Abbreviated report again today.
— Efforts to rescue those endangered by the destruction of the Nova Khakovka dam, located in a Russian-controlled area of south-east Ukraine, continued. Ukrainian officials reported that 29 towns and villages had been flooded, leaving people stranded on their rooftops and without drinking water. Authorities say at least 40,000 people must be evacuated. Russia and Ukraine each blame the other for the blast.
— The economy of the Eurozone shrank by 0.1% in the first quarter of 2023, according to downwardly revised data released on Thursday. That puts the currency area into a recession, defined as two consecutive quarters of negative growth. But the downturn is unlikely to last too long: the European Commission forecasts that the region's GDP will expand by 1.1% this year.
Despite largely peaceful negotiations, labor shortages and other disruptions are becoming more frequent, affecting terminals in Seattle, Los Angeles, and Oakland. Cargo flows have been disrupted with some container vessels experiencing cancellations or delays.
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