World News

Israel-Hamas war threatens global shipping as risk of wider conflict intensifies on January 5, 2024 at 10:30 am

Published

2 years ago

January 5, 2024

Shipping companies are diverting their cargo away from the Red Sea as attacks by the Houthi rebel group in Yemen intensify in response to the ongoing siege of Gaza.

The attacks by the Houthi rebels, officially known as Ansar Allah, are now sparking confrontations in other parts of the Middle East, and U.S. diplomats are moving to reassure allies and stanch a wider conflict.

“The Houthis will bear the responsibility of the consequences should they continue to threaten lives, the global economy, and free flow of commerce in the region’s critical waterways,” said the U.S., Japan, the United Kingdom, Germany and eight other countries in a joint Wednesday statement.

There have been 25 attacks since Nov. 18 against merchant ships moving through the Southern Red Sea and Gulf of Aden, Vice Admiral Brad Cooper, commander of the Bahrain-based U.S. 5th Fleet, told reporters Thursday.

In December, the U.S. launched naval operation “Prosperity Guardian” along with the United Kingdom, Bahrain, Canada, France, Italy, the Netherlands, Norway, Seychelles and Spain to protect commercial ships from attacks by the Houthis.

Pentagon officials have been keeping in nearly constant contact with merchant ships at sea using a tactical communications network, a senior defense official told The Hill Thursday.

The U.S also sunk Sunday three small Houthi boats following an attack on a merchant ship, prompting Iran to send its Alborz destroyer to the Red Sea the following day.

But the Houthis remain unbowed, vowing to continue their attacks in response to the bombardment of Gaza by Israeli forces. More than 22,000 Palestinians have died and more than 57,000 have been injured during the siege of Gaza, according to the Gaza health ministry.

The siege was prompted by an Oct. 7 attack by Palestinian militant group Hamas, which killed more than 1,000 Israelis and took hundreds more hostage.

“Yemeni naval operations are ethical and will continue until the genocide crimes in Gaza are stopped and food, medicine and fuel are allowed to enter its residents,” Ansar Allah spokesperson Mohammed al-Bukhaiti wrote on the online platform X on Wednesday.

“We advise the countries that threatened Yemen in their joint statement to seek to stop crimes in Palestine, not to protect their perpetrators, and to address the causes of the problem, not its consequences,” he wrote.

Economic fallout could have a ‘significant impact’

The economic fallout from the naval hostilities is growing as shipping giants redirect their cargoes around Africa as opposed to sending them through the Suez Canal, Red Sea and Gulf of Aden.

Shipping costs are spiking across various indexes, including the Shanghai Containerized Freight Index, one of the industry standards, which hit 1,759 points on Wednesday.

That’s up from recent levels around 1,000 but still way below the 5-year peak of more than 5,100 points reached during the supply chain crunch in January 2022 that was set off by the pandemic.

Shippers are not happy about the security situation and its effect on their businesses.

“[The] Red Sea task force [is] still proving insufficient,” Judah Levine, head of research at the logistics platform Freightos, wrote on the company blog Wednesday.

“The Houthis seem undeterred as attacks continued last week and as recently as Saturday, marking 23 commercial vessels targeted since mid-November, with the latest targeted vessels having no apparent ties to Israeli ownership or trade.”

The primary Suez Canal trade route between Europe and Asia shepherded 15 percent of global container trade in 2022, according to data from the United Nations Conference on Trade and Development, an equivalent of 24.2 million 20-foot containers.

The Red Sea route saves ships 10 days of transit, during which shippers pay additional fuel costs, seafarers’ wages, and other forms of overhead.

“This could mean higher costs for goods,” International Maritime Organization spokesperson Natasha Brown said in an email to The Hill. “If more ships divert, there could be significant impact.”

Shippers steer clear of Red Sea at steep cost

Shipping company Maersk now lists dozens of vessels diverted around the Cape of Good Hope following a December 30 incident with one of its ships, the Hangzhou.

“An investigation into the incident is ongoing and we will continue to pause all cargo movement through the area while we further assess the constantly evolving situation,” the company said in a Tuesday statement.

Shipper MSC confirmed a December 26 attack on its ship the MSC United VIII while transiting the Red Sea and said it was told to engage in evasive maneuvers by a nearby coalition warship.

About thirty ships belonging to German shipping company Hapag-Lloyd have had to be rerouted since December 18, spokesperson Nils Haupt told The Hill.

“[The total volume of affected shipments is] difficult to say – but if you take 30 ships with very different sizes, but that make an average of 12,000 [twenty-foot equivalent units] per vessel, you will see that we talk about nearly half a million – and that’s only us,” he said.

A brewing diplomatic crisis could worsen the economic fallout

Beyond the Red Sea, the conflict has repeatedly crossed the Israeli border into Lebanon. Senior Hamas leader Saleh al-Arouri was killed in a suspected Israeli strike in the country on Tuesday, prompting threats of retaliation from Hassan Nasrallah, the leader of the Iran-backed political group Hezbollah.

