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But manufacturers across the eurozone have reported business activity has been falling for nine months since June 2022 according to purchasing managers’ surveys. U.S. manufacturers have reported business activity has been falling for five months since November 2022 according to the Institute for Supply Management (ISM)’s purchasing survey. But the deficit had narrowed from 63 million barrels (-15% or -2.05 standard deviations) at the end of June 2022, according to data from Euroilstock. U.S. distillate fuel oil inventories were 18 million barrels (-14% or -1.08 standard deviations) below the prior 10-year seasonal average on March 31. In Singapore, distillate inventories have risen in 12 of the 15 most recent weeks by a total of 3 million barrels, according to data from Enterprise Singapore.

It has slipped to levels consistent with the onset of the last four recessions in 2020, 2008, 2001 and 1990, implying the manufacturing sector is experiencing a cyclical slump even if there is still momentum in services. But the manufacturing and freight downturn is already depressing domestic consumption of diesel and other distillate fuel oils, the most cyclically sensitive part of the petroleum market. Consumption of diesel and other distillate fuel oils has been falling since the second quarter of 2022, in line with the slowdown in manufacturing and freight activity. The volume of distillate fuel oil supplied to the domestic market was down -4.4% in the three months from November to January compared with the same period a year earlier. Related columns:- U.S. diesel consumption falls as economy slows (March 1, 2023)- U.S. manufacturers flounder amid cost-of-living shock (February 15, 2023)- U.S. manufacturing downturn will cut diesel consumption (January 5, 2023)John Kemp is a Reuters market analyst.

LONDON, March 21 (Reuters) - Global freight movements continued to dwindle in the first two months of 2023 as manufacturers and distributors struggled to reduce excess inventories and cope with rising interest rates and increased caution among buyers. In the United States, the number of containers hauled on the major railroads in the first 10 weeks of 2023 was down by 9% compared with the same period in 2022. As a result, it now seems probable that inventory liquidation and cautious buyer behaviour will continue to weigh on freight movements through at least the second quarter. Thereafter a freight recovery depends on the United States, Europe and the other major economies averting a full-blown recession. Related columns:- U.S. freight movements fall amid excess inventories (March 10, 2023)- U.S. manufacturers flounder amid cost-of-living shock (February 15, 2023)John Kemp is a Reuters market analyst.

☆ GM CEO meets with senators on self-driving cars
▼ + stars: | 2023-03-17 | by ( David Shepardson | ) www.reuters.com time to read: +2 min

[1/2] The Cruise Origin autonomous vehicle, a Honda and General Motors self-driving car partnership, is seen during its unveiling in San Francisco, California, U.S. January 21, 2020. REUTERS/Stephen Lam/File PhotoWASHINGTON, March 16 (Reuters) - General Motors (GM.N) CEO Mary Barra met with two key senators on Thursday as the Detroit automaker pushes for legislation to speed deployment of self-driving vehicles on U.S. roads. He added that Barra discussed with the lawmakers "the future of mobility -- including autonomous vehicles." GM wants to deploy its Origin vehicle, which has subway-like doors and no steering wheels. NHTSA said it received notices of incidents in which self-driving Cruise vehicles "may engage in inappropriately hard braking or become immobilized."

☆ Biden proposes first national limits on toxic 'forever chemicals' in drinking water
▼ + stars: | 2023-03-14 | by ( Emma Newburger | ) www.cnbc.com time to read: +2 min

The Environmental Protection Agency on Tuesday proposed the first nationwide restrictions on so-called "forever chemicals" in drinking water after discovering the compounds are more dangerous than previously known — even at undetectable levels. The chemicals, known as perfluoroalkyl substances, or PFAS, have been voluntarily phased out by U.S. manufacturers. The EPA's proposed standards cover six PFAS that have polluted drinking national water supplies. The proposal would regulate PFOA and PFOS as individual contaminants, and would regulate four other PFAS — PFNA, PFHxS, PFBS, and GenX Chemicals — as a mixture. For PFOA and PFOS, the agency proposed a binding drinking water limit of four parts per trillion per chemical.

The unplanned increase in inventories and elevated ratio to sales has reached levels consistent with previous slowdowns in the manufacturing and freight cycle in 2018/19, 2015/16 and 2008/09. The ISM manufacturing orders index tumbled to a low of just 42.5 (6th percentile for all months since 1980) in January before recovering slightly to 47.0 (11th percentile) in February. Chartbook: U.S. inventories and freightReduced ordering has sharply cut the volume of freight handled through U.S. container ports and carried on railroads and by trucking firms. The freight slump is consistent with previous slowdowns in the manufacturing and freight cycle and implies the manufacturing sector is already in recession (“Freight transportation services index”, BTS, March 8, 2023). Manufacturers’ difficulties stand in contrast to the resilience displayed by the much larger services sector, where spending, prices, margins and employment are still increasingly rapidly.

