Citing environmental concerns, Michigan officials ordered the shutdown of Enbridge’s Line 5 500,000-bpd pipeline that conveys oil and natural gas liquids from Alberta to refineries in Michigan, Ohio, Pennsylvania, Ontario and Quebec.
Samsung Heavy Industries is competing with Japan, China and South Korea — the three countries responsible for 90% of world shipbuilding — to bring crewless, autonomous ships to market next year, successfully completing a 10km sea trial in October.
Truck maker Paccar is working with driverless vehicle startup Aurora Innovation to create self-driving heavy-duty trucks, potentially bringing vehicles to market in the next several years.
The fourth quarter was the strongest ever for leased logistics space as companies accommodated surging demand for e-commerce.
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.
The U.S. passed another grim COVID-19 milestone Tuesday, topping 400,000 fatalities attributed to the virus in the past year — roughly equal to American deaths in the four years of WWII. For the day, new infections totaled 177,256, and there were 2,769 fatalities.
COVID-19 continues to rage in Texas, forcing Laredo to issue a second cell-phone alert to citizens that hospitals are at capacity. Average daily infections in the state have increased five-fold since October. Apple is temporarily closing stores in the state due to high infection rates in several regions.
More than a quarter of New Yorkers don’t plan to get vaccinated against COVID-19, polls show. New York City, meanwhile, will begin closing vaccine sites Thursday due to lower-than-expected federal shipments.
The number of U.S. households unlikely to maintain their standard of living in retirement increased from 49% to 51% last year.
The Cedar Rapids, Iowa, airport will become the first in the country to conduct COVID-19 screening of passengers before they enter security screening.
Bank of America’s Q4 earnings fell 22%, the worst of any major U.S. bank so far led primarily by drops in interest income due to low rates.
Office Depot rejected an unsolicited takeover offer from Staples, keeping the door open for nontraditional deals to fend off the regulatory scrutiny that has blocked previous takeover attempts by Staples.
Cambodia, Thailand and the Philippines have signed up to purchase China’s Sinovac COVID-19 vaccine as Western vaccine manufacturers limited their efforts to get regulatory approval from low- and middle-income countries.
Denmark has added homeless people to its list of early recipients of COVID-19 vaccines.
The COVID-19 pandemic will likely be the source of significant economic volatility, such as asset bubbles and price instability, for the next three to five years.
Global investments in renewable power, electric vehicles and other green technologies reached a record $501.3 billion in 2020, a 9% increase over the previous year.
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