Bloomberg The cost to move goods in a shipping container to Europe from Asia shot above $10,000 for the first time on record, an index showed, underscoring the pain inflicted on exporters and importers struggling with stretched supply chains. The Drewry World Container Index showed the rate for a 40-foot container from Shanghai to Rotterdam rose to $10,174, up 3.1% ...

Bloomberg A decision by the US to ban imports of seafood from Dalian Ocean Fishing Co is based on “lies” that the Chinese company used forced labour, according to the Communist Party-backed Global Times. The paper cited experts who said the US is widening its move against Chinese industries after allegations of forced labour by companies in the Xinjiang region. ...

Bloomberg France will pull troops out of Mali if the country moves towards radicalism, President Emmanuel Macron said in an interview with Le Journal du Dimanche. Macron told the newspaper during a trip to Africa that he had warned leaders in the west of the continent that the French government will not stand by a country where there is no ...

Bloomberg Cyprus President Nicos Anastasiades’s center-right Disy party recorded its worst results in parliamentary elections in 40 years, as voters vented their frustration over the government’s handling of the country’s “golden passport” program. With presidential elections due in 2023, support for Disy fell to between 24% and 28% compared with 30.7% in the last vote in 2016, according to initial ...

Bloomberg Malaysia announced a two-week nationwide lockdown to curb a relentless surge in Covid cases. Only essential economic and service sectors will be allowed to operate from June 1-14, the Prime Minister’s Office said in a statement, days after Prime Minister Muhyiddin Yassin had ruled out a repeat of last year’s lockdown. The government will soon announce an aid package ...

Bloomberg Germany’s Green party declined for a second consecutive week and Chancellor Angela Merkel’s conservative bloc clawed back support, four months before the country goes to the polls. Support for the Greens fell to 22% while Merkel’s Christian Democratic-led bloc rose 1 percentage point to 25% in the weekly Insa poll for Bild am Sonntag. It was the second 1-point ...

Bloomberg Hong Kong’s virtual banks are facing years of red ink on the bottom line after making limited inroads against their brick-and-mortar rivals in the financial hub. The two leading digital banks so far, Mox Bank Ltd, backed by Standard Chartered, and ZA Bank Ltd, bankrolled by China’s ZhongAn Online P&C Insurance, predict they will start breaking even by 2024 ...

Bloomberg Credit Suisse Group AG is grappling with how to keep top bankers from fleeing to competitors and drastically reducing risk as new Chairman Antonio Horta-Osorio seeks to recover from a series of scandals. The lender is cutting ties with SoftBank Group Corp, a backer to Lex Greensill’s collapsed supply-chain finance empire, and it’s temporarily barring clients from withdrawing all ...

Bloomberg The Federal Reserve has privately told Deutsche Bank AG that its compliance programs aren’t up to snuff, signalling that the scandal-plagued bank is failing to adhere to a number of past accords with US regulators. The Fed’s recent warning came in an annual regulatory assessment that said Deutsche Bank hadn’t improved its risk management practices despite being under confidential ...

Bloomberg The Bank of Japan (BOJ) will consider climate change in its monetary policy discussions, Governor Haruhiko Kuroda said in his clearest signal yet that the central bank is looking to support the battle against global warming. “We have a great interest” in climate change and its impact on the economy and the financial system, Kuroda said in an interview ...