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Ukraine war latest: Third round of Russian-Ukrainian talks ends without breakthrough

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Ukraine war latest: Third round of Russian-Ukrainian talks ends without breakthrough

JPMorgan Chase introduced it will take away Russian debt from its widely-used bond indices within the newest transfer to exclude the nation from the worldwide monetary system since Vladimir Putin went to struggle with Ukraine.

The financial institution will pull Russian sovereign and company bonds from all of its fixed-income indices from March 31, following related bulletins from index suppliers together with MSCI, S&P Dow Jones Indices and FTSE Russell.

The imposition of sanctions on Russia has rendered its debt illiquid and nearly uninvestable, and has pushed a lot of its bonds in direction of default.

Critically, the choice will exclude Russian bonds from JPMorgan’s “exhausting foreign money” company and sovereign indices in addition to its index for debt in rising market currencies.

JPMorgan’s rising markets indices are among the many most carefully adopted by traders within the fixed-income asset class and function an trade benchmark.

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Russian and Belarusian debt can even be excluded from its rising market indices that comply with environmental, social and governance standards.

Pramol Dhawan, head of rising market portfolio administration at Pimco, mentioned he had anticipated Russia to be excluded as a result of it “doesn’t meet the tradability or liquidity standards that the index has”.

Russia makes up 0.83 per cent of the JPMorgan Rising Markets Bond Index, which is tracked by about $415bn in property. The exclusion itself is unlikely to affect the worth of the index.

PricingDirect, a service which costs JPMorgan’s indices, has been steadily decreasing the worth of Russia’s bonds.

Learn extra on JPMorgan’s determination right here

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Trump falsely links New Orleans terror attack to migrants after erroneous Fox News report | CNN Business

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Trump falsely links New Orleans terror attack to migrants after erroneous Fox News report | CNN Business


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CNN
 — 

An erroneous early Fox News report about the New Orleans terror attack is warping the political dialogue in the aftermath of the deadly rampage.

The false report from Fox, which was attributed to anonymous sources, confused the public – and evidently President-elect Donald Trump too. The misinformation is still circulating more than 24 hours later – serving as a cautionary tale about the news ecosystem as the new year begins.

During the 10 a.m. hour on Wednesday, Fox reported that the New Orleans suspect’s truck crossed the US border in Eagle Pass, Texas “two days ago.” Some of the right-wing network’s coverage explicitly said “the suspect” drove across the border, leaving viewers with the impression that a foreigner might be responsible for the deadly carnage.

In fact, the New Orleans attack suspect was a US citizen and Army veteran. But those facts weren’t publicly established at the time Fox aired the faulty information.

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Eight minutes after the first Fox segment that mentioned the border, Trump issued a statement about “criminals coming in” from other countries. While Trump didn’t mention Fox directly, he is known to be an avid consumer of the cable network and has tapped several of its personalities for his incoming cabinet.

Some of Trump’s family members and political allies also immediately connected the attack to illegal immigration and cited Fox.

“Biden’s parting gift to America — migrant terrorists,” Donald Trump Jr. wrote, sharing the Fox claim on X. “Shut the border down!!!” Rep. Marjorie Taylor Greene exclaimed.

Fox tried to walk back its incorrect report about an hour and a half later. The network said the truck used in the attack was actually in Eagle Pass nearly two months ago, not two days ago. More importantly, the truck was being driven by someone else at that time – it was available on the car rental app Turo – so the detail about the border was completely irrelevant.

But the damage was done. References to Eagle Pass continued to spread across social media. Fox continued to stream a clip on its website of the incorrect information. “Some Republicans continued to beat the border drum well after Fox News retracted its initial report,” The Daily Beast’s Josh Fiallo reported.

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Ironically, Trump’s original statement used the New Orleans attack to say that he was right and the “Fake News Media” was wrong about the threat posed by illegal immigration. If he had waited a couple hours to react, he would have learned that the suspect was a US citizen.

A Fox spokesperson did not respond to a request for comment about the misreporting.

In a strange moment on the air Wednesday afternoon, a Fox reporter read Trump’s quote about “criminals coming in” from other countries, then clarified the New Orleans attacker didn’t enter from another country – without noting that it was Fox that seemingly misled Trump into issuing the statement in the first place.

