Zim Integrated Shipping Services Ltd. finished the first quarter of 2015 with an $11 million net profit, following a sharp drop in shipping costs, and despite a more moderate decline in its revenue. Zim, which last summer completed a huge debt settlement with its creditors, reported $792 million in revenue from cargoes and related services [...]
The Justice Department said it was charging the banks’ parent companies because the wrongdoing was pervasive, and that the banks’ punishment was ”fitting considering the long-running and egregious nature of their anticompetitive conduct.”
From the Huffington Post:
The age of multibillion-dollar bank fines with no admission of wrongdoing is over. The Justice Department announced [...]
An article titled ‘U.S. loses meat labeling case; trade war looms’ shows one of the many ways free trade agreements hurt consumers and farmers:
Consumer group Public Citizen pointed to a 2014 survey showing nine in 10 Americans supported the labeling rules.
Canada and Mexico are readying trade sanctions against the United States after [...]
A day after suffering an embarrassing setback when Obama’s own party rebuked him on a major trade bill, Senate leaders said they have struck a deal to move forward on the measure.
Majority Leader Mitch McConnell and top Democrat Harry Reid announced the deal on the Senate floor on Wednesday afternoon.
The chamber [...]
Oregon Sen. Ron Wyden, a leading Democratic backer of President Obama’s trade agenda, and more than a dozen other pro-trade Senate Democrats voted against a Republican proposal to begin consideration of legislation that would give Obama fast-track authority to negotiate trade agreements.
The vote was 52-45, short of the 60 votes needed. After the vote, [...]
U.S. Sen. Al Franken (D-Minn.) joined a group of senators in urging the United States Trade Representative to include strong labor protections as part of the negotiation over the Trans-Pacific Partnership (TPP), saying that many parts of the proposed agreement currently fall short of acceptable labor standards.
In a letter to Ambassador Michael Froman, fourteen [...]
U.S. President Barack Obama pushed back against Sen. Elizabeth Warren, D-Mass., for her increasingly vocal attacks against a massive trade deal the president is seeking with 11 Pacific Rim nations. In an interview with columnist Matt Bai published Saturday, Obama accused his party’s most outspoken critic of his global trade policy of “being a [...]
From the Long Beach Post:
Los Angeles Mayor Eric Garcetti, port truck drivers, business and labor leaders and environmental groups announced Monday the formation of Eco Flow Transportation, a company that will hire all drivers as employees instead of independent contractors and focus on improving air quality through the Port of Los Angeles and Port [...]
The business community is out with a six-figure television advertising campaign to support President Obama’s trade agenda.
The Trade Benefits America Coalition — which is backed by the Business Roundtable — will begin airing the ads on national cable networks and in targeted media markets across the country this week.
The ad buy comes as [...]
US President Barack Obama and Japan’s Prime Minister Shinzo Abe are due to meet to discuss a significant trade deal for the Pacific Rim.
The discussion comes amid a week-long state visit to Washington by Mr Abe.
The deal has been in the making for about a decade. Both leaders have advocated for the partnership, [...]
Israel’s Zim Integrated Shipping Services Ltd. is reported to be planning its first newbuilding orders since the financial crash.
Zim president and CEO Rafi Danieli noted that the company has not ordered newbuildings for nearly a decade, having entered the financial crisis with more than 40 containerships on order, most of which were cancelled.
Eleven of Oregon’s major agricultural organizations on Monday urged the state’s congressional delegation to support the fast-track trade bill as well as the pending Trans-Pacific Partnership.
The push by the agricultural groups comes as the Oregon AFL-CIO is ratcheting up its campaign to to persuade Sen. Ron Wyden, D-Ore., to oppose a fast-track trade bill.
The AFL-CIO is not only lobbying against pending trade deals, it’s also suspending campaign contributions to members of Congress.
The union says it wants to “conserve resources for the historic legislative battle around fast track (trade promotion authority) and the debate over the Trans-Pacific Partnership.”
Past trade deals “form a mountain of broken promises made [...]
”Not only will the shipping costs to the West Coast ports be lower due to the shorter distance traversed, but also due to the increased efficiency of the vessels carrying the cargo,” the UCLA report found.
Excerpts from a Los Angeles Times article titled ‘Ports dispute to have a small effect on economy’: