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☆ A staggering amount of money is slipping away due to the Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. Ryan Peterson, the CEO of global logistics firm Flexport, told Business Insider that 800 containers of his were destined for Baltimore, and are now being rerouted. And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said. A risk for Baltimore will be whether those route changes are temporary, or if they'll have a lasting impact on the port's business.

Persons: —, Baltimore's Francis Scott Key, Port, Anirban Basu, It's, Basu, Daraius Irani, Ryan Peterson, Petersen, we're, Martin Dresner Organizations: Service, Business, Sage Policy, Regional Economic Studies, Towson University, University of Maryland's Smith School of Business Locations: Port of Baltimore, Baltimore, East Coast, West Coast

☆ Industries from cars to coal to ice cream could be impacted by Baltimore bridge collapse
▼ + stars: | 2024-03-27 | by ( Kelsey Vlamis | Dominick Reuter | ) www.businessinsider.com time to read: +6 min

The Francis Scott Key Bridge collapse has blocked shipments in and out of the Port of Baltimore. The port is a key shipping point for cars, construction and farm equipment, and coal. The Port of Baltimore is the top US port for roll-on/roll-off cargo, like cars and construction machinery. halbergman/Getty ImagesCoal, gypsum, and sugarIn 2022, coal was among the top export commodities by weight moved through the Port of Baltimore. A research briefing from Oxford Economics said the bridge collapse will likely have a greater impact on the local Baltimore economy than on a national level.

Persons: Francis Scott Key, —, Dali, Daraius Irani, Anirban Basu, Ford, Basu, Domino, Sugar, Irani Organizations: Service, Industry, Regional Economic Studies, Towson University, Sage Policy, General Motors, Caterpillar, Port, Baltimore Refinery, Oxford Economics Locations: Port of Baltimore, Port, Baltimore, Patapsco, India, West Virginia

☆ Baltimore port closure could cost $15 million per day in lost economic activity
▼ + stars: | 2024-03-26 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +4 min

The Port of Baltimore is closed "until further notice" following the collapse of a major bridge. Experts say the closure alone will bring some $15 million of daily economic activity to a halt. Experts told Business Insider that the port alone contributes $15 million in daily economic activity, which will come to a near standstill "until further notice." While some cargo will have to wait, container ships can largely be rerouted to other east coast locations. And it's unclear whether East Coast ports will have enough available capacity to absorb Baltimore's container volume, Petersen said.

Persons: —, Baltimore's Francis Scott Key, Port, Anirban Basu, It's, Basu, Daraius Irani, Ryan Peterson, Petersen, we're, Martin Dresner Organizations: Service, Sage Policy, Regional Economic Studies, Towson University, University of Maryland's Smith School of Business Locations: Port, Baltimore, Port of Baltimore, East Coast, West Coast

☆ Suella Braverman fired as David Cameron returns to UK government
▼ + stars: | 2023-11-13 | by ( Rob Picheta | ) edition.cnn.com time to read: +10 min

The hardline Home Secretary Suella Braverman was fired early on Monday morning, after making inflammatory comments about the policing of pro-Palestinian protests in central London over the weekend. Cameron served as prime minister from 2010 to 2016, resigning after Britain voted to leave the European Union in a referendum that he had called. Unlike Braverman, neither Cleverly nor Cameron are likely to go off script and lash out at the police or protesters. Monday marks the second time in just over a year that Braverman has been sacked as home secretary. Under Sunak, Braverman spearheaded a heavily publicised push to clamp down on small boat crossings made by asylum-seekers.

Persons: London CNN — Britain’s, Rishi Sunak, David Cameron, Suella Braverman, Sunak, Cameron, Downing, James, Braverman, London’s, Braverman’s, ” Neil Basu, we’ve, King Charles, Alec Douglas, –, Edward Heath’s, “, ”, —, ” Cameron, Tories ’, Carl Court, Boris Johnson, Liz Truss, Jeremy Hunt, they’d, Liz Truss’s shambolic, lambasting “, Keir Starmer, ” Starmer Organizations: London CNN, Britain, European Union, Downing Street, Times, London, Sunak, BBC, Downing, Conservative Party, Liberal Democrats, Tories, EU, Braverman, Human, Rwanda –, Conservatives, Labour Party Locations: London, Braverman, Downing, Westminster, Cameron, Rwanda, Britain, United Kingdom

