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Sustainable Supply Chain Management

Blockchain in Supply Chain Management

<ul class="summary-list"><li>Hurricane Helene, the dockworkers' strike, and Middle East conflict threaten to upend the US economy.</li><li>Oil prices are up as conflict widens between Israel and Iran.</li></ul>A sudden flurry of global developments has the US economy staring down a troubling trifecta of major crises.Devastation from Hurricane Helene, a dockworkers' strike, and escalating conflict in the Middle East all threaten to scramble supply chains and inflate prices. The confluence of events comes just as the US economy is recovering from a years-long bout of elevated inflation. Coupled with a cooling but still-strong labor market, it looked possible the US would avoid a recession. These events could threaten that.While the effects of Iran's<a target="_blank" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10"> missile</a> attack on Israel on Tuesday are more speculative, the other two crises happening on American soil could have more predictable impacts. Experts point to direct impacts on the prices of goods like oil, food, and industrial equipment as well as infrastructure damage that would create knock-on effects across industries.For now, it's a waiting game. Many of the effects depend on how long the strike and cleanup last and how quickly the parties responsible for resolving them can act.<h2 id="bb66dc7c-8a7f-46f6-83fe-f763c7971b08">1. Escalation in the Middle East</h2>On Tuesday, the risk of a full-blown war between Iran and Israel escalated when Iran <a target="_blank" class="" href="https://www.businessinsider.com/iran-attacks-israel-with-missiles-after-hezbollah-leader-killing-2024-10">launched a massive ballistic missile</a> attack on its adversary.It came less than a day after Israel ramped up its attacks on Hezbollah with an invasion of southern Lebanon. The heightening conflict also threatens to <a target="_blank" class="" href="https://www.businessinsider.com/us-warns-severe-consequences-for-iran-after-attack-on-israel-2024-10">further entangle the US</a>, which announced it's sending additional fighter jets and thousands of troops to the Middle East to defend Israel and reinforce US troops already in the region.Since Iran's offensive, the price of oil has surged up, raising concerns that a broader conflict could push oil and gas prices higher. When petroleum prices rise, that also impacts the cost of plastics, which could raise prices on a range of goods. Some experts <a target="_blank" class="" href="https://www.theguardian.com/world/2024/oct/02/israel-iranian-oil-refineries-retaliatory-strikes">warn that Israel could target Iranian oil production facilities</a> in potential retaliatory attacks, which could risk further oil price increases."History would say that when there is conflict in the region, the prices of petroleum remain elevated and could continue to rise," Douglas Kent, an executive vice president at the Association for Supply Chain Management, told Business Insider.<h2 id="74292a69-7822-4de1-bb2c-cdde4749d751">2. Dockworkers on strike</h2>Also on Tuesday, dockworkers at all the eastern US ports from Maine to Texas went on strike, threatening <a target="_blank" class="" href="https://www.businessinsider.com/dockworkers-port-strike-ila-impacts-2024-10">a slew of adverse economic impacts</a>, including increased prices on key goods ahead of the holiday shopping season.About 30% of goods imported to and exported from the US pass through the East Coast and Gulf ports, according to a Morgan Stanley analysis, along with about <a target="_blank" class="" href="https://www.businessinsider.com/us-economy-markets-react-israel-iran-escalates-dockworkers-strike-helene-2024-10">half of all US ocean imports</a>. The strike could cause shortages of goods and push consumer prices up, but how much depends entirely on how long the work stoppage lasts, experts say.A few days of snarled supply chains likely wouldn't be a major hit to the economy, while a week or longer could have major impacts. Every day, the work stoppage is costing the economy up to $4.5 billion, according to JPMorgan analysts. If the strike goes for at least two weeks, it may <a target="_blank" class="" href="https://markets.businessinsider.com/news/stocks/us-port-strike-biggest-stock-market-winners-losers-investing-analysis-2024-10?_gl=1*w94t9f*_ga*MTM5OTQyNzAxOS4xNjc1MDExMTIw*_ga_E21CV80ZCZ*MTcyNzg4MTM4OC4zNTQuMS4xNzI3ODgzOTYyLjQ5LjAuMA..">increase inflation.</a> If it lasts a month, it could <a target="_blank" class="" href="https://www.businessinsider.com/port-strike-impact-costs-us-economy-recession-outlook-shipping-delay-2024-10">cause a recession</a>.And the strike will also have knock-on impacts. For every day the ports are closed, it will take an estimated five days for supply chains to get back to normal, Kent said."We are in a bit of a wait-and-see mode about what the impacts are going to be," Sameera Fazili, former deputy director of the National Economic Council under Biden, told BI. "If the strike goes on for one day or three days, it could take two weeks for some companies to recover, some industries to recover, it could take months for others to fully recover."Some of the imported consumer goods <a target="_blank" href="https://www.businessinsider.com/consumer-products-most-likely-to-be-impacted-by-port-strike-2024-9">most vulnerable to the port closures</a> include perishable foods like fresh fruits and vegetables, wine, beer, liquor, toys, tires, furniture, and raw commodities like salt, sugar, and gypsum. Kent noted that automotive, pharmaceutical, and industrial equipment supply chains are also vulnerable. US meat, dairy, and poultry exports <a target="_blank" class="" href="https://www.businessinsider.com/us-port-strike-hurt-agriculture-livestorck-dairy-farmers-presidential-election-2024-10">could also be disrupted</a>, as well as coal and heavy agricultural equipment.How much the strike impacts prices depends on how much of a cushion companies have built to deal with any bottlenecks. With the memory of pandemic supply chain crises still fresh, many businesses have become better prepared for disruptions by importing goods ahead of schedule in anticipation of the strike or <a target="_blank" class="" href="https://polb.com/port-info/news-and-press/port-of-long-beach-achieves-busiest-month-on-record-09-12-2024/">diverting shipments</a> to West Coast ports."The 2020 disruption presented unforeseen challenges but encouraged many firms to diversify their supply chain and seek backup sourcing: preparation that will likely soften the blow of the dockworker strike," Lauren Saidel-Baker, an economist at ITR Economics, said in a statement.But mitigation efforts, including redirecting shipments, cost money and push prices up. Bottlenecks also encourage carriers to raise their prices, increasing retail and consumer goods prices, Kent said.Fazili said she's confident the dockworkers' union — the International Longshoremen's Association — and the organization representing their employers — the United States Maritime Alliance — can come to a deal to raise wages and improve benefits for workers. With the election looming, Biden administration officials are particularly incentivized to grease the wheels of their negotiations.<h2 id="b5a7373b-dcda-4543-bf11-a8ea2a739cbd">3. Natural disaster strikes the South</h2>All of this comes as Southern states are scrambling to handle the fallout from a superstorm with billions of dollars in damage. Dozens of people have been killed in the flooding, landslides, and high winds wrought by Hurricane Helene, which washed out an untold number of roads, destroyed homes, and devastated entire towns. Rescue and recovery efforts are still underway, with <a target="_blank" class="" href="https://www.wcnc.com/article/weather/hurricane/helene/north-carolina-hurricane-helene-missing-people-finder-victims-survivors/275-d811bbc2-754d-4637-b156-7e4af6e1eadb">hundreds of people still missing</a>, particularly in North Carolina.The storm will likely have far-reaching economic impacts, including the immediate costs of providing emergency services for thousands of residents left homeless or without power or water, and the longer-term costs of rebuilding roads, bridges, and other infrastructure. Helene has likely caused between $15 billion and $26 billion in damage to property on top of about $5 billion to $8 billion in lost economic output, according to Moody's Analytics.In the immediate wake of the storm, a slew of residents across the affected states have <a target="_blank" class="" href="https://www.businessinsider.com/price-gouging-complaints-surge-hurricane-helene-states-fuel-water-hotels-2024-10">reported price gouging</a> by hotels, gas stations, and grocery stores. The hurricane has also disrupted some supply chains, including <a target="_blank" href="https://www.axios.com/2024/10/01/hurricane-helene-iv-fluid-shortage-health-supply-chain">healthcare supplies</a> and high-purity quartz needed <a target="_blank" class="" href="https://www.businessinsider.com/quartz-mine-computer-chips-hurricane-helene-spruce-pine-semiconductor-2024-9">for semiconductor manufacturing</a>."The combination of these events just reemphasizes how important it is for the private sector and companies, which are the ones that control supply chains, to move away from just-in-time and from efficiency only and to recognize that disruptions are on the rise and they ought to be better prepared for that," Fazili said.But the superstorm also threatens much longer-term economic damage, hitting the property insurance industry and the federal flood insurance program. Homeowners in affected areas will likely deal with rising property insurance costs or even lose coverage altogether, experts say."In the short run, the most costly element of the disaster is the damage to homes, property and infrastructure," Adam Kamins, a senior director at Moody's Analytics, told BI. "Longer term, the disaster itself is unlikely to drive people out of the hardest-hit areas, but insurance premiums could rise, denting affordability. This would be especially difficult for Florida, where many private insurers have already left the state."

