MELBOURNE, Australia — China will resume importing Australian live lobsters by the end of the year, removing the final major obstacle to bilateral trade that once cost Australian exporters more than 20 billion Australian dollars ($13 billion) a year, Australia’s prime minister said Thursday. 

Prime Minister Anthony Albanese made the announcement after meeting Premier Li Qiang on the sidelines of a Southeast Asian summit in Vientiane, Laos. 

The ban on lobsters was the last of a series of official and unofficial trade barriers that Beijing has agreed to lift since Albanese’s center-left Labor Party government was elected in 2022. 

“I’m pleased to announce that Premier Li and I have agreed on a timetable to resume full lobster trade by the end of this year,” Albanese told reporters. 

“This of course will be in time for Chinese New Year, and this will be welcomed by the people engaged in the live lobster industry,” he added. 

Albanese has given assurances that relations with China have been improved without compromising Australian interests. Beijing is unhappy with restrictions Australia has placed on some Chinese investments because of security concerns. 

“What’s important is that friends are able to have direct discussions. It doesn’t imply agreement, it doesn’t imply compliance, and I’ll always represent Australia’s national interest. That’s what I did today. It was a very constructive meeting,” Albanese said. 

“I’m encouraged by the progress that we have made between Australia and China’s relationship in producing stabilization to the benefit of both of our nations and with the objective of advancing peace and security in the region,” Albanese added. 

China’s embassy in Australia did not immediately respond to a request for comment on Thursday. 

Australian lobster exports to China had been worth $700 million Australian dollars ($470 million) in 2019. 

Beijing ended trade with Australia in 2020 on a range of commodities including lobster, coal, wine, barley, beef and wood as diplomatic relations plumbed new depths. 

Conservative Prime Minister Scott Morrison had angered Beijing that year by demanding an independent investigation into the origins of and responses to the COVID-19 pandemic. 

Tom Ryan, a manager at lobster exporter Five Star Seafoods at Port MacDonnell in South Australia state, said he was disappointed that his trade would be the last to resume with China. 

“It’s been a long time coming,” Ryan told Australian Broadcasting Corp. of Albanese’s announcement. 

“Between myself and other people in Port MacDonnell, it’s an absolute relief,” he added. 

The industry had found new markets for lobster products but at lower profit margins, Ryan said. 

Li said during a state visit to Australia in June that he had agreed with Albanese to “properly manage” their nations’ differences. 

Beijing had severed minister-to-minister contacts during the conservatives’ nine years in power.
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Також парламентарі ухвалили поправку до закону, яка залишає військовий збір для військовослужбовців на рівні 1,5%
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TAIPEI, TAIWAN — As Laos hosts this year’s summit of the Association of Southeast Asian Nations, Beijing is calling for additions to its free-trade agreement with the regional forum that focus on smart cities, 5G, artificial intelligence and e-commerce.

Ahead of the ASEAN summit, which began Sunday and ends Friday, Chinese state media have stepped up efforts to promote the benefits of what they call an upgrade to the China-ASEAN Free Trade Area, or CAFTA, agreement.

Analysts point out that the two sides have not reached agreement on what’s being called “CAFTA 3.0,” and that it remains to be seen whether including China’s electric vehicles and e-commerce would benefit Southeast Asian industries that are struggling to compete with their Chinese counterparts.

“The establishment of a free-trade demonstration zone is actually nothing more than the hope that things can be sold into China,” Ming-Fang Tsai, a professor in the Department of Industrial Economics at Taiwan’s Tamkang University, told VOA.

However, he said the Chinese market is facing a lack of domestic demand and overproduction, leading to price competition.

“So, is the FTA 3.0 really an upgrade? Actually, it is a big question mark,” he said by email.

Nevertheless, some specific areas in the 3.0 agreement still attract the attention of experts, including its focus on the EV industry.

Although ASEAN is also actively developing an EV industry, He Jiangbing, a China-based economist and finance commentator, told VOA if China’s major EV manufacturers pour into Southeast Asia through changes in the agreement, it would likely have a huge impact on the local automobile industries.

“China’s mainland started relatively early in new-energy vehicles and has developed rapidly for 10 years. But the automotive industry in ASEAN is relatively weak. If China’s new-energy vehicles are sold in ASEAN, it will be difficult for Southeast Asian [traditional] car companies to resist,” He said.

Southeast Asia’s own automobile industry will be greatly affected or cease to exist, He said.

