🚢 Thousand Miles Detour

🚢 Ships Are Traveling Halfway Around the World to Avoid Congestion

You have two options: wait in line for hours or take a detour that adds thousands of miles to your journey. What would you do?

That’s the dilemma facing many ships that want to use the Panama Canal, a shortcut that connects the Atlantic and Pacific oceans. The canal is so congested that some ships must wait weeks to get through.

The reason? Not enough water.

The canal authority has cut the number of ships that can pass through each day from 36 to 18 due to low water levels and drought caused by the El Niño weather phenomenon. It’s predicted that traffic won’t increase until the rainy season in mid-2024.

Some shippers are rerouting to the Suez Canal, the Cape of Good Hope, or the Strait of Magellan. These detours add thousands of miles and millions of dollars to the cost of shipping goods.

📊 Shein Files Confidentially to Go Public in the US

Shein, a Singapore-based fast fashion platform, has confidentially filed to go public in the United States.

The company, which disrupted the fashion industry dominated by Zara and H&M, raised $2 billion at a $66 billion valuation earlier this year. However, it is expected to go public at a valuation as high as $90 billion.

Shein, founded in China over a decade ago, uses data analytics to predict customer demand and produce small batches of clothing, keeping inventory costs low.

Despite its innovative e-commerce model, Shein faces challenges such as copyright infringement lawsuits, environmental criticisms, and competition from Temu, an emerging online marketplace run by China’s Pinduoduo.

🏁 ByteDance is Handing a Victory to Rival Tencent Holdings

ByteDance, the owner of TikTok is withdrawing from the gaming sector.

The company will cut hundreds of jobs, halt ongoing projects, and consider selling existing titles. The company is also considering selling Shanghai Moonton Technology Co., a studio it acquired for $4 billion in 2021.

This move signifies a victory for rival Tencent Holdings Ltd. ByteDance’s gaming brand, Nuverse, will be shut down, marking the end of the company’s attempt to compete in the gaming industry dominated by Tencent and NetEase Inc.

Despite its success with TikTok and Douyin, ByteDance struggled to make a similar impact in the gaming sector.

⚡ 3 Cool Tools

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