Red Sea Snag, Google Settlement, and Taters the Cat

Red Sea Shipping Snag

Yemen’s Iran-allied Houthi rebels, who support Hamas, vowed yesterday to continue targeting commercial ships passing through the Red Sea, a key global trade route bookended by the Suez Canal in the north and the Bab el-Mandeb (Gate of Tears) Strait in the south (see map). The militant group's comments came hours after the US announced it would lead an international initiative to protect ships on the route.

The Houthis (see overview) claim they are targeting ships linked to Israel or its Western allies, with most of the attacks occurring in the southern Red Sea, an area roughly as long as Interstate 95 from Washington, DC, to Boston. Houthi rebels have attacked or seized ships in the Red Sea at least 12 times over the last four weeks, prompting shipping giants to reroute (w/map) around southern Africa's Cape of Good Hope. Approximately 12% of global trade goes through the Suez Canal, the shortest sea route between Asia and Europe.

Separately, the UN Security Council is expected to vote today on a new resolution for a humanitarian cease-fire between Israel and Hamas; the US has vetoed previous versions. See all war updates here.

China Quake Aftermath

The death toll from China's 6.2 magnitude earthquake has risen to more than 130 people with about 700 more injured, marking the country's deadliest earthquake since 2014. The quake struck China's mountainous northwestern region just before midnight local time Monday near the Gansu-Qinghai border at a depth of 6.2 miles. Despite being only a moderately strong seismic event—more than 100 earthquakes between 6.0 and 7.0 occur globally each year—shallow quakes tend to be more damaging than deeper ones.

Officials expect the death toll to increase as rescuers and survivors face ice-covered mountainous terrain and subzero temperatures—overnight temperatures Tuesday dropped to as low as -8.7 degrees Fahrenheit. The quake—described as a 5.9 magnitude quake by the US Geological Survey (see why it's different here)—caused severe damage to houses, roads, and power lines in the remote region, one of China's poorest and least accessible provinces.

Gansu has a population of nearly 26 million and sits just east of the tectonically active Qinghai-Tibetan plateau. At least nine aftershocks have been recorded. See photos here.

Google App Store Settlement

Google will pay $700M to settle a 2021 lawsuit brought by a coalition of state attorneys general and millions of customers alleging its app store violates antitrust laws. More than 70 million customers are expected to be eligible for immediate payment under the settlement, pending final court approval (see eligibility). The penalty is 7% of the initial states' demand of $10.5B. 

Google's parent company, Alphabet, which operates the world's most popular search engine as well as its highest-earning advertising platform, also owns Android, the mobile operating system present on over 70% of the world’s roughly 7 billion smartphones. Claimants argue Google’s smartphone dominance allows it to squelch competing payment systems and app stores on its devices, reducing competition and leading to higher costs for consumers and developers. A separate antitrust case against Google—which could upend internet search—will conclude in May. 

The news comes just a week after Fortnite-maker Epic Games won a separate antitrust suit against Google after previously losing a similar case against Apple's app store. 

In partnership with SmartAsset

In partnership with SmartAsset

Vanguard vs. Fidelity vs. Schwab

Who are you partnered with? It’s no secret these could be considered three of the most popular brokerage firms. But they stack up slightly differently when it comes to fees and their specific suite of services. Learn more about who should work with Vanguard, Fidelity, and Schwab.

Try SmartAsset's no-cost tool to get matched with up to 3 vetted financial advisors serving your area. While your advisor matches may not necessarily be associated with the above institutions, consulting a fiduciary can be a great first step toward a comfortable retirement. Get started today.

Please support our sponsors!