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Maersk Rules Out Suez Canal Return Until 'Well Into 2025'

Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
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Maersk Rules Out Suez Canal Return Until 'Well Into 2025'

Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca
Maersk containers are transported by train in Ronda, Spain October 27, 2024. REUTERS/Jon Nazca

Danish shipping group A.P. Moller-Maersk said on Thursday it expects strong demand for shipping goods around the globe to continue in the coming months, though does not expect to resume sailing through the Suez Canal until "well into 2025.”
Attacks on vessels in the Red Sea by Iran-aligned Houthi militias have disrupted a shipping route vital to east-west trade, with prolonged re-routing of shipments pushing freight rates higher and causing congestion in Asian and European ports.
"There are no signs of de-escalation and it is not safe for our vessels or personnel to go there ... Our expectation at this point is that it will last well into 2025," Chief Executive Vincent Clerc told journalists, according to Reuters.
Maersk, viewed as a barometer of world trade, said in January it was diverting all container vessels from Red Sea routes around Africa's Cape of Good Hope for the foreseeable future.
The company said on Thursday it had seen strong demand in the third quarter especially driven by exports out of China and Southeast Asia.
Clerc said he saw no signs of a slowdown in volumes from Europe or North America in the coming months.
Maersk also confirmed robust preliminary third-quarter earnings released on Oct. 21 driven by high freight rates, when it also raised its full-year forecasts citing solid demand and the continuing disruption to shipping in the Red Sea.
Maersk's shares rose 2.4% by 0957 GMT.

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Syria’s President Appoints Former EY Partner as Central Bank Governor 

Shoppers walk browsing for items along the alley of Damascus' Hamidiya covered market on March 29, 2025 as Muslims prepare ahead of the holiday of Eid al-Fitr marking the end of the holy fasting month of Ramadan. (AFP)
Shoppers walk browsing for items along the alley of Damascus' Hamidiya covered market on March 29, 2025 as Muslims prepare ahead of the holiday of Eid al-Fitr marking the end of the holy fasting month of Ramadan. (AFP)
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Syria’s President Appoints Former EY Partner as Central Bank Governor 

Shoppers walk browsing for items along the alley of Damascus' Hamidiya covered market on March 29, 2025 as Muslims prepare ahead of the holiday of Eid al-Fitr marking the end of the holy fasting month of Ramadan. (AFP)
Shoppers walk browsing for items along the alley of Damascus' Hamidiya covered market on March 29, 2025 as Muslims prepare ahead of the holiday of Eid al-Fitr marking the end of the holy fasting month of Ramadan. (AFP)

Syrian President Ahmed al-Sharaa appointed Abdelkader Husrieh as the country's new central bank governor, according to a statement by the president's office, weeks after his predecessor tendered her resignation to allow for a new appointee.

Husrieh, who was previously a partner with international accounting firm EY in Syria, was sworn in by Sharaa.

Husrieh's appointment comes few weeks after Syrian central bank governor Maysaa Sabreen tendered her resignation less than three months after she was appointed to the post in a caretaker role.

Sabreen told Reuters at the time that she resigned because the country's new rulers would appoint a new governor after the formation of a new government, which was announced in late March.

She had pledged during her short-lived tenure to boost the bank's independence after years of corrupt state control.

Economists view central bank independence as critical to achieving long-term macroeconomic and financial sector stability.

While the Central Bank of Syria has always been, on paper, an independent institution, but under Bashar-al-Assad, whose regime was toppled in a lighting offensive in December, the bank's policy was de facto determined by the government.