☆ Food is getting cheaper. But not for you
▼ + stars: | 2023-03-08 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +6 min

When food producers started raising prices a few years ago, they blamed their own costs, including higher ingredient prices. Many food companies are forecasting that they might slow down or pause price increases — but not lower them. But ingredients typically make up a small portion of overall food costs. Companies are maintaining elevated prices, or continuing to increase them, at a time when many Americans are already struggling to pay for food, especially as pandemic-era food stamp benefits expire. So people keep buying food at the grocery store, despite higher prices — giving producers an opportunity to convince retailers that those higher prices won’t drive customers away.

☆ How healthy imitation crab is compared to other seafood, and what surimi sticks are actually made of
▼ + stars: | 2023-03-07 | by ( Crystal Raypole | ) www.businessinsider.com time to read: +6 min

While imitation crab is more affordable than real crab, it doesn't have as much nutritional value. Once imitation crab hit the markets in the late '70s, it became wildly popular as an affordable alternative to crab meat. Yet while real crab packs a major protein punch, imitation crab doesn't have quite as much nutritional value. Imitation crab contains little or no real crab. Brian Vander Brug / Contributor / Getty ImagesThe rising costs of crab have made imitation crab a more appealing option for many shoppers.

While this optimistic scenario is plausible, it remains less likely than the economy entering a significant and extended cyclical slowdown or full-blown recession in the course of 2023. Rates are now expected to rise further and remain higher for longer in response to the persistent strength in the job market and service sector inflation. Expectations for the end of 2023 are still trending higher as service sector inflation has continued rising faster than originally anticipated. Service sector activity levels also strengthened significantly in January according to business surveys conducted by the Institute for Supply Management. Similar strength in service sector activity and inflation has been visible across the Eurozone and other major economies.

While the Biden administration push, described by economists as an industrial policy, has opened opportunities for some companies, significant hurdles remain. The 2022 CHIPS and Science Act provides $52.7 billion in federal subsidies for semiconductor production and research. Industrial policy still has critics. Scott Lincicome, director of general economics at the libertarian Cato Institute, said industrial policy tends to crumble into failed projects and cost overruns. "There's all sorts of more market-oriented reforms that could achieve the type of objectives our political class wants, without the unintended consequences of industrial policy," he said.

☆ U.S. manufacturers see big boost from government subsidies and tax breaks
▼ + stars: | 2023-02-23 | by ( Timothy Aeppel | ) www.reuters.com time to read: +9 min

While the Biden administration push, described by economists as an industrial policy, has opened opportunities for some companies, significant hurdles remain. Eight out of 12 Republican representatives in Ohio’s congressional delegation voted in favor of federal subsidies for semiconductor production, including the funds that will go to Intel. The 2022 CHIPS and Science Act provides $52.7 billion in federal subsidies for semiconductor production and research. Scott Lincicome, director of general economics at the libertarian Cato Institute, said industrial policy tends to crumble into failed projects and cost overruns. "There's all sorts of more market-oriented reforms that could achieve the type of objectives our political class wants, without the unintended consequences of industrial policy," he said.

☆ Instant View: New Biden EV charger rules stress Made In America, force Tesla changes
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +4 min

The White House seeks to give consumers unfettered access to a growing coast-to-coast network of EV charging stations, including Tesla Inc's (TSLA.O) SuperChargers. KEVIN DEMPSEY, PRESIDENT AND CEO OF THE AMERICAN IRON AND STEEL INSTITUTE"The domestic steel industry is prepared to play a strong role in the expansion of our national EV charging infrastructure. "It was a surprise to us that they would require assembly immediately given that domestic manufacturing for high-power charging infrastructure is starting basically from scratch. BRENDAN JONES, PRESIDENT AT CHARGING STATION OPERATOR BLINK CHARGING"These rules are absolutely in line with Blink's expectations. EV MAKER FISKER"Fisker supports a strategy that allows all charging providers to expand the charging network across the US as fast as possible.

