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☆ A Delta Boeing 767 made an emergency landing after its exit slide fell off midair
▼ + stars: | 2024-04-27 | by ( Cameron Manley | ) www.businessinsider.com time to read: +4 min

A Delta flight from NYC to LA had to turn back after its emergency exit slide detached. AdvertisementA Boeing plane was forced to make an emergency landing on Friday after an emergency slide fell off the aircraft. The Delta spokesperson said the airline was "fully supporting retrieval efforts and will fully cooperate in investigations." In a second statement, Delta said that the incident set off an emergency alarm. AdvertisementDelta Airlines 767-332ER makes emergency return to John F. Kennedy International Airport after losing its right-hand side emergency slide.

Persons: —, Delta, John F, Flexport, Max Organizations: Boeing, Service, Delta Air Lines, New York's JFK, Delta, Kennedy, Airport, Breaking Aviation, JFK, Business, Federal Aviation Administration, Air Lines, Kennedy International, FAA, Alaska Airlines Locations: NYC, LA, JFK, New York's, New York, Portland , Oregon

☆ 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

☆ 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

☆ A trucking and rail strategy that boomed during pandemic shocks is heating up again
▼ + stars: | 2024-03-25 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

The shift in the volume of freight being moved from the East Coast to the West Coast was first highlighted in February in the ITS Port Rail Ramp Freight Index. He said the disruptions from the Suez Canal and Panama Canal have contributed to an almost 20% increase into the West Coast ports. "For our ports, transloading containers is always going to happen and we have the capacity to do more." The West Coast container volume rebound will also have a ceiling. "We probably don't get to the historical 10-year levels of West Coast market share versus East Coast share," Chan said.

Persons: Michael Aldwell, Kuehne + Nagel, Chris Sikora, CH Robinson, Sikora, Tim Robertson, transloading, Paul Brashier, We're, Brashier, Bryan Kempisty, Matt Schrap, Bruce Chan, Chan, CH, Bascome Majors, J.B, Hunt, Schneider, JB Hunt, Jason Seidl, Knight, Swift, Seidl, Larry Organizations: Getty, U.S, Logistics, CNBC, Kuehne, Transportation Intelligence, . Logistics, DHL Global, ITS, Rail, ITS Logistics, Department of Transportation's, PortX Logistics, Harbor Trucking, J.B, Susquehanna International Group, Hub Group, Schneider, Union Pacific, Cowen Group, Universal Logistics Holdings, East, International Longshoremen's Association, Surface Transportation, Canadian Pacific, Kansas City Southern, Uber, Uber Technologies Locations: West Coast, East Coast, Panama, East, Red, Gulf, transload, transloading, West, Suez, Hunt, CH Robinson, Sea, Mexico, Kansas, Mobile , Alabama, Coatzacoalcos, Veracruz, Gulf of Mexico

☆ The global trade system has already started planning for potential Trump win, new China tariffs
▼ + stars: | 2024-03-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

The Trump administration used delegated authorities under three trade laws to unilaterally levy tariffs without Congressional approval. The Trump administration tariffs kickstarted a shift in supply chain strategy which, according to Frank, became more well-developed by customers during Covid, when they contemplated moving factories and production out of China. He expects any increase in tariffs during a second Trump presidency to lead to a greater shift in trade from China to Mexico to avoid the tariffs. "If you charge tariffs to China, they're going to build ... their car plants here and they're going to employ our people," Trump said. S&P Global research shows that China's share of the imports of products covered by tariffs imposed by the Trump administration has dropped.

Persons: Donald Trump, Trump, Niki Frank, Frank, Beth Whited, they'd, Paul Brashier, Chris Rogers, Biden, Rogers, Jon Gold, John Taylor IV, Taylor, Peter Boockvar, Critics, it's, that's Organizations: United, Canada Trade, White, CNBC, Global, Trump, China, Biden, OF DHL, Union, Canadian Pacific, Canadian Pacific Kansas City, Union Pacific, ITS Logistics, P Global, Vietnam, National Retail Federation, Berlin Packaging, Trade, Bleakley Financial, ASEAN Locations: United States, Mexico, Canada, Washington , DC, U.S, OF DHL Asia, Long Beach , California, China, Union Pacific, Canadian Pacific Kansas, East, West, Vietnam, Malaysia, South Korea, CNBC Mexico, Europe, Thailand, Indonesia

☆ Warehouse logistics systems find efficiency and productivity benefits in lightweight augmented-reality headsets
▼ + stars: | 2024-02-29 | by ( Matthew S. Smith | ) www.businessinsider.com time to read: +8 min

A 2017 trend report from the global logistics company DHL found that augmented-reality headsets improved the productivity of warehouse pickers by up to 15%. The latest AR headsets, which look similar to conventional prescription eyewear, could extend productivity benefits across every aspect of logistics — and even beyond. But the AR headsets at the cutting edge of logistics and manufacturing are slimmer, lighter, and more durable than the Vision Pro or Quest. AR headsets used in a busy workplace need to keep the wearer's vision unobstructed. TeamViewerNext-gen AR headsets go incognitoAugmented-reality headsets like the Vuzix M4000 are light enough to wear all day, but next-gen headsets will make them look like dinosaurs.

Persons: —, Paul Travers, Seth Patin, Patin, Peter Millar, Brian Ballard, Ballard, TeamViewer, Travers Organizations: Service, Apple's, DHL, Apple Vision, Meta Locations: It's

☆ The Red Sea crisis tests China’s global ambitions
▼ + stars: | 2024-01-30 | by ( Nectar Gan | ) edition.cnn.com time to read: +10 min

China’s responseThe Houthi rebels in Yemen started firing missiles and drones at ships in the Red Sea in mid-November, in what they say is an act of solidarity with Palestinians. Chinese officials repeatedly stressed that the Red Sea crisis is a “spillover” from the conflict in Gaza, citing an immediate ceasefire between Israel and Hamas as the top priority. Beijing’s reluctance to wade into the Red Sea crisis reflects these geopolitical calculations. The Chinese government readout of the meeting between Wang and Sullivan did not mention the Red Sea. Egypt is losing millions of dollars per day from the reduced traffic at the Suez Canal at the northern end of the Red Sea.

Persons: Houthi, “, ”, Mordechai Chaziza, Xi Jinping, Israel, ” Chaziza, Wang Yi, Jake Sullivan, Iran ”, we’re, Wang, Sullivan, Ebrahim Raisi, Yan Yan, OOCL, Kuehne + Nagel, Jonathan Fulton, “ can’t, ” Fulton, William Figueroa, Xi Organizations: Hong Kong CNN, Ashkelon Academic College, Beijing, Iran, People’s Liberation Army Navy, Britain, United Nations Security Council, Global, Western, Chinese Foreign, White House, Reuters, Chinese Foreign Ministry, China, Shanghai Shipping Exchange, Atlantic Council, University of Groningen, Xi’s Global Security Initiative, GSI, Hamas Locations: Hong Kong, Red, Israel, Ashkelon, United States, China, Europe, Yemen, Gulf, Aden, Djibouti, Beijing, Gaza, Bangkok, Iran, Tehran, Africa, Switzerland, Francisco, Shanghai, Abu Dhabi, Egypt, Suez, Sea, Saudi Arabia, Netherlands

“The Rock” is a name is derived from Johnson's father, WWE Hall of Famer Rocky Johnson, who was the first Black champion in WWE history (alongside partner Tony Atlas), according the WWE. “I am thrilled to partner with Dwayne and welcome his immense talent to TKO’s Board," TKO CEO Ariel Emanuel said in a prepared statement. He has recently appeared on World Wrestling Entertainment Inc.'s “Smackdown” and “Raw” television programs, with rumors swirling that he may compete at this year's WrestleMania. "I’ve been there, I’m still there and this is for them.”TKO also announced Tuesday that Brad Keywell will become a board member. The additions of Johnson and Keywell will increase TKO's board from 11 to 13 members.

Persons: Dwayne Johnson, Johnson, WWE Hall of Famer Rocky Johnson, Tony Atlas, “, Dwayne, Ariel Emanuel, ” Johnson, I’ve, I’m, ” TKO, Brad Keywell, Keywell Organizations: WWE, UFC, WWE Hall of Famer, Seven Bucks, Energy, United Football League, TKO’s Board, Holdings Inc, Wrestling Entertainment Inc, Echo Global Logistics

☆ Flexport will lay off 20% of the company starting Friday, leaked memo says
▼ + stars: | 2023-10-12 | by ( Madeline Stone | ) www.businessinsider.com time to read: +6 min

Insider first reported on September 7 that Flexport was planning layoffs , the day after its former CEO Dave Clark departed. Team,Today I have a difficult decision to share: We will reduce the size of our global team by approximately 20% with the process starting tomorrow, Friday, October 13. We will also maintain a small team of dedicated recruiters to help departing Flexport employees look for their next opportunity. This team will work closely with over 300 companies that have expressed an interest in hiring departing Flexporters to match opportunities with impacted employees. We see endless opportunities for technology to improve on-time performance and reliability, upgrade compliance processes, and save businesses money in their global supply chain.

Persons: Flexporters, Flexport, Dave Clark, Petersen, You'll, we'll, Ryan Organizations: Street, Team, People, Employees Locations: U.S, Canada, Europe, Africa, Asia

☆ Cainiao IPO: Alibaba's logistics business will go public in first IPO from the new-look tech giant
▼ + stars: | 2023-09-26 | by ( Anna Cooban | ) edition.cnn.com time to read: +2 min

London CNN —Alibaba said Tuesday that it would spin off Cainiao, its logistics arm, in what will be the conglomerate’s first initial public offering since it announced a sweeping revamp of its business earlier this year. Cainiao will remain a subsidiary of Alibaba. Founded in 2013, Cainiao operates a global logistics network and provides delivery services for Alibaba and other firms. Alibaba is now beginning to follow through with the most ambitious restructuring in its 24-year history, under new leadership. Cainiao’s listing could provide a much-needed boost to Hong Kong’s beleaguered IPO market.

Persons: London CNN — Alibaba, Cainiao, Alibaba, Eddie Wu, Perris Lee Organizations: London CNN, Alibaba, Cainiao Smart Logistics Network, Hong Kong Stock Exchange, CNN Locations: Hong, Hong Kong, Dealogic

☆ Flexport told employees to expect cost-cutting and possibly job cuts, a day after its CEO's sudden departure
▼ + stars: | 2023-09-08 | by ( Eugene Kim | Madeline Stone | ) www.businessinsider.com time to read: +3 min

Flexport told employees Thursday to expect cost-cutting and a possible reduction in workforce. Flexport founder Ryan Petersen said the company needs changes to "return to profitability." Flexport is considering cutting part of its corporate workforce, following Wednesday's sudden departure of CEO Dave Clark. The overarching message was that Flexport was spending too much money, and the company needs to focus more on helping customers, the people said. In it, he emphasized the need to return to profitability and focus on customers' needs.

Persons: Flexport, Dave Clark, Ryan Petersen, Clark, Ryan Petersen's, Petersen, Clark's, Eugene Kim Organizations: Amazon Locations: Amazon

☆ Flexport CEO says he's rescinding job offer letters for candidates joining as soon as Monday: 'I have no ideas why more than 75 people were signed to join'
▼ + stars: | 2023-09-08 | by ( Grace Kay | ) www.businessinsider.com time to read: +4 min

Flexport CEO Ryan Petersen announced on X that the company was rescinding dozens of job offers. The rescinded job offers come after Petersen reclaimed his role as CEO on Wednesday. On Wednesday, former Flexport CEO Dave Clark announced he was leaving the company less than a year after departing from his role as CEO of Amazon's consumer business to join Flexport. AdvertisementAdvertisement"It's clear that important changes are needed to sustain our growth and return to profitability," Petersen wrote. Petersen, Clark, and a spokesperson for Flexport did not immediately respond to a request for comment.

Persons: Ryan Petersen, Petersen, Steve Jobs, Dave Clark, Clark, FreightWaves, Insider's Eugene Kim, Madeline Stone, he'd, Flexport Organizations: Service, Flexport, Flexport's, Wall Street Locations: Wall, Silicon

☆ Roaring Back From Pandemic, Japan’s Economy Grows by 6 Percent
▼ + stars: | 2023-08-14 | by ( Ben Dooley | More About Ben Dooley | ) www.nytimes.com time to read: +3 min

Why It MattersJapan is the world’s third-largest economy, and the largest creditor by far. Covid didn’t hit Japan’s economy as hard as it did other countries. The anemic yen has been a double-edged sword for the economy, said Takahide Kiuchi, an economist at the Nomura Research Institute. “However, it could undermine consumption.”BackgroundJapan’s has long suffered from sluggish economic growth. Recent softness in China, Japan’s largest trade partner, is a particular source of worry.

Persons: didn’t, Takahide Kiuchi, ”, Japan’s, Izumi Devalier, Ms, Devalier, ” Mr, Kiuchi Organizations: Nomura Research Institute, Bank of Japan, Bank of America Locations: Japan, United States, China, Europe

☆ FedEx earnings show uncertain market outlook, says Stifel's Bruce Chan
▼ + stars: | 2023-06-21 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFedEx earnings show uncertain market outlook, says Stifel's Bruce ChanStifel Global Logistics Analyst Bruce Chan joins 'Squawk on the Street' to discuss FedEx as the company’s shares slipped after the shipping giant reported quarterly results.

Persons: Stifel's Bruce Chan Stifel, Bruce Chan Organizations: FedEx, Stifel's Bruce Chan Stifel Global Logistics

Seventy percent of Million Dollar Baby's demand is on the U.S. East Coast, executives said. During the first three months of 2023, West Coast ports handled 40% of U.S. container import volume. Extrapolating that first-quarter data over 12 months would show that more than 1 million twenty-foot equivalent units (TEU) moved away from the West Coast ports annually, starting in 2021, said Chris Jones, an executive vice president at Descartes Systems Group. Colgate-Palmolive (CL.N) routed 25% of containers away from West Coast ports and has already begun reversing some of that, said Francisco Rodriguez, Colgate toothpaste maker's director of global logistics. Importing to Mexico opens a legal loophole that enables Million Dollar Baby to sell those products to U.S. customers without a 25% tariff.

☆ Flexport's acquisition of Shopify Logistics sends the company on a search for growth through uncharted territory
▼ + stars: | 2023-05-17 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +8 min

Flexport plans to integrate Deliverr, an e-commerce fulfillment company Shopify acquired for $2.1 billion last year, into its global logistics offering. Clark called the Shopify assets the "last piece" the company needed to extend its reach from the manufacturer to the end consumer. It may be the last acquisition needed to complete a "port to porch" service, as Clark described it. In fact, Clark said Amazon could be a compliment or partner to Flexport soon after announcing the Shopify deal. Yea," he said about the kind of end-to-end service Flexport is planning.

☆ Pledge, a carbon accounting startup founded by ex-Revolut and Freetrade staffers, just raised $10 million with this 10-slide pitch deck
▼ + stars: | 2023-05-16 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

London-based carbon accounting startup Pledge just secured a $10 million Series A round. A startup founded by former staffers at Revolut and Freetrade has raised $10 million to build out its carbon accounting product aimed at the logistics industry. London-based Pledge, set up in 2021, enables businesses in the sector to track, reduce, and manage their carbon footprint. Some 70% of a company's emissions sit in its supply chain, which are referred to as scope three emissions. Pledge adheres to the Global Logistics Emissions Council framework, the only globally-recognized methodology for calculating greenhouse gas emissions in the logistics supply chain.

☆ Shopify tried to challenge Amazon in logistics. It never came within 100 miles. Was it all a waste?
▼ + stars: | 2023-05-04 | by ( Emma Cosgrove | Madeline Stone | ) www.businessinsider.com time to read: +7 min

Shopify is selling most of its logistics business to freight unicorn Flexport in an all stock deal. Though Shopify's logistics journey began in 2019 as Shopify Fulfillment Network, the current iteration is less than a year old, and investors had become wary of the level of investment that getting the outfit into competitive shape would take. The acquisition was previously considered key to Shopify's fulfillment ambitions, and its team has been involved in the company's efforts to develop fulfillment software. Derek Lossing, an Amazon Logistics alum-turned investment advisor with Cirrus Global Advisors, said an acquisition-driven strategy may have been the right course — especially when the alternative involved contracting with legacy logistics players, which can take months. To some, the question of whether Shopify's layover into logistics was a waste of talent, time, and resources, can't be answered until Flexport takes hold and Clark flexes the muscles he gained building Amazon Logistics.

☆ I've made $10 million in sales for my Amazon coffee grinder brand. Here's how I got started and found success.
▼ + stars: | 2023-04-27 | by ( Madeline Stone | ) www.businessinsider.com time to read: +5 min

But my e-commerce success really started after I launched my coffee accessories brand, Kaffe, on Amazon in mid-2019. I spent day and night thinking about the best way to position the coffee grinder so it would get to the top of Amazon's rankings. My sales started to grow. Amazon has its own coffee grinder that it sells under its Amazon Basics private label, and it retails for a couple of dollars less than Kaffe's does. On Amazon, you're either growing, or you're really dying, and the fees will eat you alive if you're not doing any volume.

☆ Exclusive: The University of California has invested billions in venture capital firms since 2000 and it has lost hundreds of millions so far. Here's why.
▼ + stars: | 2023-04-11 | by ( Ben Bergman | Darius Rafieyan | ) www.businessinsider.com time to read: +6 min

Insider obtained UC Investments' returns through a Public Records Act request. Unlike many other financial institutions, VC funds are not required to show their return on investment in startups. UC Investments, which has been managed by Jagdeep Singh Bachher since 2014, declined to comment. Though selling early produced an initial windfall, UC Investments could have ultimately missed out on substantial gains from these VC funds. By comparison, UC Investments earned a 8.3% return for its investment in public markets.

