REUTERS
"Yellen to warn China on clean energy subsidies, excess production capacity"
By David Lawder
March 27, 2024
WASHINGTON, March 27 (Reuters) - U.S. Treasury Secretary Janet Yellen said on Wednesday she intends to warn China about the negative effects of Beijing's subsidies for its clean energy industries, including solar panels and electric vehicles (EVs), during a visit to the country.
"I intend to talk to the Chinese when I visit about overcapacity in some of these industries, and make sure that they understand the undesirable impact that this is having - flooding the market with cheap goods - on the United States but also in many of our closest allies," Yellen told MSNBC in a live interview.
Yellen is in the state of Georgia to visit a Suniva solar cell manufacturing plant that closed in 2017 due to competition from cheaper, subsidized solar panels from China, but which is now reopening because of anticipated demand fueled by tax credits for U.S.-made clean energy technology in the 2022 Inflation Reduction Act.
In excerpts of remarks to be delivered at the factory, Yellen said she planned to raise concerns that China is now overproducing EVs and lithium-ion batteries in the same way that it built too much capacity to make steel and aluminum, distorting global markets and hurting jobs in other industrial and developing economies.
Politico has reported that Yellen will travel to China in April.
The Treasury has declined to confirm her travel plans.
"I will convey my belief that excess capacity poses risks not only to American workers and firms and to the global economy, but also productivity and growth in the Chinese economy, as China itself acknowledged in its National People's Congress this month," Yellen said.
"And I will press my Chinese counterparts to take necessary steps to address this issue."
Reporting by David Lawder; Editing by Franklin Paul and Paul Simao
https://www.reuters.com/business/energy ... 024-03-27/
THE DAILY NEWS
Re: THE DAILY NEWS
REUTERS
"US banks face loss risk from multi-family property loan exposure, says Fitch"
By Matt Tracy
March 27, 2024
WASHINGTON, March 27 (Reuters) - U.S. banks with significant lending exposure to some multi-family properties and particularly rent-controlled housing are vulnerable to posting losses this year on rising costs facing landlords, according to Fitch Ratings analysts.
On a Wednesday call, Fitch Ratings analysts highlighted the risks facing banks which have underwritten loans behind apartment complexes and other multifamily properties.
Lending by banks to multifamily borrowers grew 32% since 2020 to $613 billion at the end of 2023, according to a March 19 report by Fitch.
But supply has begun to outstrip demand, creating downward pressure on the rents landlords can charge, Fitch noted during Wednesday's call.
These landlords also face rising interest rates and insurance premiums, coupled with decreasing apartment values.
These factors have weighed on several regional banks with high exposure to the asset class, and in particular those most exposed to rent-controlled multifamily loans, where landlords face a ceiling on rent increases to offset rising costs.
"Especially in the more stringent rent-controlled areas, there is a limited ability to make up that difference," said Brian Thies, senior director at Fitch, on Wednesday's call.
"So I would say it can be a concern for loan performance at this point."
This was seen in late February, when regional bank New York Community Bancorp posted $2.7 billion in losses and a $552 million provision for credit losses in its fourth quarter, including on a New York-based rent-controlled multifamily loan.
Fitch highlighted 10 banks with the greatest multifamily loan exposure as of year-end 2023.
Flagstar Bank, which merged with New York Community Bancorp in 2022, topped the list with 43.6% of its loan portfolio in multifamily.
Other banks with a high proportion of multifamily loans include First Foundation Bank, Dime Community Bank, Pacific Premier Bank and Apple Bank for Savings, according to Fitch.
These and other banks are exposed to rent-controlled multifamily loan markets in states with stringent rent-control laws including California, New York, New Jersey and Oregon.
There were 49 banks at the end of 2023 with at least 5% of multifamily loans past due on their payments, the ratings agency noted.
Most of these consisted of regional and community banks.
The most capital-constrained banks will likely look to sell more of these loans - and at a loss, the Fitch analysts noted.
"We would consider most U.S. banks as well-reserved currently for multifamily lending," Thies said.
"But it's generally going to come down to the value of the collateral and how readily the bank can dispose of that."
Reporting by Matt Tracy; editing by Costas Pitas
https://www.reuters.com/business/financ ... 024-03-27/
"US banks face loss risk from multi-family property loan exposure, says Fitch"
By Matt Tracy
March 27, 2024
WASHINGTON, March 27 (Reuters) - U.S. banks with significant lending exposure to some multi-family properties and particularly rent-controlled housing are vulnerable to posting losses this year on rising costs facing landlords, according to Fitch Ratings analysts.
On a Wednesday call, Fitch Ratings analysts highlighted the risks facing banks which have underwritten loans behind apartment complexes and other multifamily properties.
Lending by banks to multifamily borrowers grew 32% since 2020 to $613 billion at the end of 2023, according to a March 19 report by Fitch.
But supply has begun to outstrip demand, creating downward pressure on the rents landlords can charge, Fitch noted during Wednesday's call.
These landlords also face rising interest rates and insurance premiums, coupled with decreasing apartment values.
These factors have weighed on several regional banks with high exposure to the asset class, and in particular those most exposed to rent-controlled multifamily loans, where landlords face a ceiling on rent increases to offset rising costs.
