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President-elect Donald Trump Wednesday named former Acting Attorney General Matt Whitaker as his pick for the next ambassador to the North Atlantic Treaty Organization (NATO), a key alliance that Trump derided for years. He served just three months in the position until Bill Barr was confirmed as attorney general. Before becoming acting attorney general, Whitaker served as chief of staff to Sessions when he was attorney general. Trump has long criticized NATO, accusing European allies of not contributing enough toward defense spending. In February, Hillary Clinton warned that Trump would seek to withdraw the U.S. from NATO if he were to be re-elected.

Persons: Donald Trump, Matt Whitaker, Trump, Matt, Whitaker doesn't, Whitaker, Jeff Sessions, Bill Barr, George W, Bush, Ursula von der Leyen, Hillary Clinton, JD Vance, Putin Organizations: Donald Trump Wednesday, Atlantic Treaty Organization, NATO, Patriot, NATO Allies, AMERICA, Justice Department, Trump, Twitter, Sessions, Southern, Southern District of, Center of Law & Justice, Policy Institute, Union, NBC, Fox News, Fox Business, Ukrainian, U.S Locations: States, Southern District, Southern District of Iowa, Russia, Europe, Ukraine, U.S, Poland

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Persons: Pedic Organizations: Business, Shipping Locations: Tempur

☆ Amazon just released its Temu killer and Bank of America likes the move
▼ + stars: | 2024-11-14 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Bank of America sees Amazon' s discount storefront offering as a beneficial tool in fending off Temu and Shein. The e-commerce giant launched its Haul platform on the Amazon app, exclusively featuring products under $20. Bank of America analyst Justin Post said Temu and Shein's growth over the past year created a headwind of 1 percentage point for Amazon, according to an analysis of Bloomberg Second Measure data. Amazon's new offering comes as retailers have tried to compete with Temu and Shein, which are known for their low price tags. He said Amazon and these other companies could face obstacles if President-elect Donald Trump's proposed tariffs on imports come to fruition.

Persons: Justin Post, Temu, Donald Trump's, Post, LSEG Organizations: of America, Shipping, Bank of America, Amazon, Bloomberg

☆ Trump vow on new trade war sends shockwaves through supply chain, importers scramble to move up orders
▼ + stars: | 2024-11-06 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +9 min

The global tariff threat is fueling calls for frontloading from all around the globe," he said. But they added it is based on the belief is tariffs increase the costs of trade, in turn lowering demand and volumes. "Shipping is a global industry feeding on international trade, so another Trump presidency is a step in the wrong direction," said Sand. "The knee-jerk reaction from U.S. shippers will be to frontload imports before Trump is able to impose his new tariffs." Logistics companies serving the Mexico to U.S. cross-border trade tell CNBC new Trump tariffs can have a negative impact on historic cross-border truck trade.

Persons: Donald Trump, Trump, Paul Brashier, Brashier, Swift, Ben Slupecki, Morningstar, Lars Jensen, Jensen, Peter Sand, Slupecki, Jefferies, Omar Nokta, Robert Lighthizer, Piper Sandler, Matthew Rubel, USTR, Obama, Peter Boockvar, Stephen Lamar, Lamar, Matthew Shay, Elect Trump Organizations: ITS Logistics, Trump, frontloading, Trucking, Hunt Transport Services, Schneider National, Norfolk Southern, CSX, Republican, U.S ., Maersk, . Shipping, Vespucci, CNBC, Shipping, U.S . Trade, Committee, Trade, White, Bleakley Financial, American Apparel and Footwear Association, National Retail Federation, Congress, Biden, Logistics Locations: United States, U.S, Maersk, East Coast, Mexico

☆ Months into launching a pickleball eCommerce company with $10,000, I'm already over budget. Here are all of my startup costs, including a surprise $2,095 expense.
▼ + stars: | 2024-11-05 | by ( Kathleen Elkins | ) www.businessinsider.com time to read: +6 min

My friend and I budgeted $10,000 to launch a pickleball paddle company. Our product, pickleball paddles, would be more expensive to produce. Keeping our business money separate from our personal funds seemed like a smart bookkeeping move — and it made us feel more legit. We're working with a product sourcing company, 330 Trading, which helps eCommerce businesses connect with factories to manufacture their product. Between prototypes and a shipment of 20 of our final product paddles (seven of which went to USAP for testing), we've spent about $1,475.

