Stournaras williams

Stournaras claimed that due to Maersk's failure to clause the bills of lading or otherwise draw their attention to the weight discrepancy, they.
We consider two Court of Appeal decisions on sovereign immunity and the powers of the London Metal Exchange.
In this article, our Athens team discuss the recent decision in Stournaras Stylianos Monoprosopi Epe v Maersk A/S that extends the duty of care on carriers.

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Stournaras Stylianos Monoprosopi EPE v Maersk A/S (The “Maersk Klaipeda”)

DMC/SandT/24/14

England

Stournaras Stylianos Monoprosopi EPE v Maersk A/S (The “Maersk Klaipeda”)

English Commercial Court: Lionel Persey KC (sitting as a Judge of the High Court): [2024] EWHC 2494 (Comm): 7 October 2024

Judgment Available on BAILII @ https://www.bailii.org/ew/cases/EWHC/Comm/2024/2494.html

Alexander Wright KC and Tom Nixon (instructed by Watson Farley & Williams LLP) for Stournaras (Consignees)

John Passmore KC (instructed by Campbell Johnston Clark) for Maersk (Owners)

CARRIAGE OF GOODS BY SEA: BILLS OF LADING ISSUED FOR CONTAINERS: UPON DELIVERY, CONTAINERS FOUND NOT TO CONTAIN CARGO STATED ON FACE OF BILLS OF LADING: CONSIGNEES CLAIMED OWNERS SHOULD NOT HAVE ISSUED BILLS OF LADING OR SHOULD HAVE CLAUSED THEM: OWNERS’ COUNTERCLAIM FOR INDEMNITY FOR COSTS ARISING FROM SHIPPERS’ FAILURE TO ENSURE DESCRIPTION OF CARGO WAS ADEQUATE AND CORRECT PURSUANT TO PRINTED TERMS OF THE BILLS OF LADING: ARTICLE III 3(C) OF THE HAGUE RULES

Summary

In finding for Owners, the

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Commercial Disputes Weekly – Issue 22115 October 2024

Commodities
The London Metal Exchange was held by the Court of Appeal to have acted lawfully when it cancelled all nickel futures trades on 8 March 2022 because of concerns about extreme price movements. Claims were brought by traders whose trades had been cancelled for the profits they would have made on the cancelled trades. The LME’s power to cancel trades was incorporated into the terms and conditions of trading and was a matter of the LME’s discretion based on their experience of such exceptional price movements and the appropriate response. The situation was urgent and so it was impractical to hold an open meeting before taking action. There had been an opportunity for the market to make representations before the cancellation and so the procedure had been fair and the decision rational.
R. (on the application of Elliott Associates LP) v London Metal Exchange [2024] EWCA Civ 1168, 7 October 2024

Sovereign Immunity
The Court of Appeal has upheld a first instance decision that the Kingdom of Bahrain was not entitled

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Risk Warning on Trading HK Stocks

Despite Hong Kong's robust legal and regulatory framework, its stock market still faces unique risks and challenges, such as currency fluctuations due to the Hong Kong dollar's peg to the US dollar and the impact of mainland China's policy changes and economic conditions on Hong Kong stocks.

HK Stock Trading Fees and Taxation

Trading costs in the Hong Kong stock market include transaction fees, stamp duty, settlement charges, and currency conversion fees for foreign investors. Additionally, taxes may apply based on local regulations.

HK Non-Essential Consumer Goods Industry

The Hong Kong stock market encompasses non-essential consumption sectors like automotive, education, tourism, catering, and apparel. Of the 643 listed companies, 35% are mainland Chinese, making up 65% of the total market capitalization. Thus, it's heavily influenced by the Chinese economy.

HK Real Estate Industry

In recent years, the real estate and construction sector's share in the Hong Kong stock index has notably decreased. Neverthe