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Will the Red Sea shipping suspensions bankrupt Egypt?

In a move that could have severe repercussions for Egypt’s already fragile economy, Maersk, one of the world’s leading shipping companies, has announced the suspension of shipping through the Red Sea and Suez Canal “until further notice.” The decision follows a recent attack on one of its vessels by Houthi militants, prompting concerns about the security of the vital maritime trade route.

An indefinite closure of the Suez Canal, responsible for ferrying up to 30% of global container trade, could potentially push Egypt into bankruptcy. The suspension comes as international shipping giants express anxiety over attacks on ships in the Red Sea by Iranian-backed Houthi militants, seeking retribution against Israel for its military actions.

You can read more on the matter here.

What’s going on?

• Did Nikola’s Trevor Milton Lie About His Heritage To Get A Weaker Sentence? (theDeepDive)

• B.C. union representing Lower Mainland transit workers issues 72-hour strike notice (BNN)

• BRICS Welcomes Five New Members as Argentina Opts Out (theDeepDive)

• SpaceX launches first set of satellites with direct-to-cell capabilities (Reuters)

• Saving the Panama Canal Will Take Years and Cost Billions, If It’s Even Possible (Bloomberg)

• This 23andMe Referral Scam May Just Be The Best One of 2023 (theDeepDive)

• Renewable energy's share on German power grids reaches 55% in 2023 (Reuters)

• Xerox to cut 15% of its workforce (CNBC)

• Harvard President Claudine Gay Resigns Following Multiple Controversies (theDeepDive)

• Nikki Haley’s Campaign Says She Raised $24 Million in Fourth Quarter (BNN)

• The Internet Thinks It Wasn’t the Real Putin Who Gave Russia A New Year Message (theDeepDive)

• Mortgage demand down 9.4% for final week of 2023, despite recent drop in interest rates (CNBC)

What’s the latest?

• Satellite-to-Cell service: SpaceX has launched a Falcon 9 rocket carrying Starlink satellites designed to send phone signals directly to smartphones, in collaboration with T-Mobile US. This initiative, part of a partnership announced in August 2022, aims to provide network coverage in the United States. The service will initially support text messaging, with plans to expand to voice and data capabilities in the coming years.

• Job Openings Down: U.S. job openings decreased for the third consecutive month in November, indicating a gradual easing of labor market conditions. The Labor Department's JOLTS report showed a drop of 62,000 job openings, totaling 8.79 million, down from a peak of 12 million in March 2022.

• Disney Secures Support: ValueAct Capital and Blackwells Capital are backing Walt Disney Co. in its defense against a board challenge from Trian Fund Management. Disney, under CEO Bob Iger, faces a crucial turnaround period after setbacks in its streaming division and movie franchises. ValueAct will advise on strategy and support Disney's director nominees, while Blackwells has nominated three pro-company strategy directors.

• New Vehicle Sales: U.S. new vehicle sales in 2023 are expected to have risen by about 12% to 15.5 million units, according to Cox Automotive, with similar forecasts from J.D. Power and GlobalData projecting a 13.2% increase. Electric vehicle sales also grew, highlighted by Tesla's 38% rise in 2023 deliveries.

• Iran Explosions: Two explosions near the grave of Iranian commander Qassem Soleimani in Kerman, Iran, killed at least 103 people and injured 171 on the anniversary of Soleimani's death. Iranian Interior Minister Ahmad Vahdi described the blasts as a terrorist attack, linking them to Iran's stance against Israel and its support of groups like Hezbollah, Hamas, and Yemen's Houthi rebels. The attacks, which involved bombs in a suitcase and a car detonated remotely, followed a suspected Israeli drone strike that killed a Hamas leader.

Copper success in Peru

The stock market and stuff

• Michael Saylor To Sell Over $200 Million Worth Of MicroStrategy Shares (theDeepDive)

• VinFast Planning Battery Plant in Southern India in 2024 (Bloomberg)

• Did Nikola’s Trevor Milton Lie About His Heritage To Get A Weaker Sentence? (theDeepDive)

• Suncor reports 808,000 barrels per day of upstream production in fourth quarter (BNN)

• OpenAI Is Already Changing ChatGPT Responses Following NYT Lawsuit (theDeepDive)

In the juniors

• Benton Resources Hits 5.51% Copper Over 25.42 Metres (theDeepDive)

• Mullen Automative Files Complaint Against GEM Global Alleging Violation of Securities Laws (theDeepDive)

• NuRAN Wireless Secures Non-Binding Mandate Letter Worth US$5 Million(theDeepDive)

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