Colombia has taken decisive action to protect its steel industry by raising tariffs on imports from countries without trade agreements, particularly China. The government recently issued a decree increasing the tariff on wire rod imports to 35%, the maximum allowed under World Trade Organization rules. This move responds to concerns from local steel producers about […]
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Russian companies are increasingly turning to Hong Kong for dispute arbitration services and adopting Hong Kong’s governing law in commercial contracts, writes Nikkei in its latest report. This shift is due to sanctions imposed on Russia over the Ukraine war, limiting access to Western courts, including London’s common law legal system that Russian companies traditionally […]
AC Milan Reports First Profit in 17 Years, Tops $432 Million
For the first time in its history, AC Milan surpassed a financial milestone by generating over €400 million ($432 million) in revenues. Alongside this, it reported a net profit of €6.1 million ($6.588 million). This significant financial achievement comes under the guidance of RedBird Capital. The club’s General Assembly met on June 23. They approved […]
Drought forces Panama Canal to limit daily passage to 32 ships
Due to insufficient rainfall, the Panama Canal Authority has reduced the number of vessels permitted to cross the interoceanic route to 32 per day. This decision, effective as of midnight this past Sunday, threatens the canal’s income – vital to public coffers – and risks exacerbating maritime congestion. The Panama Canal normally sees an average […]