But Lu Xi, a senior lecturer at the Lee Kuan Yew School of Public Policy at the National University of Singapore, told VOA that most of China’s EVs are not getting into Southeast Asia through exports but through production-line transfer, similar to joint ventures, so a price war should not cause a negative impact.

“With the transfer of [China’s EV] manufacturing industry chain, the economic structure of Southeast Asia will undergo a huge transformation,” Lu said by email. “Depending on the current political and economic situation between China and the US, Southeast Asia itself also has a very broad local market and a very good young population structure, so on the whole, the Southeast Asian market should be one of the important engines of economic growth in the whole region in the future.”

Tsai noted that Chinese manufacturers will set up factories in Southeast Asia to avoid the “Made in China” label and restrictions on Chinese products.

“U.S. controls on technology may affect the components of EVs in the future,” he said, “which brings great pressure to Chinese manufacturers.”

In addition to EVs, the 3.0 agreement also focuses on smart cities, 5G, artificial intelligence and e-commerce.

Analysts say China’s e-commerce is already having a negative impact on the region as orders of cheaper Chinese imports and knockoffs are flooding Southeast Asia. Half of the ceramic factories in Thailand’s northern Lampang province have closed, and Indonesian textile workers are facing mass layoffs, the South China Morning Post and the Bangkok Post reported.

“In the face of the massive entry of the [Chinese] e-commerce, frankly speaking, these Southeast Asian countries are relatively uncompetitive,” said Tsai. “Because first, [they] will not be able to compete with China in marketing and sales. Second, [China’s] own products are cheaper.

“If my entire e-commerce system is better than yours,” Tsai said, “and my products are not more expensive than yours, then how can you compete with me?”

Nonetheless, in a September speech for the Regional Comprehensive Economic Partnership, or RCEP, in Nanning, China, ASEAN Secretary-General Kao Kim Hourn called on businesses to take full advantage of the partnership as they move toward the changes.

He touted the RCEP, the world’s largest trade bloc, covering nearly 30% of global gross domestic product at $29 trillion and 2.3 billion people across the Asia Pacific region.

“ASEAN’s multidirectional economic relations have been a major driver behind the use of RCEP,” said Hourn, according to a written statement. “China, for example, has remained ASEAN’s largest trading partner for the past 15 years and has also climbed from the 5th largest source of FDI to ASEAN in 2022 to the 3rd largest in 2023. With both RCEP and ACFTA 3.0 in place, I am confident that trade and investment between ASEAN, China, and the rest of the RCEP partners will continue to flourish for the benefit of the people in this wider region.”

ASEAN calls the free-trade agreement ACFTA; Beijing refers to it as CAFTA.

The agreement was established by China and ASEAN in 2009, and the ASEAN-China Summit announced the launch of negotiations for the changes in November 2022.

VOA’s Adrianna Zhang contributed to this report.
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Українські слідчі викрили цю схему під час розслідування кримінальної справи проти компанії «Оскар Оптима»
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«У січні-вересні 2024 року український експорт склав майже 100 млн тонн. Це на 36% більше, ніж минулого року»
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Beijing/Paris — China imposed temporary anti-dumping measures on imports of brandy from the EU on Tuesday, hitting French brands including Hennessy and Remy Martin, days after the 27-state bloc voted for tariffs on Chinese-made electric vehicles, or EVs.

China’s commerce ministry said preliminary findings of an investigation had determined that dumping of brandy from the European Union threatens “substantial damage” to its own sector.

France’s trade ministry said the temporary Chinese measures were “incomprehensible” and violated free trade, and that it would work with the European Commission to challenge the move at the World Trade Organization.

In a sign of the rising trade tensions, China’s ministry added in another statement on Tuesday that an ongoing anti-dumping and anti-subsidy investigation into EU pork products would make “objective and fair” decisions when it concludes.

It also said that it was considering a hike in tariffs on imports of large-engine vehicles, which would hit German producers hardest. German exports of vehicles with engines of 2.5 liters or larger to China reached $1.2 billion last year.

France was seen as the target of Beijing’s brandy probe due to its support of tariffs on China-made EVs. French brandy shipments to China reached $1.7 billion last year and accounted for 99% of the country’s imports of the spirit.

As of Oct. 11, importers of brandy originating in the EU will have to put down security deposits mostly ranging from 34.8% to 39.0% of the import value, the ministry said.

