Dock workers on Canada's Pacific coast said they have revoked a strike notice issued for Saturday, after Prime Minister Justin Trudeau directed a crisis meeting to pursue all options to ensure the stability of supply chains as he stressed the critical role of port operations.
The strike notice revoked had been issued earlier Wednesday just hours after a federal watchdog ruled the workers' current stoppage was illegal.
"Effective immediately the strike notice dated July 22 for 9:00am has now been removed," the International Longshore and Warehouse Union (ILWU) Canada said in a post on its website on Wednesday.
Amid mounting calls for resolute government action to end the strike, Trudeau convened a meeting of the Incident Response Group, which is comprised of senior officials and ministers and meets only in cases of crisis.
Asia’s stranglehold on the global semiconductor market has caused a supply crisis for American manufacturers. The U.S. and European Union's dominance in semiconductor manufacturing disappeared in the mid-90s and early 2000s, when production moved overseas to major Asian countries such as Taiwan, Japan, Korea and China. To recapture that advantage and make the global technology market more competitive, western producers will need to drastically increase their domestic sourcing of semiconductors in the coming years.
What makes the technology so critical is the growing need for more sophisticated semiconductors with complex manufacturing processes, says Spencer Shute, principal consultant at procurement services provider Proxima.
July and August traditionally mark the beginning of the harvest in Ukraine. This means more grain to be exported.
Usually, during these months, traders would actively increase their exports, and leave some in storage to sell later. However, exactly a year ago, the Ukrainian agricultural sector was trapped: the grain stored for the spring could not be exported because of Russian aggression, and then the new harvest began. As a result, as of July 2022, Ukraine had more than 20 million tons of unexported harvest from the previous season, and could export at best 3 million tons per month.
Port of Antwerp-Bruges handled 6.4 million TEUs in the first half of the year, translating to a 5.2% decrease from the same period last year. At the same time, the Belgian port reported a year-on-year container decline of 5.9% in terms of tons.
The port saw a 5.8% TEU decline year-on-year in the first quarter and a 4.6% fall in the second one.
However, the reefer sector achieved a noteworthy increase in the first six months of 2023 with the Port of Antwerp-Bruges reporting a 10.6% growth compared with the same period last year.
PSA Italy has started operations at its new Pra' Distripark Europe (PDE) warehouse, which is only 800 metres away from the PSA Genova Pra' terminal in Italy.
The warehouse has an internal size of 1,200 m², as well as an outdoor area of 7,264 m².
According to a statement, by providing services and cargo solutions to increase the efficiency of their supply chains, the new area will fulfill the expanding expectations of clients whose goods arrive or depart the port of Genoa.
Japan and Saudi Arabia are expected to agree on joint investments to develop rare-earth resources as the Asian nation attempts to reduce its reliance on China, according to Nikkei Asia.
A deal is expected to soon be signed by Japan’s Ministry of Economy, Trade and Industry, the Japan Organization for Metals and Energy Security (JOGMEC) and Saudi Arabia’s Ministry of Industry and Mineral Resources that will see Japan and Saudi Arabia explore resource development projects in other countries for joint investment.
The Office of the United States Trade Representative (USTR) and the U.S. Department of Commerce participated in the fourth in-person negotiating round for the Indo-Pacific Economic Framework for Prosperity (IPEF) in Busan, South Korea from July 9-15, 2023.
The U.S. delegation was co-led by Sarah Ellerman, Assistant United States Trade Representative for Southeast Asia and the Pacific and IPEF Pillar I Chief Negotiator, and Sharon H. Yuan, U.S. Department of Commerce Counselor and IPEF Pillars II-IV Chief Negotiator.
The Oakland Board of Port Commissioners just approved a 2024 fiscal year budget of $558 million. The approved budget outlined critical components for the Port of Oakland’s future: