The U.S. economy contracted in the first quarter at a 5% annual rate, slightly steeper than initially estimated. (WSJ)
The number of Americans receiving jobless benefits declined from week to week for the first time since February. (WSJ)
U.S. shoppers likely pulled back on purchases at a record pace in April. (WSJ)
Real-estate brokers say they are seeing signs of rising demand in the U.S. housing market. (WSJ)
Nissan Motor will slash production capacity and trim its model lineup after losing $6.2 billion in its latest fiscal year. (WSJ)
Volkswagen is pouring more than $2 billion into China’s electric-car industry. (WSJ)
U.S. authorities have threatened tankers carrying Iranian fuel to Venezuela with sanctions. (WSJ)
Several Guatemalan textile plants are closing after reports that more than 200 workers at one factory tested positive for Covid-19. (Sourcing Journal)
Nikon cut about 700 jobs in Southeast Asia as the company pulls back production. (Nikkei Asian Review)
Retailer IKEA is putting off its expansion into South America for a year. (Reuters)
Seven states signed onto a program allowing them to ship state-inspected meat across state lines. (Food Safety News)
China’s largest pig farmer expects hog prices to fall over the next two to three years as output recovers from a sweeping epidemic. (South China Morning Post)
Personal computer maker HP plans to spend more on logistics and supply chains this year after disruptions hurt its quarterly earnings. (Bloomberg)
The amount of oil in floating storage reached a new high, with some 278 million barrels held on 239 tankers. (Lloyd’s List)
Shipping lines say U.S. importers are canceling more bookings as they drop orders from overseas suppliers. (Journal of Commerce)
Port terminal operator DP World is joining the TradeLens blockchain platform developed by Maersk Line and IBM. (The Loadstar)
Cold-storage company Lineage Logistics is acquiring Oregon-based Henningsen Cold Storage. (DC Velocity)
Fleet management software company Omnitracs is suing startup Platform Science over alleged patent infringement. (Commercial Carrier Journal)
|