The U.S. economy contracted 1.4% in the first quarter as supply disruptions weighed on output and masked strength in consumer and business spending. (WSJ)
A measure of the strength of the U.S. dollar is close to its highest level in 20 years against a basket of currencies. (WSJ)
Soybean prices are up 27% so far this year and corn futures have risen 37%, signaling higher food inflation is coming. (WSJ)
Apple’s revenue rose 9% to $97.3 billion in one of the best quarters in the company’s history. (WSJ)
Consumer-goods supplier Unilever is planning further price increases after raising prices by an average of 8.3% in the first quarter. (WSJ)
First quarter sales at Mattel jumped 19% as the toy maker said it had improved its supply chain operations. (WSJ)
Heavy-equipment manufacturer Caterpillar says its struggles to get parts aren’t improving. (WSJ)
Tool maker Stanley Black & Decker cut its profit outlook for the year, primarily due to higher commodity and shipping costs. (WSJ)
Hershey raised its outlook for the year after posting double-digit growth in first-quarter sales and profit. (WSJ)
Yazaki and other Japanese auto suppliers are setting up production bases in North Africa to diversify their supply chains. (Nikkei Asia)
Amazon is permanently ending its bar against warehouse workers having cell phones. (Vice)
Container line Ocean Network Express more than quadrupled its fiscal year net profit to $16.8 billion as revenue more than doubled to $30.1 billion. (Lloyd’s List)
Hapag-Lloyd raised its outlook for full-year operating profit to between $12.5 billion and $14.5 billion. (MarketWatch)
The chairman of container line Yang Ming says port bottlenecks world-wide are easing. (Bloomberg)
Trucker Schneider National raised its full-year outlook as first-quarter profit jumped 68% to $92.1 million. (Dow Jones Newswires)
Major U.S. railroads told regulators it may take months to clear congestion in their networks. (WSJ)
Canadian Pacific’s operating ratio deteriorated by more than 10 percentage points in the first quarter. (MarketWatch)
The Airforwarders Association is leading a coalition looking for ways to clear cargo congestion at U.S. airports. (Air Cargo News)
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