Shortages of truckers and factory workers have slowed Kellogg's ability to feed the voracious demand for its products produced as a response to COVID-19 lockdowns and dislocations. In Supply Chain Dive, Christopher Casey reports: In Kellogg's second quarter 2021 earnings call in early August, CFO Amit Banati said that the shortage of truck drivers is "widespread" and was draining money from the company at "much higher rates than what we had expected." With the overall shortage of labor, it's clear that Kellogg is trying to be strategic in how it focuses its existing workforce. While the … [Read more...]
OPEC Ready to Feed Growing Oil Demand After Biden Slowed US Production
OPEC expects oil demand to grow beyond pre-pandemic levels by 2022. And while Joe Biden has acted to restrict the number of drilling permits on public lands, reducing oil production, OPEC is more than happy to fill increased demand. The Wall Street Journal's David Hodari writes: The world’s thirst for oil will exceed pre-pandemic levels next year, with improving vaccination rates and increasing public confidence in governments’ management of Covid-19 spurring a recovery in travel, the Organization of the Petroleum Exporting Countries said Monday. In its closely watched monthly market … [Read more...]
South Korea Slaps Google and Apple for Payment Monopolies
South Korea has become the first country in the world to limit Big Tech companies' payment systems. CNBC's Saheli Roy Choudhury reports: South Korea’s parliament has approved a bill that will make it the first country to impose curbs on Google and Apple’s payment policies that force developers to only use the tech giants’ proprietary billing systems. The legislation will become law once signed by President Moon Jae-in, whose party has been a vocal supporter of the bill. Apple and Google’s policies usually require developers to pay the tech giants a commission as high as 30% of every … [Read more...]
CASH HOARD: How Will Companies Deploy Their Cash?
Many investors are betting that companies with large hoards of cash on hand will use that money to buy back stock and to fund capital expenditures. Hardika Singh reports for The Wall Street Journal: Investors are betting that cash-rich companies will increase spending on everything from factories to share buybacks, a combination many believe can boost stocks in coming months. Businesses including Tyson Foods Inc., consumer-products firm Newell Brands Inc., Morgan Stanley and alcohol seller Constellation Brands Inc. have said in recent weeks they plan to build factories, expand research … [Read more...]
BIDDING WAR: Austin Homes Selling WAY Above Asking
Austin, Texas is currently home to America's fiercest bidding wars. Many homes are selling for more than $100,000 over asking. Sami Sparber reports in The Wall Street Journal: A homebuying frenzy is gripping much of the U.S., but Austin takes the prize for the biggest increase in homes selling well above the asking price. Nearly 2,700 homes in the Texas capital have sold this year for $100,000 or more above their initial listing price, according to an analysis by Redfin Corp. that examined sales through Aug. 11. While a few other U.S. cities have had more properties sell at that premium to … [Read more...]
Chinese Shipping Crippled by One COVID Case?
Chinese authorities are saying that the troubles currently plaguing the Meidong container terminal in Ningbo have been caused by the detection of one coronavirus case. The shutdown has led to major congestion in nearby alternative shipping location, Shanghai, and has caused problems throughout the world logistical chain. Reuters reports: Ports and shipping companies are diverting vessels from a container terminal in China's busiest marine transportation hub which was forced to close after a coronavirus case emerged, as the pandemic strains global supply amid rising retail orders. Meidong … [Read more...]
The Dividend King is Actually a Tech Innovator
You know Procter & Gamble as "the Only True Dividend King." Dividends may not conjure up images of tech savvy or state-of-the-art innovation, but that's exactly what you'll find at P&G. The company uses technology to stay ahead of the competition. Some it buys, and some it develops on its own. Reuters explains the company's tech leadership, writing: CINCINNATI/TABLERS STATION, W.V., July 19 (Reuters) - Procter & Gamble Co (PG.N) may be best known for laundry detergent and toothpaste, but its secret sauce is arguably figuring out how to do things like get two red bottles of Olay … [Read more...]
Biden Keeps This Trump Policy to Thwart China
The administration of Donald Trump recognized that extreme ultraviolet lithography systems were essential to national defense, and put pressure on the Netherlands to prevent the sale of any of the machines to China. The Biden administration has continued Trump's policy. The Wall Street Journal reports: Some of the tech industry’s most important machines are made next to corn fields in the Netherlands. The U.S. government is trying to make sure they don’t end up in China. Beijing has been pressuring the Dutch government to allow its companies to buy ASML Holding ASML -0.63% NV’s marquee … [Read more...]
No Workers and No Chips Holding Back American Factories
American factories are being held back by a lack of people willing to work, and by a lack of chips to put in products. Justin Lahart reports for The Wall Street Journal: Factory production is having a hard time shifting into higher gear. This isn’t because manufacturers don’t want to turn their wheels any faster, but because for now they can’t. The Federal Reserve on Thursday reported that industrial production—the combined output of U.S. factories, utilities and mines—rose 0.4% last month from May. That increase was largely due to a 2.7% increase in utility output, as the country cranked … [Read more...]
Biden Admin Aims for Vast Energy Storage Capability in US
Utility Dive outlines a new plan by the Biden administration's Department of Energy to encourage the deployment of massive energy storage assets in the United States. Jason Plautz writes: The Biden administration has set a goal of powering the country with 100% clean electricity by 2035, which experts say will require vast deployment of energy storage to collect renewable energy when it is generated and distribute it to the grid when it's needed. Storage installations have boomed recently; a Wood Mackenzie analysis with the Energy Storage Association found that 1,464 MW of new storage came … [Read more...]
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