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2021-07-09

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5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge

2021-07-07

Oooo time to buy!

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2021-06-28

Ok

June jobs report, Consumer confidence: What to know this week

2021-06-24

Nice

The Inside Story of the Sideways Ship That Broke Global Trade

2021-05-24

Hmmm can you please help to comment too? Thank you very much!

U.S. Congress to hold hearing on SPACs, ramping up scrutiny

2021-05-21

It’s usually difficult to stay at the top.

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2021-05-21

The barista version of the Oatly milk is the best!

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2021-05-20

Is it a good time to get into crypto?

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2021-05-18

Wow. Wonderful news.

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2021-05-18

The has been an issue

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Go to Tiger App to see more news

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Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.</p>\n<p>For income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, <a href=\"https://laohu8.com/S/AONE\">one</a> thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.</p>\n<p>We screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.</p>\n<p><a href=\"https://laohu8.com/S/MO\">Altria</a></p>\n<p>This maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of <a href=\"https://laohu8.com/S/PM\">Philip Morris</a> USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.</p>\n<p>Altria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.</p>\n<p>BofA Securities is very favorable toward the company’s plans for the future:</p>\n<blockquote>\n Management presented at CAGNY (Consumer Analyst Group of <a href=\"https://laohu8.com/S/NWY\">New York</a>) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.\n</blockquote>\n<p>Shareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.</p>\n<p><a href=\"https://laohu8.com/S/CVX\">Chevron</a></p>\n<p>This energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.</p>\n<p>With the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (<a href=\"https://laohu8.com/S/NBL\">Noble</a> integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.</p>\n<p><a href=\"https://laohu8.com/S/IBM\">IBM</a></p>\n<p>This old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.</p>\n<p>The company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.</p>\n<p>CEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.</p>\n<p>Holders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.</p>\n<p>Shareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.</p>\n<p>LyondellBasell</p>\n<p>This top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.</p>\n<p>Over half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the <a href=\"https://laohu8.com/S/UBNK\">United</a> States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.</p>\n<p>Note that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.</p>\n<p>The company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.</p>","source":"lsy1620372341666","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-09 12:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/><strong>24/7 wall street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Just last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we ...</p>\n\n<a href=\"https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119741032","content_text":"Just last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.\nFor income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, one thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.\nWe screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.\nAltria\nThis maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of Philip Morris USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.\nAltria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.\nBofA Securities is very favorable toward the company’s plans for the future:\n\n Management presented at CAGNY (Consumer Analyst Group of New York) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.\n\nShareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.\nChevron\nThis energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.\nWith the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (Noble integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.\nIBM\nThis old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.\nThe company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.\nCEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.\nHolders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.\nShareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.\nLyondellBasell\nThis top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.\nOver half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the United States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.\nNote that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.\nThe company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.","news_type":1},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157404628,"gmtCreate":1625606131364,"gmtModify":1703744656434,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"Oooo time to buy!","listText":"Oooo time to buy!","text":"Oooo time to buy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157404628","repostId":"1109329042","repostType":4,"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127328012,"gmtCreate":1624836561736,"gmtModify":1703845653473,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127328012","repostId":"2146007118","repostType":4,"repost":{"id":"2146007118","pubTimestamp":1624826996,"share":"https://ttm.financial/m/news/2146007118?lang=&edition=fundamental","pubTime":"2021-06-28 04:49","market":"us","language":"en","title":"June jobs report, Consumer confidence: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2146007118","media":"Yahoo Finance","summary":"This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.On Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.However, a confluence of ","content":"<p>This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.</p>\n<p>On Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.</p>\n<p>Non-farm payrolls likely grew by 700,000 in June, according to Bloomberg consensus data. This would accelerate from the 559,000 added back in May and mark the biggest rise since March. And the unemployment rate is expected to move down to 5.6% from 5.8% in May, bringing the jobless rate closer to its pre-pandemic, 50-year low of 3.5%.</p>\n<p>\"Payrolls probably surged again in June, with the pace up from the +559,000 in May,\" TD Securities strategists wrote in a note Friday. \"Some acceleration in the private sector is suggested by the Homebase data, while government payrolls probably benefited from fewer than usual end-of-school-year layoffs.\"</p>\n<p>Even with a sizable monthly payroll gain, the economy would still be well off its pre-pandemic levels of employment. Heading into June, the U.S. economy was still down by more than 7 million payrolls compared to February 2020, with the deficit most pronounced in high-contact services industries like restaurants and hotels.</p>\n<p>But both services and manufacturing companies have cited shortages of qualified workers to fill open positions, which hit a record high of over 9 million as of latest data. These supply-and-demand mismatches in the labor market – with shortages noted by firms from FedEx (FDX) to Yum Brands (YUM) — have also begun to push wages higher and created additional costs for businesses. In Friday's report, average hourly earnings are expected to jump 3.6% year-on-year for June, accelerating from May's 2% increase.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b881fe96eccc72cff61bf35b0dfa72fa\" tg-width=\"5210\" tg-height=\"3404\" referrerpolicy=\"no-referrer\"><span>SAN FRANCISCO, CALIFORNIA - JUNE 03: A pedestrian walks by a Now Hiring sign outside of a Lamps Plus store on June 03, 2021 in San Francisco, California. According to a U.S. Labor Department report, jobless claims fell for a fifth straight week to 385,000. (Photo by Justin Sullivan/Getty Images)Justin Sullivan via Getty Images</span></p>\n<p>\"Strong demand and weak supply should continue to put upward pressure on wages,\" Bank of America economist Michelle Meyer wrote in a note. \"Workers are quitting at a higher rate as they find better opportunities.\"</p>\n<p>However, a confluence of factors that have kept workers on the sidelines of the labor market may start to lessen in the coming months, some economists noted. Many have agreed that a combination of childcare concerns, fears of contracting COVID-19 and ongoing enhanced federal unemployment benefits have contributed to the still-elevated levels of joblessness, but that each of these should diminish as schools reopen, vaccinations continue and jobless benefits get phased out over the next several months.</p>\n<p>\"Labor supply may soon pick up,\" Meyer said. \"We find evidence of a quicker drop in unemployment insurance (UI) applications in states that discontinued generous federal UI benefits.\"</p>\n<p>\"Four states — Alaska, Iowa, Mississippi and Missouri — opted out in June 12 and UI applications in those states have fallen faster compared to other states, according to the latest initial jobless claims figures,\" she added. \"With another eight states opting out in the week ending June 19 and a total of 25 states by end of the summer, more workers should return to the workforce, helping to ease wage pressures and help meet the strong labor demand in the economy.\"</p>\n<h2>Consumer confidence</h2>\n<h2></h2>\n<p>Another closely watched economic data print this week will be the Conference Board's June consumer confidence index, which is expected to reflect a strong pick-up in sentiment during the recovery and heading into the summer. The report is due for release Tuesday morning.</p>\n<p>The headline index is likely to rise to 119.0 for June from 117.2 in May, according to Bloomberg consensus data. This would mark the highest level since February 2020's 132.6, which itself had been a near two-decade high.</p>\n<p>Like investors, consumers have begun to warm to the notion that inflationary pressures seen during the early stages of the economic recovery may prove transitory. This has helped raise consumers' future expectations for their spending power and boosted sentiment at large, according to other consumer sentiment surveys including the University of Michigan's Surveys of Consumers.</p>\n<p>Not only did year-ahead inflation expectations fall slightly to 4.2% in June from May's decade peak of 4.6%, consumers also believed that the price surges will mostly be temporary,\" Richard Curtin, chief economist for the Surveys of Consumers, said on Friday.</p>\n<p>\"When the pandemic first started, consumers were quite uncertain about their job and income prospects, but reported widespread declines in market prices for homes, vehicles, and household durables,\" he added. \"Those favorable price references have dropped to the most negative in a decade, and job and income prospects have improved, but not quite as favorable as in the last few years of the prior expansion.\"</p>\n<p>Still, in a sign of some downside risk in Tuesday's report from the Conference Board, the University of Michigan's June final sentiment index edged lower to 85.5, coming in below the 86.4 preliminary print, but still above May's reading of 82.9.</p>\n<h2>Economic Calendar</h2>\n<ul>\n <li><p><b>Monday: </b>Dallas Fed Manufacturing Activity Index, June (32.5 expected, 34.9 in May)</p></li>\n <li><p><b>Tuesday: </b>FHFA House Price Index, month-on-month, April (1.7% expected, 1.4% in March); S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> Case-Shiller 20-City Composite index, month-over-month, April (1.80% expected, 1.60% in March); S&amp;P CoreLogic Case-Shiller 20-City Composite index, year-over-year, April (13.27% in March); Conference Board Consumer Confidence, June (119.0 expected, 117.2 in May)</p></li>\n <li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended June 25 (2.1% during prior week); ADP Employment Change, June (575,000 expected, 978,000 in May); MNI Chicago PMI, June (70.0 expected, 75.2 in May); Pending home sales, month-over-month, May (-1.0% expected, -4.4% in April);</p></li>\n <li><p><b>Thursday: </b>Challenger Job Cuts, year-over-year, June (-93.8% in May); Initial jobless claims, week ended June 26 (380,000 expected, 411,000 during prior week); Continuing claims, week ended June 19 (3.39 million during prior week); <a href=\"https://laohu8.com/S/MRKT\">Markit</a> US Manufacturing PMI, June final (62.6 in prior print); Construction Spending month-over-month, May (0.5% expected 0.2% in April); ISM Manufacturing, June (61.0 expected, 61.2 in May)</p></li>\n <li><p><b>Friday: </b>Change in non-farm payrolls, June (700,000 expected, 559,000 in May); Unemployment rate, June (5.6% expected, 5.8% in May); Average hourly earnings year-over-year, June (3.6% expected, 2.0% in May); Average hourly earnings, month-over-month, June (0.4% expected, 0.5% in May); Trade balance, May (-$71.0 billion expected, -$68.9 billion in April); Factory orders, May (1.5% expected, -0.6% in April); Durable goods orders, May final (2.3% in prior print); Durable goods orders excluding transportation, May final (2.3% in prior print); Non-defense capital goods orders excluding aircraft, May final (-0.1% in April); Non-defense capital goods shipments excluding aircraft, May final (0.9% in prior print)</p></li>\n</ul>\n<h2>Earnings Calendar</h2>\n<ul>\n <li><p><b>Monday:</b> N/A</p></li>\n <li><p><b>Tuesday: </b>N/A</p></li>\n <li><p><b>Wednesday: </b>Constellation Brands (STZ), Bed Bath &amp; Beyond (BBBY), General Mills (GIS) before market open; Micron Technologies (MU) after market close</p></li>\n <li><p><b>Thursday: </b><a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a> (WBA) before market open</p></li>\n <li><p><b>Friday:</b> N/A</p></li>\n</ul>","source":"yahoofinance_au","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>June jobs report, Consumer confidence: What to know this week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJune jobs report, Consumer confidence: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 04:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146007118","content_text":"This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.\nOn Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.\nNon-farm payrolls likely grew by 700,000 in June, according to Bloomberg consensus data. This would accelerate from the 559,000 added back in May and mark the biggest rise since March. And the unemployment rate is expected to move down to 5.6% from 5.8% in May, bringing the jobless rate closer to its pre-pandemic, 50-year low of 3.5%.\n\"Payrolls probably surged again in June, with the pace up from the +559,000 in May,\" TD Securities strategists wrote in a note Friday. \"Some acceleration in the private sector is suggested by the Homebase data, while government payrolls probably benefited from fewer than usual end-of-school-year layoffs.\"\nEven with a sizable monthly payroll gain, the economy would still be well off its pre-pandemic levels of employment. Heading into June, the U.S. economy was still down by more than 7 million payrolls compared to February 2020, with the deficit most pronounced in high-contact services industries like restaurants and hotels.\nBut both services and manufacturing companies have cited shortages of qualified workers to fill open positions, which hit a record high of over 9 million as of latest data. These supply-and-demand mismatches in the labor market – with shortages noted by firms from FedEx (FDX) to Yum Brands (YUM) — have also begun to push wages higher and created additional costs for businesses. In Friday's report, average hourly earnings are expected to jump 3.6% year-on-year for June, accelerating from May's 2% increase.\nSAN FRANCISCO, CALIFORNIA - JUNE 03: A pedestrian walks by a Now Hiring sign outside of a Lamps Plus store on June 03, 2021 in San Francisco, California. According to a U.S. Labor Department report, jobless claims fell for a fifth straight week to 385,000. (Photo by Justin Sullivan/Getty Images)Justin Sullivan via Getty Images\n\"Strong demand and weak supply should continue to put upward pressure on wages,\" Bank of America economist Michelle Meyer wrote in a note. \"Workers are quitting at a higher rate as they find better opportunities.\"\nHowever, a confluence of factors that have kept workers on the sidelines of the labor market may start to lessen in the coming months, some economists noted. Many have agreed that a combination of childcare concerns, fears of contracting COVID-19 and ongoing enhanced federal unemployment benefits have contributed to the still-elevated levels of joblessness, but that each of these should diminish as schools reopen, vaccinations continue and jobless benefits get phased out over the next several months.\n\"Labor supply may soon pick up,\" Meyer said. \"We find evidence of a quicker drop in unemployment insurance (UI) applications in states that discontinued generous federal UI benefits.\"\n\"Four states — Alaska, Iowa, Mississippi and Missouri — opted out in June 12 and UI applications in those states have fallen faster compared to other states, according to the latest initial jobless claims figures,\" she added. \"With another eight states opting out in the week ending June 19 and a total of 25 states by end of the summer, more workers should return to the workforce, helping to ease wage pressures and help meet the strong labor demand in the economy.\"\nConsumer confidence\n\nAnother closely watched economic data print this week will be the Conference Board's June consumer confidence index, which is expected to reflect a strong pick-up in sentiment during the recovery and heading into the summer. The report is due for release Tuesday morning.\nThe headline index is likely to rise to 119.0 for June from 117.2 in May, according to Bloomberg consensus data. This would mark the highest level since February 2020's 132.6, which itself had been a near two-decade high.\nLike investors, consumers have begun to warm to the notion that inflationary pressures seen during the early stages of the economic recovery may prove transitory. This has helped raise consumers' future expectations for their spending power and boosted sentiment at large, according to other consumer sentiment surveys including the University of Michigan's Surveys of Consumers.\nNot only did year-ahead inflation expectations fall slightly to 4.2% in June from May's decade peak of 4.6%, consumers also believed that the price surges will mostly be temporary,\" Richard Curtin, chief economist for the Surveys of Consumers, said on Friday.\n\"When the pandemic first started, consumers were quite uncertain about their job and income prospects, but reported widespread declines in market prices for homes, vehicles, and household durables,\" he added. \"Those favorable price references have dropped to the most negative in a decade, and job and income prospects have improved, but not quite as favorable as in the last few years of the prior expansion.\"\nStill, in a sign of some downside risk in Tuesday's report from the Conference Board, the University of Michigan's June final sentiment index edged lower to 85.5, coming in below the 86.4 preliminary print, but still above May's reading of 82.9.\nEconomic Calendar\n\nMonday: Dallas Fed Manufacturing Activity Index, June (32.5 expected, 34.9 in May)\nTuesday: FHFA House Price Index, month-on-month, April (1.7% expected, 1.4% in March); S&P CoreLogic Case-Shiller 20-City Composite index, month-over-month, April (1.80% expected, 1.60% in March); S&P CoreLogic Case-Shiller 20-City Composite index, year-over-year, April (13.27% in March); Conference Board Consumer Confidence, June (119.0 expected, 117.2 in May)\nWednesday: MBA Mortgage Applications, week ended June 25 (2.1% during prior week); ADP Employment Change, June (575,000 expected, 978,000 in May); MNI Chicago PMI, June (70.0 expected, 75.2 in May); Pending home sales, month-over-month, May (-1.0% expected, -4.4% in April);\nThursday: Challenger Job Cuts, year-over-year, June (-93.8% in May); Initial jobless claims, week ended June 26 (380,000 expected, 411,000 during prior week); Continuing claims, week ended June 19 (3.39 million during prior week); Markit US Manufacturing PMI, June final (62.6 in prior print); Construction Spending month-over-month, May (0.5% expected 0.2% in April); ISM Manufacturing, June (61.0 expected, 61.2 in May)\nFriday: Change in non-farm payrolls, June (700,000 expected, 559,000 in May); Unemployment rate, June (5.6% expected, 5.8% in May); Average hourly earnings year-over-year, June (3.6% expected, 2.0% in May); Average hourly earnings, month-over-month, June (0.4% expected, 0.5% in May); Trade balance, May (-$71.0 billion expected, -$68.9 billion in April); Factory orders, May (1.5% expected, -0.6% in April); Durable goods orders, May final (2.3% in prior print); Durable goods orders excluding transportation, May final (2.3% in prior print); Non-defense capital goods orders excluding aircraft, May final (-0.1% in April); Non-defense capital goods shipments excluding aircraft, May final (0.9% in prior print)\n\nEarnings Calendar\n\nMonday: N/A\nTuesday: N/A\nWednesday: Constellation Brands (STZ), Bed Bath & Beyond (BBBY), General Mills (GIS) before market open; Micron Technologies (MU) after market close\nThursday: Walgreens Boots Alliance (WBA) before market open\nFriday: N/A","news_type":1},"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128204936,"gmtCreate":1624516687825,"gmtModify":1703839066714,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128204936","repostId":"1111854478","repostType":4,"repost":{"id":"1111854478","pubTimestamp":1624515835,"share":"https://ttm.financial/m/news/1111854478?lang=&edition=fundamental","pubTime":"2021-06-24 14:23","market":"us","language":"en","title":"The Inside Story of the Sideways Ship That Broke Global Trade","url":"https://stock-news.laohu8.com/highlight/detail?id=1111854478","media":"Bloomberg","summary":"Captain Krishnan Kanthavel watched the sun rise over the Red Sea through a dusty haze. Winds of more","content":"<p>Captain Krishnan Kanthavel watched the sun rise over the Red Sea through a dusty haze. Winds of more than 40 mph, whipping off the Egyptian desert, had turned the sky an anemic yellow. From his viewpoint on the bridge, it was just possible to see the dark outlines of the 19 other vessels anchored in Suez Bay, waiting for their turn to enter the narrow channel snaking inland toward the Mediterranean.</p>\n<p>Kanthavel’s container vessel was scheduled to be the 13th ship traveling north through the Suez Canal on March 23, 2021. His was one of the largest in the queue. It was also one of the newest and most valuable, only a few years out of the shipyard.<i>Ever Given</i>, the name painted in block letters on its stern, stood out in crisp white against the forest-green hull. Soon after daybreak, a small craft approached, carrying the local pilots who’d guide the ship during its 12-hour journey between the seas.</p>\n<p>Transiting the Suez Canal is sometimes nerve-racking. The channelsaves a three-week detouraround Africa, but it’s narrow, about 200 meters (656 feet) wide in parts, and just 24 meters deep. Modern ships, by contrast, aremassive and getting bigger. The<i>Ever Given</i>is 400 meters from bow to stern and nearly 60 meters across—most of the width of a Manhattan city block, and almost as long as the Empire State Building is high. En route from Malaysia to the Netherlands, it was loaded with about 17,600 brightly colored containers. Its keel would be only a few meters from the canal bottom. That didn’t leave much room for error.</p>\n<p>After climbing aboard, the two Egyptian pilots were led up to the bridge to meet the captain, officers, and helmsmen, all of them Indian, like the rest of the crew. According to documents filed weeks later in an Egyptian court, there was a dispute at some point about whether the ship should enter the canal at all, given the bad weather—a debate that may have been hampered by the fact that English was neither side’s first language. At least four nearby ports had already closed because of the storm, and a day earlier the captain of a natural gas carrier sailing from Qatar had decided it was too gusty to traverse Suez safely.</p>\n<p>Like airplanes, modern ships carry voyage data recorders, or VDRs, black-box devices that capture conversations on the bridge. The full recording of what transpired on the<i>Ever Given</i>’s bridge hasn’t been released by the Egyptian government, so it isn’t clear exactly what the pilots and crew said about the conditions. But the commercial pressures on Captain Kanthavel, an experienced mariner from Tamil Nadu, in India’s far south, would have been enormous. His ship was carrying roughly $1 billion worth of cargo, includingIkeafurniture,Nikesneakers,Lenovolaptops, and 100 containers of an unidentified flammable liquid.</p>\n<p>Several other corporate entities also had an interest in getting the<i>Ever Given</i>’s containers speedily to Europe. Among them was its owner,Shoei Kisen Kaisha Ltd., a shipping concern controlled by a wealthy Japanese family, andEvergreen Group, a Taiwanese conglomerate that operated it under a long-term charter. The crew, meanwhile, worked forBernhard Schulte Shipmanagement, a German company that supplies sailors for commercial vessels and oversees their operations. Every day’s delay would add tens of thousands of dollars in costs, if not more.</p>\n<p>Veteran captains say they often don’t have much choice about sailing into Suez in poor conditions. “Do it, or we’ll find someone else who will,” they’re sometimes told. But modern ships have radar and electronic sensors that technically allow the canal to be navigated even in zero visibility. And Kanthavel, whom a former colleague describes as a calm, confident officer, had ample experience navigating Suez.</p>\n<p>From the bridge, Kanthavel could see about a half-mile ahead. Other vessels in the northbound convoy were on the move, gliding past the tall cranes at the canal’s mouth. The captain could still have refused to proceed, but with an all-clear from the agency that manages the waterway, and with everyone eager to get going, he carried on. The lead Egyptian pilot leaned into his radio and had a brief conversation in Arabic between bursts of static. Then he instructed the bridge crew to power forward. As the scattered settlements around the port gave way to bare desert, the<i>Ever Given</i>cruised past a large sign that read, “Welcome to Egypt.”</p>\n<p>Suez pilots are employed by theSuez Canal Authority, which has operated the route since the Egyptian government took control of it in 1956. Often former naval officers, the pilots don’t physically steer transiting ships themselves. Their job is to give instructions to captains and helmsmen, communicate with the rest of the convoy and the SCA control tower, and ensure that the vessels get through safely, which they mostly do.</p>\n<p>For some visitors, though, encounters with the SCA can be a source of stress. Although the captain remains technically in charge, he or she surrenders a good deal of control to strangers in uniform, whose professionalism and competence vary. In addition to pilots, SCA electricians, mooring specialists, and health inspectors may also come on board. Each one requires paperwork, food, space, and supervision. They may also demand cartons of cigarettes, a problem that prompted a maritime anti-corruption group in 2015 to create a “Say No” campaign, urging shipping lines to refuse to hand any over. (The SCA has in the past denied such allegations.)</p>\n<p>Chris Gillard sailed the canal about once a month from 2008 through 2019 as an officer with his former employer, Danish shipping giantA.P. Moller-Maersk A/S. Between the pilots and the navigation challenges, he came to dread the crossing. “I’d rather have a colonoscopy than go through the Suez,” he said in an interview. The situation has improved in recent years, but the dynamic can still be fraught.</p>\n<p>A few miles into the<i>Ever Given</i>’s transit, the ship began to veer alarmingly from port to starboard and back again. Its blocky shape may have been acting as a gigantic sail, buffeted by the wind. In response, according to evidence submitted in legal proceedings, the lead SCA pilot began barking instructions at the Indian helmsman. The pilot shouted to steer hard right, then hard left. The<i>Ever Given</i>’s vast hull took so long to respond that by the time it began to move, he needed to correct course again. When the second pilot objected, the two argued. They may have exchanged insults in Arabic. (The SCA hasn’t released the pilots’ names and denies they were at fault for what followed.)</p>\n<p>The lead pilot then gave a new order: “Full ahead.” That would take the<i>Ever Given</i>’s speed to 13 knots, or 15 mph, significantly faster than the canal’s recommended speed limit of about 8 knots. The second pilot tried to cancel the order, and more angry words were exchanged. Kanthavel intervened, and the lead pilot responded by threatening to leave the vessel, according to the court evidence.</p>\n<p>The increase in power should have provided the<i>Ever Given</i>with more stability in the face of the gale, but it also brought a new factor into play. Bernoulli’s principle, named for an 18th century Swiss mathematician, states that a fluid’s pressure goes down when its speed goes up. The hundreds of thousands of tons of canal water the ship was displacing had to squeeze through the narrow gap between its hull and the nearest shore. As the water rushed through, the pressure would have decreased, sucking the<i>Ever Given</i>closer to the bank. The faster it went, the greater the pull. “Speeding up to a certain point is effective, then it becomes countereffective,” Gillard said. “You won’t be steering a straight line no matter what you do.”</p>\n<p>Suddenly, it became clear the<i>Ever Given</i>was going to crash. Although no footage of the incident has been made public, the final few seconds would have unfolded with the horrible slowness of a collapsing building—a gigantic object surrendering to invisible forces. According to a person familiar with the VDR audio, Captain Kanthavel reacted as anyone might in the same situation. “Shit!” he screamed.</p>\n<p>Consider every item within 10 feet of you right now. Shoes, furniture, toys, pens, phones, computers—if you live in Europe or North America, there’s a very good chance they sailed through the Suez Canal. The canal is theessential linkbetween East and West, a dichotomy that lodged in the popular imagination centuries ago in part because of the difficulty in crossing from one to the other. Before it existed, mariners had to brave pirates and violent storms by sailing around the Cape of Good Hope, while merchants traveling on land risked robbery or worse as they crossed the desert.</p>\n<p>The idea of a direct route across the Suez isthmus was dismissed as a fantasy until the 19th century, when it was taken up by a cross-dressing French wine merchant named Barthélemy-Prosper Enfantin. A utopian socialist and early advocate of gender equality, Enfantin believed the East had a female essence, while the West was intrinsically male. Egypt, and specifically Suez, could be their “nuptial bed,” the site of a reconciliation between the world’s great cultures.</p>\n<p>Enfantin’s ideas reached Ferdinand de Lesseps, a French diplomat serving in Cairo, who rallied to the cause. Eventually, Lesseps founded an entity called the Suez Canal Company and persuaded Egyptian ruler Sa’id Pasha and Emperor Napoleon III of France to support the project. The government of Egypt bought 44% of the shares, with French retail investors acquiring the bulk of the rest. Tens of thousands of Egyptian peasants began digging out the channel by hand, later assisted by machines imported from Europe.</p>\n<p>In 1869, the 120-mile miracle in the desert was complete. It soon became a vital commercial artery, particularly for European powers expanding their colonial empires in Asia. Egyptians saw few of the benefits. The canal’s construction proved financially ruinous for the country, and it was forced to sell its shares to the British government to satisfy creditors. Then, in 1882, Britain used a nationalist uprising as a pretext to send more than 30,000 troops into Egypt, turning it into a client state and seizing the canal. Suez had become an asset the European powers couldn’t afford to lose.</p>\n<p>Anger at this act of imperial aggression festered, and in 1956 the Egyptian leader Gamal Abdel Nasser nationalized the waterway. An Anglo-French attempt to take it back with support from Israel was a humiliating failure, collapsing after President Dwight Eisenhower made it clear that the U.S. wouldn’t tolerate the recolonization of a chunk of the Middle East. From then on, the canal would remain in Egyptian hands. In 2015, President Abdel Fattah El-Sisi opened an$8.5 billion expansion, increasing capacity and cutting transit times. Billboards in Cairo declared that it was “Egypt’s gift to the world.”</p>\n<p>Today 19,000 vessels a year pass through the canal, loaded with more than a billion tons of goods. With tolls that can run as high as $1 million for the largest ships, the SCA brings Egypt about $5 billion annually. The country’s government is understandably proud of its central role in maritime trade. It’s also touchy about any suggestion that it’s not an ideal custodian for one of the world economy’s most critical assets.