Austin, Texas is currently home to America's fiercest bidding wars. Many homes are selling for more than $100,000 over asking. Sami Sparber reports in The Wall Street Journal: A homebuying frenzy is gripping much of the U.S., but Austin takes the prize for the biggest increase in homes selling well above the asking price. Nearly 2,700 homes in the Texas capital have sold this year for $100,000 or more above their initial listing price, according to an analysis by Redfin Corp. that examined sales through Aug. 11. While a few other U.S. cities have had more properties sell at that premium to … [Read more...]
Chinese Shipping Crippled by One COVID Case?
Chinese authorities are saying that the troubles currently plaguing the Meidong container terminal in Ningbo have been caused by the detection of one coronavirus case. The shutdown has led to major congestion in nearby alternative shipping location, Shanghai, and has caused problems throughout the world logistical chain. Reuters reports: Ports and shipping companies are diverting vessels from a container terminal in China's busiest marine transportation hub which was forced to close after a coronavirus case emerged, as the pandemic strains global supply amid rising retail orders. Meidong … [Read more...]
The Dividend King is Actually a Tech Innovator
You know Procter & Gamble as "the Only True Dividend King." Dividends may not conjure up images of tech savvy or state-of-the-art innovation, but that's exactly what you'll find at P&G. The company uses technology to stay ahead of the competition. Some it buys, and some it develops on its own. Reuters explains the company's tech leadership, writing: CINCINNATI/TABLERS STATION, W.V., July 19 (Reuters) - Procter & Gamble Co (PG.N) may be best known for laundry detergent and toothpaste, but its secret sauce is arguably figuring out how to do things like get two red bottles of Olay … [Read more...]
Biden Keeps This Trump Policy to Thwart China
The administration of Donald Trump recognized that extreme ultraviolet lithography systems were essential to national defense, and put pressure on the Netherlands to prevent the sale of any of the machines to China. The Biden administration has continued Trump's policy. The Wall Street Journal reports: Some of the tech industry’s most important machines are made next to corn fields in the Netherlands. The U.S. government is trying to make sure they don’t end up in China. Beijing has been pressuring the Dutch government to allow its companies to buy ASML Holding ASML -0.63% NV’s marquee … [Read more...]
No Workers and No Chips Holding Back American Factories
American factories are being held back by a lack of people willing to work, and by a lack of chips to put in products. Justin Lahart reports for The Wall Street Journal: Factory production is having a hard time shifting into higher gear. This isn’t because manufacturers don’t want to turn their wheels any faster, but because for now they can’t. The Federal Reserve on Thursday reported that industrial production—the combined output of U.S. factories, utilities and mines—rose 0.4% last month from May. That increase was largely due to a 2.7% increase in utility output, as the country cranked … [Read more...]
Biden Admin Aims for Vast Energy Storage Capability in US
Utility Dive outlines a new plan by the Biden administration's Department of Energy to encourage the deployment of massive energy storage assets in the United States. Jason Plautz writes: The Biden administration has set a goal of powering the country with 100% clean electricity by 2035, which experts say will require vast deployment of energy storage to collect renewable energy when it is generated and distribute it to the grid when it's needed. Storage installations have boomed recently; a Wood Mackenzie analysis with the Energy Storage Association found that 1,464 MW of new storage came … [Read more...]
SURPRISE: The World Doesn’t Have Enough Natural Gas
A surprising surge in demand thanks to hotter than expected temperatures, droughts, and economic growth has created a shortage in natural gas. Joe Wallace reports for The Wall Street Journal: A scramble for natural gas is creating pockets of scarcity in the global market, boosting prices for the fuel and for the electricity generated by burning it. Rampant demand in China is sucking in chilled cargoes of gas from the U.S., after a year in which American energy companies throttled back production. A drought in Brazil has added to the competition by curtailing power output from hydroelectric … [Read more...]
As Oil Prices Rise, Where Are Shale Drillers?
In the recent past, shale oil drillers have acted to create a cap on oil prices by drilling heavily any time the price of crude seemed to get too high. Despite climbing oil prices, shale drillers seem to be absent. Collin Eaton and Christopher Matthews explain why at The Wall Street Journal, writing: Shale companies pumped with abandon anytime oil prices rose sharply last decade. But as crude tops $70 a barrel, they are barely doing enough to sustain U.S. production. Frackers have been forced to rein in spending and live within their means after many investors lost faith in the companies … [Read more...]
Happy Independence Day
In a 3 July 1776, Founding Father John Adams wrote a letter to his wife, Abigail: "I am apt to believe that it will be celebrated, by succeeding Generations, as the great anniversary Festival. It ought to be commemorated, as the Day of Deliverance by solemn Acts of Devotion to God Almighty. It ought to be solemnized with Pomp and Parade, with Shews, Games, Sports, Guns, Bells, Bonfires and Illuminations from one End of this Continent to the other from this Time forward forever more. You will think me transported with Enthusiasm but I am not. -- I am well aware of the Toil and Blood and … [Read more...]
Battery Battle: Detroit is Coming for Tesla
Big automakers have watched for a long time as Tesla has continuously proven that they can surprise the market with progress on electric vehicles. Now, Detroit wants to get in on the action. Mike Colias reports: General Motors Co. GM -1.42% is raising its investment in electric vehicles—the second boost in recent months—and pushing deeper into battery production, making it the latest global auto maker to accelerate its transition to plug-in cars. The company also raised its guidance for pretax profit excluding one-time items for the first half of this year, to between $8.5 billion and $9.5 … [Read more...]