M. Holland will be charging a fee to recover the reinstated Superfund Excise Tax for applicable U.S. orders starting July 1, 2022. Clients will be notified of details this week. Learn more about the tax in this Plastics News article.
M. Holland is sponsoring AMI’s Polymers in Cables on June 28-29 in Philadelphia, Pennsylvania. This conference covers the latest technical developments, manufacturing solutions and trends in the wire and cable industry. M. Holland is also hosting the event’s networking reception on June 28 at 5:30 pm ET!
If you’re attending AMI’s Polymers in Cables in Philadelphia, mark your schedule for M. Holland’s technical session:
Oil prices rose almost 2% Monday on talks of tightened sanctions against Russia.
In mid-morning trading today, WTI futures were up 1.9% at $111.70/bbl, Brent was up 2.3% at $117.70/bbl, and U.S. natural gas was up 0.2% at $6.52/MMBtu.
U.S. strategic crude inventories fell by 6.9 million barrels last week to the lowest since April 1986.
Sri Lanka’s crippling fuel crisis came to a head, with officials shutting schools and limiting fuel supplies to essential services, including health and public transport, for the next two weeks. New data shows the island’s economy shrank 1.6% last quarter.
High gas prices are prompting gas stations to raise standard holds for credit card purchases, raising risks that customers may incur overdraft penalties before final transactions are settled by card issuers.
Exxon Mobil’s chief executive expects all global passenger car sales to be electric vehicles by 2040.
The UAE is emerging as one of the world’s biggest state financiers of green energy, committing over $400 million to help developing nations transition and pledging to raise $4 billion for cleaner agriculture operations.
Supply Chain
Inbound containers awaited rail transport at Southern California ports an average of 11.3 days in May, the longest in almost a year.
Container shipping lines doubled first-quarter operating profits from last year to $43.9 billion, according to Sea-Intelligence.
Albemarle Corp. is considering locations in the U.S. Southeast for a new lithium processing plant that would double the firm’s production of the key electric-vehicle battery material.
Samsung Electronics suspended new procurement orders and asked suppliers to delay or reduce shipments for several weeks due to swelling inventories.
Quarterly sales at Nike were roughly flat despite a 5% decline in North America and a 19% decline in China. The firm’s forecast was downbeat after inventories rose 23% at the end of May with more products stuck in transit.
Shipping delays are expanding the divide between Old Navy’s available inventory and current consumer preferences, the firm said.
Some of the largest U.S. retailers are considering letting customers keep returns to prevent swelling inventories from expanding.
Exports (-24%) and production (-20%) of Mexican heavy-duty trucks fell sharply in May from a year ago due to supply constraints.
Self-driving truck-maker Gatik will begin moving shipments for Georgia-Pacific to Sam’s Club locations in the Dallas-Fort Worth area.
Canadian National Railway announced $136 million in capital investments in Manitoba and Nova Scotia last week, as well as $30 million for its operations in Tennessee.
U.S. durable goods orders rose 0.7% in May, driven mostly by rising sales for cars, computers and military aircraft. Orders for non-defense capital goods excluding aircraft, a closely watched proxy for business spending plans, rose a respectable 0.5%.
The U.S. pending home sales index, an indicator of home sales based on contract signings, rose unexpectedly by 0.7% in May, the first increase in seven months.
Four of the six biggest U.S. banks boosted their dividend payments Monday after the Federal Reserve’s stress testing showed they could keep lending even in a severe recession.
Almost half of Americans report greater financial stress due to rising costs for housing, healthcare and other expenses.
U.S. cities that saw the biggest jumps in home prices during the pandemic now have the largest share of price cuts, according to Zillow.
Business is slowing sharply in the home-lending business, forcing cutbacks and layoffs at online home sellers and the mortgage units of major banks.
The median U.S. rent price topped $2,000 for the first time in May, up 15% over the past year.
A Federal Reserve index of Texas manufacturing activity fell to -17.7 in June, extending declines from the prior month to the lowest level in two years:
French health officials recommend people resume mask-wearing in crowded areas and on public transport after the nation saw the most COVID-19 infections in over two months on Monday.
Russian exporters boosted shipments of a key steelmaking ingredient by 30% in March from the previous month, suggesting discounts are superseding pledges by European firms to stop sourcing from Russia.
The slowdown in the U.S. housing market is affecting Asian supply chain data, with orders from American importers for Chinese manufactured goods down 20%-30%.
A Bloomberg index of Canadian consumer confidence fell for the ninth week to near an all-time low.
Gauges of consumer confidence in both Germany and France fell sharply this month.
Sweden’s Northvolt, a battery supplier to BMW and Volkswagen, plans to go public within two years amid booming demand for electric vehicles.
Amsterdam’s Schiphol airport is cutting flights by 11% this year to reduce noise pollution.
The cost of charging Britain’s most popular electric vehicle is up 37% since December amid surging power prices.
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