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Today’s Big Story

Shipping congestion threatens supply chain…again

Ships are stacking up in West Coast ports and commercial shipping prices are spiking amid a 2-year wage battle between port operators and dockworkers.

Why it matters: Lawmakers are worried that rising container prices could have a trickle down effect all throughout the economy causing COVID-like supply chain shortages and price hikes for consumer goods.

State of play: Contract negotiations between 42,000 laborers and the 70 shipping companies and terminal operators are being held behind closed doors with both parties accusing the other of foul play.

• The shipping companies represented by the Pacific Maritime Association (PWA), are accusing workers of disruption tactics, which include refusing to dispatch workers to marine terminals, slowing operations, and making unfounded health and safety claims.

• While the International Longshore and Warehouse Union (ILWU), who speaks for the laborers, claim that the operators aren’t giving their employees the wages, benefits, or quality of life they deserve.

Big picture: Rates for importing 40-foot freight containers to the U.S. West Coast have increased 20% week over week, likely due to increased congestion at ports, according to logistics company Freightos. These increases force companies to adjust retail prices in order to cover costs. On time deliveries are also likely to take a hit with dockworkers dragging their feet as a leverage tactic in contract talks.

What’s next? The parties are said to be in the final stages of negotiations. However, trade groups have asked the Biden administration and the Transportation Department to step in if things aren’t resolved ASAP.

Quick Bites

Business & Economy

*U.S. stock markets closed higher on Friday (S&P +0.11%, Nasdaq +0.16%, Dow +0.13%) ~ S&P posts 4th straight positive week and reaches highest level since August.

*UBS and the Swiss government signed a $10 billion loss protection agreement on Friday that will come into effect once UBS’ takeover of Credit Suisse is complete.

*Netflix’ password crackdown had its intended effect as the company reported the most new signups in at least four and a half years.

World

*Colombian rescue teams found four missing children on Friday that had been lost in the jungle for over a month after surviving a plane crash that killed everyone else on board.

*Former British Prime Minister Boris Johnson quit the UK parliament on Friday in protest of lawmakers investigating his behaviour.

*The Philippines forcibly evacuated thousands of families near Mayon Volcano on Friday as the mountain showed signs of a potential eruption.

US News, Politics, & Government

*The Biden administration announced price hike penalties for 43 drugs on Friday in a move that will lower costs for older Americans by as much as $449 per dose.

*The DOJ unsealed the federal indictment against former President Donald Trump on Friday, which includes 37 felony counts related to retaining classified information and obstruction of justice.

*Joran van der Sloot, the chief suspect in the 2005 disappearance of Natalee Holloway, plead not guilty on Friday to charges alleging he extorted the teen’s mother in exchange for revealing the location of her body.

Sports & Entertainment

*The Denver Nuggets handled the Miami Heat 108-95 on Friday to go up 3-1 in the NBA Finals and are now one win away from their first championship title.

*Novak Djokovic defeated Carlos Alcaraz on Friday to advance to the French Open Final. He will face off against Casper Ruud on Sunday at 9 a.m. EST.

*Breaking Bad star Bryan Cranston says he will retire from acting in 2026.

Science, Health, & Tech

*A Florida man got infected with flesh eating bacteria after a family member bit him on the leg during a fight.

*Google Street View returns to Germany after being banned for 10 years due to privacy complaints.

*Astronauts deployed 5th roll-out solar array to the outside of the International Space Station during a 7 hour space walk on Friday.

Extras

*A tiger shark attacked and killed a Russian man off Egypt’s Red Sea coast.

*Don’t forget to reapply: Dermatologist breaks down often missed spots during sunscreen application.

*Surfers ride the world’s longest wave…in the Amazon River.

*Hong Kong deployed two 60-foot rubber ducks to drive “double happiness.”