"Especially in the more stringent rent-controlled areas, there is a limited ability to make up that difference," said Brian Thies, senior director at Fitch, on Wednesday's call.
"So I would say it can be a concern for loan performance at this point."
This was seen in late February, when regional bank New York Community Bancorp posted $2.7 billion in losses and a $552 million provision for credit losses in its fourth quarter, including on a New York-based rent-controlled multifamily loan.
Fitch highlighted 10 banks with the greatest multifamily loan exposure as of year-end 2023.
Flagstar Bank, which merged with New York Community Bancorp in 2022, topped the list with 43.6% of its loan portfolio in multifamily.
Other banks with a high proportion of multifamily loans include First Foundation Bank, Dime Community Bank, Pacific Premier Bank and Apple Bank for Savings, according to Fitch.
These and other banks are exposed to rent-controlled multifamily loan markets in states with stringent rent-control laws including California, New York, New Jersey and Oregon.
There were 49 banks at the end of 2023 with at least 5% of multifamily loans past due on their payments, the ratings agency noted.
Most of these consisted of regional and community banks.
The most capital-constrained banks will likely look to sell more of these loans - and at a loss, the Fitch analysts noted.
"We would consider most U.S. banks as well-reserved currently for multifamily lending," Thies said.
"But it's generally going to come down to the value of the collateral and how readily the bank can dispose of that."
Reporting by Matt Tracy; editing by Costas Pitas
https://www.reuters.com/business/financ ... 024-03-27/
Re: THE DAILY NEWS
REUTERS
"Hydrogen industry pleads for easier path to US tax credits"
By Valerie Volcovici
March 27, 2024
WASHINGTON, March 27 (Reuters) - Some companies planning to use new U.S. tax credits to deploy hydrogen projects urged the Treasury Department this week to ease proposed environmental requirements, warning that they could hinder the nascent industry’s takeoff.
Treasury and the Internal Revenue Service hosted hearings this week on the guidance they released in December governing implementation of the Clean Hydrogen Production, or 45V, tax credit, one of the most lucrative incentives in the 2022 Inflation Reduction Act.
The credit would create a 10-year incentive for clean hydrogen production of up to $3.00/kilogram.
The credit has been at the center of heavy lobbying by industry groups seeking to build projects, as well as environmental advocates worried that a proliferation of hydrogen projects will backfire by boosting energy demand and raising greenhouse gas emissions.
The Treasury's proposal would require hydrogen producers seeking the 45v credits to prove they have used clean electricity that has been recently built and sourced from the same region as the project.
They would also need to show that the power was generated around the same time that the hydrogen was produced.
Australian firm Fortescue said the requirements would hurt a project it is pursuing the Pacific Northwest, which won Energy Department support last year.
“This investment would not qualify for the tax credit, because we plan to use a mix of surplus hydropower and other renewables," Fortescue North America CEO Andrew Vesey told the hearing.
Frank Wolak, president of the Fuel Cell and Hydrogen Energy Association industry group, said the requirements had cooled investor interest in hydrogen projects.
The lobby group asked that projects launched before the guidance is finalized be exempted.
Dorothy Davidson, CEO of the DOE-backed Midwest hydrogen hub, asked Treasury to allow projects to source at least 10% of their power from pre-existing zero-carbon sources like nuclear, and also permit the use of renewable natural gas from farms and landfills.
The Midwest hub project relies on existing nuclear energy and natural gas.
Meanwhile, some green hydrogen companies and a number of NGOs urged the IRS to keep the requirements in place.
"Weak section 45V rules would undermine both the achievement of the Biden Administration’s climate goals and the credibility of the hydrogen industry," said Claire Behar, chief commercial officer of Hy Stor, a green hydrogen firm with a project in Mississippi.
Reporting by Valerie Volcovici; Editing by Nick Zieminski
https://www.reuters.com/sustainability/ ... 024-03-27/
"Hydrogen industry pleads for easier path to US tax credits"
By Valerie Volcovici
March 27, 2024
WASHINGTON, March 27 (Reuters) - Some companies planning to use new U.S. tax credits to deploy hydrogen projects urged the Treasury Department this week to ease proposed environmental requirements, warning that they could hinder the nascent industry’s takeoff.
Treasury and the Internal Revenue Service hosted hearings this week on the guidance they released in December governing implementation of the Clean Hydrogen Production, or 45V, tax credit, one of the most lucrative incentives in the 2022 Inflation Reduction Act.
The credit would create a 10-year incentive for clean hydrogen production of up to $3.00/kilogram.
The credit has been at the center of heavy lobbying by industry groups seeking to build projects, as well as environmental advocates worried that a proliferation of hydrogen projects will backfire by boosting energy demand and raising greenhouse gas emissions.
The Treasury's proposal would require hydrogen producers seeking the 45v credits to prove they have used clean electricity that has been recently built and sourced from the same region as the project.
They would also need to show that the power was generated around the same time that the hydrogen was produced.
Australian firm Fortescue said the requirements would hurt a project it is pursuing the Pacific Northwest, which won Energy Department support last year.
“This investment would not qualify for the tax credit, because we plan to use a mix of surplus hydropower and other renewables," Fortescue North America CEO Andrew Vesey told the hearing.
Frank Wolak, president of the Fuel Cell and Hydrogen Energy Association industry group, said the requirements had cooled investor interest in hydrogen projects.
