Dubai-based port operator DP World's half-year profits fall nearly 60%, in part over Red Sea attacks

DUBAI, United Arab Emirates (AP) — Dubai-based port operator DP World reported Thursday its half-year profits fell by nearly 60%, in part over the ongoing attacks by Yemen's Houthi rebels over the Israel-Hamas war that have affected shipping through the Red Sea.

DP World reported profits of $265 million this year, down from $651 million the same time last year. DP World Group's chairman and CEO, Sultan Ahmed bin Sulayem, acknowledged that the Red Sea disruptions affected the firm's revenues.

“The year 2024 has been marked by a deteriorating geopolitical environment and disruptions to global supply chains due to the Red Sea crisis,” he said in a statement included in the results. “While the near-term trading outlook remains uncertain due to macroeconomic and geopolitical headwinds, the resilient financial performance of the first half ... positions us well to deliver stable full year adjusted" profits.

Bin Sulayem did not elaborate on what specific effects the Houthi attacks had been having on DP World, a government-owned shipper that in recent years removed itself from the Nasdaq Dubai stock exchange.

The Houthis since November have been targeting shipping through the Red Sea corridor over the Israel-Hamas war in the Gaza Strip. The assaults have disrupted the $1 trillion of goods that flow annually through the region, while also sparking the most intense combat the U.S. Navy has seen since World War II.

The rebels maintain that their attacks target ships linked to Israel, the United States or the U.K. as part of a campaign they say seeks to force an end to the war. However, many of the ships attacked have little or no connection to the conflict.

Shippers have begun going around the Cape of Good Hope off Southern Africa to avoid the Red Sea entirely. The rerouting has affected shipping through Dubai's Jebel Ali Port, the home of DP World and the world's largest manmade harbor.

DP World already had faced challenges through the coronavirus pandemic, but the Houthi attacks have seen it affected while the long-haul carrier Emirates, another Dubai government-owned entity, have soared.

FILE - Container ships dock at the Dubai Port in the Jebel Ali Free Zone about 40 kilometers (25 miles) south of Dubai, United Arab Emirates Jan. 3, 2010. (AP Photo/Kamran Jebreili, File)

LONDON (AP) — Two men have been charged with burglary over the theft of an artwork by street artist Banksy from a London gallery, police said Friday.

The Metropolitan Police force said Larry Fraser, 47, and James Love, 53, are alleged to have taken “Girl with Balloon” from the Grove Gallery on Sunday night.

The suspects appeared at Wimbledon Magistrates’ Court on Thursday and were ordered detained until their next hearing on Oct. 9.

Police say they have recovered the work, which is valued in court documents at 270,000 pounds ($355,000).

The stolen work is one of several versions of “Girl with Balloon,” a stenciled image of a child reaching for a heart-shaped red balloon. Originally stenciled on a wall in east London, the picture has been endlessly reproduced, becoming one of Banksy’s best-known images.

Another version partially self-destructed during a 2018 auction, passing through a shredder hidden in its frame just after it was purchased for 1.1 million pounds ($1.4 million) at Sotheby’s.

The self-shredded work, retitled “Love is in the Bin,” sold for 18.6 million pounds ($25.4 million at the time) in 2021.

Bansky, who has never confirmed his full identity, began his career spray-painting buildings in Bristol, England, and has become one of the world’s best-known artists. His mischievous and often satirical images include two policemen kissing, armed riot police with yellow smiley faces and a chimpanzee with a sign bearing the words, “Laugh now, but one day I’ll be in charge.”

His paintings and installations sell for millions of dollars at auction and have drawn thieves and vandals.

This summer a series of animal-themed stencils showed up around London. One of them, a howling wolf on a satellite dish, was removed by a masked man less than an hour after it was confirmed as authentic. An image of a gorilla at London Zoo and piranhas in a police sentry box in London’s financial district were both removed by the authorities for safekeeping.

FILE - A staff member poses for photographs with a print of "Girl with Balloon, 2004" by British street artist Banksy, at Bonhams auction house in London, Monday, Nov. 8, 2021. (AP Photo/Matt Dunham, File)