</p>\n<p>“I’d rather have a colonoscopy than go through the Suez”</p>\n<p>Early on March 23, Captain Mohamed Elsayed Hassanin was just starting his shift in the control tower atop the SCA’s headquarters in Ismailia, about 50 miles north of the<i>Ever Given</i>’s position. As pilots radioed in to say that ship No. 13 in the northbound convoy had run aground, the results, captured by the CCTV cameras that line the waterway, were being displayed on a flickering monitor in front of Elsayed’s command post. No one in the control tower had ever seen anything like it: The vessel was wedged diagonally across the channel. When the camera zoomed in, Elsayed could see the forlorn figure of Kanthavel standing on the<i>Ever Given</i>’s bridge.</p>\n<p>A former navy captain, Elsayed is a stern man who takes his job as chief pilot seriously. He’d been promoted to the position two years earlier, after almost 40 years of maritime experience and a decade at the SCA. He has smooth features, with deep lines around his eyes, and wears a pressed white uniform with black and gold epaulettes, spotless down to his white shoes.</p>\n<p>Elsayed oversees four convoys daily, two from the south and two from the north. Part of his job is nautical choreography. More than half of the canal is too narrow for large ships to safely pass each other. That’s why vessels travel in convoys, waiting in one of the lakes or side channels for the group going the other way to pass.</p>\n<p>It was clear, Elsayed said in an interview, that the<i>Ever Given</i>was stuck in one of the worst possible spots: a one-way section of the canal. He decided to take a look for himself. After a short car trip, he boarded a small boat and pulled up to the cargo ship. Even for someone accustomed to huge merchant vessels, the<i>Ever Given</i>’sscalewas striking. It reminded Elsayed of a metal mountain, rising from the opalescent channel.</p>\n<p>Below the waterline, the bulbous bow had been driven like a dagger deep into the rocks and coarse sand. Somehow, the back end had also run aground, lodging in the opposite bank and leaving the ship at a 45-degree angle to the shore. Nothing could pass. The force of the impact had also pushed the bow upward by six meters. Container ships aren’t designed to sit on an angle, and with the<i>Ever Given</i>’s weight distribution thrown off and only a few meters of water supporting the vessel’s middle section, Elsayed thought there was a real possibility it would break in half.</p>\n<p>A couple of SCA tugboats were already at the scene, and divers were in the water checking for hull damage. Elsayed scaled a ladder to meet Kanthavel on the bridge. The captain was visibly shaken, and Elsayed tried to keep him calm. “Everything will be solved,<i>inshallah</i>,” he said.</p>\n<p>He asked Kanthavel about the<i>Ever Given</i>’s hull, the weight of its cargo, and the amount of water in its ballast tanks. If they could lighten its load, the extra buoyancy might help lift it off the bank. Elsayed did some quick mental arithmetic. The ratio of tonnage to flotation was 201 tons for each centimeter. Getting the vessel one meter out of the water would require removing more than 20,000 tons of cargo—an enormous undertaking even if the SCA could find a crane tall enough to reach containers piled more than 50 meters above the surface.</p>\n<p>The two tugs attached cables to the<i>Ever Given</i>and began trying to drag it free, their engines churning the water into spirals. The ship didn’t budge. Elsayed and his boss, SCA Chairman Osama Rabie, improvised a plan: They would run 12-hour shifts, alternating between excavators on shore removing the rocky soil around the bow and stern, and tugboats pulling with as much horsepower as possible. The diggers would gouge downward during low tide. The tugs would exploit the additional buoyancy provided by high tide to tow. To help the excavators, Elsayed summoned two SCA dredgers, floating barges with spinning metal teeth that could be lowered into the water to chew up the canal bed. They were due to arrive later that day.</p>\n<p>First on the scene was a single yellow digger, sent by a contractor working nearby. The driver approached nervously and started scraping scoopfuls of rocky earth from around the bow. He was terrified, according to an interview he later gave with<i>Insider</i>, that the metal behemoth looming over him would topple or shift, crushing him. The comical size mismatch was captured by the SCA’s communications team, which had a photographer on hand to show the world the authority was doing all it could to get the canal open again. Theimage of the lonely excavatorwent viral, and for the first time in its history, Suez was both a vital commercial passage and a meme.</p>\n<p>After giving their account of the accident to Elsayed, the two SCA pilots who’d been on the<i>Ever Given</i>’s bridge prepared to disembark. As they did so they continued to bicker, according to lawsuit evidence that’s disputed by the SCA. “These vessels are not supposed to enter,” the lead pilot said.</p>\n<p>“Why did you let it enter?” his colleague responded.</p>\n<p>Keith Svendsen was driving to work when his mobile phone rang. One of his colleagues fromAPM Terminals, a Netherlands-based operator of container ports, was on the line with news. Details were scant, but there was some kind of trouble in Suez. Staff at Maersk, APM’s parent company, were rushing to find out more.</p>\n<p>If shipping conglomerates like Evergreen Group keep ocean trade moving, APM provides a link between land and sea, loading and unloading about 32,000 ships a year in Los Angeles, Mumbai, Gothenburg, and some 70 other locations, day and night, in an unceasing ballet of cranes and metal boxes. It also co-ownsTanjung Pelepas, the Malaysian port that was the<i>Ever Given</i>’s last stop before Suez.</p>\n<p>As Svendsen, a plain-spoken Dane who serves as APM’s chief operating officer, arrived at his office in The Hague, he wasn’t overly concerned. Mishaps in Suez weren’t uncommon and could usually be resolved within hours. In three decades as a seafarer and shipping executive, he’d dealt with more than a few close calls, some in that very waterway. They usually worked themselves out.</p>\n<p>It was soon apparent to Svendsen, though, that the<i>Ever Given</i>’s accident was well out of the ordinary and would have serious repercussions. Like car manufacturing and supermarket distribution, modern cargo shipping is a just-in-time business, built around the expectation that goods will arrive precisely when needed. Before containers were widely adopted in the 1970s, it could take a week or more to empty a large ship and then refill it. Today, vessels carrying 10,000 containers or more might spend just hours in a given port, unloaded by automated cranes guided by sophisticated planning algorithms. It’s an efficient model, saving on storage and inventory, but a fragile one. It takes only a single problem in the supply chain for everything to seize up.</p>\n<p>A prolonged closure of Suez risked a cascade of delays that would be felt in day-to-day commerce by millions of people, if not billions, for months. A vessel missing its scheduled arrival at APM’s terminal in New Jersey wouldn’t just create a problem for the American companies waiting for its cargo. It would also mean a pileup of all the containers the ship was supposed to pick up for export. And, half a world away, factories in China or Malaysia counting on the same vessel to pick up their goods weeks later would need to find alternative options—which, given the disruption, might not exist.</p>\n<p>APM convened a crisis management team and started planning for various scenarios. What would happen to its ports if the canal was closed for 24 hours? Three days? Two weeks? Each increment of delay meant more vessels and cargo waiting to get through, unless they took a detour of thousands of nautical miles.</p>\n<p>“Our job was to find out when we’d have a breaking point situation,” Svendsen said in an interview. Two weeks would be a disaster for world trade, the team concluded. Anything less than a week would be manageable, if challenging. Svendsen could only hope that someone would pull the<i>Ever Given</i>clear before then.</p>\n<p>As the ship drew away from the bank, one of the ropes binding the bow to the shore snapped. Then another. Then another</p>\n<p>Soon after the grounding, an engineer on a Maersk ship directly behind the<i>Ever Given</i>in the northbound convoy took a striking photograph of the vessel, side-on in the channel against the apocalyptic backdrop of a sandstorm. “Looks like we might be here for a little bit,” she wrote, posting the image on Instagram.</p>\n<p>It took about 24 hours for the SCA to release its first public statement, in which it said the<i>Ever Given</i>had lost control in bad weather. Evergreen, which declined to make any of its executives available for an interview, blamed a “suspected sudden strong wind,” while one local maritime agent cited a “blackout.” By the end of the day on March 24, 185 vessels were anchored nearby waiting to pass, carrying electronics, cement, water, millions of barrels of oil, and several thousand head of livestock. A shipping journal estimated that $10 billion worth of marine traffic per day was piling up.</p>\n<p>Help was on its way from Europe: AteamfromSMIT Salvage, part of the Dutch marine conglomerateRoyal Boskalis Westminster NV, had been hired by the<i>Ever Given</i>’s owners in Japan. Salvors are like a 24/7 rescue service for the high seas. When a cruise liner starts to sink or an oil tanker is set alight, salvage crews rush to the scene to recover people, cargo, and equipment. It’s one of the world’s most adrenaline-soaked professions, and salvors employ all manner of<i>Thunderbirds</i>-style vehicles to get the job done, including helicopters and high-powered tugs with names like<i>Sea Stallion</i>and<i>Nordic Giant</i>. The business can be extremely lucrative. Under standard terms, crews receive a percentage of the value of whatever they rescue, potentially earning tens of millions of dollars. Fail, and they may get nothing.</p>\n<p>After the SMIT team arrived on March 25, its members surveyed the<i>Ever Given</i>and then met Elsayed and his SCA colleagues on board. SMIT was there to advise, not take over, because Suez salvage operations fall under the SCA’s jurisdiction. But the Dutch experts had a plan. If towing didn’t work, they told Elsayed over the course of several meetings, it would be critical to lighten the ship. They’d already located a crane that was tall enough to reach the<i>Ever Given</i>’s deck and capable of removing five containers an hour, load by painstaking load, until the vessel was 10,000 tons lighter. The crane could be there the following week. They just needed to charter a vessel to sail it in.</p>\n<p>“Where are you going to put the containers?” Elsayed asked. A SMIT executive said they’d be offloaded to a smaller boat, which would go to a lake a few miles up the canal, to be transferred by yet another crane to yet another boat. Elsayed thought that would take at least three months. “We don’t have time,” he said. SMIT argued it was prudent to have a backup option. Eventually everyone agreed that they should keep dredging and towing until the giant crane arrived. If there was no movement by then, they wouldstart taking boxes off.</p>\n<p>SMIT put out a call to its partners and contractors, seeking the most powerful tugs they could find. The available ones included a sizable Italian-owned boat, the<i>Carlo Magno</i>, that was already en route to Egypt from the Red Sea, a few days away. The<i>Alp Guard</i>, a Dutch behemoth with 280 tons of pulling power, was also days out.</p>\n<p>Elsayed was now living on the<i>Ever Given</i>. He and Rabie, who was staying on a dredger, spent much of their time on the radio, trying to keep their crews’ spirits up. None of the SCA’s sailors, engineers, and drivers were getting much sleep in the army tents that had been erected alongside the canal. After an exhausting day spent attaching cables, squeezing extra turns of power out of engines, or operating excavators, they might discover that the<i>Ever Given</i>had shifted only a meter. “This is a good sign,” Elsayed would tell them. “It moved. Tomorrow it will be more.”</p>\n<p>Privately, he was terrified someone would get hurt. Elsayed also had a son working on one of the tugs. During the tug shifts, as many as five of the SCA’s smaller craft would line up with their noses pushing against the<i>Ever Given</i>’s side, trying to lever out the bow, while others pulled using cables. If the ship was suddenly dislodged, the smaller boats would be scattered like toys, risking a fatal accident. Then there was the risk that the<i>Ever Given</i>’s bow could swing sideways and collide with the opposite bank, going straight from one grounding to another. Elsayed asked the ship’s crew to run four 100-meter ropes out to land, where they could be anchored to stop the bow from moving out too far if it suddenly came free. He hoped that would be enough.</p>\n<p>The<i>Alp Guard</i>roared into view on Sunday, March 28, almost six days after the<i>Ever Given</i>got stuck. There was a supermoon that night, a full moon unusually close to Earth, and its gravity would pull the Red Sea’s tide to the highest it had been, or would be, for weeks. If the salvage crews were going to free the<i>Ever Given</i>without unloading it, this was the moment.</p>\n<p>Then Elsayed proposed a novel idea: Instead of using the tugs only at high tide, they could also pull as the tide went out, hoping the current would help bring the<i>Ever Given</i>clear. It wasn’t quite established salvage wisdom, which favors high water over tidal movement, but having battled the current for days, Elsayed and his team thought it might work.</p>\n<p>The waters peaked at midnight. In the early hours of March 29, crewmen ran a cable from the ship to the<i>Alp Guard</i>. The tug was so powerful that they needed to coil the cable around four metal bollards set in the<i>Ever Given</i>’s hull to prevent the anchor points from fracturing under the strain. Then the<i>Alp Guard</i>began to pull.</p>\n<p>As dawn broke with the tide low, some of the tug captains realized they were no longer treading water. They were moving, very slowly. The back end of the<i>Ever Given</i>was drifting silently, inch by inch, away from the bank. The bow remained anchored in the sand, but the ship was only half stuck.</p>\n<p>The second large tug, the<i>Carlo Magno</i>, arrived soon after and joined the<i>Alp Guard</i>in pulling from the rear. For hours, both tugs went flat out, whipping the water into white froth. But they were now working against the tide. They quit at lunchtime, having made no visible progress.</p>\n<p>Then the SMIT team suggested the<i>Ever Given</i>take on 2,000 tons of ballast water in its stern, to lift its bow a few extra inches out of the silt. At about 2 p.m., Elsayed ordered all the tugs to try again. The tide had turned, becoming their ally. As he’d suspected, it was just enough.</p>\n<p>Elsayed was on the<i>Ever Given</i>’s bridge with Captain Kanthavel when the bow began to move, slowly at first, then all at once. The chief pilot could hear his tug captains yelling over the radio. As the ship drew away from the bank, one of the ropes binding the bow to the shore snapped, making a sound like a rifle shot. Then another. Then another. But the final one held, just long enough to stop the<i>Ever Given</i>from swinging across the channel. Elsayed asked Kanthavel to power up the engines and get the ship on a steady course so it could safely pass the salvage vessels ahead.</p>\n<p>At the sight of the<i>Ever Given</i>moving under its own steam, the tug crews cheered and sounded their horns. On the bridge, the Indian officers whooped and embraced the SMIT salvors. Rabie called President Sisi to give him the good news.</p>\n<p>Elsayed allowed himself the briefest moment of celebration. “<i>Al-Hamdulillah</i>,” he murmured: All praise be to God. He posed reluctantly for some photographs, then got back to work. More than 400 ships were waiting to enter the canal.</p>\n<p>The rest of the world swiftly lost interest in Suez once the<i>Ever Given</i>was freed. But for Elsayed and his pilots, the crisis was far from over. A significant proportion of international trade was riding on getting the backlogged vessels cleared. The SCA team worked day and night to move them through, transiting as many as 80 ships daily. Elsayed knew that having tired, overworked pilots on the job increased the risk of accidents, but felt he had little choice. A few days after the<i>Ever Given</i>was freed, an SCA boat sank and an employee died, illustrating the dangers of working in a marine chokepoint under severe strain.</p>\n<p>Clearing the queue took six days. Afterward, Elsayed returned to his home in Alexandria to see his family, his first break in more than two weeks.</p>\n<p>In The Hague, Svendsen, the APM Terminals executive, had been preparing for a huge wave of cargo, trying to boost capacity any way he could. The company had agreed with unions to extend working hours, deferred maintenance that would take cranes out of action, and cleared storage space to accommodate thousands of extra containers. Rushing cargo through would reduce APM’s already slim margin for error. “It’s like a<i>Tetris</i>game where there’s no blank space,” Svendsen said.</p>\n<p>The biggest problem emerged in Valencia, in southern Spain. The port’s storage areas were already mostly full, piled with Spanish goods awaiting shipment. As containers came in, the volume of boxes became unmanageable. For a time, APM had to activate a last-resort option, telling customers it could take in outgoing wares only just before they were scheduled to be loaded onto a ship. It would require a month of 24/7 shifts to bring the Valencia terminal back toward normal.</p>\n<p>None of this received much attention in the international press. On social media, people bemoaned the loss of a welcome distraction from Covid-19.#PutItBacktrended on Twitter. For most, the Suez Canal went back to being a largely invisible fulcrum of global trade. Within the shipping industry, though, after the euphoria of the rescue operation faded, the conversation turned to blame. Who was at fault for the crash? And who would pay for the physical and economic damage?</p>\n<p>Captain Kanthavel and his crew were still on board the<i>Ever Given</i>, waiting for permission from Egyptian authorities to leave. The ship was anchored in the Great Bitter Lake—a desert salt bed for most of its history, until the canal’s flow transformed it into a waiting area for marine traffic. Although Kanthavel hadn’t spoken publicly, he had good reason to be anxious. After a major maritime accident, captains can expect a forensic examination of their actions. (Bernhard Schulte Shipmanagement, the company that provided the<i>Ever Given</i>’s crew, said in a statement about Kanthavel that it “maintains absolute confidence in our Master, who has acted with professionalism and diligence throughout this period.”)</p>\n<p>On April 13, the SCA secured an Egyptian court order to “arrest,” or seize, the<i>Ever Given</i>. The agency said it was seeking almost $1 billion from the ship’s owner, Shoei Kisen Kaisha, which declined to comment for this article. In legal filings, the SCA argued that it had led a “unique and unprecedented operation” to free the ship and should be paid for its efforts, placing them at $272 million in expenses, a salvage bonus of $300 million, and a further $344 million in damages, including “moral losses.” Until the debt was cleared, the<i>Ever Given</i>, its cargo, and its crew wouldn’t be going anywhere.</p>\n<p>On May 22, lawyers for the SCA and Shoei Kisen Kaisha gathered for a hearing in a crowded courtroom in Ismailia. A great deal was at stake, for a great number of parties. If the SCA’s nearly $1 billion claim was ever paid, the liability would likely fall not to the Japanese company but to a collection of marine insurance conglomerates all over the world. Each would want a say in any settlement. There were also more than 17,000 cargo containers still stuck in the Great Bitter Lake. Nike and Lenovo had sent lawyers to Ismailia to monitor the proceedings.</p>\n<p>That morning, the courthouse was abuzz with news that the<i>Ever Given</i>’s owner had brought in a prominent attorney from Alexandria, Ashraf El Swefy, to stand up to the SCA’s demands. The hearing got under way at 11 a.m. About a dozen lawyers jostled around a lectern in front of four judges, standing shoulder to shoulder as if waiting for a halftime pep talk. They took turns speaking, each following the same theatrical routine. First, an attorney would come up, state his name, and set out his client’s case, building to a crescendo that involved shouting and waving his hands. Then everyone would talk at once, until the next lawyer found his way to the lectern and the process restarted.</p>\n<p>The SCA’s lawyer argued that the authority had saved the<i>Ever Given</i>almost singlehandedly. A billion dollars wasn’t so much to ask. “If it were not for the refloating operation, we could have witnessed a catastrophe,” he said in Arabic. The call to prayer drifted in through an open window as he spoke.</p>\n<p>Soon it was El Swefy’s turn. He was much older than the rest, hunched and with slightly trembling hands. Although the other attorneys towered over him, he had obvious gravitas.</p>\n<p>No one could doubt the heroism of the SCA, El Swefy said slowly. But his praise was the prelude to a surprise attack. He explained that Shoei Kisen Kaisha had tried and failed to negotiate a settlement with the agency. In light of the SCA’s resistance, he said, he had no choice but to submit recordings from the<i>Ever Given</i>’s voyage data recorder into evidence. What they revealed was “chaos,” he said. “Enter, no don’t enter, the wind is high, the wind isn’t high.” The pilots got into an argument and were “calling each other names,” in an exchange so heated one of them threatened to leave the ship, according to El Swefy. It was the first time anyone had publicly suggested the SCA’s actions might have contributed to the accident.</p>\n<p>El Swefy professed, as a proud Egyptian, to be making this argument reluctantly. “I didn’t want to say this, and I’m ashamed to say it,” he said. “This waterway belongs to all of us.”</p>\n<p>When he went outside afterward, reporters crowded him. He unhooked his face mask and patiently lit a cigarette with one hand, talking into a cellphone with the other. He declined to comment when approached by<i>Bloomberg Businessweek</i>. “I have a principle,” he said in English. “All my statements are made in front of the court.” Would the full transcript of the VDR audio be made public? “Not by me,” he replied.</p>\n<p>In the end, the judges kicked the case to another court. The SCA has reduced its claim to about $550 million, and as this story went to press, the<i>Ever Given</i>’s insurers announced they’d reached an “agreement in principle” to resolve the dispute, without disclosing its terms. Even if that deal is finalized, a protracted legal battle may still take place beyond Egypt. In London’s admiralty courts, where most big-money marine cases are decided, Shoei Kisen Kaisha has filed an application to limit its maximum liability from any lawsuits. The filing lists 16 entities that might seek damages, most of them the owners of other vessels stalled in Suez during the blockage. There could also be fights over financial responsibility among the owner, its insurers, and their reinsurers, who protect insurers against excess claims. The merry-go-round of litigation might drag on for years, to the delight of London’s legal industry and probably no one else.</p>\n<p>Captain Kanthavel and his crew have now been floating in the Great Bitter Lake for about three months. According to theInternational Transport Workers’ Federation, a coalition of unions, they are still receiving their pay and are amply provisioned. Nine have been allowed to return to India. Seafarers’ groups are nonetheless anxious about their welfare; at one point, the Indian maritime union said it was concerned they could be “held to ransom,” becoming bargaining chips in negotiations that had nothing to do with them. Thepotential settlement is, therefore, excellent news for the crew. Once it’s complete, they and the vessel should be able to leave.</p>\n<p>In a meeting with<i>Businessweek</i>at the SCA’s headquarters in May, Elsayed reflected on his role in this peculiar moment of nautical history. In the navy, he’d studied Operation Badr, an ingenious plan to move Egyptian forces across Suez in just six hours, allowing them to surprise Israeli troops and start the 1973 Yom Kippur War. He hadn’t quite matched that pace, but the SCA had managed to refloat the<i>Ever Given</i>in six days. “It’s the same,” he said, laughing.</p>\n<p>Night had fallen by the time Elsayed offered to lead his visitors on a tour of the SCA control tower. Outside, the canal was a dark expanse, fringed by twinkling lights along the shore. It was empty: The next convoy wasn’t due to depart for a few more hours. Above the CCTV feeds, a digital map of the entire route was spread across 10 large monitors. Elsayed pointed to a yellow blob in the Great Bitter Lake, motionless on the screen, and said, “See the<i>Ever Given</i>?” —<i>With Ann Koh</i></p>\n<p></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Inside Story of the Sideways Ship That Broke Global Trade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Inside Story of the Sideways Ship That Broke Global Trade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 14:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-06-24/how-the-billion-dollar-ever-given-cargo-ship-got-stuck-in-the-suez-canal><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Captain Krishnan Kanthavel watched the sun rise over the Red Sea through a dusty haze. Winds of more than 40 mph, whipping off the Egyptian desert, had turned the sky an anemic yellow. From his ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-06-24/how-the-billion-dollar-ever-given-cargo-ship-got-stuck-in-the-suez-canal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-06-24/how-the-billion-dollar-ever-given-cargo-ship-got-stuck-in-the-suez-canal","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111854478","content_text":"Captain Krishnan Kanthavel watched the sun rise over the Red Sea through a dusty haze. Winds of more than 40 mph, whipping off the Egyptian desert, had turned the sky an anemic yellow. From his viewpoint on the bridge, it was just possible to see the dark outlines of the 19 other vessels anchored in Suez Bay, waiting for their turn to enter the narrow channel snaking inland toward the Mediterranean.\nKanthavel’s container vessel was scheduled to be the 13th ship traveling north through the Suez Canal on March 23, 2021. His was one of the largest in the queue. It was also one of the newest and most valuable, only a few years out of the shipyard.Ever Given, the name painted in block letters on its stern, stood out in crisp white against the forest-green hull. Soon after daybreak, a small craft approached, carrying the local pilots who’d guide the ship during its 12-hour journey between the seas.\nTransiting the Suez Canal is sometimes nerve-racking. The channelsaves a three-week detouraround Africa, but it’s narrow, about 200 meters (656 feet) wide in parts, and just 24 meters deep. Modern ships, by contrast, aremassive and getting bigger. TheEver Givenis 400 meters from bow to stern and nearly 60 meters across—most of the width of a Manhattan city block, and almost as long as the Empire State Building is high. En route from Malaysia to the Netherlands, it was loaded with about 17,600 brightly colored containers. Its keel would be only a few meters from the canal bottom. That didn’t leave much room for error.\nAfter climbing aboard, the two Egyptian pilots were led up to the bridge to meet the captain, officers, and helmsmen, all of them Indian, like the rest of the crew. According to documents filed weeks later in an Egyptian court, there was a dispute at some point about whether the ship should enter the canal at all, given the bad weather—a debate that may have been hampered by the fact that English was neither side’s first language. At least four nearby ports had already closed because of the storm, and a day earlier the captain of a natural gas carrier sailing from Qatar had decided it was too gusty to traverse Suez safely.\nLike airplanes, modern ships carry voyage data recorders, or VDRs, black-box devices that capture conversations on the bridge. The full recording of what transpired on theEver Given’s bridge hasn’t been released by the Egyptian government, so it isn’t clear exactly what the pilots and crew said about the conditions. But the commercial pressures on Captain Kanthavel, an experienced mariner from Tamil Nadu, in India’s far south, would have been enormous. His ship was carrying roughly $1 billion worth of cargo, includingIkeafurniture,Nikesneakers,Lenovolaptops, and 100 containers of an unidentified flammable liquid.\nSeveral other corporate entities also had an interest in getting theEver Given’s containers speedily to Europe. Among them was its owner,Shoei Kisen Kaisha Ltd., a shipping concern controlled by a wealthy Japanese family, andEvergreen Group, a Taiwanese conglomerate that operated it under a long-term charter. The crew, meanwhile, worked forBernhard Schulte Shipmanagement, a German company that supplies sailors for commercial vessels and oversees their operations. Every day’s delay would add tens of thousands of dollars in costs, if not more.\nVeteran captains say they often don’t have much choice about sailing into Suez in poor conditions. “Do it, or we’ll find someone else who will,” they’re sometimes told. But modern ships have radar and electronic sensors that technically allow the canal to be navigated even in zero visibility. And Kanthavel, whom a former colleague describes as a calm, confident officer, had ample experience navigating Suez.\nFrom the bridge, Kanthavel could see about a half-mile ahead. Other vessels in the northbound convoy were on the move, gliding past the tall cranes at the canal’s mouth. The captain could still have refused to proceed, but with an all-clear from the agency that manages the waterway, and with everyone eager to get going, he carried on. The lead Egyptian pilot leaned into his radio and had a brief conversation in Arabic between bursts of static. Then he instructed the bridge crew to power forward. As the scattered settlements around the port gave way to bare desert, theEver Givencruised past a large sign that read, “Welcome to Egypt.”\nSuez pilots are employed by theSuez Canal Authority, which has operated the route since the Egyptian government took control of it in 1956. Often former naval officers, the pilots don’t physically steer transiting ships themselves. Their job is to give instructions to captains and helmsmen, communicate with the rest of the convoy and the SCA control tower, and ensure that the vessels get through safely, which they mostly do.\nFor some visitors, though, encounters with the SCA can be a source of stress. Although the captain remains technically in charge, he or she surrenders a good deal of control to strangers in uniform, whose professionalism and competence vary. In addition to pilots, SCA electricians, mooring specialists, and health inspectors may also come on board. Each one requires paperwork, food, space, and supervision. They may also demand cartons of cigarettes, a problem that prompted a maritime anti-corruption group in 2015 to create a “Say No” campaign, urging shipping lines to refuse to hand any over. (The SCA has in the past denied such allegations.)\nChris Gillard sailed the canal about once a month from 2008 through 2019 as an officer with his former employer, Danish shipping giantA.P. Moller-Maersk A/S. Between the pilots and the navigation challenges, he came to dread the crossing. “I’d rather have a colonoscopy than go through the Suez,” he said in an interview. The situation has improved in recent years, but the dynamic can still be fraught.\nA few miles into theEver Given’s transit, the ship began to veer alarmingly from port to starboard and back again. Its blocky shape may have been acting as a gigantic sail, buffeted by the wind. In response, according to evidence submitted in legal proceedings, the lead SCA pilot began barking instructions at the Indian helmsman. The pilot shouted to steer hard right, then hard left. TheEver Given’s vast hull took so long to respond that by the time it began to move, he needed to correct course again. When the second pilot objected, the two argued. They may have exchanged insults in Arabic. (The SCA hasn’t released the pilots’ names and denies they were at fault for what followed.)\nThe lead pilot then gave a new order: “Full ahead.” That would take theEver Given’s speed to 13 knots, or 15 mph, significantly faster than the canal’s recommended speed limit of about 8 knots. The second pilot tried to cancel the order, and more angry words were exchanged. Kanthavel intervened, and the lead pilot responded by threatening to leave the vessel, according to the court evidence.\nThe increase in power should have provided theEver Givenwith more stability in the face of the gale, but it also brought a new factor into play. Bernoulli’s principle, named for an 18th century Swiss mathematician, states that a fluid’s pressure goes down when its speed goes up. The hundreds of thousands of tons of canal water the ship was displacing had to squeeze through the narrow gap between its hull and the nearest shore. As the water rushed through, the pressure would have decreased, sucking theEver Givencloser to the bank. The faster it went, the greater the pull. “Speeding up to a certain point is effective, then it becomes countereffective,” Gillard said. “You won’t be steering a straight line no matter what you do.”