The lobby group asked that projects launched before the guidance is finalized be exempted.
Dorothy Davidson, CEO of the DOE-backed Midwest hydrogen hub, asked Treasury to allow projects to source at least 10% of their power from pre-existing zero-carbon sources like nuclear, and also permit the use of renewable natural gas from farms and landfills.
The Midwest hub project relies on existing nuclear energy and natural gas.
Meanwhile, some green hydrogen companies and a number of NGOs urged the IRS to keep the requirements in place.
"Weak section 45V rules would undermine both the achievement of the Biden Administration’s climate goals and the credibility of the hydrogen industry," said Claire Behar, chief commercial officer of Hy Stor, a green hydrogen firm with a project in Mississippi.
Reporting by Valerie Volcovici; Editing by Nick Zieminski
https://www.reuters.com/sustainability/ ... 024-03-27/
Re: THE DAILY NEWS
REUTERS
"US solar factories strike deal to produce 'Made in USA' panels"
By Nichola Groom
March 27, 2024
March 27 (Reuters) - Two small solar manufacturers on Wednesday said they are joining forces to make panels that will enable their customers, U.S. solar project developers, to collect on a lucrative new federal subsidy for American-made clean energy equipment.
The agreement between Georgia-based solar cell producer Suniva and Canada's Heliene, which has panel-making operations in Minnesota, is being touted by the Biden administration as evidence that Inflation Reduction Act (IRA) subsidies are succeeding in building a domestic solar manufacturing industry to compete with China.
"Before this Administration, solar companies across the United States were struggling," Treasury Secretary Janet Yellen, who will visit Suniva's Norcross, Georgia, facility later on Wednesday, said in a statement provided to Reuters.
She noted that 20% of U.S. solar manufacturing jobs were lost between 2016 and 2020.
Suniva itself is restarting an idled factory.
"Now, though there remain significant challenges, Inflation Reduction Act tax credits are helping change the game," Yellen added.
Under the three-year, $400 million deal, Suniva will supply cells to Heliene, which will assemble them into panels.
The products will be able to supply about 2 gigawatts of solar projects, according to Suniva.
That would be enough capacity to power about 350,000 homes.
Solar project builders that use panels containing American-made cells will be able to claim a 10% tax credit for using domestic content, according to Treasury Department rules unveiled nearly a year ago.
That bonus credit, created in the 2022 IRA, has been regarded by developers as elusive because there is no current U.S. supply of silicon-based solar cells, the predominant industry technology.
Some solar manufacturers have lobbied for more stringent domestic content rules to counter a flood of Chinese-made products in the global market.
"This contract is a testament to the effectiveness of the Inflation Reduction Act and Treasury's May 2023 domestic content guidance," Suniva CEO Cristiano Amoruso said in a statement.
"We are proud to fulfill our long-standing promise to bring back cell manufacturing to the United States at our Norcross facility."
The domestic content bonus credit is in addition to a 30% IRA tax credit for renewable energy facilities.
Reporting by Nichola Groom Editing by Bill Berkrot
https://www.reuters.com/business/energy ... 024-03-27/
"US solar factories strike deal to produce 'Made in USA' panels"
By Nichola Groom
March 27, 2024
March 27 (Reuters) - Two small solar manufacturers on Wednesday said they are joining forces to make panels that will enable their customers, U.S. solar project developers, to collect on a lucrative new federal subsidy for American-made clean energy equipment.
The agreement between Georgia-based solar cell producer Suniva and Canada's Heliene, which has panel-making operations in Minnesota, is being touted by the Biden administration as evidence that Inflation Reduction Act (IRA) subsidies are succeeding in building a domestic solar manufacturing industry to compete with China.
"Before this Administration, solar companies across the United States were struggling," Treasury Secretary Janet Yellen, who will visit Suniva's Norcross, Georgia, facility later on Wednesday, said in a statement provided to Reuters.
She noted that 20% of U.S. solar manufacturing jobs were lost between 2016 and 2020.
Suniva itself is restarting an idled factory.
"Now, though there remain significant challenges, Inflation Reduction Act tax credits are helping change the game," Yellen added.
Under the three-year, $400 million deal, Suniva will supply cells to Heliene, which will assemble them into panels.
The products will be able to supply about 2 gigawatts of solar projects, according to Suniva.
That would be enough capacity to power about 350,000 homes.
Solar project builders that use panels containing American-made cells will be able to claim a 10% tax credit for using domestic content, according to Treasury Department rules unveiled nearly a year ago.
That bonus credit, created in the 2022 IRA, has been regarded by developers as elusive because there is no current U.S. supply of silicon-based solar cells, the predominant industry technology.
Some solar manufacturers have lobbied for more stringent domestic content rules to counter a flood of Chinese-made products in the global market.
"This contract is a testament to the effectiveness of the Inflation Reduction Act and Treasury's May 2023 domestic content guidance," Suniva CEO Cristiano Amoruso said in a statement.
"We are proud to fulfill our long-standing promise to bring back cell manufacturing to the United States at our Norcross facility."
The domestic content bonus credit is in addition to a 30% IRA tax credit for renewable energy facilities.
