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Global Trade & Economics: Page 224
Ocean Carriers Cancel Asia-Europe, U.S. Sailings
The spate of cancellations in October marks a sharp reversal from a few months ago, when shipping lines commanded premium prices and booked record profits.
EU Agrees Windfall Tax on Energy Firms
The plan includes a levy on fossil fuel firms' surplus profits and a levy on excess revenues made from surging electricity costs. The cash raised is expected to go to families and businesses.
Nike Feels Squeeze From Strong Dollar and Discounts
The sportswear giant, which makes over half of its revenue outside North America, doubled how much it thinks the soaring dollar will hit its annual revenue.
Hong Kong Will Keep Reopening Unless New Variant Emerges, Lo Says
Hong Kong will stick with its push to reopen to the world unless a dangerous new virus variant emerges, while stressing the financial hub has an obligation to protect mainland China from major COVID-19 outbreaks.
Micro-Warehouse Provider Pivots as Retail Consumer Market Shifts
Fabric, which operates small, automated distribution centers in densely-populated areas, is cutting its workforce and shifting its business strategy as grocers and retailers look instead to add automated operations inside stores.
U.S. Goods-Trade Gap Narrows to Smallest Since October 2021
The shortfall shrank 3.2% to $87.3 billion last month, Commerce Department data showed Sept. 28, suggesting a tailwind for economic growth in the third quarter.
Bosses Can Beat the Tight Labor Market by Tearing the Paper Ceiling
Over 70 million workers in the U.S. have developed skills through military service, or by attending community college or other training programs, disproportionately people of color, veterans or from rural areas.
Walmart is Making Its First Move into the Metaverse with Virtual Worlds on Roblox
The retailer will unveil two immersive experiences on Roblox Corp.’s virtual platform. Walmart Land will feature fashion, beauty and entertainment items, while Walmart’s Universe of Play will showcase toys, the company announced.
Government Gambling with the U.K. Economy, Says Asda Chairman
"They have put the entire U.K. economy on the 3:30 at Epsom," said Sir Stuart Rose . "If it comes in, people will cheer but if it doesn't, people will be in a very difficult position indeed."
Aldi Boss: Shoppers are Switching in Droves
The boss of Aldi has said customers in the U.K. are switching to the discounter "in droves" as the cost-of-living crisis continues to hit struggling households.
Walmart Wants to Hire 40,000 Holiday Workers, Fewer Than Last Year
This year’s hiring plan signals less need for extra manpower, as U.S. consumers contend with the highest inflation in four decades.
Toyota Ends Carmaking in Russia, Seeing No Path to Restart Plant
The automaker suspended operations at its plant in Saint Petersburg in March along with peers including Nissan Motor Co. and Honda Motor Co.
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