Oil prices steadied this week but consumer and business costs are still rising as a result of recent increases. Food inflation is giving cause for concern.
This week as Russia's invasion of Ukraine continues many of the world's largest brands have pulled out of Russia closing plants, retail stores and pausing operations. Payment system providers such as Visa, Mastercard and Pay Pal have also withdrawn. Shipping volumes to Russia fell by 40 per cent in the first week of March. Many Russian flagged or owned ships have been turned away from UK ports in the past week. Some big freight companies such as Maersk are no longer sailing in or out of Russian ports.
Maersk is also developing green fuels to power its new ships. Sony and Honda have formed a joint company to produce electric vehicles. Container dwell times have led to increased criminal activities at seaports.
Link to report mentioned in podcast:
This report explores the use of EPR, which sees producers cover the costs of dealing with textiles at their end of life, as a mechanism through which to drive circularity in the textiles market. The report recommends the implementation of EPR alongside supporting measures that incentivise eco-design.
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