Retailers pay to fly goods from China as U.S. port backup delays deliveries

Retailers pay to fly goods from China as U.S. port backup delays deliveries

Containers are seen on a shipping dock, as the global outbreak of the coronavirus disease (COVID-19) continues, in the Port of Los Angeles, California, April 16, 2020. Lucy Nicholson | Reuters Companies such as Peloton are facing a costly logistical nightmare as record congestion at ports around the world cause delays. Global shipping data from MarineTraffic showed a ship with 197 containers of Peloton bikes and merchandise circled at anchor just outside the Port of Los Angeles between Dec. 22 and Jan. 2., when it was allowed to dock — after Christmas. “The ship, and Peloton’s expected supply time, lost...

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Why central banks want to get into digital currencies

Why central banks want to get into digital currencies

Intense interest in cryptocurrencies and the Covid-19 pandemic have sparked debate among central banks on whether they should issue digital currencies of their own. China has been in the lead in developing its own digital currency. It’s been working on the initiative since 2014. Chinese central bank officials have already conducted massive trials in major cities including Shenzhen, Chengdu and Hangzhou. “China’s experiment is very large scale,” said J. Christopher Giancarlo, former chairman of the U.S. Commodity Futures Trading Commission. “When the world arrives in Beijing next winter for the Winter Olympics, they are going to be using the new...

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What’s weighing the stock down?

What’s weighing the stock down?

Tesla Motors CEO Elon Musk unveils a new all-wheel-drive version of the Model S car in Hawthorne, California October 9, 2014. Lucy Nicholson | Reuters Shares in Tesla were down as much as 8% Friday morning. They’ve since recovered to finish down less than 4% as markets showed a dramatic bounceback late on Friday, but the stock has still lost more than 15% of its value the year, and finished below $600 for the first time since Dec. 4. Here are some of the biggest factors weighing down the cult stock, and knocking the world’s wealthiest crown off Elon Musk‘s...

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NBA Commissioner Adam Silver supports new league that pays high schoolers $100,000

NBA Commissioner Adam Silver supports new league that pays high schoolers $100,000

National Basketball Association commissioner Adam Silver is supportive of the new high school league that pays young players at least $100,000. Silver spoke to media this weekend to provide his annual update on the NBA, a day before it hosts the 2021 All-Star game in Atlanta. The NBA boss discussed media company Overtime’s new basketball league (Overtime Elite) for 16-18-year-olds. “I think it’s generally good for the community to have optionality, especially when very solid people, which appears to be the case in [OTE], are backing it and behind it,” Silver said. “That’s one thing we will pay a lot...

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U.S. coronavirus relief package, currency moves, oil

U.S. coronavirus relief package, currency moves, oil

Vehicles are reflected in a window as electronic boards display stock information at the Australian Securities Exchange, operated by ASX. Lisa Maree | Bloomberg | Getty Images SINGAPORE — Asia-Pacific markets were set to trade higher Monday as investors reacted to last week’s U.S. jobs report that trounced expectations and fueled hopes for a faster economic recovery. Australian shares opened in the green. The benchmark ASX 200 climbed 1.73% in early trade as all sectors traded higher, with the heavily-weighted financials subindex adding 1.83%. Major banking and mining stocks rose: Shares of Commonwealth Bank jumped 1.86% while Rio Tinto added 2.54%,...

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Stock futures jump after Senate passes $1.9 trillion Covid relief bill, Dow futures up 200 points

Stock futures jump after Senate passes $1.9 trillion Covid relief bill, Dow futures up 200 points

Traders work on the floor of the New York Stock Exchange. NYSE U.S. stock futures jumped on Sunday evening as a new stimulus package from Washington headed toward final passage this week. Futures contracts tied to the Dow Jones Industrial Average jumped 219 points, or 0.7%. Those for the S&P 500 and the Nasdaq 100 composite gained 0.5% and 0.6%, respectively. The move in futures came after the Senate passed a $1.9 trillion economic relief and stimulus bill on Saturday, paving the way for extensions to unemployment benefits, another round of stimulus checks and aid to state and local governments....

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U.S. will defend troops after rocket attack in Iraq, Lloyd Austin says

U.S. will defend troops after rocket attack in Iraq, Lloyd Austin says

U.S. Defense Secretary Lloyd Austin speaks to Defense Department personnel during a visit by U.S. President Joe Biden at the Pentagon in Arlington, Virginia, February 10, 2021. Carlos Barria | Reuters WASHINGTON – Secretary of Defense Lloyd Austin warned those responsible for carrying out last week’s rocket attack against an Iraqi base that hosts American troops will be held to account. “The message to those that would carry out such an attack is that expect us to do what is necessary to defend ourselves,” Austin said in an interview with ABC that aired on Sunday. “We’ll strike if that’s what...

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Chinese foreign minister calls for ‘non-interference’ between China, U.S.

Chinese foreign minister calls for ‘non-interference’ between China, U.S.

The flags of China, U.S. and the Chinese Communist Party are displayed in a flag stall at the Yiwu Wholesale Market in Yiwu, Zhejiang province, China, May 10, 2019. Aly Song | Reuters BEIJING — Chinese Foreign Minister Wang Yi said Sunday that the U.S. needs to remove “unreasonable restrictions” for the two countries’ relationship to move forward under President Joe Biden‘s administration. Wang’s remarks come as tensions between the U.S. and China have escalated in the last few years under former President Donald Trump, whose term ended in January. So far, the Biden administration has maintained a tough position...

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Biden and Xi offer dueling worldviews on how to shape the globe

Biden and Xi offer dueling worldviews on how to shape the globe

Chinese President Xi Jinping shakes hands with U.S. Vice President Joe Biden (L) inside the Great Hall of the People in Beijing December 4, 2013. Lintao Zhang | Reuters Who is going to organize the world? And what forces and whose interests will shape the global future? Those were the underlying questions behind two events this past week, one in Washington and the other in Beijing, that set the stage for the geopolitical contest of our times. The DC piece was President Joe Biden’s release of the “Interim National Security Strategic Guidance,” unprecedented at this stage in a new administration....

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How Salesforce became Silicon Valley’s best late-stage tech investor

How Salesforce became Silicon Valley’s best late-stage tech investor

Marc Benioff, chairman and co-chief executive officer of Salesforce.com Inc., speaks during the opening keynote of the 2019 DreamForce conference in San Francisco on Nov. 19, 2019. Salesforce.com Inc.s annual software conference, where it introduces new products and discusses its commitment to social causes, was interrupted for the second year in a row by protests against the company’s work with the U.S. government. David Paul Morris | Bloomberg | Getty Images Last week, Salesforce reported a $2.17 billion annual gain from its investments in other tech companies. A few days later, the company’s venture arm extended its winning streak with...

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