The U.S. reinstated the Superfund Excise Tax on July 1, 2022. It applies to chemicals and substances commonly used in the plastics industry. How is it impacting producers, distributors, importers and processors? Click here to read more.
About 2,000 workers at the U.K.’s biggest Port of Felixstowe began an eight-day strike on Sunday, threatening more than $800 million in trade and backups that could take weeks to clear. The strike is one of many initiated or planned by British workers in the coming weeks, including a rail-worker strike that all but shut down London transport on Friday.
Contract negotiations for 22,000 U.S. West Coast dockworkers reached a standstill over an equipment-handling dispute at the Port of Seattle, reports suggest.
U.S. imports rose 3% year-over-year to 2.53 million TEUs in July, remaining near all-time highs even as major retailers cut orders to manage inventories.
Total tonnage at the Port of Houston is up 24% year to date, led by a 92% increase in steel imports.
China’s merchandise exports grew 18% year over year in July while container throughput at major ports rose 14.5%, almost doubling the pace from June. The nation was alone among major economies in seeing its share of global goods exports rise during the pandemic.
The parent company of Regal Cinemas plans to file for bankruptcy in the coming weeks after struggling to rebuild movie-theater attendance from pandemic lows.
Beef prices in the U.S. dropped 0.7% in the four weeks to Aug. 7 from the year ago period, the first monthly decline in more than a year amid better staffing at meat plants, improving supply and weakened demand from consumers.
Online furniture seller Wayfair plans to cut 5% of its global workforce after suffering a larger-than-expected Q2 loss on soaring supply chain expenses and declining demand.
Chinese banks cut benchmark interest rates following the central bank’s rate cuts last week aimed at stimulating the country’s floundering economy.
German investment in China rose to over $10 billion between January and June, almost doubling the previous half-year record despite political pressure on Berlin to pivot away from Beijing.
Revised statistics indicate the U.K. economy shrank 11% in 2020, the nation’s largest contraction in over 300 years and the biggest among major economies during the pandemic.
Scandinavian airline SAS scrapped 4% of its upcoming flights due to fallout from a two-week pilot strike and delayed aircraft deliveries.
More automotive news:
Luxury carmaker Porsche plans to evenly split production of its 2024 full-electric Macan compact crossover model and its internal combustion engine version, aiming to make 80,000 units of both.
Tesla is raising the price for its “Full Self-Driving” software in its vehicles from $12,000 to $15,000 for orders made after Sept. 5, its second price hike this year, drawing new criticism because the features require some manual supervision.