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Global Trade & Economics: Page 184

Iranian Ship Seized by Indonesia Under Suspicion of Illegal Oil Transfer

The Iranian-flagged vessel was apprehended July 7 while carrying out the illegal transshipment of oil to a Cameroonian tanker inside of Indonesia’s exclusive economic zone.

Photo: iStock.com/ricardoreitmeyer

Trade Associations Worried About the Canadian Ports Strike

For every day that the strike goes on, supply chains will need an additional three to five days to recover, the Railway Association of Canada estimates.

Port of Vancouver, Vancouver, Canada. Photo: iStock.com/limpers

Attackers Torch Trucks on Another Key South African Trade Route

The attackers reportedly torched five vehicles July 10 on the N4 highway that links the commercial hub of Gauteng to the Port of Maputo in neighboring Mozambique.

South Africa. Photo: Hoberman Collection/Universal Images Group via Getty Images/Bloomberg

U.S. Cargo Import Volumes for 2023 Expected to Peak in August

Cargo import volumes in the United States are expected to increase to 1.94 million units during July followed by 2.03 million units in August.

The Port of Oakland in Oakland, California on October 26, 2011. Photo: iStock.com/hanusst

German Production Drops as Factory Weakness Weighs on Growth

Output dropped 0.2% from April to May 2023 as a decline in pharmaceuticals outweighed more vehicle manufacturing, according to the Wiesbaden-based statistics office.

Harsewinkel, Germany. August 2017. Photo: Krisztian Bocsi/Bloomberg

Eradicating Slave Labor Starts with a More Transparent Supply Chain

Until recently, most companies simply haven’t been interested in offering deep supply chain transparency. Now, they are beginning to realize the urgent need to do so.

Young girl mining mica in Jharkhand, India. Child labor is widely used in the collection of mica used in cosmetics such as eye shadow. Photo: Michael Duffy, copyright FRDM.

Yellen Concerned About Chinese Export Controls, “Unfair” Economic Practices

Yellen said the U.S. is not looking to completely separate the world’s two biggest economies because that would destabilize the global economy and be “virtually impossible to undertake.”

Photo: iStock.com/c8501089

Ocean Shipping Taking a Slow Approach to Reducing Emissions

The International Maritime Organization's initially unclear target date implies a divide within the ocean shipping sector on net-zero emission goals, according to The Wall Street Journal.

Photo: iStock.com/SHansche

Saudi Arabia Hikes Its Oil Prices as Supply Cuts Extended

Saudi Aramco raised the prices of all grades to the U.S., northwest Europe and the Mediterranean, compared with July 2023, according to a price list seen by Bloomberg.

Photo: iStock.com/azatvaleev

Maersk Opens Third Warehousing & Distribution Facility in Dubai

The 13,000 square meter center located in Dubai Industrial City is the United Arab Emirates' first Cold Store facility.

Unalaska, Alaska. August 2017. Photo: iStock.com/RUBEN RAMOS

U.S. Treasury Department Reportedly Urged Hong Kong to Curb Exports to Russia

U.S. officials asked banks and regulators to identify high-tech American items that were being shipped to Russia via Hong Kong, according to sources that spoke with Nikkei Asia.

Hong Kong. Photo: iStock.com/Serjio74

GM, Toyota U.S. Sales Jump in Sign of Auto Industry Strength

GM sales rose almost 19% during the second quarter of 2023 while Toyota claimed its sales grew by 7.1% during the quarter.

Glendale, California. February 2023. Photo by Mario Tama/Getty Images/Bloomberg

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