Guangzhou Lixinsha Bridge was hit and broken, and the ship involved was punished just last month! Many banks strengthen the review of Russian-related business | Foreign Trade News Express
Guangzhou Lixinsha Bridge was damaged: the ship involved was punished just last month!
At around 05:30 on February 22, an empty container ship was sailing from Nanhai, Foshan to Nansha, Guangzhou. When passing through the Hongqili Waterway, it hit the pier of the Lixinsha Bridge, causing the bridge deck of the Lixinsha Bridge to break.
Currently, temporary traffic control has been implemented on the navigation section and road surface of Lixinsha Bridge.
The cause of the accident is under investigation and rescue work is being carried out in a full and orderly manner.
At the same time, "Is the driving process of the ship involved compliant? Is the quality of the bridge up to standard?" sparked heated discussions.
It is understood that the ship involved is the "Lianghui 688", which is managed and operated by Foshan Lianghui Shipping Service Co., Ltd. It is 60 meters long and 18 meters wide and was built in April 2016.
On January 8, the company was fined 30,000 yuan by the Dachan Maritime Safety Administration for failing to strengthen lookout when the "Lianghui 688" was passing.
Reasons for punishment:
(Maritime Safety Law) Failure to strengthen lookout when a vessel enters or leaves a port, anchorage, or passes through bridge waters, straits, narrow waterways, important fishing waters, areas with dense navigable vessels, ship routing areas, or traffic control areas.
The cause of the accident is still under investigation.
Since February, many banks have strengthened the review of their Russian-related businesses
At the end of December 2023, US President Biden signed an executive order authorizing the United States to impose so-called "secondary sanctions" on financial institutions around the world that support Russia's special military operations in Ukraine. It is reported thatThe US move significantly expanded its financial war against Russia.
Subsequently, banks in many countries have begun to review their business dealings with Russia, with a particular focus on cross-border transactions.
Turkish banks stopped accepting payments from Russia en masse two months ago, paralyzing Russian imports from Turkey, hitting importers of chemicals, auto parts, clothing and footwear.
A RIA Novosti source familiar with the situation said Russia planned to resolve the issue by January 25. But in reality, the situation is getting worse:In February, Russian companies faced closure of their accounts in Turkish banks, and in the second half of the month, individuals also faced difficulties.
Denizbank, one of Türkiye's largest and most Russian-loyal banks, began mass checks on customers leaving Russia, demanding residence permits and proof of stay in Türkiye and closing accounts without the documents.
at the same time,Banks in the United Arab Emirates have restricted transactions with Russia and started closing personal and business accounts.Russian news outlet Vedomosti said UAE banks were not accepting funds from Russia or making payments to Russia in the opposite direction, and were continuing to close company accounts owned by Russian citizens.
A Russian businessman with an office in the UAE said that one of his companies had its account closed at a bank in the following situation: "We buy goods from China. The code of the goods is sanctioned (included in the banned list of goods imported into Russia from the EU or the US), but the goods themselves are Chinese - there is no European technology, it is the simplest product. The bank closed the account on the grounds that the goods are sanctioned. They suggested to cooperate directly with China without involving the UAE."
Since February this year, my country's domestic commercial banks have also tightened the acceptance and review of remittances involving Russia. Many foreign trade businesses are unable to receive payments normally because they do not meet the review requirements of the receiving bank or intermediary bank. The banks involved include large state-owned banks, joint-stock banks, local small and medium-sized banks, etc.
"All the troubles are compounded during the Lunar New Year, and Russia won't be able to start addressing the problem until early March," said Maxim Blunt, an independent Russian journalist. "This won't stop mutual trade, but it will certainly increase problems for railroads and ports. The logistics chain between Russia and China is already overloaded, and now it's compounded by inventory backlogs and other problems. Russian consumers could face shortages or inflation as a result."
The latest news shows that US President Joe Biden said,The United States plans to unveil a "significant" package of sanctions against Moscow on Friday.Although he did not specify which industries would be affected.
Foreign traders with Russian clients must pay attention to the safety of receiving foreign exchange!
Five departments further clarify the requirements and procedures for used car exports
The Ministry of Commerce and five other departments recently issued an announcement on matters related to the export of used cars, announcing the requirements and procedures for the export of used cars. The announcement will take effect on March 1, 2024.
According to the announcement, used car export companies applying to conduct used car export business must meet the following conditions: for manufacturing companies, they must be registered in the People's Republic of China and have independent legal personality; the company must be included in the "Announcement on Road Motor Vehicle Manufacturing Companies and Products" of the Ministry of Industry and Information Technology; export the products produced by the company; the company must operate legally and in accordance with regulations, comply with laws and regulations on production safety, environmental protection, taxation, customs and foreign exchange management, and have no unrectified illegal and irregular behavior and no serious acts of dishonesty.
