Tuesday’s briefing: BP has interrupted oil shipments to the Red Sea

BP has halted oil shipments to the Red Sea

Global oil prices rose yesterday after energy giant BP said it had stopped sending tankers through the Red Sea. The route has become increasingly dangerous since the Houthi armed group began attacking ships with drones and missiles.

The Houthis, who control much of northern Yemen, have said they plan to prevent Israeli ships from sailing the Red Sea until Israel ends its war against Hamas. Both the Houthis and Hamas are supported by Iran.

Over the weekend, forces from the US and other countries said they had shot down more than a dozen drones in the area.

In recent days, major shipping companies – including Evergreen, Hapag-Lloyd, Maersk and Mediterranean Shipping – said they would temporarily stop sending ships through areas of the Red Sea. BP’s announcement raised fears of further disruption to shipments through the Suez Canal, a key conduit for both crude and refined oil products.

Other developments in the war between Israel and Hamas:

A pro-democracy tycoon from Hong Kong is on trial

Jimmy Lai’s trial, which began yesterday in Hong Kong, is yet the most high-profile test of Beijing’s national security law, imposed after 2019’s pro-democracy protests. Lai faces life in prison if convicted.

Human rights activists, as well as the US and British governments, have denounced the charges against Lai, who published Apple Daily, an anti-government newspaper, calling them spurious and politically motivated. His trial is expected to last 80 days.

Context: Authorities have used the national security law to silence dissent across the city. Their investigations have forced independent media to close and dozens of opposition figures have been put behind bars. China says the law is needed to eradicate threats to Beijing’s sovereignty, but activists and scholars say the law will erode the city’s judicial independence.

Details: The charges against Lai are based in part on posts he made on social media and in articles published in Apple Daily urging Western governments to impose sanctions on Hong Kong and China.

The Pope will allow priests to bless same-sex relationships

Pope Francis has taken one of the most concrete steps yet in his efforts to make the Roman Catholic Church more welcoming to LGBTQ Catholics by allowing priests to bless couples in same-sex relationships, the Vatican announced yesterday .

The pope clearly maintained the church’s position that marriage could only exist between a man and a woman, but he said priests should exercise “pastoral charity” when it came to requests for blessings.

For decades, after-church lunches have been a crucial venue for Korean immigrants settling in the U.S., and these meals continue to thrive as community hubs.

But in a rapidly evolving world where Korean pop music, food, film, culture and community are virtually everywhere, younger Korean people have less need for it.

Business succession in South Korea

LG, a South Korean business empire worth $10 billion, is governed by the principle of male primogeniture. The succession was effectively arranged when the chairman and his wife adopted their eldest cousin, Koo Kwang-mo.

But when the former chairman died without a will in 2018, it unleashed a power struggle within the family and LG over his inheritance. Now, five years later, the former chairman’s widow and two daughters are suing Koo, accusing him and other LG executives of cheating to steal their rightful inheritance. The lawsuit pits the matriarch of one of South Korea’s wealthiest families and her daughters against the adopted male heir. It also challenges LG’s patriarchal tradition, which treats female family members as afterthoughts.

Powerful families: South Korea’s economy is dominated by a handful of family businesses. Here’s what you need to know about them.