Persons: —, I'd, we'd, hemming, hawing, USAP, we've, Kathleen Elkins Organizations: Service, Mercury, Shipping Locations: eCommerce, LA

☆ Port strike ends as workers agree to tentative deal on wages and contract extension
▼ + stars: | 2024-10-03 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

A major union for U.S. dockworkers and the United States Maritime Alliance have agreed to a tentative deal on wages and have extended their existing contract through Jan. 15 to provide time to negotiate a new contract. The move ends a strike that had snarled East Coast and Gulf Coast ports since the beginning of the week and threatened U.S. supply of fruits, automobiles, and other goods. During the week, the strike had already started to stress the U.S. supply chain. The strike was the first by the ILA since 1977, and it impacted operations at 14 different ports. About 50,000 of the union's 85,000 members were on strike this week.

Persons: Harold Daggett Organizations: U.S, dockworkers, United States Maritime Alliance, Longshoremen's Association, Ltd, CNBC, Shipping, ILA Locations: East Coast, Gulf Coast, U.S

☆ Apple iPhones aren't coming with AI software. Here's why it doesn't matter.
▼ + stars: | 2024-09-21 | by ( Lloyd Lee | Lakshmi Varanasi | ) www.businessinsider.com time to read: +5 min

Apple Intelligence, the AI feature analysts believe will spark a consumer rush to update their iPhones, Business Insider previously reported, was not installed in the new iPhones straight out of the box. AdvertisementDespite the lines, the data shows that preorder sales took a hit this year — possibly due to the absence of Apple Intelligence. The average global shipping time for the iPhone 16 was 7 days compared to 9 days for the iPhone 15. Shipping times for the 16 Pro Max were 11 days compared to 19 days for the 15 Pro Max. The level of draw Apple Intelligence will have on customers is also in question.

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Delta Reserve Business Card OverviewAmerican Express issues seven co-branded Delta credit cards, and the Delta SkyMiles® Reserve Business American Express Card is its most premium small-business credit card. Delta Reserve Business Card Annual Fees and Other CostsThe Delta SkyMiles® Reserve Business American Express Card charges a $650 annual fee, and each additional cardholder costs $175. Delta SkyMiles® Platinum Business American Express Card vs. Delta SkyMiles® Reserve Business American Express CardThe Delta SkyMiles® Platinum Business American Express Card is a step down from the Delta SkyMiles® Reserve Business American Express Card, with a $350 annual fee and a 65,000 bonus miles after spending $6,000 in purchases on your new card in your first six months of card membership welcome bonus. Delta SkyMiles® Gold Business American Express Card vs. Delta SkyMiles® Reserve Business American Express CardThe Delta SkyMiles® Gold Business American Express Card is a great introductory business credit card card for Delta-flying business owners who want basic travel comforts, but don't want to pay a hefty annual fee for those benefits. Delta Reserve Business Card Frequently Asked QuestionsCan I earn a sign-up bonus on the Delta SkyMiles Business Reserve card?

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The information for the following product(s) has been collected independently by Business Insider: AAdvantage® Aviator® World Elite Business Mastercard®, AAdvantage® Aviator® Red World Elite Mastercard®. How to Earn Miles With the AAdvantage® Aviator® World Elite Business Mastercard®The AAdvantage® Aviator® World Elite Business Mastercard® offers significantly more opportunities to earn bonus miles than its personal card counterpart, the AAdvantage® Aviator® Red World Elite Mastercard® . AAdvantage® Aviator® World Elite Business Mastercard® Fees and CostsThe AAdvantage® Aviator® World Elite Business Mastercard® comes with a $95 annual fee. Ink Business Preferred® Credit Card vs. AAdvantage® Aviator® World Elite Business Mastercard®The Ink Business Preferred® Credit Card is Business Insider's top choice for the best small business credit card for many reasons. American Express® Business Gold Card vs. AAdvantage® Aviator® World Elite Business Mastercard®The Amex Business Gold Card is another top choice small business credit card.

