The global oil industry has an estimated 10% glut of refining capacity that will worsen as new refineries come onstream in China and the Middle East, putting older refineries in jeopardy, especially in Europe.
NOVA Chemicals announced an alliance with Canada’s largest plastics recycler to increase the supply of post-consumer recycled (PCR) plastic for packaging.
Typhoon Maysak struck South Korea yesterday with 110 mph sustained winds, equivalent to a Category 3 hurricane.
Tropical Storm Nana was expected to reach hurricane strength before striking Central America near Belize today.
The August Logistics Managers’ Index (LMI) jumped from 63.0 in July to 66.0 in August, the highest reading in nearly two years. The LMI report highlights the dramatic contraction of transportation capacity and inverse increase in transportation prices.
The federal deficit will top $3.3 trillion when the fiscal year ends at the end of this month, according to the Congressional Budget Office, with a $1.8 trillion shortfall expected in 2021. National debt now approximates GDP and is at its highest level since WWII.
Electric vehicle maker Tesla, the most valuable car company in the world, plans to raise $5 billion in public markets while its stock price is soaring following this week’s split.
With no additional federal help for airlines in sight, United Airlines said it will furlough over 16,000 employees in October, fewer than earlier projected after many employees accepted reduced hours, voluntary severance and early retirement offers.
With 80% of consumers having ordered groceries online since the pandemic, Whole Foods opened its first “dark” store in New York dedicated solely to home delivery.
Lego sales jumped 7% in the first half of the year, with direct sales to consumers up 13% as families turned to toys for homebound entertainment.
California’s legislature passed a bill, which the governor is expected to sign into law, mandating that plastic bottles must contain 50% recycled content by 2030.
With less than 10% of plastic waste recycled in the U.S., the Recycling Partnership and the World Wildlife Fund have launched the U.S. Plastics Pact, a coalition of governments, companies and NGOs dedicated to making all plastic packaging reusable, recyclable or compostable.
Some companies are employing digital technology to promote reusable plastics, such as IoT vending machines for dispensing products into reusable containers, reusable to-go cup clubs linked through the internet, and “buy anywhere, return anywhere” programs for returnable packaging.
Heineken began producing beer in the Netherlands using 100% green energy, including contents and packaging, part of its effort to make the company fully circular by 2030.
Yesterday, Indonesia reported a record high daily count of new infections and the highest daily death rate since July.
Thailand reported a locally transmitted COVID-19 case yesterday, snapping a 100-day streak without an infection and casting doubt that border restrictions might be eased to revive the important tourism industry.
Mexico has the highest rate of COVID-19 deaths among healthcare workers globally.
The U.S. Federal Reserve’s policy statement last week favoring low interest rates over preemptively controlling inflation has put upward pressure on the euro, which strengthened to an all-time high Tuesday, up 8% since February against a basket of foreign currencies.
The European Central Bank (ECB) expressed concerns that the strong euro could derail Europe’s economic recovery; the euro declined yesterday on speculation the ECB might pursue further monetary easing.
China’s currency approached a 16-month high against the U.S. dollar today.
France announced, “France Relaunch,” a $118 billion stimulus program to help revive the economy.