A trifecta of global crises could snarl supply chains and increase prices

<ul class="summary-list"><li>General Motors is investing $625 million in the electric vehicle supply chain.</li><li>The funds will help Lithium Americas Corp develop and operate a major lithium mine in Nevada.</li></ul>Detroit-based automaker General Motors is pumping money into the domestic supply chain for electric vehicle batteries.Canadian mining company Lithium Americas Corp announced in a <a target="_blank" class="" href="https://www.businesswire.com/news/home/20241016466651/en/">press release</a> on Wednesday that GM investing a total of $625 million to fund the mining of lithium carbonate, a critical component of EV batteries. The cash-and-credit joint venture will fund the development, construction, and operation of the Thacker Pass lithium mine in Humboldt County, Nevada, in which GM will acquire a 38% asset-level ownership stake, the press release states.The automaker's investment in Thacker Pass, the<a target="_blank" class="" href="https://lithiumamericas.com/news/news-details/2024/Lithium-Americas-Provides-a-Thacker-Pass-Construction-Plan-Update/default.aspx"> largest known lithium resource in North America</a>, will also help Lithium Americas unlock a $2.3 billion conditional loan from the US Department of Energy, which was first announced earlier this year, the mining company said.GM will give $430 million in cash to help fund the building of Phase 1 of the mine, as well as a $195 million letter of credit facility to be used as collateral for the DOE loan, according to the press release."Our relationship with GM has been significantly strengthened with this joint venture as we continue to pursue a mutual goal to develop a robust domestic lithium supply chain by advancing the development of Thacker Pass," Jonathan Evans, President and CEO of Lithium Americas, said in the company's press release."Today's joint venture announcement is a win-win for GM and Lithium Americas," Evans continued.Jeff Morrison, GM's senior vice president of global purchasing and supply chain, said in Wednesday's press release that investing directly in the raw materials needed for EVs will help the company develop a resilient supply chain and "manage battery cell costs, deliver value to our customers and investors, and create jobs."GM's investment in the EV supply chain comes after the automaker announced this summer that it <a target="_blank" class="" href="https://markets.businessinsider.com/news/etf/auto-industry-pulls-back-on-evs-as-consumers-hesitate-over-high-price-inconvenience-1033570316#:~:text=On%20Wednesday%2C%20General%20Motors%20Co,from%20200%2C000%20to%20250%2C000%20vehicles.&amp;text=Even%20Tesla%2C%20Inc.,investment%20in%20battery%2Dpowered%20vehicles.">would be scaling back its 2024 EV production goal</a> by 50,000 units, as consumer demand for the battery-powered vehicles has waned and sales have slowed down.Even so, the investment by GM will help the automaker secure a steady domestic supply of battery metals.Despite the auto industry's recent pullback on EV production, lithium mining company Rio Tinto agreed last week to take over Arcadium Lithium for $6.7 billion, under the expectation that lithium demand will increase in the coming decade, <a target="_blank" class="" href="https://www.wsj.com/business/rio-tinto-to-acquire-arcadium-lithium-for-6-7-billion-2bce3360?mod=article_inline">The Wall Street Journal reported</a>.

