Shipping Bottlenecks in Europe Send a Warning to US, Asia
By
Updated on
Save
Takeaways NEW
Supply Lines is a daily newsletter that tracks global trade. Sign up here.
Port congestion is worsening at key gateways in northern Europe and other hubs, according to a new report which suggests trade wars could spread maritime disruptions to Asia and the US and push up shipping rates.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
12 minutes ago
- Yahoo
National Black Farmers Association Condemn Proposal to Repeal Duty Drawback
"The Big, Beautiful Bill" Must Protect American Farmers, Protect Duty Drawback WASHINGTON, June 3, 2025 /PRNewswire/ -- Representing 130,000 members, the National Black Farmers Association (NBFA) is calling on the U.S. Senate to protect all farmers, especially those who grow American tobacco, by removing the provision to repeal the duty drawback incentive for U.S. tobacco manufacturers from the budget reconciliation bill. "What logic suggests that 'making America great again' is achieved on the backs of American farmers? Growers in North Carolina, Tennessee, South Carolina, and across our nation will be jeopardized if the duty drawback incentive does not remain in place," said 4th-generation black farmer John Boyd, Jr., founder and president of the NBFA. "To some, the incentive may seem minor. However, to my members and growers across America, protecting the duty drawback is of great significance. On behalf of the National Black Farmers Association, I humbly plead that legislators do not jeopardize the current American agricultural economy nor the future generations of American farmers." Without the support of duty drawback, the outlook for U.S. tobacco exports becomes increasingly grim. Additionally, domestic tobacco consumption has steadily declined over the past decade, adversely affecting American tobacco farmers. Kimberly Foley, Executive Director of Tobacco Associates, recently wrote to Members of Congress: "Export growth is not just our future, it's our present. Duty drawback plays a quiet but essential role in keeping U.S. leaf attractive on the international stage." Duty drawbacks are not loopholes—they are essential safeguards. Removing them would reverse over 200 years of trade policy designed to support American exports and bolster domestic manufacturing. Drawbacks stimulate domestic manufacturing in the states and ensure that U.S. leaf tobacco remains competitive in the international marketplace. If legislators remove the drawback incentive, this would lead to a decrease in US-grown tobacco crops. "The announcement of this proposed repeal was yet another blow to our industry. American farmers are already in a state of emergency due to tariffs and cuts from USAID. Tobacco has historically been a vital "cash crop," providing the financial means for farmers to cultivate other crops, such as sweet potatoes and peanuts, and helping farm families sustain their livelihoods. Keeping the duty drawback incentive in place protects American tobacco growers and fulfills the Administration's promise to support, rather than punish, farmers," President Boyd emphasized. The current House version of the legislation removes the Duty Drawback provision specifically for tobacco companies while preserving it for all other industries. Eliminating this incentive for American tobacco manufacturers would severely impact the farming of American tobacco crops. About The National Black Farmers Association (NBFA) is a nonprofit organization representing African American farmers and their families in the United States. As an association, it serves tens of thousands of members across the nation. The NBFA's education and advocacy efforts have been focused on civil rights, land retention, access to public and private loans, education, and agricultural training, as well as rural economic development for Black and other small farmers. For additional information, visit MEDIA CONTACT: Ayona Anderson 469-834-9500 396161@ View original content to download multimedia: SOURCE National Black Farmers Association Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 minutes ago
- Yahoo
S&P/TSX composite down in late-morning trading, U.S. stock markets move up
TORONTO — Canada's main stock index was in the red in late-morning trading, weighed down by losses in the telecom sector, while U.S. stock markets climbed higher. The S&P/TSX composite index was down 22.21 points at 26,366.75. In New York, the Dow Jones industrial average was up 105.66 points at 42,411.14. The S&P 500 index was up 24.73 points at 5,960.67, while the Nasdaq composite was up 142.76 points at 19,385.37. The Canadian dollar traded for 72.90 cents US compared with 72.96 cents US on Monday. The July crude oil contract was up US$1.28 at US$63.80 per barrel and the July natural gas contract was down four cents US at US$3.65 per mmBTU. The August gold contract was down US$27.20 at US$3,370.00 an ounce and the July copper contract was down two cents US at US$4.84 a pound. This report by The Canadian Press was first published June 3, 2025. Companies in this story: (TSX:GSPTSE, TSX:CADUSD) The Canadian Press Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