For circulation enterprises, they must be registered within the territory of the People's Republic of China and have independent legal personality; have fixed business offices and second-hand car display and sales venues, and have experience in automobile sales or trading; have the ability to identify and evaluate second-hand cars, and employ at least 3 identification and evaluation professionals; the enterprise must operate legally and in accordance with regulations, comply with laws and regulations on production safety, environmental protection, taxation, customs and foreign exchange management, and have no unrectified illegal and irregular behavior and no serious acts of dishonesty.
The announcement also sets out clear requirements on enterprise declaration procedures and materials, export license application process, export license application materials, export prohibited situations, and responsibility requirements.
Full text of the Announcement:
http://www.mofcom.gov.cn/article/zcfb/zcgfxwj/202402/20240203472085.shtml
Nine departments: Optimize the export procedures of new energy vehicles and power batteries
According to the Ministry of Commerce website, the Ministry of Commerce and nine other units issued opinions on supporting the healthy development of new energy vehicle trade cooperation. It mentioned that the procedures for export-related links such as new energy vehicles and power batteries should be optimized, the processing time should be shortened, and the processing efficiency should be improved. Active participation should be given to the formulation of international standards and rules for the transportation of new energy vehicles and power batteries by the International Maritime Organization. Technical standards for passenger car container transportation should be formulated and issued.
full text:
http://www.mofcom.gov.cn/article/zcfb/zcdwmy/202402/20240203472074.shtml
New EU product liability law is coming soon
The European Union has reached a provisional agreement on the proposed revision of the EU Product Liability Directive 85/374/EEC (PLD). The PLD establishes a strict liability (i.e. no-fault) system enabling claimants to seek compensation for defective products throughout the EU.
At present, according to the temporary agreement, the following key points are sorted out for reference:
The definition of product has been expanded: products cover software and digital files. The text of the agreement adopts a broad approach, including embedded and stand-alone software, with exceptions for certain open source software that is developed or provided solely outside of commercial activities
。
Expanded concept of defect: Introduces strict liability for defects in software updates, artificial intelligence (AI) and machine learning, etc.
The scope of damages has been expanded to include medically recognized impairment of mental health and destruction or irreversible damage to data, such as deletion of files from a hard drive.
Expanded scope of defendants: New liability for online marketplaces and, in certain cases, fulfillment service providers, as well as those who “substantially modify” a product outside of the original manufacturer’s control.
New discovery requirements: New discovery requirements are introduced by harmonising the rules on when a court can order early disclosure of documents (currently not applicable in all EU Member States under existing rules).
Reduce the burden of proof in certain circumstances: for example, in scientifically or technically complex cases where it would be difficult for victims to prove liability. The European Commission has previously said this could include vaccines, medical devices and products using artificial intelligence technology.
Significantly extend the long-term drug-free period for slow-onset symptoms: from the current 10 years to 25 years.
The agreement will then be signed and published in the Official Journal of the European Union and will enter into force 20 days later. The parties have agreed on a 24-month transition period, which means that the directive is expected to enter into force in the first half of 2024 and be implemented from 2026.
Changes in French electric vehicle subsidy reform measures
Le Monde reported that there will be two important changes in France's electric vehicle subsidies in 2024. First, the scope of subsidies will be determined based on carbon footprint.Models made in Asia will be excludedSecond, the subsidy amount will be reduced from 5,000 euros to 4,000 euros. The above reform measures will reshuffle the electric vehicle market, and the proportion of vehicles enjoying subsidies will drop from 80% in 2023 to 41% in 2024.
The top-selling models Dacia Spring, Tesla Model 3, and MG MG4 are expected to see a sharp decline in market share due to the loss of subsidies, while the market share of traditional manufacturers such as Fiat, Citroen, and Renault is expected to increase. Manufacturers are currently trying to save sales by reducing prices, promoting sales, and launching new models. At the same time, reducing subsidies will increase the average price of electric vehicles, making the current weak market even worse. With the reduction of subsidies and the launch of new models, competition in the French electric vehicle market will become more intense in the future.
India plans to abolish the low-tax principle, bringing challenges to Chinese companies
According to the latest news, the Indian Ministry of Finance will consider the abolition of the low-tax principle in India's anti-dumping investigations at the federal budget meeting held from January 31 to February 9, 2024. If passed, this change will no longer calculate the damage margin separately, but directly use the dumping margin as the anti-dumping duty rate. It is worth noting that India considered the possibility of abolishing the low-tax principle in 2019, but failed to reach a consensus. It is on the agenda again this year. If passed, the relevant laws will be revised and applied to new anti-dumping investigations. Given that most cases in India are closed with a lower damage margin, if the low-tax principle is abolished, the dumping margin is bound to increase significantly, which will have an adverse impact on Chinese companies in the Indian market.
In the past, the application of the low-tax principle enabled enterprises to obtain relatively low anti-dumping duty rates at a low damage margin. The abolition of the low-tax principle will make the dumping margin the final tax base, increase the actual tax level, and bring greater burdens to Chinese enterprises in the Indian market. Chinese enterprises may face a more severe competitive environment in the Indian market. The increase in tax levels may make their products more expensive in India, which will correspondingly weaken their market competitiveness.
Source: Focus Vision, Shipping Today
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