Three Florida residents were sentenced to federal prison for their role in a fraud scheme involving baby formula and other items, according to a release from the Department of Justice (DOJ).
Johnny Grobman, Raoul Doekhie, and Sherida Nabi were given an 18-month prison sentence for cheating manufacturers out of at least $100 million.
Read More
On Thursday, two of the biggest tech companies in the world posted earnings that fell below market expectations, attributed to the ongoing supply chain crisis that is paralyzing the American economy, according to CNN.
For the third quarter of 2021, Amazon’s net sales amounted to around $110.8 billion, which was a 15 percent increase from the previous year; however, this ultimately fell below market analyst predictions of about $111.6 billion. Amazon’s overall net income for the same period decreased from the same period in 2020 to about $3.2 billion, when predictions estimated around $4.6 billion.
Apple’s sales during the same quarter were $83.4 billion, with iPhone sales at $38.9 billion; both were lower than original projections.
Read More
Gas shortages on the East Coast have helped rally Congressional opposition to the portions of President Joe Biden’s infrastructure plan that would force oil and gas companies to pay more in taxes.
House Republicans sent a letter to House Speaker Nancy Pelosi, D-Calif., and House Majority Leader Steny Hoyer, D-Md., calling on Democrats to oppose Biden’s plan to “eliminate tax preferences for fossil fuels.”
The letter, signed by 55 Republicans, came after a cyber attack of Colonial Pipeline shut down a major pipeline on the East Coast and led to fear-driven gasoline shortages. The attack also raised questions about the nation’s energy infrastructure and vulnerability to attack.
Read More
A gas shortage is expected this summer not because there won’t be enough fuel but because there aren’t enough highly trained and licensed tanker drivers to transport it.
Many tanker drivers retired last year after demand for oil and gas plummeted because fewer people were traveling during the height of the pandemic. And most driving schools where new drivers could have received their training were closed due to state-mandated shutdowns. The two factors combined is resulting in a shortage of roughly 25% of tanker truck drivers needed to transport fuel, says the National Tank Truck Carriers, the trade association representing the tanker truck industry.
Read More