European manufacturers including Daimler, Volvo and Renault could be hit with fines surpassing the EU record 1.4 billion euro (U.S. $1.6 billion) penalty imposed in 2012 over television-tube price fixing, according to a report from the Financial Times.
Industrial production in South Korea fell more than economists expected as weak exports and corporate restructuring of shipbuilders continue to hurt demand and business sentiment.
United States GDP grew slightly more than initially expected in the first quarter of 2016, and durable goods orders ticked up in April, according to the most recent data from the Department of Commerce.
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The South Florida port became the latest seaport to offer shippers the option of using scales at inbound gates to measure container weights on their behalf and relay the information to ocean carriers.
The ocean carrier group told U.S. exporters they will issue a tariff clearly stating that shippers would have no liability from inaccurate carrier-provided tare weight to calculate VGM.
NYK's Bill Ferguson told the Critical Commodities Conference this week that carriers must refuse loading to a container without Verified Gross Mass data submitted or risk insurance issues.