Several industry groups have warned world leaders of a worldwide supply-chain “system collapse” due to pandemic restrictions, coming as Federal Reserve Chairman Jerome Powell suggested that the current period of higher inflation will last until 2022. The International Chamber of Shipping, a coalition of truck drivers, seafarers, and airline workers has warned, in a letter to…
Workers Who Maintain Supply Chains Warn of Worldwide ‘System Collapse’
Walmart to Hire 150,000 US Store Workers Ahead of Holiday Season
Walmart Inc. said on Wednesday it was planning to hire about 150,000 new U.S. store workers, most of them permanent and full-time, in preparation for the busy holiday season. The U.S. retailer also said it would offer extra hours to many of its store workers during the period, days after rival Target Corp. also said…
Volkswagen Cuts Working Hours at German Site Until Mid-October
FRANKFURT—Volkswagen, which is suffering from an ongoing shortage of automotive chips, will cut working hours at its main German factory in Wolfsburg until the middle of October, it said on Wednesday. The shortened working hours affect the first two weeks of October, the company said, adding that on Oct. 1 only one assembly line would…
Musk Says Biden’s EV Policy ‘Controlled by Unions’: Code Conference
September 29, 2021
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Tesla Inc. Chief Executive Elon Musk said on Tuesday U.S. President Joe Biden’s administration was not the friendliest and its electric vehicle policy appeared to be controlled by labor unions. Speaking at a tech conference in California, Musk was critical of a White House summit on electric vehicles in August to which automakers other than…
US Pending Home Sales Race to Seven-Month High in August
WASHINGTON—Contracts to buy U.S. previously owned homes rebounded to a seven-month high in August, but higher prices amid tight supply are slowing the housing market momentum. The National Association of Realtors (NAR) said on Wednesday its Pending Home Sales Index, based on signed contracts, jumped 8.1 percent last month to 119.5. That was the highest…
Euro Zone Sentiment Edges up in September, Defies Expectations of Drop
BRUSSELS—Euro zone economic sentiment edged higher in September after a fall in August, boosted by optimism among consumers and in the industry and construction sectors, while inflation expectations continued to rise among manufacturers and consumers alike. The European Commission’s economic sentiment indicator rose to 117.8 in September, from 117.6 in August, after hitting an all-time…
Fitch Lowers Evergrande Rating on Likely Missed Interest Payment
September 29, 2021
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Rating agency Fitch has downgraded cash-strapped Chinese property giant Evergrande from CC, or a very high level of credit risk, to C, or near default. Fitch said in a Sept. 28 rating action announcement it had downgraded both Evergrande and its subsidiaries Hengda and Tianji, due to a likely missed bond coupon payment. “The downgrades reflect…
Micron Sees Dip in Chip Demand as PC Makers Face Parts Shortages
Micron Technology Inc., forecast current-quarter revenue below analysts’ expectations and warned that shipments for its memory chips were set to dip in the near term as its customers making personal computers face shortages of other parts. Shares of the Apple Inc-supplier, which also said it was experiencing shortages within its own supply chain for some…
Swiss Markets Watchdog Approves First Crypto Assets Fund
ZURICH—Switzerland’s financial markets supervisor said on Wednesday it had approved the country’s first fund that invests primarily in crypto assets. The Crypto Market Index Fund is restricted to qualified investors and categorised under “other funds for alternative investments” with particular risks, the Swiss Financial Market Supervisory Authority (FINMA) said in a statement. Crypto assets are…
Dollar Rises to Strongest Levels in 2021 Despite Growing Concern Over Government Shutdown
The dollar has risen to its strongest levels of the year against rival currencies, in spite of growing concern that the Federal Reserve will start to withdraw policy support and as Republicans continue to block Democrat efforts to raise the debt limit, threatening to plunge the government into a shutdown. The dollar index—which measures the U.S. dollar…
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