October 2021

Volkswagen: CEO Herbert Diess says company has ‘seen the worst’ of chip shortage

CEO Herbert Diess told CNN Business on Thursday that the world’s second largest automaker has “seen the worst” of a chip shortage that badly dented its third quarter earnings. “We had really a challenging quarter,” Diess told Anna Stewart during an interview. “We have better [chip] supply now and hopefully months after months we can increase.” The German company, which owns multiple brands, including Audi and Skoda, said that operating profit fell 12.1% from the same period last year to €2.8 billion ($3.3 billion). Deliveries dropped 24% to 1.97 million units. Volkswagen (VLKAF) said in a statement that the chip…


Iran nuclear talks: US is deeply skeptical and considering taking tougher action as Iran says it will return to talks

The fact the new hardline Iranian government has appointed a negotiating team led by opponents of the deal has only increased the sense of pessimism. Sources in Washington tell CNN there is an ongoing debate within the Biden administration about how to proceed and how much to increase the pressure on Iran. However, they say the US and its allies are now more willing to impose a higher cost on Iran for failing to come to an agreement if Tehran continues to take actions that are inconsistent with the 2015 nuclear deal and bring it closer to developing a nuclear…


Evergrande has reportedly made good on another payment, averting default once again

The debt-stricken firm paid interest on a dollar-denominated bond that was due in late September, just as a 30-day grace period expired, according to the New York Times and Bloomberg. Each publication cited unnamed sources. CNN Business could not independently verify that the payment had been made, and Evergrande did not immediately respond to a request fro comment. The interest due was worth $47.5 million for a bond that expires in March 2024, according to data from Eikon Refinitiv. Friday’s reports come a week after Evergrande reportedly paid $83.5 million worth of overdue interest on a dollar bond — also…


European Parliament sues Commission over ‘failure’ to apply rule of law powers

The move, which places pressure on the Commission to withhold funding from states in breach of the EU “rule of law,” is likely to escalate an ongoing dispute between Brussels and the Polish government. David Sassoli, President of the European Parliament, said on Friday that the European Commission had failed to enforce measures which tie compliance with EU norms to the release of funds from a Covid-19 economic recovery package. Sassoli said: “We now expect the @EU_Commission to act. Words have to be turned into deeds.” The EU Parliament’s move follows a ruling by Poland’s top court earlier this month,…


France calls captain of seized British boat to court; UK warns ‘two can play that game’

French authorities seized the vessel, fined another British boat and announced the closure of nearly all of France’s ports to trawlers from the UK on Thursday, a major escalation in the long-running spat between the allies. France’s European affairs minister, Clement Beaune, said in an interview on French TV station CNEWS that aside from a few exceptions, all French ports will no longer be accessible to British boats, referring to vessels that offload fish and produce. The captain of the Cornelis, Gert Jan, is expected to appear in court on August 11, 2022 over the alleged “unauthorized fishing by a…


Obama returns to the world stage to boost Biden and reassure leaders after four years of Trump

At least when it comes to fighting climate change. And at least when you judge the country as a whole and not just what’s going on in Washington, where the President’s climate agenda just took a major cut in Congress. It’s an extremely unusual appearance by a former president at a world leaders event, but Obama aides and friends tell CNN the former President wants to help Biden win back world faith in American leadership on this issue, and get the global alliance back on track after four years of Trump. Obama “has a global following,” said John Podesta, who…


Meta: Facebook changes its company name

Founder Mark Zuckerberg said Thursday that Facebook will change its corporate name to Meta, effectively demoting Facebook’s namesake service to being just one of the company’s subsidiaries, alongside Instagram and WhatsApp, rather than the overarching brand. The company formerly known as Facebook also said in a press release that it plans to begin trading under the stock ticker “MVRS” on December 1. A rebranding could be part of an effort to overhaul Facebook’s reputation and turn the page following a series of PR nightmares, including misinformation on its platforms, content moderation failures and revelations about the negative effect its products…


Israeli settlement plans in the West Bank draw condemnation from US, UK, Europe

The government of Israeli Prime Minister Naftali Bennett earlier this week published immediate tenders for more than 1,300 housing units to be built in the West Bank, where it is also pushing plans for a further 3,000 homes for Jewish settlers there. Under international law, both the West Bank and East Jerusalem are considered occupied territory and settlements there illegal, which Israel disputes. On Thursday, twelve European countries urged Israel to “reverse its decision” in a joint statement. “We urge the Government of Israel to reverse its decision to advance plans for the construction of around 3,000 settlement units in…


England could become the first country to prescribe e-cigarettes

Manufacturers of e-cigarettes will be able to submit their products for checks and possibly regulatory approval for use in the country’s National Health Service, the ministry said in a statement. Smoking rates have fallen to record lows in Britain but killed almost 64,000 people in England in 2019. Reviews have shown that regulated e-cigarettes are not risk-free but are less harmful than smoking, the ministry said. Source link


Why Chinese influencers are flocking to a Costco in Shanghai (and no, it’s not for the discounts)

These photos, which are trending on Chinese social media, all have one thing in common — a big “Costco wholesale” logo featured prominently in the background, often against a deep blue sky. For nearly two years, most people in China have been unable to travel abroad, due to the country’s stringent and unrelenting Covid-19 border restrictions: outbound flights are limited, quarantine upon reentry is harsh and lengthy, and Chinese authorities have ceased issuing or renewing passports for all but essential travel. Nevertheless, some Chinese influencers have come up with creative ways to bring seemingly exotic scenes to their social media…


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