Overseas Headlines – December 8, 2021

United States:

U.S. Congress Takes Aim at Container Carriers to Ease Crisis

“Container shipping companies enjoying the best of times for profitability and the worst of times for global supply-chain reliability are ending the year hoping Washington doesn’t make the problems even tougher to resolve. The House plans this week to vote on a bill (H.R. 4996) to address container disruptions and to beef up the Federal Maritime Commission’s enforcement, Bloomberg Government’s Lillianna Byington reports.”



The Bank of England Needs One Million Missing Workers to Return

“The fallout for the U.K. economy from one of the worst labor shortages among rich nations is on full display at a Meridian Leisure Hotel in Reading, where managing director Moez Janmohamed likens it to a nightmare. He is having to close rooms due to the lack of housekeeping staff and to cap numbers on the dinner service “because we can’t find the chefs.” At the same time, he’s raising wages not just to fill vacancies in his hotel a short drive south of London, but to stop the staff from leaving. Even a 30% increase in the salary of a sous chef to 36,000 pounds ($47,600) “doesn’t guarantee you get them,” he said.”



BOJ’s Amamiya Signals Less Need to Help Big Firms With Funding

“Bank of Japan Deputy Governor Masayoshi Amamiya dropped a strong hint that big firms are in less need of funding support, a comment that will likely fuel speculation the BOJ will scale back its pandemic buying of corporate bonds and commercial paper. Ahead of a policy meeting next week during which the bank is widely expected to discuss whether it will extend the funding program, Governor Haruhiko Kuroda’s right hand man said market conditions for issuing corporate bonds and commercial paper are “extremely favorable.”



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