Reporting by Nichola Groom Editing by Bill Berkrot
https://www.reuters.com/business/energy ... 024-03-27/
Re: THE DAILY NEWS
REUTERS
"US urges allies to bar firms from servicing key chipmaking tools for China"
By Alexandra Alper and Karen Freifeld
March 27, 2024
WASHINGTON, March 27 (Reuters) - The United States is asking allies to stop domestic companies from servicing certain chipmaking tools for Chinese customers, a U.S. commerce department official said on Wednesday, as it ramps up efforts to hobble China's chipmaking capabilities.
"We are working with our allies to determine what is important to service and what is not important to service," said export controls chief Alan Estevez, speaking to reporters at an annual conference.
"We're pushing for not servicing of those key components and these are discussions we are having with our allies."
Washington has been locked in a years-long technology war with Beijing, seeking to stop China from making more advanced chips that could be used to strengthen its military.
The Biden administration announced new restrictions on shipments of American-made chipmaking tools to advanced Chinese chip factories in 2022, and convinced key chipmaking tool producers Japan and the Netherlands to follow suit with their own controls.
The U.S. rules made it difficult for U.S. companies to continue servicing tools that Chinese firms bought prior to the new regulations, but the Dutch and Japanese rules did not include similar restrictions.
That has spurred U.S. officials to convince allies to mirror U.S. curbs.
Reporting by Alexandra Alper and Karen Freifeld; editing by Costas Pitas
https://www.reuters.com/technology/us-i ... 024-03-27/
"US urges allies to bar firms from servicing key chipmaking tools for China"
By Alexandra Alper and Karen Freifeld
March 27, 2024
WASHINGTON, March 27 (Reuters) - The United States is asking allies to stop domestic companies from servicing certain chipmaking tools for Chinese customers, a U.S. commerce department official said on Wednesday, as it ramps up efforts to hobble China's chipmaking capabilities.
"We are working with our allies to determine what is important to service and what is not important to service," said export controls chief Alan Estevez, speaking to reporters at an annual conference.
"We're pushing for not servicing of those key components and these are discussions we are having with our allies."
Washington has been locked in a years-long technology war with Beijing, seeking to stop China from making more advanced chips that could be used to strengthen its military.
The Biden administration announced new restrictions on shipments of American-made chipmaking tools to advanced Chinese chip factories in 2022, and convinced key chipmaking tool producers Japan and the Netherlands to follow suit with their own controls.
The U.S. rules made it difficult for U.S. companies to continue servicing tools that Chinese firms bought prior to the new regulations, but the Dutch and Japanese rules did not include similar restrictions.
That has spurred U.S. officials to convince allies to mirror U.S. curbs.
Reporting by Alexandra Alper and Karen Freifeld; editing by Costas Pitas
https://www.reuters.com/technology/us-i ... 024-03-27/
Re: THE DAILY NEWS
The UBJ
"Construction of Airstrip on Yemeni Island Signals Ongoing Military Focus"
Story by Ella Bennet
28 MARCH 2024
In the midst of Yemen’s conflict, satellite imagery analyzed by The Associated Press suggests that a brand new airstrip is under construction on the Yemeni island of Abd al-Kuri.
This island, situated by a key maritime passage, has not seen any nation claim the construction efforts publicly.
Yet, images reveal the words “I LOVE UAE” formed with piles of dirt beside the airstrip, hinting at the United Arab Emirates’ involvement.
The proximity of the Gulf of Aden and the Red Sea has thrust the area into a battleground scene, as naval confrontations intensify amidst Israel’s confrontations with Hamas in Gaza Strip.
The significance of this new airstrip on Abd al-Kuri Island amid political tensions is not to be underestimated, considering the strategic implications of the region.
Despite controversies and past conflicts over the Emirates’ troop presence in the Socotra island chain, which Abd al-Kuri is a part of, the construction of the airstrip is progressing.
UAE officials affirm their activities on Socotra are humanitarian in conjunction with the Yemeni government, but have not provided details concerning the airstrip itself.
Abd al-Kuri Island’s strategic positioning places it near vital trade routes, magnifying the potential military significance of the new airstrip.
The current activity, which includes paving a 3-kilometer long runway, follows a period of halted construction since July 2022.
This runway could accommodate a wide range of military aircraft, emphasizing the potential for escalated military presence in the area.
Although the U.S. denies involvement in the construction activities on Abd al-Kuri Island as well as any military presence in Yemen, the ongoing situation has hinted at the potential for increased military posturing by the U.S. and its allies in the region.
Notably, the Socotra archipelago has long held a key strategic and historical role, with implications continuing to unfold amid the Yemeni war and broader regional conflicts.
Rumors of foreign military operations, including those allegedly involving Israel, have sparked additional controversy, though no solid evidence supports such claims and Israel has remained silent on the matter.
Meanwhile, the Houthi rebels’ attacks on shipping routes suggest an attempt to exert pressure on international actors to sway the conflict in Gaza, despite their targets often having no direct links to Israel.
The establishment of this airstrip is a reminder of the persistent complexities of Yemen’s war and the wider geopolitical shifts in a region fraught with conflict and strategic maneuvering.
FAQ
What is the significance of Abd al-Kuri Island?
Abd al-Kuri Island’s strategic position near the entrance to crucial maritime routes amplifies its military significance and its development is of interest to countries wanting to project power in the region.
Has any country claimed responsibility for the construction of the airstrip?