\nSuddenly, it became clear theEver Givenwas going to crash. Although no footage of the incident has been made public, the final few seconds would have unfolded with the horrible slowness of a collapsing building—a gigantic object surrendering to invisible forces. According to a person familiar with the VDR audio, Captain Kanthavel reacted as anyone might in the same situation. “Shit!” he screamed.\nConsider every item within 10 feet of you right now. Shoes, furniture, toys, pens, phones, computers—if you live in Europe or North America, there’s a very good chance they sailed through the Suez Canal. The canal is theessential linkbetween East and West, a dichotomy that lodged in the popular imagination centuries ago in part because of the difficulty in crossing from one to the other. Before it existed, mariners had to brave pirates and violent storms by sailing around the Cape of Good Hope, while merchants traveling on land risked robbery or worse as they crossed the desert.\nThe idea of a direct route across the Suez isthmus was dismissed as a fantasy until the 19th century, when it was taken up by a cross-dressing French wine merchant named Barthélemy-Prosper Enfantin. A utopian socialist and early advocate of gender equality, Enfantin believed the East had a female essence, while the West was intrinsically male. Egypt, and specifically Suez, could be their “nuptial bed,” the site of a reconciliation between the world’s great cultures.\nEnfantin’s ideas reached Ferdinand de Lesseps, a French diplomat serving in Cairo, who rallied to the cause. Eventually, Lesseps founded an entity called the Suez Canal Company and persuaded Egyptian ruler Sa’id Pasha and Emperor Napoleon III of France to support the project. The government of Egypt bought 44% of the shares, with French retail investors acquiring the bulk of the rest. Tens of thousands of Egyptian peasants began digging out the channel by hand, later assisted by machines imported from Europe.\nIn 1869, the 120-mile miracle in the desert was complete. It soon became a vital commercial artery, particularly for European powers expanding their colonial empires in Asia. Egyptians saw few of the benefits. The canal’s construction proved financially ruinous for the country, and it was forced to sell its shares to the British government to satisfy creditors. Then, in 1882, Britain used a nationalist uprising as a pretext to send more than 30,000 troops into Egypt, turning it into a client state and seizing the canal. Suez had become an asset the European powers couldn’t afford to lose.\nAnger at this act of imperial aggression festered, and in 1956 the Egyptian leader Gamal Abdel Nasser nationalized the waterway. An Anglo-French attempt to take it back with support from Israel was a humiliating failure, collapsing after President Dwight Eisenhower made it clear that the U.S. wouldn’t tolerate the recolonization of a chunk of the Middle East. From then on, the canal would remain in Egyptian hands. In 2015, President Abdel Fattah El-Sisi opened an$8.5 billion expansion, increasing capacity and cutting transit times. Billboards in Cairo declared that it was “Egypt’s gift to the world.”\nToday 19,000 vessels a year pass through the canal, loaded with more than a billion tons of goods. With tolls that can run as high as $1 million for the largest ships, the SCA brings Egypt about $5 billion annually. The country’s government is understandably proud of its central role in maritime trade. It’s also touchy about any suggestion that it’s not an ideal custodian for one of the world economy’s most critical assets.\n“I’d rather have a colonoscopy than go through the Suez”\nEarly on March 23, Captain Mohamed Elsayed Hassanin was just starting his shift in the control tower atop the SCA’s headquarters in Ismailia, about 50 miles north of theEver Given’s position. As pilots radioed in to say that ship No. 13 in the northbound convoy had run aground, the results, captured by the CCTV cameras that line the waterway, were being displayed on a flickering monitor in front of Elsayed’s command post. No one in the control tower had ever seen anything like it: The vessel was wedged diagonally across the channel. When the camera zoomed in, Elsayed could see the forlorn figure of Kanthavel standing on theEver Given’s bridge.\nA former navy captain, Elsayed is a stern man who takes his job as chief pilot seriously. He’d been promoted to the position two years earlier, after almost 40 years of maritime experience and a decade at the SCA. He has smooth features, with deep lines around his eyes, and wears a pressed white uniform with black and gold epaulettes, spotless down to his white shoes.\nElsayed oversees four convoys daily, two from the south and two from the north. Part of his job is nautical choreography. More than half of the canal is too narrow for large ships to safely pass each other. That’s why vessels travel in convoys, waiting in one of the lakes or side channels for the group going the other way to pass.\nIt was clear, Elsayed said in an interview, that theEver Givenwas stuck in one of the worst possible spots: a one-way section of the canal. He decided to take a look for himself. After a short car trip, he boarded a small boat and pulled up to the cargo ship. Even for someone accustomed to huge merchant vessels, theEver Given’sscalewas striking. It reminded Elsayed of a metal mountain, rising from the opalescent channel.\nBelow the waterline, the bulbous bow had been driven like a dagger deep into the rocks and coarse sand. Somehow, the back end had also run aground, lodging in the opposite bank and leaving the ship at a 45-degree angle to the shore. Nothing could pass. The force of the impact had also pushed the bow upward by six meters. Container ships aren’t designed to sit on an angle, and with theEver Given’s weight distribution thrown off and only a few meters of water supporting the vessel’s middle section, Elsayed thought there was a real possibility it would break in half.\nA couple of SCA tugboats were already at the scene, and divers were in the water checking for hull damage. Elsayed scaled a ladder to meet Kanthavel on the bridge. The captain was visibly shaken, and Elsayed tried to keep him calm. “Everything will be solved,inshallah,” he said.\nHe asked Kanthavel about theEver Given’s hull, the weight of its cargo, and the amount of water in its ballast tanks. If they could lighten its load, the extra buoyancy might help lift it off the bank. Elsayed did some quick mental arithmetic. The ratio of tonnage to flotation was 201 tons for each centimeter. Getting the vessel one meter out of the water would require removing more than 20,000 tons of cargo—an enormous undertaking even if the SCA could find a crane tall enough to reach containers piled more than 50 meters above the surface.\nThe two tugs attached cables to theEver Givenand began trying to drag it free, their engines churning the water into spirals. The ship didn’t budge. Elsayed and his boss, SCA Chairman Osama Rabie, improvised a plan: They would run 12-hour shifts, alternating between excavators on shore removing the rocky soil around the bow and stern, and tugboats pulling with as much horsepower as possible. The diggers would gouge downward during low tide. The tugs would exploit the additional buoyancy provided by high tide to tow. To help the excavators, Elsayed summoned two SCA dredgers, floating barges with spinning metal teeth that could be lowered into the water to chew up the canal bed. They were due to arrive later that day.\nFirst on the scene was a single yellow digger, sent by a contractor working nearby. The driver approached nervously and started scraping scoopfuls of rocky earth from around the bow. He was terrified, according to an interview he later gave withInsider, that the metal behemoth looming over him would topple or shift, crushing him. The comical size mismatch was captured by the SCA’s communications team, which had a photographer on hand to show the world the authority was doing all it could to get the canal open again. Theimage of the lonely excavatorwent viral, and for the first time in its history, Suez was both a vital commercial passage and a meme.\nAfter giving their account of the accident to Elsayed, the two SCA pilots who’d been on theEver Given’s bridge prepared to disembark. As they did so they continued to bicker, according to lawsuit evidence that’s disputed by the SCA. “These vessels are not supposed to enter,” the lead pilot said.\n“Why did you let it enter?” his colleague responded.\nKeith Svendsen was driving to work when his mobile phone rang. One of his colleagues fromAPM Terminals, a Netherlands-based operator of container ports, was on the line with news. Details were scant, but there was some kind of trouble in Suez. Staff at Maersk, APM’s parent company, were rushing to find out more.\nIf shipping conglomerates like Evergreen Group keep ocean trade moving, APM provides a link between land and sea, loading and unloading about 32,000 ships a year in Los Angeles, Mumbai, Gothenburg, and some 70 other locations, day and night, in an unceasing ballet of cranes and metal boxes. It also co-ownsTanjung Pelepas, the Malaysian port that was theEver Given’s last stop before Suez.\nAs Svendsen, a plain-spoken Dane who serves as APM’s chief operating officer, arrived at his office in The Hague, he wasn’t overly concerned. Mishaps in Suez weren’t uncommon and could usually be resolved within hours. In three decades as a seafarer and shipping executive, he’d dealt with more than a few close calls, some in that very waterway. They usually worked themselves out.\nIt was soon apparent to Svendsen, though, that theEver Given’s accident was well out of the ordinary and would have serious repercussions. Like car manufacturing and supermarket distribution, modern cargo shipping is a just-in-time business, built around the expectation that goods will arrive precisely when needed. Before containers were widely adopted in the 1970s, it could take a week or more to empty a large ship and then refill it. Today, vessels carrying 10,000 containers or more might spend just hours in a given port, unloaded by automated cranes guided by sophisticated planning algorithms. It’s an efficient model, saving on storage and inventory, but a fragile one. It takes only a single problem in the supply chain for everything to seize up.\nA prolonged closure of Suez risked a cascade of delays that would be felt in day-to-day commerce by millions of people, if not billions, for months. A vessel missing its scheduled arrival at APM’s terminal in New Jersey wouldn’t just create a problem for the American companies waiting for its cargo. It would also mean a pileup of all the containers the ship was supposed to pick up for export. And, half a world away, factories in China or Malaysia counting on the same vessel to pick up their goods weeks later would need to find alternative options—which, given the disruption, might not exist.\nAPM convened a crisis management team and started planning for various scenarios. What would happen to its ports if the canal was closed for 24 hours? Three days? Two weeks? Each increment of delay meant more vessels and cargo waiting to get through, unless they took a detour of thousands of nautical miles.\n“Our job was to find out when we’d have a breaking point situation,” Svendsen said in an interview. Two weeks would be a disaster for world trade, the team concluded. Anything less than a week would be manageable, if challenging. Svendsen could only hope that someone would pull theEver Givenclear before then.\nAs the ship drew away from the bank, one of the ropes binding the bow to the shore snapped. Then another. Then another\nSoon after the grounding, an engineer on a Maersk ship directly behind theEver Givenin the northbound convoy took a striking photograph of the vessel, side-on in the channel against the apocalyptic backdrop of a sandstorm. “Looks like we might be here for a little bit,” she wrote, posting the image on Instagram.\nIt took about 24 hours for the SCA to release its first public statement, in which it said theEver Givenhad lost control in bad weather. Evergreen, which declined to make any of its executives available for an interview, blamed a “suspected sudden strong wind,” while one local maritime agent cited a “blackout.” By the end of the day on March 24, 185 vessels were anchored nearby waiting to pass, carrying electronics, cement, water, millions of barrels of oil, and several thousand head of livestock. A shipping journal estimated that $10 billion worth of marine traffic per day was piling up.\nHelp was on its way from Europe: AteamfromSMIT Salvage, part of the Dutch marine conglomerateRoyal Boskalis Westminster NV, had been hired by theEver Given’s owners in Japan. Salvors are like a 24/7 rescue service for the high seas. When a cruise liner starts to sink or an oil tanker is set alight, salvage crews rush to the scene to recover people, cargo, and equipment. It’s one of the world’s most adrenaline-soaked professions, and salvors employ all manner ofThunderbirds-style vehicles to get the job done, including helicopters and high-powered tugs with names likeSea StallionandNordic Giant. The business can be extremely lucrative. Under standard terms, crews receive a percentage of the value of whatever they rescue, potentially earning tens of millions of dollars. Fail, and they may get nothing.\nAfter the SMIT team arrived on March 25, its members surveyed theEver Givenand then met Elsayed and his SCA colleagues on board. SMIT was there to advise, not take over, because Suez salvage operations fall under the SCA’s jurisdiction. But the Dutch experts had a plan. If towing didn’t work, they told Elsayed over the course of several meetings, it would be critical to lighten the ship. They’d already located a crane that was tall enough to reach theEver Given’s deck and capable of removing five containers an hour, load by painstaking load, until the vessel was 10,000 tons lighter. The crane could be there the following week. They just needed to charter a vessel to sail it in.\n“Where are you going to put the containers?” Elsayed asked. A SMIT executive said they’d be offloaded to a smaller boat, which would go to a lake a few miles up the canal, to be transferred by yet another crane to yet another boat. Elsayed thought that would take at least three months. “We don’t have time,” he said. SMIT argued it was prudent to have a backup option. Eventually everyone agreed that they should keep dredging and towing until the giant crane arrived. If there was no movement by then, they wouldstart taking boxes off.\nSMIT put out a call to its partners and contractors, seeking the most powerful tugs they could find. The available ones included a sizable Italian-owned boat, theCarlo Magno, that was already en route to Egypt from the Red Sea, a few days away. TheAlp Guard, a Dutch behemoth with 280 tons of pulling power, was also days out.\nElsayed was now living on theEver Given. He and Rabie, who was staying on a dredger, spent much of their time on the radio, trying to keep their crews’ spirits up. None of the SCA’s sailors, engineers, and drivers were getting much sleep in the army tents that had been erected alongside the canal. After an exhausting day spent attaching cables, squeezing extra turns of power out of engines, or operating excavators, they might discover that theEver Givenhad shifted only a meter. “This is a good sign,” Elsayed would tell them. “It moved. Tomorrow it will be more.”\nPrivately, he was terrified someone would get hurt. Elsayed also had a son working on one of the tugs. During the tug shifts, as many as five of the SCA’s smaller craft would line up with their noses pushing against theEver Given’s side, trying to lever out the bow, while others pulled using cables. If the ship was suddenly dislodged, the smaller boats would be scattered like toys, risking a fatal accident. Then there was the risk that theEver Given’s bow could swing sideways and collide with the opposite bank, going straight from one grounding to another. Elsayed asked the ship’s crew to run four 100-meter ropes out to land, where they could be anchored to stop the bow from moving out too far if it suddenly came free. He hoped that would be enough.\nTheAlp Guardroared into view on Sunday, March 28, almost six days after theEver Givengot stuck. There was a supermoon that night, a full moon unusually close to Earth, and its gravity would pull the Red Sea’s tide to the highest it had been, or would be, for weeks. If the salvage crews were going to free theEver Givenwithout unloading it, this was the moment.\nThen Elsayed proposed a novel idea: Instead of using the tugs only at high tide, they could also pull as the tide went out, hoping the current would help bring theEver Givenclear. It wasn’t quite established salvage wisdom, which favors high water over tidal movement, but having battled the current for days, Elsayed and his team thought it might work.\nThe waters peaked at midnight. In the early hours of March 29, crewmen ran a cable from the ship to theAlp Guard. The tug was so powerful that they needed to coil the cable around four metal bollards set in theEver Given’s hull to prevent the anchor points from fracturing under the strain. Then theAlp Guardbegan to pull.\nAs dawn broke with the tide low, some of the tug captains realized they were no longer treading water. They were moving, very slowly. The back end of theEver Givenwas drifting silently, inch by inch, away from the bank. The bow remained anchored in the sand, but the ship was only half stuck.\nThe second large tug, theCarlo Magno, arrived soon after and joined theAlp Guardin pulling from the rear. For hours, both tugs went flat out, whipping the water into white froth. But they were now working against the tide. They quit at lunchtime, having made no visible progress.\nThen the SMIT team suggested theEver Giventake on 2,000 tons of ballast water in its stern, to lift its bow a few extra inches out of the silt. At about 2 p.m., Elsayed ordered all the tugs to try again. The tide had turned, becoming their ally. As he’d suspected, it was just enough.\nElsayed was on theEver Given’s bridge with Captain Kanthavel when the bow began to move, slowly at first, then all at once. The chief pilot could hear his tug captains yelling over the radio. As the ship drew away from the bank, one of the ropes binding the bow to the shore snapped, making a sound like a rifle shot. Then another. Then another. But the final one held, just long enough to stop theEver Givenfrom swinging across the channel. Elsayed asked Kanthavel to power up the engines and get the ship on a steady course so it could safely pass the salvage vessels ahead.\nAt the sight of theEver Givenmoving under its own steam, the tug crews cheered and sounded their horns. On the bridge, the Indian officers whooped and embraced the SMIT salvors. Rabie called President Sisi to give him the good news.\nElsayed allowed himself the briefest moment of celebration. “Al-Hamdulillah,” he murmured: All praise be to God. He posed reluctantly for some photographs, then got back to work. More than 400 ships were waiting to enter the canal.\nThe rest of the world swiftly lost interest in Suez once theEver Givenwas freed. But for Elsayed and his pilots, the crisis was far from over. A significant proportion of international trade was riding on getting the backlogged vessels cleared. The SCA team worked day and night to move them through, transiting as many as 80 ships daily. Elsayed knew that having tired, overworked pilots on the job increased the risk of accidents, but felt he had little choice. A few days after theEver Givenwas freed, an SCA boat sank and an employee died, illustrating the dangers of working in a marine chokepoint under severe strain.\nClearing the queue took six days. Afterward, Elsayed returned to his home in Alexandria to see his family, his first break in more than two weeks.\nIn The Hague, Svendsen, the APM Terminals executive, had been preparing for a huge wave of cargo, trying to boost capacity any way he could. The company had agreed with unions to extend working hours, deferred maintenance that would take cranes out of action, and cleared storage space to accommodate thousands of extra containers. Rushing cargo through would reduce APM’s already slim margin for error. “It’s like aTetrisgame where there’s no blank space,” Svendsen said.\nThe biggest problem emerged in Valencia, in southern Spain. The port’s storage areas were already mostly full, piled with Spanish goods awaiting shipment. As containers came in, the volume of boxes became unmanageable. For a time, APM had to activate a last-resort option, telling customers it could take in outgoing wares only just before they were scheduled to be loaded onto a ship. It would require a month of 24/7 shifts to bring the Valencia terminal back toward normal.\nNone of this received much attention in the international press. On social media, people bemoaned the loss of a welcome distraction from Covid-19.#PutItBacktrended on Twitter. For most, the Suez Canal went back to being a largely invisible fulcrum of global trade. Within the shipping industry, though, after the euphoria of the rescue operation faded, the conversation turned to blame. Who was at fault for the crash? And who would pay for the physical and economic damage?\nCaptain Kanthavel and his crew were still on board theEver Given, waiting for permission from Egyptian authorities to leave. The ship was anchored in the Great Bitter Lake—a desert salt bed for most of its history, until the canal’s flow transformed it into a waiting area for marine traffic. Although Kanthavel hadn’t spoken publicly, he had good reason to be anxious. After a major maritime accident, captains can expect a forensic examination of their actions. (Bernhard Schulte Shipmanagement, the company that provided theEver Given’s crew, said in a statement about Kanthavel that it “maintains absolute confidence in our Master, who has acted with professionalism and diligence throughout this period.”)\nOn April 13, the SCA secured an Egyptian court order to “arrest,” or seize, theEver Given. The agency said it was seeking almost $1 billion from the ship’s owner, Shoei Kisen Kaisha, which declined to comment for this article. In legal filings, the SCA argued that it had led a “unique and unprecedented operation” to free the ship and should be paid for its efforts, placing them at $272 million in expenses, a salvage bonus of $300 million, and a further $344 million in damages, including “moral losses.” Until the debt was cleared, theEver Given, its cargo, and its crew wouldn’t be going anywhere.\nOn May 22, lawyers for the SCA and Shoei Kisen Kaisha gathered for a hearing in a crowded courtroom in Ismailia. A great deal was at stake, for a great number of parties. If the SCA’s nearly $1 billion claim was ever paid, the liability would likely fall not to the Japanese company but to a collection of marine insurance conglomerates all over the world. Each would want a say in any settlement. There were also more than 17,000 cargo containers still stuck in the Great Bitter Lake. Nike and Lenovo had sent lawyers to Ismailia to monitor the proceedings.\nThat morning, the courthouse was abuzz with news that theEver Given’s owner had brought in a prominent attorney from Alexandria, Ashraf El Swefy, to stand up to the SCA’s demands. The hearing got under way at 11 a.m. About a dozen lawyers jostled around a lectern in front of four judges, standing shoulder to shoulder as if waiting for a halftime pep talk. They took turns speaking, each following the same theatrical routine. First, an attorney would come up, state his name, and set out his client’s case, building to a crescendo that involved shouting and waving his hands. Then everyone would talk at once, until the next lawyer found his way to the lectern and the process restarted.\nThe SCA’s lawyer argued that the authority had saved theEver Givenalmost singlehandedly. A billion dollars wasn’t so much to ask. “If it were not for the refloating operation, we could have witnessed a catastrophe,” he said in Arabic. The call to prayer drifted in through an open window as he spoke.\nSoon it was El Swefy’s turn. He was much older than the rest, hunched and with slightly trembling hands. Although the other attorneys towered over him, he had obvious gravitas.\nNo one could doubt the heroism of the SCA, El Swefy said slowly. But his praise was the prelude to a surprise attack. He explained that Shoei Kisen Kaisha had tried and failed to negotiate a settlement with the agency. In light of the SCA’s resistance, he said, he had no choice but to submit recordings from theEver Given’s voyage data recorder into evidence. What they revealed was “chaos,” he said. “Enter, no don’t enter, the wind is high, the wind isn’t high.” The pilots got into an argument and were “calling each other names,” in an exchange so heated one of them threatened to leave the ship, according to El Swefy. It was the first time anyone had publicly suggested the SCA’s actions might have contributed to the accident.\nEl Swefy professed, as a proud Egyptian, to be making this argument reluctantly. “I didn’t want to say this, and I’m ashamed to say it,” he said. “This waterway belongs to all of us.”\nWhen he went outside afterward, reporters crowded him. He unhooked his face mask and patiently lit a cigarette with one hand, talking into a cellphone with the other. He declined to comment when approached byBloomberg Businessweek. “I have a principle,” he said in English. “All my statements are made in front of the court.” Would the full transcript of the VDR audio be made public? “Not by me,” he replied.\nIn the end, the judges kicked the case to another court. The SCA has reduced its claim to about $550 million, and as this story went to press, theEver Given’s insurers announced they’d reached an “agreement in principle” to resolve the dispute, without disclosing its terms. Even if that deal is finalized, a protracted legal battle may still take place beyond Egypt. In London’s admiralty courts, where most big-money marine cases are decided, Shoei Kisen Kaisha has filed an application to limit its maximum liability from any lawsuits. The filing lists 16 entities that might seek damages, most of them the owners of other vessels stalled in Suez during the blockage. There could also be fights over financial responsibility among the owner, its insurers, and their reinsurers, who protect insurers against excess claims. The merry-go-round of litigation might drag on for years, to the delight of London’s legal industry and probably no one else.\nCaptain Kanthavel and his crew have now been floating in the Great Bitter Lake for about three months. According to theInternational Transport Workers’ Federation, a coalition of unions, they are still receiving their pay and are amply provisioned. Nine have been allowed to return to India. Seafarers’ groups are nonetheless anxious about their welfare; at one point, the Indian maritime union said it was concerned they could be “held to ransom,” becoming bargaining chips in negotiations that had nothing to do with them. Thepotential settlement is, therefore, excellent news for the crew. Once it’s complete, they and the vessel should be able to leave.\nIn a meeting withBusinessweekat the SCA’s headquarters in May, Elsayed reflected on his role in this peculiar moment of nautical history. In the navy, he’d studied Operation Badr, an ingenious plan to move Egyptian forces across Suez in just six hours, allowing them to surprise Israeli troops and start the 1973 Yom Kippur War. He hadn’t quite matched that pace, but the SCA had managed to refloat theEver Givenin six days. “It’s the same,” he said, laughing.\nNight had fallen by the time Elsayed offered to lead his visitors on a tour of the SCA control tower. Outside, the canal was a dark expanse, fringed by twinkling lights along the shore. It was empty: The next convoy wasn’t due to depart for a few more hours. Above the CCTV feeds, a digital map of the entire route was spread across 10 large monitors. Elsayed pointed to a yellow blob in the Great Bitter Lake, motionless on the screen, and said, “See theEver Given?” —With Ann Koh","news_type":1},"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133474378,"gmtCreate":1621804628994,"gmtModify":1704362446125,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"Hmmm can you please help to comment too? Thank you very much!","listText":"Hmmm can you please help to comment too? Thank you very much!","text":"Hmmm can you please help to comment too? Thank you very much!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/133474378","repostId":"2137907575","repostType":4,"repost":{"id":"2137907575","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1621610772,"share":"https://ttm.financial/m/news/2137907575?lang=&edition=fundamental","pubTime":"2021-05-21 23:26","market":"us","language":"en","title":"U.S. Congress to hold hearing on SPACs, ramping up scrutiny","url":"https://stock-news.laohu8.com/highlight/detail?id=2137907575","media":"Reuters","summary":"WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition","content":"<p>WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.</p>\n<p>The U.S. Securities and Exchange Commission <a href=\"https://laohu8.com/S/SEC.UK\">$(SEC.UK)$</a> has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.</p>\n<p>SPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a> process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.</p>\n<p>Monday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.</p>\n<p>The law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.</p>\n<p>The safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.</p>\n<p>The prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Congress to hold hearing on SPACs, ramping up scrutiny</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Congress to hold hearing on SPACs, ramping up scrutiny\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-05-21 23:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.</p>\n<p>The U.S. Securities and Exchange Commission <a href=\"https://laohu8.com/S/SEC.UK\">$(SEC.UK)$</a> has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.</p>\n<p>SPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a> process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.</p>\n<p>Monday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.</p>\n<p>The law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.</p>\n<p>The safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.</p>\n<p>The prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137907575","content_text":"WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.\nThe U.S. Securities and Exchange Commission $(SEC.UK)$ has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.\nSPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering $(IPO.UK)$ process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.\nMonday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.\nThe law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.\nThe safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.\nThe prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.","news_type":1},"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582248787663478","authorId":"3582248787663478","name":"kcdc86","avatar":"https://community-static.tradeup.com/news/cc68f682561b677ba318c1b85eb97dee","crmLevel":2,"crmLevelSwitch":1,"idStr":"3582248787663478","authorIdStr":"3582248787663478"},"content":"Comment too.. Thanks..","text":"Comment too.. Thanks..","html":"Comment too.. Thanks.."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130678808,"gmtCreate":1621549301604,"gmtModify":1704359310728,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"It’s usually difficult to stay at the top.&nbsp;","listText":"It’s usually difficult to stay at the top.&nbsp;","text":"It’s usually difficult to stay at the top.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/130678808","repostId":"1180231636","repostType":4,"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130673589,"gmtCreate":1621549178241,"gmtModify":1704359308454,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"The barista version of the Oatly milk is the best!","listText":"The barista version of the Oatly milk is the best!","text":"The barista version of the Oatly milk is the best!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/130673589","repostId":"2136010949","repostType":4,"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":197276356,"gmtCreate":1621471340175,"gmtModify":1704358073146,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"Is it a good time to get into crypto?","listText":"Is it a good time to get into crypto?","text":"Is it a good time to get into crypto?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/197276356","repostId":"1129952039","repostType":4,"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"content":"Can someone comment on my post pls","text":"Can someone comment on my post pls","html":"Can someone comment on my post pls"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194359744,"gmtCreate":1621344917388,"gmtModify":1704356123054,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"Wow. Wonderful news.&nbsp;","listText":"Wow. Wonderful news.&nbsp;","text":"Wow. Wonderful news.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/194359744","repostId":"1193296120","repostType":4,"isVote":1,"tweetType":1,"viewCount":494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194904526,"gmtCreate":1621331307265,"gmtModify":1704355898485,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3584392550533250","authorIdStr":"3584392550533250"},"themes":[],"htmlText":"The has been an issue","listText":"The has been an issue","text":"The has been an issue","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/194904526","repostId":"1120831067","repostType":4,"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":197276356,"gmtCreate":1621471340175,"gmtModify":1704358073146,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"Is it a good time to get into crypto?","listText":"Is it a good time to get into crypto?","text":"Is it a good time to get into crypto?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":6,"repostSize":0,"link":"https://ttm.financial/post/197276356","repostId":"1129952039","repostType":4,"repost":{"id":"1129952039","pubTimestamp":1621466041,"share":"https://ttm.financial/m/news/1129952039?lang=&edition=fundamental","pubTime":"2021-05-20 07:14","market":"us","language":"en","title":"U.S. stocks drop after Fed minutes, crypto fall","url":"https://stock-news.laohu8.com/highlight/detail?id=1129952039","media":"Reuters","summary":"(Reuters) - Wall Street’s main indexes closed lower on Wednesday after minutes from an April Federal","content":"<p>(Reuters) - Wall Street’s main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from the central bank’s goals, with some considering discussions on tapering its bond buying program.</p><p>The S&amp;P 500 added to losses after the release of the minutes revealed a number of Fed policymakers thought that if the economy continued rapid progress, it would become appropriate “at some point” in upcoming meetings to begin discussing a tapering of the Fed’s monthly purchases of government bonds, a policy designed to keep long-term interest rates low.</p><p>“There continues to be a view and a perspective from the participants, as well as the Fed staff that these inflationary pressures that are beginning to become evident will remain transitory in their view and will likely recede as we transition into 2022,” said Bill Northey, senior investment director at U.S. Bank Wealth Management in Minneapolis.</p><p>Strong inflation readings and signs of a worker shortage in recent weeks have fueled fears and roiled stock markets despite reassurances from Fed officials that the rise in prices would be temporary.</p><p>All three main indexes hit their session lows in morning trade after opening sharply lower, then partially recovered before the release of the Fed minutes pressured them anew.</p><p>The Dow Jones Industrial Average fell 164.62 points, or 0.48%, to 33,896.04, the S&amp;P 500 lost 12.15 points, or 0.29%, to 4,115.68 and the Nasdaq Composite dropped 3.90 points, or 0.03%, to 13,299.74.</p><p>Volume on U.S. exchanges was 10.70 billion shares, compared with the 10.60 billion average for the full session over the last 20 trading days.</p><p>Contributing to a risk-off mood on Wednesday, Bitcoin and ether plunged in the wake of China’s move to ban financial and payment institutions from providing cryptocurrency services.</p><p>The two main digital currencies fell as much as 30% and 45%, respectively, but they significantly stemmed their losses in afternoon trading after two of their biggest backers -- Tesla Inc chief Elon Musk and Ark Invest’s chief executive officer Cathie Wood -- reiterated their support for bitcoin.</p><p>Crypto-exchange operator Coinbase Global ,miners Riot Blockchain and Marathon Digital Holdings saw their shares sharply decline on Wednesday.</p><p>Declining issues outnumbered advancing ones on the NYSE by a 2.15-to-1 ratio; on Nasdaq, a 1.71-to-1 ratio favored decliners.</p><p>The S&amp;P 500 posted 3 new 52-week highs and no new lows; the Nasdaq Composite recorded 34 new highs and 49 new lows.</p><p><b><i>Financial</i></b><b>&nbsp;</b><b><i>Report</i></b></p><p><a href=\"https://laohu8.com/NW/1160173685\" target=\"_blank\">4.5 Billion Parcels Expanded Market Share to 20.4%</a></p><p><a href=\"https://laohu8.com/NW/1178296022\" target=\"_blank\">KE Holdings EPS beats by $0.04, beats on revenue</a></p><p><a href=\"https://laohu8.com/NW/2136465859\" target=\"_blank\">Victoria's Secret parent L Brands swings to quarterly profit as sales rise</a></p><p><a href=\"https://laohu8.com/NW/2136594667\" target=\"_blank\">Cisco stock drops as higher costs amid chip shortage ding earnings outlook</a></p><p><a href=\"https://laohu8.com/NW/2136450339\" target=\"_blank\">Chip Design Software Firm Synopsys Trounces Fiscal Second-Quarter Targets</a></p>","source":"lsy1601381805984","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. stocks drop after Fed minutes, crypto fall</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; 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height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. stocks drop after Fed minutes, crypto fall\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-20 07:14 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.reuters.com/article/usa-stocks/us-stocks-u-s-stocks-drop-after-fed-minutes-crypto-fall-idUSL2N2N639Y><strong>Reuters</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>(Reuters) - Wall Street’s main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from the central bank’s ...</p>\n\n<a href=\"https://www.reuters.com/article/usa-stocks/us-stocks-u-s-stocks-drop-after-fed-minutes-crypto-fall-idUSL2N2N639Y\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".DJI":"道琼斯",".IXIC":"NASDAQ Composite",".SPX":"S&P 500 Index"},"source_url":"https://www.reuters.com/article/usa-stocks/us-stocks-u-s-stocks-drop-after-fed-minutes-crypto-fall-idUSL2N2N639Y","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1129952039","content_text":"(Reuters) - Wall Street’s main indexes closed lower on Wednesday after minutes from an April Federal Reserve meeting showed participants agreed the U.S. economy remained far from the central bank’s goals, with some considering discussions on tapering its bond buying program.The S&P 500 added to losses after the release of the minutes revealed a number of Fed policymakers thought that if the economy continued rapid progress, it would become appropriate “at some point” in upcoming meetings to begin discussing a tapering of the Fed’s monthly purchases of government bonds, a policy designed to keep long-term interest rates low.“There continues to be a view and a perspective from the participants, as well as the Fed staff that these inflationary pressures that are beginning to become evident will remain transitory in their view and will likely recede as we transition into 2022,” said Bill Northey, senior investment director at U.S. Bank Wealth Management in Minneapolis.Strong inflation readings and signs of a worker shortage in recent weeks have fueled fears and roiled stock markets despite reassurances from Fed officials that the rise in prices would be temporary.All three main indexes hit their session lows in morning trade after opening sharply lower, then partially recovered before the release of the Fed minutes pressured them anew.The Dow Jones Industrial Average fell 164.62 points, or 0.48%, to 33,896.04, the S&P 500 lost 12.15 points, or 0.29%, to 4,115.68 and the Nasdaq Composite dropped 3.90 points, or 0.03%, to 13,299.74.Volume on U.S. exchanges was 10.70 billion shares, compared with the 10.60 billion average for the full session over the last 20 trading days.Contributing to a risk-off mood on Wednesday, Bitcoin and ether plunged in the wake of China’s move to ban financial and payment institutions from providing cryptocurrency services.The two main digital currencies fell as much as 30% and 45%, respectively, but they significantly stemmed their losses in afternoon trading after two of their biggest backers -- Tesla Inc chief Elon Musk and Ark Invest’s chief executive officer Cathie Wood -- reiterated their support for bitcoin.Crypto-exchange operator Coinbase Global ,miners Riot Blockchain and Marathon Digital Holdings saw their shares sharply decline on Wednesday.Declining issues outnumbered advancing ones on the NYSE by a 2.15-to-1 ratio; on Nasdaq, a 1.71-to-1 ratio favored decliners.The S&P 500 posted 3 new 52-week highs and no new lows; the Nasdaq Composite recorded 34 new highs and 49 new lows.Financial Report4.5 Billion Parcels Expanded Market Share to 20.4%KE Holdings EPS beats by $0.04, beats on revenueVictoria's Secret parent L Brands swings to quarterly profit as sales riseCisco stock drops as higher costs amid chip shortage ding earnings outlookChip Design Software Firm Synopsys Trounces Fiscal Second-Quarter Targets","news_type":1},"isVote":1,"tweetType":1,"viewCount":375,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"content":"Can someone comment on my post pls","text":"Can someone comment on my post pls","html":"Can someone comment on my post pls"}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":133474378,"gmtCreate":1621804628994,"gmtModify":1704362446125,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"Hmmm can you please help to comment too? Thank you very much!","listText":"Hmmm can you please help to comment too? Thank you very much!","text":"Hmmm can you please help to comment too? Thank you very much!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/133474378","repostId":"2137907575","repostType":4,"repost":{"id":"2137907575","weMediaInfo":{"introduction":"Reuters.com brings you the latest news from around the world, covering breaking news in markets, business, politics, entertainment and technology","home_visible":1,"media_name":"Reuters","id":"1036604489","head_image":"https://static.tigerbbs.com/443ce19704621c837795676028cec868"},"pubTimestamp":1621610772,"share":"https://ttm.financial/m/news/2137907575?lang=&edition=fundamental","pubTime":"2021-05-21 23:26","market":"us","language":"en","title":"U.S. Congress to hold hearing on SPACs, ramping up scrutiny","url":"https://stock-news.laohu8.com/highlight/detail?id=2137907575","media":"Reuters","summary":"WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition","content":"<p>WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.</p>\n<p>The U.S. Securities and Exchange Commission <a href=\"https://laohu8.com/S/SEC.UK\">$(SEC.UK)$</a> has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.</p>\n<p>SPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a> process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.</p>\n<p>Monday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.</p>\n<p>The law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.</p>\n<p>The safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.</p>\n<p>The prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>U.S. Congress to hold hearing on SPACs, ramping up scrutiny</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nU.S. Congress to hold hearing on SPACs, ramping up scrutiny\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1036604489\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/443ce19704621c837795676028cec868);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Reuters </p>\n<p class=\"h-time\">2021-05-21 23:26</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.</p>\n<p>The U.S. Securities and Exchange Commission <a href=\"https://laohu8.com/S/SEC.UK\">$(SEC.UK)$</a> has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.</p>\n<p>SPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering <a href=\"https://laohu8.com/S/IPO.UK\">$(IPO.UK)$</a> process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.</p>\n<p>Monday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.</p>\n<p>The law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.</p>\n<p>The safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.</p>\n<p>The prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2137907575","content_text":"WASHINGTON, May 21 (Reuters) - U.S. lawmakers are ramping up scrutiny of special purpose acquisition companies, or SPACs, with a hearing set for Monday as they consider legislation aimed at curbing liability protections for the industry.\nThe U.S. Securities and Exchange Commission $(SEC.UK)$ has heightened its focus on SPACs in recent months through a series of public statements, new guidance and a Wall Street bank inquiry led by the agency's enforcement team. Republican Senator John Kennedy from Louisiana last month introduced a bill aimed at boosting transparency for investors in SPACs.\nSPACs are shell companies that raise money via a listing to acquire a private company with the purpose of taking it public, sidestepping a traditional initial public offering $(IPO.UK)$ process. Critics say banks and SPAC sponsors have reaped big payoffs at a cost to later-stage investors.\nMonday's hearing in a House Financial Services subcommittee is aimed at SPACs, direct listings and IPOs, according to a hearing notice published on May 19. The House is considering legislation that would redefine \"blank check company\" from a key 1995 law to include special purpose acquisition companies, according to the notice.\nThe law created a safe harbor that protects listed companies from shareholder litigation provided forward-looking statements are made in good faith, identified as such and couched in cautionary language.\nThe safe harbor does not protect IPOs or certain blank check companies, but sponsors have generally operated on the basis that it does apply to SPAC deals, and have leaned on it heavily to issue growth projections. The SEC has been mulling guidance that would curb these projections, Reuters reported earlier this month.\nThe prospects for the bill to become law are unclear, but it signals growing Congressional attention on the industry.","news_type":1},"isVote":1,"tweetType":1,"viewCount":713,"authorTweetTopStatus":1,"verified":2,"comments":[{"author":{"id":"3582248787663478","authorId":"3582248787663478","name":"kcdc86","avatar":"https://community-static.tradeup.com/news/cc68f682561b677ba318c1b85eb97dee","crmLevel":2,"crmLevelSwitch":1,"authorIdStr":"3582248787663478","idStr":"3582248787663478"},"content":"Comment too.. Thanks..","text":"Comment too.. Thanks..","html":"Comment too.. Thanks.."}],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130678808,"gmtCreate":1621549301604,"gmtModify":1704359310728,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"It’s usually difficult to stay at the top.&nbsp;","listText":"It’s usually difficult to stay at the top.&nbsp;","text":"It’s usually difficult to stay at the top.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/130678808","repostId":"1180231636","repostType":4,"repost":{"id":"1180231636","pubTimestamp":1621523836,"share":"https://ttm.financial/m/news/1180231636?lang=&edition=fundamental","pubTime":"2021-05-20 23:17","market":"us","language":"en","title":"Apple: Victim Of Its Own Success","url":"https://stock-news.laohu8.com/highlight/detail?id=1180231636","media":"seekingalpha","summary":"Summary\n\nInvestors will likely fret over revenue growth rates later this year.\nRegular iPhone launch","content":"<p><b>Summary</b></p>\n<ul>\n <li>Investors will likely fret over revenue growth rates later this year.</li>\n <li>Regular iPhone launch timing could pull forward meaningful sales.</li>\n <li>As stock stays flat, buyback can become more powerful.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/cd9ae225cce8f1aea80db542b535f742\" tg-width=\"768\" tg-height=\"512\"><span>Photo by Paopano/iStock Editorial via Getty Images</span></p>\n<p>Technology giant Apple (AAPL) reported&nbsp;a massive earnings blowout&nbsp;a few weeks ago, and the numbers were truly staggering. A company of this size reporting revenue growth of more than 53% over the prior year period was truly remarkable. Yes, the company has benefited from soft earlier year comparisons and the work from home tailwinds, but you can't argue that its products are not in high demand. As great as Apple's numbers have been lately, it might prove to be a risk later this year.</p>\n<p>I am saying today that Apple could be a victim of its own success because the stock market is always a what have you done for me lately crowd. As the chart below shows, the high revenue growth rates we'll see are expected to come crashing down once we hit the December quarter (fiscal Q1 2022). That 53% growth figure for the March 2021 quarter sets up an insanely high bar that analysts don't think can be repeated next year. Blue bars are actual results, while green ones are current street average estimates.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/2b61b66cfb83a8e7f307580dd6277be6\" tg-width=\"625\" tg-height=\"397\"><span>(Source: Seeking Alpha estimates page)</span></p>\n<p>I'm sure the Apple bear crowd will be out in full force if Apple guides to or reports a revenue decline for fiscal Q2 2022. Of course, a small top line decline then would still be a tremendous quarter when looking at the longer term picture. Even though analysts are currently looking for a 2.2% revenue decline in that March 2022 quarter, the average revenue estimate for that period has risen by nearly 16% over the past six months, for example. Over the past year, the average is up by almost $20 billion.</p>\n<p>Apple has been helped by the coronavirus in the short term, not only from the work from home crowd buying more tablets and computers, but by the massive stimulus provided by global governments. While those tailwinds will calm down in the coming quarters, economies should be doing better so consumer spending should remain fairly decent. Even though central banks may start to tighten their monetary policy a little, they are certainly not going to do anything severe that will crash things again.</p>\n<p>The other issue for Apple regarding the coronavirus was the timing of major launches. With factories shut down for a time in 2020, the iPhone release schedule for last year changed in a meaningful way. Instead of seeing one or more phones available to consumers in September, two iPhone 12 models went on sale in late October, with the other two in mid-November. If Apple returns to a normal schedule this year, it will pull billions of revenue forward into the September 2021 (fiscal Q4) quarter. That could further make the early 2022 comparisons tougher to match, giving more fuel to the bears.</p>\n<p>When Apple has a big sales year, like it is having with the iPhone currently, investors worry that the next cycle won't be as strong in terms of unit sales. I'm not as concerned this time around with that, partially because consumers are going to want and need to upgrade to 5G smartphones, and that should fuel a multi-year upgrade period. The other thing that could help is if Apple follows what it did with the iPad Pro launch from earlier this year. Take a look at the following table which shows the initial pricing of the larger screen Pro tablet version over the years. There are also the Cellular models that will cost a little bit more, but for this argument, I'm only showing the base Wi-Fi model.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/f77225da409fee0ad2e69fb1c32c2505\" tg-width=\"640\" tg-height=\"107\"><span>(Source: iPad Pro wikipedia page)</span></p>\n<p>Because of both the advancements in technology as well as larger storage, Apple has raised prices significantly over the years. The most expensive version of this tablet has doubled in price since 2015, and the three lowest storage versions are up $100 each over their prior year counterpart. Thus, if you are arguing that iPad unit sales may be down 5-10% a year from now, it may not be a big deal if Apple is seeing average selling prices that are up 15-20% over that time. I could see a similar thing happening with the iPhone this year, depending on how many older generations stick around and whether or not Apple launches a 1 TB storage option for the smartphone.</p>\n<p>Even if Apple's results aren't as tremendous as some hope they might be moving forward, this company is still doing incredibly well. Free cash flow could be well over $80 billion this year, allowing for a dividend and huge buyback. Don't forget that as shares stay around this $125 level, the repurchasing of shares becomes more significant each quarter as the share count comes down. $20 billion in buybacks every three months at a $2.1 trillion market cap does more than at a $2.2 trillion valuation, for example, and earnings per share will continue to benefit.</p>\n<p>Wednesday was another important day for Apple. With the market dropping at the open, Apple fell below its 200-day moving average (green line below). However, the stock was able to regain this key technical level and close above it. As the chart below shows, shares are currently stuck between the 50 and 200-day moving averages, and both lines are mostly flat at this point. Should the stock be able to get back above the shorter term trend line, it could provide a level of support moving forward.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/de8ca788fa86bda735f874b66546312a\" tg-width=\"640\" tg-height=\"273\"><span>(Source: Yahoo! Finance)</span></p>\n<p>In the end, Apple may become a victim of its own success rather soon. Two massive blowout quarters have not only sent analyst estimates through the roof, but set high bars for future quarters. While the company's sales will remain in an uptrend over the long term, I'm sure the bears will surface if the top line is forecast to decline, especially if a normal iPhone launch pulls sales forward. For now, Apple shares are looking for direction, with investors hoping the stock can regain the 50-day moving average and start a new breakout.</p>","source":"seekingalpha","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Victim Of Its Own Success</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Victim Of Its Own Success\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-20 23:17 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/article/4430161-apple-victim-of-its-own-success><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Summary\n\nInvestors will likely fret over revenue growth rates later this year.\nRegular iPhone launch timing could pull forward meaningful sales.\nAs stock stays flat, buyback can become more powerful.\n...</p>\n\n<a href=\"https://seekingalpha.com/article/4430161-apple-victim-of-its-own-success\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"AAPL":"苹果"},"source_url":"https://seekingalpha.com/article/4430161-apple-victim-of-its-own-success","is_english":true,"share_image_url":"https://static.laohu8.com/5a36db9d73b4222bc376d24ccc48c8a4","article_id":"1180231636","content_text":"Summary\n\nInvestors will likely fret over revenue growth rates later this year.\nRegular iPhone launch timing could pull forward meaningful sales.\nAs stock stays flat, buyback can become more powerful.\n\nPhoto by Paopano/iStock Editorial via Getty Images\nTechnology giant Apple (AAPL) reported a massive earnings blowout a few weeks ago, and the numbers were truly staggering. A company of this size reporting revenue growth of more than 53% over the prior year period was truly remarkable. Yes, the company has benefited from soft earlier year comparisons and the work from home tailwinds, but you can't argue that its products are not in high demand. As great as Apple's numbers have been lately, it might prove to be a risk later this year.\nI am saying today that Apple could be a victim of its own success because the stock market is always a what have you done for me lately crowd. As the chart below shows, the high revenue growth rates we'll see are expected to come crashing down once we hit the December quarter (fiscal Q1 2022). That 53% growth figure for the March 2021 quarter sets up an insanely high bar that analysts don't think can be repeated next year. Blue bars are actual results, while green ones are current street average estimates.\n(Source: Seeking Alpha estimates page)\nI'm sure the Apple bear crowd will be out in full force if Apple guides to or reports a revenue decline for fiscal Q2 2022. Of course, a small top line decline then would still be a tremendous quarter when looking at the longer term picture. Even though analysts are currently looking for a 2.2% revenue decline in that March 2022 quarter, the average revenue estimate for that period has risen by nearly 16% over the past six months, for example. Over the past year, the average is up by almost $20 billion.\nApple has been helped by the coronavirus in the short term, not only from the work from home crowd buying more tablets and computers, but by the massive stimulus provided by global governments. While those tailwinds will calm down in the coming quarters, economies should be doing better so consumer spending should remain fairly decent. Even though central banks may start to tighten their monetary policy a little, they are certainly not going to do anything severe that will crash things again.\nThe other issue for Apple regarding the coronavirus was the timing of major launches. With factories shut down for a time in 2020, the iPhone release schedule for last year changed in a meaningful way. Instead of seeing one or more phones available to consumers in September, two iPhone 12 models went on sale in late October, with the other two in mid-November. If Apple returns to a normal schedule this year, it will pull billions of revenue forward into the September 2021 (fiscal Q4) quarter. That could further make the early 2022 comparisons tougher to match, giving more fuel to the bears.\nWhen Apple has a big sales year, like it is having with the iPhone currently, investors worry that the next cycle won't be as strong in terms of unit sales. I'm not as concerned this time around with that, partially because consumers are going to want and need to upgrade to 5G smartphones, and that should fuel a multi-year upgrade period. The other thing that could help is if Apple follows what it did with the iPad Pro launch from earlier this year. Take a look at the following table which shows the initial pricing of the larger screen Pro tablet version over the years. There are also the Cellular models that will cost a little bit more, but for this argument, I'm only showing the base Wi-Fi model.\n(Source: iPad Pro wikipedia page)\nBecause of both the advancements in technology as well as larger storage, Apple has raised prices significantly over the years. The most expensive version of this tablet has doubled in price since 2015, and the three lowest storage versions are up $100 each over their prior year counterpart. Thus, if you are arguing that iPad unit sales may be down 5-10% a year from now, it may not be a big deal if Apple is seeing average selling prices that are up 15-20% over that time. I could see a similar thing happening with the iPhone this year, depending on how many older generations stick around and whether or not Apple launches a 1 TB storage option for the smartphone.\nEven if Apple's results aren't as tremendous as some hope they might be moving forward, this company is still doing incredibly well. Free cash flow could be well over $80 billion this year, allowing for a dividend and huge buyback. Don't forget that as shares stay around this $125 level, the repurchasing of shares becomes more significant each quarter as the share count comes down. $20 billion in buybacks every three months at a $2.1 trillion market cap does more than at a $2.2 trillion valuation, for example, and earnings per share will continue to benefit.\nWednesday was another important day for Apple. With the market dropping at the open, Apple fell below its 200-day moving average (green line below). However, the stock was able to regain this key technical level and close above it. As the chart below shows, shares are currently stuck between the 50 and 200-day moving averages, and both lines are mostly flat at this point. Should the stock be able to get back above the shorter term trend line, it could provide a level of support moving forward.\n(Source: Yahoo! Finance)\nIn the end, Apple may become a victim of its own success rather soon. Two massive blowout quarters have not only sent analyst estimates through the roof, but set high bars for future quarters. While the company's sales will remain in an uptrend over the long term, I'm sure the bears will surface if the top line is forecast to decline, especially if a normal iPhone launch pulls sales forward. For now, Apple shares are looking for direction, with investors hoping the stock can regain the 50-day moving average and start a new breakout.","news_type":1},"isVote":1,"tweetType":1,"viewCount":596,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":143793777,"gmtCreate":1625815507199,"gmtModify":1703749112056,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/143793777","repostId":"1119741032","repostType":4,"repost":{"id":"1119741032","pubTimestamp":1625803532,"share":"https://ttm.financial/m/news/1119741032?lang=&edition=fundamental","pubTime":"2021-07-09 12:05","market":"hk","language":"en","title":"5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge","url":"https://stock-news.laohu8.com/highlight/detail?id=1119741032","media":"24/7 wall street","summary":"Just last month, we were being warned that interest rates were ready to move meaningfully higher as ","content":"<p><a href=\"https://laohu8.com/S/JE\">Just</a> last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.</p>\n<p>For income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, <a href=\"https://laohu8.com/S/AONE\">one</a> thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.</p>\n<p>We screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.</p>\n<p><a href=\"https://laohu8.com/S/MO\">Altria</a></p>\n<p>This maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of <a href=\"https://laohu8.com/S/PM\">Philip Morris</a> USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.</p>\n<p>Altria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.</p>\n<p>BofA Securities is very favorable toward the company’s plans for the future:</p>\n<blockquote>\n Management presented at CAGNY (Consumer Analyst Group of <a href=\"https://laohu8.com/S/NWY\">New York</a>) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.\n</blockquote>\n<p>Shareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.</p>\n<p><a href=\"https://laohu8.com/S/CVX\">Chevron</a></p>\n<p>This energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.</p>\n<p>With the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (<a href=\"https://laohu8.com/S/NBL\">Noble</a> integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.</p>\n<p><a href=\"https://laohu8.com/S/IBM\">IBM</a></p>\n<p>This old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.</p>\n<p>The company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.</p>\n<p>CEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.</p>\n<p>Holders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.</p>\n<p>Shareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.</p>\n<p>LyondellBasell</p>\n<p>This top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.</p>\n<p>Over half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the <a href=\"https://laohu8.com/S/UBNK\">United</a> States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.</p>\n<p>Note that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.</p>\n<p>The company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.</p>","source":"lsy1620372341666","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n5 Blue Chip Stocks to Buy With Huge Dividends as Interest Rates Plunge\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-09 12:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/><strong>24/7 wall street</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Just last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we ...</p>\n\n<a href=\"https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://247wallst.com/investing/2021/07/08/5-blue-chip-stocks-to-buy-with-huge-dividends-as-interest-rates-plunge/","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1119741032","content_text":"Just last month, we were being warned that interest rates were ready to move meaningfully higher as inflation and the Federal Reserve were teaming up to end the massive low interest rate paradigm we have been stuck in for years. Then, seemingly out of nowhere, rates have dived lower, with the 10-year Treasury trading at a 1.32% yield, down from near 1.70% at the end of May. The benchmark 30-year Treasury bond is back at the 1.94% level. These are the lowest interest rate levels since last winter.\nFor income investors, this is another setback in what has become over a ten-year problem. While rates certainly could rise again, one thing seems certain: the Federal Reserve will not raise rates until it is positive the economy is back at full strength. The only move the Fed looks poised to make in the near term is the beginning of the tapering of the $120 billion per month purchase of Treasury and mortgage debt.\nWe screened the BofA Securities research universe looking for blue chip stocks rated Buy that paid at least a 4% dividend. We found five that are very appealing now to growth and income investors. While all are rated Buy, it is important to remember that no single analyst report should be used as a sole basis for any buying or selling decision.\nAltria\nThis maker of tobacco products offers value investors a great entry point now and was hit recently as cigarette sales have slowed. Altria Group Inc. (NYSE: MO) is the parent company of Philip Morris USA (cigarettes), UST (smokeless), John Middleton (cigars), Ste. Michelle Wine Estates and Philip Morris Capital. PMUSA enjoys a 51% share of the U.S. cigarette market, led by its top cigarette brand Marlboro.\nAltria also owns over 10% of Anheuser-Busch InBev, the world’s largest brewer. In March 2008, it spun off its international cigarette business to shareholders. In December 2018, the company acquired 35% of Juul Labs, and it has purchased a 45% stake in cannabis company Cronus for $1.8 billion.\nBofA Securities is very favorable toward the company’s plans for the future:\n\n Management presented at CAGNY (Consumer Analyst Group of New York) where it discussed a new corporate focus on ESG, additional details on its IQOS plans and its “Moving beyond smoking” 10-yr plan. Smokeables (cigarettes/cigars) will remain an important part of its strategy, providing funding behind its long-term growth and shareholder returns. Over the last 5-yrs, smokeable and other comprehensive income grew at a 5.5% compounded annual growth rate despite volume declines.\n\nShareholders receive a 7.35% dividend. The analyst has a $58 target price on the shares, while the consensus target is lower at $53.89. Altria stock closed on Wednesday at $46.79 per share.