Business & Politics News and Discussions

[Yuli Ban]

California lawmakers call for a state of emergency at ports, warning of a 'massive crisis with no signs of slowing'

California lawmakers are calling for Governor Gavin Newsom to declare a state of emergency for backlogged ports in Los Angeles and Long Beach.

Eight US representatives, all Republican, signed a letter calling for Newsom to suspend or eliminate regulations for ports, warehouses, and trucking companies in order to combat the supply-chain crisis. The congress members warned the traffic jam that has spawned widespread shortages and price hikes show "no signs of slowing."

"Unfortunately, California's own burdensome laws and regulations that restrict goods from moving to consumers, have contributed to this crisis," the letter said.

US Rep. Michelle Steel, R-California, submitted the letter into the record of a hearing on the supply chain crisis that was hosted by the House Transportation and Infrastructure Committee on Wednesday.

The lawmakers' warning comes a day after the largest ports in the US hit another record, as 179 ships were recorded at the Southern California ports. Nearly 120 ships are waiting off the coast to dock and unload. Before the pandemic, the ports never saw a backlog greater than 17 ships.

The global supply chain is out of control

[erowind]

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[weatheriscool]

Amazon workers plan Black Friday strikes
Source: BBC

Amazon workers in 20 countries - including the US, UK, and several in the EU - are planning protests and work stoppages on Black Friday. The shopping-centric day is among Amazon's busiest all year. The Make Amazon Pay group says: "Amazon takes too much and gives back too little." It is backed by a coalition of labour groups, trade unions, grassroots campaigns and non-profit-making organisations in individual countries. No UK Amazon warehouses are unionised, so many employees will be working on the day, with the campaign groups staging protests at Amazon buildings in Coalville, Leicestershire, Coventry, Peterborough and at its London headquarters.

But strikes are being encouraged elsewhere. In Germany, for example, the union Verdi called on employees at major shipping centres to strike, beginning on Wednesday night. Worldwide, nearly 50 organisations have signed up to a list of "common demands", published by the Make Amazon Pay coalition, which include:

- raising warehouse workers' pay and adding hazard pay and peak time increments
- halting worker "surveillance" and strict productivity targets
- extending sick leave and improving Covid-19 tracking and reporting
- ending casual employment status and "union-busting" activities
- paying taxes without using loopholes or tax havens

"This company is a pandemic profiteer can afford to do better," said Mick Rix, from the GMB Union. "It's time for Amazon sit down with their workers' union GMB and make Amazon a great, safe place to work. " Amazon reported a tripling of profits earlier this year, attributed to its success during the Covid-19 pandemic.

Read more: https://www.bbc.com/news/technology-59419572

[Yuli Ban]

Shoppers who woke early to brave the Black Friday lines were in for a surprise.

Crowds were light and almost nonexistent in many stores throughout the Bay Area during what is usually one of the busiest shopping days of the year.

Best Buy in Pleasant Hill usually has lines wrapped around the building but this year only about 30 shoppers awaited the opening.

"I just wanted to hang out with my friends and get that person connection with them," said shopper Cole Smith.

"I wanted to experience Black Friday once in my life, said shopper Otto Steindorf. "I'll probably never do it again to be honest."

Santana Row in San Jose was filled with shoppers. But it was more like a weekend, than the traditional Black Friday shopping throngs.

From retail centers in the south, to those in the north and east, grabbing price-reduced deals doesn’t require camping out all night. Now, people can show-up shortly before opening.

Economist Dr. Brian Marks said, "It’s black Friday, but it’s changed, like life does."

[Yuli Ban]

[Yuli Ban]

[Yuli Ban]

[Yuli Ban]

[caltrek]

Vaccine Study Flips Traditional View of Product Scarcity Driving Demand
December 20, 2021

https://www.eurekalert.org/news-releases/938551

Introduction:

(EurekAlert) AMES, Iowa – Anyone who has taken an economics class probably remembers learning about scarcity. The concept of demand outpacing supply applies to the toilet paper shortage at the onset of the COVID-19 pandemic and helps explain how a spike in home-improvement projects last year contributed to skyrocketing lumber prices.

