NEWS BRIEFS
Oil tanker involved in U.S.-Iran dispute boarded by armed guardsREUTERS
An oil tanker caught up in a dispute last year between the United States and Iran was boarded by armed individuals off the coast of Oman on Thursday and appeared to have changed course towards Iran, according to UK maritime sources.
The Marshall Islands-flagged tanker St Nikolas was boarded by armed intruders as it sailed close to the Omani city of Sohar, according to British maritime security firm Ambrey, and its AIS tracking system was turned off as it headed in the direction of the Iranian port of Bandar-e-Jask.
In 2023 the St Nikolas was seized by the United States in a sanctions enforcement operation when it sailed under a different name, Suez Rajan.
The United States said at the time that Iran's Islamic Revolutionary Guard Corps (IRGC) had been trying to send contraband Iranian oil to China, in violation of U.S. sanctions.
The ship loaded 145,000 metric tonnes of oil in the Iraqi port of Basra and was heading to Aliaga in western Turkey via the Suez Canal, its operator Empire Navigation told Reuters, adding that it had lost contact with the vessel.
China raises concerns with US over chip-making export controls, sanctions
REUTERS
China's Commerce Minister Wang Wentao expressed concern over U.S. curbs preventing third countries from exporting lithography machines to China during a phone call with U.S. Commerce Secretary Gina Raimondo on Thursday, his ministry said.
Washington has used export controls to cut off China's access to advanced chips and chip-making tools that could fuel breakthroughs in AI and sophisticated computers for its military. It has also lobbied allies with key suppliers to adopt similar curbs.
"Wang Wentao focussed on the United States' restrictions on third-party exports of lithography machines to China, a (U.S.)investigation into the legacy chip supply chain, and sanctions that suppress Chinese enterprises," a Commerce Ministry statement said.
Netherlands, home to the world's leading chip equipment maker ASML, was one of the countries involved. On Jan. 1, ASML said the Dutch government had revoked an export licence covering the shipment of some of its equipment to China.
Investors are moving on from the recession that 'never was'
REUTERS
Big investors are tearing up market playbooks for 2024 based on timing an expected recession and interest rate cuts, as the world economy proves surprisingly resilient.
They are turning lukewarm on government bonds and away from big tech shares to bargain-hunt for stocks in sectors long hit by fears of a downturn that has yet to materialise.
A blazing bond rally that began in October has stalled as strong data including last week's U.S. jobs numbers shake expectations for rapid monetary policy easing.
And while red hot stock markets remain vulnerable to any collapse in rate cut bets, some money managers believe sustained economic growth will buoy up small-cap shares, banks and cyclicals and could sweep cautious money back into equities.
"The surprise this year is probably that (economic) growth comes in once again," said Evan Brown, head of multi-asset strategy and portfolio manager at UBS Asset Management.
Oil prices firm as Middle East tensions heat up
REUTERS
Oil prices rose on Thursday after an oil tanker was boarded by an armed group in Oman, raising the prospect of escalating conflict in the Middle East.
Brent crude futures gained US$1.03, or 1.3%, to US$77.83 a barrel by 0916 GMT and U.S. West Texas Intermediate crude futures rose 98 cents, or 1.4%, to US$72.35, though gains were capped by a surprise build in U.S. crude stockpiles.
The United Kingdom Maritime Trade Operations (UKMTO) authority received a report on Thursday that a vessel about 50 nautical miles east of Oman's coast was boarded by four to five armed individuals.
The previous day Yemen-based Houthis mounted their largest attack yet on commercial shipping lanes in the Red Sea and Israeli strikes in southern and central Gaza also intensified.
The United States and Britain hinted they would take further measures if the attacks continued. The United Nations Security Council, meanwhile, passed a resolution demanding an immediate end to the Houthi strikes.
Microsoft challenges Apple as world's most valuable company
REUTERS
A recent dip in Apple's stock over worries about iPhone sales has left the Silicon Valley tech heavyweight in danger of being overtaken by Microsoft as the world's most valuable company.
Fresh worries about smartphone demand have pushed Apple's shares down 4% so far in 2024 after rallying 48% last year. Microsoft is up about 2% year to date after surging 57% in 2023.
Apple dipped 0.4% on Wednesday, while Microsoft added 1.6%, further eroding the iPhone maker's lead. Apple's stock market value is now at US$2.866 trillion, compared to Microsoft's US$2.837 trillion value.
Apple's market capitalization peaked at US$3.081 trillion on December 14, while Microsoft's value reached as much as US2.844 trillion on November 28.