Blockchains were once thought to be unhackable.
Until somebody hacked one.
Recently, blockchain hacks have drastically increased as hackers have discovered that vulnerabilities do in fact exist.
Public data shows that since 2017 hackers have stolen around $2 billion in blockchain cryptocurrency, per MIT Technology Review.
LOGISTICS
With Lunar New Year a couple weeks away, ocean freight disruptions including delays, empty container shortages, and cost increases may be reaching their peak, per Freightos.
The situation in and around the Red Sea / Gulf of Aden remains volatile therefore Maersk said that for the time being its ME2 service will be diverted via the Cape of Good Hope (COGH).
Global air cargo tonnage rose 24% week-on-week, with a marked increase in cargo from Asia Pacific and Middle East & South Asia to Europe, potentially influenced by shipping disruptions in the Red Sea, per Flexport.
Though the latest data shows total Panama Canal transits for all sectors hit a new low, most services are continuing to use the canal, per Freightos.
More on Logistics issues plus air freight rates
INSIDE SOURCING
Suppliers have started off the new year facing a number of hurdles including high interest rates and more pressure from brands to carry materials on their behalf.
While stocking materials helps meet tight lead times, it shifts more risk onto manufacturers’ shoulders. Not just more risk – more costly risk. At a time when factories are facing a sharp reduction in order volumes, this year will be about ‘survival of the fittest’. Read more
PODCAST
How A Forward Thinking Mfg is Helping Reshape the Apparel Industry
Managing an apparel supply chain has never been easy – but in recent years it’s got far more complicated.
While everyone sees the situation from a different perspective – just about everyone agrees things are not likely to go back to what is wistfully referred to as ‘normal’.
That has left a lot of global sourcing directors and suppliers wondering how exactly to reposition themselves to be the winners in what has clearly become a different ball game.
In this podcast RanjanMahtani, Executive Chairman of EPIC Group, a world class apparel manufacturer, with facilities in Bangladesh, Jordan, India and other nations shares what he sees are realistic developments we’re likely to see as apparel supply chains continue to evolve.
You Learn:
- Supply chain opportunities for brands – that they might be overlooking.
- What’s going to change in manufacturing (for real) in the next 3-5 years.
- Why India is becoming an apparel sourcing hot spot.
- The growing importance of creating a more supportive environment for workers.
MATERIALS
Cotton prices are holding close to a recent three-month high of 84.8 cents per pound, on improved demand prospects. The latest U.S Department of Agriculture’s (USDA) weekly export sales report showed net sales of 420,000 running bales for 2023/2024 in the week ending Jan. 11, up 60% from the previous week and 85% from the prior four-week average.
A large draw in US crude inventories lifted oil prices to a one-month high, however prices are still well below September and October levels.
MARKETS
US Q4 2023 GDP growth beat all expectations coming in at 3.3% thanks to strong consumer and government spending plus a positive contribution from net trade.
- Q1 GDP growth is expected to be weaker based on business surveys, but the Fed is close to declaring victory on inflation with the second consecutive 2% quarterly core inflation reading, per ING Bank.
The four largest banks in the US all saw higher credit card spending by their customers in 2023 than the year before, per the Wall Street Journal.
- “Over the past two years, Americans’ credit card balances have skyrocketed 40%,” Bankrate’s Ted Rossman told CNBC.
The UK economy is on course to ‘skirt a recession’ after closely watched data revealed the private sector has expanded at its fastest pace in seven months, The Times.
eBay will cut about 1,000 staff, an estimated 9% of its current workforce, the company has said.
CURRENCIES
The Euro fluctuated around the $1.09 threshold, following the release of the European Central Bank’s recent monetary policy decision to maintain rates and reduce inflation.
The offshore yuan steadied around RMB 7.17 per dollar on the back of The People’s Bank of China’s announcement that it will reduce banks’ reserve requirement ratio by 50 basis points next month in a bid to support the country’s economy.
YOU MIGHT HAVE MISSED THESE ARTICLES
- Volumes Remain a Challenge, Even As Markets Stabilize
- Why Primark Keeps Beating the Market
- How Five Below Keeps Consumers Coming Back
- Overlooked Opportunities in Pakistan
- Can’t Touch That! Retailers Face Rising Violence
- Mills Pressured to Find New Customers
- SE Asian Markets: Growing Fast, Spending More
- Why Consumers are Giving Canada Goose the Cold Shoulder
- Why Fortune Might Be Favoring Mainstream Brands
- Authentic Denim Becomes an Incubator for Sustainability
- Supermarkets Seize the Fashion Market
