Afternoon Coffee: Trade War Maroons Soybean Shipment in Pacific for a Month, New York City Caps Uber Licenses

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Bulk carrier Peak Pegasus has been circling China for a month unable to unload its $20 million shipment of soybeans due to the U.S.-China trade war, the Guardian reports. The ship was scheduled to unload about 70,000 tons of American soybeans in the Chinese port of Dalian on July 6, but the $6 million cost of bringing the shipment into China has proved prohibitive. The ship’s operator is spending about $12,500 a day to continue chartering the ship.

Uber Cap

New York’s City Council passed legislation Wednesday that caps the number of for-hire vehicles for a year while the city studies the effects of the ridesharing industry, the New York Times reports. New York will also set a minimum pay rate for drivers. Officials said the bill aims to curtail worsening traffic and improve low driver wages.

Battery Improvements

Startup Pellion Technologies says it has created a lithium-metal battery that has doubled the energy batteries can carry, Quartz reports. Batteries with a lithium-metal anode have long been pursued for their theoretically higher storage capacity, but the technology also it fraught with safety risks, particularity the tendency to catch fire.

GDP Estimate 

And finally, an economic update: Economists have raised U.S. GDP projections for 2018 to 3%, The Wall Street Journal reports, based on strong second-quarter results. Consensus estimates also put the unemployment rate at 3.6% by June next year.

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