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...]
Neither Snow, Nor Rain, Nor Heat, Nor….Inflation Costs?
The U.S. Postal Service on Tuesday reported a $6.5 billion net loss for the twelve months ending Sept. 30 and said it will not break even next year as first-class mail fell to the lowest volume since 1968. David Shepherd reports at Reuters: The Postal Service said revenue fell 0.4% to $78.2 billion results. U.S. Postmaster General Louis DeJoy said the loss includes $2.6 billion in inflation costs "above what we projected and what we were able to recover... We are not happy with this result." The agency has been aggressively hiking stamp prices and is in the middle of a 10-year … [Read more...]
Container Liners Seeking Substantially Higher Rates
Mike Wackett of The Loadstar writes that several container liners are expecting to record a fourth-quarter loss and there's confidence that the new Asia-North Europe contract rates would close above current spot levels. He continues: MSC has joined rivals CMA CGM and Hapag-Lloyd in announcing a substantial FAK (freight all kinds) general rate increase (GRI) from Asia to North Europe for 1 December. It remains to be seen whether MSC’s 2M Alliance partner, Maersk, will throw its weight behind the FAK hikes with its own increase. The Geneva-headquartered carrier advised customers it would … [Read more...]
U.S. Probing 100 Vessels in Suspected Russian Oil Sanction Violations
Timothy Gardner of Reuters writes that a source with knowledge of the new notices said some of the vessels now under investigation were involved in lifting Russian oil from the Pacific port of Kozmino, while others had loaded at the port of Primorsk on the Gulf of Finland. He continues: The U.S. Treasury Department has sent notices to ship management companies requesting information about 100 vessels it suspects of violating Western sanctions on Russian oil, according to a source who has seen the documents. The notices, sent by the Office of Foreign Assets Control to ship management … [Read more...]
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