21 minutes ago
- Yahoo
YY Group Secures Strategic Entry into Thailand with Completion of YY Circle Thailand Share Transfer
Singapore, June 03, 2025 (GLOBE NEWSWIRE) -- YY Group Holding Limited (NASDAQ: YYGH) ('YY Group,' 'YYGH,' or the 'Company'), a global leader in on-demand workforce solutions and integrated facility management (IFM), is pleased to announce the successful completion of the share transfer of YY Circle Thailand on June 1, 2025. This milestone marks a significant step in YY Group's strategy to expand its presence in Southeast Asia's dynamic economies. YY Circle Thailand is now officially part of YY Group's portfolio, providing an enhanced platform to address workforce demands in Thailand's vibrant casual labor market, valued at approximately THB170 billion (US$5 billion) annually. The completion of the transaction ensures a seamless transition, with Jirapat Haetanurak, the Country Director of YY Circle Thailand, will remain with YY Circle Thailand and continue to lead local operations. Jirapat's leadership will be instrumental in leveraging local expertise while integrating YY Group's innovative technology and operational strategies. 'Finalizing this acquisition is a pivotal moment for YY Group as we deepen our commitment to addressing the needs of Thailand's workforce and businesses,' said Mike Fu, Chief Executive Officer and Executive Director at YY Group Holding Limited. 'Through YY Circle Thailand, we aim to deliver cutting-edge solutions that empower businesses to adapt to workforce challenges while creating value for casual laborers.' Thailand's gig economy, driven by sectors such as hospitality, retail, and logistics, presents growing opportunities for flexible and scalable workforce solutions. YY Circle Thailand will enable businesses to thrive in this evolving landscape by connecting them with a reliable, technology-driven platform for on-demand talent. 'Joining YY Group marks the beginning of an exciting chapter for YY Circle Thailand,' said Jirapat Haetanurak. 'Together, we will bring innovative solutions to the Thai market, driving operational efficiency and creating opportunities for growth.' This successful acquisition underscores YY Group's strategic focus on localized solutions and sustainable growth, reinforcing its position as a leader in workforce innovation across Asia. Safe Harbor StatementThis press release contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. Statements that are not historical facts, including statements about YY Group Holding Limited's beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties, and several factors could cause actual results to differ materially from those contained in any forward-looking statement. These factors include, but are not limited to, (i) the gig economy and casual labor market in Thailand, (ii) capital and credit market volatility, (iii) local and global economic conditions, (iv) our anticipated growth strategies, (v) governmental approvals and regulations, and (vi) our future business development, results of operations, and financial condition. In some cases, forward-looking statements can be identified by words or phrases such as 'may,' 'will,' 'expect,' 'anticipate,' 'target,' 'aim,' 'estimate,' 'intend,' 'plan,' 'believe,' 'potential,' 'continue,' 'is/are likely to' or other similar expressions. All information provided in this press release is as of the date of this press release, and YY Group Holding Limited undertakes no duty to update such information, except as required under applicable law. About YY Circle:YY Circle is a leading provider of interactive social networking solutions, dedicated to connecting individuals through innovative technology. With a focus on user experience and community engagement, YY Circle aims to foster meaningful connections and empower individuals worldwide. About YY Holdings Limited:YY Group Holding Limited (Nasdaq: YYGH) is a Singapore-headquartered, technology-enabled platform providing flexible, scalable workforce solutions and integrated facility management (IFM) services across Asia and beyond. The Group operates through two core verticals: on-demand staffing and IFM, delivering agile, reliable support to industries such as hospitality, logistics, retail, and healthcare. Leveraging proprietary digital platforms and IoT-driven systems, YY Group enables clients to meet fluctuating labor demands and maintain high-performance environments. In addition to its core operations in Singapore and Malaysia, the Group maintains a growing presence in Southeast Asia, Europe, and the Middle East. Listed on the Nasdaq Capital Market, YY Group is committed to service excellence, operational innovation, and long-term value creation for clients and shareholders. For more information on the Company, please log on to Investor ContactPhua Zhi Yong, Chief Financial OfficerYY GroupEnquiries@ Mark Niu, Chief Strategy Officer, YY in to access your portfolio
