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Shares in the embattled Chinese property giant Evergrande have slumped again after two credit downgrades in as many days amid concerns that it will default on parts of its massive $300bn debt pile. Evergrande, which is one of the world’s most indebted companies, has seen its shares tumble 75% this year. The value of new home sales has fallen 20% in China since the peak in the first three months of this year.
Pfizer Inc (PFE.N) has agreed to pay $345 million to resolve claims by consumers who claim they overpaid for EpiPens due to anticompetitive and unfair practices by the drugmaker and the company that markets the emergency allergy treatment, Mylan. The proposed class action settlement was disclosed in a filing in federal court in Kansas City, Kansas. The deal, which requires a judge’s approval, would not resolve claims against Mylan.
Amazon’s profit in the first three months of 2021 came in at $8.1bn – more than triple what it was in the same period last year. Since the pandemic began, the business has posted four consecutive record quarterly profits, attracted more than 200 million Prime loyalty subscribers, and recruited more than 500,000 employees to keep up with the demand.
A mammoth cargo ship that blocked the Suez Canal last month is being held in the waterway as authorities pursue a $916 million compensation claim against its owner, according to the vessel’s insurer. The UK Club, an insurer for the Ever Given, said in a statement Tuesday that the ship’s Japanese owners received a claim from the Suez Canal Authority (SCA), which runs the canal, on April 7.
Retail giants Nike and H&M are facing a backlash in China after they expressed concern about the alleged use of forced Uighur labor in the production of Xinjiang cotton. Many Chinese have called for boycotts, celebrities have cut ties, and e-commerce platforms have dropped H&M. It comes as several Western countries imposed sanctions on China this week.
Twitter boss Jack Dorsey has sold his first tweet from over a decade ago in the form of a unique digital asset for slightly more than $2.9m. The tweet was sold on Monday as a non-fungible token (NFT) – a kind of digital certificate that has exploded in popularity so far in 2021. The token is a digital seal of authenticity that confirms an item is one of a kind and real.
An American father and son have been handed over to Japanese authorities for allegedly helping former Nissan boss Carlos Ghosn flee the country. The two were charged last year with helping Mr Ghosn flee Japan, hidden in a box and on a private jet. Mr Ghosn escaped to his childhood home, Lebanon, which has no extradition treaty with Japan.
Twitter has posted record revenues for the last quarter of 2020, capping off what its chief executive said was “an extraordinary year” for the platform. The social messaging platform said revenue grew 28% to $1.29bn compared to the last quarter of 2019. In January, Twitter banned Donald Trump from the platform which analysts felt could have an impact this quarter.
The price of silver hit an a eight-year high on Monday, amid social media calls to buy the metal and emulate the trading frenzy that surrounded US games retailer GameStop last week. Shares in a handful of smaller Australian silver miners surged as small-time traders bought en masse. Coin-selling websites also reported unprecedented demand and flagged delays in delivering silver.
Amazon has extended an offer to President Joe Biden to assist with the national distribution of Covid-19 vaccines, a move that could expedite the federal effort to combat the pandemic. Dave Clark, the CEO of Amazon’s consumer business, and one of the company’s highest-ranking executives, sent a letter to the president shortly after the inauguration Wednesday.