Overseas Headlines – January 29, 2021

United States:

Biggest Gateway for U.S. Imports Hit by Record Ship Bottleneck

“Ship congestion around the ports of Los Angeles and Long Beach hit an unprecedented level, worsening the bottleneck at the busiest gateway for U.S. imports. A record 38 container ships are awaiting berth space — 36 at anchor and two more that were directed to wait in designated areas at sea until anchorages are available, the Marine Exchange of Southern California said in a note late Thursday. It’s the first time since 2004 that so-called drift zones have been used to manage traffic into the neighboring ports.”



Europe’s Economy Surprises at End of Pandemic Year: GDP Update

“Three of the euro area’s four largest economies rounded off the pandemic year suggesting the region can avoid a deeper recession, while still facing headwinds from extended coronavirus lockdowns. Gross domestic product in Spain unexpectedly increased 0.4%, defying expectations for a 1.4% drop. In another surprise, Germany also recorded growth, while output in France fell less-than-forecast after consumer spending rebounded sharply in December.”



India Pegs 11% GDP Growth in Fiscal 2022 Helped by Vaccine Drive

“India’s government sees the economy expanding 11% in the year starting April, helped by vaccine drives to tame the coronavirus outbreak and aided by low interest rates that will spur business activity. The rebound will follow an estimated 7.7% contraction in gross domestic product in the year ending March, according to the Economic Survey — an annual report card on the economy — tabled in Parliament by Finance Minister Nirmala Sitharaman Friday.”



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