Royal Dutch Shell announced Project Reshape, aimed at cutting operating costs in its downstream operations by 30%-40% as it shifts its focus toward renewable energy sources. The cuts are on top of $4 billion in previously announced expense cuts due to the pandemic.
Tropical storm Beta made landfall in Texas late yesterday, delivering heavy rainfall as it travels along the Gulf Coast.
California’s Bobcat wildfire near Los Angeles might not be tamed until the end of October.
Wary insurance companies are curtailing trade credit insurance used to facilitate global trade, posing additional risk to U.S. supply chains and the economic recovery.
Smart packaging is an increasingly important bulwark against security risks in more digitized supply chains.
Trucking capacity remains tight throughout the U.S., and spot pricing remains elevated.
Clients are advised to provide expanded lead times on orders to help ensure delivery dates will be met.
There were 52,070 new COVID-19 infections in the U.S. yesterday with 356 fatalities. The U.S. death toll topped 200,000 today.
The Congressional Budget Office downgraded its long-term outlook for the economy due to the pandemic and recovery spending, predicting an average growth rate of 1.2% over the next 30 years, down from 2.6% since 2000, and projecting national debt will soar to almost twice GDP.
The head of the Federal Reserve, which has limited power to rescue businesses, called on Congress to provide aid to struggling sectors as hopes fade for a phase 4 federal rescue package before November’s election.
The Federal Reserve said median household income in the U.S. hit a record high in the second quarter due in part to soaring stock markets, with most of the gain accruing to affluent households.
The CDC removed guidance on its website posted on Friday saying COVID-19 is spread through airborne transmission, creating confusion about its recommended 6-foot social distancing advice.
A shortage of reagents for COVID-19 test kits is forcing a curtailment of testing in many parts of the country.
Volkswagen, the world’s largest carmaker, is considering selling its Bugatti luxury car brand in a move that could portend a further strategic review of its portfolio as it shifts toward electric vehicles.
Tesla is expected to announce a battery that can deliver $100/kilowatt-hour, considered the point of cost parity with internal combustion alternatives.
Rolls-Royce said it will have an electric vehicle this decade as at least 20 major cities globally plan to ban internal combustion engines.
A bill introduced in Michigan would mandate that Rivian and other electric vehicle companies sell their cars through dealerships, leaving Tesla as the only company permitted to sell directly in the state.
The NFL’s Las Vegas Raiders debuted the team’s new $2 billion desert stadium, which took three years to build, on yesterday’s Monday Night Football broadcast, but no fans were in the stands due to the pandemic.
Surging COVID-19 infections in Europe sent global stock markets into retreat and prompted a return of government restrictions:
The U.K. government urged people to return to working at home where possible and is expected to impose renewed lockdown restrictions, including early closing of bars and restaurants. U.K. COVID-19 cases have been doubling every week recently.
Italy mandated testing for travelers entering from France as cases, hospitalizations and fatalities in France rise.
Madrid, which recorded more than 12,000 COVID-19 infections over the weekend, ordered residents to restrict activity “to the maximum” and enlisted the police and army to man checkpoints in the city.
After reducing COVID-19 cases to zero in May, Croatia is experiencing a surge in cases after reopening to tourism. Bar and restaurant owners staged a brief work stoppage in an appeal to the government for economic help.
Daily COVID-19 cases in India fell to 75,083 yesterday after the country suffered over 630,000 cases in the past week.
Asia produces over half the world’s plastics …
…and generates the most ocean pollution:
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