Bahrain Launches Global Sea-to-Air Logistics Hub

Bahrain International Airport (Reuters)
Bahrain International Airport (Reuters)
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Bahrain Launches Global Sea-to-Air Logistics Hub

Bahrain International Airport (Reuters)
Bahrain International Airport (Reuters)

Bahrain launched the region's fastest multimodal logistics hub with only a two-hour turnaround time for all containers, allowing products to be with customers in half the time and at 40 percent reduction in cost compared to pure air freight.

The launch of the Bahrain Global Sea-Air Hub capitalizes both on Bahrain's strategic position midway between European and Asian markets and on its proximity to regional target markets by establishing the most efficient multimodal sea-air transshipment hub in the region with a global reach.

The hub will enable the growth of the Bahrain logistics sector, contributing to further diversifying the Kingdom’s economy.

Bahrain's non-oil GDP year-on-year growth reached 7.8 percent in Q2 in 2021, according to BNA.

Bahrain will grant partner status in this initiative to all markets globally, which will allow for granting their nationally based companies the opportunity to become an authorized Trusted Shipper at Bahrain's Global sea-to-air logistics hub.

Transportation and Telecommunications Minister Kamal bin Ahmed Mohammed stated that the launch of the Global Sea-to-Air logistics hub, the fastest in the Middle East, in Bahrain is a real opportunity for global logistics companies and exporters across the world.

"We can only do this because of our unique position, the proximity of our ports, as well as our regulators, operators, and port authorities working closely together, and our state-of-the-art digital processing solution," he said.

Bahrain is among the top 20 countries in the sector with over 70 destinations, raising air freight to 1 million metric tons and the logistics sector's contribution to GDP.

The plans include increasing the total air cargo capacity at Bahrain International Airport to expand the current space to accommodate the increase in cargo traffic of over 1.3 million tons, announced the minister.

The current air cargo area will be allocated to companies specialized in logistics activities and interested in conducting their business at the International Airport.



Dollar Drifts as World Braces for Trump's Reciprocal Tariffs

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
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Dollar Drifts as World Braces for Trump's Reciprocal Tariffs

A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo
A teller sorts US dollar banknotes inside the cashier's booth at a forex exchange bureau in downtown Nairobi, Kenya February 16, 2024. REUTERS/Thomas Mukoya/File photo

The dollar wobbled on Tuesday after a bruising quarter as weary investors braced for reciprocal tariffs from US President Donald Trump this week, a move that is likely to exacerbate the global trade war that has evoked US recession worries.

Investors' focus has been firmly on the new round of reciprocal levies that the White House is due to announce on Wednesday, with details scarce. Trump said late on Sunday that essentially all countries will be slapped with duties this week.

That has left currency markets subdued as traders stayed on the sidelines awaiting clarity on Trump's trade policies. Trump has already imposed tariffs on aluminium, steel and autos, along with increased tariffs on all goods from China.

"The second quarter may bring with it as much uncertainty and volatility for investors as the first quarter of the year," said Anthony Saglimbene, chief market strategist at Ameriprise Financial, Rueters reported.

"To date, there has been very little clarity on what and who these tariffs will target out of the gate. Market volatility could escalate depending on what and who is targeted."

The euro was 0.11% lower at $1.0805 after gaining 4.5% in the first quarter of the year, its strongest quarterly performance since October-December in 2022, thanks mainly to Germany's fiscal overhaul, although some investors are sceptical of the bull run lasting longer.

The Japanese yen was a shade stronger at 149.815 per dollar on Tuesday. The yen rose nearly 5% against the dollar in the January-March period on growing bets that the Bank of Japan would hike interest rates again.

Data on Tuesday showed business sentiment among big Japanese manufacturers worsened in the three months to March, a sign escalating trade tensions were already taking a toll on the export-reliant economy and complicating the BOJ's next move.

Beyond tariffs, a string of economic reports, including jobs and payrolls data, could shed much-needed light on how the US economy is holding up under a second Trump presidency.

Federal Reserve Chair Jerome Powell and other central bank officials' speeches this week also could offer clues on the path for US interest rates.

The Reserve Bank of Australia on Tuesday held interest rates steady at 4.1% and said it was still cautious about the outlook, though it dropped an explicit reference to being cautious about cutting rates again.

The Aussie was mostly steady, up 0.1% at $0.6256 in a muted response to the policy decision. The currency had touched a four-week low of $0.6219 on Monday, though it eked out a 1% gain in the first quarter.

"The RBA's statement suggests they're inching towards their next cut, but in no rush to signal one ahead of the election or the quarterly inflation figures," said Matt Simpson, senior market analyst at City Index. Australia will hold a general election on May 3.

The RBA delivered its first rate cut in over four years in February but has since adopted a cautious tone on further easing, with Governor Michele Bullock and other top policymakers downplaying the likelihood of multiple cuts.

The dollar index, which measures the US currency against six rivals, was flat at 104.23. Sterling last fetched $1.2916, while the New Zealand dollar was at $0.56755.