A study led by the Barcelona Supercomputing Center links dozens of climate extremes to sharp food price rises. The study noted that in Japan, the price of rice rose 48 percent in September after an August heatwave across the region.—ft.com
Category: Economics in the News-Micro
American Carriers Have a Favorite New Pricing Trick
American and United Airlines have started charging higher fares to solo travelers flying during the workweek than to solo travelers whose trips include a weekend stay or to those traveling with companions, even if their trip doesn’t include a weekend.—economist.com
Obstructing Traffic During Traffic Accidents
In the UAE, slowing down to watch a crash can result in a fine of up to 1,000 dirhams, the equivalent of $270 U.S. dollars. The curiosity to watch a car accident delays ambulances, endangers lives, and prevents other drivers from reaching their destinations on time.—khaleejtimes.com
The Construction Industry in the United States
Large construction firms in the United States (500+ workers) are four times more productive than firms with fewer than 20 workers. The industry has been slow to adopt robots that could handle tasks like bricklaying, welding, and material handling.—economist.com
Canada’s Hudson’s Bay Company to Close All Stores
Canada’s Hudson’s Bay Company plans to close all brick-and-mortar stores as it struggles with declining foot traffic amidst competition with online retailing.—reuters.com
Plastic Shopping Bag Policies Are Actually Working
The extra fee at the grocery store for a plastic shopping bag is reducing the amount of bags being used. Plastic pollution from shoppers not only diminishes the enjoyment of nature but also harms marine animals that ingest plastic bags, often resulting in starvation and death.—cnn.com
Matcha is Having a Moment in Japan
With influencers widely promoting matcha tea and record levels of tourism in Japan, the price of matcha powder is rising. Many farmers lack the resources to upgrade to specialized machines needed for matcha production. In the future, aging matcha farmers note that they have few successors to take over.—cbc.ca
The Pacific Coast Producers
New tariffs on steel are increasing costs for companies like Pacific Coast Producers, which uses steel to package canned fruits and tomatoes for major U.S. grocers, hospitals, and schools. The company is now considering passing these additional costs on to buyers.—reuters.com
BYD Triggers a Price War
On May 23rd BYD caused shockwaves when it slashed the cost of its 22 electric and hybrid models. In response, other carmakers cut their prices. Only a few carmakers are expected to survive in the long run. China’s industry minister said, “there are no winners in the price war”. —economist.com Some Data Source: cleantechnica.com
Should the United States Grow Bananas?
The U.S. Commerce Secretary suggests that the simplest way to avoid tariffs is to produce everything domestically—appropriations.house.gov