“This announcement clearly shows that China is determined to tax us in response to European decisions on Chinese electric vehicles,” French cognac producers group BNIC said in an email.

French President Emmanuel Macron said last week that China’s brandy probe was “pure retaliation,” while EV tariffs were needed to preserve a level playing field.

Shares tumble

LVMH-owned Hennessy and Remy Martin were among the brands hardest hit by the measures, with importers having to pay security deposits of 39.0% and 38.1%, respectively.

The deposits would make it more costly upfront to import brandy from the EU. However they could be returned if a deal is eventually reached before definitive tariffs are imposed.

Both the investigation and negotiations remain ongoing, said an executive at a leading cognac company, who declined to be identified due to the sensitivity of the matter.

Chinese investigators visited producers in France last month and were due to make further site visits, the executive said, while Chinese and EU officials held negotiations on Monday.

The outcome was unclear, however, and doubts around the EU’s willingness to make a deal were emerging, they added.

Shares in Pernod Ricard were down 4.2% at 0839 GMT, while Remy Cointreau’s dropped 8.7% and shares in LVMH fell 4.9%.

Companies that cooperated with China’s investigation were hit with security deposit rates of 34.8%, with that imposed on Martell the lowest at 30.6%.

Pernod Ricard, Remy Cointreau and LVMH did not immediately respond to requests for comment.

The measures could mean a 20% price rise for consumers in China, said Jefferies analysts, reducing sales volumes by 20%.

Remy, with the greatest exposure to the Chinese market, could see its sales decline by 6%, with Pernod group sales seeing a 1.6% impact, they said.

China is the second largest export market for cognac after the United States but is the industry’s most profitable territory. Difficult economic conditions in both markets have already prompted a sharp decline in cognac sales.

James Sym, fund manager at Remy investor River Global, said despite this, there was no sign that demand for cognac had fundamentally changed, pointing to an uptick in cognac sales in Japan driven by Chinese tourists when the yen was weak.

“That’s obviously a sign that cognac is not out of fashion,” he said, adding volumes – and the companies’ share prices – should recover long-term, although the tariffs would likely hit volumes and margins while in place.

Talks continue

Luxury goods shares fell by as much as 7% on Tuesday, with one trader attributing this to fears that the sector, which is heavily reliant on China, could be next to see trade measures.

The brandy measures follow a vote by the EU to adopt tariffs on China-made EVs by the end of October.

Before the vote in late August, China had suspended its planned anti-dumping measures on EU brandy, in an apparent goodwill gesture, despite determining it had been sold in China at below-market prices.

At the time, the commerce ministry said its probe would end before Jan. 5, 2025, but that it could be extended.

China’s commerce ministry previously said it had found that European distillers had been selling brandy in its 1.4 billion-strong consumer market at a dumping margin in the range of 30.6% to 39% and that its domestic industry had been damaged.

In the EU’s decision to impose tariffs on China-made EVs, the bloc set tariff rates on top of the 10% car import duty ranging from 7.8% for Tesla to 35.3% for SAIC and other producers deemed not to have cooperated with its investigation.

The European Commission has said it is willing to continue negotiating an alternative, even after tariffs are imposed.
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LISBON — Chinese lithium producers are flooding the global market with the critical metal and causing a “predatory” price drop as they seek to eliminate competing projects, a senior U.S. official said on a visit to Portugal that has ample lithium reserves.

Jose Fernandez, undersecretary for economic growth, energy and the environment at the U.S. Department of State, told a briefing late on Monday that China was producing much more lithium “than the world needs today, by far.”

“That is an intentional response by the People’s Republic of China to what we are trying to do” with the Inflation Reduction Act – the largest climate and energy investment package in U.S. history valued at over $400 billion, Fernandez said.

“They engage in predatory pricing… [they] lower the price until competition disappears,’’ Fernandez said. ‘’That is what is happening.”

China accounts for about two-thirds of the world’s lithium chemical output, which is mainly used in battery technologies including for electric cars. Prices of lithium have fallen more than 80% in the past year largely due to overproduction from China and a drop in demand for electric vehicles.

However, the price collapse is also affecting China as it has forced Chinese companies like battery giant CATL to suspend production at certain mines.

Job cuts

Europe aims to reduce its dependence on imports from China and other countries of lithium and other materials essential to the green transition.

Fernandez said the low price “constrains our ability to diversify our supply chains on a broad, global scale” and also hurts countries such as Portugal that need investment to develop these industries.