☆ UK's interior minister accuses police of pro-Palestinian bias over marches
▼ + stars: | 2023-11-09 | by ( Kate Holton | ) www.reuters.com time to read: +5 min

Critics in opposing parties and her own have accused her of stoking division and undermining the police. British Prime Minister Rishi Sunak has described Saturday's planned march as disrespectful and said he would hold Rowley to account that the remembrance events are safeguarded. Braverman, seen as a possible future Conservative party leader, often takes a harder line than her party as a whole on issues such as crime and immigration. Opposition Labour Party leader Keir Starmer said Sunak was too weak to challenge her. In a separate incident, two men were arrested over damage to the Cenotaph war memorial in the northern English town of Rochdale.

Persons: Braverman, Suella Braverman, Mark Rowley, Rishi Sunak, Saturday's, Rowley, Sunak, Keir Starmer, Neil Basu, King Charles, Sarah Young, Andrew MacAskill, Elizabeth Piper, Sharon Singleton, Mark Heinrich Our Organizations: The, Hamas, British, Conservative, Opposition Labour Party, British Loyalist, London, LBC Radio, Thomson Locations: Israel, Gaza, London, The Times, Northern Ireland, Britain, British, Braverman, Rochdale

JOHANNESBURG (AP) — The extension of the U.S. program allowing sub-Saharan African countries duty-free access to U.S. markets is expected to be high on the agenda of the U.S. Africa Growth and Opportunity Act (AGOA) trade forum that will begin in South Africa on Thursday. AGOA is U.S. legislation that allows sub-Saharan African countries duty-free access to the U.S. market provided they meet certain conditions, including adherence to the rule of law and the protection of human rights. In May, Biden threatened to remove Uganda from AGOA and impose sanctions following the passing of a controversial anti-gay law. They also called on the forum to be held in a different country to send a message to South Africa about the impact of its close ties to Moscow. An inquiry appointed by President Cyril Ramaphosa has since cleared South Africa of supplying Russia with arms.

Persons: Katherine Tai, Joy Basu, Joe Biden, ”, John Stremlau, AGOA, Ebrahim Patel, Biden, Ofwono Opondo, Yoweri Museveni, Cyril Ramaphosa, Ramaphosa, ___ Rodney Muhumuza Organizations: U.S, U.S ., African, Congress, Republicans, Central African, Republican, Democratic Locations: JOHANNESBURG, U.S, U.S . Africa, South Africa, Johannesburg, Niger, Uganda, Central African Republic, Gabon, Africa, South, AGOA, U.S . South Africa, Cuba, Iran, Russia, Ukraine, Moscow, Kampala

New Delhi CNN —Police in India are investigating a teacher after a video of her encouraging students to slap their 7-year-old classmate, who is Muslim, sparked widespread outrage in the country. The video of the incident, which took place in the Muzaffarnagar district in northern Uttar Pradesh state, shows the boy fearfully standing in front of his classmates as the teacher calls on students to hit him. Muzaffarnagar’s superintendent of police, Satyanarayan Prajapat, on Friday said the teacher told students to hit the boy “for not remembering his times tables.”The teacher also referenced the boy’s religion, according to Prajapat. District officials have also ordered the school to shut, according to CNN affiliate CNN News-18. Uttar Pradesh, where the incident took place, is India’s largest state of about 200 million.

Persons: wails, Satyanarayan, ”, Bharatiya Janata Party’s, Rahul Gandhi, ” Gandhi, Narendra Modi, old’s, “, I’d, Deepankar Basu, Yogi Adityanath Organizations: New, New Delhi CNN — Police, Mohammedan, Police, CNN, Bharatiya Janata, Twitter, BJP, Free, Compulsory, CNN News Locations: New Delhi, India, Muzaffarnagar, Uttar Pradesh, United States

Violence erupted in the northern state of Harayana state on Monday after a right-wing Hindu organization led a religious procession in the Muslim dominated region of Nuh. However, opposition politicians and activists have called the attack a “hate crime” that targeted India’s Muslim minority population. Increase in hate crimesThe latest communal violence come against a broader rise in hate crimes against minority groups. Last month, the BJP chief minister of the state of Assam, Himanta Biswa Sarma, blamed Muslims for the soaring prices of tomatoes. Some cities named after historic Muslim figures have also been renamed to reflect India’s Hindu history.

Persons: Parveen Kumar, Narendra, Modi, Yogi, Asgar Ali, Mohammed, Ali, haven’t, Police haven’t, Asaduddin, ”, Jairam Ramesh, ” Asim Ali, Deepankar Basu, Himanta Biswa Sarma, Barack Obama, “ Hussain Obama ”, Obama, Adityanath, Donald Trump’s, Rana Ayyub Organizations: New Delhi CNN, Extra, Hindustan Times, Haryana Police, CNN, ” Police, Police, Bharatiya Janata Party, BJP, Dal, NDTV Locations: New Delhi, India, Harayana, Nuh, Gurgaon, Gurugram’s, Maharashtra, Mumbai, Haryana, Nuh Chowk, Gurugram, Hindustan, Delhi, Manipur, Assam, Uttar Pradesh, today’s India

And yet, the industry is currently battling the highest level of unfilled job openings ever recorded. The construction industry averaged more than 390,000 job openings per month in 2022, the highest level on record, while unemployment in the sector of 4.6% was the second lowest on record. "Commercial construction materials prices are now 40% higher than they were back in February 2020. For construction workers, pay is boomingFor workers who seek construction jobs, the timing has never been better. "The construction industry is now paying 80% more than the average non-farm job in the United States."

Persons: Anirban Basu, Maria Davidson, Lori Ann Larocco, Davidson, it's, Michael Elder, Rucha Vankudre, It's, Brian Turmail, Turmail, doesn't, we've, Vankudre Organizations: Associated Builders and Contractors, ABC, MBTA, Boston Globe, General Contractors of America, . Census Locations: U.S, Boston, United States

Kumar, like others in his position, knows all too well the frustrations that can build when work is scarce. “Since childhood, we’ve been facing this competition,” said Sarang Agrawal, 28, who is studying for the Indian civil service entrance test. There’s competition everywhere.”Sarang Agrawal (center) is studying in the hope of becoming a civil servant. Vijay Bedi/CNNNo social life, no love life … and no plan BLike Kumar and Kumari, Agrawal knows all about competition. He is among the more than 1 million people who apply each year for a position in the Indian civil service.

The case for investing in India — a nation of 1.4 billion — is clear, and only bolstered by recent geopolitical shifts. As Western leaders look to boost economic cooperation with countries that share similar values, India, the world’s largest democracy, stands to gain. Arun Sankar/AFP/Getty ImagesIndia’s so-called “demographic dividend,” the potential economic growth arising from a large working-age population, represents a major opportunity. A recent Air India order for more than 200 Boeing planes could support more than 1 million American jobs. One consistent with our democratic values, and another not.”‘Economic miracle?’Beyond geopolitics, India’s economic and demographic fundamentals are driving business interest.

☆ Citigroup sees global profits shrinking 5% in aftermath of banking turmoil
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +1 min

March 31 (Reuters) - Citigroup equity strategists flagged a likely 5% contraction in global profits this year as turmoil in the banking sector raises the risk of a recession. Financial markets have had a turbulent few weeks after the collapse of some mid-sized U.S. lenders and a Swiss-backed takeover of Credit Suisse spooked investors about liquidity stress in the banking sector. "Stress in the banking sector has reminded us of the consequences of monetary tightening. Going forward, we think investors' attention will increasingly shift from risks of higher rates to risks of recession," said Citi strategists led by Beata M Manthey. The ongoing confidence crisis could limit banks' risk appetite and reduce the flow of credit, they warned, downgrading the global financial sector to "neutral."

☆ Security Gets Blended With Corporate Networks in New Cloud Platforms
▼ + stars: | 2023-02-10 | by ( Belle Lin | ) www.wsj.com time to read: +6 min

As everything moves to the cloud, a new generation of cybersecurity platforms has emerged, combining corporate networks with security tools such as malware protection into a single system that tech leaders can manage centrally. Older technology can be upgraded to lay the groundwork for implementing a new platform, Mr. Franch said, but it needs to happen without disrupting the existing corporate network. PREVIEWAt Carriage Services, Mr. Franch wants to undertake a network modernization similar to one he oversaw as chief technology officer of commercial real-estate services company Cushman & Wakefield. Modernization tends to reduce complexity and increase visibility of what’s on the network, which can benefit security, according to Mr. Franch. Goya Foods Inc. CIO Suvajit Basu said the Jersey City, N.J.-based company uses cybersecurity services from about seven vendors and a total of about 12 cybersecurity tools, many purchased and implemented over time.

☆ German economy ministry plans subsidies for climate-friendly production -document
▼ + stars: | 2022-11-30 | by ( Moushumi Basu | ) www.reuters.com time to read: +1 min

BERLIN, Nov 30 (Reuters) - German Economy Minister Robert Habeck plans to award companies in energy-intensive industries like chemicals and steel 15-year subsidy contracts if they reduce carbon emissions in their production, a document seen by Reuters on Wednesday showed. According to the document, which still needs to be discussed with other ministries, companies which demonstrate that they are reducing emissions in their production process will qualify for upfront investment and annual funding. With the price of conventional production rising due to increasingly expensive carbon pollution payments, the state will be able to be reimbursed by companies if their carbon costs rise higher than the initially more expensive carbon-free production methods. "Climate protection contracts therefore not only lead to a reduction in emissions from the subsidized industry," Habeck's document read. "They also provide an incentive for the technologies and infrastructure required for this to be developed and implemented in Germany now."

☆ EU strikes deal to make ships pay for their carbon emissions
▼ + stars: | 2022-11-30 | by ( Kate Abnett | Moushumi Basu | ) www.reuters.com time to read: +2 min

The shipping sector has so far escaped the EU carbon market, which requires factories and power plants to buy permits when they emit carbon dioxide, providing a financial incentive to emit less. That is set to change from 2024, when shipping companies will have to buy EU carbon permits to cover 40% of their emissions, rising to 70% in 2025 and 100% in 2026. The deal, agreed late on Tuesday by lawmakers and negotiators from the 27-country bloc, would add to the carbon market all carbon dioxide, methane and nitrogen dioxide emissions from maritime voyages within the EU. Negotiators also agreed to dedicate revenues from the sale of 20 million EU carbon permits to fund maritime emissions-cutting projects. EU negotiators will attempt to agree the rest of the carbon market upgrade by Dec. 17, and then formally rubber-stamp the law.

☆ EU takes 'first step' to certify removing CO2 from atmosphere
▼ + stars: | 2022-11-30 | by ( Kate Abnett | Moushumi Basu | ) www.reuters.com time to read: +3 min

The European Commission proposal, if approved by EU countries and lawmakers, would lay the groundwork for a government-approved certificate for carbon removals. Removals include carbon held in soils and forests, or CO2 sucked out of the air by technologies and stored underground or in construction materials. The EU proposal said existing certification schemes will be able to win EU approval if they meet certain criteria, including by addressing the risk that the CO2 could be released back into the atmosphere and having transparent rules on how long the CO2 will be stored. The U.N. climate science panel has said scaling up CO2 removals is "unavoidable" if the world is to limit global warming to 1.5C. Wijnand Stoefs, carbon removals lead at campaign group Carbon Market Watch, said the EU proposal was a "necessary first step" but left many questions unanswered - including how certified removals will eventually be integrated into governments' climate targets.

☆ Island nation Vanuatu sends climate resolution to UN for court opinion
▼ + stars: | 2022-11-30 | by ( Valerie Volcovici | Moushumi Basu | ) www.reuters.com time to read: +2 min

WASHINGTON, Nov 30 (Reuters) - The island nation Vanuatu and 17 other countries on Wednesday published a draft resolution asking the world's top court to clarify what responsibilities governments around the world have to protect future generations from climate change. ICJ advisory proceedings involve a series of hearings, which give a platform to all countries to provide evidence. An advisory opinion would not request compensation or reparations, the Vanuatu government said. A vote at the U.N. General Assembly to request the ICJ advisory opinion would only require a majority to proceed. An opinion by the ICJ could bring about greater climate action, campaigners said.

