Words by: Jonathon Davidson

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China drops fight to have Chinese companies in US audited by Chinese regulators
Reuters 

China on Saturday proposed revising confidentiality rules involving offshore listings, removing a legal hurdle to Sino-U.S. cooperation on audit oversight. China is stepping up efforts to ensure Chinese firms remain listed in New York. 

The commission said on Thursday that Chinese and U.S. regulators had held multiple rounds of meetings and both sides had a willingness to solve their audit dispute.

China to remove tariffs on paper, wood products from New Zealand
FXEmpire 

China will implement an upgrade to the free trade agreement between Beijing and Wellington to eliminate tariffs of 12 wood and paper products imported from New Zealand from April 7, the Ministry of Finance said on Sunday.

UK IPO share market listings at lowest level since 2008
TEM 

London initial public offerings are off to their slowest start since the global financial crisis, as volatile markets and poor post-listing performances crimp investor appetite.

ALP dumps proposal to limit deductions for accountants' fees to AUD$3K
AFR 

Accounting professional body Chartered Accountants ANZ has welcomed Labor's decision to formally abandon a plan to limit deductions for tax advice to $3000 a year that it took to its failed election campaign in 2019.

Australia and India mint trade partnership while India continues trade with Russia
Reuters 

Australia formally signed a trade deal with India on Saturday as the two nations signalled an intention to forge closer trade ties. The Australia-India Economic Cooperation and Trade Agreement was signed in a virtual ceremony by Trade Minister Dan Tehan and India's Minister of Commerce & Industry, Piyush Goyal.

Sri Lanka blocks social media, calls curfews as inflation protests continue
FX Empire 

Sri Lankan soldiers with assault rifles and police manned checkpoints in Colombo on Sunday as the government blocked social media platforms after imposing a curfew to contain public unrest triggered by the country's economic crisis. 

Russia is blocking Ukraine's Black Sea ports: UK Defence Ministry 
FXE (via Reuters) 

Russian naval forces continue to blockade the Ukrainian coast on the Black Sea and Sea of Azov, preventing resupply by sea, British military intelligence said on Sunday. Russia retains the capability to attempt an amphibious landing, but such an operation is likely to be increasingly high risk due to the time Ukrainian forces have had to prepare, the Ministry of Defence tweeted.

As Ukraine war hits global sunflower seed trade, Russia bans exports of its own crops 
Reuters 

Russia will ban exports of sunflower seeds from Friday until the end of August and impose an export quota on sunflower oil to avoid shortages and ease pressure on domestic prices, its agriculture ministry said on Thursday. 

High UK electricity costs see price of growing one cucumber jump 180%
Reuters 

In a small corner of south-east England, vast glasshouses stand empty, the soaring cost of energy preventing their owner from using heat to grow cucumbers for the British market.

Nokia suing Romanian Government over its ban from selling 5G tech in country
Reuters 

Finnish network equipment maker Nokia said on Thursday it had launched a legal challenge to a decision by the Romanian government to exclude it from selling 5G technology in the country. 

US regulator wants company crypto holdings filed as "liabilities" on balance sheets  
Reuters 

U.S. listed companies that hold cryptocurrencies on behalf of users and customers should account for those assets as a liability on their balance sheet and disclose the related risks to investors, the securities regulator said on Thursday.

Washington state passes law guaranteeing Uber and Lyft drivers paid sick leave
Reuters 

Drivers across the Northwestern state will earn a minimum of $1.17 per mile and 34 cents per minute with a minimum pay of $3.00 per trip. Under the new law, drivers will also have access to paid sick time, family medical leave and long-term care programs, and be eligible for workers' compensation, a U.S. government-mandated program that provides benefits to workers who become injured or ill on the job.

Global shipping rates slowly falling, but still 67% higher year-on-year
HSN

Drewry's World Container Index composite index decreased by 3.8% to $8,152.09 per 40ft container, but is 67% higher than the same week in 2021. Freight rates on transpacific routes saw a decline for the 5th consecutive week. Rates on Shanghai – Los Angeles dropped 8% or $814 to $9,112 and Shanghai – New York fell 6% or $730 to $11,531 per feu. Spot rates on Shanghai – Genoa and Shanghai – Rotterdam slid 2% and 1% to $11,966 and $11,099 per 40ft box respectively. 

India binned COVID-19 face mask requirements in Delhi at start of April
TEM 

As Covid-19 cases are significantly showing a declining trend over the past few weeks, several Indian states have decided to lift all the pandemic-related restrictions, including the mandatory wearing of face masks from April 1. 

Islamic bonds in Middle Eastern countries see record-high investment levels in Q1 CY2022 
TEM 

Global offerings of sukuk are off to their busiest start on record this year, with bankers at HSBC Holdings Plc and Deutsche Bank AG citing the high price of oil as a driver of the vibrant issuance. 

Sales of new sukuk maturing in at least a year have touched nearly US$24 billion so far in 2022, the best start to any year, according to Bloomberg-compiled data going back to 1999. Saudi Arabia and Turkey were the two biggest issuers.