Here are the latest global economic developments on Sunday, as the war in the Middle East enters its second month.
Two More LPG Carriers Bound for India Cross Strait of Hormuz (Indian Ministry)
Two new Indian-flagged ships carrying liquefied petroleum gas (LPG) have crossed the Strait of Hormuz, announced the Indian Ministry of Shipping on Sunday.
Following the American-Israeli military strikes that triggered the conflict on February 28, Iran has nearly halted maritime traffic in the Strait of Hormuz, a critical passage for global crude oil and liquefied petroleum gas.
Indonesia Aims to Save Up to $2.3 Billion by Reducing Free Food Distribution
Indonesia is seeking to save up to $2.3 billion (2 billion euros) by reducing its free meal distribution program, the first austerity measure taken amidst rising prices due to the Middle East war, announced a government official on Sunday.
The meals, mainly for school children, will now be distributed only five days a week instead of six, starting from Tuesday, March 31, according to Sudaryati Deyang, an official from the national nutrition agency.
Two New Arrests in Bank of America Attack Investigation in Paris
Two more individuals were arrested overnight from Saturday to Sunday as part of the investigation into the thwarted attack on the Paris headquarters of Bank of America, linked by the Interior Minister to the Middle East war.
The custody of the minor arrested on Saturday has been extended, according to the national anti-terrorism prosecutor’s office.
Israeli-American Strikes Hit Iranian Port Near Strait of Hormuz
American and Israeli strikes on Sunday targeted a dock at an Iranian port near the Strait of Hormuz, resulting in five deaths, reported the official Iranian news agency IRNA.
“The American-Zionist enemy carried out a criminal attack on the Bandar Khamir dock, causing five deaths and four injuries,” stated IRNA.
Significant Damage at Emirates Global Aluminium Site
Emirates Global Aluminium company announced significant damage at one of its sites in Abu Dhabi on Saturday, following a drone and missile attack that caused several injuries.
Fires broke out in the Al-Tawila industrial zone in the morning, with debris falling due to interception of the attack, as reported later by the Emirati authorities, confirming six injuries.
Defense Agreements Between Ukraine and Gulf Countries
Ukrainian President Volodymyr Zelensky stated on Saturday that the agreements signed with Gulf countries during his regional tour involved a “ten-year cooperation” in the defense sector, along with the establishment of joint production lines.
Thailand Claims Agreement with Iran for Strait of Hormuz
Thailand claimed on Saturday to have reached an agreement with Iran to allow passage of its oil tankers through the strategically vital Strait of Hormuz, which has been nearly paralyzed since the start of the Middle East war.
“An agreement has been reached to allow Thai oil tankers to safely transit through the Strait of Hormuz, helping to ease concerns about fuel delivery to Thailand,” stated Thai Prime Minister Anutin Charnvirakul during a press conference.
Turnaround in Strait of Hormuz
The Iranian Revolutionary Guards announced on Friday that three container ships were forced to turn back in the Strait of Hormuz.
They declared that this strategic route was closed to ships coming to or from ports linked to “the enemy.”