☆ Prince Harry and Meghan faced 'very real' threats while living in the U.K., former top police official says
▼ + stars: | 2022-11-30 | by ( Chantal Da Silva | Chantal Da Silva Is A Breaking News Editor For Nbc News Digital Based In London. | ) www.nbcnews.com time to read: +4 min

LONDON — Prince Harry and Meghan Markle faced "very real" threats to their safety, including threats emanating from the far-right, while in the U.K., an outgoing top British police official has said. Harry and Meghan moved to Los Angeles in 2020 after spending time in Canada. They initially announced in January 2020 that they would take a “step back” as senior members of the royal family. “In the absence of such protection, Prince Harry and his family are unable to return to his home,” it said. The statement said Harry had “inherited a security risk at birth,” and asserted that his family has been subjected to “well-documented neo-Nazi and extremist threats."

☆ Investors Cool on Internet-of-Things Startups, a Tech Conduit for Retailers
▼ + stars: | 2022-11-15 | by ( Angus Loten | ) www.wsj.com time to read: +5 min

Slumping markets have investors pulling back from funding startups that make internet-connected devices for retailers, threatening to choke an innovation pipeline for emerging tools like smart shopping carts and inventory management robots. Total venture-capital funding for startups developing IoT technology specifically for retailers is on pace to drop 65.1% from 2021 to $188.2 million by the end of the year—one of the hardest hit subsectors in the IoT market, the firm said. Like most commercial software applications, connected devices in recent years have become an integral part of retailers’ day-to-day operations. He said the company would continue to invest in these and other tech tools that help customers, despite tougher economic conditions. IoT technology is critical for the food company, Mr. Basu said, because it also enables Goya to implement cybersecurity projects in its plants.

☆ Factbox: Automakers accelerate drive to secure battery raw materials
▼ + stars: | 2022-10-10 | by ( ) www.reuters.com time to read: +7 min

read more08-Dec-2021 - Belgium's Umicore (UMI.BR) will supply cathode materials for Volkswagen's European battery cell factories under a joint venture. MERCEDES BENZ (MBGn.DE):23-Aug-2022 - Mercedes-Benz strikes cooperation agreement with Canada to secure access to lithium, nickel and cobalt. read more04-Oct-2021 - BHP Group (BHP.AX) will supply nickel sulphate from Western Australia to Toyota and Panasonic's joint venture. read moreFORD (F.N)22-July-2022 - Ioneer Ltd signs binding offtake agreement with Ford to supply lithium from Rhyolite Ridge in Nevada. read more22-Sept-2021 - Ford partners with startup Redwood Materials to form a "closed loop" or circular supply chain for electric vehicle batteries, from raw materials to recycling.

☆ U.S. auto sales to fall in April on tight inventories, rising rates - data (April 27)
▼ + stars: | 2022-04-29 | by ( ) www.reuters.com time to read: +2 min

April 27 (Reuters) - U.S. new vehicle sales is expected to fall in April, as low inventories and rising interest rates boost prices amid high demand, consultants J.D. U.S. retail sales of new vehicles in April could fall 23.8% to 1.1 million units from a year earlier, according to a report released by the consultants on Wednesday. read moreResearch firm Cox Automotive also forecasts April sales volume to fall 1.7% from March on tight inventories and adds that conditions would likely not improve in 2022. They also added the global forecast for light vehicle sales has now slipped to 81.7 million units in 2022, down 900,000 units from last month. Total new-vehicle sales for April 2022, including retail and non-retail transactions, are projected to reach 1.2 million units, a 21.5% decrease from last year.

☆ Dell forecasts upbeat revenue on strong PC demand
▼ + stars: | 2021-11-23 | by ( ) www.reuters.com time to read: +2 min

Nov 23 (Reuters) - Laptop maker Dell Technologies Inc (DELL.N) on Tuesday forecast current-quarter revenue above estimates, highlighting strong demand for its personal computers and servers from companies moving toward a hybrid work model. Revenue from its infrastructure solutions group, which includes the data center business, was up 5% at $8.4 billion in the quarter. Total revenue jumped 21% to $28.39 billion, compared with analysts' average estimate of $26.82 billion, according to Refinitiv data. Meanwhile, rival PC-maker HP Inc (HPQ.N) also reported a quarterly profit that more than quadrupled to $3.09 billion, and said its personal systems unit posted a 13% rise in revenue. Dell's freshly spun off cloud computing unit, VMware, posted a 10% rise in revenue during the quarter.

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