The number of Americans filing new claims for unemployment benefits fell to a 16-month low-level last week as the labor market gains traction, but worker shortages and bottlenecks in the supply chain are frustrating efforts by businesses to ramp up production to meet strong demand for goods and services.

World Business Watch: US weekly jobless claims at 16-month low, shortages hamper manufacturing

The Biden administration on Tuesday planned to issue a swath of actions and recommendations meant to address supply chain disruptions caused by the coronavirus pandemic and decrease reliance on other countries for crucial goods by increasing domestic production capacity.

In a call Monday evening detailing the plan to reporters, White House officials said the administration had created a task force that would “tackle near-term bottlenecks” in construction, transportation, semiconductor production and agriculture.

The officials also outlined steps that had been taken to address an executive order from President Joe Biden that required a review of critical supply chains in four product areas where the United States relies on imports: semiconductors, high-capacity batteries, pharmaceuticals and their active ingredients, and critical minerals and strategic materials, like rare earths.

“This is about making sure the United States can meet every challenge we face in the new era,” Biden said in February, when he signed the order.

The review has been governmentwide, the officials said: Cabinet members were ordered to provide reports to the White House within 100 days. The move was intended to address concerns about supply chain resiliency and long-term competition with China.

The Department of Health and Human Services, for instance, will use $60 million from the $1.9 trillion coronavirus relief bill to develop technologies to increase domestic production of active ingredients in key pharmaceuticals.

The Interior Department will work to identify sites where critical minerals could be produced in the United States. And several agencies will work on creating supply chains for new technologies that will reduce reliance on imports of key materials.

The Biden administration also signalled that it was prepared to use trade policy to bolster domestic supplies of key minerals and components. As part of that effort, the Office of the U.S. Trade Representative said it would establish a strike force that could propose actions against overseas companies deemed to be engaged in unfair trade practices.

The Commerce Department will evaluate whether to investigate the global trade of neodymium magnets under Section 232 of the Trade Expansion Act of 1962. The Trump administration wielded that law to impose tariffs on foreign steel and aluminium after concluding that domestic production of those materials was essential for national security.

The Biden administration on Tuesday planned to issue a swath of actions and recommendations meant to address supply chain disruptions caused by the coronavirus pandemic and decrease reliance on other countries for crucial goods by increasing domestic production capacity.

The Biden administration on Tuesday planned to issue a swath of actions and recommendations meant to address supply chain disruptions caused by the coronavirus pandemic and decrease reliance on other countries for crucial goods by increasing domestic production capacity. In a call Monday evening detailing the plan to reporters, White House officials said the administration had created a task force that would “tackle near-term bottlenecks” in construction, transportation, semiconductor production and agriculture. The officials also outlined steps that had been taken to address an executive order from President Joe Biden that required a review of critical supply chains in four product areas where the United States relies on imports: semiconductors, high-capacity batteries, pharmaceuticals and their active ingredients, and critical minerals and strategic materials, like rare earths. “This is about making sure the United States can meet every challenge we face in the new era,” Biden said in February, when he signed the order. The review has been governmentwide, the officials said: Cabinet members were ordered to provide reports to the White House within 100 days. The move was intended to address concerns about supply chain resiliency and long-term competition with China. The Department of Health and Human Services, for instance, will use $60 million from the $1.9 trillion coronavirus relief bill to develop technologies to increase domestic production of active ingredients in key pharmaceuticals. The Interior Department will work to identify sites where critical minerals could be produced in the United States. And several agencies will work on creating supply chains for new technologies that will reduce reliance on imports of key materials. The Biden administration also signalled that it was prepared to use trade policy to bolster domestic supplies of key minerals and components. As part of that effort, the Office of the U.S. Trade Representative said it would establish a strike force that could propose actions against overseas companies deemed to be engaged in unfair trade practices. The Commerce Department will evaluate whether to investigate the global trade of neodymium magnets under Section 232 of the Trade Expansion Act of 1962. The Trump administration wielded that law to impose tariffs on foreign steel and aluminium after concluding that domestic production of those materials was essential for national security.

