MH Daily Bulletin: March 14

March 14, 2023 • Posted in Daily Bulletin

News relevant to the plastics industry:

At M. Holland

  • Each year, M. Holland joins organizations around the globe to celebrate the profound achievements and ongoing efforts of women on International Women’s Day. To celebrate, a few Mployees shared their thoughts on this year’s theme of #EmbraceEquity. Click here to watch the video.
  • Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets.


U.S. ethane demand grew 9% in 2022, driven by petrochemical capacity additions

Supply Chain

  • Severe weather will hit both the East and West coasts of the U.S. this week.
  • The number of containerships in U.S. coastal waters has fallen 51% since last year to a total of 106.
  • Freightos, an online freight booking platform, slashed its growth forecasts amid sputtering cargo volumes and faltering freight rates.
  • Growing demand for oil in a reopening China have sent spot rates for very large crude carriers (VLCCs) above $100,000 per day, up from $38,000 a day in January, with rates from the Mideast to China up over 20% just last Friday.
  • Norfolk Southern reached an agreement with two of its unions to provide up to seven paid sick days per year to workers.
  • U.S. regulators are taking a closer look at Apollo Global Management’s proposed takeover of Atlas Air.
  • India and Australia are deepening security and economic ties as they seek to diversify their markets and shore up supply chains.
  • The United Nations is working to extend a Black Sea initiative signed with Russia that allows for safe grain transport to prevent a global food crisis.
  • In the latest news from the auto industry:
    • Volkswagen plans to spend $192 billion over the next five years to develop electric vehicles and strengthen its positions in China and the U.S.
    • Volkswagen chose Canada for its first battery cell plant outside Europe.
    • GM agreed to hike salaries by 10% this year at its largest Mexico factory, marking one of the largest-ever raises in Mexico’s auto sector.
    • Rivian Automotive and its largest shareholder Amazon are in talks to end the exclusivity part of their electric van deal.
    • Porsche expects sales to rise to as much as $45 billion this year after the luxury carmaker posted its highest annual earnings in 2022 since going public.
    • GM is exploring the use of groundbreaking new artificial-intelligence chatbots as an in-car voice assistant.
    • British electric-vehicle startup Arrival raised over $300 million to launch U.S. production of its first van in 2024.
    • Hyundai is nearing a deal to buy a plant from GM as part of its expansion plan in India.

Domestic Markets

  • The collapse of Silicon Valley Bank will leave early-stage biotech companies with a large funding void, experts say.
  • In the wake of the SVB and Signature bank failures, depositors are flocking to large U.S. banks from regional institutions.
SVB and Signature Were Highly Exposed to Risk of a Bank Run
  • The annual inflation rate fell to 6.0% in February, in line with expectations and the lowest since September 2021. 
  • U.S. consumer inflation expectations for the year ahead fell sharply to 4.2% in February, the lowest point since May 2021:
United States Consumer Inflation Expectations
  • Shares of United Airlines fell after the carrier said it expects to post a loss in the current quarter.
  • Uber, Lyft and other gig-economy firms scored a victory with a California court ruling that preserves their independent-contractor model in the state.
  • Bracing for a steep fall in COVID-19 vaccine sales, Pfizer struck a $43 billion deal to acquire cancer treatment developer Seagen.
  • Private U.S. fast-food chain Chick-fil-A plans to spend about $1 billion to open new locations in five international markets by 2030.
  • The number of renter households making $150,000 or more a year rose by almost 90% between 2016 and 2021 as housing costs inflated.
  • A new survey suggests some 3 out of every 4 Americans regret relocating during 2021’s housing market boom.

International Markets

  • European banks are well positioned to avoid the capital squeeze affecting many regional U.S. banks in the aftermath of the SVB and Signature bank failures.
  • Wage growth in the U.K. declined to 6.5% in the three months ended in January, down from 6.7% in the three months ended in December, the first decline since 2021.
  • China is fully opening its borders and will resume issuing all types of visas beginning Wednesday.
  • South Korea’s import prices for February fell for the first time in two years on weaker oil prices.
  • Staff at several airports in major German cities went on strike Monday, grounding all outbound commercial flights and impacting arrivals.
  • The recent rally has stalled for copper prices, which fell 4.3% from January to February, due to a sluggish recovery for the economy in China, which consumes over 50% of the metal globally.

Some sources linked are subscription services.

Stay informed with industry trends and insights.

Stay informed with industry trends and insights.

This field is for validation purposes and should be left unchanged.