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The information for the following product(s) has been collected independently by Business Insider: Marriott Bonvoy Boundless® Credit Card, Marriott Bonvoy Bold® Credit Card. Enjoy Complimentary Marriott Bonvoy Gold Elite Status with your Marriott Bonvoy Business® American Express® Card. Marriott Bonvoy Business Credit Card OverviewThe Marriott Bonvoy Business® American Express® Card can help you earn many Marriott points from your everyday business expenses. Marriott Bonvoy Business Credit Card vs. Marriott Bonvoy Boundless CardThe Marriott Bonvoy Boundless® Credit Card charges a lower annual fee of $95 and offers the same type of anniversary free night certificate as the Marriott Bonvoy Business® American Express® Card. Marriott Bonvoy Business Card Frequently Asked QuestionsIs the Marriott Bonvoy Business worth it?

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Delta SkyMiles® Platinum Business American Express Card Annual Fee and Other CostsThe Delta SkyMiles® Platinum Business American Express Card comes with a $350 annual fee. Delta SkyMiles® Reserve Business American Express Card vs. Delta SkyMiles® Platinum Business American Express CardThe Delta SkyMiles® Reserve Business American Express Card is Delta's top-tier business credit card, and offers airport lounge access to both Delta Sky Club lounges as well as the American Express Centurion Lounge network on qualifying flights. Delta SkyMiles® Gold Business American Express Card vs. Delta SkyMiles® Platinum Business American Express CardThe Delta SkyMiles® Gold Business American Express Card is a great business credit card for Delta-flying business owners who are willing to pay a moderate annual fee for Delta travel benefits. Delta SkyMiles® Platinum Business American Express Card Frequently Asked QuestionsHow much is the Delta Platinum Business fee? The Delta SkyMiles® Platinum Business American Express Card is a mid-tier business credit card that earns Delta SkyMiles.

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Delta SkyMiles Gold Business American Express Card Annual Fee and Other CostsThe Delta SkyMiles® Gold Business American Express Card has an annual fee of $0 intro for the first year, then $150. Delta SkyMiles® Platinum Business American Express Card vs. Delta SkyMiles® Gold Business American Express CardThe Delta SkyMiles® Platinum Business American Express Card is the big sibling of the Delta SkyMiles® Gold Business American Express Card. Delta SkyMiles® Gold Business American Express CardThe Delta SkyMiles® Reserve Business American Express Card is Delta's top-tier business credit card. Despite very similar names, the Delta SkyMiles® Gold Business American Express Card and the American Express® Business Gold Card are different products. Why You Should Trust Us: How We Reviewed the Delta SkyMiles Gold Business American Express CardBusiness Insider's experts compared the Delta SkyMiles® Gold Business American Express Card to other business cards from Delta and competing airlines.

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How to gain access to Delta Sky ClubsDelta Sky Club access is normally restricted to passengers traveling in business- or first-class seats on Delta and SkyTeam partners; certain travelers on qualifying flights who hold Delta elite status; or travelers who have purchased a Sky Club membership. Sky Club membership optionsThere's quantifiable monetary value to Delta Sky Club access — Sky Club memberships begin at $695 per year, but can be worth significantly more for frequent Delta travelers. Credit cards with Sky Club accessWith the right credit card, you can access Delta Sky Clubs for free on many flights. If you have the Delta SkyMiles® Reserve American Express Card or Delta SkyMiles® Reserve Business American Express Card, you can access Delta Sky Clubs if you're traveling on a Delta flight that same day. Conclusion: Enhancing your travel with Sky Club accessDelta Sky Club airport lounges can make your travels more comfortable and save you money on expensive airport food and drinks.