Manufacturing output for the three months from November 2022 through January 2023 was almost 1.8% lower than in the three months between March and May 2022. Chartbook: U.S. manufacturing productionThe weakness of manufacturing production is consistent with business surveys which have showed activity falling every month since November. Since inflation was running faster than this, however, the volume of new orders had likely fallen in real terms by several percentage points. Related columns:- Labour hoarding exaggerates strength of U.S. job market (Reuters, February 6, 2023)- U.S. manufacturing is in recession (Reuters, February 1, 2023)- Recession now or later? Unenviable alternatives for 2023 (Reuters, January 26, 2023)- U.S. manufacturing has probably entered recession (Reuters, January 19, 2023)John Kemp is a Reuters market analyst.

Feb 9 (Reuters) - German authorities searched the premises of three companies early Thursday as part of an ongoing probe into the possible violation of European Union sanctions against Russia, prosecutors said in a statement. German authorities also searched the residences of three suspects, according to the statement, which didn't name the companies or individuals. Reuters was unable to reach Smart Impex or its manager, Gokturk Agvaz, by phone on Thursday for comment. Some went to a Moscow customer that had received American and non-U.S. products from Smart Impex before Russia invaded Ukraine last February. The correspondence is available on handelsregister.de, a public German companies registry.

☆ Why the $7,500 EV tax credit may be tougher to get starting in March
▼ + stars: | 2023-01-25 | by ( Greg Iacurci | ) www.cnbc.com time to read: +6 min

The Inflation Reduction Act, a historic climate law President Biden signed in August, tweaked rules for an existing tax credit associated with the purchase of "clean" vehicles. The law, which extended the tax break through 2031, changed some requirements to get the full $7,500 value of the "clean vehicle credit." Some rules are on hold until the IRS issues guidanceSome of the tax credit rules took effect on Jan. 1. How the $7,500 clean vehicle tax credit worksWestend61 | Westend61 | Getty ImagesThe clean vehicle credit is a "nonrefundable" tax credit. The pending rules will tie the $7,500 credit amount to whether a new clean vehicle's battery meets a critical mineral and a battery component requirement.

☆ What diabetes is revealing about the benefits and risks of personal medicine connected to the internet
▼ + stars: | 2023-01-21 | by ( Ellen Sheng | ) www.cnbc.com time to read: +4 min

Devices such as insulin pumps, which go back decades, and continuous glucose monitors, which monitor blood sugar levels 24/7, are increasingly connected to smartphones via Bluetooth. Sleep apnea, Type 2 diabetes and remote health careIt's not just diabetes where the medical device market is offering patients new benefits from remote monitoring. The number of internet-connected medical devices grew during the pandemic, as lockdowns created a big push to treat people at home. Multiple forms of medical cybersecurity riskIndustry security experts categorize cybersecurity risks of medical devices into three buckets. Many medical devices such as insulin pumps require patients to create online accounts to download data to a computer or smartphone.

The slowdown in manufacturing and freight has already dampened consumption of diesel and other distillate fuel oils, and consumption is likely to fall if the manufacturing downturn deepens. The Institute for Supply Management’s manufacturing activity index fell to 48.4 in December (19th percentile for all months since 1980) compared with 49.0 in November (22nd percentile). As a result, consumption is closely correlated with the acceleration and deceleration of the manufacturing and freight cycle. In line with manufacturing activity, the growth in distillate supplied has been decelerating progressively since the second quarter of 2021 and has now stalled. If the manufacturing slowdown deepens over the next six months, as seems likely, distillate consumption is likely to fall.

☆ The whack-a-mole economy: U.S. manufacturers struggle with unpredictable supplies
▼ + stars: | 2022-12-22 | by ( Timothy Aeppel | ) www.reuters.com time to read: +4 min

Supply chain problems dogged producers like Calder through the pandemic. At the peak of the crisis a year ago, manufacturers faced shortages of everything from steel and aluminum to computer chips and plastic resins. A recent survey of 179 companies by the Association of Equipment Manufacturers found 98% said they faced continued supply chain problems. Another gauge, the New York Fed’s Global Supply Chain Pressure Index, edged higher in October and November - reversing some of the loosening of global supply bottlenecks seen through most of the past year. "But a lot of that has been delayed," he said, by supply chain delays.

The Special Technology Centre did not respond to a written request for comment. Russia's Ministry of Defence did not respond to questions from Reuters about the impact of sanctions and its relationship to the Special Technology Centre. Reached by phone, Alexey Terentyev, a top scientist and major shareholder at the Special Technology Centre, said the war has forced it to focus on making drones. Those corporate records show iLogic is based at the same St Petersburg office address as the Special Technology Centre. In a brief telephone interview, Roman Agafonnikov, chief executive officer of the Special Technology Centre, said he didn't know anything about iLogic.

☆ The supply chain that keeps tech flowing to Russia
▼ + stars: | 2022-12-13 | by ( ) www.reuters.com time to read: +11 min

“We cannot export to Russia, we cannot sell to Russia, and that’s why we just sell to Turkey,” he said. Azu International is an example of how supply channels to Russia have remained open despite Western export restrictions and manufacturer bans. At least $2.6 billion of computer and other electronic components flowed into Russia in the seven months to Oct. 31, Russian customs records show. Pixel Devices also said it’s not surprising that no one was in Pixel Devices’ office recently because most employees work remotely or in warehouse operations. Russian customs records show that Pixel Devices’ main client in Russia is a company in St. Petersburg called OOO KompLiga.

☆ It took a full year, multiple calls to the dealership, and an angry tweet at Ford's CEO, to finally get my all-electric pickup truck delivered
▼ + stars: | 2022-12-12 | by ( George Pearkes | ) www.businessinsider.com time to read: +13 min

But the process of getting the truck was far from ideal — beset by production delays, missing parts, and unresponsive customer service. There are still a few kinks to be worked out before electric vehicles can dominate the US market — the road to an electrified American auto industry is going to be a bumpy one. For me, the most important driver for buying an electric vehicle was that it feels like a giant step toward a decarbonized future. While electric vehicles can borrow a lot of that institutional knowledge, new technology and business models mean there is still a way to go before everything is smooth sailing. Even without the prodding from the government, car companies have shown a keen interest in shifting their fleets toward electric vehicles for business reasons.

☆ Former NBA star Jeremy Lin fined for comments about Covid quarantine while playing in China
▼ + stars: | 2022-12-02 | by ( The Associated Press | ) www.nbcnews.com time to read: +5 min

Police fanned out across Shanghai, Beijing and other cities to try to prevent additional protests. A representative of Vision China Entertainment, which says on its website it represents Lin, didn’t respond to a request for comment. Jinzhou in the northeast lifted curbs on movement and allowed businesses to reopen. On Thursday, the metropolis of Guangzhou in the south, the biggest hotspot in the latest infection spike, allowed supermarkets and restaurants to reopen. Other major cities including Shijiazhuang in the north and Chengdu in the southwest restarted bus and subway service and allowed businesses to reopen.

French President Emmanuel Macron’s meeting with President Biden at the White House on Thursday is intended in part at reaffirming the U.S.-France alliance. WASHINGTON—President Biden said he was open to making concessions to American allies who have objected to new U.S. subsidies for North American manufacturers, but he didn’t commit to specifics after a meeting with French President Emmanuel Macron , as the two leaders sought to project unity following months of tensions. Mr. Biden said he makes no apology for the Inflation Reduction Act, which provides subsidies to U.S. manufacturers and tax incentives for electric vehicles and other products that are assembled in North America. But he said changes may be needed to ensure the law doesn’t have unintended consequences.

☆ France's Le Maire: Europe must defend its economic interests against U.S. subsidy package
▼ + stars: | 2022-11-27 | by ( ) www.reuters.com time to read: +1 min

PARIS, Nov 27 (Reuters) - France may try to negotiate some exemptions from the duties and limits imposed by the U.S. anti-inflation act but Europe must act to protect the bloc's economic interests, Finance Minister Bruno Le Maire said on Sunday. Le Maire will accompany French President Emmanuel Macron on a state visit to the United States next week. "France may ask for exemptions on some duties and limits imposed by the U.S administration. Le Maire told France 3 television. "China favours Chinese production, America favours American production, it is time Europe favours European production...All European states must understand that today in the face of these American decisions, we must learn to better protect and defend our economic interests," he added.

More than a year after Washington, London and Canberra torpedoed a big French submarine contract, pushing Franco-US relations to breaking point, the two countries are expected to put on a show of unity on common threats from Russia and China. The French leader will try to negotiate exemptions for European companies on the model of those Mexico and Canada has already got, a French presidential adviser said. Macron wants France to build more nuclear reactors but it is struggling with corrosion issues at its ageing plants. Macron will also travel to Louisiana, ostensibly to pay tribute to the state's French heritage, but also to discuss energy issues, the French presidential advisor said. "The United States produce cheap gas but sell it to us at high price," Macron told French executives on November 8.

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