The backlog of cargo ships in southern California reached an all-time high this week as a supply chain crisis continues to overwhelm America’s busiest port complex. On Tuesday more than 100 ships were waiting to unload thousands of containers outside the ports of Los Angeles and Long Beach. The backlog has seen dozens of ships […]
Category: Top News
Evergrande shares fall 10% as trading resumes in Hong Kong
Evergrande shares fell as much as 14% on Thursday morning in Hong Kong as it resumed trading after a 17-day halt. The hugely indebted Chinese property giant had stopped its shares from trading ahead of an announcement. Reports said real estate firm Hopson Development was set to buy a 51% stake in its property services […]
Facebook is planning to rebrand the company with a new name
Facebook is planning to change its company name next week to reflect its focus on building the metaverse, according to a source with direct knowledge of the matter. The coming name change, which CEO Mark Zuckerberg plans to talk about at the company’s annual Connect conference on October 28th, but could unveil sooner, is meant […]
Theranos boasted of ‘highest levels of accuracy’ in mailings to Rupert Murdoch and other investors
SAN JOSE, CALIF. — Theranos sent binders claiming the healthcare company had “the highest levels of accuracy” to high-profile investors, including billionaire Rupert Murdoch, according to court testimony on Tuesday. Elizabeth Holmes once had some of the most powerful business leaders in America backing her start-up, Theranos. The revelations emerged in the seventh week of […]
Gas prices are at a seven-year high and expected to keep rising. How to save at the pump
You may want to get used to higher prices at the pump, at least for now. As of Monday, the average cost of a gallon of gas was $3.30, up 7.5 cents from a month ago and $1.08 higher than a year ago, according to fuel savings app GasBuddy. By Tuesday, the average had crept […]
A drop in wages prompted worries some people’s Social Security benefits could be reduced. The recovery helped change that
When the Covid-19 pandemic prompted a dramatic drop in wages, that also sparked concerns that one particular cohort would see lower Social Security benefits as a result. Those concerns, however, have abated, according to new data from the Social Security Administration. The reason comes down to the national average wage index, or AWI, which is […]
Sinclair Broadcast Group hit with ransomware attack
Sinclair Broadcast Group, which owns almost 300 stations across the country and provides local news services, was the victim of a ransomware attack over the weekend, the company announced in a Securities and Exchange Commission filing on Monday. “On October 16, 2021, the Company identified and began to investigate and take steps to contain a […]
SEC says brokers enticed by payment for order flow are making trading into a game to lure investors
The Securities and Exchange Commission said online brokerages, enticed to increase revenue through the controversial industry practice of payment for order flow, are turning stock-trading into a game in order to encourage activity from retail investors. Wall Street’s main regulator on Monday released its highly anticipated report on the GameStop mania earlier this year. The […]
Asia-Pacific markets higher as tech stocks in the region mostly rise
INGAPORE — Shares in Asia-Pacific closed higher on Tuesday, with tech stocks in the region jumping following similar gains overnight for their counterparts on Wall Street. In mainland China, the Shanghai composite edged 0.7% higher to close at 3,593.15, while the Shenzhen component rose more than 1% to 14,499.77. Hong Kong’s Hang Seng index climbed […]
Russia chooses not to raise natural gas supplies to Europe despite Putin’s pledge to help
LONDON — Russia has opted against sending more natural gas supplies to Europe, curbing hopes that Moscow may ease its grip on the market shortly after President Vladimir Putin said the country would be prepared to help. Highly anticipated auction results on Monday showed Russia’s state gas giant Gazprom had not booked additional gas transit […]
China GDP disappoints, third-quarter growth slows to 4.9%
BEIJING — China’s third-quarter GDP grew a disappointing 4.9% as industrial activity rose less than expected in September. The National Bureau of Statistics said Monday that gross domestic product grew 4.9% in the third quarter from a year ago. That missed expectations for a 5.2% expansion, according to analysts polled by Reuters. Industrial production rose […]
Facebook to hire 10,000 in EU to work on metaverse
Facebook is planning to hire 10,000 people in the European Union to develop a so-called metaverse. A metaverse is an online world where people can game, work and communicate in a virtual environment, often using VR headsets. Facebook CEO Mark Zuckerberg has been a leading voice on the concept. The announcement comes as Facebook deals […]