Mike Colias of The Wall Street Journal tells his readers that Ford has restarted the construction of a battery plant it paused back in September, but downsized the scope of the project. He writes: Ford Motor F 0.20%increase; green up pointing triangle is moving forward on construction of a battery plant in Michigan but at a reduced size from original plans, citing a pullback in the outlook for future electric-vehicle demand. Ford in September paused work on the factory, in Marshall, Mich. At the time, the company said it was reassessing its ability to competitively operate the plant, … [Read more...]
Young Americans Tighten Their Belts as Boomers Consume
Young Americans are getting hit hard by the interest rate tightening cycle. Coupled with the impending implosion of Social Security and the $33 trillion in debt their parents and grandparents racked up, the future looks hard for Millennials and Gen-Zers. In The Robin Report, Warren Shoulberg explains that despite the troubles faced by younger generations, Baby Boomers are still consuming. He writes: The boomers, we all know, generally never met something they didn’t think they needed to buy. All those idealistic values that guided them earlier in their lives — the creation of Earth Day, … [Read more...]
Israel and Hamas Conflict Spilling into World’s Oceans
Costas Paris of The Wall Street Journal tells his readers that an Iran-backed group took Galaxy Leader’s 25 crew members hostage in the Red Sea over the weekend. He writes: Iran-backed Yemeni rebels said they hijacked an Israeli-linked cargo ship with 25 crew members in the Red Sea over the weekend, heightening tensions in the Gaza conflict. The Houthis, a rebel group that controls Yemen’s north, said on X, formerly Twitter, that they are taking the vessel to the Yemeni coast and would continue to target vessels linked to Israel because of its attacks on Gaza. Middle East brokers … [Read more...]
What Do Plunging Metal Prices Say About Electric Vehicles?
Scott Patterson of The Wall Street Journal is reporting that mining projects are being delayed after a plunge in battery-metal prices. He writes: America’s transition to electric vehicles is running into an unexpected snarl. A surprising crash in prices for lithium, cobalt and other metals used in EV batteries is hitting mining companies, which are suspending or delaying new projects and expansions. The disruptions are threatening to deepen shortages of those materials in coming years and hit the brakes on the Biden administration’s timeline for weaning the country off gas-powered … [Read more...]
Coal Giant Shifting Focus to Green Metals
Julie Steinberg of The Wall Street Journal tells her readers that a coal giant has set in motion a plan to quit coal, leaving it to focus on green metals. She writes: Glencore Chief Executive Gary Nagle made his name running the commodity giant’s sprawling coal operations. Now he’s leading an effort to get the company out of coal altogether. Glencore this past Tuesday agreed to a multibillion-dollar deal that will eventually rid it of its coal mines, a move that represents the company’s biggest strategic shift in years. That leaves it to focus on bolstering its position as a major … [Read more...]
Subsidies Fuel Global Auto Trade – How Long Will the Boom Last?
Jason Douglas of The Wall Street Journal tells his readers how strong car sales contrast with weakness in other exports. He writes: Auto exports from Europe and Asia are surging as the U.S. and other countries lavish subsidies on electric vehicles and dealers replenish inventories that even now aren’t back to prepandemic levels. The boom in autos contrasts with broader weakness in exports as the global economy slows. The trend offers a glimpse of how the West’s embrace of industrial policies aimed at stimulating domestic manufacturing and reducing the use of fossil fuels is causing … [Read more...]
Truckers Choosing Hydrogen Fuel Over Batteries
Paul Berger writes that some operators say hydrogen fuel allows trucks to drive farther and faster, but the technology is far behind the development of battery-cell electric vehicles. He continues: Jim Gillis is making a big bet on hydrogen-powered big rigs. Gillis, president of the Pacific region for Collierville, Tenn.-based IMC, will take delivery in the coming weeks of his first hydrogen electric fuel-cell Nikola trucks long before the technology is proven and a refueling network is set up. “I am always worried about first-generation technology,” said Gillis, who expects to be … [Read more...]
U.S. Sanctions Shipowners for Moving Russian Oil
Eric Wieser of MarketWatch writes that the U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has sanctioned three more shipowners for moving Russian oil above the agreed price cap. He continues: The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) on Thursday leveled sanctions against three entities and their associated vessels for transporting Russian oil sold above the agreed upon price cap set by an international coalition of countries after the Russian invasion of Ukraine. The OFAC press release listed the companies and vessels as: United Arab … [Read more...]
Biden’s Debt-Fueled Spending Binge and America’s Credit Rating
Since the “temporary” stimulus package of 2009 was enacted by Barack Obama and greased through the system by Ben Bernanke’s Federal Reserve, Americans have faced ever more burdensome budget deficits. After Joe Biden moved into the White House, the dangerous spending reached a new level. Uncontrolled money printing has set America up for some hard lessons as the interest on the federal debt rapidly closes in on $1 trillion a year. This time around, the Federal Reserve isn’t running a bond-buying program while pegging interest rates at zero. Instead, the Obama/Biden-style spending will be … [Read more...]
Iconic Parisian Café Will Try to Conquer the Retail World
Mark Faithfull of The Robin Report tells his readers how an Iconic Parisian Café is planning to conquer the retail world. He writes: Perhaps if you started business in 1885 and have a formidable literary and artist legacy going back nearly two centuries with the same family running the show — and have created an institution over all those years in an achingly desirable and historic corner in Paris — then taking things slowly comes naturally. But now the restaurant and grande dame café, Les Deux Magots, has worldwide ambitions and has begun to spread its international wings. The plan is to … [Read more...]
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