As of now, no country has publicly claimed the construction work on the airstrip.
However, evidence such as the “I LOVE UAE” message nearby suggests United Arab Emirates (UAE) involvement.
Is the United States involved in the construction on Abd al-Kuri?
According to official statements, the U.S. military is not involved in the construction on Abd al-Kuri, nor is there an American military presence in Yemen at this time.
What does the airstrip’s construction entail for the region?
The construction of the airstrip could signal heightened military presence and involvement of foreign powers in the region, reflecting ongoing conflicts and strategic interests in the Gulf of Aden and the Red Sea.
What has been the response of other nations involved in the region?
Official responses have been limited, with no clear statements from the UAE confirming their involvement in the construction and other nations such as the U.S. denying military presence in the region.
Conclusion
In conclusion, the construction of an airstrip on Abd al-Kuri Island during the ongoing Yemeni conflict highlights the continued strategic interest and military dynamics in the region.
While few details are confirmed about the airstrip’s purpose and the parties involved, the implications of such a development could further affect the balance of power in the Middle East.
The visible message of “I LOVE UAE” adds to the intrigue and speculation surrounding this unfolding scenario.
As the conflict in Yemen continues, the importance of such key geographical locations cannot be understated, and the international community remains watchful of these developments and their potential impacts on regional stability.
https://www.msn.com/en-us/news/world/co ... bdc2&ei=34
"Construction of Airstrip on Yemeni Island Signals Ongoing Military Focus"
Story by Ella Bennet
28 MARCH 2024
In the midst of Yemen’s conflict, satellite imagery analyzed by The Associated Press suggests that a brand new airstrip is under construction on the Yemeni island of Abd al-Kuri.
This island, situated by a key maritime passage, has not seen any nation claim the construction efforts publicly.
Yet, images reveal the words “I LOVE UAE” formed with piles of dirt beside the airstrip, hinting at the United Arab Emirates’ involvement.
The proximity of the Gulf of Aden and the Red Sea has thrust the area into a battleground scene, as naval confrontations intensify amidst Israel’s confrontations with Hamas in Gaza Strip.
The significance of this new airstrip on Abd al-Kuri Island amid political tensions is not to be underestimated, considering the strategic implications of the region.
Despite controversies and past conflicts over the Emirates’ troop presence in the Socotra island chain, which Abd al-Kuri is a part of, the construction of the airstrip is progressing.
UAE officials affirm their activities on Socotra are humanitarian in conjunction with the Yemeni government, but have not provided details concerning the airstrip itself.
Abd al-Kuri Island’s strategic positioning places it near vital trade routes, magnifying the potential military significance of the new airstrip.
The current activity, which includes paving a 3-kilometer long runway, follows a period of halted construction since July 2022.
This runway could accommodate a wide range of military aircraft, emphasizing the potential for escalated military presence in the area.
Although the U.S. denies involvement in the construction activities on Abd al-Kuri Island as well as any military presence in Yemen, the ongoing situation has hinted at the potential for increased military posturing by the U.S. and its allies in the region.
Notably, the Socotra archipelago has long held a key strategic and historical role, with implications continuing to unfold amid the Yemeni war and broader regional conflicts.
Rumors of foreign military operations, including those allegedly involving Israel, have sparked additional controversy, though no solid evidence supports such claims and Israel has remained silent on the matter.
Meanwhile, the Houthi rebels’ attacks on shipping routes suggest an attempt to exert pressure on international actors to sway the conflict in Gaza, despite their targets often having no direct links to Israel.
The establishment of this airstrip is a reminder of the persistent complexities of Yemen’s war and the wider geopolitical shifts in a region fraught with conflict and strategic maneuvering.
FAQ
What is the significance of Abd al-Kuri Island?
Abd al-Kuri Island’s strategic position near the entrance to crucial maritime routes amplifies its military significance and its development is of interest to countries wanting to project power in the region.
Has any country claimed responsibility for the construction of the airstrip?
As of now, no country has publicly claimed the construction work on the airstrip.
However, evidence such as the “I LOVE UAE” message nearby suggests United Arab Emirates (UAE) involvement.
Is the United States involved in the construction on Abd al-Kuri?
According to official statements, the U.S. military is not involved in the construction on Abd al-Kuri, nor is there an American military presence in Yemen at this time.
What does the airstrip’s construction entail for the region?
The construction of the airstrip could signal heightened military presence and involvement of foreign powers in the region, reflecting ongoing conflicts and strategic interests in the Gulf of Aden and the Red Sea.
What has been the response of other nations involved in the region?
Official responses have been limited, with no clear statements from the UAE confirming their involvement in the construction and other nations such as the U.S. denying military presence in the region.
Conclusion
In conclusion, the construction of an airstrip on Abd al-Kuri Island during the ongoing Yemeni conflict highlights the continued strategic interest and military dynamics in the region.
While few details are confirmed about the airstrip’s purpose and the parties involved, the implications of such a development could further affect the balance of power in the Middle East.
The visible message of “I LOVE UAE” adds to the intrigue and speculation surrounding this unfolding scenario.