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☆ 2 cargo ships caught fire after being hit by projectiles in suspected Houthi attacks off the coast of Yemen
▼ + stars: | 2024-06-09 | by ( Cameron Manley | ) www.businessinsider.com time to read: +4 min

Read previewTwo cargo ships traveling off Yemen's southern port city of Aden caught fire after being hit by projectiles suspected to have been fired by Houthi rebels, UK maritime agencies reported. Suspicion for the attack fell on Yemen's Houthi rebels, who have not claimed responsibility for the latest attack but have been targeting shipping in the area for several months with missiles and drones. AdvertisementThe British security firm Ambrey later said a cargo vessel from Antigua and Barbuda had been hit by a missile 83 nautical miles southeast of Aden. "The master reports that the vessel was hit by an unknown projectile on the aft section, which resulted in a fire. On Monday, the Houthi rebels said they had fired a new solid-fuel missile called the "Palestine" at the southern Israeli city of Eilat on Monday.

Persons: —, Houthi, Sundayit, Yemen's, Ambrey, UKMTO, we're, Stéphane Dujarric Organizations: Service, United Kingdom Maritime Trade Operations, UK's Royal Navy, Business, Reuters, Command, Reuters Houthis, Shipping, US Navy, UN, Unicef, Food, Unesco, Bloomberg Locations: Aden, UKMTO, Antigua, Barbuda, Yemen, Israel, Gaza, Africa, Palestine, Eilat, Monday, New York

☆ Sudden container crunch sends ocean freight rates soaring, setting off global trade alarm bells
▼ + stars: | 2024-05-23 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +8 min

AFP Contributor | AFP | Getty ImagesA perfect storm in global trade is creating a shipping container capacity crunch, fueling a sudden and surprise spike in ocean freight rates. Xeneta ocean freight rates show the rallying spot market and the widening spread between spot and long-term rates. An increase in ocean freight rejections shows the imbalance. Logistics price increases are ultimately passed onto the consumer and the dizzying freight rates during the pandemic were among factors cited by the Federal Reserve as a cause of inflation. The International Chamber of Shipping, which represents major ocean carriers, did not immediately respond to a request for comment.

Persons: Emily Stausbøll, Stausbøll, Goetz Alebrand, Alebrand, Judah Levine, Freightos, Levine, Wan Hai, HLS, Drewry, Jonathan Gold Organizations: AFP, Getty, U.S ., Xeneta, DHL, Shipping, Americas, DHL Global, CNBC, Federal Reserve, Orient Star Group, MSC, Chamber of Shipping, Honour, Carriers, Maritime Locations: Qingdao, Shandong province, AFP, Asia, U.S . West Coast, U.S, China, Malaysia, Singapore, Panama, Latin America, Europe, Chongqing, East Asia, South America, Africa, U.S . East Coast

☆ Biden admin, US ports prep for cyberattacks as nationwide infrastructure is targeted
▼ + stars: | 2024-04-17 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +6 min

Anne Neuberger, Deputy National Security Advisor for Cyber and Emerging Technology, cited President Biden's signing in February of an executive order to strengthen the cybersecurity of U.S. ports . The nation's port system is the main point of entry for trade, employs 31 million people, and generates over $5.4 trillion for the U.S. economy. One of the key areas of concern for the Biden administration and the executive order is the security of Chinese-manufactured cranes. Biden administration officials recently warned the nation's governors about the threat to water systems. Isles said it is important to identify the critical safety and business systems at the nation's ports.

Persons: Seroka, Gene Seroka, Anne Neuberger, Biden's, Biden cybersecurity, Neuberger, Biden, Christopher Wray, Google's, Mandiant, Adam Isles, order's rulemaking Organizations: Department of Transportation Maritime Administration, Security Operations Center, National, Technology, Biden, Coast Guard, U.S, Mitsui, FBI, Congress, Chertoff Group, American Association of Port Authorities, CNBC, Port Locations: Angeles Harbor, United States, of Los Angeles, of, Angeles, U.S, China, State, Texas, Muleshoe, Cannon, Clovis , New Mexico, Iran, Pennsylvania, cybersecurity, Port of Los Angeles

☆ The Baltimore bridge disaster is just the latest knock to global shipping and trade
▼ + stars: | 2024-03-28 | by ( Huileng Tan | ) www.businessinsider.com time to read: +7 min

Over the past few years, supply chain woes have repeatedly come into the spotlight. Since then, global integrated supply chain systems just seem to keep getting disrupted — be it by the COVID-19 pandemic or Russia's war in Ukraine. The domino effect is due to the "just in time" model that supply chains have been relying on for decades. Here are three key reasons why supply chains just seem to keep screwing up in recent years. Examining ongoing conflicts in the Black Sea and Red Sea respectively shows how geopolitical conflicts affect global supply chains.