Israeli Interior Minister Itamar Ben-Gvir also wrote Tuesday on X about “the migration of hundreds of thousands from Gaza,” further inflaming tensions.

“This is a very dangerous moment. A region-wide war appears more likely by the day,” U.S.-Iranian relations expert and advocate Trita Parsi wrote online Wednesday. “As Israel’s attacks continue, Tehran’s long-game strategy is coming under increasing strain as more voices in Iran argue that the absence of a strong response undermines Iran’s deterrence.”

Secretary of State Antony Blinken announced travel to the Middle East on Thursday as the conflict between Israel and the Palestianians threatens to further engulf the region.

He’ll engage in shuttle diplomacy, making stops in Turkey, Greece, Jordan, Qatar, the United Arab Emirates, Saudi Arabia, Israel, the West Bank and Egypt, the State Department said in a Thursday statement.

“Throughout his trip, the Secretary will underscore the importance of protecting civilian lives in Israel and the West Bank and Gaza; securing the release of all remaining hostages; our shared commitment to facilitating the increased, sustained delivery of life-saving humanitarian assistance to civilians in Gaza and the resumption of essential services; and ensuring that Palestinians are not forcibly displaced from Gaza,” the State Department said.

Brad Dress contributed to this story.

Shipping companies are diverting their cargo away from the Red Sea as attacks by the Houthi rebel group in Yemen intensify in response to the ongoing siege of Gaza. The attacks by the Houthi rebels, officially known as Ansar Allah, are now sparking confrontations in other parts of the Middle East, and U.S. diplomats are…

Business

GLOBAL SUSTAINABILITY SUMMIT RETURNS FOR ITS 5TH EDITION AT THE BRITISH PARLIAMENT – HOUSE OF LORDS, PALACE OF WESTMINSTER

Published

1 week ago

May 16, 2026

Bolanle Media Staff

FOR IMMEDIATE RELEASE

Theme: “People, Planet, and Profit in the Age of AI and Innovation”

London, United Kingdom — The Global Sustainability Summit (GSS) is officially back for its landmark 5th Edition, continuing its legacy as one of the leading international platforms driving sustainable development, climate action, ethical investment, innovation, and global collaboration.

Convened annually at the prestigious British Parliament, House of Lords, Palace of Westminster, by Ambassador Canon Chinenem Otto, the Summit has, over the last four years, successfully fostered international dialogue and partnerships that have contributed to the advancement of global sustainability goals, the establishment of sustainability-focused ministries, departments and policy structures across national and subnational governments, and the attraction of major investors into sustainable development projects, corporations and emerging economies.

This year’s summit, themed “People, Planet, and Profit in the Age of AI and Innovation,” will explore how emerging technologies, responsible leadership, sustainable finance, innovation, and global partnerships can shape a more inclusive, resilient and environmentally conscious future.

The 5th Edition promises to be the most impactful yet, bringing together world leaders, policymakers, diplomats, investors, academics, innovators, climate experts and youth leaders from across the globe to discuss actionable solutions toward achieving a sustainable and equitable future.

Among the distinguished speakers, delegates and honorees already lined up for the Summit are:

• His Excellency Mallam AbdulRahman AbdulRazaq — Executive Governor of Kwara State, Nigeria and Chairman of the Nigeria Governors’ Forum

• His Excellency Senator Prince Bassey Otu — Executive Governor of Cross River State, Nigeria

• Ambassador Patricia Espinosa Cantellano — Former Executive Secretary of UN Climate Change (UNFCCC) and Former Foreign Minister of Mexico

• Lord Marvin Rees, Baron Rees of Easton OBE — Member of the House of Lords, United Kingdom

• Hon. Neema K. Lugangira — Secretary-General of Women Political Leaders (WPL), Brussels and Former Member of Parliament

• Her Excellency Dr. Netumbo Nandi-Ndaitwah — President of the Republic of Namibia

• His Excellency Nangolo Mbumba — Former President of Namibia

• Former President of Tanzania

• Her Excellency Ambassador Professor Olufolake AbdulRazaq — First Lady of Kwara State, Nigeria and Chairperson of Nigeria Governors’ Spouses Forum

• Your Excellency Dr. Dikko Umar Radda, PhD, CON — Executive Governor of Katsina State and Chairman of the Northwest Governors Forum, Nigeria

• Hon. Sam Shafiishuna Nujoma — Governor of Khomas Region, Namibia

• H.E. Mr. Veiccoh Nghiwete — High Commissioner of the Republic of Namibia to the United Kingdom

• Her Excellency Ms. Macenje “Che Che” Mazoka — High Commissioner of Zambia to the United Kingdom

• Ms. Danielle Newman — Partner Lead, ICT, World Economic Forum

• Leanne Elliott Young — Co-founder, Institute of Digital Fashion & CommuneEast

• Ms. Chloe Russell — Producer & Presenter, Art, Science and Nature

• Professor Marie-Claire Cordonier Segger — University of Cambridge & University of Waterloo

• Dr. Alexandra R. Harrington — IUCN World Commission on Environmental Law (WCEL)

• Professor Payam Akhavan — Massey College, University of Toronto

• Mr. Mallai C. E. Sathya — President, Dravida Vetri Kazhagam and International Movement for Tamil Culture Asia

The Summit will feature high-level panel discussions, strategic investment conversations, sustainability awards, policy dialogues, innovation showcases, youth engagement sessions and international networking opportunities focused on climate resilience, ethical financing, food-water-energy sustainability, circular economy, artificial intelligence, diplomacy and sustainable development.

