Economic Outlook
Temporary shipping delays caused by the ongoing Covid-19 pandemic – leading to shortages of products across New Zealand industries – are likely to continue until the end of the year, experts say.
Supply chain issues are affecting pet food supplies, the automotive repair and hardware industries, vehicle imports and building supplies.
Shipping delays were definitely affecting the automotive repair industry, Pit Stop Dunedin franchise owner Daniel Cresswell said.
It was particularly difficult to get vehicle parts from Asia through the dealership process, and he faced delays of up to 12 weeks for some items.
“We had a client who failed a warrant of fitness on an LED light for a wing mirror, a non-repairable part, and we were told 12 weeks for a new one to arrive,” Cresswell said.
“And we have been told that for numerous parts, especially out of Japan, when it normally takes only two weeks.”
Electronic automotive parts, such as devices to interface between a car’s wiring and a trailer, were hard to get because of a worldwide shortage of silicon chips, he said.
Cresswell said there were challenges with the supply of automotive oils and fluids in New Zealand as well.
“That’s something that could become a big problem – some industries use a massive amount of oil,” he said… CLICK for the complete article
The Dow Jones and S+P futures closed at All-Time Highs Friday, May 7, traded higher during the Sunday overnight session but turned lower Monday morning and tumbled ~1,500 points to Wednesday’s lows. The DJIA rallied back ~900 points Thursday and Friday.
Bond futures surged on the weak employment report early Friday, May 7, but had 2nd thoughts and sold off five points into Wednesday’s lows. The tumble in stocks and bonds may have been motivated by perceptions that inflation was running hotter than expected.
A house on 73 Mount Kellett Road on the Peak was leased for HK$1.6 million (US$206,000) a month, Hong Kong Economic Times reported, citing unidentified sources. That translates into about US$2.5 million a year for the tenant.
The amount surpassed the previous record that was just set two months ago, signaling robust demand among the richest tenants in the world’s most expensive property market.
The five-bedroom house comes with a private elevator and a garden of 650 square meters.
Despite the falling rents across the city, Hong Kong’s most upscale market is defying the trend. The former rental record was held by Wharf Holdings Ltd., which leased a luxury house in its 11 Plantation Road project for HK$1.35 million a month in March.
Birkin bags hit record prices even as the world ground to a halt.
New York (CNN)The desirability of an Hermès Birkin handbag — a symbol of rarefied wealth — is such that not even a global pandemic can dull demand for it. Instead, it has helped fire it up even more.
You may have already noticed it, but yes, many things you need or love have gotten more expensive, a lot more expensive.
Consumer prices surged 4.2% in April from the depressed levels of a year earlier when the global economy was hit hard by the coronavirus pandemic, according to the Labor Department on Wednesday.
That was the largest 12-month increase since a 4.9% one in September 2008 in the depths of the global financial crisis, the Labor Department added.
Prices rose 0.8% on a monthly basis.
The accelerating inflation comes as companies have been forced to pay more to secure critical materials such as lumber and steel amid continued disruptions to the global supply chain. And the government also pumped trillions of dollars into the economy in a bid to blunt the impact from the coronavirus, contributing to inflation.
Price increases affected a range of goods from big-ticket items such as used cars to kitchen staples such as bacon. Airfares and hotel prices also jumped as rapid vaccine rollouts are encouraging Americans to travel again.
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