Falling prices have forced many global lithium producers to scale back production and cut jobs.

Portugal, with some 60,000 tons of known reserves, is already Europe’s biggest producer of lithium, traditionally mined for ceramics.

Along with neighboring Spain, the country wants to take advantage of local lithium deposits, aiming to cover the entire value chain from mining and refining to cell and battery manufacturing to battery recycling.

Several mining companies in Portugal have been looking for financing, customers and suppliers to crank up projects.

“We want to help them, and we think we can… lithium mining companies, everywhere, have to survive this difficult phase that was created by predatory pricing,” Fernandez said.

China’s Premier Li Qiang in June used his address at a World Economic Forum meeting in Dalian to hit back at accusations from the United States and E.U. that Chinese firms benefit from unfair subsidies and are poised to flood their markets with cheap green technologies.

Trade tensions intensified last Friday when the European Union said it would press ahead with hefty tariffs on China-made electric vehicles to counter what it sees as unfair Chinese subsidies, after a year-long anti-subsidy investigation. China on Tuesday imposed temporary anti-dumping measures on imports of brandy from the E.U.
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The European Union is braced for retaliation from China after the bloc voted Friday to impose tariffs on the import of Chinese electric vehicles, which Brussels says receive unfair state subsidies. As Henry Ridgwell reports, there’s speculation that Beijing could target individual European countries that voted for the measures.
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«Така динаміка зумовлена валютними інтервенціями НБУ для покриття структурного дефіциту валюти на ринку та згладжування курсових коливань»
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Голова уряду заявив, що розуміє залежність Словаччини від російських енергоносіїв: «розраховуємо на  диверсифікацію поставок»
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HAMBURG, Germany — The world’s poorest countries are having to prioritize debt service over investments, United Nations Development Program administrator Achim Steiner said on Monday, scuppering progress towards their sustainable development goals.

Speaking at an event in Hamburg, Steiner said the financial crunch meant countries worldwide were struggling to meet the goals — a set of 17 wide-ranging targets such as tackling poverty and hunger, improving access to education and health care, providing clean energy and protecting biodiversity.

“For many, least developed countries, they have literally been priced out of the financial markets. They cannot borrow any more money,” Steiner told the Hamburg Sustainability Conference, adding that they must draw down other spending to avoid debt default. “It’s a very extreme situation.”

Countries like Ghana, Sri Lanka and Zambia have defaulted on their debt in recent years, while others are struggling to make payments after the global interest rate hiking cycle sent borrowing costs higher.

At the same time, the world needs trillions of dollars more per year to meet climate spending goals. Steiner said boosting financing was “absolutely central” to meeting sustainable development goals – something his organization is monitoring closely.

“We have to tackle this issue of our international financial architecture and our international financial system,” Steiner said. “If not, we are going to fall apart in our endeavor to find answers that our citizens are expecting us to find.”

World Bank President Ajay Banga, speaking at the same event, said official and multilateral lenders would not be able to provide the $4 trillion needed to reach the goals without help.

“That gap is going to need the private sector,” Banga said during a panel discussion.

Using public money to de-risk private investment was one way of leveraging multilateral balance sheets, he added, saying the Washington-based lenders had boosted the insurance for investors looking to get involved in renewables in developing world.

“We’ve already doubled where we were a year ago. There is more to come.”

The World Bank announced in July it had started operating a one-stop-shop loan and investment guarantee platform with the aim of tripling the provision of guarantees and risk insurance provided around the world to $20 billion a year.

Reaching the sustainable development goals would require standardizing financing vehicles and making it easier for public private partnerships to get off the ground, German Chancellor Olaf Scholz said.

“Without the expertise and investment of the private sector, the sustainable development goals cannot be reached,” Scholz said during a keynote speech.
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Los Angeles — For more than two decades, the low rent on Marina Maalouf’s apartment in a blocky affordable housing development in Los Angeles’ Chinatown was a saving grace for her family, including a granddaughter who has autism.

But that grace had an expiration date. For Maalouf and her family it arrived in 2020.

The landlord, no longer legally obligated to keep the building affordable, hiked rent from $1,100 to $2,660 in 2021 — out of reach for Maalouf and her family. Maalouf’s nights are haunted by fears her yearslong eviction battle will end in sleeping bags on a friend’s floor or worse.

