It remained unclear when traffic through the canal would return to normal. At least 367 vessels, carrying everything from crude oil to cattle, have piled up on either end of the canal, waiting to pass.

Data firm Refinitiv estimated it could take more than 10 days to clear the backlog of ships. Meanwhile, dozens of vessels have opted for the alternate route around the Cape of Good Hope at Africa’s southern tip — a 5,000-kilometer (3,100-mile) detour that adds some two weeks to journeys and costs ships hundreds of thousands of dollars in fuel and other costs.

Britain and EU strike financial services cooperation pact

Mar 29, 2021

So far, the EU has declined to grant any long-term direct access for financial firms from Britain, saying this week that it was in no rush.

“Overall, for investors in UK financial services, a greater degree of cooperation between Europe and the UK can only be seen in a favourable light,” said Alan Custis, head of UK equities at Lazard Asset Management.

Insurers come to Crypto’s wild west promising 50% plus returns

Mar 29, 2021

Now software developers are launching products that claim to reduce the risks by selling something akin to insurance coverage. But here’s the catch: They’re also DeFi apps.

Unlike insurance offered through the likes of Lloyd’s to custodians and large crypto exchanges, these apps — which run on digital ledgers called blockchains — let any investor buy coverage. They also allow anyone to form investment pools to provide coverage — often promising annual returns of at least 50%.

Ever Given ship in Suez Canal moved ‘80%’ in right direction

Mar 29, 2021

The MV Ever Given, longer than four football fields, has been wedged diagonally across the canal since Tuesday, strangling world supply chains and costing the global economy billions.

Suez Canal Authority (SCA) chief Osama Rabie said Monday that rescue efforts with tugs had succeeded in shifting the front and back of the ship.

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