What We're Reading

Ports:

Despite mounting shipping delays and cargo backlogs, the busiest U.S. port complex shuts its gates for hours on most days and remains closed on Sundays. Meanwhile, major ports in Asia and Europe have operated round-the-clock for years.

“With the current work schedule you have two big ports operating at 60%-70% of their capacity,” said Uffe Ostergaard, president of the North America region for German boxship operator Hapag-Lloyd AG . “That’s a huge operational disadvantage.”

Generations:

$2 trillion of wealth flows from Baby Boomers to Millennials per year through inheritance, according to Fundstrat estimates.

Over the next 20 years, Millennials will inherit $76 trillion from previous generations.

Millennials tend to prefer higher-risk assets like stocks and crypto.

Baby Boomers are becoming a smaller relative share of the pool of wealth, meaning Millennial asset preferences will fuel a structural shift.

Shortages:

The cost of the intractable semiconductor shortage has ballooned by more than 90%, pushing the total hit to 2021 revenue for the world’s automakers to $210 billion.

That’s the latest dire forecast from AlixPartners, which predicts global automakers will build 7.7 million fewer vehicles due to the chip crisis this year.

Industry:

An estimated 321,000 Americans now work in the [cannabis] industry, a 32 percent increase from last year, the report found, making legal marijuana one of the nation’s fastest-growing sectors. In other words: The United States now has more legal cannabis workers than dentists, paramedics or electrical engineers.

Market share:

Google is so successful that it’s the most searched for term on Microsoft Corp.’s Bing search engine, the company’s lawyer told a European Union court on Tuesday.

“We have submitted evidence showing that the most common search query on Bing is by far Google,” Alfonso Lamadrid, a lawyer for the Alphabet Inc. unit, said at the EU’s General Court in Luxembourg.

Have a good weekend.

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