AmiMoJo writes: “The UK government’s plan to invest hundreds of millions of pounds in a satellite broadband company has been described as ‘nonsensical’ by experts, who say the company doesn’t even make the right type of satellite the country needs after Brexit,” reports The Guardian. “The investment in OneWeb is intended to mitigate against the UK losing access to the EU’s…
Tag: bankruptcy
Millions of Abandoned Oil Wells Are Leaking Methane, a Climate Menace
More than a century of oil and gas drilling has left behind millions of abandoned wells, many of which are leaching pollutants into the air and water. And drilling companies are likely to abandon many more wells due to bankruptcies, as oil prices struggle to recover from historic lows after the coronavirus pandemic crushed global fuel demand, according to bankruptcy lawyers,…
Crypto Exchange Quadriga Was a Fraud and Founder Was Running Ponzi Scheme, Regulator Says
The Quadriga cryptocurrency exchange that saw millions of dollars disappear just as its founder died was a “fraud” and Ponzi scheme, according to the Ontario Securities Commission. CBC.ca reports: The regulator said Thursday that Vancouver-based Quadriga’s late founder Gerald Cotten committed fraud by opening accounts under aliases and crediting himself with fictitious currency and crypto asset balances, which he traded with…
Amazon Said To Be In Talks To Buy Bankrupt JC Penney
phalse phace shares a report from Investor’s Business Daily: Amazon is reportedly in talks with JCPenney, the debt-laden retailer that filed for bankruptcy protection last week. Trading in JCPenney stock was halted while Amazon stock moved up. According to apparel industry trade publication Women’s Wear Daily, Amazon has a team in Plano, Texas, where JCPenney is headquartered. The report cited an…
AMC’s Stock Is Surging On Reports Amazon May Buy It
Today, shares of AMC are up 40% (recouping about 26% of their value lost since January) solely on an unconfirmed report from the Daily Mail that Amazon is interested in buying the global theater chain. “AMC’s market capitalization was about $427 million when the news broke, down from $752 million at the end of 2019,” adds Quartz. From the report: The…
Neiman Marcus, a Symbol of Luxury, Files for Bankruptcy
Neiman Marcus on Thursday became the first major department store group to file for bankruptcy protection during the coronavirus pandemic. It’s a stunning fall that follows the collapse of Barneys New York late last year and comes as shadows gather over chains like Lord & Taylor and J.C. Penney. From a report: At the end of March the coronavirus pandemic temporarily…
New CPU Performance Testing Concludes AMD Beats Intel
An anonymous reader quote Hot Hardware:
If you’re looking for the best gaming CPU or the best CPU for desktop applications, there are only two choices to pick from: AMD and Intel. That fact has spawned an almost religious following for both camps, and the resulting flamewars, that make it tricky to get unbiased advice about the best choice for your next…
Would a Post Office Bankruptcy Kill E-Commerce?
MountainLogic writes: With the U.S. Postal Service slated to run out of money this summer, a congressional bailout has become embroiled in the usual, critical and unusual political fights. Every day letter carriers deliver some of our web orders, there are many other functions the post office performs including providing an address validation API that is the core of many shipping…
Oil Companies Are Collapsing, but Wind and Solar Energy Keep Growing
A few years ago, the kind of double-digit drop in oil and gas prices the world is experiencing now because of the coronavirus pandemic might have increased the use of fossil fuels and hurt renewable energy sources like wind and solar farms. That is not happening. From a report: In fact, renewable energy sources are set to account for nearly 21…
Most Airlines Could Be Bankrupt By May. Governments Will Have To Help.
Global aviation is shutting down because of the coronavirus outbreak and travel restrictions designed to contain it, and many airlines will need government bailouts within weeks or face bankruptcy. From a report: Airlines across the world are grounding planes, laying off workers and scrambling to preserve cash as measures to contain the outbreak prompt flight bans and wipe out global travel…