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China’s Coal War with Australia

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China is locked in a diplomatic brawl with Australia over an independent global inquiry into the origins of Covid-19, writes Chuin-Wei Yap of The Wall Street Journal. He writes (abridged): China’s ban on Australian coal imports is intensifying a crisis in its coal market, which is battling surging prices, supply shortages, conflicting policy goals and a cold winter. Locked in a diplomatic brawl over Canberra’s call for an independent global inquiry into the origins of Covid-19, Beijing imposed an informal ban around September that forced boatloads of Australian coal to languish at sea. … [Read more...]

Massive Cryptocurrency Hedge Fund Fraud

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Joel Rosenblatt and Chris Dolmetsch report for Bloomberg on the case of Stefan He Qin, a cryptocurrency hedge fund founder who has admitted to $100 million in fraud. They write: The 24-year-old founder of Virgil Capital, which ran two cryptocurrency hedge funds, admitted to duping investors out of almost $100 million and using the money to support a lavish lifestyle. Stefan He Qin pleaded guilty Thursday in federal court in New York and faces as much as 20 years in prison at his sentencing in May. Prosecutors said the Australian national stole investor money from Virgil Sigma Fund LP, a … [Read more...]

Could Chevron and Exxon Merge?

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Apparently, there was a discussion last year between the CEOs of Chevon and Exxon about merging the two massive oil companies. The WSJ reports: The chief executives of Exxon Mobil Corp. XOM +1.57% and Chevron Corp. CVX +0.76% spoke about combining the oil giants after the pandemic shook the world last year, according to people familiar with the talks, testing the waters for what could be one of the largest corporate mergers ever. Chevron Chief Executive Mike Wirth and Exxon CEO Darren Woods discussed a merger following the outbreak of the new coronavirus, which decimated oil and gas demand … [Read more...]

3M Happily Watching America Get Back to Work

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Austen Hufford reports in The Wall Street Journal about 3M's growing success as America reopens. He writes: 3M Co. MMM +4.14% said it expects sales across its product lines to grow this year as vaccinations against Covid-19 allow people to start using more of its products at dental offices, workplaces and schools. Demand for the St. Paul, Minn.-based manufacturer’s products varied widely last year. The pandemic created enormous pressure on demand for the N95 face masks that medical workers wear to guard against the virus. But sales of other products such as Post-it Notes used by office … [Read more...]

Can Barnes & Noble Boss Save Traditional Bookselling?

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Jeffrey A. Trachtenberg investigates Barnes & Noble's plan to save traditional bookselling, led by CEO James Daunt. He reports: A year ago, John Radford had little control over the book selection at the Barnes & Noble store he manages in Idaho Falls, Idaho. Executives in New York decided which titles to carry. The retailer’s 600-plus stores were expected to follow that blueprint. Mr. Radford had to stock dozens of James Patterson and John Grisham books, even though there wasn’t that much local demand. Often, he’d have to return about half the inventory after a few months. These … [Read more...]

Opportunities in Commercial Real Estate Are Too Good to Resist for Some Buyers

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Esther Fung reports at The Wall Street Journal that some companies have begun taking a chance on buying historically inexpensive retail real estate. She writes: Struggling shopping malls are finding an unexpected boost from bargain-hunting retail operators. Such was the case in Stamford, Conn., where the Stamford Town Center mall lost popular tenants like H&M, Apple Inc. and Talbots to a competing shopping center that opened last year only 8 miles away. In October, home-furnishing company Safavieh purchased Town Center mall. Safavieh plans to open a home-design center and … [Read more...]