BP venture Lightsource BP is building two solar installations near Dallas, Texas, with combined output of over 300 megawatts.
Three years after divesting its upstream oil assets in Ireland, Shell is taking a majority interest in an Irish floating wind project in the Celtic Sea with 300 megawatts of power.
Eight million Californians are under flood alerts and more than 400,000 have lost power as violent winter storms cross the state, bringing fears of mudslides in burn spots from the summer’s historic wildfires.
The South Korean government is working with the nation’s leading shipper to deploy at least five vessels by the end of February, a bid to support domestic exporters amid soaring freight rates.
A global semiconductor shortage is prompting Taiwanese chipmakers to consider a round of price increases, mainly in automotive chips.
VF Corporation, the parent company of The North Face, Timberland and Vans, is using digital mapping to trace the supply chains of more than 100 of its products by December 2021, with resulting data expected to improve sustainability and labor-related goals.
Hundreds of containers are being held up at the Chinese port of Dalian as local authorities test fish cargoes for coronavirus before allowing them to clear customs.
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.
U.S. COVID-19 fatalities more than doubled yesterday from Tuesday to 4,087. There were 146,640 new infections.
U.S. infection rates are improving: the seven-day average of new COVID-19 cases fell to 167,240, the lowest since Dec. 2, and no state had more than 1,000 average daily cases per million residents for the first time since October.
Several states, including California, New York, Illinois, Michigan and Massachusetts, are easing pandemic restrictions amid modest declines in case counts and hospitalizations, although new variants of the virus are setting off alarms.
U.S. consumer confidence rose in January on news of further fiscal aid and increased vaccine distribution, with the Conference Board’s index increasing to a better-than-expected 89.3, compared to 87.1 in December.
Global air travel remains severely depressed due to a maze of constantly changing restrictions and travel bans.
Corporate earnings reports reveal the varying impacts of the pandemic:
Boeing reported a fourth-quarter loss of $8.4 billion and pushed the launch of its 777X wide-body plane until 2023 due to the collapse of international travel.
A surge in power and renewable energy orders brought General Electric’s year-end cash flow to $4.4 billion, beating its own projection and ending 2020 a year ahead of schedule.
American Express reported improving fourth-quarter results with travel and entertainment spending flattening from prior-quarter drops and a rise in other credit-card spending.
Johnson & Johnson beat analysts’ revenue expectations in the fourth quarter on strong sales growth in pharmaceuticals and consumer-health products, while sales of medical devices lagged as people continue to defer elective surgeries. The company is expected to announce key testing results regarding its COVID-19 vaccine next week.
Ford expects to sell 50,000 Mustang Mach-E models in its first year as the company shifts its focus toward electrical vehicles under pressure from governmental incentives and regulatory pressure.
Owners of multifamily buildings are starting to fall behind on loan payments, as banks increasingly view a larger number of rental loans as high risk due to eviction protections, lower rent collections and declines in asking prices.
Manhattan’s famous Fifth Avenue retail corridor is showing signs of life after asking rents tumbled 18% from a 2017 peak, as more businesses attempt to take advantage of the lower prices and owners expect fewer disruptions from protesters and police barricades.
No auto market was spared from the impact of COVID-19 in 2020:
South Korea’s 2020 GDP is expected to shrink 1%, one of the smallest contractions among major economies, a result of strong exports and success in containing COVID-19.
Market Expertise: M. Holland offers a host of resources to clients, prospects and suppliers across nine strategic markets. To arrange a videoconference or meeting with any of our Market Managers, please visit our website.
M. Holland Company
We will provide further COVID-19 bulletins as circumstances dictate. For all COVID-19 updates and notices, please refer to the M. Holland website.