GM makes a $625 million lithium-battery move to shore up its EV supply chain

<ul class="summary-list"><li>Shein plans to sell its supply-chain technology to other retailers.</li><li>The strategy could help grow its revenue, but experts say the brand's reputation may be an obstacle.</li></ul><a target="_blank" href="https://www.businessinsider.com/inside-shein-path-ipo-climate-fast-fashion-controversies-stock-exchange-2024-5">Shein</a> is looking to sell the supply-chain technology that has been a big part of its success. Industry experts say that while it could boost the online retailer's revenues, getting brands to sign on could be an uphill battle.Shein has developed a unique on-demand manufacturing model that enables it to turn around designs in a matter of weeks, compared with the several months more typical among its fast-fashion competitors.Now, according to an investor letter from Shein's executive chair, Donald Tang, which was first reported by The Wall Street Journal <a target="_blank" href="https://www.wsj.com/business/shein-to-market-its-unique-supply-chain-technology-to-global-brands-32fa0ed8">in March</a>, Shein is looking to sell that technology to other brands and retailers."Supply-chain technology is a top secret for a business like this," said Evelyn Gong, an assistant professor of operations management at Carnegie Mellon University's Tepper School of Business. "People have been curious, and now Shein suddenly is willing to share it with everyone who's willing to pay for this technology, including its competitors."Shein was founded in China in 2012 and moved its headquarters to Singapore in late 2021. It's a private company and thus isn't obligated to disclose its financials, but Coresight Research estimated that it generated nearly $32 billion in revenue in 2023. Shein has grown a lot in a short amount of time, and its ambitions are even larger.It <a target="_blank" href="https://www.businessinsider.com/what-is-shein-billion-dollar-fast-fashion-company-explained-2023-7">confidentially filed for a US initial public offering</a> in November, which is expected to be one of the largest public debuts in years. After facing regulatory struggles and criticism from lawmakers in the US, <a target="_blank" href="https://www.businessinsider.com/shein-ipo-new-york-london-us-scrutiny-listing-2024-2">Shein is said to be exploring moving its IPO</a> to the London Stock Exchange.Shein has also grown beyond its fashion roots, selling products in categories such as home goods, electronics, and office supplies. It has also opened up its site to third-party sellers in a marketplace model similar to Amazon's.But Shein's rise hasn't come without controversies — it has weathered allegations related to its labor practices and <a target="_blank" href="https://www.businessinsider.com/temu-shein-under-increased-pressure-from-us-lawmakers-de-minimis-2024-2">import strategy</a>, among others — that could hamper its efforts to expand to new business lines, experts said.<h2 id="71c04589-0e4b-4cac-91f4-c71ea2486d4c">A 'playground' for small designers and brands</h2>Shein works directly with more than 5,000 suppliers, mainly in China. Its forecasting tools and high volume of customer data allow it to stay on top of the latest trends.By showing it has consistently high demand for its products on social media, it can negotiate lower rates and minimum order quantities with its suppliers, Prince Ghosh, a cofounder and the CEO of the quality-control startup Factored Quality, said. This means it can manufacture only the most popular items and avoid sinking money into inventory that might not sell as well."Fast fashion has been around for a while," Ghosh said. "Shein, and now Temu and many others, really just built this modern version of it that they have owned a lot of themselves."<div type="image" title="A pair of black sunglasses propped on a table with a Shein tag." height="3712" width="5568" msid="110774600" hostid="261" sizebytes="462130"></div>That on-demand model could appeal to small, up-and-coming brands that might want to experiment with designs before they fully scale production. Shein already does this on a smaller scale through its Shein X program, which it launched in 2021. The <a target="_blank" href="https://affiliate.insider.com?h=c7c824610c2b39bedd55d2a22737e85669e9b35d9ab1c297d1b743007976e21d&amp;postID=6658e8e966bb31e50751c374&amp;postSlug=shein-to-sell-supply-chain-technology-experts-debate-challenges-2024-5&amp;site=bi&amp;u=https%3A%2F%2Fus.shein.com%2Fcampaign%2Fsheinx-story">incubator program</a> involves Shein manufacturing, marketing, and selling designs created by individual designers.Making the tech available more widely could help partner brands gain valuable insight into inventory levels and forecast demand. Brands that aim to keep their prices low while keeping up with seasonal trends could also benefit. It's often very expensive for brands to develop prototypes themselves, especially in the US, so using Shein's supplier network could be more cost-effective."It would be a pretty good playground for individual designers and small brands or startups that are just starting out and don't have the resources to set up an independent supply chain themselves," Gong said.Shein has also made use of <a target="_blank" href="https://www.businessinsider.com/shein-temu-de-minimis-tax-loophole-scrutiny-2024-1">de minimis, a provision in US import law</a> that allows shipments of less than $800 to enter the country duty-free and with minimal inspection. It consolidates orders in fulfillment centers in China and then ships them by air to the US in individual parcels. By doing so, it can avoid paying duties that more traditional retailers would have to pay when importing their products wholesale. Brands partnering with Shein could benefit from this practice as well."That's how they're able to keep that low cost," Ghosh said.A Shein spokesperson said the company's success did not depend on the de minimis provision."Our business model, focused on creating an on-demand production approach that measures and responds to customers' needs and preferences, is what drives our growth," the representative said.Still, calls to overhaul de minimis have grown louder in recent months. US lawmakers and advocacy groups argue that the loophole hurts American textile businesses and allows for illicit goods to enter the country. Shein has also said it <a target="_blank" href="https://www.sheingroup.com/pdfs/aafa-letter/">supports changes to de minimis</a> as long as they're fair.<h2 id="76aa076e-ab0d-416e-859c-0bf34ace2d9c">Brands might have some hesitations</h2>Shein wouldn't be the first retailer to diversify its revenue streams by selling its technology.Walmart <a target="_blank" href="https://www.businessinsider.com/walmart-commerce-technologies-trademark-filing-job-posting-amazon-2022-2">launched Walmart Commerce Technologies</a> in 2021 to sell services such as its artificial-intelligence-powered <a target="_blank" href="https://www.businesswire.com/news/home/20240314754136/en/Walmart-Commerce-Technologies-Launches-AI-Powered-Logistics-Product">route-optimization</a> tech and its in-store fulfillment capabilities. The German e-commerce giant Zalando <a target="_blank" href="https://corporate.zalando.com/en/brands-retailers/platform-services/zalando-logistics-solutions/zalando-logistics-solutions-glance">similarly sells logistics services</a> to partner retailers.But Shein has reputational concerns to contend with. For one, it has drawn criticism and scrutiny following <a target="_blank" href="https://www.businessinsider.com/shein-factory-workers-18-hour-shifts-paid-low-wages-report-2022-10">reports</a> that laborers in its partner factories worked excessive hours in poor conditions. Lawmakers <a target="_blank" href="https://www.rubio.senate.gov/rubio-investigate-shein-and-temu-for-slave-labor/">have called</a> for the Department of Homeland Security to investigate whether goods sold on Shein and Temu and exported to the US were made using forced labor, which would violate the US's Uyghur Forced Labor Prevention Act.The Shein spokesperson said the company had a "zero-tolerance policy for forced labor" and required its "contract manufacturers to only source cotton from approved regions."<div type="image" title="A worker makes clothes at a garment factory that supplies SHEIN." height="3710" width="5565" msid="110774598" hostid="261" sizebytes="685120"></div>"We take visibility across our entire supply chain seriously, and we are committed to respecting human rights," the spokesperson said.Shein has also <a target="_blank" href="https://www.businessinsider.com/shein-accused-using-shell-companies-to-steal-designs-new-lawsuit-2023-7">faced multiple lawsuits</a> alleging it <a target="_blank" href="https://www.fashiondive.com/news/shein-copyright-complaint/696575/">stole designs</a> from other companies. If brands work with their network of suppliers, experts said, it could mean sharing their detailed design information, which some see as a risk. It's not clear whether Shein would get access to its partners' customer data or whether it could use that data to inform its own product decisions."We are continually investing in our review process and are committed to driving industry-wide advancement," the spokesperson said. "Shein suppliers and third-party sellers are required to comply with company policy and certify their products do not infringe third-party IP."Working with established brands could help Shein improve its image as it prepares to debut on the public markets. CNBC reported that <a target="_blank" href="https://www.cnbc.com/2024/05/13/nrf-rejects-shein-membership-as-retailer-pursues-us-ipo.html">Shein had also applied</a> to join the National Retail Federation, the largest retail trade organization in the US, but had been denied multiple times.But if it's successful in selling its tech to brands it hasn't worked with before, Shein could expand its reach, Anand Kumar, an associate director of retail research at Coresight Research, said."Currently, Shein just sells the very low-cost products, but including various brands in its platform, it can sell products at various price ranges," he said. "It'll help to position it to compete with more global retailers."

