Commercial property in New York has retained much of its value despite the economic turmoil of the past two years, according to an analysis of the city’s budget. For the fiscal year 2020/2021, the NYC administration estimated the value of its commercial buildings to be $326 billion based on January 2020 numbers. For the fiscal…
New York Commercial Properties to Retain High Value Despite COVID-19 Lockdowns
February 20, 2022
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Renault Production May Get Affected by Supply Chain Issues in Russia
February 19, 2022
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French automaker Renault is concerned about the stability of its supply chains in Russia due to rising tensions between the country and Ukraine, which will have repercussions for the manufacturer’s production abilities if a conflict were to break out. Renault’s Russian business AvtoVaz, which makes the Lada brand of cars, sources 20 percent of components…
United Airlines Vaccine Mandate ‘Coerced’ Employees Into ‘Violating Their Religious Convictions’: Court
February 19, 2022
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The United Airlines COVID-19 vaccine mandate has violated some employees’ religious beliefs, according to a federal appeals court. The company’s mandate allows for religious exemption applications but even if those applications are granted, some employees to which they are granted are forced to stop working, receive no pay, and stop getting benefits paid by the…
Deere’s Outlook Remains Strong With High Demand for Farm Equipment, Despite Supply Chain Problems
Deere & Co. raised its annual profit forecast on Feb. 18, after posting a net income of $903 million in the first quarter, beating earlier estimates. The farm equipment manufacturer expects a margin boost from price hikes and solid demand for its tractors and equipment. It appears that there will be plenty of demand for agricultural equipment…
Marriott, AirBnB, Others See Global Travel Rebounding in 2022
February 18, 2022
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NEW YORK—Marriott and Hilton, two of the biggest U.S. hotel chains, told investors they expect people to resume packing their bags for business and leisure this year at rates not seen since before the pandemic. Hotel and other travel-related companies delivered rosy outlooks in this week’s quarterly results, citing rising vaccination rates and falling COVID-19…
Justice Department Probes Alleged Exploitation of Supply Chain
February 18, 2022
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The Justice Department announced on Feb. 17, that it is launching an initiative to investigate companies that are profiteering from supply chain disruptions in the United States in violation of federal antitrust laws. The initiative, which will be spearheaded by the Justice Department’s antitrust division and the FBI, comes amid public pressure on the Biden Administration…
US Manufacturing Output Rises Moderately in January
February 18, 2022
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WASHINGTON—Production at U.S. factories increased moderately in January as motor vehicle output fell for a second straight month amid an ongoing global shortage of semiconductors. Manufacturing output gained 0.2 percent last month after dipping 0.1 percent in December, the Federal Reserve said on Wednesday. Economists polled by Reuters had forecast factory production rebounding 0.3 percent….
Homebuilder Confidence Falls to 4-Month Low on ‘Severe’ Supply Disruptions: NAHB
February 18, 2022
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Confidence among U.S. homebuilders fell in February to a four-month low amidst persistent delays to projects, rising construction costs, and building material production bottlenecks, according to a trade association, indicating a near-term gloomy outlook for the industry. The National Association of Home Builders (NAHB)/Wells Fargo Housing Market Index (HMI) declined by one point to 82…
Honda Says Domestic Output Capacity Reduced Until March
TOKYO—Honda Motor said on Thursday that two of its domestic manufacturing sites will operate at 90 percent of capacity until early March due to a shortage of semiconductors. Honda’s Saitama factory and two production lines at its Suzuka plant will see their production capacity cut by about 10 percent at least until early March, hit…
Jobless Claims Jump to Higher-Than-Expected 248,000
New weekly filings for unemployment insurance—a proxy for layoffs—have reversed three consecutive weeks of declines and notched higher than analysts predicted, though jobless claims are still generally running at near pre-pandemic levels, suggesting the labor market recovery remains intact. First-time filings for unemployment insurance rose by 23,000 to 248,000 for the week ending Feb. 12,…
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