Current Affairs
July 31, 2024
Fire at BASF Ludwigshafen Plant Extinguished; 14 Injured
BERLIN, July 29 (Reuters) – A fire that broke out at German chemicals giant BASF’s plant in Ludwigshafen, Germany has been extinguished, a company spokesperson and police said on Monday. Fourteen workers sustained minor injuries in the incident, which occurred when an explosion set off a blaze in a southern section of the company’s headquarters, a BASF statement said. The company did not provide details on whether there was any impact on production.
BASF said its environmental control vehicles measured slightly elevated levels of hydrocarbons in the area but that there was no threat to the public. A column of smoke was visible from outside the premises.
Shares in the company were down 2% at midday, after falling by as much as 2.8% earlier on news of the fire.
source: https://www.reuters.com/business/fire-basf-chemicals-plant-germany-extinguished-14-hurt-2024-07-29/
July 30, 2024
Entertainment Update
How US Sports Leagues Make Money
by Tyler Durden
Saturday, Jul 27, 2024 – 08:25 PM
Between 2022 and 2023, the five major U.S. sports leagues collectively earned $49.3 billion.
The NFL generated the highest revenue, at $18.7 billion, significantly outpacing both the NBA and MLB, which each brought in $10.9 billion. Although the main sources of league revenues have largely remained unchanged over the last four decades, there are distinct variations in the revenue breakdown of each sport.
This graphic, via Visual Capitalist’s Niccolo Conte, breaks down U.S. sports leagues by revenue stream, based on data from Sportico.
Breaking Down U.S. Sports League Revenues
Below, we show how each major league generates revenue based on their primary sources of revenue. Revenue for the NFL and MLB is as of 2022, revenue for the NBA and NHL is for the 2022-2023 season, and revenue for the MLS is as of 2023.
Central revenue includes league media, merchandise, other sponsorships, and shared ticket revenue.
As we can see, central revenue, which largely consists of media and broadcast deals, is the most important revenue source for the NFL and NBA.
Since 2018, the NFL has grown from 61 of the top 100 most watched TV broadcasts to 93 in 2023. Adding to this, streaming platforms are increasingly signing contracts with the NFL, including Netflix paying $150 million to stream two 2024 Christmas games and Amazon paying $1 billion to stream Thursday night games exclusively on digital.
Additionally, the NBA recently signed an 11-year $76 billion deal with ESPN, Amazon, and NBC that is worth more than double its previous contract. Moreover, this trend of significantly increasing media deal values is seen across every major league amid high consumer demand for professional sports.
For the MLB, local media is a vital source of revenue, with nearly a quarter of revenues coming from this source—more than any other sport by far. In fact, each day an average 2.3 million viewers watch MLB games on regional sports networks.
Meanwhile, the NHL makes the highest share of revenue from seating and suite sales compared to major sports leagues, at 44%, due to it attracting less lucrative TV contracts.
https://www.zerohedge.com/economics/how-us-sports-leagues-make-money
July 11, 2024
North American Furniture Market
Report: North American furniture market to experience significant growth
By Dakota Smith
July 8, 2024 | 11:09 am CDT
According to a new report published by Allied Market Research, titled, ‘North America Furniture Market by Type and Distribution Channel: Opportunity Analysis and Industry Forecast, 2021–2030’, the North American furniture market size was valued at $249,406.5 million in 2020 and is projected to reach $400,068.8 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.
The residential furniture market is anticipated to have the highest market share during the forecast period. The rise in the economy has increased the spending capacity of consumers, which in turn drives the sale of branded furniture items in the furniture market. The surge of infrastructure and real estate market boosts the demand for residential furniture products in the U.S. across the region.
According to the North American furniture market forecast, based on type, the residential segment was the highest contributor to the market, accounting for 47% of the market share in 2020, because the furniture is used for residential purposes on a large scale. Also, the surge in sales of home office furniture contributes toward the growth of the residential segment.
The impact of COVID-19 on the North American furniture market was positive due to the rise in the adoption of office furniture at home. The strict guidelines were issued during the pandemic which is based on ‘Work from Home’ and ‘Stay at Home’. These laws resulted in growth in furniture sales in North America.
Furthermore, the demand for versatile and multi-functional products that offer portability and can easily be accommodated in small spaces drives the growth of the furniture market. Furniture demand is predicted to rise as a result of the rise in urbanization and the millennial generation’s strong purchasing power. The residential segment leads the furniture market because of the rise in infrastructure and real estate market. Furthermore, advanced manufacturing technology has reduced manufacturing costs and time. However, manufacturers believe that rise in raw material prices would have a long-term impact on the market and hamper furniture market growth during the forecast period.
The commercial segment is expected to grow comparatively faster than other types witnessing a CAGR of 5.1%. The growth of the segment is driven by large enterprises, corporates, and even emerging small companies that are investing heavily in furnishing and interiors of office spaces to provide employees with comfortable and productive environments. Thus, vendors are designing office furniture that offers better comfort and minimizes stress. In addition, smart furniture is also gaining popularity.
The key players operating in the North America furniture industry are Ralph Lauren Home, Knoll, Inc., Bassett Furniture Industries, Inter Ikea Systems BV, Kimball International, Inc., HNI Corporation, Haworth, Inc., Durham Furniture Inc., Steelcase Inc., and Stickley Furniture.
