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Our supply chains are continuously evolving ?? and every day we find ourselves at the forefront of exciting developments ?? that shape the future of trade and logistics. We aim to ultimately bring to you a collection of news pieces and articles ?? that justify the aforesaid perception of the supply chain ecosystem.
A lot is happening around the world, majorly on the back of geopolitical situations. And with the global supply chains considered as the world's backbone, there is an obvious commotion in the industry. There are also many developments across India's supply chain sectors with the Interim Budget 2024 announced recently. This week's newsletter brings you a piece of that commotion.
Psst..! Have you grabbed your copy of the latest Logistics Insider magazine? If not, click below to immerse yourself in this titillating collection of stories and interviews.
These newly added customer meeting points will provide access to a comprehensive range of over 7,500 well-designed, affordable, high-quality, functional, and sustainable home furnishing products. Customers can conveniently explore, locate, and purchase their favorite items through the IKEA app, the official website, or the "Shop by Phone" assistance service.
Nimal Siripala de Silva, the Ports Minister, has directed officials to optimize Colombo Port's operations to accommodate the significant increase in container cargo traffic. By mid-January, the port had already experienced an 80% increase in volume, handling nearly 200,000 containers. Sri Lanka Port Authority officials anticipate handling around 7 million containers or TEUs (twenty-foot equivalent units) in 2024.
The Baltic Air Freight Index, indicating weekly transactional rates for general cargo across various routes, witnessed a 6.4% increase in the week leading up to Monday, as reported by the price reporting agency TAC Index. This marks a reversal from the declining trend observed since the mid-December seasonal peak.
Most of the job cuts are anticipated in the first half of the year, aiming to trim expenses by around $1 billion. UPS, with nearly 500,000 employees, narrowly avoided a strike last summer when the International Brotherhood of Teamsters, representing over 300,000 workers, threatened to strike if a labor agreement with higher wages wasn't reached. While a settlement was eventually reached, the uncertainty surrounding a potential strike impacted the company's package volumes.
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In a significant move, the cabinet announced on Tuesday the amendment of the policy governing the establishment of multi-modal logistics parks (MMLPs), integrated inland container depots, logistics parks, warehouses-cum-retail, truckers parks, cash and carry, warehouse, cold-chain facilities, and gas godowns.
Frederic Leger (Senior Vice President - Commercial Products and Services, IATA) emphasized the necessity of operating to global standards in aviation. The 2024 manuals, with more than 300 revisions, showcase IATA's commitment to maintaining a reliable and safe aviation ecosystem amid evolving trends, especially in sustainability and digitalization.
According to the agreement, the German container shipping company will make a substantial investment of INR 2,500 crore towards the development of container terminals and logistics parks in Thoothukudi and other regions within the state. The signed agreement is anticipated to generate employment opportunities for 1,000 individuals, as per the official release.
Jindal Stainless Limited has shipped 28 kg of hot rolled stainless steel plate samples to Sweden through the recently opened direct air cargo operations at Bhubaneswar’s Biju Patnaik International Airport (BPIA). Being the first company to have participated in direct air cargo operations, India’s biggest producer of stainless steel has created history.
In a remarkable achievement, Indian Railways has broken its own records in freight loading, showcasing outstanding performance in January 2024. The month witnessed an unprecedented loading of 142.7 Million Tonnes, marking a significant 6.5% growth compared to the previous year. This accomplishment reaffirms Indian Railways' pivotal role as the backbone of transportation, driving core economic activities.
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