US consumers are still shopping, but not for "big-ticket" items | Yellow accepts offers for real estate, bankruptcy loans | $1.2B clean energy plant proposed in Texas
While quarterly profits at retailers including Walmart show that Americans are still buying, top retailers also are concerned about lack of spending on "big-ticket" items. “Everybody’s waiting for the other shoe to drop on the consumer,” says Lawrence Werther, chief US economist at Daiwa Capital Markets.
Bankrupt trucking firm Yellow is seeking court approval to accept a bid for at least $1.3 billion for its real estate and $142 million in bankruptcy loans from Citadel and Boston hedge fund MFN Partners. Yellow recently filed for bankruptcy and plans to use the financing to fund operations while it sells the rest of its assets.
Linde Inc. proposes to build a $1.2 billion unit to produce hydrogen in Jefferson County, Texas, that would capture and sequester carbon dioxide emissions, according to county officials. The clean energy project would create 600 construction jobs and benefit from its location in a reinvestment zone near US 69.
Winsupply announced plans to expand its Moraine, Ohio, support services campus to add Winsupply of North Dayton. Plans call for the new facility to be open by spring 2024 and include a local office, sales counter and 41,000 square feet of warehouse space, along with two loading docks and space for customer pick-up.
An unexpected wildfire in Lahaina in Maui, Hawaii - possibly caused by a transformer -- disrupted travel and power and destroyed homes and businesses. (Justin Sullivan/Getty Images)
Procurement teams in every sector should be tapping artificial intelligence and machine learning to add resilience as extreme weather events become more common, writes Vikram Srinivasan of ClimateAi. Companies can collect and incorporate data that allows for vulnerability assessments, climate-related forecasting and scenario modeling, use infrastructure that can survive climate issues and collaborate with others.
With $46 million on hand from the state, major infrastructure upgrades are in store for California's Port of Stockton, according to port director Kirk DeJesus. Construction on the port's Rail Infrastructure Improvement for Sustainability Exports Project begins within a year as part of a larger upgrade valued at $280 million that will double the port's capacity.
Companies must optimize their websites to meet B2B customers' expectations, which include easy access to information and intuitive interfaces, writes Ali Schwanke. In particular, customer relationship management systems can be helpful in organizing customer data to ensure a seamless purchasing experience.
Big-name brands are circumventing digital marketing clutter by resurrecting traditional print media, such as Amazon, Nordstrom and Zappos' use of catalogs. The Escape Pod's Tyler Moore says "Print is definitely more expensive, but [businesses] are seeing a higher ROI because they can send to a more targeted group of people who are more likely to buy."
The US economy's future is not looking positive, according to The Conference Board's Leading Economic Index, which dropped for the 16th consecutive month. The index fell 0.4% in July, a slower rate of decline than the prior month, but The Conference Board warns economic activity may continue to decelerate and eventually descend into a mild contraction in the coming months. The organization is forecasting a short and shallow recession sometime between Q4 2023 and Q1 2024.
Sponsorship relationships can be powerful tools for newer staffers to advance, but the situation can become more complicated if sponsees are reluctant to tout their own accomplishments or ask for what they need. Sponsors can help by setting a confident example, and sponsees can advocate for themselves by drafting personal-development plans and impact statements, writes executive coach Rachel Simmons.
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