☆ U.S. Importers Seize on New Shipping Rules to Fight Late Fees
▼ + stars: | 2023-03-03 | by ( Paul Berger | ) www.wsj.com time to read: +6 min

U.S. importers are fighting millions of dollars in fees imposed by the world’s largest ocean carriers with the help of a new federal law and a newly emboldened regulator. He said his company, Lion Energy LLC, which imports about 800 containers a year, felt it had little power to dispute the charges. Now, Mr. Frey and hundreds of shippers like him are turning to rules set out in the Ocean Shipping Reform Act, which passed Congress in June. The new shipping law endorsed an FMC rule published in 2020. But shippers are still able to challenge fees that predate the law under earlier FMC rules.

☆ A new generation of airships is taking to the skies
▼ + stars: | 2023-03-03 | by ( Rebecca Cairns | ) edition.cnn.com time to read: +8 min

It’s an airship, and French aeronautics company Flying Whales hopes its hybrid-electric, helium-lift vessel will change the shape of sustainable transport. Flying Whales' airships, pictured here in a render, could access remote locations without roads, railways or airports. That’s why most companies, including Flying Whales and LTA Research, are using helium, which is non-flammable. Prentice is also the founder and president of BASI, a Manitoba-based company specializing in airships adapted for cold climates. Flying Whales expects to test its first airship at the end of 2025, with commercial operations beginning in 2027 once the airship is certified.

Persons: ”, Romain Schlack, Sergey Brin, It’s, Barry Prentice, Prentice, “, Schlack Organizations: CNN, Flying Whales, ” Airship, Research, Google, LTA Research, Moffett, American Chemical Society, Asper School of Business, University of Manitoba, Prentice ., FAA, European Aviation Safety Agency, Libre de Bruxelles, Prentice, Companies, Akron Airdock, Vehicles, Air Vehicles Locations: San Francisco, California, Manitoba, Prentice . California, Belgium, Laruscade, Bordeaux, France, Ohio, San Francisco Bay, England, Quebec, Asia, Canada

☆ Some Flexport insiders say layoffs and an influx of former Amazon leaders are wrecking morale. Others say the change is needed.
▼ + stars: | 2023-03-03 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +8 min

And like every other logistics company, it just saw the biggest boom in freight volume in a century, followed by a steep drop. They like to speak louder than the other people in the room," said one laid-off employee who described Flexport feedback pre-Clark as conversational. The company needs to adapt," another laid-off employee said, adding that the introduction of precise metrics for measuring success was needed. I can say generally, the company's shift to profitability came at the cost of employee satisfaction, but I think that's pretty typical," said another laid-off employee. "Now it seems like it's about how much money Flexport can make," said one laid-off employee.

☆ C.H. Robinson misses profit estimates as freight prices fall
▼ + stars: | 2023-02-01 | by ( ) www.reuters.com time to read: +1 min

Feb 1 (Reuters) - Logistics company C.H. Robinson Worldwide Inc (CHRW.O) on Wednesday reported a lower-than-expected quarterly adjusted profit as a sagging economy hurt freight demand and prices. Shares of the company fell about 4% to $98.0 after the bell. Rising interest rates and fears of a recession have choked consumer spending in a blow to shipment volumes in the global logistics industry. "Prices for ground transportation and global freight forwarding are declining due to the changing balance of supply and demand," interim Chief Executive Scott Anderson said in the company's earnings release.

☆ Davos 2023: DP World predicts 15-20% freight rate drop as demand slows
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +1 min

DAVOS, Switzerland, Jan 16 (Reuters) - DP World expects freight rates to drop by between 15% and 20% in 2023 as demand slows, the Dubai-based global logistics company's deputy chief executive and chief financial officer Yuvraj Narayan told Reuters on Monday. Freight rates are the prices at which cargoes are delivered by container from one point of the globe to another. Supply chain disruptions were persisting as a result of the war in Ukraine and sanctions against Russia, DP World's Narayan said in an interview on the sidelines of the World Economic Forum in the Swiss resort of Davos. DP World, which is a major ports operator, has been talking to the United Nations and Kyiv about providing safe passage for the transportation of grain out of Ukraine, but had yet to get the necessary approvals, Narayan added. Reporting by Maha El Dahan; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.

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