The integration of technology into the logistics business will increase efficiency and lower costs, said Christine Holgate, chief executive of Team Global Express, an Australian logistics and transportation company.
Last month, the company announced a strategic partnership with Shenzhen-based SF Express, to enhance bilateral trade between Australia and China, with a focus on leveraging China's booming e-commerce industry.
"Technology can actually provide you with an opportunity to grow. So if you think about Australia, again, just a huge size and landmass of the country, if with technology, we could lower the cost of deliveries to far regional places. Through the use of technology, you'd see a whole boom in the amount of deliveries going there. As I said earlier, really, only 5 percent of e-commerce is originating out of regional Australia. Now that 28 percent of the population happened to be a very wealthy 28 percent, on average. There's a huge opportunity. But today that's restricted and I think the more that AI will make us more efficient and lower cost. So I personally think it's a very exciting time," Holgate said in a recent interview with China Global Television Network (CGTN).
Holgate said China is playing a leading role in the development of e-commerce and logistics.
"From my perspective, it's extremely healthy. And all I've seen coming up here is just very much a welcoming of organizations and a real desire to actually do shared learnings and collaborate. I think sometimes when you work in a very developed country, people can fall into 'we know everything about a subject matter'. The thing for e-commerce and for logistics, it's China that's leading the world. We need to come here and learn," she said.
Technology to increase logistics efficiency, lower costs: Australian logistics CEO
U.S. stocks sank on Thursday as an escalating conflict in the Middle East and a renewed surge in oil prices weighed heavily on Wall Street.
The Dow Jones Industrial Average fell 1.61 percent to 47,954.74. The S and P 500 sank 0.56 percent to 6,830.71. The Nasdaq Composite Index shed 0.26 percent to 22,748.99.
Eight of the 11 primary S and P 500 sectors ended in the red, with consumer staples and materials leading the laggards by dropping 2.43 percent and 2.27 percent, respectively. Energy and technology led the gainers by adding 0.59 percent and 0.39 percent, respectively.
Oil prices jumped significantly after Iran announced it had struck an oil tanker with a missile. U.S. benchmark West Texas Intermediate crude futures for April delivery surged 8.51 percent to settle over 81 U.S. dollars per barrel, reaching their highest level since July 2024. International benchmark Brent crude futures for May delivery advanced 4.93 percent, trading above 85 dollars per barrel. These sharp upward movements in energy markets drove major swings across equities throughout the trading session.
As Iran is the fourth-largest producer in the Organization of the Petroleum Exporting Countries, concerns are mounting that the conflict's impact on production capabilities could have wide-ranging effects across global commodities. The soaring energy prices have also sparked fears among investors that persistent inflationary pressures might force the Federal Reserve to re-evaluate its anticipated interest rate cuts in an already volatile market environment.
In the bond market, the yield on the benchmark 10-year U.S. Treasury note climbed to near 4.14 percent, up from Wednesday's close of approximately 4.1 percent. The yield, which heavily influences consumer borrowing costs across the broader economy, has risen consecutively every day this week after ending the previous week at 3.95 percent.
In corporate developments, Advanced Micro Devices lost 1.3 percent following a report that the U.S. government drafted rules restricting AI chip shipments without its approval.
Conversely, telecommunications equipment provider Ciena dropped 12.88 percent, and StubHub retreated 12.39 percent. Costco Wholesale, which is scheduled to report its quarterly results after the market closes, fell 2.4 percent during regular trading hours.
On the economic calendar, Friday features a highly anticipated monthly jobs report, offering investors another read on the labor market's health.
U.S. stocks sink as Middle East tensions trigger oil price surge