Key findings of the study
- The North American furniture market size was valued at $ 249,406.5 million in 2020 and is projected to reach $ 400,068.8 million by 2030, registering a CAGR of 4.9% from 2021 to 2030.
- Based on type, the residential segment accounted for the highest furniture market share in 2020, growing at a CAGR of 4.4% from 2021 to 2030.
- Based on the distribution channel, the specialty stores segment accounted for about 42.6% share of the furniture market share in 2020 and is expected to experience growth at the highest CAGR of 4.5%.
- Based on country, the U.S. accounted for about 64.4% of the furniture market size and is expected to grow at a CAGR of 5.1%.
July 9, 2024
Quick Hurricane Update
Dow, Texas Gulf Coast petrochemical producers begin restarting after hurricane
Jul. 09, 2024 7:35 PM ETDow Inc. (DOW) StockXOM, UNP, BRK.A, BAK, BRK.BBy: Carl Surran, SA News Editor
Texas petrochemical manufacturers are assessing damage from Hurricane Beryl and in some cases are restarting idled facilities, Dow Jones reported Tuesday.
Dow Chemical (NYSE:DOW) said it kept most of its Texas assets running throughout the storm, including sites in Deer Park, Sabine, Texas City and Beaumont.
Dow’s (DOW) huge Freeport petrochem complex, located on the Texas coast ~45 miles northeast of where Beryl made landfall, maintained operations at its major assets.
The company said it has begun the restart processes at its Seadrift, Texas, site, which was shut ahead of Beryl’s arrival.
Braskem (BAK), which had idled its Oyster Creek, Texas, polypropylene plant before the storm, reportedly was in the process of restarting Tuesday afternoon.
Exxon Mobil (XOM) reportedly notified customers that all its PP lines in Texas and Louisiana remained in operation on Tuesday.
Railroads also were making progress on storm recovery efforts, as Union Pacific (UNP) said all its affected track segments except the Galveston area have been returned to service, and Berkshire’s (BRK.A) (BRK.B) BNSF said operations have resumed in the areas of its network affected by Beryl.
July 9, 2024
Alkyl Phosphate Ester CVD Postponed
Certain Alkyl Phosphate Esters From the People’s Republic of China: Postponement of Preliminary Determination in the Countervailing Duty Investigation
A Notice by the International Trade Administration on 07/05/2024
AGENCY:
Enforcement and Compliance, International Trade Administration, Department of Commerce.
DATES:
Applicable July 5, 2024.
FOR FURTHER INFORMATION CONTACT:
Benjamin Nathan or Gregory Taushani, Office II, AD/CVD Operations, Enforcement and Compliance, International Trade Administration, U.S. Department of Commerce, 1401 Constitution Avenue NW, Washington, DC 20230, telephone: (202) 482-3834 or (202) 482-1012, respectively.
SUPPLEMENTARY INFORMATION:
Background
On May 13, 2024, the U.S. Department of Commerce (Commerce) initiated a countervailing duty (CVD) investigation of imports of certain alkyl phosphate esters from the People’s Republic of China. Currently, the preliminary determination is due no later than July 17, 2024.
Postponement of Preliminary Determination
Section 703(b)(1) of the Tariff Act of 1930, as amended (the Act), requires Commerce to issue the preliminary determination in a CVD investigation within 65 days after the date on which Commerce initiated the investigation. However, section 703(c)(1) of the Act permits Commerce to postpone the preliminary determination until no later than 130 days after the date on which Commerce initiated the investigation if: (A) the petitioner makes a timely request for a postponement; or (B) Commerce concludes that the parties concerned are cooperating, that the investigation is extraordinarily complicated, and that additional time is necessary to make a preliminary determination. Under 19 CFR 351.205(e), the petitioner must submit a request for postponement 25 days or more before the scheduled date of the preliminary determination and must state the reasons for the request. Commerce will grant the request unless it finds compelling reasons to deny the request.
On June 21, 2024, the petitioner [1] submitted a timely request to postpone the preliminary determination in the investigation.[2] The petitioner stated that postponement of the preliminary determination is necessary because the current schedule does not provide Commerce with adequate time to fully analyze the forthcoming questionnaire responses of the mandatory respondents and issue supplemental questionnaires, as necessary.[3]
In accordance with 19 CFR 351.205(e), the petitioner submitted its request for postponement of the preliminary determination in this investigation 25 days or more before the scheduled date of the preliminary determination and stated the reasons for its request. Commerce finds no compelling reason to deny the request. Therefore, in accordance with section 703(c)(1)(A) of the Act, Commerce is postponing the deadline for the preliminary determination in this investigation to no later than 130 days after the date on which it initiated this investigation. The postponed deadline for the preliminary determination is September 20, 2024. Pursuant to section 705(a)(1) of the Act and 19 CFR 351.210(b)(1), the deadline for the final determination in this investigation will continue to be 75 days after the date of the preliminary determination.
This notice is issued and published pursuant to section 703(c)(2) of the Act and 19 CFR 351.205(f)(1).
Dated: June 28, 2024.
Ryan Majerus,
Deputy Assistant Secretary for Policy and Negotiations, performing the non-exclusive functions and duties of the Assistant Secretary for Enforcement and Compliance.
Footnotes
1. The petitioner is ICL-IP America, Inc. Back to Citation
2. See Petitioner’s Letter, “Request for Postponement of the Preliminary Determination,” dated June 21, 2024. Back to Citation
3. Id.
[FR Doc. 2024-14760 Filed 7-3-24; 8:45 am]
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