Overnight, Trump continued to post messages on Truth Social assailing “open borders.” After a related segment on “Fox & Friends” Thursday morning, Trump wrote, “I said, many times during Rallies, and elsewhere, that Radical Islamic Terrorism, and other forms of violent crime, will become so bad in America that it will become hard to even imagine or believe. That time has come, only worse than ever imagined.”

Republican lawmakers on Fox have also continued to bring up the southern border during the network’s segments about the New Orleans attack, even though there is no known link.

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New Orleans Attacker Evaded a Security System Under Repair

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Bollards that normally protect pedestrians from vehicles were to be replaced as part of the city’s preparations for the Super Bowl next month. The attacker drove his pickup around a police vehicle parked to block traffic from the street he struck.

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Shipowners switch to smaller vessels as world trade reroutes from China

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Shipowners switch to smaller vessels as world trade reroutes from China

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The rerouting of global trade from China to ports elsewhere in Asia is leading shipowners to move on from the era of ordering ever-larger vessels and switch to smaller crafts instead.

Just six container ships capable of carrying the equivalent of more than 17,000 20-foot containers, known in industry parlance as TEUs, are due to be delivered in 2025, against 17 delivered in 2020, according to shipbroker Braemar.

At the same time, 83 mid-sized vessels measuring between 12,000 TEUs and 16,999 TEUs are set to be completed in 2025, almost five times the number five years earlier.

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“The 16,000-TEU ship will become the popular workhorse for liner companies,” said Jonathan Roach, container market analyst at Braemar, who added that “tepid” global trade and a saturation of “massive ships” had also reduced the appetite for these vessels.

The threat of environmental regulations and trade disruptions — including last year’s attacks on ships in the Red Sea — have also hit demand for the bulkiest carriers, said industry insiders.

That disruption is expected to continue with Donald Trump’s return to the White House this month. The incoming president has threatened to turbocharge tariffs on imports from China.

“We definitely see increased interest away from sourcing only your products from China,” said Peter Sand, chief analyst at shipping market tracker Xeneta, who added that supply chains were spreading to smaller manufacturing hubs elsewhere in Asia.

Sand added: “You can only make economic sense out of ships [of the largest] size if you have got the cargo to fill that up. If you don’t, you are losing money.”

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A senior executive at one of Asia’s biggest container shipping lines echoed Sand’s remarks. With manufacturing shifting to India and Vietnam, “it probably makes less sense to expect the largest vessels [to be] filled up in two or three ports”, he said.

The shift follows decades of shipowners ordering ever-larger vessels as global trade boomed — a trend that came to widespread attention when the 220,000-tonne, 20,000-TEU Ever Given ship ran aground and blocked the Suez Canal for six days in 2021.

A satellite image showing the MV Ever Given container ship being aided by tugboats as it navigates through the Suez Canal.
Tugboats push the Ever Given container ship in the Suez Canal © Maxar Tech/AFP via Getty Images

While mid-sized ships had overtaken the largest in popularity, demand for vessels bigger than 18,000 TEU had picked up again as profits in the container shipping industry soared in 2024.

Seventy-six ships of this size were on order at the start of December, compared with 45 at the same point in 2023, according to Braemar. Mediterranean Shipping Company, the industry leader, alone ordered 10 ships measuring 21,000 TEU in September, according to reports in the shipping trade press.

Shipowners’ earnings have surged after Yemen’s Houthi militant group launched a flurry of attacks on vessels near the Suez Canal, leading liners to divert ships and driving up the cost of shipping as the supply of available vessels dwindled.

But experts said the attacks, launched in a demonstration of support for Palestinians during the war in Gaza, had only emphasised the growing importance of flexibility in the industry.

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Ultra-large ships are predominantly used to ferry large Asia-Europe trades through the Suez Canal but would struggle to transit other critical passages such as the Panama Canal.

“The shutting of the Suez Canal has had a serious impact on container shipping,” said William MacLachlan, a partner at law firm HFW who advises clients on shipbuilding. “Smaller ships can respond to macroeconomic events more readily.”

He also pointed to considerable uncertainty over which fuel future ships should be built to run on, with limited supplies of green alternatives.

Shipowners are also unsure about what requirements the International Maritime Organization, the industry regulator, will set to achieve its target of net zero emissions by about 2050.

“I suspect smaller shipowners are thinking: can I justify that investment [in an ultra-large ship]?” said MacLachlan. “The smaller cost of the smaller ships means people are probably less concerned.”

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