Following the COVID-19 pandemic, US ports are now asking for $6.5 billion in grants and direct assistance, to balance the challenging situation.
In light of the COVID-19 outbreak, the US Treasury Secretary Steven Mnuchin recently informed that the total cost of legislation aimed towards boosting the US private sector will be significant but not huge.
In light of the ongoing coronavirus crisis, Allianz issued a research considering that the disease will bring greater impacts, worst than those of the US-China trade war. In fact, the research reveals that the losses of trade in good and services may amount $320 billion per quarter following the business disruption.
The US Energy Information Administration reported that the US natural gas consumption rose by 3% in 2019, achieving a record of 85.0 billion cubic feet per day (Bcf/d). The increase was due to new natural gas-fired electric capacity and lower natural gas prices.
Global shipping has taken an important hit because of the coronavirus, as more tonnage of container ships remain idle around the world, in comparison to the global financial crisis. As a matter of fact, docks in China are clogged as shipping containers or iron ore arrive.
The American Association of Port Authorities (AAPA) commented on US’s fiscal 2021 budget, registering concerns over significant declines to federally funded, port-related programs when compared against this year’s appropriation funding levels.
Guardian reports that markets rally after Beijing unveils plans to halve extra tariffs on 1,717 US products to boost its coronavirus-hit economy. The market rally followed the latest attempts by the Chinese authorities to boost the economy. After pumping money into the banking system and announcing tax and spending measures to help companies and households, Beijing said it would halve additional tariffs on 1,717 US goods.
According to the US Department of Labor’s Occupational Safety and Health Administration (OSHA), Philadelphia Energy Solutions is considered responsible for “major violations of safety and health hazards” related to process safety management, after the fire and the following explosion at its Girard Point refinery complex in Philadelphia, back in June 2019.
Reuters reports that oil prices hit high on Friday, January 17, but were little changed during the week as the sluggish economic growth in the world’s biggest crude importer, China, raised concerns over fuel demand and countered optimism from the signing of the China-U.S. trade deal.
Maersk CEO Soren Skou warned that strict EU enforcement of competition rules prevents the development of the global champions, that are necessary to compete with Chinese and US companies. As he explained, with that way Europe risks being outperformed by a Chinese company.
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