Houthis Threaten International Navigation Twice in 10 Days

Tugboats are seen near a ship in the Red Sea port of Hodeidah, Yemen. (Reuters)
Tugboats are seen near a ship in the Red Sea port of Hodeidah, Yemen. (Reuters)
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Houthis Threaten International Navigation Twice in 10 Days

Tugboats are seen near a ship in the Red Sea port of Hodeidah, Yemen. (Reuters)
Tugboats are seen near a ship in the Red Sea port of Hodeidah, Yemen. (Reuters)

For the second time in ten days, international maritime navigation in the Red Sea came under direct threat from Yemen’s Houthi militias.

Official reports stated that the militias launched a ballistic missile towards south of Red Sea near al-Mandeb Strait through which a third of the world’s oil carriers pass.

Sources said the missile most likely fell in international waters in the Red Sea.

The missile, launched from Hajjah governorate, is the second threat to the navigation in the Red Sea following the attack on al-Mokha port with a bomb-laden boat.

The attack was deemed by the Saudi-led coalition as a threaten to the international navigation and regional and international security. The coalition added that the threat impeded the arrival of humanitarian and relief aid to the Yemeni people.

Only three months after operation Decisive Storm was launched in 2015, Houthis began targeting navigation in the Red Sea. Back then, the coalition forces took control of an island which the militants made a storage for ready-to-launch missiles.

As the Yemeni army takes control of larger areas of the country, militias are trying to implement a “preemptive” strategy by escalating attacks, whether against Saudi territories or threatening the security of international navigation.

Head of Foreign Affairs Committee of the Saudi Shura Council Zuhair al-Harthi believed that the attempts to impede the navigation is Iran’s main goal through its Houthi affiliates, who had been trained in Lebanon’s Bekaa region under the supervision of the Iran-backed “Hezbollah”.

Harthi informed Asharq Al-Awsat that main goal is to expand Tehran’s presence in the region by destabilizing countries that overlook the Mandeb Strait.

According to his analysis, Iran is using Houthis to destabilize Saudi Arabia’s security through targeting Red Sea navigation.

He underlined the strategic location of Yemen from a geopolitical point of view, noting that it lies south of the largest oil-producing country in the world, overlooks Mandeb Strait and faces the Horn of Africa.

Harthi called on the international community to unite to confront Iran and its continuous attempts to create a chaos in the Red Sea by supporting Houthis pirates. He reiterated that any Iranian control of the Mandeb Strait will affect the international oil supply and create economic turmoil.

He stressed that Iran must be held accountable for its transgressions, adding that it is important for the stability of the region and safety of international navigation.



Turkish Shares Rise After Iran Ceasefire Deal, Lira Set for Rare Daily Gain

10 July 2020, Türkiye, Istanbul: People stand behind a Turkish national flag in front of Hagia Sophia in Istanbul. (dpa)
10 July 2020, Türkiye, Istanbul: People stand behind a Turkish national flag in front of Hagia Sophia in Istanbul. (dpa)
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Turkish Shares Rise After Iran Ceasefire Deal, Lira Set for Rare Daily Gain

10 July 2020, Türkiye, Istanbul: People stand behind a Turkish national flag in front of Hagia Sophia in Istanbul. (dpa)
10 July 2020, Türkiye, Istanbul: People stand behind a Turkish national flag in front of Hagia Sophia in Istanbul. (dpa)

Banking and ‌airline stocks led a more than 4% rise in Turkish shares and the lira was on track for a rare daily gain on Wednesday, as the two-week Middle East ceasefire sparked a relief rally across global markets.

At 0823 GMT, Türkiye's blue-chip BIST 100 index was up 4.3%, while the banking index rose 8.8%. Shares in airline ‌carriers Turkish ‌Airlines and Pegasus climbed more than ‌6% ⁠each.

The United States ⁠and Iran have agreed to a two-week ceasefire and Pakistan Prime Minister Shehbaz Sharif said in a post on X that he had invited Iranian and US delegations to meet in Islamabad on Friday.

The ⁠lira traded at 44.5400 against ‌the dollar, strengthening from ‌Tuesday's close of 44.6065.

The currency had lost about ‌1.5% in value since the US-Israeli strikes ‌on Iran began at the end of February. With a year-to-date loss of 3.6% and inflation reaching to 10% in the first three ‌months of the year, the lira has gained in real terms.

Before the ⁠two-week ⁠ceasefire agreement, economists had been expecting the central bank to reflect a cumulative 300 basis points of tightening delivered via liquidity measures in the main policy rate, which stands at 37%.

Markets are now watching whether the two-week ceasefire evolves into a more permanent arrangement, which could reshape expectations for policy tightening at the central bank's next monetary policy committee meeting on April 22.


Source: Sony Pictures to Trim Workforce by a Few Hundreds in Strategic Reset

FILE - A Sony PlayStation 5 video game console is for sale in Fairfield, Connecticut, on December 5, 2023. (AP Photo/Ted Shaffrey, File)
FILE - A Sony PlayStation 5 video game console is for sale in Fairfield, Connecticut, on December 5, 2023. (AP Photo/Ted Shaffrey, File)
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Source: Sony Pictures to Trim Workforce by a Few Hundreds in Strategic Reset

FILE - A Sony PlayStation 5 video game console is for sale in Fairfield, Connecticut, on December 5, 2023. (AP Photo/Ted Shaffrey, File)
FILE - A Sony PlayStation 5 video game console is for sale in Fairfield, Connecticut, on December 5, 2023. (AP Photo/Ted Shaffrey, File)

Sony Pictures Entertainment is laying off a few hundred employees, a source familiar with the matter said on Tuesday, as the company restructures parts of its business to align with its long-term growth strategy.

The layoffs are not a cost-cutting exercise but are targeted and strategic, the source added, according to Reuters.

The job reductions come as Hollywood studios contend with shifting audience habits, mounting pressure on traditional television businesses and a reassessment ⁠of spending after ⁠years of heavy investment in streaming.

Unlike many rivals, Sony Pictures primarily licenses content to third-party streaming platforms, giving it flexibility to partner widely rather than rely on a single in-house service.

In a letter sent internally earlier on ⁠Tuesday, Sony Pictures Chief Executive Ravi Ahuja told employees the company was reducing roles in some areas while increasing focus and investment in others, describing the changes as necessary to operate with greater speed and alignment.

"These are difficult decisions," Ahuja said in the message, adding that affected employees would be supported through the transition.

Ahuja said Sony Pictures remains well positioned despite ⁠broader ⁠industry disruption, citing the strength of its independent film and television studios, which allow it to partner widely across platforms rather than rely on a single in-house streaming service.

Media companies have increasingly streamlined operations while prioritizing franchises, global intellectual property and more flexible distribution models.

Sony Pictures is a major Hollywood studio known for franchises such as Spider-Man, Jumanji and Ghostbusters, and television shows including The Boys and Jeopardy!


Gulf Markets Jump on US-Iran Ceasefire Agreement

A man follows the stock market at the Dubai Financial Market in Dubai (EPA)
A man follows the stock market at the Dubai Financial Market in Dubai (EPA)
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Gulf Markets Jump on US-Iran Ceasefire Agreement

A man follows the stock market at the Dubai Financial Market in Dubai (EPA)
A man follows the stock market at the Dubai Financial Market in Dubai (EPA)

Stock markets in the Gulf region jumped on Wednesday in line with global equities after US President Donald Trump agreed to a two-week ceasefire with Iran on Tuesday.

Trump said the last-minute deal was subject to Iran's agreement to pause its blockade of oil and gas supplies through the Strait of Hormuz, which before the war typically handled about one-fifth of global oil and liquefied natural gas shipments.

Iranian Foreign Minister Abbas Araqchi said Tehran would cease counter-attacks and provide safe passage through the waterway if attacks against it stopped.

Pakistani Prime Minister Shehbaz Sharif ⁠said he had ⁠invited Iranian and US delegations to meet in Islamabad on Friday.

Saudi Arabia's benchmark index opened 1.4% higher, lifted by gains in banking and energy stocks.

Oil giant Saudi Aramco gained 2.1%, while largest lender Al Rajhi Bank added 2.4%.

Dubai's main market spiked as much as 8.5%, its highest intraday gain in more than 11 years, with the heavyweight real estate and financial sectors outperforming.

At 0730 GMT the Dubai index was trading 6.4% higher, led by a 9.8% jump in blue-chip developer Emaar Properties and an 11.3% rise in top lender Emirates NBD ⁠Bank.

Abu Dhabi's benchmark index climbed as much as 4.9% in early trade, its biggest jump in six years, boosted by gains in the financial, real estate, logistics and energy sectors.

At 0730 GMT the Abu Dhabi index was up 3.2% with the largest lender, First Abu Dhabi Bank, rising 8.3% and real estate giant Aldar Properties jumping 8.8%.

Energy firm Adnoc Gas gained 3.8%, while Abu Dhabi Ports Company advanced 9.8%.

In Qatar, the index jumped 3.4%, as all its constituents advanced, led by energy shares.

Petrochemical maker Industries Qatar jumped 6.2% and Qatar Gas Transport surged 8%, the top gainer.

The Gulf's biggest lender, Qatar National Bank, climbed 3.7%.