Business
Australian watchdog investigating shipping cost price-hike
Australia’s consumer watchdog has opened up an investigation into the dramatic rise in global shipping and container costs following the pandemic
The Australian Competition & Consumer Commission confirmed it has opened the inquiry, particularly focusing on the sharp rise on the price and movement of shipping containers.
ACCC chairman Rod Sims says he is aware of what is going on within the shipping industry and “is investigating it.”
“There is a limited amount I can say on it, but we are looking at the freight system – particularly the role that containers play, I can certainly say that, and that is certainly on the list of investigations”
The costs of shipping containers have risen more than 300 per cent in the last year, with steeper prices crunching retailer profit margins.
The shortage of containers
The insufficient supply of container ships has been blamed on supply chain disruptions caused by COVID and recent virus outbreaks at key ports in China.
But many Australian business executives say that they believe the container shortage is “partially artificial” and that the industry is just playing on the excuse as a reason to squeeze higher prices.
The massive steel containers piled onto ships are vital for the international movement of goods.
The skyrocketing cost of shipping containers that bring everything from sneakers and sofas to washing machines to Australia has ratcheted up costs for importers – especially the retail sector, which has shaved its profit margins.
Reserve Bank of Australia responds
The economic impact has also reached the attention of the Reserve Bank.
In its May statement on monetary policy, the RBA reported on a five-fold increase in shipping container prices since 2019.
The RBA stated that the lack of shipping containers had resulted in sharp increases in global shipping prices and also contributed delivery delays.
EU plans to make USB-C connectors the standard port for all smartphones and tablets, angering Apple
The European Commission rules to force manufacturers to create a universal charging solution for phones and small electronic devices. The European Commission is aiming to have a common charging port for all mobile phones, tablets, cameras, headphones, and handheld videogame consoles.
The ruling has been in the making for a decade, with environmental concerns the main driving force behind the historic move.
Reducing waste
The rule will reduce waste by encouraging consumers to re-use existing chargers when buying a new device. Politicians have been pushing for this uni9versal charging rule for over a decade.
Disposed and unused charging cables generate approximately 11,000 tonnes of waste per year. Research shows the average person owns around three mobile phone chargers.
A decade ago there were about 30 different types of chargers, now, phones use either USB-C, lightning, and USB micro-B.
Rotten Apple
The move would see all smartphones in the EU sold with the same charger, a motion Apple is not happy about. The tech giant says this move would damage ongoing innovation.
The tech giant is the main manufacturer of smartphones using a custom charging port, as its iPhone series uses an Apple-made “Lightning” connector. Apple argues its Lightning connector is used by one billion active iPhone users.
“We remain concerned that strict regulation mandating just one type of connector stifles innovation rather than encouraging it, which in turn will harm consumers in Europe and around the world,”
Apple spokesperson
The proposed changes would apply to the charging port on the device body and will also standardise charging speeds. It may be a number of years before the proposals come into effect.
It will be thoroughly debated by the European Parliament and national Governments.
There are growing concerns for European residents as energy prices continue to skyrocket in the lead-up to winter
The wholesale prices of natural gas in Britain, France, Spain, Germany and Italy have reached record highs, with overall household bills now through the roof.
This all comes as the continent braces for a cold winter and fuel is needed for increased electricity generation.
Meanwhile, the Europen Consumer Organisation warns it has seen a huge price increase… saying “It’s worrying ahead of the winter when gas consumption will necessarily increase.”
This latest price hike is being caused by a number of factors… including a depletion of natural gas stockpiles during a cold spring and a growing demand for gas in China.
Russia is also supplying less gas to the market than it ever has before.
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