North Africa/Middle East
The rise of gas prices could act as a catalyst for oil demand and thus more cargo for oil tankers, should more countries opt for oil-based supplies for their winter needs, Hellenic Shipping News Worldwide reported. A cold winter could also play its part. In its latest weekly report, shipbroker Gibson said that “the current strength in gas prices is having major ramifications for global energy markets. Record prices in Europe and Asia are forcing utility firms to look for alternative energy sources and have pushed some companies into bankruptcy.
The billionaire owner of Italian fashion house Cavalli is planning a lavish new tower in Dubai to showcase the brand’s return after a brush with bankruptcy and nearly two years of sluggish sales during the pandemic, Bloomberg News reported. Hussain Sajwani, founder and chairman of Dubai-based Damac Properties, told Bloomberg that he may even double down on the planned $545 million structure by building a similar one in Miami. “I am committed to rebuilding the Cavalli brand, to relaunching it on key markets,” Sajwani said in the interview.