Yellow shuts operations, will lay off all 30k workers: US trucking firm Yellow, previously known as YRC Worldwide, suspended operations and plans to file for bankruptcy after it failed to refinance its debt of USD 1.5 bn, CNN reports. Although the company had averted a strike by the Teamsters union, representing 22k drivers and dock workers, last week, an agreement on a new contract couldn't be reached. The company's debt, which exceeded the union contract cost, largely contributed to its downfall. Yellow's financial troubles affected major customers, such as Walmart, Home Depot, manufacturers, and Uber Freight, causing some to halt cargo shipments to the company, Reuters reports.

China and Pakistan kick off second phase of BRI subproject CPEC: China and Pakistan inked six agreements promoting bilateral cooperation on the 10th anniversary of Belt and Road Initiative (BRI) flagship project China-Pakistan Economic Corridor (CPEC), China’s state-owned People’s Daily reported. “I have no doubt that we are entering into the second phase of CPEC. Today, we have signed some important documents which will enhance our economic cooperation, and we will undertake the second phase under a new mode,” the daily cites Pakistan’s Prime Minister Shehbaz Sharif as saying.

Background: CPEC refers to a series of transport infrastructure investments that look to promote regional connectivity between China, Pakistan, and Central Asia, according to the initiative’s website. CPEC contributes to the larger BRI logistical megaproject that seeks to link China’s industrial heartland to global markets.

ALSO WORTH KNOWING-

  • National airline carrier Garuda Indonesia has started testing the use of palm-oil infused fuel in one of its Boeing planes in a bid to reduce aviation-related emissions. (Reuters)
  • Ukraine is exploring potentially using Croatia’s ports on the Danube River and the Adriatic Sea to export grain following Russia’s withdrawal from the Black Sea grain agreement. (Reuters)
Tags: