Afternoon Coffee: Walmart Requires Produce Suppliers to Join Blockchain, Human Rights Abuses Put South American Gold Supply Chain at Risk

Walmart issued a letter to suppliers Monday explaining that direct suppliers of lettuce, spinach and other greens must join its food-tracking blockchain by Jan. 31, 2019, The Wall Street Journal reports. The deadline marks the first phase of a larger effort by the retailer to get its entire food supply chain to use the distributed ledger technology. Farmers, logistics firms and business partners of direct suppliers will be required to join the blockchain by Sept. 30, 2019.

Gold Supply Chain

Poor monitoring and prosecution of illegal activity in several South American countries has led to rising risk in global gold supply chains, according to a report from Mining Technology. The challenge to companies is not only reputational but also environmental, as the use of mercury and lack of adherence to regulatory standards makes illegal mining detrimental to the environment.

Fed Update 

The U.S. Federal Reserve is widely expected to raise interest rates Tuesday, continuing its quarterly schedule of 25-basis-point hikes, Bloomberg reports. Economists expect the upper boundary of the Fed’s target range for the federal funds rate to hit 3% in June 2019 and stay there until the fourth quarter, according to a poll cited by Bloomberg. 

Oil Prices

And finally, an energy update: Global oil prices are continuing their upward march, The Wall Street Journal reports, with Brent crude topping $80 a barrel for the first time since May. The oil market is of particular concern to the Trump administration, which has been lobbying OPEC to increase production, in the hopes that doing so would keep gasoline prices at manageable levels.

Share on Procurious

Discuss this:

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.