Persons: —, they've, Donald Trump, Dali, Francis Scott Key, Project44, Nari Viswanathan, Viswanathan, tailspin, Julie Gerdeman, Trump, Rahul Khanna, Geoff Weiss, Allan Post, Justus Heinrich, Khanna Organizations: Service, Business, Maersk, BI, Shipping, Allianz, Allianz Commercial, Technologies Locations: China, Ukraine, Baltimore, The Port, of Baltimore, Europe, Asia, Iran, Israel, Suez, Good, Africa, Panama, El, Egypt

☆ What the SEC climate disclosure rule may mean for investors
▼ + stars: | 2024-03-04 | by ( Greg Iacurci | ) www.cnbc.com time to read: +5 min

Climate disclosures would be made in annual filings companies make to the SEC, such as a Form 10-K, and in registration statements filed before an initial public offering. "I think climate disclosures have largely become table stakes for the investment community," said Lindsey Stewart, director of investment stewardship research at Morningstar. Current climate disclosures are 'uncommon'Ships on the Panama Canal on August 21, 2023. Shipping experts fear such events could become the new normal as rainfall shortfalls highlight climate risks. The SEC proposal outlined three tiers of emissions disclosures: Scopes 1, 2 and 3.

Persons: Gary Gensler, Win Mcnamee, —, Lindsey Stewart, Daniel Gonzalez, Stewart, They'd, Rachel Curley, Hurricane Idalia, Christian Monterrosa, Cowen, Patrick McHenry, Sen, Tim Scott, Bill Huizenga, Chris Ratcliffe, They're Organizations: Securities, Exchange, Financial Services, General, Getty, The Securities, Exchange Commission, SEC, Morningstar, Panama Canal Authority, Shipping, Anadolu Agency, P Global, Corporations, U.S . Sustainable Investment, Hurricane, Bloomberg, Republicans, Economic, Deloitte Locations: Washington, Panama, U.S, Cedar Key , Florida, R

☆ Red Sea attack-fueled ocean freight inflation is starting to ease on key global trade routes
▼ + stars: | 2024-02-15 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +4 min

Future Publishing | Future Publishing | Getty ImagesThe Red Sea crisis has fueled a sharp spike in ocean freight inflation over the past two months, but there are signs that upward pressure on shipping rates on key trade routes may have peaked. Shipping rates on ocean routes from Asia to the U.S. are beginning to decline, based on analysis of the latest cargo data from Xeneta, a leading ocean and air freight benchmarking platform. The reversal in ocean freight pricing comes despite a maritime threat to global commercial shipping companies that shows no signs of waning. The timing of the rate decreases could influence new contracts in negotiations between ocean freight carriers and shippers at the beginning of March. "Either way, the next few weeks is crunch time for both ocean freight carriers and shippers and could define their fortunes for the rest of 2024."

Persons: Emily Stausbøll, Stausbøll Organizations: Future Publishing, Shipping, United Kingdom Maritime Trade, CNBC, FEU, U.S ., U.S Locations: Qingdao, Shandong province, Asia, Xeneta, Europe, U.S, East Coast, West Coast, Aden, Yemen, West, East, U.S . West Coast, Covid, Africa, Suez

☆ Car repairs are getting more expensive. Here's why
▼ + stars: | 2024-02-11 | by ( Robert Ferris | In | ) www.cnbc.com time to read: +4 min

Your eyes aren't fooling you — your car repair bill really is getting more expensive. Repair costs are rising relative to the overall rate of inflation. Motor vehicle maintenance and repair costs increased 4.1% per year from November 2013 to November 2023, compared with just 2.8% for the overall consumer price index. Meanwhile, talent to repair cars is scarce. Many in the auto space think costs can't continue to rise at these rates.