While Americans continue to struggle under unrelentingly high rents, as many as 223,0000 affordable housing units like Maalouf’s across the U.S. could be yanked out from under them in the next five years alone.

It leaves low-income tenants caught facing protracted eviction battles, scrambling to pay a two-fold rent increase or more, or shunted back into a housing market where costs can easily eat half a paycheck.

Those affordable housing units were built with the Low-Income Housing Tax Credit, or LIHTC, a federal program established in 1986 that provides tax credits to developers in exchange for keeping rents low. It has pumped out 3.6 million units since then and boasts over half of all federally supported low-income housing nationwide.

“It’s the lifeblood of affordable housing development,” said Brian Rossbert, who runs Housing Colorado, an organization advocating for affordable homes.

That lifeblood isn’t strictly red or blue. By combining social benefits with tax breaks and private ownership, LIHTC has enjoyed bipartisan support. Its expansion is now central to Democratic presidential candidate Kamala Harris’ housing plan to build 3 million new homes.

The catch? The buildings typically only need to be kept affordable for a minimum of 30 years. For the wave of LIHTC construction in the 1990s, those deadlines are arriving now, threatening to hemorrhage affordable housing supply when Americans need it most.

“If we are losing the homes that are currently affordable and available to households, then we’re losing ground on the crisis,” said Sarah Saadian, vice president of public policy at the National Low Income Housing Coalition.

“It’s sort of like having a boat with a hole at the bottom,” she said.

Not all units that expire out of LIHTC become market rate. Some are kept affordable by other government subsidies, by merciful landlords or by states, including California, Colorado and New York, that have worked to keep them low-cost by relying on several levers.

Local governments and nonprofits can purchase expiring apartments, new tax credits can be applied that extend the affordability, or, as in Maalouf’s case, tenants can organize to try to force action from landlords and city officials.

Those options face challenges. While new tax credits can reup a lapsing LIHTC property, they are limited, doled out to states by the Internal Revenue Service based on population. It’s also a tall order for local governments and nonprofits to shell out enough money to purchase and keep expiring developments affordable. And there is little aggregated data on exactly when LIHTC units will lose their affordability, making it difficult for policymakers and activists to fully prepare.

There also is less of a political incentive to preserve the units.

“Politically, you’re rewarded for an announcement, a groundbreaking, a ribbon-cutting,” said Vicki Been, a New York University professor who previously was New York City’s deputy mayor for housing and economic development.

“You’re not rewarded for being a good manager of your assets and keeping track of everything and making sure that you’re not losing a single affordable housing unit,” she said.

Maalouf stood in her apartment courtyard on a recent warm day, chit-chatting and waving to neighbors, a bracelet with a photo of Che Guevarra dangling from her arm.

“Friendly,” is how Maalouf described her previous self, but not assertive. That is until the rent hikes pushed her in front of the Los Angeles City Council for the first time, sweat beading as she fought for her home.

Now an organizer with the LA Tenants’ Union, Maalouf isn’t afraid to speak up, but the angst over her home still keeps her up at night. Mornings she repeats a mantra: “We still here. We still here.” But fighting day after day to make it true is exhausting.

Maalouf’s apartment was built before California made LIHTC contracts last 55 years instead of 30 in 1996. About 5,700 LIHTC units built around the time of Maalouf’s are expiring in the next decade. In Texas, it’s 21,000 units.

When California Treasurer Fiona Ma assumed office in 2019, she steered the program toward developers committed to affordable housing and not what she called “churn and burn,” buying up LIHTC properties and flipping them onto the market as soon as possible.

In California, landlords must notify state and local governments and tenants before their building expires. Housing organizations, nonprofits, and state or local governments then have first shot at buying the property to keep it affordable. Expiring developments also are prioritized for new tax credits, and the state essentially requires that all LIHTC applicants have experience owning and managing affordable housing.

“It kind of weeded out people who weren’t interested in affordable housing long term,” said Marina Wiant, executive director of California’s tax credit allocation committee.

But unlike California, some states haven’t extended LIHTC agreements beyond 30 years, let alone taken other measures to keep expiring housing affordable.

Colorado, which has some 80,000 LIHTC units, passed a law this year giving local governments the right of first refusal in hopes of preserving 4,400 units set to lose affordability protections in the next six years. The law also requires landlords to give local and state governments a two-year heads-up before expiration.

Still, local governments or nonprofits scraping together the funds to buy sizeable apartment buildings is far from a guarantee.

