Attacks by the Houthis on ships in the area since November have impacted companies and alarmed major powers, in an escalation of Israel's more than three-month war with Hamas militants in Gaza. The group says it is acting in solidarity with Palestinians.

THE GLOBAL economy is in dissarray with no clear direction, while the US-China trade war is having an adverse impact on investors’ confidence worldwide, warned Supachai Panitchpakdi, former director-general of the World Trade Organisation.