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“Six hundred became 1,600, became 2,000; now we’ve got 3,500 trucks running from the Gulf to the Red Sea.”
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— Bob Wilt, CEO of Saudi Arabian mining company Maaden
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The Justice Department filed criminal charges against the operators of the containership Dali, which crashed into the Francis Scott Key Bridge in Baltimore in 2024, alleging they committed safety violations that resulted in the death of six construction workers.
Singapore-based Synergy Marine and its India-based subsidiary Synergy Maritime were charged with conspiracy for allegedly failing to inform the U.S. Coast Guard of a hazardous condition. They were also charged with obstruction of an agency proceeding and making false statements. Synergy didn’t immediately respond to a request for comment.
Synergy could face a fine of up to $10 billion, said Kelly Hayes, U.S. attorney for the district of Maryland. Synergy and the owner of the vessel, Grace Ocean Private, reached a $102 million settlement with DOJ in 2024 covering the federal government’s response costs.
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Note: Earnings data are seasonally adjusted. CPI is for urban consumers. Earnings are for private-sector employees. October 2025 CPI data unavailable. Source: Labor Department via St. Louis Fed
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Inflation is outstripping growth in Americans' paychecks for the first time in three years, with consumer prices rising 3.8% in April from a year earlier, according to the Labor Department. A surge in gasoline prices since the start of the war with Iran accounted for most of the increase. Prices excluding food and energy categories—the so-called core measure—rose 2.8%. (WSJ)
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25,500
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Preliminary net orders of North American Class 8 heavy-duty trucks in April, triple the year-earlier figure, but down 34% from March, according to FTR Transportation Intelligence
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A federal appeals court has agreed to temporarily pause a trade-court ruling that invalidated President Trump’s new global tariffs, allowing the administration to keep collecting the 10% levy for now. (WSJ)
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Trump is scheduled to arrive in Beijing Wednesday evening for a two-day visit that will include meetings with Chinese leader Xi Jinping. (WSJ)
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The People’s Bank of China warned of imported inflation risks from higher global oil and commodity prices. (WSJ)
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Drought in the western plains prompted the Department of Agriculture to lower its outlook for U.S. wheat production this year. (WSJ)
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BMO Financial Group agreed to sell its transportation-finance unit—which provides specialty financing for trucks and trailers—and its vendor-finance business to Stonepeak. (WSJ)
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Google is in talks with SpaceX for a rocket-launch deal as the search giant expands efforts to put data centers in space. (WSJ)
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United Airlines said it will resume daily nonstop flights between Houston and Caracas, Venezuela, effective Aug. 11, subject to government approval. (WSJ)
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Tesla plans to invest $250 million in its German factory to increase production of battery cells for EVs. (WSJ)
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SAP said it was bringing its data, cloud, AI and automation features under one roof to help businesses with procurement, supply chains and other functions. (WSJ)
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France’s CMA CGM agreed to invest $820 million to expand and modernize two terminals at Kenya’s Port of Mombasa. (Splash247)
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Makers of solar-power products in the U.S. asked the Commerce Department to probe imports of panels from Ethiopia for violations of antidumping duties on Chinese components. (Nikkei Asia)
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Amazon said it was expanding its 30-minutes-or-less deliveries to dozens of additional U.S. cities, including Houston, Phoenix and Denver. (SupplyChainDive)
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The price of food-grade whey protein powder–a byproduct of cheesemaking–has risen more than 50% year-to-date, driven by booming demand for protein-rich products. (SupplyChainBrain)
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South Korea’s HD Hyundai Robotics won a contract to supply robotic welding systems to four Chouest Group shipyards–three in North America and one in Brazil. (WorkBoat)
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