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Yellow, a major US transportation company, announced its bankruptcy.

2024-08-26

U.S. transportation giant Yellow Corp. announced its shutdown, ceasing operations immediately, which will result in approximately 30,000 employees losing their jobs. This marks the largest bankruptcy in the history of the U.S. trucking industry. The company has about $1.5 billion in unpaid debts and is facing a cash shortage, with some major clients having suspended cooperation. This shutdown may trigger a series of supply chain issues, further straining global supply chains.

Brazils Tax Reform May Result in the Worlds Highest VAT Rate

2024-08-26

Brazils tax reform could raise its VAT rate to 27.97%, surpassing Hungary to become the highest globally. The government has introduced zero VAT on essential goods to alleviate pressure on low-income groups, but the high rate may increase costs for other goods and impact the economy.

Ocean Network Express launches new route connecting Thailand, Vietnam, China, and Japan

2024-08-26

On July 19, Ocean Network Express (ONE) announced the launch of a new THX service connecting Thailand, Vietnam, China, and Japan. The service will depart from Bangkok, calling at Laem Chabang, Ho Chi Minh City, Nansha, Hakata, Osaka, and Kobe, with its maiden voyage on August 10. ONE stated that this new service will provide customers with faster shipping services. Since the beginning of this year, multiple liner companies have launched or upgraded intra-Asia services to meet market demand.

The UK Released the 2023 Edition of REACH (Amended) Regulations

2024-08-25

UK Department for Environment, Food & Rural Affairs published REACH (Amendment) Regulations 2023, SI772 on July 19, 2023. This amendment revises Article 41 of Regulation (EC) No 1907/2006 (REACH Regulation).

The US Environmental Protection Agency releases a new PFAS review framework.

2024-08-24

The U.S. Environmental Protection Agency (EPA) has released a new review framework specifically targeting per- and polyfluoroalkyl substances (PFAS). This framework primarily describes EPAs approach when reviewing new PFAS and their new uses. The goal is to conduct comprehensive assessments through pre-manufacture notices (PMNs) and significant new use notices (SNUNs) before PFAS are allowed into commerce, to protect human health and the environment from their hazards.

Shanghais Import-Export Value Hits Record High in H1 2023

2024-08-24

According to Shanghai Customs data, the total import and export value of Shanghai in the first half of 2023 reached 2.09 trillion yuan, an increase of 11.4% year-on-year. Among these, the growth of private enterprises and bonded logistics trade was particularly significant, becoming important drivers of Shanghais foreign trade growth. Meanwhile, the export of electromechanical products and the import of consumer goods also showed strong growth momentum.

November 7, 2024, 12:49

2024-08-23

According to Tokyo Shoko Research data, bankruptcies among Japanese SMEs in the first half of 2023 increased by 30% year-on-year, marking the first time since 2020 that semi-annual bankruptcies exceeded 4,000 cases. Despite government financial support post-COVID, businesses continue facing labor shortages and high price pressures. With persistent inflation, chronic labor shortages, and other domestic and international factors, Japans economic recovery remains sluggish.

Customs Implements Port Departure Confirmation Mode to Optimize Yangtze River Delta Waterway Logistics

2024-08-23

In May 2022, Chengdu Customs became a new pilot zone for the Port Departure Confirmation mode in water-to-water transshipment, optimizing customs supervision and operational efficiency of waterway logistics in the Yangtze River Delta region. This model was implemented at two water ports in Sichuan: Luzhou Port and Yibin Port. The advantage of this new model lies in changing the customs transfer procedures and port operations from serial to parallel, allowing enterprises to declare customs transfers without completing cargo tallying or determining domestic transport vehicles.

Chinas Ministry of Commerce Launches Countervailing Investigation on EU Dairy Products

2024-08-23

Chinas Ministry of Commerce announced anti-subsidy investigation on dairy products originating from the EU, initiated based on domestic industry application to address unfair competition pressure caused by subsidized EU dairy products in Chinese market, with investigation period covering 2020 to 2024.

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