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Nike Call Shows How Complicated and Messy Logistics Have Become
www.bloomberg.com

...Nike cut its revenue forecast and warned of inventory shortages in the coming months that will affect its business across regions. The mess stems from long shipping times and factories that have been forced to halt production due to Covid-related lockdowns. That's left management searching for answers.

Executives said they didn't anticipate that the situation would worsen over the last 90 days, with government shutdowns in Vietnam and Indonesia and bottlenecks clogging transit around the world.

They went into extraordinary detail to explain the situation to investors and analysts. Friend said 80% of Nike's shoe factories in Vietnam and nearly half of its apparel plants are closed, causing the loss of 10 weeks of production thus far. It'll take several months to get back to full capacity.

Shipping times, meanwhile, have doubled across key routes from Asia to North America because of congestion at ports and railways, plus labor shortages. Goods that used to take 40 days to ship across the planet now take 80 days, leaving products stuck in transit for months. Margins have been hurt by rising ocean-freight surcharges....



Just the flu, indeed....

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Trump Probe by Vance Has Collected Millions of Internal Records
www.bloomberg.com

...In a court filing Friday, the office of Manhattan District Attorney Cyrus Vance Jr. disclosed a summary of the material collected so far in the investigation. It didn't provide the actual documents, but included a broad overview of what prosecutors have gathered in their two-year inquiry, as well as some of the witnesses who gave testimony.

While much of the material is already familiar from Vance's indictment of the Trump Organization and its former chief financial officer, Allen Weisselberg, the filing indicated prosecutors have made at least two agreements with witnesses connected to the Trump Organization to provide information in the case, in exchange for a government promise not to use it against them.

Prosecutors also revealed compliance with subpoenas issued to Jeff McConney, a subordinate to Weisselberg, and Keith Davidson, a California lawyer who was involved in 2016 hush money payments made to silence women claiming to have had affairs with Trump.

Also included in the filing were indications the government has documents it marked as "Martabano." Charles Martabano represented the Trump Organization in its dealings with a property in Westchester County called Seven Springs, which has been a focus of Attorney General Letitia James' parallel inquiry into Trump's tax filings.

The court filing also shows that Vance's office has reviewed records from multiple banks, law firms and accounting firms, internal Trump Organization records, as well as evidence from the Federal Bureau of Investigation, U.S. Customs and Border Protection, and FinCEN, the U.S. Treasury unit that monitors suspicious financial transactions....


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