German shipping giant Hapag-Lloyd has reported a more than tenfold rise in profits over the past nine months, citing record freight rates amid scarce transport capacity and robust demand. The world’s fifth-biggest operator said in a Nov. 12 earnings report that net profit climbed to $6.41 billion in the nine months between January and September 2021,…
Shipping Firm Hapag-Lloyd Profits Surge Tenfold as Supply Crunch Sends Freight Rates Soaring
DMV to Expand Commercial Driver Testing Slots, Hoping to Relieve Port Backlog
November 11, 2021
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LOS ANGELES— The state Department of Motor Vehicles (DMV) announced Nov. 10 it will boost its capacity to administer commercial driving tests, hoping to alleviate the backlog of goods at the Los Angeles and Long Beach ports by increasing the number of truck drivers on the road. The DMV will begin offering Saturday commercial driving…
LA Ports to Implement New Queuing Procedure
November 11, 2021
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LOS ANGELES—The ports of Los Angeles and Long Beach will implement a new queuing process requiring ships to wait for an available berth approximately 150 miles offshore. Effective Nov. 16, each vessel will be assigned a place in the arrival queue based on their departure time from their last port of call. Vessels will wait…
Inflation Soars to 31 Year High as Biden Calls for ‘Long Term’ View on Economy
President Joe Biden spoke to the nation’s increasing rate of inflation amid global supply chain issues in an address at the Port of Baltimore on Nov. 10. An earlier Labor Department report shows that in the 12 months through October the consumer price index surged 6.2 percent, the largest year-on-year increase since November 1990. And…
Biden Calls for ‘Long Term’ View on Economy as Inflation Soars to 31-Year High
President Joe Biden spoke to the nation’s increasing rate of inflation amid global supply chain issues in an address at the Port of Baltimore on Nov. 10. An earlier Labor Department report shows that in the 12 months through October the consumer price index surged 6.2 percent, the largest year-on-year increase since November 1990. And…
LA Ports Break Records During Supply Chain Crisis
November 10, 2021
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The waters off the coast of Southern California continued to see record-breaking numbers of cargo ships this week as one city opened its harbor to help with the overflow. The ports broke a new record Nov. 9 with 168 ships waiting to unload goods. That included 55 ships drifting at sea, 48 at anchor, and…
Biden Admin Unveils Multibillion-Dollar Plan to Address Supply Chain Issues
The Biden administration on Tuesday announced a plan to alleviate immediate supply chain bottlenecks at ports as part of efforts to address potential shortages of goods and price hikes leading up to the holiday season. The multibillion-dollar plan also makes some long-term investments to strengthen the resiliency of the country’s ports, waterways, and freight infrastructure,…
NTD Evening News Full Broadcast (Nov. 9)
The White House unveils a new plan to get supply chain woes under control, the Biden administration intends two national emergencies related to Iran and China, and a Wisconsin courthouse held another day of testimony for the Kyle Rittenhouse trial.
Producer Price Increases Match Highest Annual Rise on Record, Fanning Consumer Inflation Concerns
Producer prices rose in the 12 months through October at 8.6 percent, matching the prior month’s rate—the highest since 2008—and reinforcing broader concerns about inflation as higher production costs tend to trickle down to consumers. The Labor Department said in a Nov. 9 statement that the producer price index (PPI) jumped by 8.6 percent year-over-year in…
Inflation Levels Across Unites States Expected to Surge to Another Record High: Federal Reserve Survey
Inflation levels across the United States are expected to surge to yet another record high, according to the Federal Reserve Bank of New York’s latest monthly Survey of Consumer Expectations (SCE) published on Monday. The SCE contains information about how consumers expect overall inflation and prices for food, gas, housing, and education to behave. The report is…
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