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UN 'very concerned' over attacks on Red Sea trade
UN 'very concerned' over attacks on Red Sea trade
Economy
by  AFP

The United Nations raised the alarm on Wednesday over increasing attacks on shipping in the Red Sea, blamed by Western countries on Huthi rebels, and the risk of escalation in the region. Intensifying attacks by Yemen's Huthi rebels in the Red Sea have caused shipping companies to bypass the route and instead divert around Africa's Cape of Good Hope, significantly adding to journey times and cost.

Amazon cuts hundreds of jobs at Twitch, Prime Video and MGM
Amazon cuts hundreds of jobs at Twitch, Prime Video and MGM
Economy
by  AFP

Amazon's gamer streaming unit Twitch on Wednesday announced that it was laying off 500 staff, reportedly one third of the company, as it struggles financially despite strong popularity among players. The cull comes as part of Amazon's biggest ever job cutting plan launched last year, which it said will reach 27,000 positions across the company.

Huthi attacks idle Suez Canal, deepen Egypt's economic woes
Huthi attacks idle Suez Canal, deepen Egypt's economic woes
Economy
by  AFP

Attacks by Yemen's Huthi rebels in the Red Sea have caused shipping companies to avoid the Suez Canal -- a key source of revenue for Egypt as it battles a deep economic crisis. Suez Canal revenues are especially vital for Egypt amid the economic crisis during which the local currency has lost half its value since March 2022 while inflation tops 35 percent.