💰 Bird's Bumpy Landing
Good morning! Welcome to the December 22nd edition of our Supply Chain and Logistics newsletter! Today, as we celebrate National Mathematics Day, we are reminded of the pivotal role that numbers, equations, and calculations play in the intricate web of supply chain and logistics management.
Join us as we explore the mathematical magic that powers the world of supply chain and logistics in this special edition.➕😁
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Electric Scooter Giant's Bankruptcy Move Amid Financial Struggles
Bird, the electric scooter big shot once worth $2.5 billion, is making some moves. They've filed for Chapter 11 bankruptcy protection in a Florida court and plan to use it to sell off their assets in the next 90 to 120 days. Bird had a rough ride during the COVID-19 pandemic when fewer folks were scooting around.
Regardless of going public in 2021, their stock took a nosedive, getting them kicked off the New York Stock Exchange in September. This bankruptcy decision is their way of dealing with money troubles and trying to find a fresh path ahead.
Check out today’s featured article from CNBC to learn more about what happened to Bird that forced them to file for Chapter 11 bankruptcy. Will a new scooter take over the industry?
Featured Article
Electric scooter company Bird files for bankruptcy | CNBC
“The electric scooter company Bird, once valued at $2.5 billion by investors, filed for Chapter 11 bankruptcy protection in Florida federal court Wednesday.”
Hub Group & Money
Hub Group Snags Forward Air's Final-Mile Business for $262 Million
Forward Air has made a deal to sell its final-mile business, Forward Air Final Mile (FAFM), to Hub Group for a cool $262 million. FAFM, which is all about delivering and setting up big appliances, pulled in a sweet $289 million in revenue in the last year.
Now, Hub Group is set to beef up its final-mile revenue big time with this acquisition, making it its biggest non-asset move yet. FAFM will roll under the Hub Group Final Mile name, and Forward Air is shifting gears to chase more action in the premium less-than-truckload scene.
Honda & Recall
Honda Recalls 2 Million Vehicles Over Stalling Risk
Honda is recalling over 2 million vehicles because of a fuel pump problem that might make engines stall while you're on the road, which could lead to accidents. They're recalling several models, including some popular ones like the Honda Accord, Civic, CR-V, and Acura MDX.
If you're one of the folks with an affected car, don't worry, Honda dealerships will swap out the bad fuel pump part for free. They'll shoot out notices about it in early February 2024 because they're all about keeping your engine running smoothly and safely.
Let’s Get Global 🌎
Checking out the scoop outside of the United States…
💨 Orsted's Green Light for UK Offshore Wind Farm: A Boost After Tough Times. Orsted has given the thumbs-up for a big offshore wind farm in the UK, which is a promising sign for the offshore wind industry after a tough year. The project, known as Hornsea-3 and producing 2.9 gigawatts of power, shows that the world's largest offshore wind developer is on the right track. But it's worth noting that Orsted still has some financial hurdles to clear following a bumpy year, with canceled US projects and fines. Nonetheless, these offshore wind ventures are essential for countries striving to meet their climate targets and offer sustainable energy solutions in the long run.
🛢 Angola Quits OPEC Over Oil Production Dispute. Angola, the second-largest oil producer in Africa, is stepping out of OPEC because they couldn't see eye to eye on how much oil to pump out. This happened after OPEC told Angola to produce less oil, which made international crude oil prices like Brent and West Texas Intermediate take a hit. Angola joined OPEC back in 2007, but they've been in a bit of a tiff with Saudi Arabia over how much they should be producing. This breakup doesn't rock the boat too much for OPEC though, as Angola's contribution was about 2% of the whole group's output.
iLevel With You 🏡
More topics for the average American household to consider…
💰 Buy Now, Pay Later (BNPL) Stocks Shine in Holiday Shopping. This holiday season, it's all about BNPL (that's Buy Now, Pay Later) as folks spent a whopping $8.3 billion online using these services from November 1 to 27, a 17% jump from last year, says Adobe Analytics. BNPL includes cool options like PayPal's Pay in 4, Afterpay, Klarna, Shop Pay Installments, Apple Pay, and Affirm. Speaking of Affirm, they're the only publicly traded pure play in this game, and their stock is on fire, up 370% this year thanks to awesome quarterly reports, team-ups with big retailers, and the whole BNPL craze. This BNPL thing is expected to keep booming, with experts saying it could grow more than 30% each year for the next eight years, hitting almost $3.9 trillion.
🧑🏽⚖️ Judge Gives Thumbs Up to Rule Tackling Truck Pollution in SoCal. There's this rule in Southern California that's all about cleaning up the air by dealing with those diesel trucks that hang around warehouses. It's called the Warehouse Indirect Source Rule, and it's been causing a bit of a stir. Warehouses have to pick from several choices to earn points based on how many trucks visit them or just pay a fee to help make trucks cleaner. A federal judge just said, 'Yeah, this rule's a keeper,' even though trucking and airline folks weren't too happy about it.
🤖 Anthropic, the OpenAI Competitor, Looks to Score Big Bucks. Anthropic, a rival to OpenAI started by some former OpenAI employees, is in talks to raise a whopping $750 million in cash. This cool funding round, led by Menlo Ventures, could make Anthropic worth a jaw-dropping $18.4 billion. The company was valued at $4.1 billion not too long ago, and companies like Google, Salesforce, and Zoom have been cheering them on with their cash. Anthropic is really on the up and up!
Get Smart 🧠
Ramp up that brain power for these advanced topics…
🍨 Prova Works on Vanilla Supply Chain and Community Good. Prova, the flavor and extract company, is on a mission to make their vanilla supply chain in Madagascar even better. They're not just about the flavor; they want to improve the lives of the farmers and their families. Their plan includes teaching farmers, helping kids get an education, taking care of the community's health, paying fair wages, and keeping the environment in check. Juan Felipe Rivera from Prova says they're keeping a close eye on how well their training programs work, especially in smaller test groups.
🚛 Red Sea Delays Could Mean Empty Container Trouble Ahead. Thanks to some delays and route changes in the Red Sea, we might be looking at a shortage of empty containers. And you know what that means - it could mess with the supply chain, especially with Chinese New Year coming up. The whole shipping schedule is getting mixed up, and it's causing some problems. To stay on top of things, experts say you should book your cargo early, be ready for higher costs, maybe try some different routes, and keep an eye on updates from your logistics partners.
📈 U.S. Oil Production Hits Record High. Believe it or not, amidst all the talk about reducing our reliance on oil, the U.S. is pumping out more oil than ever before. They're cranking it up to a potential 13.3 million barrels per day, which is a lot! They've even beaten their old record from the Trump days. Thanks to shale oil in Texas and the Permian Basin in New Mexico, the U.S. is keeping global oil prices steady while other countries are cutting back. Who saw that coming?
The Workday Dash is an aggregation of articles regarding the transportation logistics, trucking, and supply chain industries for November 22, 2024, from iLevel Logistics Inc.