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A wooden jetty reaching into calm water at dusk, a few figures at the far end.

The Toll Has Stopped Rising Because the Work Has Changed

The Philippine Coast Guard's Saturday briefing gives the same figures as Friday's: 35 dead, 43 survivors, 53 missing. Burnt remains were found in the economy accommodation. Forensic teams are working under temporary tents at the port in Coron. The count now moves at the speed of identification rather than search.

Stacked shipping containers at a port terminal.

The Import Ban Is the Headline. The Services List Is the Instrument.

Britain has banned imports from Israeli settlements in the occupied West Bank and sanctioned individuals and companies involved in settlement expansion. The goods ban takes six to nine months and covers a small trade flow. The measures on construction, financing, real estate and advertising start sooner and reach further.

A worker guiding a crane lifting a bundle of steel tube in a distribution warehouse.

The Number Arrived With the Coffins

Eurometal says 300,000 European manufacturing jobs will go before the end of this year, and marked the claim by carrying ten coffins around the European Commission. The stunt makes the figure easy to discount. The cost gap underneath it does not depend on the stunt being fair.

A merchant vessel under way at sea.

The Strikes Are Unconfirmed. The Warning Is the Escalation.

Iran's Revolutionary Guard says it hit three oil tankers in the Strait of Hormuz and three US-affiliated ships, hours after American forces disabled three Iranian tankers. CENTCOM has not confirmed it and no damage has been reported. The notice issued alongside the claim needs no confirmation.

Unmanned surface vessels operating with the US Fifth Fleet in the Arabian Gulf.

The Mines Are Cleared. The Mines Were Never the Constraint.

US Central Command says it has cleared Iranian sea mines from the transit routes through the Strait of Hormuz. Two monitoring bodies still warn of drifting and uncharted mines outside the swept lanes, and analysts say the greater danger was always the missiles and drones on the shore. Clearing a channel is not the same as opening a strait.

A US Navy guided-missile destroyer under way in the Strait of Hormuz.

The Navy Can Escort the Ship. It Cannot Underwrite It.

Warships have been escorting tankers through the Strait of Hormuz for months. War-risk premiums went from one to three percent of hull value before the war to between seven and a half and ten percent, and the escort did not bring them down. Security and risk are priced by different institutions, and they do not net.