\nChevron\nThis energy giant is a solid way for investors who are more conservative to be positioned in the sector. Chevron Corp. (NYSE: CVX) is a U.S.-based integrated oil and gas company, with worldwide operations in exploration and production, refining and marketing, transportation and petrochemicals. The company sports a sizable dividend and has a solid place in the sector when it comes to natural gas and liquefied natural gas.\nWith the strongest financial base of the majors, coupled with an attractive relative asset base, many on Wall Street feel that Chevron offers the most straightforwardly positive risk/reward. Although current conditions do not warrant a large focus on production growth, Chevron possesses numerous medium-term drivers (Noble integration, Permian, TCO/WPMP expansion, Gulf of Mexico exploration, Vaca Muerta, and so on) that should support production levels in the coming years.\nIBM\nThis old-school tech giant still offers investors a very solid entry point. International Business Machines Corp. (NYSE: IBM) is a leading provider of enterprise solutions, offering a broad portfolio of information technology (IT) hardware, business and IT services, and a full suite of software solutions.\nThe company integrates its hardware products with its software and services offerings in order to provide high-value solutions. Analysts have cited the company’s potential in the public cloud as a reason for their positive outlook going forward.\nCEO Ginni Rommety, who had been in the position since 2012, stepped down in January, and the stock market greeted the news in a very positive manner. Arvind Krishna, who has led the company’s cloud computing business, became the new chief executive. Rometty will remain as executive board chair until the end of the year.\nHolders of IBM stock receive a 4.69% dividend. The $175 BofA Securities price target is well above the $144.14 consensus figure. The shares closed at $139.82 on Wednesday.\nShareholders receive a 5.21% dividend, which analysts feel comfortable will remain at current levels. The BofA Securities price target is $125, which compares to a $122.48 consensus target and the last Chevron stock trade on Wednesday at $102.93 a share.\nLyondellBasell\nThis top chemical company with a sterling balance sheet is another solid play for conservative investors. LyondellBasell Industries N.V. (NYSE: LYB) manufactures chemicals and polymers, refines crude oil, produces gasoline blending components and develops and licenses technologies for production of polymers.\nOver half of earnings are generated in the company’s Olefins and Polyolefins Americas segment, where costs are linked to the price of cheap natural gas in the United States, while selling prices are correlated with the price of oil. The company has pursued a strategy of low-cost, high return on invested capital debottlenecks coupled with cash returns to shareholders.\nNote that debottlenecking is the process of identifying specific areas or equipment in oil and gas facilities that limit the flow of product (known as bottlenecks) and optimizing them so that overall capacity in the plant can be increased.\nThe company offers a 4.50% dividend. BofA Securities has set a $117 price target. The consensus target is $118.41, and LyondellBasell stock ended Wednesday at $100.40 a share.","news_type":1},"isVote":1,"tweetType":1,"viewCount":471,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":127328012,"gmtCreate":1624836561736,"gmtModify":1703845653473,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/127328012","repostId":"2146007118","repostType":4,"repost":{"id":"2146007118","pubTimestamp":1624826996,"share":"https://ttm.financial/m/news/2146007118?lang=&edition=fundamental","pubTime":"2021-06-28 04:49","market":"us","language":"en","title":"June jobs report, Consumer confidence: What to know this week","url":"https://stock-news.laohu8.com/highlight/detail?id=2146007118","media":"Yahoo Finance","summary":"This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.On Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.However, a confluence of ","content":"<p>This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.</p>\n<p>On Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.</p>\n<p>Non-farm payrolls likely grew by 700,000 in June, according to Bloomberg consensus data. This would accelerate from the 559,000 added back in May and mark the biggest rise since March. And the unemployment rate is expected to move down to 5.6% from 5.8% in May, bringing the jobless rate closer to its pre-pandemic, 50-year low of 3.5%.</p>\n<p>\"Payrolls probably surged again in June, with the pace up from the +559,000 in May,\" TD Securities strategists wrote in a note Friday. \"Some acceleration in the private sector is suggested by the Homebase data, while government payrolls probably benefited from fewer than usual end-of-school-year layoffs.\"</p>\n<p>Even with a sizable monthly payroll gain, the economy would still be well off its pre-pandemic levels of employment. Heading into June, the U.S. economy was still down by more than 7 million payrolls compared to February 2020, with the deficit most pronounced in high-contact services industries like restaurants and hotels.</p>\n<p>But both services and manufacturing companies have cited shortages of qualified workers to fill open positions, which hit a record high of over 9 million as of latest data. These supply-and-demand mismatches in the labor market – with shortages noted by firms from FedEx (FDX) to Yum Brands (YUM) — have also begun to push wages higher and created additional costs for businesses. In Friday's report, average hourly earnings are expected to jump 3.6% year-on-year for June, accelerating from May's 2% increase.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/b881fe96eccc72cff61bf35b0dfa72fa\" tg-width=\"5210\" tg-height=\"3404\" referrerpolicy=\"no-referrer\"><span>SAN FRANCISCO, CALIFORNIA - JUNE 03: A pedestrian walks by a Now Hiring sign outside of a Lamps Plus store on June 03, 2021 in San Francisco, California. According to a U.S. Labor Department report, jobless claims fell for a fifth straight week to 385,000. (Photo by Justin Sullivan/Getty Images)Justin Sullivan via Getty Images</span></p>\n<p>\"Strong demand and weak supply should continue to put upward pressure on wages,\" Bank of America economist Michelle Meyer wrote in a note. \"Workers are quitting at a higher rate as they find better opportunities.\"</p>\n<p>However, a confluence of factors that have kept workers on the sidelines of the labor market may start to lessen in the coming months, some economists noted. Many have agreed that a combination of childcare concerns, fears of contracting COVID-19 and ongoing enhanced federal unemployment benefits have contributed to the still-elevated levels of joblessness, but that each of these should diminish as schools reopen, vaccinations continue and jobless benefits get phased out over the next several months.</p>\n<p>\"Labor supply may soon pick up,\" Meyer said. \"We find evidence of a quicker drop in unemployment insurance (UI) applications in states that discontinued generous federal UI benefits.\"</p>\n<p>\"Four states — Alaska, Iowa, Mississippi and Missouri — opted out in June 12 and UI applications in those states have fallen faster compared to other states, according to the latest initial jobless claims figures,\" she added. \"With another eight states opting out in the week ending June 19 and a total of 25 states by end of the summer, more workers should return to the workforce, helping to ease wage pressures and help meet the strong labor demand in the economy.\"</p>\n<h2>Consumer confidence</h2>\n<h2></h2>\n<p>Another closely watched economic data print this week will be the Conference Board's June consumer confidence index, which is expected to reflect a strong pick-up in sentiment during the recovery and heading into the summer. The report is due for release Tuesday morning.</p>\n<p>The headline index is likely to rise to 119.0 for June from 117.2 in May, according to Bloomberg consensus data. This would mark the highest level since February 2020's 132.6, which itself had been a near two-decade high.</p>\n<p>Like investors, consumers have begun to warm to the notion that inflationary pressures seen during the early stages of the economic recovery may prove transitory. This has helped raise consumers' future expectations for their spending power and boosted sentiment at large, according to other consumer sentiment surveys including the University of Michigan's Surveys of Consumers.</p>\n<p>Not only did year-ahead inflation expectations fall slightly to 4.2% in June from May's decade peak of 4.6%, consumers also believed that the price surges will mostly be temporary,\" Richard Curtin, chief economist for the Surveys of Consumers, said on Friday.</p>\n<p>\"When the pandemic first started, consumers were quite uncertain about their job and income prospects, but reported widespread declines in market prices for homes, vehicles, and household durables,\" he added. \"Those favorable price references have dropped to the most negative in a decade, and job and income prospects have improved, but not quite as favorable as in the last few years of the prior expansion.\"</p>\n<p>Still, in a sign of some downside risk in Tuesday's report from the Conference Board, the University of Michigan's June final sentiment index edged lower to 85.5, coming in below the 86.4 preliminary print, but still above May's reading of 82.9.</p>\n<h2>Economic Calendar</h2>\n<ul>\n <li><p><b>Monday: </b>Dallas Fed Manufacturing Activity Index, June (32.5 expected, 34.9 in May)</p></li>\n <li><p><b>Tuesday: </b>FHFA House Price Index, month-on-month, April (1.7% expected, 1.4% in March); S&amp;P <a href=\"https://laohu8.com/S/CLGX\">CoreLogic</a> Case-Shiller 20-City Composite index, month-over-month, April (1.80% expected, 1.60% in March); S&amp;P CoreLogic Case-Shiller 20-City Composite index, year-over-year, April (13.27% in March); Conference Board Consumer Confidence, June (119.0 expected, 117.2 in May)</p></li>\n <li><p><b>Wednesday: </b>MBA Mortgage Applications, week ended June 25 (2.1% during prior week); ADP Employment Change, June (575,000 expected, 978,000 in May); MNI Chicago PMI, June (70.0 expected, 75.2 in May); Pending home sales, month-over-month, May (-1.0% expected, -4.4% in April);</p></li>\n <li><p><b>Thursday: </b>Challenger Job Cuts, year-over-year, June (-93.8% in May); Initial jobless claims, week ended June 26 (380,000 expected, 411,000 during prior week); Continuing claims, week ended June 19 (3.39 million during prior week); <a href=\"https://laohu8.com/S/MRKT\">Markit</a> US Manufacturing PMI, June final (62.6 in prior print); Construction Spending month-over-month, May (0.5% expected 0.2% in April); ISM Manufacturing, June (61.0 expected, 61.2 in May)</p></li>\n <li><p><b>Friday: </b>Change in non-farm payrolls, June (700,000 expected, 559,000 in May); Unemployment rate, June (5.6% expected, 5.8% in May); Average hourly earnings year-over-year, June (3.6% expected, 2.0% in May); Average hourly earnings, month-over-month, June (0.4% expected, 0.5% in May); Trade balance, May (-$71.0 billion expected, -$68.9 billion in April); Factory orders, May (1.5% expected, -0.6% in April); Durable goods orders, May final (2.3% in prior print); Durable goods orders excluding transportation, May final (2.3% in prior print); Non-defense capital goods orders excluding aircraft, May final (-0.1% in April); Non-defense capital goods shipments excluding aircraft, May final (0.9% in prior print)</p></li>\n</ul>\n<h2>Earnings Calendar</h2>\n<ul>\n <li><p><b>Monday:</b> N/A</p></li>\n <li><p><b>Tuesday: </b>N/A</p></li>\n <li><p><b>Wednesday: </b>Constellation Brands (STZ), Bed Bath &amp; Beyond (BBBY), General Mills (GIS) before market open; Micron Technologies (MU) after market close</p></li>\n <li><p><b>Thursday: </b><a href=\"https://laohu8.com/S/WBA\">Walgreens Boots Alliance</a> (WBA) before market open</p></li>\n <li><p><b>Friday:</b> N/A</p></li>\n</ul>","source":"yahoofinance_au","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>June jobs report, Consumer confidence: What to know this week</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nJune jobs report, Consumer confidence: What to know this week\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-28 04:49 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html><strong>Yahoo Finance</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 ...</p>\n\n<a href=\"https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".IXIC":"NASDAQ Composite",".DJI":"道琼斯",".SPX":"S&P 500 Index"},"source_url":"https://finance.yahoo.com/news/june-jobs-report-consumer-confidence-what-to-know-this-week-204956329.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2146007118","content_text":"This week's packed slate of economic data reports will include an update on the labor market and new data on consumer confidence, offering fresh looks at the pace and perception of the COVID-19 recovery for many Americans.\nOn Friday, the Labor Department will release its June jobs report. The print is expected to show an acceleration in rehiring and a step lower in the unemployment rate, helping alleviate some of the labor shortages reported across the economy as of late.\nNon-farm payrolls likely grew by 700,000 in June, according to Bloomberg consensus data. This would accelerate from the 559,000 added back in May and mark the biggest rise since March. And the unemployment rate is expected to move down to 5.6% from 5.8% in May, bringing the jobless rate closer to its pre-pandemic, 50-year low of 3.5%.\n\"Payrolls probably surged again in June, with the pace up from the +559,000 in May,\" TD Securities strategists wrote in a note Friday. \"Some acceleration in the private sector is suggested by the Homebase data, while government payrolls probably benefited from fewer than usual end-of-school-year layoffs.\"\nEven with a sizable monthly payroll gain, the economy would still be well off its pre-pandemic levels of employment. Heading into June, the U.S. economy was still down by more than 7 million payrolls compared to February 2020, with the deficit most pronounced in high-contact services industries like restaurants and hotels.\nBut both services and manufacturing companies have cited shortages of qualified workers to fill open positions, which hit a record high of over 9 million as of latest data. These supply-and-demand mismatches in the labor market – with shortages noted by firms from FedEx (FDX) to Yum Brands (YUM) — have also begun to push wages higher and created additional costs for businesses. In Friday's report, average hourly earnings are expected to jump 3.6% year-on-year for June, accelerating from May's 2% increase.\nSAN FRANCISCO, CALIFORNIA - JUNE 03: A pedestrian walks by a Now Hiring sign outside of a Lamps Plus store on June 03, 2021 in San Francisco, California. According to a U.S. Labor Department report, jobless claims fell for a fifth straight week to 385,000. (Photo by Justin Sullivan/Getty Images)Justin Sullivan via Getty Images\n\"Strong demand and weak supply should continue to put upward pressure on wages,\" Bank of America economist Michelle Meyer wrote in a note. \"Workers are quitting at a higher rate as they find better opportunities.\"\nHowever, a confluence of factors that have kept workers on the sidelines of the labor market may start to lessen in the coming months, some economists noted. Many have agreed that a combination of childcare concerns, fears of contracting COVID-19 and ongoing enhanced federal unemployment benefits have contributed to the still-elevated levels of joblessness, but that each of these should diminish as schools reopen, vaccinations continue and jobless benefits get phased out over the next several months.\n\"Labor supply may soon pick up,\" Meyer said. \"We find evidence of a quicker drop in unemployment insurance (UI) applications in states that discontinued generous federal UI benefits.\"\n\"Four states — Alaska, Iowa, Mississippi and Missouri — opted out in June 12 and UI applications in those states have fallen faster compared to other states, according to the latest initial jobless claims figures,\" she added. \"With another eight states opting out in the week ending June 19 and a total of 25 states by end of the summer, more workers should return to the workforce, helping to ease wage pressures and help meet the strong labor demand in the economy.\"\nConsumer confidence\n\nAnother closely watched economic data print this week will be the Conference Board's June consumer confidence index, which is expected to reflect a strong pick-up in sentiment during the recovery and heading into the summer. The report is due for release Tuesday morning.\nThe headline index is likely to rise to 119.0 for June from 117.2 in May, according to Bloomberg consensus data. This would mark the highest level since February 2020's 132.6, which itself had been a near two-decade high.\nLike investors, consumers have begun to warm to the notion that inflationary pressures seen during the early stages of the economic recovery may prove transitory. This has helped raise consumers' future expectations for their spending power and boosted sentiment at large, according to other consumer sentiment surveys including the University of Michigan's Surveys of Consumers.\nNot only did year-ahead inflation expectations fall slightly to 4.2% in June from May's decade peak of 4.6%, consumers also believed that the price surges will mostly be temporary,\" Richard Curtin, chief economist for the Surveys of Consumers, said on Friday.\n\"When the pandemic first started, consumers were quite uncertain about their job and income prospects, but reported widespread declines in market prices for homes, vehicles, and household durables,\" he added. \"Those favorable price references have dropped to the most negative in a decade, and job and income prospects have improved, but not quite as favorable as in the last few years of the prior expansion.\"\nStill, in a sign of some downside risk in Tuesday's report from the Conference Board, the University of Michigan's June final sentiment index edged lower to 85.5, coming in below the 86.4 preliminary print, but still above May's reading of 82.9.\nEconomic Calendar\n\nMonday: Dallas Fed Manufacturing Activity Index, June (32.5 expected, 34.9 in May)\nTuesday: FHFA House Price Index, month-on-month, April (1.7% expected, 1.4% in March); S&P CoreLogic Case-Shiller 20-City Composite index, month-over-month, April (1.80% expected, 1.60% in March); S&P CoreLogic Case-Shiller 20-City Composite index, year-over-year, April (13.27% in March); Conference Board Consumer Confidence, June (119.0 expected, 117.2 in May)\nWednesday: MBA Mortgage Applications, week ended June 25 (2.1% during prior week); ADP Employment Change, June (575,000 expected, 978,000 in May); MNI Chicago PMI, June (70.0 expected, 75.2 in May); Pending home sales, month-over-month, May (-1.0% expected, -4.4% in April);\nThursday: Challenger Job Cuts, year-over-year, June (-93.8% in May); Initial jobless claims, week ended June 26 (380,000 expected, 411,000 during prior week); Continuing claims, week ended June 19 (3.39 million during prior week); Markit US Manufacturing PMI, June final (62.6 in prior print); Construction Spending month-over-month, May (0.5% expected 0.2% in April); ISM Manufacturing, June (61.0 expected, 61.2 in May)\nFriday: Change in non-farm payrolls, June (700,000 expected, 559,000 in May); Unemployment rate, June (5.6% expected, 5.8% in May); Average hourly earnings year-over-year, June (3.6% expected, 2.0% in May); Average hourly earnings, month-over-month, June (0.4% expected, 0.5% in May); Trade balance, May (-$71.0 billion expected, -$68.9 billion in April); Factory orders, May (1.5% expected, -0.6% in April); Durable goods orders, May final (2.3% in prior print); Durable goods orders excluding transportation, May final (2.3% in prior print); Non-defense capital goods orders excluding aircraft, May final (-0.1% in April); Non-defense capital goods shipments excluding aircraft, May final (0.9% in prior print)\n\nEarnings Calendar\n\nMonday: N/A\nTuesday: N/A\nWednesday: Constellation Brands (STZ), Bed Bath & Beyond (BBBY), General Mills (GIS) before market open; Micron Technologies (MU) after market close\nThursday: Walgreens Boots Alliance (WBA) before market open\nFriday: N/A","news_type":1},"isVote":1,"tweetType":1,"viewCount":316,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194359744,"gmtCreate":1621344917388,"gmtModify":1704356123054,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"Wow. Wonderful news.&nbsp;","listText":"Wow. Wonderful news.&nbsp;","text":"Wow. Wonderful news.","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":3,"repostSize":0,"link":"https://ttm.financial/post/194359744","repostId":"1193296120","repostType":4,"repost":{"id":"1193296120","pubTimestamp":1621341344,"share":"https://ttm.financial/m/news/1193296120?lang=&edition=fundamental","pubTime":"2021-05-18 20:35","market":"us","language":"en","title":"Apple: Still The King Of Warren Buffett Stocks","url":"https://stock-news.laohu8.com/highlight/detail?id=1193296120","media":"TheStreet","summary":"Apple stock remains Berkshire Hathaway’s number one position, by far. The Apple Maven explains why, despite the AAPL stake having been trimmed, Warren Buffett and team remain bullish.Warren Buffett’s Berkshire Hathaway  has just disclosed its first quarter 2021 holdings. Once again, Apple stock  was the conglomerate’s number one position, at a total portfolio allocation of 40%.Today, the Apple Maven reviews (#1) what has changed in Berkshire’s AAPL ownership since last quarter, (#2) what the imp","content":"<p>Apple stock remains Berkshire Hathaway’s number one position, by far. The Apple Maven explains why, despite the AAPL stake having been trimmed, Warren Buffett and team remain bullish.</p>\n<p>Warren Buffett’s Berkshire Hathaway (ticker $BRK.A) has just&nbsp;disclosed&nbsp;its first quarter 2021 holdings. Once again, Apple stock (ticker $AAPL) was the conglomerate’s number one position, at a total portfolio allocation of 40%.</p>\n<p>Today, the Apple Maven reviews (#1) what has changed in Berkshire’s AAPL ownership since last quarter, (#2) what the implications might be for Apple investors, and (#3) other noteworthy changes in the Oracle of Omaha’s portfolio.</p>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/3ee72f5897d2d4154bfab1375823b489\" tg-width=\"740\" tg-height=\"416\" referrerpolicy=\"no-referrer\"><span>Figure 1: Warren Buffett at Berkshire Hathaway’s annual meeting. May, 2021.</span></p>\n<p><b>#1. AAPL is still king</b></p>\n<p>As of the end of the first period 2021, Berkshire Hathaway owned nearly 890 million shares of Apple stock. Priced at last quarter-end’s $122.15, the holding represented a $108 billion stake in the Cupertino company’s equity.</p>\n<p>The chart below underscores a couple of interesting facts about Berkshire Hathaway’s AAPL ownership over the past four quarters:</p>\n<ul>\n <li>Number of shares owned has decreased progressively and consistently from a bit over 1 billion in the second calendar quarter 2020 (adjusted for the August 4-to-1 split).</li>\n <li>AAPL’s position relative to total portfolio value spiked in the third quarter 2020, alongside Apple share price, reaching a peak of 45%. Now, following some position trimming and the stock’s correction in the past six-to-eight months, the allocation has dipped to 40%.</li>\n</ul>\n<p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/87264184dc83a332f3020ab4d63eb188\" tg-width=\"1200\" tg-height=\"714\"><span>Figure 2: Berkshire's ownership of AAPL since 2Q'20.</span></p>\n<p><b>#2. Is Buffett less bullish?</b></p>\n<p>One top-of-mind question that Apple investors might have is whether Warren Buffett and his team have become less bullish on AAPL. Afterall, Berkshire seems to own less Apple stock by the quarter.</p>\n<p>In my view, the answer is no. In fact, Warren Buffett himself has explained why trimming AAPL does not necessarily mean owning less of the Cupertino company. The trick has been possible due to Apple’s stock buyback efforts. Below is Mr. Buffett’s quote,from a few months ago:</p>\n<p>“When we finished our purchases in mid-2018, Berkshire’s general account owned 5.2% of Apple. […] Since then, we have […] pocketed $11 billion by selling a small portion of our position. Despite that sale – voila! – Berkshire now owns 5.4% of Apple. That increase was costless to us, coming about because Apple has continuously repurchased its shares, thereby substantially shrinking the number it now has outstanding.”</p>\n<p></p>\n<p>To be fair, I had hoped to see a small increase in Berkshire’s AAPL stake in the first quarter.As I explained recently, Buffett could see the recent correction in Apple shares as an opportunity to buy. Not only that, Buffett’s right-hand Charlie Munger has evenarguedthat Berkshire should not have sold Apple stock in 2020.</p>\n<p>Instead, I will have to be content with Berkshire’s mere 2% position trim since last quarter, compared to a 6% and 4% reduction in the fourth and third quarters of 2020, respectively.</p>\n<p><b>#3. Other important portfolio changes</b></p>\n<p>The Apple Maven cares about Apple stock first and foremost. However, in the first period of 2020, two stocks stood out after having been dumped by Berkshire; and one, for having been bought aggressively.</p>\n<ul>\n <li><b>Wells Fargo</b>&nbsp;(ticker $WFC), one of Berkshire’s long-time but lately unsuccessful Big Bank holding, was effectively removed from the portfolio. Shares of the company were down about 0.5% in after-hours trading.</li>\n <li>The&nbsp;<b>Chevron</b>&nbsp;(ticker $CVX) position was slashed in half to now account for less than 1% of the portfolio. This could have been the result of oil and gas stocks having rallied so far and so fast over the past few months.</li>\n <li><b>Kroger</b>&nbsp;(ticker $KR) saw its allocation roughly double quarter-over-quarter to 0.7%. The stock traded up 1.1% on Monday after hours.</li>\n</ul>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Apple: Still The King Of Warren Buffett Stocks</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nApple: Still The King Of Warren Buffett Stocks\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-05-18 20:35 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.thestreet.com/apple/news/apple-still-the-king-of-warren-buffett-stocks><strong>TheStreet</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Apple stock remains Berkshire Hathaway’s number one position, by far. The Apple Maven explains why, despite the AAPL stake having been trimmed, Warren Buffett and team remain bullish.\nWarren Buffett’s...</p>\n\n<a href=\"https://www.thestreet.com/apple/news/apple-still-the-king-of-warren-buffett-stocks\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BRK.B":"伯克希尔B","AAPL":"苹果","BRK.A":"伯克希尔"},"source_url":"https://www.thestreet.com/apple/news/apple-still-the-king-of-warren-buffett-stocks","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1193296120","content_text":"Apple stock remains Berkshire Hathaway’s number one position, by far. The Apple Maven explains why, despite the AAPL stake having been trimmed, Warren Buffett and team remain bullish.\nWarren Buffett’s Berkshire Hathaway (ticker $BRK.A) has just disclosed its first quarter 2021 holdings. Once again, Apple stock (ticker $AAPL) was the conglomerate’s number one position, at a total portfolio allocation of 40%.\nToday, the Apple Maven reviews (#1) what has changed in Berkshire’s AAPL ownership since last quarter, (#2) what the implications might be for Apple investors, and (#3) other noteworthy changes in the Oracle of Omaha’s portfolio.\nFigure 1: Warren Buffett at Berkshire Hathaway’s annual meeting. May, 2021.\n#1. AAPL is still king\nAs of the end of the first period 2021, Berkshire Hathaway owned nearly 890 million shares of Apple stock. Priced at last quarter-end’s $122.15, the holding represented a $108 billion stake in the Cupertino company’s equity.\nThe chart below underscores a couple of interesting facts about Berkshire Hathaway’s AAPL ownership over the past four quarters:\n\nNumber of shares owned has decreased progressively and consistently from a bit over 1 billion in the second calendar quarter 2020 (adjusted for the August 4-to-1 split).\nAAPL’s position relative to total portfolio value spiked in the third quarter 2020, alongside Apple share price, reaching a peak of 45%. Now, following some position trimming and the stock’s correction in the past six-to-eight months, the allocation has dipped to 40%.\n\nFigure 2: Berkshire's ownership of AAPL since 2Q'20.\n#2. Is Buffett less bullish?\nOne top-of-mind question that Apple investors might have is whether Warren Buffett and his team have become less bullish on AAPL. Afterall, Berkshire seems to own less Apple stock by the quarter.\nIn my view, the answer is no. In fact, Warren Buffett himself has explained why trimming AAPL does not necessarily mean owning less of the Cupertino company. The trick has been possible due to Apple’s stock buyback efforts. Below is Mr. Buffett’s quote,from a few months ago:\n“When we finished our purchases in mid-2018, Berkshire’s general account owned 5.2% of Apple. […] Since then, we have […] pocketed $11 billion by selling a small portion of our position. Despite that sale – voila! – Berkshire now owns 5.4% of Apple. That increase was costless to us, coming about because Apple has continuously repurchased its shares, thereby substantially shrinking the number it now has outstanding.”\n\nTo be fair, I had hoped to see a small increase in Berkshire’s AAPL stake in the first quarter.As I explained recently, Buffett could see the recent correction in Apple shares as an opportunity to buy. Not only that, Buffett’s right-hand Charlie Munger has evenarguedthat Berkshire should not have sold Apple stock in 2020.\nInstead, I will have to be content with Berkshire’s mere 2% position trim since last quarter, compared to a 6% and 4% reduction in the fourth and third quarters of 2020, respectively.\n#3. Other important portfolio changes\nThe Apple Maven cares about Apple stock first and foremost. However, in the first period of 2020, two stocks stood out after having been dumped by Berkshire; and one, for having been bought aggressively.\n\nWells Fargo (ticker $WFC), one of Berkshire’s long-time but lately unsuccessful Big Bank holding, was effectively removed from the portfolio. Shares of the company were down about 0.5% in after-hours trading.\nThe Chevron (ticker $CVX) position was slashed in half to now account for less than 1% of the portfolio. This could have been the result of oil and gas stocks having rallied so far and so fast over the past few months.\nKroger (ticker $KR) saw its allocation roughly double quarter-over-quarter to 0.7%. The stock traded up 1.1% on Monday after hours.","news_type":1},"isVote":1,"tweetType":1,"viewCount":494,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":194904526,"gmtCreate":1621331307265,"gmtModify":1704355898485,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"The has been an issue","listText":"The has been an issue","text":"The has been an issue","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":2,"repostSize":0,"link":"https://ttm.financial/post/194904526","repostId":"1120831067","repostType":4,"isVote":1,"tweetType":1,"viewCount":440,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":130673589,"gmtCreate":1621549178241,"gmtModify":1704359308454,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"The barista version of the Oatly milk is the best!","listText":"The barista version of the Oatly milk is the best!","text":"The barista version of the Oatly milk is the best!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/130673589","repostId":"2136010949","repostType":4,"repost":{"id":"2136010949","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1621525460,"share":"https://ttm.financial/m/news/2136010949?lang=&edition=fundamental","pubTime":"2021-05-20 23:44","market":"us","language":"en","title":"Oatly spikes 25% on its first day of trading","url":"https://stock-news.laohu8.com/highlight/detail?id=2136010949","media":"Tiger Newspress","summary":"Oatly shares opened at $21.36 each on Thursday, about 25% higher than the company’s IPO price.Oatly ","content":"<p>Oatly shares opened at $21.36&nbsp;each on Thursday, about 25% higher than the company’s IPO price.</p><p><img src=\"https://static.tigerbbs.com/dea20942dd681dbc49dc4d9b993e2bf2\" tg-width=\"1920\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"></p><p>Oatly is preparing for the next generation of diners who bring with them 'a new set of values and expectations'</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1d5a4af914d52b8e97b3e053101a658\" tg-width=\"1260\" tg-height=\"841\" referrerpolicy=\"no-referrer\"><span>Oatly said in its prospectus that it's focused on health and sustainability, two areas of importance to customers.</span></p><p>After first filing for its IPO confidentially in February , plant-based food company <a href=\"https://laohu8.com/S/OTLY\">Oatly Group AB</a> go public Thursday.</p><p>On Wednesday, Oatly priced its initial public offering at $17 a share , at the high end of its expected range, offering 84.4 million American Depository Shares. Selling stockholders will offer 19.7 million of those shares.</p><p>The pricing valued the company at about $10 billion, and will raise about $1.43 billion. The company will trade on the Nasdaq under the ticker \"OTLY.\"</p><p>Oatly Group changed its name from Havre Global AB on March 1.</p><p>There are nine lead underwriters for the filing: <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>, JPMorgan, Credit Suisse, Barclays, Jeffries, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets.</p><p>Oatly is backed by private-equity group Blackstone Group, as well as celebrity names like Oprah Winfrey and Jay Z who invested $200 million in the company last summer. That investment valued the company at $2 billion at the time, according to The Wall Street Journal .</p><p>Based in Malmö, Sweden, Oatly has been in the oat milk business for 25 years. The company's product lineup now also includes frozen desserts and \"oatgurt,\" an alternative yogurt.</p><p>Toni Petersson has been Oatly's chief executive since 2012, and will join the board once the company is publicly-traded.</p><p>Christian Hanke, a former Nasdaq Stockholm executive, has served as Oatly's chief financial officer since March 2020.</p><p>The company is going public at a time when climate change and sustainability issues are top of mind for many consumers, particularly younger ones.</p><p>\"Generation Z and Millennials will become the dominant global generations in the coming years, bringing to the market a new set of values and expectations,\" the company said in its prospectus.</p><p>\"These combined factors are driving a clear rapid, accelerating growth and influx of new consumers to the plant-based dairy market.\"</p><p>According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.</p><p>Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.</p><p>Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow's milk reduces greenhouse gas emissions, land use and energy consumption.</p><p>Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that \"plant-based everything\" will be <a href=\"https://laohu8.com/S/AONE\">one</a> of the top 10 U.S. trends for this year.</p><p>\"The number <a href=\"https://laohu8.com/S/AONE.U\">one</a> reason consumers turn to plant-based food and beverage? Health,\" the report said.</p><p>\"Plant-based is no longer just an 'alternative' to meat, but rather a significantcategory in itself.\"</p><p>Oatly's key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks <a href=\"https://laohu8.com/S/SBUX\">$(SBUX)$</a>, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.</p><p>COVID-19 has impacted Oatly's business as lockdowns around the world limited access to restaurants, bars and other dining establishments.</p><p>In 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million \"reflecting our continued investment in production, brand awareness, new markets and product development,\" the prospectus said.</p><p>Oatly is classified as an \"emerging growth company,\" which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.</p><p>Oatly warns that it has reported losses over the last \"several\" years and expects operating and capital expenses to rise \"substantially.\"</p><p>\"Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,\" the company said in its prospectus.</p><p>\"We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.\"</p><p>Here are five more things to know about Oatly ahead of its public debut:</p><p>Oatly will not pay a dividend for the \"foreseeable future.\" The company plans to use the proceeds from the offering as working capital, for incremental growth, including expansion, and other general purposes.</p><p>Coffee provided a gateway for Oatly in the U.S. Oatly arrived in the U.S. in 2017. The company says it \"focused on targeting coffee's tastemakers, professional baristas at independent coffee shops\" as a way to enter the market.\"</p><p>By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.</p><p>Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.</p><p>Limited oat supply could have a financial impact. Oatly depends on five suppliers for the oats it uses, purchasing this ingredient through millers in Sweden, Denmark, the U.S. and Belgium.</p><p>\"We have in the past experienced interruptions in the supply of oats from one supplier that resulted in delays in delivery to us,\" the company said, noting that its oat supply is also vulnerable to natural disasters such as drought or floods.</p><p>\"We could experience similar delays in the future from any of these suppliers.\"</p><p>The company also depends on select suppliers for enzymes, including one supplier that provides an enzyme for some of Oatly's products, including Barista Edition oat milk.</p><p>The main components of the company's products are manufactured in four primary facilities as of March 2021, which could also be a problem if something significant happens at any one facility.</p><p>The dairy market is highly competitive. Oatly identifies conventional dairy companies, including Dean Foods Inc. (DFODQ) and Lactalis as competitors, as well as the growing array of plant-based dairy alternative companies that are entering the market, including soy, almond, hemp and cashew milk brands.</p><p>All of these companies are competing for a finite number of retail stores, coffee shops, foodservice clients and consumers.</p><p>\"In order for us to not only maintain our market position, but also to continue to grow and acquire more consumers, some of which may be switching from traditional dairy to plant-based alternatives, we must continue to provide delicious, high-quality products, and consumers must believe in our vision for a food system that is better for people and the planet,\" the company said.</p><p>Oatly's marketing and COVID-19 might be a hurdle to growth. Oatly says that its history of \"provocative and unconventional marketing and advertising campaigns\" has gotten them into hot water, including a 2014 lawsuit filed by the Swedish dairy lobby in which the courts found Oatly was \"disparaging to dairy products.\"</p><p>\"The decision resulted in a ban on our further use of a number of expressions marketing our products in Sweden, under the penalty of liquidated damages of SEK 2 million per expression,\" the prospectus said.</p><p>The company cautions that future marketing could drive other legal action.</p><p>More recently, Oatly's Super Bowl ad made headlines , but mostly for provoking laughter.</p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Oatly spikes 25% on its first day of trading</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOatly spikes 25% on its first day of trading\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time\">2021-05-20 23:44</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<p>Oatly shares opened at $21.36&nbsp;each on Thursday, about 25% higher than the company’s IPO price.</p><p><img src=\"https://static.tigerbbs.com/dea20942dd681dbc49dc4d9b993e2bf2\" tg-width=\"1920\" tg-height=\"1080\" referrerpolicy=\"no-referrer\"></p><p>Oatly is preparing for the next generation of diners who bring with them 'a new set of values and expectations'</p><p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/d1d5a4af914d52b8e97b3e053101a658\" tg-width=\"1260\" tg-height=\"841\" referrerpolicy=\"no-referrer\"><span>Oatly said in its prospectus that it's focused on health and sustainability, two areas of importance to customers.</span></p><p>After first filing for its IPO confidentially in February , plant-based food company <a href=\"https://laohu8.com/S/OTLY\">Oatly Group AB</a> go public Thursday.</p><p>On Wednesday, Oatly priced its initial public offering at $17 a share , at the high end of its expected range, offering 84.4 million American Depository Shares. Selling stockholders will offer 19.7 million of those shares.</p><p>The pricing valued the company at about $10 billion, and will raise about $1.43 billion. The company will trade on the Nasdaq under the ticker \"OTLY.\"</p><p>Oatly Group changed its name from Havre Global AB on March 1.</p><p>There are nine lead underwriters for the filing: <a href=\"https://laohu8.com/S/MSTLW\">Morgan Stanley</a>, JPMorgan, Credit Suisse, Barclays, Jeffries, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets.</p><p>Oatly is backed by private-equity group Blackstone Group, as well as celebrity names like Oprah Winfrey and Jay Z who invested $200 million in the company last summer. That investment valued the company at $2 billion at the time, according to The Wall Street Journal .</p><p>Based in Malmö, Sweden, Oatly has been in the oat milk business for 25 years. The company's product lineup now also includes frozen desserts and \"oatgurt,\" an alternative yogurt.</p><p>Toni Petersson has been Oatly's chief executive since 2012, and will join the board once the company is publicly-traded.</p><p>Christian Hanke, a former Nasdaq Stockholm executive, has served as Oatly's chief financial officer since March 2020.</p><p>The company is going public at a time when climate change and sustainability issues are top of mind for many consumers, particularly younger ones.</p><p>\"Generation Z and Millennials will become the dominant global generations in the coming years, bringing to the market a new set of values and expectations,\" the company said in its prospectus.</p><p>\"These combined factors are driving a clear rapid, accelerating growth and influx of new consumers to the plant-based dairy market.\"</p><p>According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.</p><p>Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.</p><p>Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow's milk reduces greenhouse gas emissions, land use and energy consumption.</p><p>Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that \"plant-based everything\" will be <a href=\"https://laohu8.com/S/AONE\">one</a> of the top 10 U.S. trends for this year.</p><p>\"The number <a href=\"https://laohu8.com/S/AONE.U\">one</a> reason consumers turn to plant-based food and beverage? Health,\" the report said.</p><p>\"Plant-based is no longer just an 'alternative' to meat, but rather a significantcategory in itself.\"</p><p>Oatly's key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks <a href=\"https://laohu8.com/S/SBUX\">$(SBUX)$</a>, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.</p><p>COVID-19 has impacted Oatly's business as lockdowns around the world limited access to restaurants, bars and other dining establishments.</p><p>In 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million \"reflecting our continued investment in production, brand awareness, new markets and product development,\" the prospectus said.</p><p>Oatly is classified as an \"emerging growth company,\" which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.</p><p>Oatly warns that it has reported losses over the last \"several\" years and expects operating and capital expenses to rise \"substantially.\"</p><p>\"Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,\" the company said in its prospectus.</p><p>\"We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.\"</p><p>Here are five more things to know about Oatly ahead of its public debut:</p><p>Oatly will not pay a dividend for the \"foreseeable future.\" The company plans to use the proceeds from the offering as working capital, for incremental growth, including expansion, and other general purposes.</p><p>Coffee provided a gateway for Oatly in the U.S. Oatly arrived in the U.S. in 2017. The company says it \"focused on targeting coffee's tastemakers, professional baristas at independent coffee shops\" as a way to enter the market.\"</p><p>By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.</p><p>Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.</p><p>Limited oat supply could have a financial impact. Oatly depends on five suppliers for the oats it uses, purchasing this ingredient through millers in Sweden, Denmark, the U.S. and Belgium.</p><p>\"We have in the past experienced interruptions in the supply of oats from one supplier that resulted in delays in delivery to us,\" the company said, noting that its oat supply is also vulnerable to natural disasters such as drought or floods.</p><p>\"We could experience similar delays in the future from any of these suppliers.\"</p><p>The company also depends on select suppliers for enzymes, including one supplier that provides an enzyme for some of Oatly's products, including Barista Edition oat milk.</p><p>The main components of the company's products are manufactured in four primary facilities as of March 2021, which could also be a problem if something significant happens at any one facility.</p><p>The dairy market is highly competitive. Oatly identifies conventional dairy companies, including Dean Foods Inc. (DFODQ) and Lactalis as competitors, as well as the growing array of plant-based dairy alternative companies that are entering the market, including soy, almond, hemp and cashew milk brands.</p><p>All of these companies are competing for a finite number of retail stores, coffee shops, foodservice clients and consumers.</p><p>\"In order for us to not only maintain our market position, but also to continue to grow and acquire more consumers, some of which may be switching from traditional dairy to plant-based alternatives, we must continue to provide delicious, high-quality products, and consumers must believe in our vision for a food system that is better for people and the planet,\" the company said.</p><p>Oatly's marketing and COVID-19 might be a hurdle to growth. Oatly says that its history of \"provocative and unconventional marketing and advertising campaigns\" has gotten them into hot water, including a 2014 lawsuit filed by the Swedish dairy lobby in which the courts found Oatly was \"disparaging to dairy products.\"</p><p>\"The decision resulted in a ban on our further use of a number of expressions marketing our products in Sweden, under the penalty of liquidated damages of SEK 2 million per expression,\" the prospectus said.</p><p>The company cautions that future marketing could drive other legal action.</p><p>More recently, Oatly's Super Bowl ad made headlines , but mostly for provoking laughter.</p>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"OTLY":"Oatly Group AB","SBUX":"星巴克"},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2136010949","content_text":"Oatly shares opened at $21.36 each on Thursday, about 25% higher than the company’s IPO price.Oatly is preparing for the next generation of diners who bring with them 'a new set of values and expectations'Oatly said in its prospectus that it's focused on health and sustainability, two areas of importance to customers.After first filing for its IPO confidentially in February , plant-based food company Oatly Group AB go public Thursday.On Wednesday, Oatly priced its initial public offering at $17 a share , at the high end of its expected range, offering 84.4 million American Depository Shares. Selling stockholders will offer 19.7 million of those shares.The pricing valued the company at about $10 billion, and will raise about $1.43 billion. The company will trade on the Nasdaq under the ticker \"OTLY.\"Oatly Group changed its name from Havre Global AB on March 1.There are nine lead underwriters for the filing: Morgan Stanley, JPMorgan, Credit Suisse, Barclays, Jeffries, BNP Paribas, BofA Securities, Piper Sandler and RBC Capital Markets.Oatly is backed by private-equity group Blackstone Group, as well as celebrity names like Oprah Winfrey and Jay Z who invested $200 million in the company last summer. That investment valued the company at $2 billion at the time, according to The Wall Street Journal .Based in Malmö, Sweden, Oatly has been in the oat milk business for 25 years. The company's product lineup now also includes frozen desserts and \"oatgurt,\" an alternative yogurt.Toni Petersson has been Oatly's chief executive since 2012, and will join the board once the company is publicly-traded.Christian Hanke, a former Nasdaq Stockholm executive, has served as Oatly's chief financial officer since March 2020.The company is going public at a time when climate change and sustainability issues are top of mind for many consumers, particularly younger ones.\"Generation Z and Millennials will become the dominant global generations in the coming years, bringing to the market a new set of values and expectations,\" the company said in its prospectus.\"These combined factors are driving a clear rapid, accelerating growth and influx of new consumers to the plant-based dairy market.\"According to the Plant Based Foods Association and Good Foods Institute, plant-based-food sales reached $7 billion in 2020.Consumer Insights data quoted in the prospectus says the plant-based milk category will grow 20% to 25% over the next three years.Oatly is focused on its role in helping to transform the food industry in order to be better for the environment and meet the health needs of its customers. The company points out that substituting a cup of Oatly for a cup of cow's milk reduces greenhouse gas emissions, land use and energy consumption.Tastewise, which provides food and beverage data and intelligence, said in a December 2020 report that \"plant-based everything\" will be one of the top 10 U.S. trends for this year.\"The number one reason consumers turn to plant-based food and beverage? Health,\" the report said.\"Plant-based is no longer just an 'alternative' to meat, but rather a significantcategory in itself.\"Oatly's key markets are Sweden, Germany and the U.K., though its products were available in 60,000 retail stores and 32,200 coffee shops around the world as of December 31, 2020. Among the places where customers can find Oatly is Starbucks $(SBUX)$, where demand was so high there was a shortage soon after the coffee chain introduced beverages made with the item.COVID-19 has impacted Oatly's business as lockdowns around the world limited access to restaurants, bars and other dining establishments.In 2020, Oatly had revenue of $421.4 million, up from $204.0 million the year before. However, the company reported a loss of $60.4 million \"reflecting our continued investment in production, brand awareness, new markets and product development,\" the prospectus said.Oatly is classified as an \"emerging growth company,\" which means it does not have to make the same disclosures required of bigger public companies. A business remains an emerging growth company until it reaches a number of milestones, including annual revenue of more than $1.07 billion.Oatly warns that it has reported losses over the last \"several\" years and expects operating and capital expenses to rise \"substantially.\"\"Our expansion efforts may take longer or prove more expensive than we anticipate, particularly in light of the COVID-19 pandemic, and we may not succeed in increasing our revenue and margins sufficiently to offset the anticipated higher expenses,\" the company said in its prospectus.\"We incur significant expenses in researching and developing our innovative products, building out our production and manufacturing facilities, obtaining and storing ingredients and other products and marketing the products we offer.\"Here are five more things to know about Oatly ahead of its public debut:Oatly will not pay a dividend for the \"foreseeable future.\" The company plans to use the proceeds from the offering as working capital, for incremental growth, including expansion, and other general purposes.Coffee provided a gateway for Oatly in the U.S. Oatly arrived in the U.S. in 2017. The company says it \"focused on targeting coffee's tastemakers, professional baristas at independent coffee shops\" as a way to enter the market.\"By December 31, 2020, Oatly was in more than 7,500 retail shops and 10,000 coffee shops in the U.S. Revenue in 2020 totaled $100 million in the U.S.Oatly can also be found in 11,000 coffee and tea shops in China, and at more than 6,000 retail and specialty shops across the country, including thousands of Starbucks locations.Limited oat supply could have a financial impact. Oatly depends on five suppliers for the oats it uses, purchasing this ingredient through millers in Sweden, Denmark, the U.S. and Belgium.\"We have in the past experienced interruptions in the supply of oats from one supplier that resulted in delays in delivery to us,\" the company said, noting that its oat supply is also vulnerable to natural disasters such as drought or floods.\"We could experience similar delays in the future from any of these suppliers.\"The company also depends on select suppliers for enzymes, including one supplier that provides an enzyme for some of Oatly's products, including Barista Edition oat milk.The main components of the company's products are manufactured in four primary facilities as of March 2021, which could also be a problem if something significant happens at any one facility.The dairy market is highly competitive. Oatly identifies conventional dairy companies, including Dean Foods Inc. (DFODQ) and Lactalis as competitors, as well as the growing array of plant-based dairy alternative companies that are entering the market, including soy, almond, hemp and cashew milk brands.All of these companies are competing for a finite number of retail stores, coffee shops, foodservice clients and consumers.\"In order for us to not only maintain our market position, but also to continue to grow and acquire more consumers, some of which may be switching from traditional dairy to plant-based alternatives, we must continue to provide delicious, high-quality products, and consumers must believe in our vision for a food system that is better for people and the planet,\" the company said.Oatly's marketing and COVID-19 might be a hurdle to growth. Oatly says that its history of \"provocative and unconventional marketing and advertising campaigns\" has gotten them into hot water, including a 2014 lawsuit filed by the Swedish dairy lobby in which the courts found Oatly was \"disparaging to dairy products.\"\"The decision resulted in a ban on our further use of a number of expressions marketing our products in Sweden, under the penalty of liquidated damages of SEK 2 million per expression,\" the prospectus said.The company cautions that future marketing could drive other legal action.More recently, Oatly's Super Bowl ad made headlines , but mostly for provoking laughter.","news_type":1},"isVote":1,"tweetType":1,"viewCount":435,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128204936,"gmtCreate":1624516687825,"gmtModify":1703839066714,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"Nice","listText":"Nice","text":"Nice","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/128204936","repostId":"1111854478","repostType":4,"repost":{"id":"1111854478","pubTimestamp":1624515835,"share":"https://ttm.financial/m/news/1111854478?lang=&edition=fundamental","pubTime":"2021-06-24 14:23","market":"us","language":"en","title":"The Inside Story of the Sideways Ship That Broke Global Trade","url":"https://stock-news.laohu8.com/highlight/detail?id=1111854478","media":"Bloomberg","summary":"Captain Krishnan Kanthavel watched the sun rise over the Red Sea through a dusty haze. Winds of more","content":"<p>Captain Krishnan Kanthavel watched the sun rise over the Red Sea through a dusty haze. Winds of more than 40 mph, whipping off the Egyptian desert, had turned the sky an anemic yellow. From his viewpoint on the bridge, it was just possible to see the dark outlines of the 19 other vessels anchored in Suez Bay, waiting for their turn to enter the narrow channel snaking inland toward the Mediterranean.</p>\n<p>Kanthavel’s container vessel was scheduled to be the 13th ship traveling north through the Suez Canal on March 23, 2021. His was one of the largest in the queue. It was also one of the newest and most valuable, only a few years out of the shipyard.<i>Ever Given</i>, the name painted in block letters on its stern, stood out in crisp white against the forest-green hull. Soon after daybreak, a small craft approached, carrying the local pilots who’d guide the ship during its 12-hour journey between the seas.</p>\n<p>Transiting the Suez Canal is sometimes nerve-racking. The channelsaves a three-week detouraround Africa, but it’s narrow, about 200 meters (656 feet) wide in parts, and just 24 meters deep. Modern ships, by contrast, aremassive and getting bigger. The<i>Ever Given</i>is 400 meters from bow to stern and nearly 60 meters across—most of the width of a Manhattan city block, and almost as long as the Empire State Building is high. En route from Malaysia to the Netherlands, it was loaded with about 17,600 brightly colored containers. Its keel would be only a few meters from the canal bottom. That didn’t leave much room for error.</p>\n<p>After climbing aboard, the two Egyptian pilots were led up to the bridge to meet the captain, officers, and helmsmen, all of them Indian, like the rest of the crew. According to documents filed weeks later in an Egyptian court, there was a dispute at some point about whether the ship should enter the canal at all, given the bad weather—a debate that may have been hampered by the fact that English was neither side’s first language. At least four nearby ports had already closed because of the storm, and a day earlier the captain of a natural gas carrier sailing from Qatar had decided it was too gusty to traverse Suez safely.</p>\n<p>Like airplanes, modern ships carry voyage data recorders, or VDRs, black-box devices that capture conversations on the bridge. The full recording of what transpired on the<i>Ever Given</i>’s bridge hasn’t been released by the Egyptian government, so it isn’t clear exactly what the pilots and crew said about the conditions. But the commercial pressures on Captain Kanthavel, an experienced mariner from Tamil Nadu, in India’s far south, would have been enormous. His ship was carrying roughly $1 billion worth of cargo, includingIkeafurniture,Nikesneakers,Lenovolaptops, and 100 containers of an unidentified flammable liquid.</p>\n<p>Several other corporate entities also had an interest in getting the<i>Ever Given</i>’s containers speedily to Europe. Among them was its owner,Shoei Kisen Kaisha Ltd., a shipping concern controlled by a wealthy Japanese family, andEvergreen Group, a Taiwanese conglomerate that operated it under a long-term charter. The crew, meanwhile, worked forBernhard Schulte Shipmanagement, a German company that supplies sailors for commercial vessels and oversees their operations. Every day’s delay would add tens of thousands of dollars in costs, if not more.</p>\n<p>Veteran captains say they often don’t have much choice about sailing into Suez in poor conditions. “Do it, or we’ll find someone else who will,” they’re sometimes told. But modern ships have radar and electronic sensors that technically allow the canal to be navigated even in zero visibility. And Kanthavel, whom a former colleague describes as a calm, confident officer, had ample experience navigating Suez.</p>\n<p>From the bridge, Kanthavel could see about a half-mile ahead. Other vessels in the northbound convoy were on the move, gliding past the tall cranes at the canal’s mouth. The captain could still have refused to proceed, but with an all-clear from the agency that manages the waterway, and with everyone eager to get going, he carried on. The lead Egyptian pilot leaned into his radio and had a brief conversation in Arabic between bursts of static. Then he instructed the bridge crew to power forward. As the scattered settlements around the port gave way to bare desert, the<i>Ever Given</i>cruised past a large sign that read, “Welcome to Egypt.”</p>\n<p>Suez pilots are employed by theSuez Canal Authority, which has operated the route since the Egyptian government took control of it in 1956. Often former naval officers, the pilots don’t physically steer transiting ships themselves. Their job is to give instructions to captains and helmsmen, communicate with the rest of the convoy and the SCA control tower, and ensure that the vessels get through safely, which they mostly do.</p>\n<p>For some visitors, though, encounters with the SCA can be a source of stress. Although the captain remains technically in charge, he or she surrenders a good deal of control to strangers in uniform, whose professionalism and competence vary. In addition to pilots, SCA electricians, mooring specialists, and health inspectors may also come on board. Each one requires paperwork, food, space, and supervision. They may also demand cartons of cigarettes, a problem that prompted a maritime anti-corruption group in 2015 to create a “Say No” campaign, urging shipping lines to refuse to hand any over. (The SCA has in the past denied such allegations.)</p>\n<p>Chris Gillard sailed the canal about once a month from 2008 through 2019 as an officer with his former employer, Danish shipping giantA.P. Moller-Maersk A/S. Between the pilots and the navigation challenges, he came to dread the crossing. “I’d rather have a colonoscopy than go through the Suez,” he said in an interview. The situation has improved in recent years, but the dynamic can still be fraught.</p>\n<p>A few miles into the<i>Ever Given</i>’s transit, the ship began to veer alarmingly from port to starboard and back again. Its blocky shape may have been acting as a gigantic sail, buffeted by the wind. In response, according to evidence submitted in legal proceedings, the lead SCA pilot began barking instructions at the Indian helmsman. The pilot shouted to steer hard right, then hard left. The<i>Ever Given</i>’s vast hull took so long to respond that by the time it began to move, he needed to correct course again. When the second pilot objected, the two argued. They may have exchanged insults in Arabic. (The SCA hasn’t released the pilots’ names and denies they were at fault for what followed.)</p>\n<p>The lead pilot then gave a new order: “Full ahead.” That would take the<i>Ever Given</i>’s speed to 13 knots, or 15 mph, significantly faster than the canal’s recommended speed limit of about 8 knots. The second pilot tried to cancel the order, and more angry words were exchanged. Kanthavel intervened, and the lead pilot responded by threatening to leave the vessel, according to the court evidence.</p>\n<p>The increase in power should have provided the<i>Ever Given</i>with more stability in the face of the gale, but it also brought a new factor into play. Bernoulli’s principle, named for an 18th century Swiss mathematician, states that a fluid’s pressure goes down when its speed goes up. The hundreds of thousands of tons of canal water the ship was displacing had to squeeze through the narrow gap between its hull and the nearest shore. As the water rushed through, the pressure would have decreased, sucking the<i>Ever Given</i>closer to the bank. The faster it went, the greater the pull. “Speeding up to a certain point is effective, then it becomes countereffective,” Gillard said. “You won’t be steering a straight line no matter what you do.”</p>\n<p>Suddenly, it became clear the<i>Ever Given</i>was going to crash. Although no footage of the incident has been made public, the final few seconds would have unfolded with the horrible slowness of a collapsing building—a gigantic object surrendering to invisible forces. According to a person familiar with the VDR audio, Captain Kanthavel reacted as anyone might in the same situation. “Shit!” he screamed.</p>\n<p>Consider every item within 10 feet of you right now. Shoes, furniture, toys, pens, phones, computers—if you live in Europe or North America, there’s a very good chance they sailed through the Suez Canal. The canal is theessential linkbetween East and West, a dichotomy that lodged in the popular imagination centuries ago in part because of the difficulty in crossing from one to the other. Before it existed, mariners had to brave pirates and violent storms by sailing around the Cape of Good Hope, while merchants traveling on land risked robbery or worse as they crossed the desert.</p>\n<p>The idea of a direct route across the Suez isthmus was dismissed as a fantasy until the 19th century, when it was taken up by a cross-dressing French wine merchant named Barthélemy-Prosper Enfantin. A utopian socialist and early advocate of gender equality, Enfantin believed the East had a female essence, while the West was intrinsically male. Egypt, and specifically Suez, could be their “nuptial bed,” the site of a reconciliation between the world’s great cultures.</p>\n<p>Enfantin’s ideas reached Ferdinand de Lesseps, a French diplomat serving in Cairo, who rallied to the cause. Eventually, Lesseps founded an entity called the Suez Canal Company and persuaded Egyptian ruler Sa’id Pasha and Emperor Napoleon III of France to support the project. The government of Egypt bought 44% of the shares, with French retail investors acquiring the bulk of the rest. Tens of thousands of Egyptian peasants began digging out the channel by hand, later assisted by machines imported from Europe.</p>\n<p>In 1869, the 120-mile miracle in the desert was complete. It soon became a vital commercial artery, particularly for European powers expanding their colonial empires in Asia. Egyptians saw few of the benefits. The canal’s construction proved financially ruinous for the country, and it was forced to sell its shares to the British government to satisfy creditors. Then, in 1882, Britain used a nationalist uprising as a pretext to send more than 30,000 troops into Egypt, turning it into a client state and seizing the canal. Suez had become an asset the European powers couldn’t afford to lose.</p>\n<p>Anger at this act of imperial aggression festered, and in 1956 the Egyptian leader Gamal Abdel Nasser nationalized the waterway. An Anglo-French attempt to take it back with support from Israel was a humiliating failure, collapsing after President Dwight Eisenhower made it clear that the U.S. wouldn’t tolerate the recolonization of a chunk of the Middle East. From then on, the canal would remain in Egyptian hands. In 2015, President Abdel Fattah El-Sisi opened an$8.5 billion expansion, increasing capacity and cutting transit times. Billboards in Cairo declared that it was “Egypt’s gift to the world.”</p>\n<p>Today 19,000 vessels a year pass through the canal, loaded with more than a billion tons of goods. With tolls that can run as high as $1 million for the largest ships, the SCA brings Egypt about $5 billion annually. The country’s government is understandably proud of its central role in maritime trade. It’s also touchy about any suggestion that it’s not an ideal custodian for one of the world economy’s most critical assets.