While the new rules are years away from coming into force, Apple could be compelled to make changes to its signature product, my CNN Business colleague Chris Liakos reports. The move is a setback for Apple, which uses its own “lightning” port on the iPhone. Its cause du jour? Well, it’s a little more … specific.Ĭatch up: The European Union proposed new rules on Thursday that will make USB-C ports standard on smartphones, tablets, cameras, phones, portable speakers and handheld video game systems. The European Union has worked hard to hold big tech companies accountable on issues like privacy, data security and antitrust. Neither Evergrande nor China’s top regulator for SOEs responded to requests from CNN Business for comment on the article. Speculation about one option - an effective nationalization of the company - was stoked Thursday after a regional financial news website, Asia Markets, reported the Chinese government was finalizing a deal to restructure Evergrande with the backing of state-owned enterprises, or SOEs.Ĭiting anonymous sources close to the Chinese government, it said the plan would see Evergrande broken up into three separate entities, and the restructuring could be announced within days. At the same time, it has been trying for at least a year to rein in excessive borrowing by developers and won’t want to dilute that message. It will want to protect thousands of Chinese people who have bought unfinished apartments, construction workers, suppliers and small investors, as well as limiting the risk of other real estate firms going under. So far this year, shares have plunged 80%.įilling the vacuum of information is mounting speculation that the Chinese government will have to intervene to limit the fallout that would be caused by the collapse of one of the country’s biggest real estate conglomerates.īeijing has few good choices. A second payment of $47.5 million on another bond is due next week.Įvergrande’s stock plunged nearly 12% Friday in Hong Kong, reversing a recovery it staged the previous day on news that the company would pay interest on another bond issued in yuan to mainland Chinese investors. It now has a grace period of up to 30 days on the first bond payment, my CNN Business colleague Laura He reports. The latest: Investors may have to wait a while longer to find out whether Evergrande will default on its enormous debts. The fate of ailing Chinese developer Evergrande remains up in the air after a deadline came and went Thursday without an update from the company on whether it plans to pay nearly $84 million in interest owed to bondholders. Costco said it was reimposing limits on buying toilet paper, water bottles and cleaning products due to an “uptick in Delta-related demand.” What’s next for Evergrande: Breakup, bailout or default? Watch this space: The effects of the Delta variant of the coronavirus are still playing out and could make matters worse. “We are not immune to the global supply chain headwinds that are challenging the and movement of product around the world,” Chief Financial Officer Matthew Friend said on the company’s earnings call. Nike cut its full-year sales outlook on Thursday, even though executives said that “consumer demand has never been higher.” Shares are down 5% in premarket trading on Friday. But not every company is weathering the storm as well. Walmart has also chartered vessels to make sure it has enough stock for this year’s holiday season.Ĭostco’s business has been resilient despite its laundry list of supply chain woes and inflationary pressures. Furniture giant Ikea has bought its own shipping containers to try to ease some logistical headaches. The new playbook: Costco’s strategy is spreading across the industry. Costco, which has leased several thousand containers to use on its chartered ships, said its fleet will make about 10 deliveries during 2022. The situation is so severe that bigger companies are attempting to take matters into their own hands (smaller businesses, meanwhile, don’t have that luxury). Steel containers have become incredibly scarce and extremely expensive. Remember: The complex network of ports, container vessels and trucks that moves goods around the world is still badly clogged after falling out of sync last year, and the cost of shipping is skyrocketing. “We’re ordering as much as we can and getting it in earlier,” Galanti said.Įven so, supply chains are so badly tangled that the company said it has chartered three ocean vessels for the next year to transport containers between Asia and the United States and Canada. The circumstances are similar for toys, as well as electronics like computers, tablets and video games. Furniture delays have doubled wait times for some products, forcing the company to stock up early.
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