Economy
SPAC Bubble Pops: Flood Of New SPAC IPOs Hits A Brick Wall
As Bloomberg’s Drew Singer writes, the days of special purpose acquisition companies debuting by the dozens on public exchanges appear to have come and gone, “spelling trouble for the broader market for initial public offerings.”
After fueling a record first quarter for IPOs, SPACs have suddenly stopped going public at anything close to the same scale, as if they hit a brick wall in the second quarter.
Futures Trader Burns Tyson With $200 Million Loss on Fake Cattle
It took a while to notice, but Tyson Foods Inc. eventually realized late last year that more than 200,000 of its cattle seemed to have gone missing on a Washington state ranch.
It turns out that they never existed. That’s the bizarre upshot from the collapse and bankruptcy of Easterday Ranches, which was under contract to house, raise and feed bovines for Tyson. All told, the episode cost the biggest U.S. meat company and another producer more than $200 million, and the rancher who gambled it away on cattle and corn futures may be headed for prison.
“We Found Something Better Than Gold”: Rio Tinto Starts Lithium Production In The US
Rio Tinto has kicked off lithium production from waste rock at a plant located at a borates mine it controls in California. The demonstration facility is the next step in scaling up a breakthrough lithium production process developed at the Boron mine. The method allows Rio Tinto to recover the critical mineral and extract additional value out of waste piles from over 90 years of mining at the operation.
Texas Courts Open Eviction Floodgates: ‘We Just Stepped Off A Cliff’
The Texas state court system is signaling that it will no longer enforce a federal order aimed at stopping evictions during the coronavirus pandemic. That could clear the way for landlords to push ahead with tens of thousands of eviction cases that have been on hold.
The timing could be particularly painful for many families, coming after Congress has approved billions of dollars to help people pay the rent they owe to avoid eviction but before the vast majority of renters have been able to receive any of that money.
From beer to flat-pack furniture, Suez blockage offers a global trade snapshot
The bottleneck created when the Ever Given container ship got stuck in the Suez Canal stranded shipments from auto parts and dairy products to beer and luxury goods on their way to markets in Europe, the U.S. and Asia.
Maritime tracking data shows the cargo snared by last month’s blockage as a snapshot of global trade that is usually in constant motion. The varied goods in the containers illustrate the far-flung nature of modern supply chains and show how transportation problems on one side of the world can affect the production of goods and store inventories thousands of miles away.
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The post Daily Digest 4/7 – SPAC Bubble Pops: Flood Of New SPAC IPOs Hits A Brick Wall appeared first on Peak Prosperity.
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