US ports are experiencing a “hangover” from the shipping surge in 2021 + 2022: Seaports in the US are facing a challenging year, with imports falling y-o-y at double digits for months, despite consistently seeing monthly increases of imports,the Wall Street Journal reports. Business has been rising on a m-o-m basis, surpassing box volumes pre-pandemic in 2019. “It sounds like the sky is falling,” an analyst at Bloomberg Intelligence said. “But when you are looking relative to where we are today versus [before the pandemic] we are up mid-single digits.” Shipping industry officials say the figures suggest a return to normal trade patterns rather than a cargo collapse.

China’s Alibaba Group is fully spinning off its cloud division through a stock dividend distribution to shareholders, CEO Daniel Zahang said in the company’s earnings release. The parent company surpassed earnings expectations with net income increasing 39% y-o-y to RMB 65.6 bn during its fiscal year, which ends on 31 March, while revenues rose 2% y-o-y to RMB 868.7 bn during the same period.

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