BLOOMBERG Dutch bank ING is suing China’s largest bank for losses sustained in a batch of copper deals and seeking $170 million in damages, the Financial Times (FT) reported. ING alleged Industrial and Commercial Bank of China (ICBC) breached contract terms because it released export documents for copper transactions without collecting payment, the paper said, citing a Hong Kong court filing. ...

BLOOMBERG Norway and Sweden are no longer the place to go for currency investors hunting richer returns in Europe. The Nordic nations’ comparatively high interest rates and slow inflation made them a carry-trade favourite in quiet times when demand for riskier wagers was strong. Investors borrowed in low-rate currencies like the euro and Swiss franc and used the money to ...

BLOOMBERG German public-sector workers struck a wage deal with employers, capping a confrontational series of negotiations that saw repeated strikes in Europe’s largest economy. Staff will receive staggered one-time payments totalling  $3,300 through February 2024. After that, salaries will rise by 200 euros on a permanent basis, and then be increased by 5.5%. The agreement covers about 2.5 million employees ...

BLOOMBERG Tesla Inc was found by a Los Angeles jury not to be at fault following a trial over a driver’s claim that the Autopilot feature in her Model S caused her to veer into the center median of a city street, according to a court clerk. Justine Hsu, who suffered face injuries in the 2019 crash, alleged negligence, fraud ...

BLOOMBERG The European Union (EU) is set to propose a ban on many goods transiting through Russia as the bloc attempts to tighten the screws on the enforcement of sanctions imposed over the past year. The transit ban would extend to numerous technologies and other goods, including several types of vehicles, but not all items would be barred from travelling ...

BLOOMBERG Poland is close to overcoming inflation pressures and has done so without overreacting in a way that could have damaged the economy for years, said ruling party leader Jaroslaw Kaczynski. Polish policy has been aimed at protecting the nation’s labour market, Kaczynski said in Janow Lubelski in the nation’s east. An overresponse to the sudden price increases following Russia’s ...

BLOOMBERG European states reacted with fury to a Chinese envoy questioning the independence of ex-Soviet states, tainting China’s push to court leaders in the region and burnish its credentials to broker peace after Russia’s invasion of Ukraine. Some “ex-Soviet Union countries” don’t have effective status under international law, Chinese ambassador to France Lu Shaye said in an interview aired on ...

BLOOMBERG Russia will cut staff limits for German diplomatic missions and expel about one-third of Berlin’s diplomats currently working in the country, foreign ministry in Moscow said. The ministry said the move was meant to “mirror” the recent expulsion of Russian diplomats from Germany. Relations between the former major trading partners continue to deteriorate as President Vladimir Putin’s war against ...

BLOOMBERG Amritpal Singh, a fugitive Sikh separatist leader, surrendered to the Indian police in the state of Punjab, ending a tense weeks-long chase. The self-styled preacher, who has tried to revive a banned movement to create an independent state of Khalistan, was arrested in Moga, according to a tweet from Punjab police. The search for Singh, 30, prompted police to ...

BLOOMBERG Prime Minister Fumio Kishida’s ruling party won at least one of five Japanese by-elections but faced close races in the others, public broadcaster NHK said, with the results seen as key to his decision on election timing. The premier’s ruling Liberal Democratic Party (LDP) is fighting to keep the three seats it previously held of the five. Managing to ...