Eastman Chemical is building one of the world’s largest plastic-to-plastic recycling facilities in Kingsport, Tennessee, a two-year, $250 million investment that will use molecular recycling technologies to convert polyester waste into durable products.
Siemens Energy is cutting 7,800 jobs from its gas and power business unit, one-sixth of the workforce, as the shift from fossil fuels upends the markets for its gas and coal-fired power stations.
BP reported a small net profit in the fourth quarter and a near halving of operating cash flow from the prior-year period. The West’s third-largest oil company suffered a $5.7 billion annual loss, its first in a decade.
BP is selling part of its stake in an Oman gas block to Thailand’s national oil company for $2.6 billion, part of the company’s plan to raise $25 billion in divestment proceeds by 2025.
Exxon is creating a new business unit that will focus exclusively on technologies to lower carbon emissions, including a $3 billion investment through 2025 primarily on carbon capture and storage projects.
A major winter storm in the Northeast, which brought up to two feet of snow and prompted states of emergency in New Jersey and New York City, also caused several disruptions to vaccine distributions and appointments on Monday.
UPS reported a 21% jump in revenues in the fourth quarter on a surge in volume coupled with higher fees.
The nearly quadrupling of costs to ship goods from Asia is causing a shortage of consumer goods in Europe for importers of such items as home furnishings, bicycles, sports equipment, children’s toys and dried fruit.
The value of containerships has soared alongside higher shipping rates, with one London-based shipbroker reporting the sale of a vessel at a 50% premium over the ship’s value just two months ago.
Three in four containers leaving Los Angeles for Asia are empty, creating significant disruptions in global food trade, with higher shipping costs likely to be passed on to consumers.
Logistics conditions remain strained, with trucking demand exceeding availability, continuing congestion at ports, and backlogs at warehousing and packaging facilities due in part to operating challenges related to the pandemic. Shipping containers are in short supply, with demurrage charges rising. Clients are advised to provide expanded lead times on orders to help ensure delivery dates.
There were 134,339 new COVID-19 cases in the U.S. yesterday and 2,031 fatalities.
In its latest projection, the University of Washington’s Institute for Health Metrics and Evaluation said U.S. COVID-19 fatalities could rise to 619,000 by May 1.
About 78% of nursing home residents and 38% of staffers received at least one COVID-19 shot in the first month of the federal program to provide vaccines to long-term-care facilities.
Retail pharmacies, including CVS, Walgreens, Walmart and Kroger, have stepped up to take a big role in the U.S. vaccine rollout, including giving tens of millions of shots a month once the supplies are readily available.
U.S. GDP is expected to return to its pre-pandemic level by the middle of this year, while it could take several more years for output and employment levels to catch up, the Congressional Budget Office forecasts.
Thermo Fisher Scientific, a manufacturer of medical diagnostic equipment, software and services, saw revenues increase 54% in the fourth quarter.
COVID-19 lockdowns impacted all the world’s automotive markets:
Investment in the global electric vehicle industry is expected to nearly triple by 2025:
Ford and Google are teaming up to reinvent how cars are designed, built and used, employing Android software and Google’s computing network to monitor and repair vehicles, automatically upgrade safety features, and allow owners to download new features and infotainment.
Boeing signaled that over a third of orders for its new 777X jetliner could be at risk after the company announced it is delaying the plane’s launch until late 2023.
Colgate introduced its new Keep toothbrush featuring a reusable aluminum handle and snap-on plastic heads, using 80% less plastic than traditional toothbrushes.
The U.S. has experienced the opposite of the baby boom initially expected from couples isolated together during lockdowns. Early reporting on birth rates from five states show nearly 50,000 fewer births nine months into the pandemic than in the year-ago period.
India unveiled an ambitious budget for the fiscal year beginning in April that includes large spending on infrastructure projects, a bid to get people working again and return the nation to economic growth.
U.K. lenders approved more mortgages in 2020 than in any year since before the Great Recession, as house hunters sought to take advantage of a temporary tax cut.
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