Standard Chartered Stock Surges On Big Shipping Industry Bet

Standard Chartered shares surged the most in nine months Tuesday after the emerging market bank announced a big bet on the beleaguered shipping industry. The London-based bank said it closed three trade finance deals totalling $1.6 billion in value during December, providing funding to merchants transporting liquefied natural gas and other types of energy, at a time when banks are pulling back en masse from the shipping industry.