🚨 Yellow SOS

---

---

Good morning! On this International Accounting Day, we're here to ensure that your supply chain knowledge is as balanced as your financial books. From logistics and inventory management to industry trends and global trade updates, we've got you covered.

So grab your favorite accounting calculator and join us on this journey through the world of supply chain and logistics. Let's dive into today's top stories and stay ahead of the curve together. Happy International Accounting Day! 🧾

———

Congress Urges U.S. Treasury to Save Trucking Giant Yellow from Bankruptcy Amid Bipartisan Concerns

Members of both the Republican and Democratic parties in Congress are urging the U.S. Treasury to help save trucking giant Yellow from bankruptcy. Yellow, formerly known as YRC, is a major less-than-truckload carrier in the U.S. facing financial challenges. Lawmakers are calling for an extension of a $700 million pandemic loan granted to Yellow, which could aid its recovery efforts and prevent the liquidation of its assets. Jack Cooper, a privately-owned auto transport company, is pursuing a bid to rescue Yellow, contingent on favorable loan extension terms from the Treasury.

The fate of Yellow is of interest to various parties, including the Biden administration and the International Brotherhood of Teamsters union, which has seen significant job losses due to the company's financial struggles. The decision on whether the Treasury will extend the loan is expected soon, with potential asset sales in the bankruptcy proceedings on the horizon.

Check out today’s featured article from Reuters to read more about the potential of extending Yellow’s pandemic-era loan. Will Congress grant this extension?

---

Featured Article:

Pressure grows on US Treasury to salvage trucking giant Yellow | Reuters

“Congressional pressure is growing on the U.S. Treasury to help salvage trucking giant Yellow from bankruptcy, from Republicans and Democrats alike, letters viewed by Reuters show.”

---

Fuel Tech & Nuclear Power

First U.S. Small Modular Reactor Project Abandoned Amid Cost Increases and Customer Challenges

The plan to build the first small-scale nuclear reactor in the U.S., known as a small modular reactor (SMR), has been abandoned by NuScale and its backers. The project, called the Carbon Free Power Project, faced a 50 percent increase in projected costs and struggled to secure enough customers to buy its power.

This setback raises questions about the viability of SMRs as a solution for reducing carbon emissions and highlights the challenges of bringing new nuclear technologies to market. NuScale CEO John Hopkins, however, called the project a "tremendous success" for the company and emphasized its ongoing efforts to develop SMRs.

Read more at Wired >

---

Stocks & Electric Vehicles

Plug Power Misses Q3 Expectations Amid Hydrogen Supply Challenges

Plug Power reported a wider loss and revenue miss for the third quarter, citing "unprecedented supply challenges" in the hydrogen network in North America. The company's stock dropped over 12% in after-hours trading following the results.

Plug Power plans to seek capital from various sources, including corporate debt and partnerships with companies like Fortescue, as it deals with supply chain disruptions and pushes out plant production timelines to 2025.

Read more at Market Watch >

---

Let’s Get Global 🌎

Checking out the scoop outside of the United States…

🇨🇳 House Committee Republicans Urge Biden to Take Stronger Stance in China Meeting. Republicans on the House Select Committee on China have sent a letter to President Joe Biden ahead of his meeting with Chinese President Xi Jinping, urging a shift in policy toward China and specific demands to improve relations. They called on Biden to address issues such as the flow of chemicals used in making fentanyl, the release of pro-democracy campaigner Jimmy Lai, and the prevention of near-collisions between Chinese and U.S. warships. The Republicans expressed concerns about the U.S. making concessions to China without demanding enough in return, especially regarding Hong Kong and the treatment of Uyghur Muslims.

🇮🇳 Air Quality Crisis Grips Northern India as Seasonal Fires and Pollutants Worsen. Seasonal fires and air pollutants are causing very unhealthy air quality in northern India, particularly in New Delhi, leading to school closures and health advisories. The pollution is primarily due to the practice of stubble burning by farmers in northwestern India after the rice harvest, combined with other sources like vehicle emissions, industrial activities, and desert dust. Efforts to mitigate the poor air quality include vehicle restrictions and cloud seeding to induce rain.

