Why We Just Sold Half of Our Stocks

We've already sold all or part of 52 different stocks this year - more than any other period in our firms' history. That's because there are five cracks forming below this market that threaten us with a widespread collapse. We could see the market tumble by 50% and unemployment will triple.

Salvagers abandoned effort to tow burning oil tanker in Red Sea targeted by Yemen's Houthi rebels

JON GAMBRELL
September 03, 2024

DUBAI, United Arab Emirates (AP) -- Salvagers abandoned an effort to tow away a burning oil tanker in the Red Sea targeted by Yemen's Houthi rebels as it "was not safe to proceed," a European Union naval mission said Tuesday.

The announcement by the EU's Operation Aspides leaves the Sounion stranded in the Red Sea, threatening to spill its 1 million barrels of oil.

"The private companies responsible for the salvage operation have concluded that the conditions were not met to conduct the towing operation and that it was not safe to proceed," the EU mission said, without immediately elaborating. "Alternative solutions are now being explored by the private companies."

The Houthis initially attacked the Greek-flagged tanker on Aug. 21 with small arms fire, projectiles and a drone boat. A French destroyer operating as part of Operation Aspides rescued the Sounion's crew of 25 Filipinos and Russians, as well as four private security personnel, after they abandoned the vessel and took them to nearby Djibouti.

Last week, the Houthis released footage showing they planted explosives on board the Sounion and ignited them in a propaganda video, something the rebels have done before in their campaign.

The Houthis have targeted more than 80 merchant vessels with missiles and drones since the war in Gaza started in October. They seized one vessel and sank two in the campaign that also killed four sailors. Other missiles and drones have either been intercepted by a U.S.-led coalition in the Red Sea or failed to reach their targets, which have included Western military vessels as well.

The rebels maintain that they target ships linked to Israel, the U.S. or the U.K. to force an end to Israel's campaign against Hamas in Gaza. However, many of the ships attacked have little or no connection to the conflict, including some bound for Iran.

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