What we’re reading (6/1)
“Oil Jumps To Two-Year High As OPEC And Allies Reconfirm Gradual Production Increase” (CNBC). “A group of some of the world’s most powerful oil producers agreed on Tuesday to continue gradually easing production cuts amid a rebound in oil prices. OPEC and its oil-producing allies, known as OPEC+, will boost output in July, in accordance with the group’s April decision to return 2.1 million barrels per day to the market between May and July.”
“What A Work-From-Home Revolution Means For Commercial Property” (The Economist). “As companies try to tempt workers back to the office, developers and investors are bullish, betting on new, green buildings with alluring amenities. But a huge uncertainty hangs over them: will enough people come? Even as vaccinations progress, workers have been slow to return. In early May only one in 20 buildings in America had occupancy levels above 10%, compared with a third in Europe and Africa, and roughly half of buildings in Asia, according to Freespace, a property-tech firm.”
“Steel And Lumber Prices Are Sky-High. Lifting Trump's Tariffs Could Help” (CNN Business). “The US economy is so hot the supply of key materials can't keep up with surging demand — sparking shortages and price spikes in everything from computer chips and copper to chlorine. President Joe Biden does have a lever he could theoretically pull to help cool prices of lumber and steel, as they're still subject to Trump era tariffs. Yet doing so could come at significant cost: undermining Biden's efforts to rebuild domestic manufacturing and create jobs at home.”
“The Southwest Is America’s New Factory Hub. ‘Cranes Everywhere.’” (Wall Street Journal). “Companies producing everything from steel to electric cars are planning and building new plants in Southwest states, far from historical hubs of American industry in the Midwest and Southeast. The lure is open land, local tax breaks and a growing supply of tech-savvy workers.”
“Krispy Kreme Officially Files To Go Public Via An IPO And List On The Nasdaq Under The Ticker DNUT” (Business Insider). “The doughnut brand Krispy Kreme officially filed for an initial public offering. The company, based in North Carolina, said in its S-1 filing with the Securities and Exchange Commission on Tuesday that it would trade on the Nasdaq under the ticker DNUT. Krispy Kreme said it hoped to raise $100 million, a figure commonly used as a placeholder in S-1 filings. The chain didn't say how many shares it would offer or their price.”
