Port traffic jams, stock market wealth gap and new names for Facebook
Image of the week: In the courtyard
Global maritime logistics is one of those complex and gigantic areas of human endeavor which at many times in history must have involved the most ingenious of minds – and yet we only notice it when it goes wrong. At the moment, things are very bad, with ports from Shenzhen to Rotterdam and Los Angeles all massively congested. A recent typhoon in Asia means a growing queue of container ships waiting to enter ports, while Danish shipping giant Maersk was last week forced to divert its “voids” from the port to Congested British containers from Felixstowe. Maersk said the lack of truck drivers in the UK is creating terminal congestion and increasing “dwell times” in the container yard – in other words, a lot of that nice Christmas stock ordered by the retailers just sit there without a driver. Maersk temporarily diverted some ships to alternative ports, then said it would make “short-term structural changes” to its network. We might need elves and reindeer to solve this problem.
In figures: the wealth gap
Share of U.S. stocks held by the richest 10 percent of U.S. households – a record to think about if you’re struggling to sleep at night.
$ 6.5 trillion
The richest 1% gained just as much in equity and funds during the pandemic and now control 32% of America’s wealth, according to Federal Reserve data.
$ 1.2 trillion
The bottom 90 percent (a term that admittedly makes little sense) gained so much over the same period and that should, to be fair, roughly cover the cost of the coming revolution.
Get to know: Mark Schneider
Before the business world improperly tipped from a pandemic to a supply chain crisis, Nestlé CEO Mark Schneider was busy reshaping the Swiss food giant, for sale the pieces of the business he didn’t like, to sign a deal. with Starbucks to add its brand to its Nespresso and Nescafé portfolio and launch a pink KitKat in Japan, among others. The German-US citizen, who arrived at Nestlé in 2016 from German healthcare group Fresenius, had the pleasure of improving the company’s financial outlook this week, after the deal with Starbucks turned out to be lucrative and that sales of pet food have experienced a pandemic outbreak. Schneider sparked a little chocolate kerfuffle earlier this month after the BBC asked if he could guarantee there would be Quality Street in stores this Christmas, and he answered inconclusive “we’re working on hard”. In a subsequent statement, Nestlé assured that there would be plenty of Quality Street to walk through.
The list: new names for Facebook
Facebook was born not as Facebook but as ‘Facebook’, which obviously wouldn’t have worked at all – if founder Mark Zuckerberg had stuck to that, we might never have heard talk about him. Today, the king of Facebook is said to be about to announce a new corporate name, much like Google is now just an entity within its parent company, Alphabet. So what are the possibilities?
1 Horizon. Top tip from tech site The Verge, which broke rebranding history earlier this week. Indeed, the last remaining offline spaces will soon disappear on the horizon.
2 Connect. A favorite word from Facebook and the name of the augmented / virtual reality conference, which Zuckerberg will address next week. It sounds innocuous, almost dull, which does the trick in corporate circles.
3 Metabook. Zuckerberg wants his legacy to be building a virtual reality metaverse and not, say, providing a platform to incite genocide and insurgency.
4 Instaverse. Facebook’s $ 1 billion purchase of Instagram in 2012 remains a major acquisition. Why not amplify the fact?
5 Together. Not just a trivial choice, but an active rebuke to anyone who claims that Facebook benefits from polarization and division.