Exxon Mobil announced a major reorganization that will create three distinct business lines by this April – an oil-and-gas production unit, a chemicals-and-refining unit and a low-carbon unit. The company also will move its corporate headquarters from Irving, Texas, to Houston.
Natural gas storage in the lower 48 U.S. states surpassed its five-year average in mid-December during one of the warmest Decembers on record, before declining again amid colder temperatures, higher LNG exports and increased power demand in January:
China plans to launch a unified power market by 2025 to ensure grid flexibility and avoid a repeat of last fall’s energy crisis, authorities said. More than 4% of the world’s population was hit with power outages last year as regions with previously reliable supplies, including in China, suffered blackouts and rationing.
The global market for carbon permits ballooned to a record $851 billion in 2021, a 164% increase from 2020.
A severe winter storm will target a 2,000-mile swath of the U.S. from the Rockies to the Northeast today through Friday, blanketing major metro areas with snow, ice and rain.
What started as a protest by Canadian truckers over cross-border vaccine mandates has turned into a blockade in the Canadian capital of Ottawa and widespread gridlock at the U.S.-Canada border crossing. Canadian authorities denied any interruption to cross-border freight travel.
Chemical shippers told U.S. regulators they are seeing weeks-long delays in transit times and deteriorating railroad service caused by crew shortages from the tight labor market and COVID-19 call offs.
China saw its sharpest contraction in industrial output since the beginning of the pandemic from December to January, as strict lockdowns continue to dent the nation’s factory activity. Most shippers expect even more shutdowns during the Lunar New Year holiday that starts today, adding to global supply shortages.
Loaded container imports into Georgia’s Port of Savannah rose 6.1% in December to a record 5.6 million units, up 21.3% for the full year. The Port is now the third busiest in the U.S., topped only by the Ports of Los Angeles/Long Beach (20 million container imports in 2021) and the Port of New York/New Jersey (9 million container imports in 2021).
China’s Cosco Shipping Holdings, the flagship of the second largest shipping company in the world, posted weaker-than-expected earnings as container volumes fell sharply in the fourth quarter.
Chinese companies ramped up overseas investment in consumer product and electric vehicle supply chains last year, particularly in Latin America, new data show.
Singapore-based Eastern Pacific Shipping has banned coal from its commercially managed bulk carriers to help reduce global emissions.
U.S. logistics providers will have until Feb. 28 to submit comments to the FTC on supply chain issues.
American farmers reaped 37% less soft white winter wheat this season due to excessively hot and dry conditions in the Pacific Northwest, leading to shortages of the key ingredient for bread products in some nations.
The U.S. reported 608,201 new COVID-19 infections and 2,422 virus fatalities Monday.
The seven-day average of U.S. COVID-19 hospitalizations fell below 144,000 for the first time in three weeks, bolstering hopes of a peak in the Omicron wave.
As of December, only six states had reached pre-pandemic levels of employment:
Job search site Indeed said there were 1 million fewer postings in the third week of January than a month ago, pointing to early signs of a pullback in record job openings.
More than one-third of available single-family homes in December were newly constructed, double the historical average amid record scarcity in the U.S. housing market.
An outlier in the hospitality industry, extended stay hotels are continuing to profit from people who need temporary residences during the pandemic, with no signs of demand slowing down even as travel picks up and restrictions are mostly gone.
The Dallas Federal Reserve’s index of factory activity in Texas fell 6 points in January, the smallest growth in the state’s factory activity since July of 2020:
The average rent for retail space in Manhattan fell an annual 14% in the fourth quarter as foot traffic in major shopping areas continues to lag from pre-pandemic levels.
Mortgage rates will continue to rise as the Federal Reserve begins shrinking its massive $2.7 trillion stockpile of mortgage securities built up to avert a housing crisis during the pandemic:
Investors pulled $1.4 billion from municipal bond funds in the week ended last Wednesday, the biggest weekly outflow since the start of the pandemic as the prospect of rising interest rates makes outstanding debt less attractive.
The total number of COVID-19 cases linked to the Beijing Olympics is up to 248, exceeding the number of infections linked to Japan’s Olympic Games last summer. Three American athletes have tested positive so far.
Hong Kong reported 129 new COVID-19 cases yesterday, a record, as the pragmatism of the island’s zero-COVID policy falters.
The CDC added 12 nations to its “Level 4: High Risk” travel warning yesterday, including Mexico, Brazil, Chile, Ecuador, Paraguay, French Guiana, Anguilla, St. Vincent and the Grenadines, Kosovo, Moldova, Singapore and the Philippines. Nearly 130 countries now carry the agency’s highest risk rating.
Scientists across the world say there is no indication that the BA.2 subvariant of COVID-19, which was first identified in early December and has since spread to 49 countries, causes more severe disease or is more infectious than the original Omicron strain.
Despite record-high case numbers, the U.K. and other governments across Europe responded to Omicron with lighter restrictions than any previous wave of the virus, leading to significantly less impact on the region’s fourth-quarter economic growth.
Mexico and Brazil, Latin America’s two largest economies, are back in recession territory following stubborn GDP declines caused by supply chain issues, local rate hikes, policy uncertainties and structural problems.
Total economic losses from the pandemic could climb to $14 trillion this year as economies sputter amid rising interest rates and COVID-19 cases, according to the International Monetary Fund.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
The _ga cookie, installed by Google Analytics, calculates visitor, session and campaign data and also keeps track of site usage for the site's analytics report. The cookie stores information anonymously and assigns a randomly generated number to recognize unique visitors.
This cookie is installed by Google Analytics.
A variation of the _gat cookie set by Google Analytics and Google Tag Manager to allow website owners to track visitor behaviour and measure site performance. The pattern element in the name contains the unique identity number of the account or website it relates to.
Provided by Google Tag Manager to experiment advertisement efficiency of websites using their services.
Installed by Google Analytics, _gid cookie stores information on how visitors use a website, while also creating an analytics report of the website's performance. Some of the data that are collected include the number of visitors, their source, and the pages they visit anonymously.
YouTube sets this cookie via embedded youtube-videos and registers anonymous statistical data.
Vimeo installs this cookie to collect tracking information by setting a unique ID to embed videos to the website.