Latest news with #Cozzi
Euronews
10 hours ago
- Business
- Euronews
What would happen if the Strait of Hormuz is closed?
As oil prices are climbing after the attacks on Iran by Israel and then the US, investors are closely watching the fate of a narrow sea passage in the Middle East. The Strait of Hormuz is vital for gas and oil exporters in the Gulf region, as this is the only route by sea to export large volumes of oil and gas produced among the oil-rich countries in the region. This narrow passage is located between Oman and Iran, connecting the Persian Gulf with the Gulf of Oman and the Arabian Sea. It is about 167 km long, and at its narrowest point, 39 km wide. According to the Joint Maritime Information Centre, June 2024 averaged 114 vessels transiting the strait daily and so far traffic in June 2025 is consistent with this. On 21 June, for instance, there were 122 vessels passing through the strait. The passage is deep enough and wide enough to handle the world's largest crude oil tankers, and it is one of the world's most important oil chokepoints (narrow channels along widely used global sea routes that are critical to global energy security). How important is the Strait of Hormuz for global trade? The health of the world economy depends on the flow of oil from this region. Oil tankers on average carry through the strait 20 million barrels per day (b/d), or the equivalent of about 20% of global petroleum liquids consumption, according to the US Energy Information Administration analysis. 'A potential Iranian blockade of the Strait of Hormuz would send shockwaves through the global economy," Professor Guido Cozzi, Chair of Macroeconomics at the University of St. Gallen, said to Euronews. He added that any disruption to the oil flow in this narrow waterway would drive up energy prices, fuel inflation, and strain supply chains. Continental Europe and China are losing the most, both heavily reliant on imported energy and lacking domestic buffers. "They would face rising costs, slower growth, and heightened inflation without any upside," Cozzi said. Meanwhile, the US and the UK would see their exports become more competitive, as they are sourcing the majority of their energy from elsewhere. And if the strait would be closed, pushing prices up globally, that would benefit Western producers more than it would harm them, according to the professor. Natural gas supplies are also at risk Besides oil, global natural gas supply could also be seriously impacted, as Qatar, one of the world's biggest natural gas exporters uses the narrow seaway to export about 77 million metric tons of liquefied natural gas (LNG) a year. This is one-fifth of the global LNG supply. Alternative supply routes for Middle Eastern oil and gas are limited, with pipeline capacity insufficient to offset potential maritime disruptions through the Persian Gulf and Red Sea,' S&P said in an analysis. 'Any Iranian closure of the Strait of Hormuz would affect not only its own exports but also those of Saudi Arabia, the UAE, Kuwait and Qatar, potentially removing over 17 million b/d of crude oil from global markets,' added the analysis, saying that Saudi Arabia and the UAE have pipelines that can circumvent the strait. Analysts expect oil prices to skyrocket and surpass $100 a barrel if Iran decides to close the passage. Though insurance for the oil tankers passing through the strait increased and the situation is quite tense, according to the Joint Maritime Information Centre, there are no indications of threats to commercial shipping. Would Iran close the Strait even if it affects its own trade? After US attacks on three Iranian nuclear sites, on 22 June, the Parliament in Tehran voted to close down the strait. A step that has never been taken. The decision is pending approval by the Islamic Republic's Supreme National Security Council. Iran threatened several times in the past that it would cut this artery of oil in the past but it never followed through with the threat. US Vice-President JD Vance called the move 'suicidal' for Iran's economy on Sunday at a press conference. Creating a major disruption in the strait would be extremely difficult due to various economic, political and military forces present in the region today, said the Robert Strauss Center for International Security and Law in an analysis. Experts agree that Iran itself has a lot to lose and very little to gain as it would cut its own oil exports to major trade partners such as China. Besides losing a key source of revenue, Iran would also anger its oil-producing neighbours whose support they may not be able to afford to risk. If Iran decides to close the passageway, another question is, for how long? The duration could be key, as global stockpiles are currently sufficient. The nations in need have at least 5.8 billion barrels of crude and fuel stockpiled between them, according to Bloomberg. This shows a healthy buffer, compared to the annual 7.3 billion barrels a year, passing through the strait. According to Barclays, other possible scenarios include Iran trying to target the Strait of Hormuz using missile attacks, making ships and insurance firms hesitant to use Hormuz. They could also consider mining the strait, which would hit traffic to a greater extent. There are also less aggressive ways to further disturb commercial shipping through Hormuz. For instance, the widespread jamming of GPS signals could make it harder to navigate safely in certain conditions.