☀️ Earth Experiences Hottest 12 Months on Record, Pushing Global Warming Thresholds Closer. The Earth has just experienced its hottest 12 months in modern history, with nearly 3 in 4 people enduring extreme heat due to human-caused climate change. This warming trend, which pushed average global temperatures 1.3 to 1.4 degrees Celsius above 19th-century levels, brings the planet closer to the critical 1.5-degree Celsius threshold that could severely damage ecosystems. As global leaders prepare for the COP 28 climate conference, scientists hope this data will spur action to phase out fossil fuels and address the urgent climate crisis. The analysis also highlights the increased frequency of heat waves and their devastating impact on health, displacement, and food security worldwide.

---

iLevel With You 🏡

More topics for the average American household to consider…

🇺🇸 President Biden's Illinois Visit Energized Reelection Campaign with Pro-Union Message. President Joe Biden visited Illinois, aiming to build momentum for his reelection. During his visit, he highlighted his support for organized labor and contrasted his record with that of former President Donald Trump. Biden also praised the United Auto Workers (UAW) for their agreements with the Big Three automakers and criticized Trump's approach to unions and electric vehicles. With over 400,000 members, the UAW has not yet endorsed Biden for his 2024 run, stating that they need to see more from him. Biden's pro-union stance is a central theme in his reelection efforts.

💰 Federal Reserve Chair Powell Cautions Against Declaring Victory Over Inflation, Hints at Possible Rate Hikes. Federal Reserve Chair Jerome Powell has cautioned against declaring victory over inflation and suggested that additional rate hikes may be necessary. While acknowledging some progress in curbing inflation, Powell emphasized the central bank's commitment to returning inflation to their 2% target but expressed uncertainty about whether they had achieved that goal. The Fed has raised interest rates significantly over the past year, with 11 rate increases, in an effort to combat inflation, and further rate hikes are being considered.

🧑‍💻 WeWork Files for Bankruptcy as Flexible Office Space Model Struggles to Dominate Commercial Real Estate. WeWork, once hailed as a disruptor in the office space industry, has filed for bankruptcy as its model of flexible office space on short leases failed to become mainstream. The flexible office space sector still accounts for less than 2% of all office space in the 20 largest U.S. markets, despite significant investments in the approach. While some co-working companies remain optimistic, experts suggest that this sector will not dominate commercial real estate, and landlords may offer their own co-working spaces to tenants directly, reducing the need for third-party providers like WeWork.

---

Get Smart 🧠

Ramp up that brain power for these advanced topics…

💸 IRS Announces 2024 Tax Year Inflation Adjustments to Prevent 'Bracket Creep' and Increase Deductions. The IRS has announced higher inflation adjustments for the 2024 tax year to prevent "bracket creep," where taxpayers move into higher income brackets due to inflation. This year, tax brackets will increase by approximately 5.4%, potentially leading to savings for many workers across income levels. Standard deductions for married couples filing jointly will rise to $29,200, while individual deductions will increase to $14,600, among other changes. These adjustments will apply to the 2024 tax year.

📲 Apple to Pay $25 Million Settlement Over Alleged Favoritism for Immigrant Workers, DOJ Claims. Apple will pay $25 million to settle allegations by the U.S. Department of Justice (DOJ) that it favored immigrant workers over U.S. citizens and green card holders for certain jobs. The DOJ claimed that Apple violated federal law by not recruiting American citizens or permanent residents for positions eligible for a program allowing employers to sponsor immigrant workers for green cards. This settlement is the largest ever involving claims of discrimination based on citizenship, requiring Apple to pay $6.75 million in civil penalties and $18.25 million to affected workers. Apple admitted to unintentional non-compliance and pledged to follow DOJ standards moving forward.

🚀 Virgin Galactic Surges 20% as It Shifts Focus to Profitable Delta Spacecraft. Virgin Galactic's stock surged nearly 20% after the company announced plans to cut 18% of its workforce and shift its focus to a new spacecraft called Delta, which is expected to be more profitable than its Unity spaceship. Delta will have the capacity to transport 50% more passengers than Unity, with flights planned twice a week, aiming to achieve positive cash flow by 2026. The move comes as capital-intensive space-related companies face the challenge of lowering costs and navigating a potentially turbulent financial environment due to higher interest rates.

---