Author: Admin
A container ship over a quarter-mile-long is at the centre of a global shipping and logistics crisis after it ran aground in the Suez Canal, blocking traffic and choking a critical global trade artery, CNN reported. With 200 vessels stuck in a jam, commentators say it could be weeks before it is cleared. Suez Blockage Adds To Global Shipping Woes. But the distress in the global supply chains could be traced back to months before Ever Given’s arrival on the scene this week. The costs of moving goods around the world were increasing with resultant shortages of everything at a…
A year after workers first entered a new Amazon warehouse in Bessemer, Alabama, the curtain was set to fall on a milestone union vote at the facility, CNN reported. Milestone Union Vote At Amazon To Close, But Battle Likely To Continue The National Labor Relations Board had set Monday as the final day for receipt of ballots for counting in the election. The vote, which would be tallied later this week, would determine whether workers at the facility would form the first US union in the 27-year history of the company. It had been around two months since the warehouse…
The NFT space was booming, and venture capital firms had been funding start-ups in it with big checks, CNBC reported. VC Firms Pumping Millions Into Booming NFT Space NFTs, or non-fungible tokens, had gained immense popularity among investors along with the rising values of cryptocurrencies like ether and bitcoin. NFTs are a type of digital asset whose ownership could be traced to a unique virtual item with the use of blockchain technology. Thus, NFTs could be sports trading cards or pieces of art. NFT transactions last year shot to $250 million as per Nonfungible.com data, while over the past month…
President Joe Biden’s tax reform proposals had drawn advocacy groups from across the political spectrum that are now drawing the lines and taking up positions for the showdown ahead, CNBC reported. The tax reform proposal was expected to heavily tax corporations and wealthier families as Biden pushed ahead with his massive infrastructure plan. Big Fight Expected Over Biden’s Tax-Raising Plans On Corporates, Rich According to one person, who spoke to CNBC, it was shaping up to be the Super Bowl of tax reform. The person who would join the fight requested anonymity so as to speak freely and expected a…
Intel CEO Pat Gelsinger has his task cut out- to regain the company’s lost position as the undisputed leader in the industry, CNN reported. To that end, Gelsinger, only a month on the job, unveiled plans based on a bold, new strategy, which the chipmaker had been lacking for some time. Pat Gelsinger Unveils Plans For Intel Regaining Leadership Role On Tuesday, Gelsinger unveiled a slew of initiatives, including an investment of $20 billion in two new US facilities for making chips. Gelsinger said in a statement that the company was setting a course for a new era of product…
Cryptocurrencies were used for evasion of laws and needed to face more regulation, the general manager of the Bank for International Settlements (BIS) said, CNBC reported. Cryptocurrencies Need To Face More Regulation: BIS Agustin Carstens told Joumanna Bercetche of CNBC that many digital coins were used for circumventing some regulations or doing some arbitrage in an interview aired on Wednesday. He went on to add that many applications of some currencies lacked laws against the financing of terrorism and money laundering. Virtual currencies, including Bitcoin, had netted massive gains over the last year, with investors looking to diversify their holdings…
Change, it is said, is the only constant in life, but change is now happening faster than before, as savvy investors know- yesterday’s dud stock could be tomorrow’s star performer. Volkswagen, Europe’s largest carmaker, could have hardly been fancied to be a trendy stock a week ago, but that was before CEO Herbert Diess revealed the company’s push to go electric, with plans for six “gigafactories” making batteries in Europe by 2030, CNN reported. Volkswagen Rises On Electric Vehicles Push. In an update on the move, on Tuesday, Volkswagen announced it would sell over 2 million electric vehicles by 2025.…
With the US economy gearing up for a boom, the Federal Reserve predicted last week that it would expand by 6.5% this year. According to commentators, it would mark as the fastest growth since 1984, when Ronald Reagan was president in his first term. US Economy Poised For A Boom, But Economists Worried However, according to a survey of the top US economists published Monday by the National Association for Business Economics, many in the field continue to worry about how the emerging scenario may unfold. Concerns over inflation had been in focus due to anxiety on Wall Street. Investors,…
According to Peter Kern, Expedia CEO, CNN reported a travel boom was about to replace vacation deprivation. Travel Industry Sees Boom In Bookings After Travel Deprivation He told Julia Chatterley of CNN earlier this week that people were beginning to think about their future travel very quickly. With reservations on the travel website for some parts of the United States, this summer fully booked, he had expectations of Europe following as the number of vaccinations grew. But, travel industry normalcy was a long way off still due to the lack of business travel as also the protracted closure of many…
The luxury carmaker Porsche’s plans to go green in a big way would, by 2030, make the company carbon neutral with 80% of the cars and SUVs it rolled out being plug-in hybrids of electric, CNN reported. Porsche Plans A Big Green Push One model, the 911, would, however, continue to be gasoline-powered and would remain so into the foreseeable future, Porsche’s head of global sales, Detlev von Platen, said. The Porsche 911, more than most high-performance cars, had the gasoline engine as it is defining characteristic along with its distinctive teardrop profile. The 911’s six-cylinder engine sits comfortably on…