“Previous research on product scarcity shows people will desire something more when it isn’t as easily accessible. Since scarcity signals value, people are willing to make more of an effort or pay more to acquire it,” said Beatriz Pereira, assistant professor of marketing at Iowa State University.

Last year, as COVID-19 cases surged across the U.S., Pereira and a team of researchers knew the initial supply of vaccines would be limited. It seemed like the perfect opportunity to test whether vaccine scarcity drives demand. But the researchers’ newly published findings in Psychology & Marketing reveal the opposite: Participants were less interested in rolling up their sleeves when they thought vaccines were scarce. The researchers point to compassion for the vulnerable as a driving factor.

At the time of the first survey, COVID-19 vaccines were not yet available to the general public.

Over 300 college students were asked to imagine a scenario where manufacturers were working nonstop to produce enough vaccines for everyone, but due to limited supply, priority was being given to people considered high risk. Half of the participants were told that vaccine doses were limited in their area, while the other half were told there were plenty of doses available. The survey then asked both groups of participants the likelihood that they would book a vaccination appointment if their doctor said they could get a shot the following week

[wjfox]

[weatheriscool]

Despite supply issues and omicron, holiday sales rise 8.5%
Source: AP

By PAUL WISEMAN and ANNE D'INNOCENZIO

Holiday sales rose at the fastest pace in 17 years, even as shoppers grappled with higher prices, product shortages and a raging new COVID-19 variant in the last few weeks of the season, according to one spending measure.

Mastercard SpendingPulse, which tracks all kinds of payments including cash and debit cards, reported Sunday that holiday sales had risen 8.5% from a year earlier. Mastercard SpendingPulse had expected an 8.8% increase.

The results, which covered Nov. 1 through Dec. 24, were fueled by purchases of clothing and jewelry.

Holiday sales were up 10.7% compared with the pre-pandemic 2019 holiday period.

Read more: https://apnews.com/article/coronavirus- ... 0de1d7b066

[weatheriscool]

Biden has lowest first-year Senate confirmation rate among last three presidents, according to new report

Washington (CNN)President Joe Biden has the lowest Senate confirmation rate of first-year nominations among the last three presidents, according to a new report from a group that studies presidential transitions.

"In Biden's first year, the Senate confirmed only 41% of his nominations. While a small number were withdrawn by the president, 118 were 'returned' at the end of the Senate's session -- meaning the president would either have to nominate that person again in the next session or nominate someone else," according to the report from the Center for Presidential Transition, a nonpartisan group based in Washington, DC.

The group, which said its data represents "nominations for all civilian positions including ambassadors, judges, marshals and US attorneys," reported that as of last week, 171 of the nominations Biden made in 2021 are still awaiting a vote.

Biden's 41% continues a downward confirmation rate trend among recent presidents, the group said, noting that 75% of George Bush's first-year nominees were confirmed, while 69% of Barack Obama's were approved and 57% of Donald Trump's were OK'd by the Senate during his first year in office.

Read more: https://www.cnn.com/2022/01/09/politics ... index.html

[wjfox]

[weatheriscool]

Amazon increases the price of Prime nearly 17% to $139 per year
Source: CNBC

Amazon is raising the price of its annual Prime membership to $139 from $119, the company announced on Thursday as part of its fourth-quarter earnings results.

Amazon last hiked the price of Prime in 2018, when it increased to $119 from $99. Four years before that, it raised the subscription fee to $99 from $79.

Amazon’s annual increase amounts to about a 17% rise in price. Amazon also raised the monthly price of a Prime membership from $12.99 to $14.99, the company said. New members will see the increased prices on Feb. 18, and current members will be billed at the higher rate after March 25.

Read more: https://www.cnbc.com/2022/02/03/amazon- ... -year.html

[weatheriscool]

BP profits surge as high gas prices hit household finances
Source: AP

LONDON (AP) — BP PLC reported its biggest full-year profit for eight years on Tuesday, its coffers boosted by soaring oil and gas prices that have hiked domestic fuel bills for millions of people.

