Maersk Pauses Red Sea Sailings after Houthi Attack

(FILES) Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. (Photo by SERGEI GAPON / AFP)
(FILES) Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. (Photo by SERGEI GAPON / AFP)
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Maersk Pauses Red Sea Sailings after Houthi Attack

(FILES) Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. (Photo by SERGEI GAPON / AFP)
(FILES) Containers of Danish shipping and logistics company Maersk are seen in Copenhagen, Denmark, on September 14, 2023. (Photo by SERGEI GAPON / AFP)

Iranian-backed Houthi militants attacked a Maersk container vessel with missiles and small boats, prompting the company to pause all sailing through the Red Sea for 48 hours, Maersk said on Sunday.

The crew of the Maersk Hangzhou crew was safe and there was no indication of fire onboard the vessel, which was fully maneuverable and continued its journey north to Port Suez, Maersk said.

The United States launched Operation Prosperity Guardian on Dec. 19, saying more than 20 countries had agreed to participate in the efforts to safeguard ships in Red Sea waters near Yemen.
In response, Maersk said on Dec. 24 it would resume sailings through the Red Sea. However, attacks have continued and US allies have proven reluctant to commit to the coalition, with nearly half not declaring their presence publicly.
Maersk, one of the world's major cargo shippers, said on Sunday it would delay all transits through the area for 48 hours, after the Maersk Hangzhou was struck by a missile at around 1730 GMT on Saturday 55 nautical miles southwest of Al Hodeidah, Yemen.
A US warship shot down another two anti-ship ballistic missiles fired from Houthi-controlled areas in Yemen, according to the US Central Command (CENTCOM).
Later at around 0330 GMT on Sunday, the same ship was attacked by Houthi militants in four small boats. An attempt by the attackers to board the vessel was averted after its security team and helicopters from the USS Eisenhower and USS Gravely, responding to distress calls, returned fire, according to statements by Maersk and CENTCOM.
The helicopters sank three of the militant boats, with no survivors, while the fourth boat fled the area, CENTCOM said in the statement.
The Singapore-flagged Maersk Hangzhou with capacity to carry 14,000 containers was en route from Singapore.



China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)
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China Mulls Draft Law to Promote Private Sector Development

A Chinese national flag flutters on a financial street in Beijing. (Reuters)
A Chinese national flag flutters on a financial street in Beijing. (Reuters)

Chinese lawmakers are deliberating a draft of the country's first basic law specifically focused on the development of the private sector, the country’s Xinhua news agency reported.

“The law will be conducive to creating a law-based environment that is favorable to the growth of all economic sectors, including the private sector,” said Justice Minister He Rong, while explaining the draft on Saturday during the ongoing session of the Standing Committee of the National People's Congress, the national legislature.

The draft private sector promotion law covers areas such as fair competition, investment and financing environments, scientific and technological innovation, regulatory guidance, service support, rights and interests protection and legal liabilities.

The draft has incorporated suggestions solicited from representatives of the private sector, experts, scholars and the general public, the minister said.

China left its benchmark lending rates unchanged as expected at the monthly fixing on Friday.

Persistent deflationary pressure and tepid credit demand call for more stimulus to aid the broad economy, but narrowing interest margin on the back of fast falling yields and a weakening yuan limit the scope for immediate monetary easing.

The one-year loan prime rate (LPR) was kept at 3.10%, while the five-year LPR was unchanged at 3.60%.

In a Reuters poll of 27 market participants conducted this week, all respondents expected both rates to stay unchanged.

Morgan Stanley said in a note that the 2025 budget deficit and mix are more positive than expected and suggest Beijing is willing to set a high growth target and record fiscal budget to boost market confidence, but further policy details are unlikely before March.

Last Friday, data released by the country's central bank said total assets of China's financial institutions had risen to 489.15 trillion yuan (about $68.03 trillion) by the end of third quarter this year.

The figure represented a year-on-year increase of 8%, said the People's Bank of China.

Of the total, the assets of the banking sector reached 439.52 trillion yuan, up 7.3% year on year, while the assets of securities institutions rose 8.7% year on year to 14.64 trillion yuan.

The insurance sector's assets jumped 18.3% year on year to 35 trillion yuan, the data showed.

The liabilities of the financial institutions totaled 446.51 trillion yuan, up 8% year on year, according to the central bank.

Separately, data released by the National Energy Administration on Thursday showed that China's electricity consumption, a key barometer of economic activity, rose by 7.1% year on year in the first 11months of the year.

During the period, power consumption of the country's primary industries increased by 6.8% year on year, while that of its secondary and tertiary sectors rose by 5.3% and 10.4%, respectively.

Residential power usage saw strong growth of 11.6% during this period, the administration said.

In November alone, power usage climbed 2.8% from one year earlier, according to the data.