Stories like Maalouf’s will keep playing out as LIHTC units turn over, threatening to send families with meager means back into the housing market. The median income of Americans living in these units was just $18,600 in 2021, according to the Department of Housing and Urban Development.

“This is like a math problem,” said Rossbert of Housing Colorado. “As soon as one of these units expires and converts to market rate and a household is displaced, they become a part of the need that’s driving the need for new construction.”

“It’s hard to get out of that cycle,” he said.

Colorado’s housing agency works with groups across the state on preservation and has a fund to help. Still, it’s unclear how many LIHTC units can be saved, in Colorado or across the country.

It’s even hard to know how many units nationwide are expiring. An accurate accounting would require sorting through the constellation of municipal, state and federal subsidies, each with their own affordability requirements and end dates.

That can throw a wrench into policymakers’ and advocates’ ability to fully understand where and when many units will lose affordability, and then funnel resources to the right places, said Kelly McElwain, who manages and oversees the National Housing Preservation Database. It’s the most comprehensive aggregation of LIHTC data nationally, but with all the gaps, it remains a rough estimate.

There also are fears that if states publicize their expiring LIHTC units, for-profit buyers without an interest in keeping them affordable would pounce.

“It’s sort of this Catch-22 of trying to both understand the problem and not put out a big for-sale sign in front of a property right before its expiration,” Rossbert said.

Meanwhile, Maalouf’s tenant activism has helped move the needle in Los Angeles. The city has offered the landlord $15 million to keep her building affordable through 2034, but that deal wouldn’t get rid of over 30 eviction cases still proceeding, including Maalouf’s, or the $25,000 in back rent she owes.

In her courtyard, Maalouf’s granddaughter, Rubie Caceres, shuffled up with a glass of water. She is 5 years old, but with special needs, her speech is more disconnected words than sentences.

“That’s why I’ve been hoping everything becomes normal again, and she can be safe,” said Maalouf, her voice shaking with emotion. She has urged her son to start saving money for the worst.

“We’ll keep fighting,” she said, “but day by day it’s hard.”
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Mozelos, Portugal — Portugal, the world’s leading cork producer, is finding new uses for the material, from footwear to furniture, as demand for wine bottle stoppers wanes.

Producers highlight the environmentally friendly properties of cork, which is lightweight, recyclable, waterproof and fire-resistant, to encourage its use in diverse settings.

Cork is obtained by stripping the bark of cork oak trees every nine years in a careful process that allows the tree to regenerate and grow, making the industry naturally sustainable.

The material has “a negative carbon footprint because it comes from a tree that captures CO2 day and night”, Antonio Rios de Amorim, the CEO of the world’s largest cork producer Corticeira Amorim, told AFP.

The push to diversify comes as global sales of wine decline, reducing demand for cork wine stoppers which have long faced competition from cheaper plastic stoppers and screw tops.

“Periods of slowdown must be used to question what we do,” said Amorim, whose ancestors founded Corticeira Amorim 154 years ago in the northern village of Mozelos, about 30 kilometers (18 miles) south of second city Porto.

Booster rockets, metro seats

Thanks to cork’s cell-like structure, the material is elastic and highly impermeable, making it suitable to make shoes as well as ties, pants and other clothes.

Furniture designers are also increasingly drawn to the material.

British designer Tom Dixon has called it a “dream material” and put out a range of dark cork furniture that includes tables, stools and shelves using cork from Portugal.

The Lisbon metro in 2020 replaced the fabric lining on all seats of its train fleet with cork, an easier to maintain material.

Builders have been drawn to the material because of its unique thermal insulation and sound absorption properties.

Cork is also finding its way into space. It is used in thermal protection coating on booster rockets because of its resistance “to strong variations in temperature”, said Amorim.

Making wine bottle stoppers, however, remains the main activity for Portugal’s cork industry, which employs around 8,000 people.

Corticeira Amorim makes some six billion cork wine bottle stoppers per year, almost all of them for export mainly to Chile, France and the United States.

It accounts for 70 percent of the global market share for cork stoppers and posted sales of 985 million euros (one billion dollars) in 2023, slightly lower than in the previous year.

Traditional methods

Cork is made from the bark of the cork oak (Quercus suber) found in countries of the Mediterranean basin.

Portugal is home to about a third of the world’s total area dedicated to this tree — more than any other country — and accounts for nearly half the world’s supply of cork.

