Noi Mahoney of Freight Waves tells his readers that the Port of Baltimore handled over $80 billion worth of cargo in 2023, major companies who have distribution facilities there include BMW, Amazon, and FedEx. Mahoney writes: The collapse of Maryland’s Francis Scott Key Bridge Tuesday after it was struck by a cargo ship continues to block access to the Port of Baltimore and could disrupt shipping flows across the U.S. The Singapore-flagged MV Dali container ship collided with the bridge around 1:35 a.m. on Tuesday. At least six people remain unaccounted for, CNN reports. With rescue and … [Read more...]
Archives for March 2024
How Your Survival Guy Invests in AI and Cryptocurrencies
There will be winners and losers in AI and cryptocurrencies, which is why Your Survival Guy likes utilities. Utilities have been steady dividend payers for years. Why not invest in areas that AI and crypto will depend upon? Katherine Blunt and Jennifer Hiller report in The Wall Street Journal that the main focus of the annual CERAWeek by S&P Global conference in Houston this year was finding enough energy to power AI. They write: Every March, thousands of executives take over a downtown hotel here to reach oil and gas deals and haggle over plans to tackle climate change. This year, the … [Read more...]
Port of Baltimore Shut Down After Bridge Collapse
Joe Ryan of Bloomberg reports that the Port of Baltimore is shut down as rescue efforts continue after Francis Scott Key Bridge collapsed when it was hit by a container ship last night. Ships will be diverted to ports in New York, New Jersey, and Virginia. He writes: East Coast ports including in New York, New Jersey and Virginia are positioned to handle additional ships if the Baltimore bridge collapse leaves terminals there inaccessible, potentially easing impacts on global trade flows. “The question is how quickly ocean freight carriers can put diversions in place, particularly for … [Read more...]
Confection-Makers Shifting Gears With Soaring Cocoa Prices
Jessica DiNapoli, Maytaal Angel, and Richa Naidu of Reuters report that confection-makers are pitching non-chocolate items as cocoa prices continue to soar. They write: Hershey, Mondelez, and other confection-makers are employing promotions and pitching more non-chocolate Easter treats like cookies 'n' cream bunnies at a time when soaring cocoa prices threaten their profits and shoppers balk at high prices. With shoppers' "impulse buys" of chocolate and candy at convenience stores and in grocery checkout lines down, according to industry data, special occasions like Easter and Halloween … [Read more...]
YOUR RETIREMENT: Time Isn’t Necessarily on Your Side
In my conversations with you, you tell me how you made your money. You saved ‘til it hurt, had the kitchen table talks, put water in your Cheerios, in some cases lost it all, then made it back and then some. Each story is different, yet as the saying goes, happy families are the same. You all, at some point, got serious about being providers and didn’t rely on someone else because guess what? They never show up. Believe me when I tell you this: There’s a lot of money out there. I’m not talking about the billionaires; I’m talking about the Main Street millionaires. Family first Americans who … [Read more...]
EU Targets First Probes With New Digital Law
Samuel Stolton of Bloomberg tells his readers that Apple, Google, and Meta are being probed by the EU in a test of the Digital Markets Act. He writes: Apple Inc., Alphabet Inc.’s Google and Meta Platforms Inc. face the risk of potentially hefty fines as the European Union opened a full-blown investigation into the firms’ compliance with strict new laws reining in the power of Big Tech. The European Commission said Monday that Apple and Google’s app store rules will be targeted in the first probes under the bloc’s Digital Markets Act, how Google search results might unfairly preference its … [Read more...]
Rise of Cyber Gangs Hijacking U.S. Goods
Inti Pacheco of The Wall Street Journal reports that thieves intercepted a refrigerated container bound for Florida and demanded a $40,000 ransom—part of a surge in fraud that has frustrated freight haulers. He writes: Rob Hoffman got disturbing emails and calls last year that threatened his entire business. Swindlers had taken control of one freight load—No. 51890—and told him that other cargoes his firm handled would be stolen unless he paid them $40,000. [...] Hoffman said he hasn’t heard from the FMCSA after filing a complaint about a year ago. The FMCSA spokeswoman didn’t respond … [Read more...]
How You Livin’? Crossing on the Queen Mary 2
Happy Friday. As my nephew asked me the other day, home from college and all the stuff one learns: “Uncle E, how you livin’?” “How I’m livin’?” I thought to myself. I haven’t thought about it. But it gets right to the point, doesn’t it? Which brings me to my conversations with you. I know how you’re livin’—quite well—because you tell me. Here’s what you’re doing. Fly fishing the Keys, catching some rays in St. Somewhere, hitting the powder out West, spending plenty of time relaxing on the beach, paying exorbitant prices for boat drinks, building houses and dreams, planning more trips, … [Read more...]
FTC Opens Landmark Lawsuit Against Apple
Stefania Palma and Michael Acton of the Financial Times report that a landmark lawsuit by the FTC against Apple is the first big antitrust action against the iPhone maker. They write: The US is suing Apple for allegedly using its power in the smartphone sector to quash competition from rivals and limit consumer choice, in the latest broadside against the dominant Big Tech companies from Joe Biden’s administration. The move comes as Apple faces pressure from regulators, courts and rivals around the world over the way it runs the iPhone, putting its $85bn a year services revenue at risk. … [Read more...]
FTC Accuses Large Retailers of Exploiting Rising Prices
Liz Young of The Wall Street Journal tells her readers how large retailers and wholesalers used their scale to get an edge over smaller competitors. Young writes: Federal regulators said large grocery chains used their size and scale to keep shelves stocked during the pandemic, edging out smaller rivals when most stores struggled with product shortages and distribution bottlenecks. The Federal Trade Commission said in a report released Thursday on the impact of Covid-19 supply-chain disruptions that large retailers used their size to pressure suppliers of food and household goods, … [Read more...]
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