</p>\n<p>“I’d rather have a colonoscopy than go through the Suez”</p>\n<p>Early on March 23, Captain Mohamed Elsayed Hassanin was just starting his shift in the control tower atop the SCA’s headquarters in Ismailia, about 50 miles north of the<i>Ever Given</i>’s position. As pilots radioed in to say that ship No. 13 in the northbound convoy had run aground, the results, captured by the CCTV cameras that line the waterway, were being displayed on a flickering monitor in front of Elsayed’s command post. No one in the control tower had ever seen anything like it: The vessel was wedged diagonally across the channel. When the camera zoomed in, Elsayed could see the forlorn figure of Kanthavel standing on the<i>Ever Given</i>’s bridge.</p>\n<p>A former navy captain, Elsayed is a stern man who takes his job as chief pilot seriously. He’d been promoted to the position two years earlier, after almost 40 years of maritime experience and a decade at the SCA. He has smooth features, with deep lines around his eyes, and wears a pressed white uniform with black and gold epaulettes, spotless down to his white shoes.</p>\n<p>Elsayed oversees four convoys daily, two from the south and two from the north. Part of his job is nautical choreography. More than half of the canal is too narrow for large ships to safely pass each other. That’s why vessels travel in convoys, waiting in one of the lakes or side channels for the group going the other way to pass.</p>\n<p>It was clear, Elsayed said in an interview, that the<i>Ever Given</i>was stuck in one of the worst possible spots: a one-way section of the canal. He decided to take a look for himself. After a short car trip, he boarded a small boat and pulled up to the cargo ship. Even for someone accustomed to huge merchant vessels, the<i>Ever Given</i>’sscalewas striking. It reminded Elsayed of a metal mountain, rising from the opalescent channel.</p>\n<p>Below the waterline, the bulbous bow had been driven like a dagger deep into the rocks and coarse sand. Somehow, the back end had also run aground, lodging in the opposite bank and leaving the ship at a 45-degree angle to the shore. Nothing could pass. The force of the impact had also pushed the bow upward by six meters. Container ships aren’t designed to sit on an angle, and with the<i>Ever Given</i>’s weight distribution thrown off and only a few meters of water supporting the vessel’s middle section, Elsayed thought there was a real possibility it would break in half.</p>\n<p>A couple of SCA tugboats were already at the scene, and divers were in the water checking for hull damage. Elsayed scaled a ladder to meet Kanthavel on the bridge. The captain was visibly shaken, and Elsayed tried to keep him calm. “Everything will be solved,<i>inshallah</i>,” he said.</p>\n<p>He asked Kanthavel about the<i>Ever Given</i>’s hull, the weight of its cargo, and the amount of water in its ballast tanks. If they could lighten its load, the extra buoyancy might help lift it off the bank. Elsayed did some quick mental arithmetic. The ratio of tonnage to flotation was 201 tons for each centimeter. Getting the vessel one meter out of the water would require removing more than 20,000 tons of cargo—an enormous undertaking even if the SCA could find a crane tall enough to reach containers piled more than 50 meters above the surface.</p>\n<p>The two tugs attached cables to the<i>Ever Given</i>and began trying to drag it free, their engines churning the water into spirals. The ship didn’t budge. Elsayed and his boss, SCA Chairman Osama Rabie, improvised a plan: They would run 12-hour shifts, alternating between excavators on shore removing the rocky soil around the bow and stern, and tugboats pulling with as much horsepower as possible. The diggers would gouge downward during low tide. The tugs would exploit the additional buoyancy provided by high tide to tow. To help the excavators, Elsayed summoned two SCA dredgers, floating barges with spinning metal teeth that could be lowered into the water to chew up the canal bed. They were due to arrive later that day.</p>\n<p>First on the scene was a single yellow digger, sent by a contractor working nearby. The driver approached nervously and started scraping scoopfuls of rocky earth from around the bow. He was terrified, according to an interview he later gave with<i>Insider</i>, that the metal behemoth looming over him would topple or shift, crushing him. The comical size mismatch was captured by the SCA’s communications team, which had a photographer on hand to show the world the authority was doing all it could to get the canal open again. Theimage of the lonely excavatorwent viral, and for the first time in its history, Suez was both a vital commercial passage and a meme.</p>\n<p>After giving their account of the accident to Elsayed, the two SCA pilots who’d been on the<i>Ever Given</i>’s bridge prepared to disembark. As they did so they continued to bicker, according to lawsuit evidence that’s disputed by the SCA. “These vessels are not supposed to enter,” the lead pilot said.</p>\n<p>“Why did you let it enter?” his colleague responded.</p>\n<p>Keith Svendsen was driving to work when his mobile phone rang. One of his colleagues fromAPM Terminals, a Netherlands-based operator of container ports, was on the line with news. Details were scant, but there was some kind of trouble in Suez. Staff at Maersk, APM’s parent company, were rushing to find out more.</p>\n<p>If shipping conglomerates like Evergreen Group keep ocean trade moving, APM provides a link between land and sea, loading and unloading about 32,000 ships a year in Los Angeles, Mumbai, Gothenburg, and some 70 other locations, day and night, in an unceasing ballet of cranes and metal boxes. It also co-ownsTanjung Pelepas, the Malaysian port that was the<i>Ever Given</i>’s last stop before Suez.</p>\n<p>As Svendsen, a plain-spoken Dane who serves as APM’s chief operating officer, arrived at his office in The Hague, he wasn’t overly concerned. Mishaps in Suez weren’t uncommon and could usually be resolved within hours. In three decades as a seafarer and shipping executive, he’d dealt with more than a few close calls, some in that very waterway. They usually worked themselves out.</p>\n<p>It was soon apparent to Svendsen, though, that the<i>Ever Given</i>’s accident was well out of the ordinary and would have serious repercussions. Like car manufacturing and supermarket distribution, modern cargo shipping is a just-in-time business, built around the expectation that goods will arrive precisely when needed. Before containers were widely adopted in the 1970s, it could take a week or more to empty a large ship and then refill it. Today, vessels carrying 10,000 containers or more might spend just hours in a given port, unloaded by automated cranes guided by sophisticated planning algorithms. It’s an efficient model, saving on storage and inventory, but a fragile one. It takes only a single problem in the supply chain for everything to seize up.</p>\n<p>A prolonged closure of Suez risked a cascade of delays that would be felt in day-to-day commerce by millions of people, if not billions, for months. A vessel missing its scheduled arrival at APM’s terminal in New Jersey wouldn’t just create a problem for the American companies waiting for its cargo. It would also mean a pileup of all the containers the ship was supposed to pick up for export. And, half a world away, factories in China or Malaysia counting on the same vessel to pick up their goods weeks later would need to find alternative options—which, given the disruption, might not exist.</p>\n<p>APM convened a crisis management team and started planning for various scenarios. What would happen to its ports if the canal was closed for 24 hours? Three days? Two weeks? Each increment of delay meant more vessels and cargo waiting to get through, unless they took a detour of thousands of nautical miles.</p>\n<p>“Our job was to find out when we’d have a breaking point situation,” Svendsen said in an interview. Two weeks would be a disaster for world trade, the team concluded. Anything less than a week would be manageable, if challenging. Svendsen could only hope that someone would pull the<i>Ever Given</i>clear before then.</p>\n<p>As the ship drew away from the bank, one of the ropes binding the bow to the shore snapped. Then another. Then another</p>\n<p>Soon after the grounding, an engineer on a Maersk ship directly behind the<i>Ever Given</i>in the northbound convoy took a striking photograph of the vessel, side-on in the channel against the apocalyptic backdrop of a sandstorm. “Looks like we might be here for a little bit,” she wrote, posting the image on Instagram.</p>\n<p>It took about 24 hours for the SCA to release its first public statement, in which it said the<i>Ever Given</i>had lost control in bad weather. Evergreen, which declined to make any of its executives available for an interview, blamed a “suspected sudden strong wind,” while one local maritime agent cited a “blackout.” By the end of the day on March 24, 185 vessels were anchored nearby waiting to pass, carrying electronics, cement, water, millions of barrels of oil, and several thousand head of livestock. A shipping journal estimated that $10 billion worth of marine traffic per day was piling up.</p>\n<p>Help was on its way from Europe: AteamfromSMIT Salvage, part of the Dutch marine conglomerateRoyal Boskalis Westminster NV, had been hired by the<i>Ever Given</i>’s owners in Japan. Salvors are like a 24/7 rescue service for the high seas. When a cruise liner starts to sink or an oil tanker is set alight, salvage crews rush to the scene to recover people, cargo, and equipment. It’s one of the world’s most adrenaline-soaked professions, and salvors employ all manner of<i>Thunderbirds</i>-style vehicles to get the job done, including helicopters and high-powered tugs with names like<i>Sea Stallion</i>and<i>Nordic Giant</i>. The business can be extremely lucrative. Under standard terms, crews receive a percentage of the value of whatever they rescue, potentially earning tens of millions of dollars. Fail, and they may get nothing.</p>\n<p>After the SMIT team arrived on March 25, its members surveyed the<i>Ever Given</i>and then met Elsayed and his SCA colleagues on board. SMIT was there to advise, not take over, because Suez salvage operations fall under the SCA’s jurisdiction. But the Dutch experts had a plan. If towing didn’t work, they told Elsayed over the course of several meetings, it would be critical to lighten the ship. They’d already located a crane that was tall enough to reach the<i>Ever Given</i>’s deck and capable of removing five containers an hour, load by painstaking load, until the vessel was 10,000 tons lighter. The crane could be there the following week. They just needed to charter a vessel to sail it in.</p>\n<p>“Where are you going to put the containers?” Elsayed asked. A SMIT executive said they’d be offloaded to a smaller boat, which would go to a lake a few miles up the canal, to be transferred by yet another crane to yet another boat. Elsayed thought that would take at least three months. “We don’t have time,” he said. SMIT argued it was prudent to have a backup option. Eventually everyone agreed that they should keep dredging and towing until the giant crane arrived. If there was no movement by then, they wouldstart taking boxes off.</p>\n<p>SMIT put out a call to its partners and contractors, seeking the most powerful tugs they could find. The available ones included a sizable Italian-owned boat, the<i>Carlo Magno</i>, that was already en route to Egypt from the Red Sea, a few days away. The<i>Alp Guard</i>, a Dutch behemoth with 280 tons of pulling power, was also days out.</p>\n<p>Elsayed was now living on the<i>Ever Given</i>. He and Rabie, who was staying on a dredger, spent much of their time on the radio, trying to keep their crews’ spirits up. None of the SCA’s sailors, engineers, and drivers were getting much sleep in the army tents that had been erected alongside the canal. After an exhausting day spent attaching cables, squeezing extra turns of power out of engines, or operating excavators, they might discover that the<i>Ever Given</i>had shifted only a meter. “This is a good sign,” Elsayed would tell them. “It moved. Tomorrow it will be more.”</p>\n<p>Privately, he was terrified someone would get hurt. Elsayed also had a son working on one of the tugs. During the tug shifts, as many as five of the SCA’s smaller craft would line up with their noses pushing against the<i>Ever Given</i>’s side, trying to lever out the bow, while others pulled using cables. If the ship was suddenly dislodged, the smaller boats would be scattered like toys, risking a fatal accident. Then there was the risk that the<i>Ever Given</i>’s bow could swing sideways and collide with the opposite bank, going straight from one grounding to another. Elsayed asked the ship’s crew to run four 100-meter ropes out to land, where they could be anchored to stop the bow from moving out too far if it suddenly came free. He hoped that would be enough.</p>\n<p>The<i>Alp Guard</i>roared into view on Sunday, March 28, almost six days after the<i>Ever Given</i>got stuck. There was a supermoon that night, a full moon unusually close to Earth, and its gravity would pull the Red Sea’s tide to the highest it had been, or would be, for weeks. If the salvage crews were going to free the<i>Ever Given</i>without unloading it, this was the moment.</p>\n<p>Then Elsayed proposed a novel idea: Instead of using the tugs only at high tide, they could also pull as the tide went out, hoping the current would help bring the<i>Ever Given</i>clear. It wasn’t quite established salvage wisdom, which favors high water over tidal movement, but having battled the current for days, Elsayed and his team thought it might work.</p>\n<p>The waters peaked at midnight. In the early hours of March 29, crewmen ran a cable from the ship to the<i>Alp Guard</i>. The tug was so powerful that they needed to coil the cable around four metal bollards set in the<i>Ever Given</i>’s hull to prevent the anchor points from fracturing under the strain. Then the<i>Alp Guard</i>began to pull.</p>\n<p>As dawn broke with the tide low, some of the tug captains realized they were no longer treading water. They were moving, very slowly. The back end of the<i>Ever Given</i>was drifting silently, inch by inch, away from the bank. The bow remained anchored in the sand, but the ship was only half stuck.</p>\n<p>The second large tug, the<i>Carlo Magno</i>, arrived soon after and joined the<i>Alp Guard</i>in pulling from the rear. For hours, both tugs went flat out, whipping the water into white froth. But they were now working against the tide. They quit at lunchtime, having made no visible progress.</p>\n<p>Then the SMIT team suggested the<i>Ever Given</i>take on 2,000 tons of ballast water in its stern, to lift its bow a few extra inches out of the silt. At about 2 p.m., Elsayed ordered all the tugs to try again. The tide had turned, becoming their ally. As he’d suspected, it was just enough.</p>\n<p>Elsayed was on the<i>Ever Given</i>’s bridge with Captain Kanthavel when the bow began to move, slowly at first, then all at once. The chief pilot could hear his tug captains yelling over the radio. As the ship drew away from the bank, one of the ropes binding the bow to the shore snapped, making a sound like a rifle shot. Then another. Then another. But the final one held, just long enough to stop the<i>Ever Given</i>from swinging across the channel. Elsayed asked Kanthavel to power up the engines and get the ship on a steady course so it could safely pass the salvage vessels ahead.</p>\n<p>At the sight of the<i>Ever Given</i>moving under its own steam, the tug crews cheered and sounded their horns. On the bridge, the Indian officers whooped and embraced the SMIT salvors. Rabie called President Sisi to give him the good news.</p>\n<p>Elsayed allowed himself the briefest moment of celebration. “<i>Al-Hamdulillah</i>,” he murmured: All praise be to God. He posed reluctantly for some photographs, then got back to work. More than 400 ships were waiting to enter the canal.</p>\n<p>The rest of the world swiftly lost interest in Suez once the<i>Ever Given</i>was freed. But for Elsayed and his pilots, the crisis was far from over. A significant proportion of international trade was riding on getting the backlogged vessels cleared. The SCA team worked day and night to move them through, transiting as many as 80 ships daily. Elsayed knew that having tired, overworked pilots on the job increased the risk of accidents, but felt he had little choice. A few days after the<i>Ever Given</i>was freed, an SCA boat sank and an employee died, illustrating the dangers of working in a marine chokepoint under severe strain.</p>\n<p>Clearing the queue took six days. Afterward, Elsayed returned to his home in Alexandria to see his family, his first break in more than two weeks.</p>\n<p>In The Hague, Svendsen, the APM Terminals executive, had been preparing for a huge wave of cargo, trying to boost capacity any way he could. The company had agreed with unions to extend working hours, deferred maintenance that would take cranes out of action, and cleared storage space to accommodate thousands of extra containers. Rushing cargo through would reduce APM’s already slim margin for error. “It’s like a<i>Tetris</i>game where there’s no blank space,” Svendsen said.</p>\n<p>The biggest problem emerged in Valencia, in southern Spain. The port’s storage areas were already mostly full, piled with Spanish goods awaiting shipment. As containers came in, the volume of boxes became unmanageable. For a time, APM had to activate a last-resort option, telling customers it could take in outgoing wares only just before they were scheduled to be loaded onto a ship. It would require a month of 24/7 shifts to bring the Valencia terminal back toward normal.</p>\n<p>None of this received much attention in the international press. On social media, people bemoaned the loss of a welcome distraction from Covid-19.#PutItBacktrended on Twitter. For most, the Suez Canal went back to being a largely invisible fulcrum of global trade. Within the shipping industry, though, after the euphoria of the rescue operation faded, the conversation turned to blame. Who was at fault for the crash? And who would pay for the physical and economic damage?</p>\n<p>Captain Kanthavel and his crew were still on board the<i>Ever Given</i>, waiting for permission from Egyptian authorities to leave. The ship was anchored in the Great Bitter Lake—a desert salt bed for most of its history, until the canal’s flow transformed it into a waiting area for marine traffic. Although Kanthavel hadn’t spoken publicly, he had good reason to be anxious. After a major maritime accident, captains can expect a forensic examination of their actions. (Bernhard Schulte Shipmanagement, the company that provided the<i>Ever Given</i>’s crew, said in a statement about Kanthavel that it “maintains absolute confidence in our Master, who has acted with professionalism and diligence throughout this period.”)</p>\n<p>On April 13, the SCA secured an Egyptian court order to “arrest,” or seize, the<i>Ever Given</i>. The agency said it was seeking almost $1 billion from the ship’s owner, Shoei Kisen Kaisha, which declined to comment for this article. In legal filings, the SCA argued that it had led a “unique and unprecedented operation” to free the ship and should be paid for its efforts, placing them at $272 million in expenses, a salvage bonus of $300 million, and a further $344 million in damages, including “moral losses.” Until the debt was cleared, the<i>Ever Given</i>, its cargo, and its crew wouldn’t be going anywhere.</p>\n<p>On May 22, lawyers for the SCA and Shoei Kisen Kaisha gathered for a hearing in a crowded courtroom in Ismailia. A great deal was at stake, for a great number of parties. If the SCA’s nearly $1 billion claim was ever paid, the liability would likely fall not to the Japanese company but to a collection of marine insurance conglomerates all over the world. Each would want a say in any settlement. There were also more than 17,000 cargo containers still stuck in the Great Bitter Lake. Nike and Lenovo had sent lawyers to Ismailia to monitor the proceedings.</p>\n<p>That morning, the courthouse was abuzz with news that the<i>Ever Given</i>’s owner had brought in a prominent attorney from Alexandria, Ashraf El Swefy, to stand up to the SCA’s demands. The hearing got under way at 11 a.m. About a dozen lawyers jostled around a lectern in front of four judges, standing shoulder to shoulder as if waiting for a halftime pep talk. They took turns speaking, each following the same theatrical routine. First, an attorney would come up, state his name, and set out his client’s case, building to a crescendo that involved shouting and waving his hands. Then everyone would talk at once, until the next lawyer found his way to the lectern and the process restarted.</p>\n<p>The SCA’s lawyer argued that the authority had saved the<i>Ever Given</i>almost singlehandedly. A billion dollars wasn’t so much to ask. “If it were not for the refloating operation, we could have witnessed a catastrophe,” he said in Arabic. The call to prayer drifted in through an open window as he spoke.</p>\n<p>Soon it was El Swefy’s turn. He was much older than the rest, hunched and with slightly trembling hands. Although the other attorneys towered over him, he had obvious gravitas.</p>\n<p>No one could doubt the heroism of the SCA, El Swefy said slowly. But his praise was the prelude to a surprise attack. He explained that Shoei Kisen Kaisha had tried and failed to negotiate a settlement with the agency. In light of the SCA’s resistance, he said, he had no choice but to submit recordings from the<i>Ever Given</i>’s voyage data recorder into evidence. What they revealed was “chaos,” he said. “Enter, no don’t enter, the wind is high, the wind isn’t high.” The pilots got into an argument and were “calling each other names,” in an exchange so heated one of them threatened to leave the ship, according to El Swefy. It was the first time anyone had publicly suggested the SCA’s actions might have contributed to the accident.</p>\n<p>El Swefy professed, as a proud Egyptian, to be making this argument reluctantly. “I didn’t want to say this, and I’m ashamed to say it,” he said. “This waterway belongs to all of us.”</p>\n<p>When he went outside afterward, reporters crowded him. He unhooked his face mask and patiently lit a cigarette with one hand, talking into a cellphone with the other. He declined to comment when approached by<i>Bloomberg Businessweek</i>. “I have a principle,” he said in English. “All my statements are made in front of the court.” Would the full transcript of the VDR audio be made public? “Not by me,” he replied.</p>\n<p>In the end, the judges kicked the case to another court. The SCA has reduced its claim to about $550 million, and as this story went to press, the<i>Ever Given</i>’s insurers announced they’d reached an “agreement in principle” to resolve the dispute, without disclosing its terms. Even if that deal is finalized, a protracted legal battle may still take place beyond Egypt. In London’s admiralty courts, where most big-money marine cases are decided, Shoei Kisen Kaisha has filed an application to limit its maximum liability from any lawsuits. The filing lists 16 entities that might seek damages, most of them the owners of other vessels stalled in Suez during the blockage. There could also be fights over financial responsibility among the owner, its insurers, and their reinsurers, who protect insurers against excess claims. The merry-go-round of litigation might drag on for years, to the delight of London’s legal industry and probably no one else.</p>\n<p>Captain Kanthavel and his crew have now been floating in the Great Bitter Lake for about three months. According to theInternational Transport Workers’ Federation, a coalition of unions, they are still receiving their pay and are amply provisioned. Nine have been allowed to return to India. Seafarers’ groups are nonetheless anxious about their welfare; at one point, the Indian maritime union said it was concerned they could be “held to ransom,” becoming bargaining chips in negotiations that had nothing to do with them. Thepotential settlement is, therefore, excellent news for the crew. Once it’s complete, they and the vessel should be able to leave.</p>\n<p>In a meeting with<i>Businessweek</i>at the SCA’s headquarters in May, Elsayed reflected on his role in this peculiar moment of nautical history. In the navy, he’d studied Operation Badr, an ingenious plan to move Egyptian forces across Suez in just six hours, allowing them to surprise Israeli troops and start the 1973 Yom Kippur War. He hadn’t quite matched that pace, but the SCA had managed to refloat the<i>Ever Given</i>in six days. “It’s the same,” he said, laughing.</p>\n<p>Night had fallen by the time Elsayed offered to lead his visitors on a tour of the SCA control tower. Outside, the canal was a dark expanse, fringed by twinkling lights along the shore. It was empty: The next convoy wasn’t due to depart for a few more hours. Above the CCTV feeds, a digital map of the entire route was spread across 10 large monitors. Elsayed pointed to a yellow blob in the Great Bitter Lake, motionless on the screen, and said, “See the<i>Ever Given</i>?” —<i>With Ann Koh</i></p>\n<p></p>","source":"lsy1584095487587","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>The Inside Story of the Sideways Ship That Broke Global Trade</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nThe Inside Story of the Sideways Ship That Broke Global Trade\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-06-24 14:23 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.bloomberg.com/news/features/2021-06-24/how-the-billion-dollar-ever-given-cargo-ship-got-stuck-in-the-suez-canal><strong>Bloomberg</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Captain Krishnan Kanthavel watched the sun rise over the Red Sea through a dusty haze. Winds of more than 40 mph, whipping off the Egyptian desert, had turned the sky an anemic yellow. From his ...</p>\n\n<a href=\"https://www.bloomberg.com/news/features/2021-06-24/how-the-billion-dollar-ever-given-cargo-ship-got-stuck-in-the-suez-canal\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.bloomberg.com/news/features/2021-06-24/how-the-billion-dollar-ever-given-cargo-ship-got-stuck-in-the-suez-canal","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1111854478","content_text":"Captain Krishnan Kanthavel watched the sun rise over the Red Sea through a dusty haze. Winds of more than 40 mph, whipping off the Egyptian desert, had turned the sky an anemic yellow. From his viewpoint on the bridge, it was just possible to see the dark outlines of the 19 other vessels anchored in Suez Bay, waiting for their turn to enter the narrow channel snaking inland toward the Mediterranean.\nKanthavel’s container vessel was scheduled to be the 13th ship traveling north through the Suez Canal on March 23, 2021. His was one of the largest in the queue. It was also one of the newest and most valuable, only a few years out of the shipyard.Ever Given, the name painted in block letters on its stern, stood out in crisp white against the forest-green hull. Soon after daybreak, a small craft approached, carrying the local pilots who’d guide the ship during its 12-hour journey between the seas.\nTransiting the Suez Canal is sometimes nerve-racking. The channelsaves a three-week detouraround Africa, but it’s narrow, about 200 meters (656 feet) wide in parts, and just 24 meters deep. Modern ships, by contrast, aremassive and getting bigger. TheEver Givenis 400 meters from bow to stern and nearly 60 meters across—most of the width of a Manhattan city block, and almost as long as the Empire State Building is high. En route from Malaysia to the Netherlands, it was loaded with about 17,600 brightly colored containers. Its keel would be only a few meters from the canal bottom. That didn’t leave much room for error.\nAfter climbing aboard, the two Egyptian pilots were led up to the bridge to meet the captain, officers, and helmsmen, all of them Indian, like the rest of the crew. According to documents filed weeks later in an Egyptian court, there was a dispute at some point about whether the ship should enter the canal at all, given the bad weather—a debate that may have been hampered by the fact that English was neither side’s first language. At least four nearby ports had already closed because of the storm, and a day earlier the captain of a natural gas carrier sailing from Qatar had decided it was too gusty to traverse Suez safely.\nLike airplanes, modern ships carry voyage data recorders, or VDRs, black-box devices that capture conversations on the bridge. The full recording of what transpired on theEver Given’s bridge hasn’t been released by the Egyptian government, so it isn’t clear exactly what the pilots and crew said about the conditions. But the commercial pressures on Captain Kanthavel, an experienced mariner from Tamil Nadu, in India’s far south, would have been enormous. His ship was carrying roughly $1 billion worth of cargo, includingIkeafurniture,Nikesneakers,Lenovolaptops, and 100 containers of an unidentified flammable liquid.\nSeveral other corporate entities also had an interest in getting theEver Given’s containers speedily to Europe. Among them was its owner,Shoei Kisen Kaisha Ltd., a shipping concern controlled by a wealthy Japanese family, andEvergreen Group, a Taiwanese conglomerate that operated it under a long-term charter. The crew, meanwhile, worked forBernhard Schulte Shipmanagement, a German company that supplies sailors for commercial vessels and oversees their operations. Every day’s delay would add tens of thousands of dollars in costs, if not more.\nVeteran captains say they often don’t have much choice about sailing into Suez in poor conditions. “Do it, or we’ll find someone else who will,” they’re sometimes told. But modern ships have radar and electronic sensors that technically allow the canal to be navigated even in zero visibility. And Kanthavel, whom a former colleague describes as a calm, confident officer, had ample experience navigating Suez.\nFrom the bridge, Kanthavel could see about a half-mile ahead. Other vessels in the northbound convoy were on the move, gliding past the tall cranes at the canal’s mouth. The captain could still have refused to proceed, but with an all-clear from the agency that manages the waterway, and with everyone eager to get going, he carried on. The lead Egyptian pilot leaned into his radio and had a brief conversation in Arabic between bursts of static. Then he instructed the bridge crew to power forward. As the scattered settlements around the port gave way to bare desert, theEver Givencruised past a large sign that read, “Welcome to Egypt.”\nSuez pilots are employed by theSuez Canal Authority, which has operated the route since the Egyptian government took control of it in 1956. Often former naval officers, the pilots don’t physically steer transiting ships themselves. Their job is to give instructions to captains and helmsmen, communicate with the rest of the convoy and the SCA control tower, and ensure that the vessels get through safely, which they mostly do.\nFor some visitors, though, encounters with the SCA can be a source of stress. Although the captain remains technically in charge, he or she surrenders a good deal of control to strangers in uniform, whose professionalism and competence vary. In addition to pilots, SCA electricians, mooring specialists, and health inspectors may also come on board. Each one requires paperwork, food, space, and supervision. They may also demand cartons of cigarettes, a problem that prompted a maritime anti-corruption group in 2015 to create a “Say No” campaign, urging shipping lines to refuse to hand any over. (The SCA has in the past denied such allegations.)\nChris Gillard sailed the canal about once a month from 2008 through 2019 as an officer with his former employer, Danish shipping giantA.P. Moller-Maersk A/S. Between the pilots and the navigation challenges, he came to dread the crossing. “I’d rather have a colonoscopy than go through the Suez,” he said in an interview. The situation has improved in recent years, but the dynamic can still be fraught.\nA few miles into theEver Given’s transit, the ship began to veer alarmingly from port to starboard and back again. Its blocky shape may have been acting as a gigantic sail, buffeted by the wind. In response, according to evidence submitted in legal proceedings, the lead SCA pilot began barking instructions at the Indian helmsman. The pilot shouted to steer hard right, then hard left. TheEver Given’s vast hull took so long to respond that by the time it began to move, he needed to correct course again. When the second pilot objected, the two argued. They may have exchanged insults in Arabic. (The SCA hasn’t released the pilots’ names and denies they were at fault for what followed.)\nThe lead pilot then gave a new order: “Full ahead.” That would take theEver Given’s speed to 13 knots, or 15 mph, significantly faster than the canal’s recommended speed limit of about 8 knots. The second pilot tried to cancel the order, and more angry words were exchanged. Kanthavel intervened, and the lead pilot responded by threatening to leave the vessel, according to the court evidence.\nThe increase in power should have provided theEver Givenwith more stability in the face of the gale, but it also brought a new factor into play. Bernoulli’s principle, named for an 18th century Swiss mathematician, states that a fluid’s pressure goes down when its speed goes up. The hundreds of thousands of tons of canal water the ship was displacing had to squeeze through the narrow gap between its hull and the nearest shore. As the water rushed through, the pressure would have decreased, sucking theEver Givencloser to the bank. The faster it went, the greater the pull. “Speeding up to a certain point is effective, then it becomes countereffective,” Gillard said. “You won’t be steering a straight line no matter what you do.”