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☆ Target Investing $100 Million to Expand Next-Day Delivery
▼ + stars: | 2023-02-23 | by ( Liz Young | ) www.wsj.com time to read: +3 min

Target is one of several retailers using stores to fill orders to help manage inventory and the high costs of last-mile delivery. A Target worker loads packages for last-mile delivery at the retailer’s Minneapolis sortation center. Despite slowing growth, online orders make up a substantial portion of Target’s sales. The sortation centers are meant to relieve stores of the burden of sorting packages for final delivery, speeding shipments up in the process. The facilities handled 26 million packages last year, and Target expects that number to double this year.

☆ Abu Dhabi's ADNOC looks to raise up to $2 bln from IPO of gas unit
▼ + stars: | 2023-02-23 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

[1/3] An Emirati man is seen near the logo of ADNOC in Ruwais, United Arab Emirates May 14, 2018. REUTERS/Christopher PikeDUBAI, Feb 23 (Reuters) - State oil giant Abu Dhabi National Oil Co (ADNOC) said on Thursday it has set a price range for an initial public offering (IPO) of its gas unit that could raise up to $2 billion and give ADNOC Gas an equity valuation of $47 billion to $50.8 billion. ADNOC is selling roughly 3 billion shares in its gas business, equivalent to about 4% of its issued share capital. At the top of the range, ADNOC would raise roughly $2 billion from the sale, according to Reuters calculations. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ ADNOC to float 4% of its gas business in IPO - statement
▼ + stars: | 2023-02-17 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +2 min

DUBAI, Feb 17 (Reuters) - ADNOC will sell 4% of it gas business in an initial public offering (IPO), according to a newspaper notice and an emailed statement on Friday. ADNOC holds a 95% stake in ADNOC Gas, and prior to the offering, it transferred 5% of the share capital of ADNOC GAS to Abu Dhabi National Energy Company. (TAQA.AD)Following the IPO, ADNOC is expected to own roughly 91% of ADNOC Gas. Should the deal go through, ADNOC Gas expects to target payments of dividends of $1.625 billion in the fourth quarter of this year for the first half of 2023, according to a ADNOC Gas intention to float document emailed on Friday. ADNOC Gas plans to offer a further $1.625 billion in the second quarter of 2024 for the second half of 2023.

☆ Abu Dhabi's ADNOC to float 4% of gas business - sources
▼ + stars: | 2023-02-16 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +1 min

DUBAI, Feb 16 (Reuters) - Abu Dhabi National Oil Company (ADNOC) plans to float 4% of its gas business in an initial public offering, two sources told Reuters on Thursday. The state oil giant made the decision on ADNOC Gas ahead of the official announcement of the IPO expected on Friday, said the sources, declining to be named as the matter is not public. Sources told Reuters last month that ADNOC was eyeing a valuation of at least $50 billion for its gas business, which would translate to proceeds from the IPO of roughly $2 billion, according to Reuters calculations. The company announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. Over the past two years, ADNOC has listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD), and ADNOC Drilling (ADNOCDRILL.AD).

☆ Here are Wednesday's biggest analyst calls: Apple, Tesla, Amazon, SoFi, Target, Goldman Sachs & more
▼ + stars: | 2023-02-15 | by ( Michael Bloom | ) www.cnbc.com time to read: +6 min

Here are Wednesday's biggest calls on Wall Street: Evercore ISI downgrades Marriott to in line from outperform Evercore downgraded the hotel giant mainly on valuation. UBS reiterates Apple as buy UBS said that a foldable iPhone remains possible for Apple after the tech giant filed a recent patent. Morgan Stanley reiterates Amazon as overweight Morgan Stanley said it's standing by its bullish thesis on shares of the e-commerce giant. Wells Fargo reiterates Goldman Sachs as overweight Wells said it's standing by its overweight rating on the stock but that it's cautious heading into the company's investor day later this month. " Evercore ISI reiterates Salesforce as outperform Evercore raised its price target on the stock to $200 per share from $175 and said it's sticking with its outperform rating.

☆ CNBC Daily Open: U.S. markets rose, but might be surprised by January's consumer price index
▼ + stars: | 2023-02-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

U.S. markets rose, expecting inflation to moderate further. They might be surprised by tomorrow's consumer price index. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Economists are expecting January's consumer price index to rise 0.4% on a monthly basis — that's a jump from December's -0.1% figure, which means that prices actually fell. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ CNBC Daily Open: Inflation is more complex than it seems. But markets believe in simple disinflation
▼ + stars: | 2023-02-14 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. If Tuesday's consumer price index report comes hotter than expected, the S&P 500 could plummet up to 3% , according to JPMorgan's sales and trading desk. Time will tell if that comfortable narrative of disinflation — and the defiant optimism in the markets — hold up. Subscribe here to get this report sent directly to your inbox each morning before markets open.