As the conflict in Yemen continues, the importance of such key geographical locations cannot be understated, and the international community remains watchful of these developments and their potential impacts on regional stability.
https://www.msn.com/en-us/news/world/co ... bdc2&ei=34
Re: THE DAILY NEWS
UPI News
"Though U.S. economy shows signs of strength, poll shows third of Americans rate it as poor"
Story by Doug Cunningham
28 MARCH 2024
March 27 (UPI) -- A Gallup Poll on Americans' view of the U.S. economy published Wednesday indicated that while most still have a negative view of things, public sentiment on the economy has improved since polling last year.
Gallup said its Economic Confidence Index was at -20 in March, but that was much improved from the -50 measured last fall.
The Gallup Poll of how people feel about the economy sharply contrasts with several actual economic results that show strong economic growth as reflected in job growth, falling inflation, low unemployment and strong GDP.
GDP was up 2.5% for 2023 and rose 3.3% in the fourth quarter of 2023.
Fed Chair Jerome Powell said in March that economic activity has been expanding at a strong pace and was sustainable and solid.
Unemployment has stayed below 4% and job creation is robust, with 275,000 new jobs created in February, according ot the U.S. Labor Department.
Inflation is also considerably lower, although not yet down to the 2% favored by the Federal Reserve.
Gallup's Wednesday poll, with +100 meaning Americans rate economic conditions as excellent and getting better to -100 meaning the economy is poor and getting worse, had the highest rating of +56 in January 2000.
The March 1-20 results were -20, with 30% saying the economy is good, 30% calling the economy fair and 39% saying it is poor.
Gallup said in a statement, "When asked about the economy's direction, 33% of Americans say conditions are getting better, while 63% say they're getting worse."
Although economic optimism is about the same as last month's 32%, it has been slowly expanding since October, when 21% said the economy was getting better."
How respondents see the U.S. economy is heavily weighted politically, according to Gallup.
While Democrats rate the economy at a +35, independents put it at -28 while Republicans rank it at -62.
Gallup found Republicans have an overwhelmingly negative view of the economy, with 87% believing it is getting worse and 58% of them rating the current economic conditions as poor.
That compares with 64% of Democrats who say the economy is getting better and 55% saying the economy is good now.
Gallup said George H. W. Bush lost reelection when Gallup's poll showed the ECI was at -37.
Bill Clinton won reelection when that Gallup economic number was at +23.
https://www.msn.com/en-us/money/markets ... bdc2&ei=45
"Though U.S. economy shows signs of strength, poll shows third of Americans rate it as poor"
Story by Doug Cunningham
28 MARCH 2024
March 27 (UPI) -- A Gallup Poll on Americans' view of the U.S. economy published Wednesday indicated that while most still have a negative view of things, public sentiment on the economy has improved since polling last year.
Gallup said its Economic Confidence Index was at -20 in March, but that was much improved from the -50 measured last fall.
The Gallup Poll of how people feel about the economy sharply contrasts with several actual economic results that show strong economic growth as reflected in job growth, falling inflation, low unemployment and strong GDP.
GDP was up 2.5% for 2023 and rose 3.3% in the fourth quarter of 2023.
Fed Chair Jerome Powell said in March that economic activity has been expanding at a strong pace and was sustainable and solid.
Unemployment has stayed below 4% and job creation is robust, with 275,000 new jobs created in February, according ot the U.S. Labor Department.
Inflation is also considerably lower, although not yet down to the 2% favored by the Federal Reserve.
Gallup's Wednesday poll, with +100 meaning Americans rate economic conditions as excellent and getting better to -100 meaning the economy is poor and getting worse, had the highest rating of +56 in January 2000.
The March 1-20 results were -20, with 30% saying the economy is good, 30% calling the economy fair and 39% saying it is poor.
Gallup said in a statement, "When asked about the economy's direction, 33% of Americans say conditions are getting better, while 63% say they're getting worse."
Although economic optimism is about the same as last month's 32%, it has been slowly expanding since October, when 21% said the economy was getting better."
How respondents see the U.S. economy is heavily weighted politically, according to Gallup.
While Democrats rate the economy at a +35, independents put it at -28 while Republicans rank it at -62.
Gallup found Republicans have an overwhelmingly negative view of the economy, with 87% believing it is getting worse and 58% of them rating the current economic conditions as poor.
That compares with 64% of Democrats who say the economy is getting better and 55% saying the economy is good now.
Gallup said George H. W. Bush lost reelection when Gallup's poll showed the ECI was at -37.
Bill Clinton won reelection when that Gallup economic number was at +23.
https://www.msn.com/en-us/money/markets ... bdc2&ei=45
Re: THE DAILY NEWS
The Jerusalem Post
"Houthis renew attacks in Red Sea after three day hiatus"
Story by SETH J. FRANTZMAN
28 MARCH 2024
After a three-day hiatus in attacks, the Iranian-backed Houthis in Yemen began their attacks again, targeting ships.
US Central Command says that naval ships “successfully engaged and destroyed four long-range unmanned aerial systems (UAS) launched by Iranian-backed Houthi terrorists in Yemen."
"These UAS were aimed at a U.S. warship and engaged in self-defense over the Red Sea."
"There were no injuries or damage reported to U.S. or coalition ships."
The American naval forces “determined these weapons presented an imminent threat to merchant vessels and U.S. Navy ships in the region."
"These actions are taken to protect freedom of navigation and make international waters safer and more secure for U.S. Navy and merchant vessels.”
The last attack was on March 23, when the Houthis launched four ballistic missiles toward a ship.
The ship was the M/V Huang Pu, a Panamanian-flagged, Chinese-owned, Chinese-operated oil tanker, Central Command said at the time.
The US noted that “a fifth ballistic missile was detected as fired toward M/V Huang Pu."
"The ship issued a distress call but did not request assistance."
"M/V Huang Pu suffered minimal damage, and a fire on board was extinguished within 30 minutes."
"No casualties were reported, and the vessel resumed its course."
"The Houthis attacked the MV Huang despite previously stating they would not attack Chinese vessels.”
The USS Carney engaged six Houthi drones on the same day.
Ongoing Houthi attacks highlight Iranian foothold in region
The continued Houthi attacks illustrate how Iran continues to drive the war in the region.
There has been some reduction in Iranian-backed attacks on the Red Sea front and also on the Iraq and Syria front.
For instance, Iranian-backed militias have reduced their attacks in Iraq because Iraq’s Prime Minister, Mohamed Shia al-Sudani, is in Washington this week.
It is his first trip to the US capital since he took office in October 2022.
Iraqi militias have carried out dozens of attacks on US forces.
In addition, Iraq is continuing to hold Princeton doctoral candidate and researcher Elizabeth Tsurkov illegally.
https://www.msn.com/en-us/news/world/ho ... bdc2&ei=77
"Houthis renew attacks in Red Sea after three day hiatus"
Story by SETH J. FRANTZMAN
28 MARCH 2024
After a three-day hiatus in attacks, the Iranian-backed Houthis in Yemen began their attacks again, targeting ships.
US Central Command says that naval ships “successfully engaged and destroyed four long-range unmanned aerial systems (UAS) launched by Iranian-backed Houthi terrorists in Yemen."
"These UAS were aimed at a U.S. warship and engaged in self-defense over the Red Sea."
"There were no injuries or damage reported to U.S. or coalition ships."
The American naval forces “determined these weapons presented an imminent threat to merchant vessels and U.S. Navy ships in the region."
"These actions are taken to protect freedom of navigation and make international waters safer and more secure for U.S. Navy and merchant vessels.”
The last attack was on March 23, when the Houthis launched four ballistic missiles toward a ship.
The ship was the M/V Huang Pu, a Panamanian-flagged, Chinese-owned, Chinese-operated oil tanker, Central Command said at the time.
The US noted that “a fifth ballistic missile was detected as fired toward M/V Huang Pu."
"The ship issued a distress call but did not request assistance."
"M/V Huang Pu suffered minimal damage, and a fire on board was extinguished within 30 minutes."
"No casualties were reported, and the vessel resumed its course."
"The Houthis attacked the MV Huang despite previously stating they would not attack Chinese vessels.”
The USS Carney engaged six Houthi drones on the same day.
Ongoing Houthi attacks highlight Iranian foothold in region
The continued Houthi attacks illustrate how Iran continues to drive the war in the region.
There has been some reduction in Iranian-backed attacks on the Red Sea front and also on the Iraq and Syria front.
For instance, Iranian-backed militias have reduced their attacks in Iraq because Iraq’s Prime Minister, Mohamed Shia al-Sudani, is in Washington this week.
It is his first trip to the US capital since he took office in October 2022.
Iraqi militias have carried out dozens of attacks on US forces.
In addition, Iraq is continuing to hold Princeton doctoral candidate and researcher Elizabeth Tsurkov illegally.
https://www.msn.com/en-us/news/world/ho ... bdc2&ei=77
Re: THE DAILY NEWS
FOX News
"Janet Yellen walks back Biden’s comments US taxpayers on hook for Baltimore bridge collapse"
Story by Bradford Betz
28 MARCH 2024
U.S. Treasury Secretary Janet Yellen on Wednesday appeared to walk back comments from President Joe Biden that U.S. taxpayers would foot the bill for the Francis Scott Key Bridge collapse.
Appearing on MSNBC Wednesday, Yellen said money from the bipartisan infrastructure law could "potentially be helpful."
"My expectation would be that ultimately there will be insurance payments, in part, to cover this."
"But we don’t want to allow worrying about where the financing will come from to hold up reconstruction," Yellen said.
Her comments come a day after Biden said it was his "intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect the Congress to support my effort."
Biden said that, while the effort will take some time, the people of Baltimore "can count on us."
When asked by a reporter whether the company that manages the ship should be held responsible, Biden said the federal government would not wait for any decisions and would step in to get the bridge built and reopened.
The Francis Scott Key Bridge along I-695 in Maryland collapsed in the Baltimore harbor around 1:30 a.m. Tuesday after a cargo ship slammed into a support beam.
The collapse sent at least eight construction workers and multiple vehicles plunging into the Patapsco River below.
The cargo ship that hit the bridge was the Dali, a 95,000 GT Singapore-flagged container ship, per the Maritime and Port Authority (MPA) of Singapore.
There were 22 crew members onboard at the time of the incident.
The Synergy Group, a Singapore-based company that manages the ship, said in a statement that two pilots piloting the ship through the harbor and all crew members onboard were accounted for and there are no reports of any injuries.
The group also said that no pollution has been reported.
The large vessel appeared to catch fire before becoming disabled.
