Supply chain disruption appeared to be easing before Russia’s invasion of Ukraine on 23 February, new data shows. The latest IHS Markit/CIPS UK manufacturing Purchasing Managers’ Index (PMI) signalled growth for the sector in February, with a score of 58 exceeding the 57.3 score in January. Any score above 50 indicates growth. Easing pressures Two-thirds […]
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04
Mar
Mar
EU considers suspending Most Favoured Nation status for Russia at WTO
The European Union said it was looking into suspending ‘Most Favoured Nation’ (MFN) treatment for Russia at the World Trade Organisation over the country’s invasion of Ukraine. This would allow the EU to hike tariffs or set quotas on Russian imports. The ‘Most Favoured Nation’ principle means that WTO members cannot discriminate between their trading […]
03
Mar
Mar
Russian shipping now prohibited from using UK ports as EU looks to follow suit
The UK government has quickly brought in legislation banning any ships connected to Russia – not just those flying the Russian flag – from UK ports and has brought in new powers to detain Russian vessels. The ban applies to Russian flagged, registered, owned, controlled, chartered or operated vessels. European Union countries are also considering […]
03
Mar
Mar
Estonian cargo ship sinks off Ukraine coast near Odessa after explosion
An Estonian-owned cargo ship has sunk today in the Black Sea off the Ukrainian port of Odessa after an explosion, Reuters has reported. The vessel’s manager, interviewed by Reuters, said that two crew members were in a life raft at sea while four others were unaccounted for. Igor Ilves, managing director of Tallinn-based manager Vista […]
02
Mar
Mar
Global brands boycott Russia – including Apple, Ford, Nike and Disney
Global brands such as Apple, Ford, Nike, Disney and Warner Bros are stopping sales in Russia following its invasion of Ukraine. Apple, the world’s most valuable brand, said that it stopped exporting products into Russia last week, ahead of pausing sales. Apple In a statement, the US tech giant said it will stand “with all […]
02
Mar
Mar
United Nations climate change report – five things traders need to know
United Nations body the Intergovernmental Panel of Climate Change (IPCC) has issued what has been described as its “bleakest warning yet” about what the failure to address the issue will mean for the world’s liveable future. At more than 3,500 pages the report covers a vast number of themes, but what do traders need to […]
02
Mar
Mar
Sea, road, rail and air routes into Russia are shutting down as world reacts to Ukraine invasion
Global shipping companies are starting to cancel or amend their services into Russia and Ukraine after countries around the world have imposed an unprecedented array of economic and other sanctions on Russia in the wake of Vladimir Putin’s invasion of Ukraine. Last week Maersk halted ships going to Ukraine until the end of February and shut its […]
26
Feb
Feb
UK signs digital trade deal with Singapore ‘for quicker, more trusted access to lucrative market’
Trade minister Anne-Marie Trevelyan has signed a digital trade deal with Singapore on the final day of her Asia-Pacific tour. The UK-Singapore Digital Economy Agreement (DEA) is the first by a European nation. According to the government, the deal will strengthen the UK’s £16bn trading relationship with Singapore by ending outdated rules for goods and services exporters, […]
19
Feb
Feb
UK’s competition watchdog unites with global counterparts to probe shipping price ‘collusion’
The UK’s Competition and Markets Authority (CMA) is teaming up with fellow competition bodies in the US, Canada, Australia and New Zealand to detect and investigate collusion between suppliers or shipping groups to hike prices. Agencies in the ‘Five Eyes’ nations – the name given to an intelligence alliance consisting of the US, the UK, Canada, Australia […]
26
Oct
Oct
Trends in Freight Transportation & the COVID-19 Impact
How all this mistaken idea of denouncing pleasure and praising pain was born and I will give you a complete account of the system, and expound the actual teachings of the great explorer of the truth, the master-builder of human happiness. No one rejects, dislikes, or avoids pleasure itself, because it is pleasure but because […]