Happy Easter from Dick and Debbie in the Florida Keys. … [Read more...]
The Chinese Are Having Fewer Babies
Huileng Tan of the Business Insider reports that China's falling birth rate is leading to the closure of many hospital obstetrics departments. She writes: People in China are having fewer babies — so much so that many hospitals in the country have stopped delivery services altogether, as the state-owned Chinese newspaper The Paper reported Monday. The trend appears to have started last year when some hospitals in China shut their obstetrics departments, with The Paper also reporting on the phenomenon in September. It's unclear exactly how many hospitals have shut their obstetrics … [Read more...]
Super Tankers Booked for Venezuelan Oil Stuck for Months
Alex Longley, Lucia Kassai, and Alaric Nightingale of Bloomberg report how tankers booked for Venezuelan oil have now been stuck for months, racking up a payday for the vessel's owners. They write: A batch of oil tankers that were supposed to load oil from Venezuela have been idling off of the country’s coast for months, offering a headache for some of the traders that got back into the country’s oil trade when sanctions were eased — and a payday for owners of the vessels. Four supertankers, able of hauling 8 million barrels of oil between them, have been stuck near the Latin American … [Read more...]
U.S. Producing More Oil and Gas than Any Nation Ever
David Blackmon of The Telegraph reports that the US is producing more oil and gas than any nation ever has. He writes: The US Energy Information Administration (EIA) said in January that US domestic production of crude oil for September 2023 set a new all-time high of 13,247,000 barrels per day. That fact probably deserved more notice than it received given that it was the most oil any nation on earth had ever managed to produce in a single month. The high-tech modern US oil and gas industry is completely transformed. Even more remarkable is the fact that US producers managed to break the … [Read more...]
China Goes Head-to-Head With U.S. Over EV Subsidies
Sha Hua of The Wall Street Journal reports that Beijing is challenging the Biden administration’s Inflation Reduction Act, which it calls discriminatory. Hua writes: China filed a complaint at the World Trade Organization over the U.S.’s Inflation Reduction Act, saying that it was discriminatory and distorted fair competition. Beijing will use the WTO’s dispute-settlement mechanism to challenge electric-vehicle subsidies, China’s Ministry of Commerce said on its website Tuesday. The rules being challenged require vehicles to use parts from specific regions to qualify for subsidies … [Read more...]
Crude Oil Could Hit $100 a Barrel
Alex Longley and Josyana Joshua of Bloomberg report oil prices pared their declines as U.S. crude inventories rose less than expected. They write: Oil pared declines as US crude inventories increased less than an industry report had projected. West Texas Intermediate traded down about 0.2%, rebounding from an earlier decline of as much as 1.3%, after a US government report showed oil stockpiles rose 3.17 million barrels last week. That’s about a third of the 9.3 million-barrel increase projected by the industry-funded American Petroleum Institute on Tuesday. [...] Still, the generally … [Read more...]
Baltimore Bridge Collapse to Cost Billions
Noi Mahoney of Freight Waves tells his readers that the Port of Baltimore handled over $80 billion worth of cargo in 2023, major companies who have distribution facilities there include BMW, Amazon, and FedEx. Mahoney writes: The collapse of Maryland’s Francis Scott Key Bridge Tuesday after it was struck by a cargo ship continues to block access to the Port of Baltimore and could disrupt shipping flows across the U.S. The Singapore-flagged MV Dali container ship collided with the bridge around 1:35 a.m. on Tuesday. At least six people remain unaccounted for, CNN reports. With rescue and … [Read more...]
Port of Baltimore Shut Down After Bridge Collapse
Joe Ryan of Bloomberg reports that the Port of Baltimore is shut down as rescue efforts continue after Francis Scott Key Bridge collapsed when it was hit by a container ship last night. Ships will be diverted to ports in New York, New Jersey, and Virginia. He writes: East Coast ports including in New York, New Jersey and Virginia are positioned to handle additional ships if the Baltimore bridge collapse leaves terminals there inaccessible, potentially easing impacts on global trade flows. “The question is how quickly ocean freight carriers can put diversions in place, particularly for … [Read more...]
Confection-Makers Shifting Gears With Soaring Cocoa Prices
Jessica DiNapoli, Maytaal Angel, and Richa Naidu of Reuters report that confection-makers are pitching non-chocolate items as cocoa prices continue to soar. They write: Hershey, Mondelez, and other confection-makers are employing promotions and pitching more non-chocolate Easter treats like cookies 'n' cream bunnies at a time when soaring cocoa prices threaten their profits and shoppers balk at high prices. With shoppers' "impulse buys" of chocolate and candy at convenience stores and in grocery checkout lines down, according to industry data, special occasions like Easter and Halloween … [Read more...]
EU Targets First Probes With New Digital Law
Samuel Stolton of Bloomberg tells his readers that Apple, Google, and Meta are being probed by the EU in a test of the Digital Markets Act. He writes: Apple Inc., Alphabet Inc.’s Google and Meta Platforms Inc. face the risk of potentially hefty fines as the European Union opened a full-blown investigation into the firms’ compliance with strict new laws reining in the power of Big Tech. The European Commission said Monday that Apple and Google’s app store rules will be targeted in the first probes under the bloc’s Digital Markets Act, how Google search results might unfairly preference its … [Read more...]
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