From supply headaches to cyberhacks, leaders tackle global business threats

Say “supply shortage” again… Three major global problems have dominated headlines and weighed on markets. First, supply-chain snarls are straining everything from USPS delivery to Grape Nuts availability. Second, a chip shortage is slowing production of GM trucks, gaming consoles, and lots more. Third, a surge in ransomware cyberattacks has disrupted a large variety of organizations, including beef suppliers and big governments. Meanwhile, the IMF lowered its forecast for 2021 global economic growth this week. To get things on track, President Biden and other leaders are getting involved.

ETA on that rice cooker: 97 days… Corporations don’t necessarily have financial incentives to help solve global operations and security problems. So Biden’s encouraging them to address the far-reaching threats. Some examples:

• Unblocking the supply chain: Biden brokered a deal for ports in LA and Long Beach, which process nearly half of US cargo, to operate 24/7 to ease the backlog.
• Cracking down on hackers: Biden gathered 30 state leaders to combat cyberattacks, which cost victims $74B last year. The US also sanctioned a crypto exchange accused of letting criminals launder stolen Bitcoin.
• Supercharging chips: Japan reportedly might partner with TSMC and Sony to build a $7B chip factory to address the shortage. Meanwhile, the White House spearheaded a $52B bill to boost domestic chip making in June.