☆ Shopify Bulks Up Online Fulfillment Logistics Services
▼ + stars: | 2023-02-09 | by ( Liz Young | ) www.wsj.com time to read: +3 min

Shopify Inc. is stepping up its logistics and fulfillment services as it expands efforts to help merchants compete with Amazon.com Inc. The challenges for small retailers in competing for sales are “almost always logistics and fulfillment,” said Aaron Brown, chief executive of Shopify Logistics. Shopify faces challenges, he said, in pushing into logistics services. Other companies, including retailers, have been seeking to market logistics services to other retailers, echoing Amazon’s warehousing and delivery operations through its Fulfillment by Amazon division. Apparel retailers American Eagle Outfitters Inc. and Gap Inc. offer fulfillment services to other merchants through their networks while Target Corp. and Walmart Inc. allow businesses to use their local same-day delivery services.

☆ Shopify just made its move into generative AI and said it's the first of many new features it plans to roll out this year
▼ + stars: | 2023-02-09 | by ( Madeline Stone | ) www.businessinsider.com time to read: +2 min

Shopify is making its first step into generative AI with the launch of Shopify Magic. Shopify Magic uses AI to automatically write product descriptions. Shopify is stepping into generative artificial intelligence with the launch of Shopify Magic, a tool that generates product descriptions using large language models. The rapid rise of AI chatbot ChatGPT, which, like Shopify Magic, relies on LLMs, has fueled investment in other generative AI startups. Shopify Magic is the Canadian e-commerce company's first foray into generative AI, but it has indicated that more features are on the way.

☆ Commercial real estate's biggest investors are spending hundreds of millions of dollars on the grittiest land in America. Here's why.
▼ + stars: | 2023-02-09 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +11 min

Big commercial-real-estate players from Brookfield to Fortress are snapping up industrial land. Brookfield is one of several big-name investors that are paying increasing attention to lowly industrial land. Industrial land also generally has lower operating costs and taxes compared to other real estate. It's hard to find big enough portfolios of industrial landThere are challenges, too, in breaking into the business of owning industrial land. Atkins said he has been impressed by the robustness of the IOS market, even with fears about the broader economy.

☆ How companies are trying to help victims of the earthquake in Turkey and Syria
▼ + stars: | 2023-02-08 | by ( Olesya Dmitracova | ) edition.cnn.com time to read: +4 min

London CNN —Companies around the world are racing to provide help to the victims of the devastating earthquake straddling Turkey and Syria, by donating food, medicines, services and cash. Hamdi Ulukaya has donated $1 million to an earthquake relief fund set up by Turkish Philanthropy Funds, the US-based donor organization has said. please donate to @tphilanthropy earthquake relief and recovery efforts. The aid organization is working to help people in Turkey and Syria affected by the quake. Aid agencies are particularly worried about victims in northwestern Syria, where more than 4 million people were already relying on humanitarian assistance.

☆ Slowing Warehouse Construction Could Extend Squeeze on Space, Experts Say
▼ + stars: | 2023-02-02 | by ( Liz Young | ) www.wsj.com time to read: +4 min

Construction of new warehouses is slowing as developers grapple with rising interest rates and declining leasing activity, potentially prolonging an ongoing shortfall in logistics space. Developers began building about 137 million square feet of new warehouse space, the lowest amount of new space to start construction in a quarter since the beginning of the Covid-19 pandemic. The company is planning development starts for the year to range between $2.5 billion and $3 billion, down from $4.7 billion in construction starts last year. Even with construction starts slowing, the pipeline of industrial projects being built remained elevated at 682.6 million square feet as of the fourth quarter, according to Cushman & Wakefield. Developers completed 143.6 million square feet of new space to finish the year, the company said, down from the record-high 148.2 million square feet delivered in the third quarter.

☆ ADNOC eyes valuation of at least $50 bln for its gas business - sources
▼ + stars: | 2023-01-30 | by ( Hadeel Al Sayegh | ) www.reuters.com time to read: +3 min

The state oil giant announced in November it was combining its gas processing arm and its liquefied natural gas (LNG) subsidiary into a single listed entity. ADNOC is eyeing a valuation of at least $50 billion for ADNOC Gas, though deliberations over valuations have not finalised and the company is yet to determine the size of the offering, said the sources close to the matter, declining to be named as the matter is not public. They said an initial public offering of ADNOC Gas could launch as soon as February, ahead of a slowdown in market activity during the Muslim fasting month of Ramadan which begins end of March. At $50 billion and above, ADNOC Gas' valuation would be broadly comparable to Italian energy group Eni (ENI.MI), U.S. Over the past two years, ADNOC listed petrochemicals company Borouge (BOROUGE.AD), fertilisers and clean ammonia products maker Fertiglobe (FERTIGLOBE.AD) and ADNOC Drilling (ADNOCDRILL.AD).

☆ Russia's troubles in Ukraine likely caused leadership shakeup: Pentagon
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, Jan 12 (Reuters) - The Pentagon said on Thursday that Russia's persistent troubles in Ukraine likely led to latest shake-up in military leadership, and urged Moscow to end the war instead turning to new generals to oversee the nearly year-long invasion. Russia on Wednesday appointed Chief of the General Staff Valery Gerasimov to oversee the military campaign in Ukraine. "It likely does reflect some of the systemic challenges that the Russian military has faced since the beginning of this invasion," Brig. "We've talked about some of those things in terms of its logistics problems, command and control problems, sustainment problems, morale and the ... failure to achieve the strategic objectives that they've set for themselves." Reporting by Phil Stewart and Idrees AliOur Standards: The Thomson Reuters Trust Principles.

☆ Amazon will take years to recover from a warehouse overbuilding binge during the pandemic. In 2022, it still added a third of Walmart's total capacity.
▼ + stars: | 2023-01-05 | by ( Eugene Kim | ) www.businessinsider.com time to read: +3 min

The company scaled back warehouse expansion last year in the face of an economic downturn. Amazon grew its warehouse footprint by 125 million square feet in 2020 and 137 million square feet in 2021, Wulfraat estimated. Amazon currently uses about 65% of its total warehouse capacity, lower than the 85% levels from 2019, Wulfraat estimated. That's because Amazon over-expanded in recent years, with warehouse growth "materially" outpacing product sales growth, he said. The company saved up to $4 billion last year when it scaled back warehouse expansion plans, according to Wulfraat.

☆ Amazon may have slowed its warehouse expansion, but it still added space equal to half of Walmart's distribution capacity this year
▼ + stars: | 2022-12-16 | by ( Emma Cosgrove | ) www.businessinsider.com time to read: +4 min

Even so, Amazon's warehouse footprint is "remarkable" compared to competitors, analysts say. Amazon added roughly half of Walmart's distribution network this year and will keep adding in 2023. The company delayed new building openings and canceled 11 million square feet of projects this year, according to Wells Fargo, citing Wulfraat. But Amazon's moves are by no means a retreat since the company continues to improve delivery speeds and dominate the US market in terms of warehouse footprint. Between 2020 and 2022, Amazon added more than 200 million square feet of warehouse space, doubling its physical footprint in the United States.

☆ East Coast ports including New York are winning a domestic trade war at the expense of California
▼ + stars: | 2022-12-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +10 min

According to ITS Logistics which monitors rail cargo trends, the volume of freight moving out of the East Coast doubles that of the West Coast. East Coast ports making major investments East Coast ports like Georgia, Virginia and Maryland have been increasing their investment to accommodate the increase in rail capacity. "CSX continues to see the East Coast ports as a growth opportunity as volumes shift from congested West coast gateways," said Cindy Schild, CSX spokesperson. West Coast port declinewatch nowCargo volumes on the West Coast remained soft at the Port of Los Angeles in November, which saw a 21% decrease year over year in volumes. While the East Coast gains are significant, there was a "leveling" off of imports detected on the East Coast in November, according to port TEU data from the CNBC Supply Chain Heat Map.

French container line CMA CGM sees the ownership of cargo terminals at U.S. ports as the next step in its bid to extend its shipping business into greater inland logistics. “Port terminals are an essential piece of the supply-chain efficiency, being at the crossroads of sea and land operations,” said Christine Cabau Woehrel, CMA CGM Group’s executive vice president of operations and assets. CMA CGM earned $17.9 billion in net profits in 2021 and its earnings in the first three quarters of this year reached more than $20.4 billion. The purchases come as CMA CGM is spending billions to buy logistics operations and more recently launch an airfreight service. China’s Cosco Shipping Ports has expanded its terminal operations around the world in concert with expansion by state-owned Cosco Shipping Lines.

☆ Apple is ready to leave China as COVID-19 protests delay iPhones past Christmas. That could take a decade and cost billions.
▼ + stars: | 2022-12-07 | by ( Emilia David | ) www.businessinsider.com time to read: +6 min

China's "zero COVID" policy has hit Apple's supply chain, causing delays on iPhone production. But any shift out of China won't be quick, with over 35% of the factories supplying Apple located in China. Some estimates say it will take until the end of the decade to move 10% of Apple's iPhone manufacturing out of the country. There are 28 Apple suppliers in Vietnam, or 3.8% of the total listed by Apple. Onshoring iPhone production?

