Port logjams are getting worse, with broken supply chains sparking global shortages of everything from bicycles to vaccine vials. The Port of Los Angeles started running 24 hours a day at the urging of the White House. The crisis is vying with other pressing issues for President Joe Biden’s attention, Jonathan Bernstein writes in Bloomberg Opinion. Felixstowe, a key port on England’s east coast, doesn’t have enough truck drivers to clear a backlog of containers that threatens to cancel Christmas. And in China, an approaching cyclone meant the number of vessels waiting to enter one of the world’s busiest ports jumped to its highest level since August.
What you’ll want to read this weekend
The United Nations Climate Summit in Scotland is just weeks away, but the fight to slow global warming is looking like a rout. The U.K.’s power network is relying increasingly on coal-fired stations as the global energy crisis intensifies. Meanwhile the world’s richest nations are failing to deliver on $100 billion in annual contributions pledged to help poor countries cut greenhouse gas emissions.
Apple joined the long list of companies hit by the global semiconductor shortage, forcing it to slash its iPhone 13 production target. Strong chip demand is beginning to look like industry stockpiling—Tim Culpan writes in Bloomberg Opinion how that could be a
massive problem when the bottlenecks ease.
September’s jump in consumer prices was described by one observer as “disturbing” despite the Fed’s stated belief that inflation is transitory. Morgan Stanley’s Chief Executive Officer James Gorman is ready for higher interest rates, proclaiming “you’ve got to prick this bubble.”
From false equivalence to an appeal to fear, Bloomberg Businessweek explains how people like Elon Musk and Donald Trump short-circuit your ability to think rationally. It turns out that Steve Bannon, one of Trump’s former adjutants, was among those behind a disastrous bet against the Hong Kong dollar.
The concept of so-called clean beauty—makeup and skincare products marketed as free of harmful, artificial ingredients—has grown into a $1.6 billion market. But a lack of clear guidelines may open the door for a new kind of greenwashing. The luxury fashion industry is in the process of reinventing how it connects with customers, its top executives tell The Business of Fashion.
What you’ll need to know next week
- How much did China’s economy slow down during the third quarter?
- Netflix reports earnings in the wake of the “Squid Game” sensation.
- WeWork is expected to complete its SPAC merger and start trading.
- Apple will unveil the first redesign to the MacBook Pro in five years.
- The Dodgers are trying to reach a second World Series in a row.
What you’ll want to read in Businessweek
Can Twitter Actually Get Us to Be Nice?
Twitter has spent the past year experimenting with subtle product tweaks designed to encourage healthier online behavior. It now alerts people who are about to post
misinformation on topics such as elections and Covid-19, and it recently began asking people to read articles before sending them along. In some cases, if users try to post something mean or offensive, automated pop-ups now ask them to think twice before doing so. But will this actually work?
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Your Weekend Reading: Supply Chains Still Stuck as Ships Wait - Bloomberg
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