Biden administration moves to unkink supply chain bottlenecks

Diversification of supply chains was the top focus of India-Italy virtual summit on Friday, the 5th such virtual summit of Indian Prime Minister amidst the COVID pandemic. The virtual summit between Indian PM Narendra Modi and Italian PM Giuseppe Conte also saw both sides discussing the COVID crisis and G20 summit, given Italy will host the summit next year and India in 2022.

Sandeep Chakravorty, Secretary (Europe West) at the MEA presser, after the virtual summit said, "Italy is very keen to diversify its supply chains &amp; investment to have a more substantive economic partnership with India. Bilateral economic cooperation was focused on diversification of supply chains".

India, Australia and Japan are working on alternate supply chains, and focus is that more countries join the initiative. In fact, one was the virtual summit was with Denmark's PM and the focus on the diversified supply chain. &nbsp;

Also read|&nbsp;<a href="https://www.wionews.com/india-news/foreign-envoys-welcome-meas-covid-briefing-india-to-show-its-vaccine-facility-341260">Foreign envoys welcome MEA's COVID briefing; India to show its vaccine facility</a>

Currently, global supply chains are China dominated and amidst the covid pandemic, an aggressive Beijing necessitated alternate supply chains by like-minded countries such as India, US, Japan, Australia.

Interestingly, the Joint statement after the summit saw both sides stressing on the "importance of the Indo-Pacific region as a fundamental area" for connecting Asia and Europe and stated their Countries’ willingness to support"all connectivity initiatives based on internationally recognized norms and standards, good governance, rule of law, inclusiveness, transparency and a level playing field."

All in all 15 MoU were signed between the two sides, on trade, technology, shipping, energy.

Diversification of supply chains was the top focus of India-Italy virtual summit on Friday, the 5th such virtual summit of Indian Prime Minister amidst the COVID pandemic.

Diversification of supply chains was the top focus of India-Italy virtual summit on Friday, the 5th such virtual summit of Indian Prime Minister amidst the COVID pandemic. The virtual summit between Indian PM Narendra Modi and Italian PM Giuseppe Conte also saw both sides discussing the COVID crisis and G20 summit, given Italy will host the summit next year and India in 2022. Sandeep Chakravorty, Secretary (Europe West) at the MEA presser, after the virtual summit said, "Italy is very keen to diversify its supply chains & investment to have a more substantive economic partnership with India. Bilateral economic cooperation was focused on diversification of supply chains". India, Australia and Japan are working on alternate supply chains, and focus is that more countries join the initiative. In fact, one was the virtual summit was with Denmark's PM and the focus on the diversified supply chain. Also read| Foreign envoys welcome MEA's COVID briefing; India to show its vaccine facility Currently, global supply chains are China dominated and amidst the covid pandemic, an aggressive Beijing necessitated alternate supply chains by like-minded countries such as India, US, Japan, Australia. Interestingly, the Joint statement after the summit saw both sides stressing on the "importance of the Indo-Pacific region as a fundamental area" for connecting Asia and Europe and stated their Countries’ willingness to support"all connectivity initiatives based on internationally recognized norms and standards, good governance, rule of law, inclusiveness, transparency and a level playing field." All in all 15 MoU were signed between the two sides, on trade, technology, shipping, energy.

Diversification of supply chains top focus at India-Italy virtual summit

Wal-Mart Stores Inc said on Monday it plans to sell its Chinese e-commerce business Yihaodian to Chinese online retailer JD.com Inc for a 5 per cent equity stake in JD.com, a strategic alliance that aims to expand WalMart&#39;s reach in China. 
 
Under the deal, JD.com will issue about 145 million new class A shares to Wal-Mart, worth about $1.5 billion at JD.com&#39;s current valuation. 
 