The British energy giant said its underlying replacement cost profit — the industry standard — was $12.8 billion for 2021, compared with losses of $5.7 billion the previous year. The figure includes a better-than-expected $4.07 billion profit in the final quarter.

The company said it would reward shareholders with a $1.5 billion share-buyback program before its first-quarter 2022 results and a dividend payout of 5.46 cents a share for the fourth quarter.

BP has rebounded from a 2020 slump caused when the coronavirus pandemic shuttered large chunks of the global economy. Oil and gas prices have since surged, with prices driven upward by reopening economies and concern over gas supplies amid tensions over Russia’s military buildup near Ukraine.

Read more: https://apnews.com/article/business-eur ... 1794d0e371

[Ken_J]

I'm not conspiracy prone but so many things seem to be getting set up to tipping points like the volatility is desirable. I'm getting jumpy, looking for Ferdinand events.

[weatheriscool]

Home prices increase at fastest rate in 34 years in December, but rising mortgage rates remain a threat

Last Updated: Feb. 22, 2022 at 9:18 a.m. ET
First Published: Feb. 22, 2022 at 8:50 a.m. ET
By Jacob Passy

Economists expect that the pace of home-price growth will slow in the face of rising interest rates

The numbers: The S&P CoreLogic Case-Shiller 20-city price index posted a 18.6% year-over-year gain in December, up slightly from 18.3% the previous month. On a monthly basis, the index increased 1.5% between November and December.

Meanwhile, the Case-Shiller national home price index demonstrated 18.8% growth between 2020 and 2021 in December, in line with November’s reading.

“This is the highest calendar year increase in 34 years of data, and
substantially ahead of 2020’s 10.4% gain,” Craig J. Lazzara, managing director at S&P DJI, said in the Case-Shiller report.

The Federal Housing Finance Agency House Price Index showed that prices rose 17.5% between the fourth quarters of 2020 and 2021. Prices were up 1.2% between November and December, per the FHFA report.

What happened: Phoenix recorded the highest rate of home-price growth in the country in December, according to the Case-Shiller report, with a 32.5% year-over-year increase. As with the month prior, two Florida cities closely followed: Tampa with a 29.4% gain and Miami with a 27.3% rise.

{snip}

Read more: https://www.marketwatch.com/story/comin ... 1645537850

[weatheriscool]

Ford recalls 330,000 Mustangs to fix rear camera problem
Source: AP

DETROIT (AP) — Ford is recalling more than 330,000 Mustangs in the U.S. to fix backup camera displays that go blank or become distorted.

The recall covers cars from the 2015 to 2017 model years.

Documents posted Wednesday by the U.S. National Highway Traffic Safety Administration say the rear view camera wiring can become loose or damaged, causing the problem.

Ford said in documents that it knows of two minor crashes and no injuries due to the problem.



A Ford logo is seen on signage at Country Ford in Graham, N.C., Tuesday, July 27, 2021. Ford is recalling more than 330,000 Mustangs in the U.S., Wednesday, Feb. 23, 2022, to fix backup camera displays that go blank or become distorted. The recall covers cars from the 2015 to 2017 model years. (AP Photo/Gerry Broome)

Read more: https://apnews.com/article/business-e6b ... 2ed96729e4

[raklian]

[weatheriscool]

Target aiming to entice workers with pay up to $24 per hour

MINNEAPOLIS — Workers at Target stores and distribution centers in places like New York, where competition for finding and hiring staff is the fiercest, could see starting wages as high as $24 an hour this year. It currently pays a universal starting wage of $15 an hour.

The new approach will apply to hourly team members working in Target stores, supply chain facilities and headquarters locations.

The new starting wage range is part of a company plan to spend an additional $300 million on its labor force this year that will also include broader, faster access to health care coverage for its hourly workers. . .

Target also plans to expand access to health care benefits for team members. The new initiative will include:

https://www.kare11.com/article/money/ta ... 94OLgNIBio