Money

A coronavirus outbreak in southern China has clogged ports critical to global trade, causing a shipping backlog that could take months to clear and lead to shortages during the year-end holiday shopping season. The chaos began unfolding last month when authorities in the southern Chinese province of Guangdong — home to some of the world’s

Lordstown Motors, the struggling electric truck startup, said that it has no firm orders for its vehicles, backtracking on assurances it made earlier this week that the company had enough committed buyers for its pickup truck to keep production going through 2022. Lordstown, which is named after the former General Motors factory in Ohio that

Bank of America is encouraging its vaccinated employees to return to the office after Labor Day in September, the company’s CEO Brian Moynihan said in a Bloomberg Television interview Thursday. After Labor Day, “our view is all the vaccinated teammates will be back,” Moynihan said. “We’ll be able to operate fairly normally and will then

For the second time in 10 days, a giant chunk of the internet briefly broke because of an outage at a company most people have probably never heard of. The websites for Southwest Airlines, United Airlines, Commonwealth Bank of Australia, the Hong Kong Stock Exchange and others all went dark on Thursday after an issue

Airlines, banks, stock exchanges and trading platforms suffered brief website outages early Thursday after a key piece of internet infrastructure failed, sparking the second major interruption of the past 10 days. Virgin Australia said in a statement on Thursday that it had resolved an IT outage caused by a failure at Akamai Technologies, a global

The CEO of one of Wall Street’s top investment banks has a message for employees in its New York offices. You need to come back to work this fall. Morgan Stanley chief James Gorman said at an investing conference earlier this week that it’s time for the bank’s New York workers to head back to

Intense bidding wars and supply shortages for lumber and other building materials threaten to finally derail the housing market. But one top homebuilder says the good times — for builders, anyway — aren’t over just yet. Lennar, a Miami-based builder, reported earnings and revenue after the closing bell Wednesday that topped forecasts. What’s more, Lennar

New York Democrats want JPMorgan Chase to return the overdraft fees the bank collected during the pandemic — and to scrap the hated charges altogether. Despite the chaos set off by the pandemic, JPMorgan collected nearly $1.5 billion in overdraft fees last year, more than any other lender, according to a letter signed by Reps.

The biggest US bank is ramping up its plans to expand in the United Kingdom. JPMorgan Chase announced Thursday that it’s buying Nutmeg, the UK digital wealth manager, for an undisclosed amount. It said the new acquisition will “complement” the digital bank that it’s planning to launch in the country later this year under the

Hong Kong police declared the Apple Daily newspaper office a crime scene Thursday, after 500 officers descended on the premises to arrest executives and top editors and seize journalistic materials under the city’s national security law. Apple Daily said Thursday that the company’s CEO Cheung Kim Hung, COO Chow Tat Kuen and chief editor Ryan

For the second time in 10 days, a giant chunk of the internet briefly broke because of an outage at a company most people have probably never heard of. The websites for Southwest Airlines, United Airlines, Commonwealth Bank of Australia, the Hong Kong Stock Exchange and others all went dark on Thursday after an issue

There are three 50-year-old cars parked on the moon. Now, General Motors and Lockheed Martin wants to build some new ones and put them on the moon, too. In the 1960s, GM worked with Boeing to create the Lunar Roving Vehicle. Three of them — LRV-1, LRV-2 and LRV-3 — were driven on the moon’s

Shares in CureVac plummeted on Thursday after the German biotech company said that interim trial results showed its experimental Covid-19 vaccine was only 47% effective in preventing symptomatic disease. The disappointing results sent shares down 45% in afternoon trading in Germany, wiping nearly $8 billion off the company’s market value. Shares listed in the United

The Federal Reserve surprised the market Wednesday with projections that future interest rate hikes will come a bit sooner than expected. Gold bugs in particular were disappointed. The price of gold fell 4% Wednesday and was lower again Thursday, falling below $1,800 an ounce for the first time since early May. While it’s true that