Shein wants to sell the supply-chain tech it used to disrupt online shopping. Retail experts say brands may have concerns. 

<ul><li><keyword id="10387" type="General" weightage="100" keywordseo="microsoft" source="Orion">Microsoft</keyword> Launches AI-Incorporated Business Tool - Dynamics 365 Copilot.</li><li>Dynamics 365 Copilot offers various functionalities in preview mode, such as assisting sales personnel, enhancing customer service, and more.</li><li>A new tool can help in preventing disruptions from occurring in advance.</li></ul>Microsoft released Dynamics 365 Copilot on Monday, an AI-powered tool designed to manage diverse business tasks. According to the company, Dynamics 365 Copilot leverages the latest advancements in generative AI to automate these tasks, freeing up the workforce's full potential for creativity. In a <a href="https://blogs.microsoft.com/blog/2023/03/06/introducing-microsoft-dynamics-365-copilot/">blog post</a>, Emily He, Corporate VP of Business Applications Marketing at Microsoft, clarified that Copilot integrates next-generation AI capabilities and natural language processing into Dynamics 365, collaborating with business professionals to expedite the creation of ideas and content, accomplish time-intensive duties, and obtain insights and recommended actions by merely explaining what is required. Microsoft claims that Dynamics 365 Copilot can assist with composing email replies to customers, generating responses to email and chat queries, and drafting email summaries of Teams meetings in Outlook. Additionally, the tool facilitates the creation of online product listings and notifies users of supply chain issues, such as adverse weather conditions. These functionalities are available in preview mode in Dynamics 365 applications and <keyword id="14221099" type="General" weightage="50" keywordseo="microsoft-viva-sales" source="Orion">Microsoft Viva Sales</keyword>. Below, let’s look at how Dynamics 365 Copilot can help automate daily business tasks. <cmsannotation type="cmsannotation" annotationid="Microsoft Dynamics 365 Sales and Viva Sales’ Copilot" comment="subhead" text="Microsoft Dynamics 365 Sales and Viva Sales’ Copilot"><keyword id="282180" type="General" weightage="50" keywordseo="microsoft-dynamics" source="Orion">Microsoft Dynamics</keyword> 365 Sales and Viva Sales’ Copilot</cmsannotation> The functionality offered by Dynamics 365 Copilot can significantly reduce the time sales personnel spend on administrative duties. By utilizing AI-powered tools, email responses can be generated swiftly. An Outlook summary of Teams meetings can be automatically produced, incorporating vital information from the CRM, such as pricing and product specifications, and insights from the recorded call. This can free up as much as 66% of a seller's daily schedule, providing substantial business advantages and allowing more time to concentrate on customers. <cmsannotation type="cmsannotation" annotationid="Dynamics 365 Customer Service" comment="subhead" text="Dynamics 365 Customer Service">Dynamics 365 Customer Service</cmsannotation> The inclusion of Copilot in Dynamics 365 Customer Service enhances agents' capacity to deliver exceptional customer service. With this AI-driven capability, context-specific responses to queries can be quickly composed through chat and email. Customers can access an interactive chat experience with knowledge bases and case histories. <cmsannotation type="cmsannotation" annotationid="Dynamics 365 Copilot Streamlines Marketing Tasks" comment="subhead" text="Dynamics 365 Copilot Streamlines Marketing Tasks">Dynamics 365 Copilot Streamlines Marketing Tasks</cmsannotation> Dynamics 365 Copilot streamlines marketing workflows by simplifying data exploration, audience segmentation, and content creation. With Copilot integrated into Dynamics 365 Customer Insights, marketers can use natural language to query their customer data platform and construct highly personalized and targeted customer segments. Furthermore, Copilot offers marketers suggestions for fresh email campaign content by drawing on key topics, pre-existing emails, and other internet sources. <cmsannotation type="cmsannotation" annotationid="Dynamics 365 Business Central’s Copilot" comment="subhead" text="Dynamics 365 Business Central’s Copilot">Dynamics 365 Business Central’s Copilot</cmsannotation> This tool simplifies the process of creating e-commerce product listings. Users can effortlessly customize product attributes such as color, material, and size, producing captivating product descriptions in seconds. <cmsannotation type="cmsannotation" annotationid="Microsoft Supply Chain Center" comment="subhead" text="Microsoft Supply Chain Center">Microsoft Supply Chain Center</cmsannotation> Customers using Microsoft Dynamics 365 <keyword id="6699920" type="General" weightage="50" keywordseo="supply-chain-management" source="Orion">Supply Chain Management</keyword> can employ Copilot in the Supply Chain Center to anticipate potential issues that may impact supply chain processes. Copilot's predictive insights can identify affected orders across materials, inventory, carriers, distribution networks, and other components. Dynamics 365 Copilot can generate emails to notify partners and prevent disruptions from occurring in advance. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/how-you-can-open-the-ai-chatbot-directly-from-macs-menu-bar/articleshow/98449632.cms#:~:text=Once%20you%20have%20downloaded%20the,simply%20click%20on%20'Open.'">ChatGPT just got more accessible: Here’s how you can open the AI Chatbot directly from Mac's menu bar</a> <a href="https://www.businessinsider.in/science/health/news/tally-health-unveils-innovative-platform-to-enhance-longevity-in-humans/articleshow/98387387.cms">This US-based startup claims to have cracked the process of reverse aging</a>

Microsoft’s new tools use AI to simplify business tasks like customer support, marketing, supply chain, and more