☆ Russian response mechanism to oil price cap to take effect this month -agencies
▼ + stars: | 2022-12-06 | by ( ) www.reuters.com time to read: 1 min

Dec 6 (Reuters) - Russia's mechanism to ban sales of oil that are subject to a price cap imposed by Western countries should begin working before the end of the year, Russian news agencies quoted Deputy Prime Minister Alexander Novak as saying on Tuesday. "We are working out our decision," RIA quoted him as telling reporters. It said that when asked if the mechanism would take effect by the end of the year, he replied: "Yes, I'm sure." Earlier, Novak said Russia may reduce oil production but not by much. He said Russia was changing its logistics chains in response to the $60 oil price cap imposed by Western countries with the aim of squeezing Moscow's ability to fund its war in Ukraine.

☆ Lucid delivered a startlingly small share of its produced cars to customers — revealing a problem plaguing EV companies vying to be the next Tesla
▼ + stars: | 2022-11-23 | by ( Alexa St. John | Nora Naughton | ) www.businessinsider.com time to read: +5 min

Rivian and Lucid have reported delivering far fewer cars than they've built this year. Lucid reported that in the third quarter of this year, it built 2,282 cars but delivered just 1,393 of them to customers. Rivian, too, has seen a gap, though less extreme: The Amazon-backed startup built 7,363 vehicles and delivered 6,584 in Q3. For the first nine months of 2022, Rivian had produced 14,317 cars, and delivered 12,278, a rate of 86%. Still, House said she expects vehicles produced to continue to outpace vehicles delivered in the near-term as Lucid accelerates production and starts delivering internationally.

☆ China's JD.com says worst is over for consumer demand
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +2 min

Research house TH Data Capital noted in a report that sales growth at JD.com in September was better than that in July and August, driven mainly by consumer electronics, home appliance and FMCG. Revenue grew to 243.5 billion yuan ($34.21 billion) in the three months ended Sept. 30, compared with a Refinitiv consensus estimate from 22 analysts of 242.81 billion yuan. Rival Alibaba reported 3% revenue growth in the three months ended Sept. 30. JD.com's quarterly net income attributable to ordinary shareholders was 6 billion yuan, compared with a net loss of 2.8 billion yuan a year earlier. Excluding one-off items, JD.com earned 6.27 yuan per American Depository Share, beating expectations of a 4.44 yuan profit per ADS.

☆ New York continues streak as nation's No. 1 port as LA cargo volume hits level not seen since 2009
▼ + stars: | 2022-11-17 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Earlier this week, the Port of Los Angeles posted its lowest level of October since 2009. "Firstly, shippers are still avoiding the West Coast to mitigate the risk of labor strikes at LA and Long Beach. According to Project44 data, total vessel TEU capacity deployed from Europe to the East Coast is up 15.5% compared to Oct 2021. CNBC Supply Chain Heat Map providers warned in the summer and fall of a decrease in manufacturing orders which has impacted the volume of shipping. The lesser container volumes are now being seen off the ports across the East Coast, including New York and New Jersey.

☆ Canceled sailings from China and 'radical' vessel cuts hit U.S. ability to reach export market
▼ + stars: | 2022-11-11 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

"As shipping lines reduce their vessel calls in the form of blank sailings, this reduces the capacity for outbound volumes. Sea-Intelligence wrote in its recent blank sailings report that it has detected some unannounced cancellations for the calendar-year period of weeks 42-52 in the past two weeks. "Blank sailings have been ramped up drastically on the Transpacific, but not so much on Asia-Europe," said Alan Murphy, CEO at Sea-Intelligence. On Asia-North Europe routes, Sea-Intelligence is only seeing an additional six blank sailings, and on Asia-Mediterranean routes an increase of four blank sailings. The weekly average of vessels waiting this week is 14, waiting for an average of 6.3 days.

Amazon had unprecedented growth in the pandemic but now is focused on cost-cutting, including in logistics and package delivery. Amazon .com Inc. Chief Executive Andy Jassy is leading a cost-cutting review of the tech giant and paring back on businesses at the company that haven’t been profitable, according to people familiar with the matter. The Seattle-based company, whose stock is down about 45% year to date, has been experiencing a slowdown in its core retail business as it tries to manage costs from its logistics network. Other technology companies have been making cuts to better navigate a potential recessionary environment. This week, Facebook parent Meta Platforms Inc. said it would cut more than 11,000 workers, or 13% of staff.

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