The Biden administration is continuing a push begun by the Trump administration to loosen ties between the American and Chinese economies by using "friendshoring," and other techniques to decrease dependence on Chinese production. That isn't so easy, reports Andrew Duehren in The Wall Street Journal. Duehren writes: HANOI, Vietnam—The Biden administration’s attempt to surgically cut economic ties with China is proving difficult to execute. Treasury Secretary Janet Yellen visited Vietnam this week to discuss her push for “friendshoring,” a term she uses to call for companies to shift supply … [Read more...]
China Is Importing More Coal than Ever
China is about to break a record for coal imports, and the high demand for seaborne coal is helping to put a floor on dry bulk shipping rates. Splash247's Sam Chambers reports: Dry bulk rates might be in the doldrums, but they’d be in a whole lot worse state were it not for the sensational amount of coal China has been importing in recent months, with the People’s Republic now on course to import 400m tonnes this year, smashing last year’s total by 100m, as well as the record set back in 2013 of 327m tonnes. The full year target figure of 400m has been mentioned by China’s National Coal … [Read more...]
Bank of America Penalized for Bad Practices
Bank of America has been penalized by the CFPB with a fine of $250 million for infractions such as denying customers promised cash rewards, double-charging them, and damaging their credit scores. Joseph Mackinnon reports for The Blaze: Federal regulators are penalizing Bank of America to the tune of $250 million for allegedly taking advantage of customers. The Consumer Financial Protection Bureau announced Tuesday that the bank will pay over $100 million to the consumers who were adversely impacted and another $150 million in penalties to the CFPB and the Office of the Comptroller of the … [Read more...]
Major Shift in Chinese Investment Climate amid Xi Jinping Crackdown
A crackdown on foreign businesses by Chinese President Xi Jinping is causing companies to pull investment from the country. Lingling Wei reports for The Wall Street Journal: Desperate for capital and with their economies struggling, China’s cities are wooing Western businesses with previously unavailable goodies. Beijing has labeled 2023 the “Year of Investing in China” and local officials have embarked on promotional tours overseas to drum up interest from investors. That effort is running headlong into President Xi Jinping’s national-security agenda, with its focus on fending off … [Read more...]
Price Cuts Lift Deliveries for Tesla
Rebecca Elliott of The Wall Street Journal tells us price cuts didn't hurt Telsa's second Quarter profit growth as bad as some feared. She writes (abridged): Tesla TSLA -3.96%decrease; red down pointing triangle price cuts didn’t hurt the electric-carmaker’s second-quarter profit growth as badly as some on Wall Street had feared. Still, Chief Executive Elon Musk cautioned investors Wednesday that even more reductions might be required and that the company would scale back production this quarter as it updates its factories. He has already cut starting prices in the U.S. between 14% … [Read more...]
UPS to Resume Negotiations With Teamsters to Avoid Strike
Esther Fung of The Wall Street Journal reports that the two sides are add odds about part-time workers pay. She writes (abridged): United Parcel Service and the International Brotherhood of Teamsters said they would resume negotiations on a new labor contract next week, the final week before roughly 330,000 workers could go on strike. If the two sides cannot reach an agreement by midnight July 31, UPS UPS 0.88%increase; green up pointing triangle drivers and package sorters will be able to go on strike starting Tuesday, Aug. 1. UPS pilots, who have a different contract, have also … [Read more...]
Russian Oil Production to Overtake Saudis’
Russia could become the largest oil producer among the OPEC+ cartel of oil exporters, overtaking the Saudis as they cut production to boost the price. Will Horner reports for The Wall Street Journal: Saudi Arabia is set to fall below Russia and lose its spot as the largest oil producer in the OPEC+ alliance as its production cuts begin to bite, tightening the oil market just as prices appear to be turning higher, the International Energy Agency said. The Gulf kingdom, the de facto leader of the Organization of the Petroleum Exporting Countries, has in recent months slashed its oil output, … [Read more...]
Union Threatens Strike at Debt-Laden Carrier
P aul Page of The Wall Street Journal reports that Yellow is facing a new risk to its business as the trucker's labor concerns and financial troubles converge. He writes (abridged): The Teamsters union is threatening a walkout after the debt-laden operator missed a payment due this month to the Central States pension fund and said it is looking to defer anoth er payment in August. The WSJ Logistics Report’s Paul Berger writes the union says drivers will walk out as soon as July 24 over the payments, raising new fears over the viability of the third-largest operator in the U.S. … [Read more...]
HP Moving Production to Thailand and Mexico
CHENG TING-FANG and LAULY LI of Nikkei Asia is reporting HP plans to move production of millions of PC's to Thailand and Mexico. They write (abridged): HP is working with suppliers to shift production of millions of consumer and commercial laptops to Thailand and Mexico this year, in the top U.S. computer maker's first substantial move to diversify its personal computer supply chain beyond China. The world's No. 2 PC maker by shipments after China's Lenovo, HP is plann ing to shift some commercial notebook computer production to Mexico, while a portion of its consumer laptop production … [Read more...]
Delta’s Profits Rise amidst Busy Summer Travel and Lower Fuel Prices
A busy summer of travel and lower fuel prices have helped to push profits higher at Delta in the second quarter. Alison Sider reports on what happened at The Wall Street Journal: It has been another busy summer for airlines—the number of people passing through U.S. airports has roughly returned to prepandemic levels, according to the Transportation Security Administration. Airport passenger volumes hit a new high on June 30, a day Delta said was its highest summer revenue day ever. The first full summer season without pandemic-era travel restrictions for many countries has … [Read more...]
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