Paris (France) (AFP) – Here are the latest economic events in the Middle East war:
**Bangladesh cuts office hours**
Bangladesh cut office and shop hours and banned decorative lighting at weddings to conserve energy stocks. Bangladesh imports 95 percent of its oil and gas needs. About 60 percent of its electricity is generated using imported gas, while diesel is primarily used for farming.
**French cargo passes Hormuz**
A Maltese-flagged container ship declaring itself to be owned by France’s CMA CGM successfully passed through the Strait of Hormuz on Thursday and is now off the coast of Muscat in Oman, according to Marine Traffic data analyzed by AFP Friday. It appears to be the first known transit by a major European shipping group since March 1 when Iran began attacking ships near the Strait in retaliation to US-Israel strikes.
**Abu Dhabi, Kuwait hit**
A fire caused by falling debris from an intercepted attack forced the suspension of operations at the Habshan gas complex in the emirate of Abu Dhabi, the government media office said. “No injuries have been reported,” the emirate’s media office said on X. Meanwhile, a drone attack on the Mina Al-Ahmadi refinery owned by Kuwait’s national oil company sparked fires at several of its units, state media said.
**Tokyo rebounds in holiday-hit trade**
Tokyo shares rebounded Friday following the previous day’s steep losses as investors tracked gains on Wall Street, with most markets closed for Easter. Oil markets were also closed, a day after West Texas Intermediate soared more than 11 percent to $111.54 and Brent jumped 7.8 percent to $109.03, as US President Donald Trump’s address to the nation suggested the Iran war would continue for several weeks. Trump’s failure to flesh out an exit plan initially sent stock markets tumbling — with all major Asia exchanges closing well down — but European and US indexes recovered ahead of the long weekend.
**Ukraine offers help**
Ukrainian President Volodymyr Zelensky said his country could help unblock the Strait of Hormuz. He did not specify how Ukraine could contribute, but cited Kyiv’s experience in restoring passage through the Black Sea, which Russia had blocked at the beginning of its invasion of Ukraine.
**Food prices rise**
The UN’s Food and Agriculture Organization (FAO) said its Food Price Index, which measures the monthly changes in international prices of a basket of food commodities, rose 2.4 percent in March from February due to higher energy and fertilizer costs.
**Italy extends tax cuts**
Italy has extended by a month a temporary cut in fuel excise taxes that were due to expire on April 6. Some 500 million euros would be allotted to the decree law, which also includes a measure for agriculture that would extend a 20 percent tax credit.
**Thailand blames stockpilers**
Thailand’s prime minister slammed oil traders for “excessive profiteering”, blaming those stockpiling fuel or smuggling it abroad for shortages that have driven prices steadily higher.
**Australia faces petrol shortages**
Australia’s government urged motorists to fill their cars at city petrol stations ahead of any long road trips over the Easter holiday. Energy Minister Chris Bowen said hundreds of service stations in rural towns had run out of diesel nationally, and over a hundred were without unleaded petrol.
**Kiwis buy electric**
Electric vehicle sales in New Zealand more than tripled in March according to official government figures released this week, driven by increased fuel prices as a result of the war in the Middle East. During the same period, the average petrol price had risen by more than 30 percent, and diesel prices were up 74 percent.
**Japan airlines mull surcharges**
Japanese airlines are considering raising fuel surcharges, though officials from major carriers stressed no decisions had yet been made. Flag carrier Japan Airlines said it could face additional costs of 30 billion yen ($190 million) every month if fuel prices continue to rise at the current rate.
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© 2024 AFP