Yahoo
14-05-2025
- Yahoo
When will Pinellas doctor accused of killing attorney finally head to trial?
A Pinellas plastic surgeon accused of murdering an attorney still didn't have a lawyer on Wednesday just five days before his trial was scheduled to begin. Tomasz Kosowski was set to stand trial in the slaying of Largo attorney Steven Cozzi starting on Monday. But after his lawyers withdrew, citing ethical conflicts, Kosowski chose to represent himself at a hearing last week. Pinellas Circuit Judge Joseph Bulone told Kosowski then he needed to have an attorney present at his next hearing on Wednesday. He didn't. Again, Kosowski stood alone at the courtroom lectern. Bulone granted his request to delay what is expected to be a lengthy murder trial. Kosowski, 46, is charged with first degree murder in Cozzi's death and has been in jail without bond since his arrest in March 2023. Cozzi's body has never been found. Prosecutors are seeking the death penalty if Kosowski is convicted as charged. Bulone told Kosowski he needs to have a lawyer present for his next hearing May 28. 'We're not going to go on forever like this,' he said. 'If you're not making a good faith effort, then I'll appoint one for you.' In 2023, Kosowski was representing himself in a lawsuit he filed over a medical billing dispute. Cozzi represented one of the defendants. After one particularly heated deposition, witnesses recalled, the doctor followed the lawyer into a law office restroom and called him a 'scumbag.' It was about this time that Cozzi began to fear for his safety, his husband testified. On March 23, 2023, Cozzi went to work at his Largo office. But surveillance videos showed he never left. He did not call in to a telephone hearing in Kosowski's lawsuit scheduled for that morning, but Kosowski did. A fellow lawyer found Cozzi's phone and personal items at his desk, where his computer was open to the text of an unsent email. Investigators would find blood in the office's restroom. Videos also showed a person, who detectives believe was Kosowski, entering the law office that morning with a cart and later leaving with a large object on top of it. Other surveillance video obtained by police showed the man driving a Toyota Tundra to Kosowski's Tarpon Springs home. While conducting a search warrant on Kosowski's home, investigators found blood in his garage and in the Toyota Tundra that was caught on surveillance footage. Later on the day that Cozzi went missing, Kosowski's red Toyota Corolla was picked up on license plate readers in the Miami area. When Kosowski was arrested in Tarpon Springs a few days later, police found a bloodied ballistic vest, duct tape, a paralyzing agent, syringes with sedatives, brass knuckles, a Taser and nearly $300,000 in cash, records state. Cozzi's DNA was also found in the Corolla's trunk. According to court documents, Cozzi's blood was mixed with Kosowski's DNA in a sample collected from the garage floor of Kosowski's home on Seaview Drive in Tarpon Springs, and both men's DNA was found on evidence taken from the outside of the restroom door at Cozzi's office. Investigators suspect Kosowski dumped Cozzi's body in a dumpster off U.S. 41 in Collier County. Pinellas Assistant State Attorney Nathan Vonderheide said he plans to call 56 state witnesses over six weeks of trial. A new trial date has not been scheduled. Kosowski said Wednesday he had met with two lawyers in the last week, but did not want to hire either of them. Vonderheide said Kosowski has logged 229 hours on jail computers, which he argued was ample time to review discovery if Kosowski decides represent himself. 'Dr. Kososwki is a very smart man. He has an MBA and a medical degree from Dartmouth. His writing reflects that. It's very articulate. It's better than some lawyers that I've litigated against,' Vonderheide said. 'I think the next stage of the inquiry is whether he's ready to represent himself for trial.' 'We've been ready to try this case since April 2023,″ he added. Kosowski has represented himself at two status hearings, but said he does not intend to do so when his trial begins. 'Depositions aren't complete ... and I'm not sure whether forensic testing is complete. So there are lots of things that aren't done in this case — no matter what Mr. Vonderheide tells you," Kosowski said. Bulone pushed back. 'There's a whole lot more things that have been done than things that haven't,' he said. 'The main reason that we're not ready is that you don't have a lawyer, but you're going to get one soon because you don't have a choice.'
Yahoo
26-04-2025
- Health
- Yahoo
Downstate Illinois reports 1st measles case of 2025; local physician stresses MMR vaccine
CHICAGO (WGN) — The Illinois Department of Public Health confirmed that the state's first case of measles in 2025 originated from downstate Marion. The IDPH reported 67 cases in Illinois last year. Dr. Nicholas Cozzi is an emergency physician at RUSH University Medical Center and has experience with measles. Joining WGN's Evening News at 4 p.m. on Friday, April 25, Cozzi warned about the dangers of the infectious disease. More Coverage: WGN's Medical Watch 'It is unclear if the [individual diagnosed] is vaccinated or not for measles,' Cozzi told WGN's Lourdes Duarte. 'It is unclear of the age. However, we can say of over the 900 cases around the country, during this epidemic in the United States, 97% of those are unvaccinated.' The World Health Organization (WHO) and the Centers for Disease Control and Prevention (CDC) affirm that the MMR vaccine remains highly effective in combating the infectious disease. 'The MMR vaccine is extremely safe,' Cozzi added. 'Two doses. One at 12-15 months of age, the other dose at four-to-six years of age.' According to health officials, symptoms of measles include rash, high fever, cough, runny nose, and red, watery eyes. Symptoms can appear anywhere from seven to 21 days after exposure. Watch the entire interview in the video player above. Sign up for our Medical Watch newsletter. This daily update includes important information from WGN's Dina Bair and the Med Watch team, including, the latest updates from health organizations, in-depth reporting on advancements in medical technology and treatments, as well as personal features related to people in the medical field. Sign up here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Observer
10-04-2025
- Business
- Observer
IEA warns global trade war could hinder AI sector growth
PARIS: An escalating global tariff war could provide challenges for the emerging data centre sector and cause slower growth, Laura Cozzi, the International Energy Agency (IEA) Director of Technology, told Reuters. The US, China, and the European Union together are set to account by 2030 for 80% of the forecast growth in data centre demand, which is expected to be dominated by Artificial Intelligence (AI) use, the IEA said in a report on Thursday. The report's headwind scenario "encompasses many of the things we are seeing - slower economic growth, more tariffs in more countries, so indeed yes (the current tariff environment) is a scenario in which AI would see slower growth than what we see in our base case," Cozzi said. Global electricity consumption from data centres is expected to rise to around 945 terawatt hours (TWh) by 2030 in the IEA's base case scenario, but the "headwind scenario" would see that drop to 670 TWh, IEA data showed. In the United States, data centres are expected to account for nearly half of electricity demand growth between now and 2030, and the country is expected to lead in data centre development globally, according to IEA data. US electricity utilities have been fielding massive requests for new capacity that would exceed their peak demand or existing generation capacity, raising concerns that tech companies are approaching multiple power utility providers, inflating the demand outlook. The report aims to work with tech companies and industry to make sense of the real queue for data centres, which is ultimately going to be essential for AI to get the electricity it needs, Cozzi said. Strain on grids could also lead to project delays, with about 20% of planned data centre projects at risk. Demand for transmission lines and critical grid and generation equipment are in high demand, reflecting this risk, the IEA report said. Some 50% of data centres under development in the US are in pre-existing large clusters, potentially raising risks of local bottlenecks, it said.— Reuters
Yahoo
10-04-2025
- Business
- Yahoo
Global trade war may produce headwinds for nascent AI sector, IEA says
By Forrest Crellin PARIS (Reuters) - An escalating global tariff war could provide challenges for the emerging data centre sector and cause slower growth, Laura Cozzi, the International Energy Agency (IEA) Director of Technology told Reuters. The U.S., China and the European Union together are set to account by 2030 for 80% of the forecast growth in data centre demand growth, which is expected to be dominated by Artificial Intelligence (AI) use, the IEA said in a report on Thursday. The report's headwind scenario "encompasses many of the things we are seeing - slower economic growth, more tariffs in more countries, so indeed yes (the current tariff environment) is a scenario in which AI would see a slower growth than what we see in our base case," Cozzi said. Global electricity consumption from data centres is expected to rise to around 945 terawatt hours (TWh) by 2030 in the IEA's base case scenario, but the "headwind scenario" would see that drop to 670 TWh, IEA data showed. In the United States, data centres are expected to account for nearly half of electricity demand growth between now and 2030, and the country is expected to lead in data centre development globally, according to IEA data. U.S. electricity utilities have been fielding massive requests for new capacity that would exceed their peak demand or existing generation capacity, raising concerns that tech companies are approaching multiple power utility providers, inflating the demand outlook. The report aims to work with tech companies and industry to make sense of the real queue for data centres, which is ultimately going to be essential for AI to get the electricity it needs, Cozzi said. Strain on grids could also lead to project delays, with about 20% of planned data centre projects at risk. Demand for transmission lines and critical grid and generation equipment are in high demand, reflecting this risk, the IEA report said. Some 50% of data centres under development in the United States are in pre-existing large clusters, potentially raising risks of local bottlenecks, it said. Sign in to access your portfolio
