Daily briefing: Shipping crisis to emerge from southern China outbreak; US, EU to draft new global trade standards

And Singapore’s Carro has raised $360m in its latest funding round.

From CNBC

A new shipping crisis is expected to arise from the reported virus outbreak in southern China that has so far affected port services and deliveries. Authorities in the Guangdong province in China have ordered to shut down districts and business operations amidst a rise in cases in the district.

This has led to delays in shipping in Chinese ports and further drove up shipping costs, which is expected to have a supply chain impact.

Read more here.

From CNBC

The US and Europe have agreed to create a joint technology and trade initiative to set new global trade standards for technology. The move is intended to counter China, ensuring that rules for trade are drafted by democracies.

This is also expected to allow the US and Europe to partner in research and development.

Read more here.

From Bloomberg

Singapore’s Carro, the largest AI-driven car marketplace in Southeast Asia, has raised $360m in a funding round led by Softbank Fund II. This will fund the company’s plans to expand in Thailand and Indonesia.

This is also in line with Carro’s plans to launch an initial public offering in the US within 18-24 months.

Read more here.