A new outbreak of the coronavirus in one of the world's main container trading hubs, China's Guangdong province, has caused disruption to major ports in the south of the country. The partial closure of the Yantian terminal in Shenzhen has led to a reallocation of cargo to nearby Nansha and Shekou terminals, causing congestion there as well. Container shipping disruptions linked to the new...

G7 countries have agreed to launch an initiative aimed at building infrastructure in developing countries. It will be a Western competitor to China's One Belt, One Road project, the FT says. The G7 countries have agreed to launch an international initiative Build Back Better World in order to create infrastructure in developing countries, the need for which is estimated at more than $40 trillion,...

Chinese police have arrested 1,100 people suspected of using cryptocurrency transactions to launder money derived from criminal activity. The money in question is mostly from phone and internet fraud. According to Chinese police, members of more than 170 criminal groups have been arrested, whose members were transferring illegally obtained money into cryptocurrency through cryptocurrency...

The European Parliament approved the introduction of COVID certificates in a plenary session, the parliament's website reports. The initiative received 546 votes in favour, 93 against and 51 abstentions. The system has already been launched in test mode. On July 1 it will officially start operating. The proposal to create a "digital green certificate" was put forward by the European...

A new G7 plan backed by London to tax international companies would allow US IT giants Google, Amazon and Facebook to pay less tax in Britain than they do now, says activist group TaxWatch, cited by The Guardian. The study found that the changes could cost the UK’s coffers about 230 million pounds (around $325 million) a year from four major American IT firms. Facebook, Google, eBay and Amazon...

The 25 richest Americans, including Berkshire Hathaway CEO Warren Buffett, former New York mayor Michael Bloomberg, Amazon and Tesla heads Jeff Bezos and Elon Musk, paid significantly less income tax than they should have under general rules, according to a ProPublica investigation into confidential US Internal Revenue Service (IRS) data. With a combined wealth growth of $401bn between 2014 and...

The US Department of Justice was able to recover $2.3 million paid to cryptocurrency hackers following an attack on the operator of the US Colonial Pipeline. In May, hackers from DarkSide encrypted a significant amount of the pipeline operator's commercial data and demanded a ransom for decryption. "The Department of Justice seized 63.7 bitcoins, valued at approximately $2.3 million, believed...

G7 finance ministers are in favour of introducing a corporate tax of at least 15 per cent on profits of large corporations. The ministers reached an agreement on this issue following a meeting in London, British Finance Minister Rishi Sunak said. The introduction of this tax was earlier initiated by the US. "After years of discussions, G7 finance ministers have reached a historic agreement to...

US President Joe Biden has signed an executive order to blacklist 59 Chinese companies. Among them is one of the world's largest telecommunications companies, Huawei. "The executive order allows the US to prohibit investments in Chinese companies that undermine the security or democratic values of the US and our allies. <...> The executive order prevents US investments from supporting the...