Afternoon Coffee: Retailers temporarily close near protests; China cancels U.S. agricultural imports; OPEC considers extending oil supply cuts

Robert Kneschke/Adobe Stock

Several major retailers are temporarily closing stores across the country in areas near the enormous protests against police violence, CNBC reports. Many of the retailers had just begun, or were planning to reopen after closing due to the coronavirus pandemic, but looting in several areas near the protests has caused retailers to adjust their plans.

Deliveries are also being affected by these closures. Amazon, for example, has changed or scaled back normal delivery operations in several cities, and will reopen some delivery locations once tensions ease and citywide curfews begin to lift.

Chinese firms cancel orders for U.S. agricultural products

The Chinese government has told state-owned firms to cancel orders of some agricultural products from the U.S., Reuters reports. The news comes after the U.S. announced it would revoke the special status it held for Hong Kong due to a new national security law approved by the Chinese Government. However, privately-owned firms have not been told to follow suite.

The imports being cancelled include soybeans, pork, corn and cotton, but could include other items if the U.S. takes further action against Beijing. The announcement goes against the Phase 1 trade deal made in January between China and the U.S., in which China pledged to buy $32 billion worth of agricultural goods over the course of two years.

OPEC considers extending oil cuts

OPEC and Russia are considering an extension of the oil cuts the organization made earlier this year to curb the excess supply caused by disruptions from the coronavirus, Reuters reports. The supply cuts have helped steady oil prices amid the crisis.

The extension would last for an additional one to two months, but the organization has waited to make a final decision due to trade tensions between China and the U.S. The organization will hold a meeting in early June to make a final determination on the extension.

SpaceX successfully launches U.S. astronauts

SpaceX and NASA successfully launched two astronauts from U.S. soil for the first time in nine years over the weekend, The Associated Press reports. The launch had originally been scheduled for last week, but was cancelled at the last minute due to weather concerns. The astronauts arrived at the International Space Station on Sunday, where they will potentially stay for months.

The astronauts flew in SpaceX’s Dragon capsule, which sat on top of a Falcon 9 rocket. The flight marked the first time that a private entity, rather than NASA, carried American astronauts into space.

SpaceX’s reusable rockets are designed to make spaceflight more cost effective and frequent.

Penguin Business publishing procurement book, "Bad Buying"

Penguin Business will be publishing the procurement book "Bad Buying – How organisations waste billions through failures, frauds and f*ck-ups" later this year. It is written by Peter Smith, Managing Director at Procurement Excellence, Ltd., and former head of Spend Matters UK. This will be the first procurement book published by a top-level publisher.

The book covers 100 procurement case studies from around the world and in different industries. By highlighting these failures, Smith hopes to teach organizations how to avoid these mistakes and make better buying decisions.

You can find more information about "Bad Buying" and pre-order the book here.

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.