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Thai Petrochemicals Giant to Add Green Power to Cut Carbon Print

October 9, 2020

(Bloomberg) — Indorama Ventures Pcl, the world’s top producer of material used in plastic bottles and polyester, plans to quadruple its use of renewable energy over the next decade as part of efforts to lower greenhouse gas emissions.

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The Bangkok-based company will increase solar, wind and other renewable energy sources at its more than 120 manufacturing facilities worldwide to 30% of it power bill in 2030, said Chief Sustainability Office Yash Lohia. That’s an increase from 6%, he said, adding the move will help the company’s efforts to reduce its carbon footprint.

“We are going to install more solar panels at our facilities in Thailand, India and many other countries,” Lohia, the 33-year-old son of Indorama’s billionaire founder Aloke Lohia, said in an interview Tuesday. “We will also buy more clean energy from other developers to demonstrate our effort to reduce greenhouse gas emissions.”

Thai power producers including

Hospital Giant HCA To Return $6 Billion In CARES Act Money

October 8, 2020

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SEC Orders Frist To Turn Over Sale Of Stock Documents — Nashville headquarters of Hospital Corporation of America, one of the nation’s largest hospital … [+] operators, is seen October 14, 2005. (Photo by Rusty Russell/Getty Images)

2005 Getty Images

The large hospital operator HCA Healthcare Thursday said it will “return, or repay early” about $6 billion in federal stimulus money from the Coronavirus Aid, Relief, and Economic Security Act, known as CARES.

HCA, one of the nation’s biggest hospital operators, has been performing well financially and earlier this year reported a profit of more than $800 million in its second quarter thanks to CARES Act funds.

The CARES Act was designed to provide relief to providers of medical care who gain reimbursement even if patients have no health insurance coverage. Congress said the money can be used for costs related to treating Covid-19 patients or providers can use it to reimburse for lost revenue related to the pandemic.

In HCA’s

Amazon and Whole Foods evolving into grocery tech giant: John Mackey

October 7, 2020

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Whole Foods CEO John Mackey discusses the surge in sales from delivery services and how trends will change after the coronavirus pandemic ends.

Amazon and Whole Foods have come a long way since merging in 2017, with the grocer emphasizing upping its game with technology.

“Some evolutions have occurred. We are a little more data-driven now than we used to be,” said CEO John Mackey during an interview with Maria Bartiromo on “Mornings with Maria” Wednesday. He added, “Amazon is helping alter our technology and upgrading it.”

Ticker	Security	Last	Change	Change %
AMZN	AMAZON.COM INC.	3,176.96	+77.00	+2.48%

CORONAVIRUS PROMPTS AMAZON TO CONVERT MORE WHOLE FOODS LOCATIONS TO ONLINE DELIVERY ONLY

The $13.7 billion deal has allowed the grocer to tap Amazon’s Prime Members, which number over 100 million. He then hinted that the companies are working on even more technological advancements though he declined to detail what that

China’s Too-Big-to-Fail Real Estate Giant Pulls Back From Brink

September 30, 2020

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(Bloomberg) —

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China Evergrande Group took a major step toward avoiding a cash crunch that had threatened to roil the nation’s $50 trillion financial system and reverberate across global markets.

After a turbulent few days during which banks, bondholders and senior government officials became increasingly alarmed about Evergrande’s financial health, the world’s most indebted developer said it reached an agreement with a group of strategic investors to avoid repayments that would have placed a sizable strain on the junk-rated company’s balance sheet.

The deal buys crucial time for Evergrande to rein in a complex web of liabilities that some analysts have said makes the property behemoth too big to fail. Evergrande owes $88 billion to banks, shadow lenders and individual investors across China and has borrowed $35 billion from bondholders around the world. More than 2 million homebuyers have given the company down payments on yet-to-be-completed properties.

Relief

Steel giant ArcelorMittal to sell US business in $1.4B deal

September 28, 2020

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ArcelorMittal’s U.S. operations, which include Indiana Harbor, the largest integrated steelmaking facility in North America, will be sold to Cleveland-Cliffs for $1.4 billion in cash and stock.

a train on a track with smoke coming out of it: The ArcelorMittal plant, shown June 26, 2018, in Burns Harbor, Indiana, is 20 miles from Chicago.

© Zbigniew Bzdak/Chicago Tribune/TNS
The ArcelorMittal plant, shown June 26, 2018, in Burns Harbor, Indiana, is 20 miles from Chicago.

The transaction, announced early Monday, will make Cleveland-Cliffs the largest flat-rolled steel producer and largest iron ore pellet producer in North America.

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The deal involves almost 20 facilities in eight states, including five in northwest Indiana — the Indiana Harbor and Burns Harbor mills as well as three finishing plants, two of which are joint ventures with Nippon Steel. It also includes a compact strip mill in Riverdale, Illinois.

Almost 3,800 people work at Indiana Harbor, which opened more than 100 years ago and is spread over more than 3,000 acres in East Chicago, Indiana, according to ArcelorMittal’s website. Burns Harbor,

Engineering giant Fluor records $1.7 billion loss for 2019 in delayed financial filing

September 27, 2020

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Irving-based engineering firm Fluor Corp. lost $1.7 billion in 2019, according to financial filings disclosed Friday and delayed for months by internal and regulatory reviews.

a train on the tracks in a city: A joint venture between Fluor and Balfour Beatty rebuilt the northbound Interstate 35E bridge leading to downtown Dallas, a part of the massive Dallas Horseshoe Project.

© Tom Fox/Staff Photographer/The Dallas Morning News/TNS
A joint venture between Fluor and Balfour Beatty rebuilt the northbound Interstate 35E bridge leading to downtown Dallas, a part of the massive Dallas Horseshoe Project.

The full-year loss and write-downs reported by Fluor were “far worse” than expected, according to Bloomberg Intelligence analysts. The company reported a $9 million profit in 2018.

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Fluor closed out 2019 with $14.3 billion in revenue, down from $15.2 billion the year before.

The company halted its financial filings earlier this year when the U.S. Securities and Exchange Commission sought records about charges it recorded in 2019 on a fixed-price Army ammunition plant project in Radford, Va. In May, the Justice Department subpoenaed the company for additional information.

After the

The Giant Money Spigot

May 4, 2020

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While the main stream media is so concerned with Trump and the pending impeachment process the Fed meanwhile continues to funnel money to Wall Street to the tune of $690 Billion a week. Either the media is in collusion with the Fed to keep this information from reaching the general public or they are too preoccupied with Trump, international affairs and then again they could very well be just too blind to see what is actually happening to the economy.

The New York Fed is currently loaning $120 Billion a day to Wall Street Securities trading firms. Before they were just loaning $75 Billion a day. But, as of October 24 of this year they have increased it by $45 Billion a day. And, will continue to loan these Securities firms that amount every day unless they are forced to stop or the whole US economy collapses.

It is quite … Read More