A truck driver and entrepreneur named Malcolm McLean had an idea while sitting all day at a port in New Jersey, waiting to get his truck unloaded so he could get back on the road and make more money. The old way of loading bulk material by sling and stacking it in a cargo bay just wasn't working anymore.However, McLean put his idea on the back burner while he built a trucking company from one truc...Read More

GLASGOW, Nov 1 (Reuters) - Denmark, the United States and 12 other countries on Monday backed a goal to reduce emissions by the global maritime sector to zero by 2050, a target to be fleshed out in negotiations at the United Nations shipping agency.The initiative, led by Denmark and announced on the sidelines of the U.N. COP26 climate summit in Glasgow, Scotland, aims to build support among coun...Read More

(Reuters) - Autonomous delivery vehicle maker Nuro raised $600 million in its latest funding round, the Silicon Valley-based startup said on Tuesday, bringing on board Alphabet Inc's Google as an investor.The funding round, led by Tiger Global Management, lifted Nuro's valuation to $8.6 billion from $5 billion previously, according to a person close to the deal.Toyota Motor Corp's Woven Capital, S...Read More

Flat steel import markets in the United Arab Emirates and Saudi Arabia were slow during the week ended Tuesday November 2 because of uncertainty over the price direction, sources told Fastmarkets.The uncertainty was because of recent price decreases from China, which controls over 50% of the global steel market.On the other hand, strong local demand in the Indian market prompted buyers to expect p...Read More

SHANGHAI (Reuters) - Chinese stock market investors are swapping big tech names for "small giants" and luxury brands for mass market companies, aiming to cash in on President Xi Jinping's "common prosperity" plan for the economy.The intent behind Xi's drive is a narrower gap between the rich and poor in the world's second largest economy.But the first policy moves rattled markets as authorities in...Read More

Rebar and billet prices decreased slightly in the United Arab Emirates because some mills discounted their prices, sources told Fastmarkets on Tuesday November 2.Demand for rebar has improved week on week because prices have now been announced, sources added.Domestic rebarLocal rebar mills announced new prices on October 24.Emirates Steel has been offering rebar at 2,490 dirhams ($678) per tonne e...Read More

LONDON (Reuters) - The end of Britain's furlough programme has not led to a surge in new job-seekers, according to data that suggests unemployment is unlikely to rise sharply and could bolster the case for a Bank of England interest rate hike.Research by recruitment website Indeed, seen by Reuters ahead of publication, shows only a small increase in the proportion of British workers who say they a...Read More

LONDON (Reuters) - Euro zone manufacturing activity remained strong last month but was curtailed by supply chain bottlenecks and logistical problems which sent input costs soaring, a survey showed on Tuesday.Ongoing disruptions caused by the coronavirus pandemic, alongside a shortage of heavy goods vehicle drivers, has caused product shortages and left factories struggling to get the raw materials...Read More

Domestic steel rebar prices in Russia's Central Federal District around Moscow continued to rise during the week to Monday November 1 on depleted stocks and limited supply from the mills.Fastmarkets' assessment of the price for steel reinforcing bar (rebar), domestic, cpt Moscow, Russia, was 75,000-77,000 roubles ($1,053-1,081) per tonne cpt on Monday, including 20% value-added tax. This was up by...Read More

TOKYO (Reuters) - Japanese policymakers on Tuesday reaffirmed the Bank of Japan's (BOJ) commitment to its 2% inflation target in a meeting held between the central bank chief and the country's economy and finance ministers.The Japanese government and the central bank also agreed to keep in close contact and cooperation, in line with commitments made in a 2013 joint statement, which also laid out t...Read More

SHANGHAI (Reuters) - Yahoo said it had stopped allowing its services to be accessible from mainland China "in recognition of the increasingly challenging business and legal environment", the second Western tech brand to quit the country in recent weeks.The company stopped providing content for users in mainland China as of Nov. 1, according to a statement published on its website, which directed u...Read More

LONDON (Reuters) -Oil steadied near $85 a barrel on Tuesday, not far from a multi-year high, supported by signs that supply from OPEC and other producers is falling short, although expectations of a rise in U.S. inventories was weighing.The increase in OPEC's oil output in October undershot the rise planned under a deal with allies, a Reuters survey found on Monday, due to involuntary outages and...Read More

The north China steel production hub of Handan city in Hebei province has implemented stricter production cuts at steel mills from Monday November 1 to November 7.The move has been made is to mitigate weather-influenced air pollution over the period and comes just after the city finished implmenting steel production curbs in September and October to limit the crude steel output in line with China'...Read More

(Reuters) - KKR & Co Inc said on Tuesday its third quarter distributable earnings more than doubled to $925.1 million, driven by strong growth in management fees and profit from asset sales in its private equity business.KKR and other private equity firms have benefited from a flurry of mergers and acquisitions as the global economy recovers from the pandemic. Its peers Blackstone Inc and Carlyle...Read More

Here are five Fastmarkets stories you might have missed on Tuesday November 2 that are worth another look.Eurofer has welcomed the agreement between the European Union and the United States to replace Section 232 steel and aluminium tariffs against the bloc's 27 countries with tariff-rate quotas, the European steel association...Read More

NEW YORK, Nov 2 (Reuters) - Jefferies Financial Group has recruited senior bankers from rivals including JPMorgan Chase & Co and Barclays PLC to strengthen its investment banking unit, according to an internal memo seen by Reuters on Tuesday.Matthias Kristol will join Jefferies as global head of asset and wealth management investment banking, while Aaron Bruker will join the bank as head of sideca...Read More

Turkish steel scrap import prices fell sharply on Tuesday November 2, in line with the the latest bookings and amid increasing freight costs and limited finished steel sales to Turkey's key export outlets, market participants told Fastmarkets. On Tuesday, a steel mill in the Marmara region booked a deep-sea cargo from Puerto Rico, comprising HMS 1&2 (80:20) at $494 per tonne and shredded scrap at...Read More

AUSTIN/SEATTLE, Nov 2 (Reuters) - In Wichita, Kansas, nearly half of the roughly 10,000 employees at aircraft companies Textron Inc (TXT.N) and Spirit AeroSystems (SPR.N) remain unvaccinated against COVID-19, risking their jobs in defiance of a federal mandate, according to a union official."We're going to lose a lot of employees over this," said Cornell Adams, head of the local Machinists uni...Read More

TOKYO, Nov 2 (Reuters) - Nintendo Co. (7974.T) will make 20% fewer Switch games consoles than planned in the year to March 31 because of shortages of semiconductors and other components, the Nikkei business daily reported.Switch production for the business year will be around 24 million units, the paper reported, without saying where it obtained the information."The supply and demand of semicond...Read More

Peak Prosperity, Released on 11/2/21Once again publicly available data demonstrate that vaccines are not reducing infectivity or transmission, 2 of the main criteria for an injection to be considered a vaccine. Public health officials are brazenly proclaiming these embarrassing facts, while at the same time continuing to parrot the mantra to get vaccinated and stop the spread.At this point, anyone...Read More