<ul class="summary-list"><li>Florida gas stations are running out of fuel ahead of Hurricane Milton's landfall.</li><li>If the storm damages Port Tampa Bay, it could mean long-term trouble for the gas supply chain.</li></ul>A day before <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-helene-milton-tampa-florida-desantis-clean-disaster-dangerous-2024-10">Hurricane Milton</a> was expected to make landfall, gas stations in Florida were already running out of fuel.As of 8 p.m. local time on Tuesday, more than 1 out of 5 gas stations in Florida had no gas, according to data from <a target="_blank" class="" href="https://x.com/GasBuddyGuy/status/1843805604768559279">GasBuddy</a>, which tracks gas prices.The shortage comes as millions of people try to flee Florida in anticipation of Milton, leading to long lines at gas stations and traffic jams. The hurricane is <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-timeline-see-storm-evolution-from-space-satellite-imagery-2024-10">expected to hit Florida's Gulf Coast</a> on Wednesday or Thursday and pass through the state's central area, including Tampa Bay and Orlando.Shon Hiatt, director of the Business of Energy Transition Initiative at the University of Southern California's Marshall School, told Business Insider that gas is distributed to Central Florida through Port Tampa Bay — and having just one major source of fuel complicates efforts to get gas to people who need it."In this case, <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-category-four-storm-real-estate-market-insurance-damages-2024-10">Florida is extremely vulnerable</a> because they don't have any other pipelines, so it's almost like an island," Hiatt said.In a Tuesday press conference, Florida Gov. Ron DeSantis said that the state's reserves include 110,000 gallons of gasoline and 268,000 gallons of diesel fuel, with trucks on the way to refill diminished reserves in areas in the storm's path, <a target="_blank" class="" href="https://www.cnn.com/2024/10/08/business/hurricane-milton-florida-gasoline-shortages/index.html">CNN</a> reported."There is no fuel shortage," CNN reported DeSantis said. "Fuel continues to arrive to the state of Florida. But lines at gas stations have been long and gas stations are running out quicker than they otherwise would."Christopher Tang, a UCLA professor and scholar of supply chain management, told BI that the problem is compounded by the sheer number of people filling up their tanks, as the fuel supply cannot keep up with demand.Tang said gas tankers on roads could also be stuck in traffic jams, which would require government coordination to address before the situation becomes too dire."If it's very serious, then the National Guard may need to help out to deliver some of the gas," Tang said.All the experts who spoke to Business Insider said if there is lasting damage to the port, it could impact access to gas in Central Florida for weeks — if not months — after the <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-category-five-threatens-florida-fema-funding-2024-10">hurricane</a>. Hiatt said the state could get gas in other ways, besides the port's pipeline, via truck or rail, but that it would likely result in inflated fuel prices."But again, it's all about the infrastructure. So are the railroads clear? Is the debris gone? That's to be determined," Hiatt said. "Everyone's saying this could be this a hundred-year event where it could be the worst since the 1840s, when a massive hurricane hit and completely changed the geography of Tampa."Patrick DeHaan, an analyst for GasBuddy, echoed Tang and Hiatt's concerns, adding that people facing empty gas stations are getting increasingly desperate for fuel — which would be compounded if the port is damaged in the <a target="_blank" class="" href="https://www.businessinsider.com/hurricane-milton-airlines-waive-change-fees-cap-florida-fares-2024-10">storm</a>."It would be hugely problematic if there was significant damage to the port," DeHaan told Business Insider. "And that's what we're kind of waiting to see. Will it be extensive damage? Will the Coast Guard be able to open the port again? Will the shipments of gasoline be able to go into the port? Because if the port's down for a decent amount of time, even more than a few days, it's going to be significantly problematic."

Florida's gas stations are running out of fuel and Hurricane Milton could have lasting impacts on the state's supply

<ul class="summary-list"><li>As election day draws near, 400 Wall Street money managers identified their top concerns.</li><li>National debt, economic growth, and immigration reform are big issues for the next administration.</li></ul>With just a few weeks until Election Day, the presidential race is neck and neck between Kamala Harris and Donald Trump.There's a lot at stake in November. Policy initiatives could have a significant impact on the economy, especially on issues concerning inflation, the housing market, employment, and international trade.The $1.3 trillion asset manager PGIM surveyed 400 institutional investors collectively overseeing $9 trillion in assets under management about the election. Most investors surveyed agreed that elections influenced how they allocated funds in their portfolios.Overall, 46% of the investors surveyed said that a Republican sweep across the White House and Congress would be the optimal outcome for the market. 29% of investors preferred split control of the White House and Congress. Investors can benefit from both parties: Republicans would likely pass investor-friendly tax and energy policy, while Democrats would pass more favorable US-China and trade policy.Here's what Wall Street is worried about this election cycle and how top money managers are preparing their portfolios for November.<h2 id="c2ba8bee-0e1c-46d1-9407-b7e2f9e02c0b">Wall Street's 3 biggest election concerns</h2>There was one clear standout issue: the national debt. 35% of institutional managers flagged the US national debt as the most important policy change they wanted to see.Kara Murphy, chief investment officer at Kestra Investment Management, says the deficit will continue to balloon from its current level of $35 trillion as higher Medicare, Social Security, and interest expenses stack up.However, neither candidate has put forward a concrete plan to address this issue."The candidates' relative silence on the deficit shows that it's an American problem – not just a party problem – and one so big and intractable that the next president isn't likely to be able to make much of a near-term impact," Murphy wrote in a note.Seventeen percent of investors responded that fueling economic growth was their biggest concern. There are both domestic and international challenges to the health of the economy, with institutional managers flagging issues such as <a target="_blank" href="https://www.businessinsider.com/recession-odds-rising-inflation-geopolitcal-concerns-surge-investing-strategy-volatility-2024-10">inflation</a>, <a target="_blank" href="https://www.businessinsider.com/stocks-hedge-geopolitical-china-risk-retaining-upside-international-beijing-stimulus-2024-10">US-China relations</a>, and tariffs.It's likely that the next administration will implement new tariffs, regardless of which party takes the White House, according to PGIM.While Trump is well-known for his love of tariffs, Harris isn't exactly anti-tariff either. Murphy points out the Biden-Harris administration has kept many of the tariffs that Trump passed during his presidency, and even enacted additional tariffs.Increased trade tensions could have negative implications for both US and international markets in China, Latin America, and Southeast Asia. Tariffs often have inflationary effects by slowing down trade and raising prices for consumers. The results of the presidential election will clarify how many new tariffs to expect.The third biggest concern was <a target="_blank" href="https://www.businessinsider.com/immigration-policy-boost-labor-market-national-debt-job-market-taxes-2024-10">immigration reform</a>, with 15% of investors placing it as their most important policy concern. Investment advisor Research Affiliates sees an urgent need for immigration reform as the US population growth rate continues to decline, harming the labor market. According to Research Affiliates, policies such as removing the cap on green cards for immigrants with higher education degrees in STEM fields could solve this issue.<h2 id="96c99c05-0f43-49e9-bcc5-3b7a39e8f265">Preparing your portfolio</h2>The tight race makes it unlikely for a single party to hold a sweeping majority in the House and Senate and pass drastic policy changes. However, the election winner still has implications for portfolios.One survey respondent, a portfolio manager for a US-based pension fund, said elections have "been a big factor" when it comes to allocating money. A Republican president is likely to benefit the oil and gas industries, while a Democrat win will boost healthcare, the portfolio manager said.An investment director for another pension fund shared the following investment outlook regarding the ongoing decline in globalization and trade relations: "Given reshoring, friend-shoring, [and] less reliance on the likes of China and other trading partners from past decades, we've felt even more confident in some of our exposures, particularly within the US. Basic industry, materials, very middle-market and lower focused, but dedicated US exposure such that if we really continue along this deglobalization path, and if there are further and future rifts, these are the areas that are going to benefit the most."As international supply chains experience disruption and technological competition with other countries increases, investors should put money into the companies and sectors benefiting from deglobalization while also adding safe-haven assets to their portfolios. The trend of reshoring will lead to increased domestic construction and jobs.PGIM recommends gold, Treasurys, and the US dollar as examples of stable, low-risk assets.

