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 U.S. Coast Guard bulletin regarding compliance with the International Maritime Organization's verified gross mass requirement "seems to allow for more flexibility," says Federal Maritime Commission Chairman Mario Cordero.
However, the International Maritime Organization's Maritime Safety Committee said there should be no delay in the implementation of the verified gross mass rule.
Federal Maritime Commissioner William P. Doyle praised the statement from ocean carrier group OCEMA, but noted officials "still need to address an important liability issue for the shippers" in order to implement new verified gross mass requirements.