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If you want your Christmas gifts to arrive on time, you might need to order them now

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Shipping delays and soaring delivery prices may mean your Christmas gifts won’t arrive on time this year

2021 has been a tricky year for the global supply chain, with shipping delays and soaring delivery prices. The industry has faced issues ranging from the outbreak of Covid-19, to container shortages and a ship becoming stuck in a major transport canal.

But now, experts are warning that these issues are not likely to resolve themselves any time soon, and we might be looking at shipping delays long enough to disrupt this year’s Christmas shopping.

“U.S. importers at the moment are panicking,” says Steve Saxon, a McKinsey & Co. partner in China. “People are already worried about whether they can the shipping capacity in August and September.”

Major Chinese port shuts down amid Covid outbreak

One of China’s key export hubs was partially shut down this month to control a Covid outbreak. This came as yet another blow to the $4 trillion industry. One estimate reported the shutdown brought more than 400,000 20-foot containers to a standstill.

“The latest one is the worst in terms of the supply-constraint hits,” says Saxon. He believes the Yantian port won’t return to business as usual until August.

August is peak time for retails to stock up on inventory for Christmas shoppers, which has led to fears over potential incoming shortages.

“Worse than the Suez Canal”: Global supply chain nightmare

Natasha is an Associate Producer at ticker NEWS with a Bachelor of arts from Monash University. She has previously worked at Sky News Australia and Monash University as an Online Content Producer.

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Business

Companies to pay extra for verified Twitter accounts

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Elon Musk has announced that companies and brands will have to pay $1,000 per month – plus an additional $50 per sub-account – to get verified check-marks on Twitter

The new pricing falls under the new Twitter Blue for Business service.

Within the next few months, only paying Twitter customers will have verified status.

Twitter has stacked on $12.5 billion in debt, and this move hopes to increase subscription revenue to meet Musk’s obligations.

Advertisers halted spending on Twitter after the takeover, but Twitter has since announced partnerships with two brand-safety vendors to win back marketers.

Musk also announced that Twitter would start sharing ad revenue with creators for “ads that appear in their reply threads”, but didn’t provide further detail.

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BMW to invest €800 million in Mexico

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BMW is set to invest €800 million in Mexico, to produce its next generation of high-voltage and fully electric batteries

 
The carmaker is looking to convert more than half of its sales into all-electric cars by 2030.

Construction will begin next year with production beginning in 2027.

The announcement follows several other major expansions from the automaker in recent months, including a $1.7 billion investment in the United States.

The move will add around 1,000 new jobs to its Mexico operations.

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Business

A British digital currency “later this decade”

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The Bank of England and Britain’s finance ministry think the UK is likely to need to create a central bank digital currency later this decade.

“On the basis of our work to date, the Bank of England and HM Treasury judge that it is likely a digital pound will be needed in the future,” the Telegraph quoted BoE Governor Andrew Bailey and finance minister Jeremy Hunt as saying in the joint report.

“It is too early to commit to build the infrastructure for one, but we are convinced that further preparatory work is justified,” the Telegraph quoted the report saying.

The BoE declined to comment on the Telegraph article, but said a joint consultation on CBDC issues would be published shortly.

A government source said the report would be published next week.

BoE Deputy Governor Jon Cunliffe is due to give a speech on Tuesday to update the finance industry on the BoE’s CBDC work.

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