Here's what Wall Street money managers are doing to prepare their portfolios for their 3 biggest election concerns 

<keyword id="201453" type="General" weightage="50" keywordseo="sterlite-technologies-ltd" source="Orion">Sterlite Technologies Ltd</keyword> on Sunday unveiled <keyword id="764355" type="General" weightage="20" keywordseo="5G" source="Orion">5G</keyword> Cosmos - an optical solution for towers and small cells for speedy 5G roll out. According to <keyword id="48217" type="General" weightage="100" keywordseo="sterlite-technologies" source="Orion">Sterlite Technologies</keyword>, telecom operators need to look at fiberisation with a futuristic lens. The company said tower fiberisation must increase from about 35 per cent to 80 per cent to provide high quality 5G services. Additionally, 5G will require upto 4X small cells, backhauled with fibre, Sterlite Technologies said. The company said India's fibre space is constrained by deployment speed and scale. 5G Cosmos is an Atmanirbhar, patented solution that can solve these challenges and connect every tower, small cell and node, the company claimed. Launching 5G Cosmos at IMC 2022, Pankaj Miglani, Director <keyword id="6699920" type="General" weightage="50" keywordseo="supply-chain-management" source="Orion">Supply Chain Management</keyword>, <keyword id="6354287" type="General" weightage="50" keywordseo="bharti-airtel" source="Orion">Bharti Airtel</keyword>, said: "We are readying our infrastructure for 5G and fiberisation is a core need. We are happy to see the use cases that 5G Cosmos can solve for telcos and enable us to deliver a great 5G experience to our customers." Ankit Agarwal Manaing Director, Sterlite Technologies said: "Indian telecom operators are ready to install fibre-dense networks for 5G. This will need an integrated and futuristic solution. We have built 5G Cosmos to enable fiberisation of macro and small cells at scale and achieve the full potential of 5G." SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/suzlon-energys-founder-chairman-tulsi-tanti-passes-away-due-to-cardiac-arrest/articleshow/94596261.cms">Suzlon Energy’s founder chairman Tulsi Tanti passes away due to cardiac arrest</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/india-to-add-80-airports-in-next-4-5-years-new-rules-for-aerodromes/articleshow/94596625.cms">India to add 80 airports in next 4-5 years; new rules for aerodromes</a>

Sterlite Technologies launches optical solution for 5G rollout

<ul class="summary-list"><li>The climate crisis is throwing a wrench into already messy supply chains.</li><li>Supply chains of late have been disrupted by a pandemic, geopolitical tensions, and rising costs.</li></ul>The world's supply chains are in even bigger trouble than you think.While <a href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12" target="_blank" rel="noopener noreferrer">the COVID-19 pandemic</a> and <a href="https://www.scmp.com/economy/china-economy/article/3146489/us-china-trade-war-timeline-key-dates-and-events-july-2018" target="_blank" rel="noopener noreferrer">China's tensions with Washington</a> have been disrupting supply in the past few years, yet another thing is playing out that might even keep you from getting your holiday presents on time months from now: the climate crisis.The situation is serious this summer because of a <a href="https://www.reuters.com/business/environment/historic-drought-hot-seas-slow-panama-canal-shipping-2023-08-21/" target="_blank" rel="noopener noreferrer">historic drought</a> affecting rainfall that feeds into the Panama Canal. This has lowered the canal's water levels and limited the number and the weight of ships that can float on it.It's causing a buildup in the number of ships waiting to cross the waterway.Droughts aren't a new phenomenon at the Panama Canal — climate change has been associated with <a href="https://www.wsj.com/articles/panama-canal-tackles-climate-change-puzzle-too-little-rainwater-or-too-much-11624872601" target="_blank" rel="noopener">unpredictable weather</a> for years. But the <a href="https://www.businessinsider.com/panama-canal-drought-travel-ships-income-falling-el-nino-2023-8">dry weather</a> is worse this summer, in part because of the onset of the <a href="https://www.reuters.com/business/environment/historic-drought-hot-seas-slow-panama-canal-shipping-2023-08-21/" target="_blank" rel="noopener">El Niño weather phenomenon,</a> which takes place every few years.This has added a new level of unpredictability that one supply-chain expert says might require the industry to "fundamentally transform."Nari Viswanathan, the senior director of the supply chain at the budget-management company Coupa, told Insider that the global supply chain had been designed to respond relatively quickly to market conditions like shifting demand.The climate crisis presents a new kind of unpredictability, one that Viswanathan said could require predictive weather analysis using algorithms and data.<h2>One shipper paid over $2 million to cross the Panama Canal — and this could hit consumer prices</h2>Project44, a supply-chain platform, told Insider earlier this month that the drought conditions had caused shipping capacity through the Panama Canal to drop by over 20% in the prior two weeks.The decline is concerning, as it is peak shipping season when retailers ramp up shipping in anticipation of increased demand ahead of holiday shopping. About <a href="https://www.globaltrademag.com/potential-shortages-loom-as-panama-canal-restrictions-impact-holiday-stocks/" target="_blank" rel="noopener">40% of US container traffic</a> passes through the waterway."If this downward trend continues, it could prompt shippers to reevaluate their choice of ports for bringing in inventory to ensure holiday season shelves remain adequately stocked," Project44 added.The situation has the shipping giant Maersk worried."The low water levels at the Panama Canal are a clear example of the effects of climate change in rainfall and weather patterns across the globe, which causes a ripple effect through the supply chain," a company representative said.The congestion of massive container ships and energy tankers in the Panama Canal has gotten so bad that <a href="https://www.businessinsider.com/panama-canal-traffic-auction-shippers-paying-millions-for-crossing-2023-9">one shipper recently paid over $2 million just to beat the queue</a> to cross the waterway.Such surcharges add to transportation costs and could feed into high prices for the end consumer."Panama Canal surcharges and vessel restrictions will likely mean higher <a href="https://www.cnbc.com/2023/06/24/us-trade-dominates-panama-canal-traffic-a-drought-is-threatening-it.html">clothing and shoe prices for US consumers</a> this holiday season," Stephen Lamar, the president and CEO of the American Apparel &amp; Footwear Association, told CNBC in June.The weather forecast isn't encouraging for ships crossing the Panama Canal in the short and long term, Jon Davis, the chief meteorologist at Everstream Analytics, told Insider.That's because the El Niño weather event is likely to strengthen, which would be associated with below-normal rainfall from late this year through early 2024, he said.<h2>Supply chains were already in chaos from COVID-19, geopolitics, and rising costs in China</h2>To be sure, the vessel congestion at the Panama Canal is troubling because it adds to the existing stress on the world's supply chains.The COVID-19 pandemic and China's strict on-off lockdowns, in particular, underscored the risks of depending so heavily on the East Asian country, which has been the world's factory floor for the past four decades.One example was the tech giant <a href="https://www.businessinsider.com/apple-accelerates-production-china-protests-2022-12">Apple, which was hit by supply-chain disruptions</a> from China's COVID-19 containment policies.The pandemic accelerated a global supply-chain diversification away from China that kicked off in about 2018 after President Donald Trump launched a <a href="https://www.scmp.com/economy/china-economy/article/3146489/us-china-trade-war-timeline-key-dates-and-events-july-2018" target="_blank" rel="nofollow noopener">trade war against China</a>.<a href="https://www.cfr.org/timeline/us-china-relations" target="_blank" rel="noopener">Washington-Beijing tensions</a> are still high under the Biden administration, particularly in the area of <a href="https://www.reuters.com/technology/us-investors-flag-retaliation-risks-after-bidens-china-tech-curbs-2023-08-11/" target="_blank" rel="noopener">high-tech chips</a>, prompting investors across the board to reconsider their business risks.Even before geopolitics started playing an outsize role in the shifting of supply chains<a href="https://www.businessinsider.com/gdp-trump-tariff-trade-war-us-china-2018-10">,</a> it was costs that were already pushing some companies out of China.<a href="https://iems.ust.hk/publications/thought-leadership-briefs/can-chinese-manufacturing-firms-cope-with-rising-labor-costs-albert-park" target="_blank" rel="noopener">Wages and operating costs</a> have been rising over four decades amid China's turbocharged growth, so alternative aspiring low-cost factory hubs — such as <a href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12">India and Vietnam</a> — have been pumping in billions of dollars to develop their own manufacturing ecosystems.