Footage of the incident shows the lights going out multiple times on the vessel in question prior to impact, suggesting the collision may have been due to a power failure.
Fox News Digital’s Landon Mion, Anders Hagstrom, and Stephen Sorace contributed to this report.
https://www.msn.com/en-us/news/us/janet ... bdc2&ei=88
"Janet Yellen walks back Biden’s comments US taxpayers on hook for Baltimore bridge collapse"
Story by Bradford Betz
28 MARCH 2024
U.S. Treasury Secretary Janet Yellen on Wednesday appeared to walk back comments from President Joe Biden that U.S. taxpayers would foot the bill for the Francis Scott Key Bridge collapse.
Appearing on MSNBC Wednesday, Yellen said money from the bipartisan infrastructure law could "potentially be helpful."
"My expectation would be that ultimately there will be insurance payments, in part, to cover this."
"But we don’t want to allow worrying about where the financing will come from to hold up reconstruction," Yellen said.
Her comments come a day after Biden said it was his "intention that the federal government will pay for the entire cost of reconstructing that bridge, and I expect the Congress to support my effort."
Biden said that, while the effort will take some time, the people of Baltimore "can count on us."
When asked by a reporter whether the company that manages the ship should be held responsible, Biden said the federal government would not wait for any decisions and would step in to get the bridge built and reopened.
The Francis Scott Key Bridge along I-695 in Maryland collapsed in the Baltimore harbor around 1:30 a.m. Tuesday after a cargo ship slammed into a support beam.
The collapse sent at least eight construction workers and multiple vehicles plunging into the Patapsco River below.
The cargo ship that hit the bridge was the Dali, a 95,000 GT Singapore-flagged container ship, per the Maritime and Port Authority (MPA) of Singapore.
There were 22 crew members onboard at the time of the incident.
The Synergy Group, a Singapore-based company that manages the ship, said in a statement that two pilots piloting the ship through the harbor and all crew members onboard were accounted for and there are no reports of any injuries.
The group also said that no pollution has been reported.
The large vessel appeared to catch fire before becoming disabled.
Footage of the incident shows the lights going out multiple times on the vessel in question prior to impact, suggesting the collision may have been due to a power failure.
Fox News Digital’s Landon Mion, Anders Hagstrom, and Stephen Sorace contributed to this report.
https://www.msn.com/en-us/news/us/janet ... bdc2&ei=88
Re: THE DAILY NEWS
RIGZONE
"Oil Seals Quarterly Gain in Tightening Market"
by Bloomberg | Josyana Joshua and Kateryna Kadabashy
Thursday, March 28, 2024
Oil scored a 16% quarterly gain in the latest sign that export curbs by OPEC and its allies are reining in global supplies.
West Texas Intermediate futures closed above $83 a barrel on Friday, the highest settlement in more than a week.
Timespreads this year have swung from bearish contango to a bullish backwardated structure — signaling a tightening physical market.
The OPEC+ alliance extended daily supply cutbacks of about 2 million barrels through the end of June, underpinning expectations that global stockpiles will shrink.
Prices have also been aided by Ukraine’s drone strikes on Russian energy infrastructure, geopolitical tensions in the Middle East, and demand growth around the world.
In the US, key gauges of economic activity posted strong advances Thursday, pointing to healthy growth.
That helped counter an increase in domestic crude and gasoline stockpiles that has undercut some of the supply tightness.
The bullish backdrop spurred some banks to warn there’s scope for higher prices.
While sticking with existing forecasts, JPMorgan Chase & Co. said this week there’s a path for the international benchmark, Brent crude, to close in on triple-digits by September if the impact of Russia’s production cuts isn’t balanced out by countermeasures.
Prices:
WTI rose 2.2% to settle at $83.17 a barrel.
Brent, which is due for expiry, added 1.6% to $87.48.
https://www.rigzone.com/news/wire/oil_s ... 4-article/
"Oil Seals Quarterly Gain in Tightening Market"
by Bloomberg | Josyana Joshua and Kateryna Kadabashy
Thursday, March 28, 2024
Oil scored a 16% quarterly gain in the latest sign that export curbs by OPEC and its allies are reining in global supplies.
West Texas Intermediate futures closed above $83 a barrel on Friday, the highest settlement in more than a week.
Timespreads this year have swung from bearish contango to a bullish backwardated structure — signaling a tightening physical market.
The OPEC+ alliance extended daily supply cutbacks of about 2 million barrels through the end of June, underpinning expectations that global stockpiles will shrink.
Prices have also been aided by Ukraine’s drone strikes on Russian energy infrastructure, geopolitical tensions in the Middle East, and demand growth around the world.
In the US, key gauges of economic activity posted strong advances Thursday, pointing to healthy growth.
That helped counter an increase in domestic crude and gasoline stockpiles that has undercut some of the supply tightness.
The bullish backdrop spurred some banks to warn there’s scope for higher prices.
While sticking with existing forecasts, JPMorgan Chase & Co. said this week there’s a path for the international benchmark, Brent crude, to close in on triple-digits by September if the impact of Russia’s production cuts isn’t balanced out by countermeasures.
Prices:
WTI rose 2.2% to settle at $83.17 a barrel.
Brent, which is due for expiry, added 1.6% to $87.48.
https://www.rigzone.com/news/wire/oil_s ... 4-article/