There are also plantations in France, Spain, Italy. Algeria, Morocco and Tunisia.

In the province of Ribatejo around 80 kilometers east of Lisbon, cork oaks stretch as far as the eye can see.

The bark is removed from the tree in summer using traditional methods handed down from generation to generation.

It is a highly precise technique “that takes several years to learn”, said Nelson Ferreira, a 43-year-old cork bark harvester, adding he takes great care not to damage the tree.

The bark is then taken to Corticeira Amorim’s factories in the north of Portugal where it is steam-treated, cut into smaller pieces and then fed into machines that punch out stoppers.

The preservation of cork oaks is crucial for Portugal, which has made them a protected species since it takes an average of 40 years for a tree to start producing cork that can be used by cork makers.
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У законопроєкті залишили збільшення військового збору з 1,5% до 5%
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detroit — The union representing 45,000 striking U.S. dockworkers at East and Gulf coast ports reached a deal Thursday to suspend a three-day strike until January 15 to provide time to negotiate a new contract.

The union, the International Longshoremen’s Association, is to resume working immediately. The temporary end to the strike came after the union and the U.S. Maritime Alliance, which represents ports and shipping companies, reached a tentative agreement on wages, the union and ports said in a joint statement.

A person briefed on the agreement said the ports sweetened their wage offer from about 50% over six years to 62%. The person didn’t want to be identified because the agreement is tentative. Any wage increase would have to be approved by union members as part of the ratification of a final contract.

The union went on strike early Tuesday after its contract expired in a dispute over pay and the automation of tasks at 36 ports stretching from Maine to Texas. The strike came at the peak of the holiday shopping season at the ports, which handle about half the cargo from ships coming into and out of the United States.

The walkout raised the risk of shortages of goods on store shelves if it lasted more than a few weeks. Most retailers, though, had stocked up or shipped items early in anticipation of the dockworkers’ strike.

“With the grace of God, and the goodwill of neighbors, it’s gonna hold,” President Joe Biden told reporters Thursday night after the agreement.

In a statement later, Biden applauded both sides “for acting patriotically to reopen our ports and ensure the availability of critical supplies for Hurricane Helene recovery and rebuilding.”

Biden said that collective bargaining is “critical to building a stronger economy from the middle out and the bottom up.”

The union’s membership won’t need to vote on the temporary suspension of the strike, meaning that giant cranes should start loading and unloading shipping containers Thursday night. Until January 15, the workers will be covered under the old contract, which expired on September 30.

The union had been demanding a 77% raise over six years, plus a complete ban on the use of automation at the ports, which members see as a threat to their jobs. Both sides also have been apart on the issues of pension contributions and the distribution of royalties paid on containers that are moved by workers.

Thomas Kohler, who teaches labor and employment law at Boston College, said the agreement to halt the strike means that the two sides are close to a final deal. 

“I’m sure that if they weren’t going anywhere they wouldn’t have suspended (the strike),” he said. “They’ve got wages. They’ll work out the language on automation, and I’m sure that what this really means is it gives the parties time to sit down and get exactly the language they can both live with.”

Industry analysts have said that for every day of a port strike it takes four to six days to recover. But they said a short strike of a few days probably wouldn’t gum up the supply chain too badly.

Kohler said the surprise end to the strike may catch railroads with cars, engines and crews out of position. But railroads are likely to work quickly to fix that.

Just before the strike had begun, the Maritime Alliance said both sides had moved off their original wage offers, a tentative sign of progress.

The settlement pushes the strike and any potential shortages past the November presidential election, eliminating a potential liability for Vice President Kamala Harris, the Democratic nominee. It’s also a big plus for the Biden-Harris administration, which has billed itself as the most union-friendly in American history. Shortages could have driven up prices and reignited inflation.

Thursday’s deal came after administration officials met with foreign-owned shipping companies before dawn on Zoom, according to a person briefed on the day’s events who asked not to be identified because the talks were private. The White House wanted to increase pressure to settle, emphasizing the responsibility to reopen the ports to help with recovery from Hurricane Helene, the person said.

Acting Labor Secretary Julie Su told them she could get the union to the bargaining table to extend the contract if the carriers made a higher wage offer. Chief of Staff Jeff Zients told the carriers they had to make an offer by the end of the day so a manmade strike wouldn’t worsen a natural disaster, the person said.

By midday the Maritime Alliance members agreed to a large increase, bringing about the agreement, according to the person.
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