Today's Top Supply Chain and Logistics News From WSJ
September 14 2017 - 7:15AM
Dow Jones News
By Paul Page
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The holiday hiring season is underway and it looks like it's
getting bigger. Target Corp. says it will boost its hiring of
temporary seasonal workers by 40% this year, adding about 100,000
jobs, the WSJ's Khadeeja Safdar reports, in the latest sign of
growing confidence in the retail sector. Target's hiring in its
logistics operations won't be as strong as last year -- 4,500 more
workers are coming in after adding 7,500 to its distribution
centers in the 2016 season -- but Target had opened three
fulfillment centers a year ago that it was staffing up. The
scramble for holiday-season workers has been intensifying steadily
in recent years, fueled by the growth of online shopping and by
what companies say is trouble filling the warehouse positions and
getting new workers trained. Retailers have been pushing more goods
into those distribution centers: The National Retail Federation
says imports into the biggest U.S. ports jumped 5% from June to
July and 9.2% from a year ago.
Seadrill Ltd. is looking for a swift pass through a bankruptcy
to make way for new money to save the fleet of one of the world's
biggest offshore drilling companies. The business controlled by
Norwegian shipping magnate John Fredriksen filed for Chapter 11
bankruptcy protection in Texas, the WSJ's Peg Brickley reports, in
the latest fallout from falling oil prices and an upheaval in
energy markets. The company operates 68 rigs and drillships for
customers including Total SA, TOT Petrobras Brasileiro SA and Exxon
Mobil Corp. The company is looking to exit bankruptcy in less than
a year, with a longer timeline on $5.7 billion in bank loans and
more than $1 billion in new financing to see it through the current
downturn. A Texas court was due to review a bankruptcy plan that
would leave shareholders with 2% of the business while giving Mr.
Fredriksen and his allied Centerbridge Partners generous slices of
the new business.
The European Union's top executive thinks President Donald
Trump's "America First" policies could open trade opportunities
around the world for Europe. European Commission President
Jean-Claude Juncker says countries around the world "are knocking
at our door in order to sign trade agreements with us," the WSJ's
Valentina Pop and Emre Peker report, and that trade deals with
Mexico and South America's Mercosur countries are in the works.
Those talks and Mr. Juncker's confident outlook reflect a
transition in the tenor of world-wide trade as the White House
advances a new American agenda while the EU looks for stronger
economic links from Asia to Latin America. The EU is being helped
by more positive economic data and growing popularity after a
decade of economic and political crises. But the bloc's toughest
negotiation may come with China over foreign investment, and any
pact on thorny issues of corporate ownership will likely have to
involve the U.S.
ECONOMY & TRADE
A big American solar-panel manufacturer is hoping the U.S. takes
action soon to protect the business from Chinese competition.
Lawyers for Suniva Inc. told a bankruptcy judge that a decision
could come this month on whether U.S. solar manufacturing has been
hurt by an onslaught of low-cost imported panels, mostly from Asia,
the WSJ's Peg Brickley reports. That could bring tariffs on the
foreign shipments and requirements for pricing of the panels. The
dispute is part of the fast-changing business of manufacturing
photovoltaic solar cells, a sector that's been marked by rapid
growth and quick-moving competition from Asia. The wrinkle is that
Shunfeng International Clean Energy Ltd., a Chinese company, owns
most of Suniva, which has staked its future on getting President
Trump to sign off on protections that others in the industry say
will hurt solar power. The Solar Energy Industries Association says
cheap panels shipped from abroad have kept costs down and
installers busy.
QUOTABLE
IN OTHER NEWS
U.S. producer prices rose a modest 0.2% from July to August.
(WSJ)
Supplies are being ferried to the storm-battered U.S. Virgin
Islands as federal officials ramp up relief efforts. (WSJ)
President Trump blocked on national security grounds a
Beijing-backed fund's bid to buy American chip maker Lattice
Semiconductor Corp. (WSJ)
Boeing Co. will boost monthly output of its 787 Dreamliner
passenger jet. (WSJ)
Oil exports from OPEC member countries have declined at a slower
rate than production, mitigating efforts to curb crude supplies.
(WSJ)
Financial experts say brick-and-mortar retailers will face
ongoing distress and likely bankruptcies from online competition.
(WSJ)
Private-equity firm Bain Capital is leading a group that wants
to buy Toshiba Corp.'s semiconductor business. (WSJ)
Brazil arrested the head of JBS SA for allegedly using insider
trading to profit from a plea deal the meatpacking giant set this
year over a corruption probe. (WSJ)
Amazon.com Inc. is accelerating expansion in Mexico with plans
for a large distribution center north of Mexico City. (Reuters)
Foxconn Technology Co. Ltd. will open a smartphone factory in
Nanjing in a $5.74 billion investment in the Chinese city. (Nikkei
Asian Review)
More multinationals are setting stronger standards for the
health and safety of workers in their supply chains. (Financial
Times)
Apparel retailer Zara will start selling its goods online in
India. (Retail Gazette)
Genesee & Wyoming Inc. formed a joint venture with SEACOR
Holdings to operate of railcar ferry service between Mobile, Ala.,
and Mexico.
XPO Logistics Inc. plans to double the number of U.S. service
hubs dedicated to "last-mile" deliveries. (Post & Parcel)
Crude tanker owners expect freight rates to rebound by the end
of next year on increased shipping from the U.S. to China and
India. (Lloyd's List)
U.S. exports of whiskeys and other spirits rose 10.6% in the
first half of 2017. (American Shipper)
A study shows diesel emissions from ships trigger more lightning
strikes in busy shipping lanes. (Port Technology)
ABOUT US
Paul Page is deputy editor of WSJ Logistics Report. Follow him
at @PaulPage, and follow the entire WSJ Logistics Report team:
@brianjbaskin , @jensmithWSJ and @EEPhillips_WSJ. Follow the WSJ
Logistics Report on Twitter at @WSJLogistics.
Write to Paul Page at paul.page@wsj.com
(END) Dow Jones Newswires
September 14, 2017 07:00 ET (11:00 GMT)
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