Earlier this week, we looked at how pandemic lockdowns led to increased consumer demand as well as supply chain problems that are delaying deliveries around the world. Large-scale disruptions such as the Suez Canal blockage and the traffic jam at the Port of Los Angeles have resulted in wide-ranging financial damage to all sorts of small operators who cannot get their hands on vital merchandise. For instance, one restaurant in Oklahoma must pay $200 for a case of gloves that Continue reading
Last week, one of the world’s most important commercial waterways shut down as a 200,000-ton vessel became lodged in the Suez Canal. After the enormous ship could not be removed immediately, experts started to worry that Ever Given would remain stuck for weeks and wreak billions of dollars in economic havoc. Then yesterday, the container ship was finally dislodged from the canal with the help of high-powered tugboats and an unusually high tide brought on by a full moon.
Now Continue reading
On an average day, at least 10 percent of global trade passes through Egypt’s Suez Canal aboard more than 50 ships. That hasn’t been the case since Tuesday, however, when a 200,000-ton container ship ran aground and became lodged in the narrow canal. Although tugboats and earthmovers have attempted to remove the enormous obstruction, so far their efforts have failed as trade on this vital waterway has come to a halt.
“I have never seen a container vessel this Continue reading
The holiday season is the most important time of the year by far for the nation’s retailers, with many earning as much as 40 percent of their annual sales during that period. Fortunately for them, 2019’s holiday sales increased by 3.4 percent compared to the previous year. Retailers are especially relieved since Thanksgiving arrived six days later than it did in 2018, which took away crucial time that companies could have used to drive sales.
To make up for Continue reading
If you have plans to travel this week for Thanksgiving, then you should already know that you won’t be the only one. According to experts, a record number of travelers will either fly or drive at least 50 miles to celebrate the holiday. As a result, the nation’s airports and highways will be jammed with travelers, inevitably leading to widespread traffic and plane delays.
The trade organization Airlines for America estimates that a record 31.6 million people will fly Continue reading
In mid-September, nearly 50,000 General Motors employees represented by the United Auto Workers union went on strike after failing to reach an agreement with the company. Staffers walked picket lines for more than a month as they fought for improved wages, benefits, and job security. Then last week the standoff finally ended as the union struck a deal with management that partially gave in to some of the workers’ demands.
For instance, employees are now guaranteed a 3 percent pay Continue reading