Speaking ahead of the Summit, Convener Ambassador Canon Chinenem Otto noted:

“As the world rapidly evolves through artificial intelligence and technological innovation, we must ensure that sustainability remains people-centered, environmentally responsible and economically inclusive. The Global Sustainability Summit continues to serve as a bridge connecting governments, institutions, innovators and investors to accelerate practical sustainability solutions globally. Our fifth edition is not only a celebration of progress made over the years, but also a renewed call for global collaboration and actionable impact toward achieving the Sustainable Development Goals and Net Zero ambitions.”

The Global Sustainability Summit continues to position itself as a catalyst for transformative partnerships and sustainable global progress, reinforcing the urgent need for collective action toward a more resilient and sustainable future.

More announcements regarding additional speakers, partners and summit activities will be unveiled in the coming weeks.

News

US May Completely Cut Income Tax Due to Tariff Revenue

Published

6 months ago

November 30, 2025

Bolanle Media Staff

President Donald Trump says the United States might one day get rid of federal income tax because of money the government collects from tariffs on imported goods. Tariffs are extra taxes the U.S. puts on products that come from other countries.

What Trump Is Saying

Trump has said that tariff money could become so large that it might allow the government to cut income taxes “almost completely.” He has also talked about possibly phasing out income tax over the next few years if tariff money keeps going up.

How Taxes Work Now

Right now, the federal government gets much more money from income taxes than from tariffs. Income taxes bring in trillions of dollars each year, while tariffs bring in only a small part of that total. Because of this gap, experts say tariffs would need to grow by many times to replace income tax money.

Questions From Experts

Many economists and tax experts doubt that tariffs alone could pay for the whole federal budget. They warn that very high tariffs could make many imported goods more expensive for shoppers in the United States. This could hit lower- and middle‑income families hardest, because they spend a big share of their money on everyday items.

What Congress Must Do

The president can change some tariffs, but only Congress can change or end the federal income tax. That means any real plan to remove income tax would need new laws passed by both the House of Representatives and the Senate. So far, there is no detailed law or full budget plan on this idea.

What It Means Right Now

For now, Trump’s comments are a proposal, not a change in the law. People and businesses still have to pay federal income tax under the current rules. The debate over using tariffs instead of income taxes is likely to continue among lawmakers, experts, and voters.

News

Epstein Files to Be Declassified After Trump Order

Published

6 months ago

November 20, 2025

Bolanle Media Staff

Former President Donald Trump has signed an executive order directing federal agencies to declassify all government files related to Jeffrey Epstein, the disgraced financier whose death in 2019 continues to fuel controversy and speculation.

The order, signed Wednesday at Trump’s Mar-a-Lago estate, instructs the FBI, Department of Justice, and intelligence agencies to release documents detailing Epstein’s network, finances, and alleged connections to high-profile figures. Trump described the move as “a step toward transparency and public trust,” promising that no names would be shielded from scrutiny.

“This information belongs to the American people,” Trump said in a televised statement. “For too long, powerful interests have tried to bury the truth. That ends now.”

U.S. intelligence officials confirmed that preparations for the release are already underway. According to sources familiar with the process, the first batch of documents is expected to be made public within the next 30 days, with additional releases scheduled over several months.

Reactions poured in across the political spectrum. Supporters praised the decision as a bold act of accountability, while critics alleged it was politically motivated, timed to draw attention during a volatile election season. Civil rights advocates, meanwhile, emphasized caution, warning that some records could expose private victims or ongoing legal matters.

The Epstein case, which implicated figures in politics, business, and entertainment, remains one of the most talked-about scandals of the past decade. Epstein’s connections to influential individuals—including politicians, royals, and executives—have long sparked speculation about the extent of his operations and who may have been involved.

Former federal prosecutor Lauren Fields said the release could mark a turning point in public discourse surrounding government transparency. “Regardless of political stance, this declassification has the potential to reshape how Americans view power and accountability,” Fields noted.

Officials say redactions may still occur to protect sensitive intelligence or personal information, but the intent is a near-complete disclosure. For years, critics of the government’s handling of Epstein’s case have accused agencies of concealing evidence or shielding elites from exposure. Trump’s order promises to change that narrative.

As anticipation builds, journalists, legal analysts, and online commentators are preparing for what could be one of the most consequential information releases in recent history.