Add the climate crisis to the long list of things messing up supply chains this summer

<ul class="summary-list"><li>Ford is trying to get its own employees to buy more EVs. </li><li>The automaker is changing its leasing scheme to encourage managers to go electric, per Reuters.</li></ul><a target="_blank" href="https://www.businessinsider.com/ford-joins-tesla-in-touting-affordable-evs-as-demand-stalls-2024-4">Ford</a> is urging its managers to lease its EVs and share their experiences with their friends and family as it looks to drum up interest in these vehicles. According to an internal company email viewed by <a target="_blank" href="https://www.reuters.com/business/autos-transportation/ford-urges-its-managers-buy-more-evs-with-new-leasing-policy-2024-07-02/">Reuters</a>, the automaker has changed its leasing policy for some employees to encourage them to buy the company's EVs.Ford runs a leasing program that allows eligible current and former managers to order a supplementary vehicle after leasing a set number of cars, usually one or two.According to the internal email, that supplementary vehicle must now be either an electric Mustang Mach-E SUV or an F-150 Lightning pickup. A Ford spokesperson told Reuters that the move would help employees see how easy it is to drive an electric vehicle and encourage them to "share their experiences with friends and family."Vehicles leased to Ford employees count as sales for the company, per Reuters.Ford's EV sales have struggled amid a slowdown in demand for battery-powered vehicles, and the company recently cut<a target="_blank" href="https://www.businessinsider.com/ford-cuts-electric-f-150-lightning-production-affecting-jobs-2024-1"> production of its flagship F-150 Lightning pickup truck.</a>Ford's EV business reported losses of $1.3 billion in the first quarter of 2024. To stem the bleeding, it has resorted to asking suppliers to come up with ways to cut manufacturing costs. In an interview with CNBC's Julia Boorstin <a target="_blank" href="https://www.youtube.com/watch?v=s6eq8ABvyYQ">at the Aspen Ideas Festival in June</a>, Ford CEO Jim Farley said it was critical that the Detroit automaker worked out how to make EVs profitable within the next five years.He pointed out that Ford was in a race against Chinese manufacturers like BYD, who have been able to <a target="_blank" href="https://www.businessinsider.com/byd-cheap-ev-seagull-coming-to-europe-china-us-tariffs-2024-5">sell their electric cars at lower prices</a> and are <a target="_blank" href="https://www.businessinsider.com/byd-saic-chinese-ev-makers-plot-world-takeover-2024-6">rapidly expanding across the globe</a>."If we cannot make money on EVs, we have competitors who have the largest market in the world, who already dominate globally, already setting up their supply chain around the world," Farley said."And if we don't make profitable EVs in the next five years, what's the future? We will just shrink into North America," he added.Ford did not immediately respond to a request for comment made outside normal working hours.Do you work at Ford or have a tip? Get in touch with this reporter via email at <a target="_blank" href="mailto:tcarter@businessinsider.com">tcarter@businessinsider.com</a>.

