Good Afternoon,
More news relevant to the plastics industry:
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Supply
- Oil prices are expected to trade in a narrow range for the remainder of the year due to demand uncertainty as a result of the pandemic.
- Crude prices were lower in early trading today with the WTI at $40.26/bbl and Brent at $42.15/bbl.
- Alberta, Canada’s battered oil sector is encouraged by the White House’s plan to approve a $22 billion railway between Alberta and Alaska.
- Total acquired London’s leading car charging network as it continues to transition from fossil fuels.
Supply Chain
- California’s governor declared a state of emergency for Napa, Sonoma and Shasta counties as wildfires killed three people and forced the evacuation of tens of thousands.
- Shipping giant CMA CGM was hit by a ransomware attack yesterday; all four of the largest shipping companies have suffered cyberattacks in the past four years.
- Uber can continue operating in London after a successful court challenge of the city’s refusal to renew its operating license.
- Uber may acquire Free Now, BMW’s ride-hailing service, which would strengthen its position in Europe and Latin America.
- 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.
Markets
- The U.S. reported 33,037 new COVID-19 infections yesterday and 316 deaths.
- COVID-19 infections in 27 states are trending higher this week.
- COVID-19 cases are rising in New York City, where test positivity rates in some neighborhoods are as high as 6%.
- One in 3 recovered COVID-19 patients are suffering prolonged, sometimes debilitating health effects.
- A Maryland man was sentenced to a year in jail for holding large parties in violation of the state’s earlier social distancing restrictions.
- The federal government will distribute 150 million rapid COVID-19 tests made by Abbott Laboratories to states.
- The House of Representatives revealed a $2.2 trillion relief bill that restores $600 unemployment subsidies, provides aid to businesses and states, and calls for another round of stimulus checks for Americans.
- Historic low interest rates are clouding the outlook for retirees globally.
- United Airlines struck a deal with its pilots’ union to defer the furlough of 2,800 pilots and reduce pending layoffs of other employees to less than 12,000.
- With business travel anemic, airlines are refocusing their operating models on their least profitable customer segment — leisure travelers.
- Leading RV manufacturer Thor Industries reported record backlogs and a bright outlook for the industry as a younger generation embraces recreational vehicles during the pandemic.
- Christmas shopping is expected to be up this year, with lavish spending by those with jobs and wealth and an austere holiday for those without.
- Nearly half of Americans have already begun Christmas shopping out of boredom due to the pandemic.
- Smoke damage from wildfires in major cannabis-growing counties in California and Oregon is ravishing this year’s outdoor crop as vape companies experience record demand during the pandemic.
- The pandemic has prompted a surge in interest in elective weight reduction surgery among overweight people seeking to reduce their cardiovascular risks from COVID-19.
- Doctors and nurses with Universal Health Services, which operates 250 healthcare facilities, had to resort to paper yesterday when hackers took down its nationwide computer system.
- Hackers disclosed private student data after the Las Vegas, Nevada, school district refused to submit to ransomware.
- To counter “Zoom fatigue,” many employers are instituting bans on meetings for periods of time, including M. Holland, which has instituted no-meeting Fridays for internal video meetings.
- A recent survey of nearly 800 event planners found that 84% would not feel comfortable attending events indoors.
- Nearly a year after the professional hockey season began, the Tampa Bay Lightning beat the Dallas Stars to win the Stanley Cup in Edmonton, Alberta’s nearly empty hockey stadium.
International
- Global COVID-19 deaths surpassed 1 million yesterday.
- The European Community’s Economic Index rose to 91.1 in September, its fifth month of improvement, but remains 30% below pre-pandemic levels.
- India became the second nation behind the U.S. with total COVID-19 infections of more than 6 million.
- COVID-19 infections are rising across Europe:
- Germany plans to impose limits on the size of gatherings in some areas with rising infection rates.
- Thailand will borrow $46 billion for additional pandemic relief spending.
- Fifteen hundred passengers aboard a Germany cruise vessel touring the Greek islands have been quarantined onboard after a dozen crew members tested positive for COVID-19.
- The Michelin restaurant guide will suspend new recommendations for Singapore because of the prolonged closure of eateries there.
Our Operations
- To access 3D Printing training, order parts and seek technical assistance, visit our new online resource.
- 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.
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.