Biggest US Ports Rank as World’s Least Efficient for Containers
“The supply-chain crisis that has clogged the US logistics network has made the country’s two largest ports of Los Angeles and Long Beach the least efficient trade hubs for handling containers worldwide, a new report showed. Responsible for about 42% of all US containerized trade with East Asia, the southern Californian twin hubs ranked in the final two positions of the World Bank and S&P Global Market Intelligence’s 370-member Container Port Performance Index for 2021, the companies said in a report released Wednesday.”
UK Recession Risk Makes BOE Wary of Acting on Inflation, Pill Says
“The Bank of England needs to tighten policy further to fight rising inflation, but it’s also wary of acting too quickly and risking pushing the UK into recession, according to Chief Economist Huw Pill.”
China Growth Target in Tatters as Covid Zero Hammers Economy
“China’s commitment to Covid Zero means it’s all but certain to miss its economic growth target by a large margin for the first time ever. Economists’ median forecast for gross domestic product growth this year has dropped to 4.5%, according to the latest survey compiled by Bloomberg, well below the official target of about 5.5%.”
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