Laurance Norman and Kim Mackrael of The Wall Street Journal are reporting that tensions over Ukraine and trade have grown between the EU and China as leaders set to meet in Beijing. Italy has formally withdrawn from the Belt and Road Initiative, the latest European country to do so. They write: European Union leaders plan to warn Chinese leader Xi Jinping that the bloc is prepared to impose new sanctions and trade penalties on his nation unless it acts to address economic frictions and rein in exports to Russia of goods used for its war in Ukraine, EU officials said before a summit … [Read more...]
Unstoppable Chinese E-Commerce Giant Faltering
An e-commerce giant is losing its lead, reports Raffaele Huang and Liza Lin of The Wall Street Journal. They write: Chinese internet titan Alibaba (BABA) Group Holding once seemed invincible. Now, it is stuck in a slump. The e-commerce giant was a major driver of China’s growing consumer economy as it pioneered online shopping in China. Over the years, it also expanded into cloud computing, physical supermarkets and digital entertainment. Now, its grip on online retail is weakening. In recent months, the company lost a long-running chief executive, while a restructuring plan to revive … [Read more...]
Panama Canal Traffic Jam Could Soon Affect Global Energy Markets
Megha Mandavia of The Wall Street Journal is reporting that in the troubled waters of the Panama Canal, gas carriers—and their investors—are reaping bumper profits. Winter fuel prices could get a little wacky. She writes: Climate change may be making winters more unpredictable. It could make your winter heating bills more unpredictable too, particularly if you live at the end of long and vulnerable fuel supply chains. The price of liquefied petroleum gas, a significant U.S. export, has rocketed higher recently in Asia, a remarkable development given that crude oil prices have been falling. … [Read more...]
Signs the Job Market Is Weakening
By Stephen VanHorn @Adobe Stock Austen Hufford of The Wall Street Journal is reporting that available jobs fell in October to the lowest level since early 2021. He writes: The hot labor market that underpinned a surprisingly strong economy this year is showing signs of cooling, an indication that growth could ease in 2024. The number of available jobs at the end of October was the lowest since March 2021, the Labor Department said Tuesday. Fewer openings come as the unemployment rate has edged higher this year, Americans are taking longer to find new jobs, and wage growth is … [Read more...]
Ruling: Major Egg Producers Conspired to Drive Up Prices
Chris Casey of Supply Chain Dive is reporting that an Illinois federal jury found Cal-Maine and other egg giants liable for limiting the supply of the protein in 2004-2008 to drive up costs. He writes: A unanimous jury ruled that multiple major egg producers conspired to fix the price of the commodity between 2004 and 2008. The decision last month delivered a major victory to food giants such as Kraft Heinz and Nestlé. In the initial lawsuit filed in the Northern District of Illinois in 2011, numerous food giants including Nestlé, Kraft, General Mills and Kellogg alleged egg producers … [Read more...]
Can China Save Itself from a Debt Collapse?
Moody's has cut its outlook to negative on China's debt. Will a new round of stimulus save China from a debt implosion? Weilun Soon reports in The Wall Street Journal: China’s mounting local government debt woes are putting pressure on the country’s credit ratings. Moody’s Investors Service lowered its outlook for China’s credit rating from stable to negative on Tuesday, warning that the financial stresses of some regional and local governments will require Beijing to provide support to them. That could weigh on China’s government finances at a time when its economy is slowing. The … [Read more...]
Companies Scoop up Truck Terminals at Yellow’s Bankruptcy Auction
A court-supervised sale raised $1.9 billion for about 130 properties, with dozens more sites still on the block reports Paul Berger of The Wall Street Journal. He writes: Yellow is set to raise more than $2 billion after a bankruptcy auction that will disperse much of its national network of truck terminals among rivals, casting deeper doubt on a long shot bid to revive the trucker. About a dozen trucking companies bought properties at a court-supervised auction that unloaded 75% of Yellow’s properties for a total of just under $1.9 billion, according to a filing Monday evening in the U.S. … [Read more...]
New EV Rules Leave Wiggle Room for Chinese Suppliers
Andrew Duerhren reports that new requirements still likely mean fewer options for car buyers hoping to claim $7,500 tax credit for EV purchases. He writes in The Wall Street Journal: The Biden administration is moving to jolt the domestic electric-car industry out of its reliance on China. But much-awaited rules released Friday appear to leave some room for U.S. companies to work with Chinese partners. The new requirements will likely reduce the number of electric-vehicle models that consumers can buy and qualify for a $7,500 tax credit. How many vehicles are eligible will hinge on … [Read more...]
Commercial Shipping Lanes Under Fire from Ballistic Missiles and Drones
Nancy Youssef of The Wall Street Journal is reporting that the Iran-backed Houthi forces in Yemen are claiming responsibility for attacks in the Red Sea, pointing to the Israeli-Gaza war as their reasoning. The Pentagon warns of a possible response. She writes: A U.S. destroyer and three commercial ships operating in the Red Sea came under drone and ballistic-missile attacks, the Pentagon said Sunday, marking the most significant escalation of a weekslong military attack on ships operating in those waters. In two instances on Sunday, the USS Carney, an Arleigh Burke-class destroyer, came … [Read more...]
Connecticut Concedes the Fallacy of Banning Internal Combustion Engines
Connecticut Governor Ted Lamont attempted to align his state with California's unworkable goals of eliminating internal combustion engine (ICE) powered vehicle sales in the state by 2035 but has now conceded defeat after Connecticut's legislature wouldn't support the measures. Jason Cannon of CCJ Digital reports: “The tide is turning as state officials across the country wake up to the reality that California's electric-truck mandates are bad policy that carry serious political consequences," said American Trucking Associations President and CEO Chris Spear. "Technically unachievable … [Read more...]
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