Persons: David Goldsmith, Mitchell, hasn't, Matt Moore, Goldsmith, Ryan Mandell, Mandell, Alan Amici Organizations: Urban, Data, Insurance Institute for Highway, Mitchell, Technicians, Center for Automotive Research Locations: Brooklyn, New York City, U.S

☆ Apple’s Vision Pro headset to hit stores in the US. Here’s what you need to know
▼ + stars: | 2024-02-02 | by ( Samantha Murphy Kelly | ) edition.cnn.com time to read: +6 min

CNN —The Vision Pro, Apple’s first new product in seven years, will officially launch in stores on Friday in the US. The Apple Vision Pro headset is displayed in a showroom on the Apple campus in Cupertino, Calif., after it's introduction at the company's annual developers conference, Monday, June 5, 2023. The Vision Pro is a high-priced headset that blends virtual reality with augmented reality that projects digital images on top of real-world settings. Vision Pro includes surround sound, with audio pods that sit outside the ears to deliver rich immersive audio. Morgan Stanley analysts project the company will ship up to 400,000 Vision Pro units this year.

Persons: Apple’s, Tim Cook, Cook, Jeff Chiu, it’s, Siri, Luke Skywalker’s, Ming, Chi Kuo, Morgan Stanley Organizations: CNN, Apple Stores, New York Times, Apple, Pro, Vision, Disney, Apple Watch, Shipping Locations: Cupertino , Calif

☆ Retail return fraud is rising as key holiday deadline approaches
▼ + stars: | 2024-01-29 | by ( Courtney Reagan | ) www.cnbc.com time to read: +5 min

As more consumers shop online and send back more of those orders, retailers have moved to crack down on fraud. Retailers expect 16.5%, or $24.5 billion worth, of holiday returns to be fraudulent this year, according to a survey by Appriss Retail and the National Retail Federation. Shipping back an empty box or a different item than was received, such as a box of bricks instead of a television, is the most common form of return fraud, according to Pitney Bowes' Ramachandran. Zoom In Icon Arrows pointing outwards Source: Appriss Retail/National Retail FederationReturn abuse is more commonThere's also less egregious behavior, often considered return abuse rather than fraud. More than half, or 56%, of consumers confess to "wardrobing," according to a survey from fraud prevention firm Forter.

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Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was “impacting everyone and something we’re very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was “only mildly impacted by the transit challenges in the Red Sea."

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☆ Attacks on ships in the Red Sea are disrupting global trade. Here’s how it could affect what you buy
▼ + stars: | 2024-01-28 | by ( ) www.cnbc.com time to read: +8 min

Attacks on ships in the Red Sea are delivering another shock to global trade, coming on top of pandemic-related logjams at ports and Russia's invasion of Ukraine. The normal route — three weeks via the Suez Canal — has been shut down by the Houthi attacks. Chief executive Stuart Machin said the Red Sea trouble was "impacting everyone and something we're very focused on." For Europe, the impact is even bigger: 40% of clothes and 50% of shoes traverse the Red Sea. Norwegian fertilizer giant Yara said it was "only mildly impacted by the transit challenges in the Red Sea."

Persons: It's, Petersen, Ryan Petersen, Clifton Broumand, Broumand, it's, Tesla, Spencer, Stuart Machin, Steve Lamar, Lamar, Flexport, Katheryn Russ, Davis, Judah Levine, Freightos, Russ, Obama, Carlos Tavares, Stellantis, Jan Hoffmann, Frank Conforti, Conforti Organizations: Galaxy, Houthis Media, Getty, Machine, Hamas, Volvo, Suzuki Motor Corp, American Apparel & Footwear Association, University of California, U.S . Federal Reserve, BMW, Retailer Urban Outfitters, Free People Locations: Iran, Yemen, Anadolu, Greater Landover , Maryland, Taiwan, China, Gaza, Panama, Asia, Europe, United States, Suez, Africa, Ukraine, Belgium, Germany, British, Maryland, Los Angeles, Berlin, Swedish, Ghent, Hungary, Japan, U.S, overcapacity, Red, Israel, India

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