The daily business briefing: March 29, 2021

The ship blocking the Suez Canal is partially refloated, investment banks warn of losses from hedge-fund default, and more

The great statesmen
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1. Ship blocking Suez Canal partially refloated

The Suez Canal Authority said Monday that the massive cargo carrier blocking the waterway had been 80 percent refloated, and that tugboats would try again at the next high tide to free the grounded vessel. "It is good news," said Osama Rabie, chairman of the Suez Canal Authority. "We are not finished yet, but it has moved." At least 320 vessels are waiting to pass through from the Red Sea to the Mediterranean or vice versa, costing billions of dollars a day. Engineers have been working to clear the ship, digging the protruding bow out from the bank and vacuuming up sand from the bottom of the canal. They had been hopeful that high spring tides accompanying Sunday's full moon would aid the effort.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.