Shares of Wal-Mart rose 26 cents, or 0.4 per cent, to $71.21 in afternoon New York Stock Exchange trading. JD.com&#39;s ADRs were up nearly 8 per cent, or $1.56, at $21.58 
 
Wal-Mart took a stake in Yihaodian, which has focussed on online grocery sales and caters to affluent female customers, in 2011 before taking full ownership last July. 
 
That deal combined Yihaodian&#39;s local expertise with Wal-Mart&#39;s global sourcing and supply chain capabilities, but growth was hindered when Wal-Mart narrowed the number of sellers on the site, according to a note from Barclays issued on Monday. 
 
In the latest agreement, JD.Com, China&#39;s second-largest online retailer, will control the Yihaodian brand and website, while Walmart will continue to operate the Yihaodian direct sales business and will sell on the Yihaodian marketplace. 
 
The deal will give Walmart access to JD.Com&#39;s online traffic and expand its reach into the Chinese market. Sam&#39;s Club China will open a flagship store on JD.Com and utilise its delivery network, the companies said. Walmart&rsquo;s China stores will be listed as a preferred retailer on JD.com&rsquo;s crowd-sourced platform, O2O JV Dada. 
 
Brian Yarbrough, an analyst with Edward Jones, said the deal with JD.com was a more cost-effective way for Wal-Mart to get its products and name in the marketplace by partnering with a large, experienced player. 
 
&quot;It doesn&#39;t mean that they&#39;ve pulled away, but to me it tells me they are trying to make smarter investments,&quot; said Yarbrough. 
 
Walmart&rsquo;s financial adviser on the deal was Morgan Stanley &amp; Co. LLC and its legal advisor was Morrison &amp; Foerster LLP. JD.com&rsquo;s legal advisors were Orrick Herrington Sutcliffe LLP and Han Kun Law Offices. 
 
(Reuters)

The deal will give Walmart access to JD.Com's online traffic and expand its reach into the Chinese market

Wal-Mart Stores Inc said on Monday it plans to sell its Chinese e-commerce business Yihaodian to Chinese online retailer JD.com Inc for a 5 per cent equity stake in JD.com, a strategic alliance that aims to expand WalMart's reach in China. Under the deal, JD.com will issue about 145 million new class A shares to Wal-Mart, worth about $1.5 billion at JD.com's current valuation. Shares of Wal-Mart rose 26 cents, or 0.4 per cent, to $71.21 in afternoon New York Stock Exchange trading. JD.com's ADRs were up nearly 8 per cent, or $1.56, at $21.58 Wal-Mart took a stake in Yihaodian, which has focussed on online grocery sales and caters to affluent female customers, in 2011 before taking full ownership last July. That deal combined Yihaodian's local expertise with Wal-Mart's global sourcing and supply chain capabilities, but growth was hindered when Wal-Mart narrowed the number of sellers on the site, according to a note from Barclays issued on Monday. In the latest agreement, JD.Com, China's second-largest online retailer, will control the Yihaodian brand and website, while Walmart will continue to operate the Yihaodian direct sales business and will sell on the Yihaodian marketplace. The deal will give Walmart access to JD.Com's online traffic and expand its reach into the Chinese market. Sam's Club China will open a flagship store on JD.Com and utilise its delivery network, the companies said. Walmart’s China stores will be listed as a preferred retailer on JD.com’s crowd-sourced platform, O2O JV Dada. Brian Yarbrough, an analyst with Edward Jones, said the deal with JD.com was a more cost-effective way for Wal-Mart to get its products and name in the marketplace by partnering with a large, experienced player. "It doesn't mean that they've pulled away, but to me it tells me they are trying to make smarter investments," said Yarbrough. Walmart’s financial adviser on the deal was Morgan Stanley & Co. LLC and its legal advisor was Morrison & Foerster LLP. JD.com’s legal advisors were Orrick Herrington Sutcliffe LLP and Han Kun Law Offices. (Reuters)

Wal-Mart to sell its China e-biz to JD.com for 5% stake

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