Evergrande says a $2.6 billion deal has collapsed as payment deadline looms
A fire-sale deal that would have eased a punishing cash crunch at Chinese real estate giant Evergrande has collapsed, pushing the troubled company closer to a potential collapse. Evergrande announced Wednesday that it had terminated an agreement to sell a controlling stake in its property management unit to rival Chinese developer, Hopson, for about 20…… MORE
India delivers 1 billion Covid vaccines, but millions are yet to receive a single dose
India has administered more than 1 billion Covid-19 vaccine doses, a remarkable feat just months after a second wave of infection killed thousands of people across the country. But as India celebrated passing the milestone on Thursday, some experts warned the pandemic threat was not over — in a nation of 1.3 billion, millions of…… MORE
New Zealand and the United Kingdom reach free trade deal
The United Kingdom and New Zealand have struck a free trade agreement that will reduce tariffs on bulldozers, wine, buses and clothing. The draft deal, which follows 16 months of negotiations, is the latest to be brokered by the United Kingdom after its departure from the European Union. The agreement is not expected to deliver…… MORE
Tesla shakes off supply chain issues to post record profit, again
Tesla reported record earnings that blew past Wall Street forecasts, as the company was able to shake off the effects of a shortage of computer chips and other raw materials that has dogged the auto industry in recent months. The company reported operating earnings of $2.1 billion, up 30% from its previous record earnings in…… MORE
The Ford Mustang Mach-E GT amps up the power in the company’s electric lineup
For a lot of people there is one real Ford Mustang. It’s the Ford Mustang GT coupe with the big 5.0-liter gasoline-burning 460 horsepower V8 engine and just two doors. These people do not accept the validity of the Mustang Ecoboost with its 310 horsepower turbocharged four-cylinder engine. And they certainly do not accept a…… MORE
Hacking tool linked with Russian crime ring used in Sinclair ransomware attack, analysts say
The hacking tool used in a ransomware attack that disrupted programming at Sinclair Broadcast Group is similar to malicious code previously used by a Russian crime group sanctioned by the US government, according to a security researcher who has viewed the ransom note. The code also overlaps with previous hacking tools attributed to the Russian…… MORE
New executive order aims to alleviate congestion at California’s ports
To alleviate cargo congestion at shipping ports in California, Governor Gavin Newsom issued an executive order Wednesday tackling the shortage of truck drivers and container storage needed to move critical cargo out of the ports. “California’s ports are critical to our local, state and national economies and the state is taking action to support goods…… MORE
Online shopping bummer: Out-of-stock products surged 172% from pre-pandemic levels
If you were shopping online in the late summer, chances are you may have been hit with an unfortunate message: The product you’re looking for is out-of-stock. Products were out of stock online 24% more of the time in August from a year earlier across the 18 product categories tracked by Adobe Analytics, according to…… MORE
Supply chain stress is intensifying and showing no signs of fading, Moody’s Analytics says
From port congestion and price spikes to widespread shortages, stress in US supply chains is intensifying and could slow the economy in the coming months, Moody’s Analytics warns. “Supply-chain headaches show no sign of subsiding just yet,” Moody’s economists led by Matt Colyar wrote in a Tuesday report. About 200,000 shipping containers, holding everything from…… MORE
How Verizon became the Dow’s worst stock
Verizon reported earnings that topped forecasts Wednesday morning and issued a more upbeat outlook for 2022. That’s some much-needed good news for the company, which has been the Dow’s worst-performing stock this year, falling about 10%. Overall, the Dow is up about 16% in 2021, making Verizon’s underperformance really stand out. (Biotech Amgen, another Dow…… MORE
