Five things to know to start your day

Unstuck at last

After five days of struggling to free the Ever Given from where it ran aground, the vessel is now partially afloat and almost free, raising hopes traffic can soon resume.

The mammoth cargo ship blocking one of the world’s most vital maritime arteries was wrenched from the shoreline and set partially afloat again early on Monday morning, raising hopes that traffic could soon resume in the Suez Canal and limit the economic fallout of the disruption.

Salvage teams, working on both land and water for five days and nights, were ultimately assisted by forces more powerful than any of the machines that rushed to the scene to assist in the rescue: the moon the tides.

As water levels swelled overnight, the hours spent digging and excavating millions of tons of earth around the EverGreen paid dividends as the ship slowly regained buoyancy, according to officials.

While shipping officials and Egyptian authorities cautioned that the complicated operation was still underway, they expressed increasing confidence the ship would soon be completely free.

It appeared to be the culmination of one of the largest and most intense salvage operations in modern history, with the smooth functioning of the entire global trading system hanging in the balance.

Each day the canal was blocked put global supply chains another day closer to a full-blown crisis.

Oil eases

Oil prices eased as markets assumed the re-floating of the Ever Given would allow tankers to use the waterway again. There were over 300 vessels waiting to pass through the shipping route which accounts for 12% of global trade.

The market will also be cautious ahead of an OPEC meeting this week, which will have to decide whether to extend supply limits or loosen the spigots.

Brent fell 90 cents to $63.67 a barrel, while U.S. crude lost $1.03 to $59.94 per barrel.

Burger King’s bet on Nigeria

Burger King, the world’s second-biggest burger chain, is planning to come to Nigeria. While this might be exciting news, the current economic situation – high inflation, unemployment and rising poverty levels – makes many wonder why the burger chain is coming at this challenging time, and what tricks it may have up its sleeves to survive.

The Nigerian market is no doubt attractive to international investors due to its young population of over 65 percent. However, due to current economic realities and tough business environment, many foreign companies have left the country. Others who have stayed are targeting the larger segment of the economy that is at the pyramid’s bottom, by packaging their products into smaller packs that are more affordable.