\nSuddenly, it became clear theEver Givenwas going to crash. Although no footage of the incident has been made public, the final few seconds would have unfolded with the horrible slowness of a collapsing building—a gigantic object surrendering to invisible forces. According to a person familiar with the VDR audio, Captain Kanthavel reacted as anyone might in the same situation. “Shit!” he screamed.\nConsider every item within 10 feet of you right now. Shoes, furniture, toys, pens, phones, computers—if you live in Europe or North America, there’s a very good chance they sailed through the Suez Canal. The canal is theessential linkbetween East and West, a dichotomy that lodged in the popular imagination centuries ago in part because of the difficulty in crossing from one to the other. Before it existed, mariners had to brave pirates and violent storms by sailing around the Cape of Good Hope, while merchants traveling on land risked robbery or worse as they crossed the desert.\nThe idea of a direct route across the Suez isthmus was dismissed as a fantasy until the 19th century, when it was taken up by a cross-dressing French wine merchant named Barthélemy-Prosper Enfantin. A utopian socialist and early advocate of gender equality, Enfantin believed the East had a female essence, while the West was intrinsically male. Egypt, and specifically Suez, could be their “nuptial bed,” the site of a reconciliation between the world’s great cultures.\nEnfantin’s ideas reached Ferdinand de Lesseps, a French diplomat serving in Cairo, who rallied to the cause. Eventually, Lesseps founded an entity called the Suez Canal Company and persuaded Egyptian ruler Sa’id Pasha and Emperor Napoleon III of France to support the project. The government of Egypt bought 44% of the shares, with French retail investors acquiring the bulk of the rest. Tens of thousands of Egyptian peasants began digging out the channel by hand, later assisted by machines imported from Europe.\nIn 1869, the 120-mile miracle in the desert was complete. It soon became a vital commercial artery, particularly for European powers expanding their colonial empires in Asia. Egyptians saw few of the benefits. The canal’s construction proved financially ruinous for the country, and it was forced to sell its shares to the British government to satisfy creditors. Then, in 1882, Britain used a nationalist uprising as a pretext to send more than 30,000 troops into Egypt, turning it into a client state and seizing the canal. Suez had become an asset the European powers couldn’t afford to lose.\nAnger at this act of imperial aggression festered, and in 1956 the Egyptian leader Gamal Abdel Nasser nationalized the waterway. An Anglo-French attempt to take it back with support from Israel was a humiliating failure, collapsing after President Dwight Eisenhower made it clear that the U.S. wouldn’t tolerate the recolonization of a chunk of the Middle East. From then on, the canal would remain in Egyptian hands. In 2015, President Abdel Fattah El-Sisi opened an$8.5 billion expansion, increasing capacity and cutting transit times. Billboards in Cairo declared that it was “Egypt’s gift to the world.”\nToday 19,000 vessels a year pass through the canal, loaded with more than a billion tons of goods. With tolls that can run as high as $1 million for the largest ships, the SCA brings Egypt about $5 billion annually. The country’s government is understandably proud of its central role in maritime trade. It’s also touchy about any suggestion that it’s not an ideal custodian for one of the world economy’s most critical assets.\n“I’d rather have a colonoscopy than go through the Suez”\nEarly on March 23, Captain Mohamed Elsayed Hassanin was just starting his shift in the control tower atop the SCA’s headquarters in Ismailia, about 50 miles north of theEver Given’s position. As pilots radioed in to say that ship No. 13 in the northbound convoy had run aground, the results, captured by the CCTV cameras that line the waterway, were being displayed on a flickering monitor in front of Elsayed’s command post. No one in the control tower had ever seen anything like it: The vessel was wedged diagonally across the channel. When the camera zoomed in, Elsayed could see the forlorn figure of Kanthavel standing on theEver Given’s bridge.\nA former navy captain, Elsayed is a stern man who takes his job as chief pilot seriously. He’d been promoted to the position two years earlier, after almost 40 years of maritime experience and a decade at the SCA. He has smooth features, with deep lines around his eyes, and wears a pressed white uniform with black and gold epaulettes, spotless down to his white shoes.\nElsayed oversees four convoys daily, two from the south and two from the north. Part of his job is nautical choreography. More than half of the canal is too narrow for large ships to safely pass each other. That’s why vessels travel in convoys, waiting in one of the lakes or side channels for the group going the other way to pass.\nIt was clear, Elsayed said in an interview, that theEver Givenwas stuck in one of the worst possible spots: a one-way section of the canal. He decided to take a look for himself. After a short car trip, he boarded a small boat and pulled up to the cargo ship. Even for someone accustomed to huge merchant vessels, theEver Given’sscalewas striking. It reminded Elsayed of a metal mountain, rising from the opalescent channel.\nBelow the waterline, the bulbous bow had been driven like a dagger deep into the rocks and coarse sand. Somehow, the back end had also run aground, lodging in the opposite bank and leaving the ship at a 45-degree angle to the shore. Nothing could pass. The force of the impact had also pushed the bow upward by six meters. Container ships aren’t designed to sit on an angle, and with theEver Given’s weight distribution thrown off and only a few meters of water supporting the vessel’s middle section, Elsayed thought there was a real possibility it would break in half.\nA couple of SCA tugboats were already at the scene, and divers were in the water checking for hull damage. Elsayed scaled a ladder to meet Kanthavel on the bridge. The captain was visibly shaken, and Elsayed tried to keep him calm. “Everything will be solved,inshallah,” he said.\nHe asked Kanthavel about theEver Given’s hull, the weight of its cargo, and the amount of water in its ballast tanks. If they could lighten its load, the extra buoyancy might help lift it off the bank. Elsayed did some quick mental arithmetic. The ratio of tonnage to flotation was 201 tons for each centimeter. Getting the vessel one meter out of the water would require removing more than 20,000 tons of cargo—an enormous undertaking even if the SCA could find a crane tall enough to reach containers piled more than 50 meters above the surface.\nThe two tugs attached cables to theEver Givenand began trying to drag it free, their engines churning the water into spirals. The ship didn’t budge. Elsayed and his boss, SCA Chairman Osama Rabie, improvised a plan: They would run 12-hour shifts, alternating between excavators on shore removing the rocky soil around the bow and stern, and tugboats pulling with as much horsepower as possible. The diggers would gouge downward during low tide. The tugs would exploit the additional buoyancy provided by high tide to tow. To help the excavators, Elsayed summoned two SCA dredgers, floating barges with spinning metal teeth that could be lowered into the water to chew up the canal bed. They were due to arrive later that day.\nFirst on the scene was a single yellow digger, sent by a contractor working nearby. The driver approached nervously and started scraping scoopfuls of rocky earth from around the bow. He was terrified, according to an interview he later gave withInsider, that the metal behemoth looming over him would topple or shift, crushing him. The comical size mismatch was captured by the SCA’s communications team, which had a photographer on hand to show the world the authority was doing all it could to get the canal open again. Theimage of the lonely excavatorwent viral, and for the first time in its history, Suez was both a vital commercial passage and a meme.\nAfter giving their account of the accident to Elsayed, the two SCA pilots who’d been on theEver Given’s bridge prepared to disembark. As they did so they continued to bicker, according to lawsuit evidence that’s disputed by the SCA. “These vessels are not supposed to enter,” the lead pilot said.\n“Why did you let it enter?” his colleague responded.\nKeith Svendsen was driving to work when his mobile phone rang. One of his colleagues fromAPM Terminals, a Netherlands-based operator of container ports, was on the line with news. Details were scant, but there was some kind of trouble in Suez. Staff at Maersk, APM’s parent company, were rushing to find out more.\nIf shipping conglomerates like Evergreen Group keep ocean trade moving, APM provides a link between land and sea, loading and unloading about 32,000 ships a year in Los Angeles, Mumbai, Gothenburg, and some 70 other locations, day and night, in an unceasing ballet of cranes and metal boxes. It also co-ownsTanjung Pelepas, the Malaysian port that was theEver Given’s last stop before Suez.\nAs Svendsen, a plain-spoken Dane who serves as APM’s chief operating officer, arrived at his office in The Hague, he wasn’t overly concerned. Mishaps in Suez weren’t uncommon and could usually be resolved within hours. In three decades as a seafarer and shipping executive, he’d dealt with more than a few close calls, some in that very waterway. They usually worked themselves out.\nIt was soon apparent to Svendsen, though, that theEver Given’s accident was well out of the ordinary and would have serious repercussions. Like car manufacturing and supermarket distribution, modern cargo shipping is a just-in-time business, built around the expectation that goods will arrive precisely when needed. Before containers were widely adopted in the 1970s, it could take a week or more to empty a large ship and then refill it. Today, vessels carrying 10,000 containers or more might spend just hours in a given port, unloaded by automated cranes guided by sophisticated planning algorithms. It’s an efficient model, saving on storage and inventory, but a fragile one. It takes only a single problem in the supply chain for everything to seize up.\nA prolonged closure of Suez risked a cascade of delays that would be felt in day-to-day commerce by millions of people, if not billions, for months. A vessel missing its scheduled arrival at APM’s terminal in New Jersey wouldn’t just create a problem for the American companies waiting for its cargo. It would also mean a pileup of all the containers the ship was supposed to pick up for export. And, half a world away, factories in China or Malaysia counting on the same vessel to pick up their goods weeks later would need to find alternative options—which, given the disruption, might not exist.\nAPM convened a crisis management team and started planning for various scenarios. What would happen to its ports if the canal was closed for 24 hours? Three days? Two weeks? Each increment of delay meant more vessels and cargo waiting to get through, unless they took a detour of thousands of nautical miles.\n“Our job was to find out when we’d have a breaking point situation,” Svendsen said in an interview. Two weeks would be a disaster for world trade, the team concluded. Anything less than a week would be manageable, if challenging. Svendsen could only hope that someone would pull theEver Givenclear before then.\nAs the ship drew away from the bank, one of the ropes binding the bow to the shore snapped. Then another. Then another\nSoon after the grounding, an engineer on a Maersk ship directly behind theEver Givenin the northbound convoy took a striking photograph of the vessel, side-on in the channel against the apocalyptic backdrop of a sandstorm. “Looks like we might be here for a little bit,” she wrote, posting the image on Instagram.\nIt took about 24 hours for the SCA to release its first public statement, in which it said theEver Givenhad lost control in bad weather. Evergreen, which declined to make any of its executives available for an interview, blamed a “suspected sudden strong wind,” while one local maritime agent cited a “blackout.” By the end of the day on March 24, 185 vessels were anchored nearby waiting to pass, carrying electronics, cement, water, millions of barrels of oil, and several thousand head of livestock. A shipping journal estimated that $10 billion worth of marine traffic per day was piling up.\nHelp was on its way from Europe: AteamfromSMIT Salvage, part of the Dutch marine conglomerateRoyal Boskalis Westminster NV, had been hired by theEver Given’s owners in Japan. Salvors are like a 24/7 rescue service for the high seas. When a cruise liner starts to sink or an oil tanker is set alight, salvage crews rush to the scene to recover people, cargo, and equipment. It’s one of the world’s most adrenaline-soaked professions, and salvors employ all manner ofThunderbirds-style vehicles to get the job done, including helicopters and high-powered tugs with names likeSea StallionandNordic Giant. The business can be extremely lucrative. Under standard terms, crews receive a percentage of the value of whatever they rescue, potentially earning tens of millions of dollars. Fail, and they may get nothing.\nAfter the SMIT team arrived on March 25, its members surveyed theEver Givenand then met Elsayed and his SCA colleagues on board. SMIT was there to advise, not take over, because Suez salvage operations fall under the SCA’s jurisdiction. But the Dutch experts had a plan. If towing didn’t work, they told Elsayed over the course of several meetings, it would be critical to lighten the ship. They’d already located a crane that was tall enough to reach theEver Given’s deck and capable of removing five containers an hour, load by painstaking load, until the vessel was 10,000 tons lighter. The crane could be there the following week. They just needed to charter a vessel to sail it in.\n“Where are you going to put the containers?” Elsayed asked. A SMIT executive said they’d be offloaded to a smaller boat, which would go to a lake a few miles up the canal, to be transferred by yet another crane to yet another boat. Elsayed thought that would take at least three months. “We don’t have time,” he said. SMIT argued it was prudent to have a backup option. Eventually everyone agreed that they should keep dredging and towing until the giant crane arrived. If there was no movement by then, they wouldstart taking boxes off.\nSMIT put out a call to its partners and contractors, seeking the most powerful tugs they could find. The available ones included a sizable Italian-owned boat, theCarlo Magno, that was already en route to Egypt from the Red Sea, a few days away. TheAlp Guard, a Dutch behemoth with 280 tons of pulling power, was also days out.\nElsayed was now living on theEver Given. He and Rabie, who was staying on a dredger, spent much of their time on the radio, trying to keep their crews’ spirits up. None of the SCA’s sailors, engineers, and drivers were getting much sleep in the army tents that had been erected alongside the canal. After an exhausting day spent attaching cables, squeezing extra turns of power out of engines, or operating excavators, they might discover that theEver Givenhad shifted only a meter. “This is a good sign,” Elsayed would tell them. “It moved. Tomorrow it will be more.”\nPrivately, he was terrified someone would get hurt. Elsayed also had a son working on one of the tugs. During the tug shifts, as many as five of the SCA’s smaller craft would line up with their noses pushing against theEver Given’s side, trying to lever out the bow, while others pulled using cables. If the ship was suddenly dislodged, the smaller boats would be scattered like toys, risking a fatal accident. Then there was the risk that theEver Given’s bow could swing sideways and collide with the opposite bank, going straight from one grounding to another. Elsayed asked the ship’s crew to run four 100-meter ropes out to land, where they could be anchored to stop the bow from moving out too far if it suddenly came free. He hoped that would be enough.\nTheAlp Guardroared into view on Sunday, March 28, almost six days after theEver Givengot stuck. There was a supermoon that night, a full moon unusually close to Earth, and its gravity would pull the Red Sea’s tide to the highest it had been, or would be, for weeks. If the salvage crews were going to free theEver Givenwithout unloading it, this was the moment.\nThen Elsayed proposed a novel idea: Instead of using the tugs only at high tide, they could also pull as the tide went out, hoping the current would help bring theEver Givenclear. It wasn’t quite established salvage wisdom, which favors high water over tidal movement, but having battled the current for days, Elsayed and his team thought it might work.\nThe waters peaked at midnight. In the early hours of March 29, crewmen ran a cable from the ship to theAlp Guard. The tug was so powerful that they needed to coil the cable around four metal bollards set in theEver Given’s hull to prevent the anchor points from fracturing under the strain. Then theAlp Guardbegan to pull.\nAs dawn broke with the tide low, some of the tug captains realized they were no longer treading water. They were moving, very slowly. The back end of theEver Givenwas drifting silently, inch by inch, away from the bank. The bow remained anchored in the sand, but the ship was only half stuck.\nThe second large tug, theCarlo Magno, arrived soon after and joined theAlp Guardin pulling from the rear. For hours, both tugs went flat out, whipping the water into white froth. But they were now working against the tide. They quit at lunchtime, having made no visible progress.\nThen the SMIT team suggested theEver Giventake on 2,000 tons of ballast water in its stern, to lift its bow a few extra inches out of the silt. At about 2 p.m., Elsayed ordered all the tugs to try again. The tide had turned, becoming their ally. As he’d suspected, it was just enough.\nElsayed was on theEver Given’s bridge with Captain Kanthavel when the bow began to move, slowly at first, then all at once. The chief pilot could hear his tug captains yelling over the radio. As the ship drew away from the bank, one of the ropes binding the bow to the shore snapped, making a sound like a rifle shot. Then another. Then another. But the final one held, just long enough to stop theEver Givenfrom swinging across the channel. Elsayed asked Kanthavel to power up the engines and get the ship on a steady course so it could safely pass the salvage vessels ahead.\nAt the sight of theEver Givenmoving under its own steam, the tug crews cheered and sounded their horns. On the bridge, the Indian officers whooped and embraced the SMIT salvors. Rabie called President Sisi to give him the good news.\nElsayed allowed himself the briefest moment of celebration. “Al-Hamdulillah,” he murmured: All praise be to God. He posed reluctantly for some photographs, then got back to work. More than 400 ships were waiting to enter the canal.\nThe rest of the world swiftly lost interest in Suez once theEver Givenwas freed. But for Elsayed and his pilots, the crisis was far from over. A significant proportion of international trade was riding on getting the backlogged vessels cleared. The SCA team worked day and night to move them through, transiting as many as 80 ships daily. Elsayed knew that having tired, overworked pilots on the job increased the risk of accidents, but felt he had little choice. A few days after theEver Givenwas freed, an SCA boat sank and an employee died, illustrating the dangers of working in a marine chokepoint under severe strain.\nClearing the queue took six days. Afterward, Elsayed returned to his home in Alexandria to see his family, his first break in more than two weeks.\nIn The Hague, Svendsen, the APM Terminals executive, had been preparing for a huge wave of cargo, trying to boost capacity any way he could. The company had agreed with unions to extend working hours, deferred maintenance that would take cranes out of action, and cleared storage space to accommodate thousands of extra containers. Rushing cargo through would reduce APM’s already slim margin for error. “It’s like aTetrisgame where there’s no blank space,” Svendsen said.\nThe biggest problem emerged in Valencia, in southern Spain. The port’s storage areas were already mostly full, piled with Spanish goods awaiting shipment. As containers came in, the volume of boxes became unmanageable. For a time, APM had to activate a last-resort option, telling customers it could take in outgoing wares only just before they were scheduled to be loaded onto a ship. It would require a month of 24/7 shifts to bring the Valencia terminal back toward normal.\nNone of this received much attention in the international press. On social media, people bemoaned the loss of a welcome distraction from Covid-19.#PutItBacktrended on Twitter. For most, the Suez Canal went back to being a largely invisible fulcrum of global trade. Within the shipping industry, though, after the euphoria of the rescue operation faded, the conversation turned to blame. Who was at fault for the crash? And who would pay for the physical and economic damage?\nCaptain Kanthavel and his crew were still on board theEver Given, waiting for permission from Egyptian authorities to leave. The ship was anchored in the Great Bitter Lake—a desert salt bed for most of its history, until the canal’s flow transformed it into a waiting area for marine traffic. Although Kanthavel hadn’t spoken publicly, he had good reason to be anxious. After a major maritime accident, captains can expect a forensic examination of their actions. (Bernhard Schulte Shipmanagement, the company that provided theEver Given’s crew, said in a statement about Kanthavel that it “maintains absolute confidence in our Master, who has acted with professionalism and diligence throughout this period.”)\nOn April 13, the SCA secured an Egyptian court order to “arrest,” or seize, theEver Given. The agency said it was seeking almost $1 billion from the ship’s owner, Shoei Kisen Kaisha, which declined to comment for this article. In legal filings, the SCA argued that it had led a “unique and unprecedented operation” to free the ship and should be paid for its efforts, placing them at $272 million in expenses, a salvage bonus of $300 million, and a further $344 million in damages, including “moral losses.” Until the debt was cleared, theEver Given, its cargo, and its crew wouldn’t be going anywhere.\nOn May 22, lawyers for the SCA and Shoei Kisen Kaisha gathered for a hearing in a crowded courtroom in Ismailia. A great deal was at stake, for a great number of parties. If the SCA’s nearly $1 billion claim was ever paid, the liability would likely fall not to the Japanese company but to a collection of marine insurance conglomerates all over the world. Each would want a say in any settlement. There were also more than 17,000 cargo containers still stuck in the Great Bitter Lake. Nike and Lenovo had sent lawyers to Ismailia to monitor the proceedings.\nThat morning, the courthouse was abuzz with news that theEver Given’s owner had brought in a prominent attorney from Alexandria, Ashraf El Swefy, to stand up to the SCA’s demands. The hearing got under way at 11 a.m. About a dozen lawyers jostled around a lectern in front of four judges, standing shoulder to shoulder as if waiting for a halftime pep talk. They took turns speaking, each following the same theatrical routine. First, an attorney would come up, state his name, and set out his client’s case, building to a crescendo that involved shouting and waving his hands. Then everyone would talk at once, until the next lawyer found his way to the lectern and the process restarted.\nThe SCA’s lawyer argued that the authority had saved theEver Givenalmost singlehandedly. A billion dollars wasn’t so much to ask. “If it were not for the refloating operation, we could have witnessed a catastrophe,” he said in Arabic. The call to prayer drifted in through an open window as he spoke.\nSoon it was El Swefy’s turn. He was much older than the rest, hunched and with slightly trembling hands. Although the other attorneys towered over him, he had obvious gravitas.\nNo one could doubt the heroism of the SCA, El Swefy said slowly. But his praise was the prelude to a surprise attack. He explained that Shoei Kisen Kaisha had tried and failed to negotiate a settlement with the agency. In light of the SCA’s resistance, he said, he had no choice but to submit recordings from theEver Given’s voyage data recorder into evidence. What they revealed was “chaos,” he said. “Enter, no don’t enter, the wind is high, the wind isn’t high.” The pilots got into an argument and were “calling each other names,” in an exchange so heated one of them threatened to leave the ship, according to El Swefy. It was the first time anyone had publicly suggested the SCA’s actions might have contributed to the accident.\nEl Swefy professed, as a proud Egyptian, to be making this argument reluctantly. “I didn’t want to say this, and I’m ashamed to say it,” he said. “This waterway belongs to all of us.”\nWhen he went outside afterward, reporters crowded him. He unhooked his face mask and patiently lit a cigarette with one hand, talking into a cellphone with the other. He declined to comment when approached byBloomberg Businessweek. “I have a principle,” he said in English. “All my statements are made in front of the court.” Would the full transcript of the VDR audio be made public? “Not by me,” he replied.\nIn the end, the judges kicked the case to another court. The SCA has reduced its claim to about $550 million, and as this story went to press, theEver Given’s insurers announced they’d reached an “agreement in principle” to resolve the dispute, without disclosing its terms. Even if that deal is finalized, a protracted legal battle may still take place beyond Egypt. In London’s admiralty courts, where most big-money marine cases are decided, Shoei Kisen Kaisha has filed an application to limit its maximum liability from any lawsuits. The filing lists 16 entities that might seek damages, most of them the owners of other vessels stalled in Suez during the blockage. There could also be fights over financial responsibility among the owner, its insurers, and their reinsurers, who protect insurers against excess claims. The merry-go-round of litigation might drag on for years, to the delight of London’s legal industry and probably no one else.\nCaptain Kanthavel and his crew have now been floating in the Great Bitter Lake for about three months. According to theInternational Transport Workers’ Federation, a coalition of unions, they are still receiving their pay and are amply provisioned. Nine have been allowed to return to India. Seafarers’ groups are nonetheless anxious about their welfare; at one point, the Indian maritime union said it was concerned they could be “held to ransom,” becoming bargaining chips in negotiations that had nothing to do with them. Thepotential settlement is, therefore, excellent news for the crew. Once it’s complete, they and the vessel should be able to leave.\nIn a meeting withBusinessweekat the SCA’s headquarters in May, Elsayed reflected on his role in this peculiar moment of nautical history. In the navy, he’d studied Operation Badr, an ingenious plan to move Egyptian forces across Suez in just six hours, allowing them to surprise Israeli troops and start the 1973 Yom Kippur War. He hadn’t quite matched that pace, but the SCA had managed to refloat theEver Givenin six days. “It’s the same,” he said, laughing.\nNight had fallen by the time Elsayed offered to lead his visitors on a tour of the SCA control tower. Outside, the canal was a dark expanse, fringed by twinkling lights along the shore. It was empty: The next convoy wasn’t due to depart for a few more hours. Above the CCTV feeds, a digital map of the entire route was spread across 10 large monitors. Elsayed pointed to a yellow blob in the Great Bitter Lake, motionless on the screen, and said, “See theEver Given?” —With Ann Koh","news_type":1},"isVote":1,"tweetType":1,"viewCount":306,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":157404628,"gmtCreate":1625606131364,"gmtModify":1703744656434,"author":{"id":"3584392550533250","authorId":"3584392550533250","name":"Minashime","avatar":"https://static.tigerbbs.com/b896a6f16c322086559f65a00ac15b34","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3584392550533250","idStr":"3584392550533250"},"themes":[],"htmlText":"Oooo time to buy!","listText":"Oooo time to buy!","text":"Oooo time to buy!","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/157404628","repostId":"1109329042","repostType":4,"repost":{"id":"1109329042","pubTimestamp":1625584958,"share":"https://ttm.financial/m/news/1109329042?lang=&edition=fundamental","pubTime":"2021-07-06 23:22","market":"us","language":"en","title":"Dow drops 400 points, S&P 500 is set to snap 7-day winning streak","url":"https://stock-news.laohu8.com/highlight/detail?id=1109329042","media":"CNBC","summary":"Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe ","content":"<div>\n<p>Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n","source":"cnbc_highlight","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; 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overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDow drops 400 points, S&P 500 is set to snap 7-day winning streak\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-06 23:22 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html><strong>CNBC</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average ...</p>\n\n<a href=\"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{".SPX":"S&P 500 Index",".IXIC":"NASDAQ Composite",".DJI":"道琼斯"},"source_url":"https://www.cnbc.com/2021/07/05/stock-market-open-to-close-news.html","is_english":true,"share_image_url":"https://static.laohu8.com/72bb72e1b84c09fca865c6dcb1bbcd16","article_id":"1109329042","content_text":"Stocks fell on Tuesday as Wall Street kicked off the holiday-shortened week with concern that maybe the best of the economic recovery from the pandemic is behind us.\nThe Dow Jones Industrial Average fell about 400 points, dragged down by losses in JPMorgan, Chevron and Goldman Sachs. The S&P 500 dipped 0.7% and the Nasdaq Composite traded around the flatline after both averages hit records at the open. U.S. markets were closed for the July 4 Independence Day holiday on Monday. The S&P 500 is coming off a seven-day winning streak, its longest since August.\nInvestors are juggling several signs that the rapid economic growth from the depths of the pandemic could be peaking. The ISM Services index, a major gauge of the services sector, slowed to 60.1 in June from a record in the prior month, data released Tuesday showed. Economists polled by Dow Jones expected a print of 63.5. This follows Friday's jobs report, which showed the unemployment raterose back up to 5.9%against the 5.6% expectation.\nBond yields also fell on Monday, with the 10-year Treasury yield below 1.4%, further evidence that investors are doubting the strength of the U.S. economy.\nWhile shares linked to the economy including Caterpillar and JPMorgan fell, shares of tech companies gained. Amazon, Apple and Microsoft were higher.\nAmazon rose nearly 3% to lead technology shares as Andy Jassy officially took over as CEO on Monday. Jeff Bezos is now the executive chairman of the board.\nStill, many on Wall Street expect smaller and choppier gains from the rest of the year after a strong performance in the first half amid a historic economic reopening. The S&P 500 is up nearly 16% year to date.\n\"The US economy is booming, but this is now a known known and asset markets reflect it. What isn't so clear anymore is at what price this growth will accrue,\" Michael Wilson, chief U.S. equity strategist at Morgan Stanley, said in a note. \"Higher costs mean lower profits, another reason why the overall equity market has been narrowing... equity markets are likely to take a break this summer as things heat up.\"\nWall Street's consensus year-end target for the S&P 500 stands at 4,276, representing a near 2% loss from the 500-stock average's current level, according to the CNBC Market Strategist Survey that rounds up 16 top strategists' forecasts.\n\"Everything is perfect and that worries me,\" said Sarat Sethi, portfolio manager at DCLA, said on CNBC's \"Squawk Box\" on Tuesday. \"Since October, we've had a 5% correction, that's it. I do think we're in a little bit of a euphoria short-term. We do need to be careful and I do think you want to be in secular growth companies, no just chasing the market here because I do think the market's going to be very picky as to what sectors are going to do well.\"\nU.S. shares of Chinese ride-hailing giantDidi plunged as much as 25%after China said new users could not download the app until it conducts a cybersecurity review. The announcement took markets by surprise given that Didi just made its U.S. debut on the NYSE last week.\nWest Texas Intermediate crude rose to asix-year highas a key meeting between oil producer group OPEC and its partners on crude output policyhas been called off. The postponement came as the United Arab Emirates rejected a proposal to extend oil production increase for a second day. At one point on Tuesday, WTI crude hit as high as $76.98, which was the highest price since November 2014, after pulling back before the opening bell.\nInvestors await the release of June Federal Open Market Committee meeting minutes due Wednesday for clues about the central bank's behind-the-scenes discussions on winding down its quantitative easing program.","news_type":1},"isVote":1,"tweetType":1,"viewCount":455,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}