Overseas Headlines – June 2, 2021

United States:

Weary Seafarers Come Ashore in U.S. for J&J One-Dose Shots

“Ports around the U.S. are rolling out vaccines for seafarers, extending a lifeline to thousands of mostly foreign workers who’ve spent the pandemic isolated aboard ships ensuring goods kept trading across a battered global economy. From Boston to Houston and Los Angeles, and even in smaller trade gateways like Gulfport, Mississippi, local health officials and nonprofits are boarding container ships, tankers and other cargo carriers to administer Covid-19 shots or, when possible, shuttling crews to nearby pharmacies and clinics.”



Europeans Are in for a Costly Summer as Prices Test Central Bankers’ Resolve

“Europeans are in for a costly summer that will test central bankers’ resolve on stimulus as the region’s delayed economic recovery unleashes surging demand. The question officials face from Frankfurt to Warsaw is whether accelerating inflation will last long enough to alter the longer-term expectations of companies and households. If it does, that could create a self-reinforcing cycle in which higher prices prompt bigger wage demands — despite elevated unemployment — that fuel yet more price increases.”



China Huarong Kept on Watch for Possible Downgrade by S&P

“S&P Global Ratings continues to weigh a potential downgrade of China Huarong Asset Management Co., more than a month after peers cut their grades on the firm. The credit risk assessor, which has Huarong three notches above junk territory at BBB+, is still awaiting clarity on the transaction which prompted Huarong to delay releasing 2020 results as well as the firm’s overall performance and government backing, S&P analysts wrote in a Wednesday report. Their base case remains that the company has “a very high likelihood of extraordinary government support.”




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