Foreign firms, stung by supply chain vulnerabilities during the pandemic, could incur over $1 trillion in costs to relocate their supply chains from China over the next five years, according to Bank of America.
Chevron is in talks to explore for oil in a southern province of Iraq, OPEC’s second largest oil producer, while high-quality oil reserves are cheap during the pandemic and energy recession.
We are seeing resin supplies tighten in commodity markets.
The White House pledged to provide tax incentives to companies that return jobs from China and to impose tariffs on companies that create jobs overseas, further straining U.S./China relations and portending disruption in global supply chains.
China’s share of global exports has shrunk from 25% last year to 22% this year, and its share of consumer goods exports has fallen from 46% to 42 % as U.S./China geopolitical tensions mount.
Amazon continues to expand its delivery capacity, handling 66% of its package shipments in July, up from 61% in the second quarter.
Freight markets remain challenged. Clients are advised to provide expanded lead times on orders to help ensure delivery dates will be met.
We’re seeing rising spot freight pricing due to capacity constraints in the industry.
Employment in Hawaii and Nevada, with their large tourism industries, has been hardest hit by the pandemic:
Walmart reported stronger-than-expected second-quarter results fueled by a near doubling of online sales and strong performance by its industry-leading grocery business.
Five automakers comprising 30% of U.S. automobile sales — Ford, Honda, BMW, Volkswagen and Volvo — signed an agreement with California to comply with the state’s tailpipe emission rules that require them to raise their average fleet efficiency from 37 miles per gallon today to 51 miles per gallon by 2026. The state regulations are stricter than recently scaled back federal rules.
Uber and Lyft are considering franchise business models for California if a court backs a new state law declaring that the ride sharers’ drivers are employees and not contractors.
Back-to-school spending, boosted by remote learning requirements, is expected to hit an all-time high this year:
COVID-19 has infected mink at two mink farms in Utah, the country’s second largest mink producer, where farm workers also have been detected with the virus.
Add “wing-shaped” to “v-shaped” and “u-shaped” as descriptions of the economic rebound, as Europe’s recovery falters in the wake of rising COVID-19 infection rates and renewed social distancing restrictions, subpar trade and consumer concerns.
Germany, Europe’s largest economy, experienced the highest number of new COVID-19 infections in four months yesterday, prompting concerns about Europe’s economic recovery.
Officials in France are urging citizens to honor face mask and social distancing restrictions with recent infection rates in the country exceeding 3,000 a day, twice the rate at the beginning of the month, with 30% in the 17-44 age group.
Global air travel remains down 85% from this same time last year, and the industry is expected to incur $84 billion in losses in 2020.
South Korea is banning worship services and closing bars and restaurants in several cities to fight an alarming surge in COVID-19 infections.
A man has been sentenced to five months in prison for violating quarantine and bringing a mutated form of COVID-19 to Malaysia from India. Scientists are unsure if the mutated strain of the virus, which pervades in the U.S. and Europe, is more contagious or transmissible than the initial strain.
Thousands of U.S. nationals residing in China who left during the pandemic are now stranded by the country’s border restrictions, posing challenges for their employers and mitigating a buffer to U.S./China geopolitical tensions.
Tomorrow: Join our Fireside Chat. Panelists from M. Holland and Plante Moran will discuss the new USMCA and how it will impact businesses, the economy and the plastics industry. Register here to gain insight from the following panelists:
Alejandro Rodriguez, Principal and Country Manager, Mexico at Plante Moran
Lou Longo, International Consulting Practice Leader at Plante Moran
Dwight Morgan, Executive Vice President, Corporate Development at M. Holland
Eugenio Calderón,Vice President, International at M. Holland
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We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.
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