With the news currently swamped by the stock market/Bitcoin crash and the Congressional Select Committee, I thought it might be good to check on a few things from last week.
Situations evolve constantly and some things don’t just go away in a single day. Let’s check on the man from the disturbance on Packerland Drive and then look into the spreading trucker strike in South Korea. There might be some shortages pretty soon.
Man charged with disturbance in Green Bay, says it was about insurance
We’ve all been upset about health insurance and higher premiums at some point in time. But I never had to go to the boss in the middle of the night. Back on June 8, I wrote an article about a man who did just that, and now we have more details. Kevin Jones, a 56-year old man from Brown County, Wisconsin, called 911 just after midnight on June 7 and needed to talk to police. He told dispatchers he had worked that morning, and needed to have the police come talk to the company so he didn’t die without insurance.
However, the police did not go to J.W. Enterprises where the man was, and that set Jones off. He called 911 again at 6:36 a.m., claiming he was about to have to shoot someone. Well that got the attention of the police, and the SWAT team was on its way.
Jones did run a short distance into the property, but was quickly apprehended. He refused to come out, so a K9 was deployed “to assist the apprehension.” Afterward, Jones struggled with police trying to handcuff him. Then he was transported to the local hospital, where he was still violent. He repeatedly yelled that he refused treatment and was finally transported to the Brown County Jail.
South Korean truckers not backing down, supply issues expand beyond just steel mills
We are now a week into the South Korean Cargo Truckers Solidarity Union strike. I wrote about this situation on June 9. The fourth round of talks between union leaders and the new government of President Yoon has not generated a favorable solution. Thousands of drivers are not working due to the proposed cancellation of guaranteed wages, which are being consumed by high fuel prices.
POSCO Steel is going ahead with plans to shut down its mills in Pohang due to the inability to transport products to the ports. There are currently 450,000 metric tons of steel products awaiting transit. Over 698 billion Korean won (worth over $540 million), is being held up by the strike.
The Korean Cement Association says losses of about 15 billion won ($11 million) a day are occurring. Losses so far, according to government ministers, total about 75 billion won ($58 million).
South Korea, home to the fifth-largest amount of refining capacity in the world, is now down to about 90% production. This has so far cost 500 billion won ($387 million).
The Port of Busan, the world’s seventh-largest container port, is jam-packed with containers waiting to be transited in and out. Its traffic has been reduced by two-thirds. The Port of Ulsan, which handles about 10% of South Korean container traffic, has been shuttered since last Tuesday.
Truckers are now planning to cut deliveries to semiconductor manufacturing plants. Samsung and SK Hynix did not respond to press questions about the operations. Also, coal power plants have been targeted with reduced loads. Talks are set to resume in the morning.