As electric vehicle production surges around the world, manufacturers are dealing with the reality that many of the vital materials necessary to build EV components aren't available anywhere but China. The most recent realization of the Chinese supply-chain bottleneck is the supply of graphite. Mark Thompson, a founder of Talga Group, said, "Automakers are in a real bind because there's been no investment in Western graphite." Reuters reports: Automakers, including Tesla and Mercedes, are rushing to lock in graphite supply from outside dominant producer China, as demand for electric vehicle … [Read more...]
Central Bankers Working on Global CBDC
Under the auspices of the IMF, central bankers from around the world are working on ways to implement central bank digital currencies. Danny Park reports in Forkast: Georgieva said without such a CBDC platform and regulations a vacuum will be created and likely filled by cryptocurrencies, Reuters reported. The IMF previously discussed the idea of a global platform in its quarterly publication in September last year. The IMF director also said CBDCs should be backed by real assets, adding that cryptocurrencies not backed by assets are “speculative investments.” CBDCs can increase … [Read more...]
CRUMBLE: Signs of Economic Panic in China?
Are Chinese economists panicking about the country's economy? Yin Yalin, deputy director of the economic affairs committee of China’s national political advisory body, is calling for propping up effective demand "immediately" after the Chinese economy has been "obviously losing momentum." Kinling Lo discusses Yin's comments in the South China Morning Post, writing: China needs a new playbook with resolute actions and clear signals to stem the downward spiral and reverse pessimism within the private sector, top economists said. Beijing needs to “immediately” stop China’s economy from going … [Read more...]
Walmart’s Newest Fulfillment Center Is Its Largest Yet
Walmart has pioneered the "big box" model of retail, with big box stores and even bigger warehouses to house its massive logistical operations. Now, Walmart has built its largest fulfillment center yet outside of Indianapolis. The center is the second of a whole new breed of fulfillment centers Walmart calls "next generation" facilities. These new facilities are purpose-built not only to serve Walmart stores but online sales as well. The newest fulfillment center is 2.2 million square feet. Ben Ames reports on the facility for DC Velocity: Retail giant Walmart on Thursday opened the second of … [Read more...]
NASA Lines Up Corporate Collaborators for Future Missions
NASA has developed partnerships with seven American companies to develop the future of the space program. In a press release, NASA's Joshua Finch and Gary Jordan announced the agency's partnerships and explained their goals in the press release below: NASA will partner with seven U.S. companies to meet future commercial and government needs, ultimately benefitting human spaceflight and the U.S. commercial low Earth orbit economy. Through unfunded Space Act Agreements, the second Collaborations for Commercial Space Capabilities-2 initiative (CCSC-2) is designed to advance commercial … [Read more...]
BEER BATTLE: Modelo Especial Seizes Top Beer in America from Bud Light
America's top-selling beer is no longer Bud Light. Anheuser-Busch has learned firsthand what the words "Go Woke, Go Broke" mean, and sales of Bud Light plummeted after its ill-advised woke marketing campaign. Katherine Hamilton reports in Forbes: Modelo Especial became the most-sold beer in the U.S. in May, pushing Bud Light out of the No. 1 spot it’s held for decades, as Anheuser-Busch struggles to overcome widespread boycotts and controversy stemming from ties with a transgender influencer. About 8.4% of retail beer sales were Modelos, while Bud Light made up 7.3% of sales during the … [Read more...]
Another Week of Higher than Expected Initial Jobless Claims
The number of initial jobless claims reported has surprised forecasters to the high side again this week, with claims reported coming in at 262,000. That's the same as last week's number and above the 245,000 that forecasters expected. MarketWatch's Jeffry Bartash reports: The numbers: The number of Americans who applied for unemployment benefits last week was unchanged at 262,000, leaving it at the highest level since October 2021 and pointing to some emerging softness in a muscular U.S. labor market. Unemployment claims typically begin to rise when the economy is deteriorating and a … [Read more...]
China Makes High Stakes Bet on Expensive Domestic Lithium Production
China is making a high-stakes bet on its expensive domestic lithium production. Siyi Liu and Dominique Patton report for Reuters: Down a steep dirt road from the Baishi Huashan lithium mine in southern China, trucks laden with silvery grey ore rumble towards a cluster of smelters in the valley below that have sprung up to cash in on the electric vehicle battery boom. The city of Yichun, China's most prospective region for lithium, is ground zero in the country's push to cut its reliance on imports of the metal for its battery industry, which makes three-quarters of the world's lithium-ion … [Read more...]
Labor Deal Saves West Coast Ports from Disruption
Tense negotiations have culminated in a deal for union workers employed by West Coast port employers. Paul Berger reports in The Wall Street Journal: West Coast dockworkers reached a tentative labor deal with port employers Wednesday following more than a year of contentious negotiations that have disrupted trade flows from California to Washington state. The International Longshore and Warehouse Union, which represents more than 22,000 dockworkers, and the Pacific Maritime Association, representing employers at 29 ports, said the agreement would run for six years. The tentative agreement … [Read more...]
Musk Estimates EVs Will TRIPLE Electricity Demand by 2045
Can power producers keep up with the demand for electricity if supporters of electric vehicles get their wish and transition the American fleet to electrical power? Elon Musk told utility executives they'll need to triple power production by 2045 to handle the buildup in demand for electricity. The Wall Street Journal's Rebecca Elliott reports: AUSTIN, Texas—Tesla TSLA 0.46%increase; green up pointing triangle Chief Executive Elon Musk said the company doesn’t expect to begin producing its new electric semitrailer truck in larger volumes until the end of next year, citing battery-supply … [Read more...]
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