting controls for a Covid travel app, with costs ballooning by multiples to over CAD50m. Opposition blast it as government waste.
- PM Justin Trudeau shifts to more actively calling for Israel to show restraint in Gaza.
- Trudeau says of Trump’s comment that he may not back NATO members attacked by Russia who don’t meet defense spending target of 2% of GDP: Americans have a big choice in the election, and Canada and the US have vital defense ties in and outside NATO.
- Little sign yet that Liberals will meet NDP's March 1 deadline for new public health spending and avoid collapse of a "supply and confidence" agreement ahead of spring budget.
- Polling aggregator 338Canada shows Conservatives led by Pierre Poilievre are likely to win a majority government if an election were held now. Election is due in 2025 under a traditional four-year mandate.
- Home builder lobby group says govt has started a good plan to boost housing supply but more needs to be done; affordability is a top voter complaint.
- Sample headlines: Liberals face political oblivion with Trudeau at the helm (Globe and Mail); Is it time for the Liberals and NDP to break up? (Toronto Star); It's hard not to think that the Liberals have given up (Toronto Star).
UK: Another By-Election Could Put More Pressure On PM Within Conservative Party
Another parliamentary by-election is in the offing after MP for Blackpool South Scott Benton lost his appeal against a 35-day suspension from parliament for his part in a lobbying scandal. The duration of his suspension means that a recall petition can be launched against Benton, with a by-election triggered if more than 10% of eligible voters in the constituency sign the petition. Benton has sat as an independent since the he was caught in a newspaper sting in April 2023 but was first elected as a Conservative in 2019, winning his seat from Labour with a majority of 3,960.
- The likelihood of a by-election being called is high, and from then the prospect of PM Rishi Sunak's Conservatives retaining the seat is slim.
- While a loss would not do any notable damage to gov'ts majority in parliament, it could further erode Sunak's standing within the Conservative party as a general election approaches, likely in Q424.
- Since this point in 2023, seven parliamentary by-elections have taken place in Conservative seats. Of these, the party has gone on to lose six. Incumbent gov'ts losing by-elections is not out of the ordinary. However, some of the losses have seen historically large majorities overturned/electoral swings agains the Conservatives.
- With a number of notable political events approaching, including the budget statement on 6 March and local elections on 2 May, the addition of another by-election loss to the tally could put more pressure on Sunak's leadership as he looks to overhaul a major polling deficit.
MNI EXCLUSIVE: INTERVIEW: Investors Jump Gun On BOC Cuts - Ex Deputy Lane
MNI spoke with former Bank of Canada Deputy Governor Timothy Lane about inflation and the interest-rate outlook -- on MNI Main Policy Wire now, see sales@marketnews.com for details.