Ford is so desperate to push EVs that it's making managers lease them

<ul class="summary-list"><li>Central Florida Transport hired a drivers advocate to help address a turnover rate near 100%.</li><li>The advocate helps schedule trucker's healthcare appointments, as well as increase revenue.</li></ul>A Florida <keyword id="11939549" type="UNKNOWN" weightage="60" keywordseo="trucking" source="Orion">trucking</keyword> company has hired a full-time driver's advocate as a new perk for its <keyword id="6374551" type="UNKNOWN" weightage="60" keywordseo="truckers" source="Orion">truckers</keyword>, according to a <a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Flabor-shortage-stymies-construction-work-as-1-trillion-infrastructure-spending-kicks-in-11655722801">report from The Wall Street Journal.</a>Central Florida Transport (CFT) told The Journal that the advocate does anything from schedule healthcare appointments to help the truckers manage their revenue, as well as get in touch with absent drivers."We wanted to do whatever possible to help solve their problems because we can't afford to lose any drivers," CFT Vice President Myron Bowlin told the publication.A spokesperson for the company, which is one of the largest haulers in Florida for construction and raw materials, was not immediately able to provide a comment for Insider ahead of publication. CFT is hiring company drivers who can be paid per hour as well as independent contractors, according to <a href="https://www.cfltransport.net/joinourteam">its site</a>. It advertises that independent contractors can make a gross income as high as $250,000 per year and says that company drivers can receive health insurance that includes vision and dental insurance, and will soon be able to receive a 401k. The average trucker makes about $50,340 per year, according to <a href="https://www.bls.gov/oes/current/oes533032.htm">data from the US Bureau of Labor Statistics</a>.CFT told The Wall Street Journal it experienced a driver turnover rate near 100% last year. As a result, the company decided to double its human resources department to more fully address driver needs and begin offering retirement plans for the first time in CFT's 30-year history, the Journal reported. The trucking industry is known for its high turnover rate. In 2021, the American Trucking Association (ATA) said the <a href="https://www.trucking.org/news-insights/truth-about-trucking-turnover">average turnover rate</a> for large trucking companies was over 90%. The ATA has repeatedly warned of a <keyword id="11946163" type="UNKNOWN" weightage="60" keywordseo="trucker-shortage" source="Orion">trucker shortage</keyword> of about 80,000 drivers, but industry experts have <a href="https://www.businessinsider.com/experts-say-american-truck-driver-shortage-overblown-2021-12">pushed back</a> against the notion, saying the issue has more to do with retention than recruitment.The crucial role of truckers in the US <keyword id="11893570" type="UNKNOWN" weightage="60" keywordseo="economy" source="Orion">economy</keyword> has become readily apparent since the pandemic snarled global supply chains. Earlier this year, President Joe Biden <a href="https://www.businessinsider.com/biden-trucking-action-plan-remarks-investment-bankers-truckers-2022-4">emphasized</a> the importance of truckers when he spoke on his Trucking Action Plan. He said that without truckers "everything comes to a halt."CFT is not the only company taking extra strides to recruit and maintain drivers.Earlier this year, Walmart <a href="https://www.businessinsider.com/walmart-hiring-truckers-starting-driver-salary-jobs-program-2022-4">announced</a> it had increased the starting salary for its truckers to between $95,000 and $110,000 per year. <a href="https://www.businessinsider.com/truckers-offered-luxury-truck-stops-bonuses-perks-battle-for-drivers-2021-12">Insider previously reported</a> trucking companies had begun recruiting drivers at gas stations and convenience stores, as well as offering perks like luxury truck stops with masseurs and pet-bathing stations.The Journal reported that the new incentives for drivers that haul the goods between job sites could ultimately increase construction costs. Associated General Contractors of America, an organization that represents over 27,000 construction companies, told the publication that publicly-funded construction projects have regularly come in over 20% above their initial price in recent months due to the added costs needed to address <a href="https://www.businessinsider.com/potential-reasons-explain-labor-shortage-open-jobs-not-enough-workers-2021-12">labor shortages</a>, as well as <a href="https://www.businessinsider.com/truckers-warn-skyrocketing-diesel-prices-impact-industry-2022-6">elevated fuel</a> and commodity prices in the industry.<a href="https://affiliate.insider.com?u=https%3A%2F%2Fwww.wsj.com%2Farticles%2Flabor-shortage-stymies-construction-work-as-1-trillion-infrastructure-spending-kicks-in-11655722801">Read The Journal's full story on its website.</a>

Trucking company offers a new perk as it battles nearly 100% turnover: a personal advocate for its drivers to help them schedule appointments and manage business

<ul class="summary-list"><li>Global supply chains moving away from China is an opportunity for Southeast Asia, said one Malaysian minister.</li><li>Southeast Asia countries could take the chance to attract manufacturing investments, he said.</li></ul>Supply chains <a href="https://www.businessinsider.com/china-trade-war-covid-companies-moving-supply-chains-2022-12" target="_blank" rel="noopener">diversifying away from China</a> may be a problem for the country, but it could lead to bumper gains for Southeast Asian countries, a regional official said Friday.Liew Chin Tong, the deputy minister of investment, trade, and industry in Malaysia, thinks supply chains moving to other parts of Asia isn't exactly a bad thing.Instead, Southeast Asia has an opportunity to attract manufacturing investments that have been lagging for decades, as companies were going all in into China, he said. Liew made the comments at the <a href="https://milkeninstitute.org/panel/14802/regionalization-re-globalization-and-supply-chain-transformation" target="_blank" rel="noopener">Milken Institute Asia summit</a> in Singapore. "This diversion from China is a once-in-a-generation opportunity for Southeast Asia," said Liew.He added it would not only create a supply hub but, in turn, a middle class that would become a strong consumer base.As an example, Liew cited his country, Malaysia, which has been playing the "low-productivity, low-wage, and low-cost game for too long" due to the competition from China. But now, it wants to seize the opportunity, he said.Liew's comments came amid intense global discussions on the <a href="https://www.businessinsider.com/how-pandemic-taught-us-to-see-the-whole-supply-chain-2022-11" target="_blank" rel="noopener">future of supply chains</a> following disruptions during the COVID-19 pandemic.China's strict on-off lockdowns underscored the risks of depending heavily on the East Asian country, which has been the world's factory floor for the past four decades.China's strict on-off lockdowns underscored the risks of depending heavily on the East Asian country, which has been the world's factory floor for the past four decades.The developments are why the world is moving from a just-in-time to a just-in-case supply chain model, Steven Long, the general manager for Asia Pacific and Japan at Intel, said at the same Friday event. He was referring to the just-in-time strategy manufacturers use to transport materials right before they are required to be processed, which results in minimal inventory that needs to be stockpiled. This reduces storage costs. Manufacturers are now allowing processes to have some breathing room in what's known as the "just-in-case" supply chain model because "they want resiliency" in the supply chains, Long added.Even before the pandemic, the global supply chain started moving away from China around 2018 after President Donald Trump launched a <a href="https://www.scmp.com/economy/china-economy/article/3146489/us-china-trade-war-timeline-key-dates-and-events-july-2018" target="_blank" rel="nofollow noopener">trade war against China</a>.<a href="https://www.cfr.org/timeline/us-china-relations" target="_blank" rel="noopener">Washington-Beijing tensions</a> are still high under the Biden administration, particularly for <a href="https://www.reuters.com/technology/us-investors-flag-retaliation-risks-after-bidens-china-tech-curbs-2023-08-11/" target="_blank" rel="noopener">high-tech chips</a>, prompting investors across the board to reconsider their business risks.

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