WASHINGTON—The International Monetary Fund on Tuesday slashed its forecast for global economic growth by nearly a full percentage point, citing Russia’s war in Ukraine, and warning that inflation was now a “clear and present danger” for many countries. The war is expected to further increase inflation, the IMF said in its latest World Economic Outlook,…
IMF Cuts Global Growth Forecast Due to ‘Seismic Waves’ From Russia’s War in Ukraine
April 20, 2022
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Demand Shock Behind Global Bottlenecks Should Ease in Months: WTO
BRUSSELS—Global trade bottlenecks are more the result of demand spikes than supply chain snags, with pressure likely to ease in the coming months, the World Trade Organization’s chief economist said on Monday. The WTO had thought in October that demand for goods would slow early in 2022. However, that was before the Omicron variant of…
Shipping Companies at Ports of Los Angeles and Long Beach Will Soon Be Fined for Staying Too Long in Marine Terminals
October 27, 2021
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Shipping companies at the ports of Los Angeles and Long Beach will soon be fined if their containers stay in marine terminals for too long, officials announced on Monday. Officials at San Pedro Bay Ports said in a statement that the fines are being imposed in an effort to “improve cargo movement amid congestion and record volume.” Starting…
Shipping Problems to Persist Through 2022 Amid Supply Chain Crisis: Economists
October 26, 2021
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Economists expect shipping problems at large ports in the United States as well as the subsequent shortage in goods and price increases to persist into the middle of 2022 amid the ongoing supply chain crisis. Roughly 77 ships are currently waiting outside docks in the Ports of Los Angeles and Long Beach, California, carrying a…
Chip-makers Said They Will Meet Chip Data Request Amid Global Supply Crisis: Commerce Dept.
Companies including Intel, GM, Infineon, and SK Hynix have signaled they will cooperate with a voluntary request for data on the global chips crisis, the U.S. Department of Commerce said on Thursday. The Department noted that while the data request is currently voluntary, it may make it compulsory depending on the number and quality of responses. The…
Group of 160 Republicans Urge Biden to Fix Supply Chain Crisis Before Considering More Social Spending
A group of 160 Republican lawmakers have sent a letter to President Joe Biden urging him to “reevaluate his priorities” and address the supply chain and ports crisis in the United States before considering additional social spending. The letter was led and signed by Rep. Sam Graves (R-Mo.), the ranking member on the Transportation and Infrastructure Committee, and also…
Truckers Warn Federal Regulators That Drug-Testing Bottlenecks Are Leaving Many Unable to Drive
October 15, 2021
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The Owner-Operator Independent Drivers Association (OOIDA) has warned federal regulators that disruptions affecting drug and alcohol testing pose significant challenges for truck drivers, leaving many of them unable to legally drive. In a letter (pdf) sent to the Federal Motor Carrier Safety Administration on Oct. 13, OOIDA President and CEO Todd Spencer said that disruptions…
Euro Zone Factory Growth Strong in September but Bottlenecks Bite
LONDON—Euro zone manufacturing growth remained strong in September but activity took a big hit from supply chain bottlenecks that are likely to persist and keep inflationary pressures high, a survey showed on Friday. Factories have struggled with logistical issues, product shortages and a labour crunch brought about in large part by ongoing disruptions caused by…
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