Good Afternoon,
More COVID-19 news relevant to the plastics industry:
Supply
- Oil prices were modestly lower in early trading today with the WTI crude price at $39.28/bbl and Brent at $41.14/bbl.
- In the first major M&A transaction in the energy sector since the pandemic began, BP agreed to sell its petrochemicals business to Ineos for $5 billion, providing needed cash to reduce debt.
- Royal Dutch Shell said it could take up to $22 billion in impairment charges in the second quarter and warned that the COVID-19 recession has impacted all corners of its business.
Supply Chain
- Emergency relief logistics collaborations between governments and private companies have emerged as critical supply chain bridges during crises such as COVID-19.
- Samsung Heavy Industries and Bloom Energy announced a collaboration to develop zero-emission cargo vessels using fuel cell technology; maritime industries currently account for 2% of global carbon emissions.
- Our Gold Standard logistics and transportation partners continue to operate without disruption.
- Ports are operating normally:
Markets
- The U.S. recorded more than 40,000 new infections yesterday, with 36 states suffering rising infection rates:
- California and Florida are closing beaches in Dade County, Los Angeles County and other areas in advance of the July 4 holiday.
- With daily infection rates topping 4,000, Arizona is re-closing bars, water parks and theaters and delaying the reopening of schools.
- Washington state mandated face masks in public places and is postponing Phase 4 reopening in some high-infection counties.
- Connecticut, New Jersey and New York may add eight new states to its high-infection state listing for a total of 16 states with mandated quarantines on arriving travelers, essentially imposing the travel restriction on nearly half of the nation’s population.
- After taming its infection and death rates, New York City may extend its ban on indoor dining, which is scheduled to expire on Monday.
- A CDC official warned that the accelerating spread in the U.S. is “really the beginning.”
- Consumer confidence rose from 85.9 in May to 98.1 in June, higher than expected.
- The chief of health for the World Health Organization says the pandemic “is not even close to over” due to lax mitigation measures and a lack of political unity. He noted it took three months to register the first million infections and just eight days to suffer the second million.
- The Paycheck Protection Program is ending with $134 billion unspent.
- The Internal Revenue Service will not further extend the income tax filing deadline beyond July 15.
- Amazon, which ended $2/hr. COVID-19 wage subsidies on May 31, will spend $500 million on bonuses for frontline workers for the month of June.
- Ford’s new Ford Promise program will allow car buyers who lose their job within a year of purchase to return them.
- Tesla passed Ford, Nissan and Honda to become the world’s fourth most valuable automotive brand. Toyota ranks first, followed by Mercedes and BMW.
- CEOs of major companies expect the COVID-19 economic fallout to extend through 2021, according to a Business Roundtable survey.
- Plexiglass is proving to be the guardian for reopening states and businesses and a reminder of the importance of plastics.
- Global infections approached 10.5 million today.
International
- The U.S. was officially omitted from the list of approved countries whose citizens can travel to the European Union.
- China warned that a swine flu that is affecting humans has the potential to become the next pandemic.
- Despite a rising infection rate and an “orange” alert level, the second highest in a four-color scale, Mexico City began easing lockdown restrictions yesterday.
Our Operations
- For clients seeking the convenience of accessing order status, order history, invoices, bills of lading and other information online, contact Tara Cutaia, Director of Client Experience, to sign up for our proprietary MHX app.
- To access 3D printing training, order parts and seek technical assistance, visit our new online resource.
- Resource Center: M. Holland offers a host of resources to clients, prospects and suppliers. To arrange a videoconference or meeting, contact:
- Automotive: Market Manager Matt Zessin.
- Color & Compounding: Market Manager Scott Arnold.
- Electrical & Electronics: Market Manager Carlos Aponte.
- Flexible Packaging: Senior Technical Development Engineer Todd Stevens.
- Healthcare: Global Healthcare Manager Josh Blackmore.
- Rotational Molding: Product Manager Pete Nutley.
- Wire & Cable: Director Todd Waddle.
- 3D Printing: Market Manager Haleyanne Freedman.
- For Regulatory advice, contact Regulatory Specialist Christopher Thelen.
- For Technical questions, contact Paul Lorigan, Manager of the M. Holland Technical Innovation Center.
- M. Holland’s official status statement is available here.
Thank you,
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.