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Business News – 09-23-2021

K Buenavista — Thu, 04 Nov 2021 18:46:08 +0000

Alerts go out that Lake Powell may stop producing energy by 2023 with water levels declining

Two of the major reservoirs such as Lake Mead and Lake Powell are experiencing a large decrease in water levels and many fear that they may stop producing energy soon
According to the Bureau of Land Management, it believes that there is a 3% chance that the water level of Lake Powell will fall below the minimum required for hydroelectricity generation at Glen Canyon Dam
By 2023, the chance of the water level dropping increases to 34%

CEO of Southwest Airlines claims carrier will shut down flights in 2022 if staffing fails

Throughout next year in 2022, Southwest Airlines will be in the process of adding about 10,000 workers
Bob Jordan, the CEO of Southwest Airlines says that the airline is currently, near halfway to its goal of reaching 5,000 hires

Worldwide chip shortage is expected to cost the auto industry $210 billion in revenue this year

According to AlixPartners, a consulting firm, they estimate that the semiconductor shortage will cost the whole auto industry $210 billion in revenue this year
The firm also estimated that 7.7 million units of production will be lost for this year which is a large jump from their previous forecast in May at 3.9 million units

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Business News – 09-02-2021

K Buenavista — Tue, 07 Sep 2021 12:47:42 +0000

Ford Sales in US drop 33% in August as chip shortage causes concern for auto industry

Ford’s August sales of its new vehicles declined by 33.1% from a year earlier in the U.S. due to an ongoing global shortage of semiconductor chips
The Detroit automaker’s sales capped off a disappointing month of U.S. auto sales, which dropped to an adjusted selling rate of 13.09 million vehicles last month

Burger King Loyalty Program launches in effort to increase sales

Resturaunt chain, Burger King had begun integrating their new loyalty program across all their U.S. stores with over half of their restaurants on track to offer rewards to customers by October
The program is called “Royal Perks” and will give customers 10 “crowns” for every $1 spent at their restaurants
Members of the program can obtain their points across the majority of the menu and will receive free daily perks, like upsizing drinks or fries

Corporate America concerned as wildfires put water supplies at risk

Corporations are increasingly looking for ways to invest in forest restoration in order to decrease water risk
Blue Forest is about to launch its second Forest Resilience Bond, aimed at 48,000 acres of woodland restoration

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Business News – 08-27-2021

K Buenavista — Thu, 02 Sep 2021 17:09:21 +0000

Tesla has applied to become a Texas electricity provider

Tesla filed an application with the Texas Public Utility Commission to sell electricity in the state as the company’s big battery build-out in Angleton, Texas comes online
The company aims to connect a 100 megawatt energy storage system to the grid and has already built several utility-scale energy storage systems across the globe

Disappointing earnings cause Peloton stock to fall

On August 26, Peloton reported that revenue growth in their 4th fiscal quarter dropped off dramatically
The company posted a bigger-than-expected loss as costs from its treadmill recall mounted and also offered up a disappointing revenue outlook for its 2022 first quarter

Ford F-150 pickup truck production cut due to chip shortage

Due to the ongoing semiconductor shortage, Ford is cutting production of another one of their vehicles, their F-150 pickup truck along with 2 others starting August 30
The two other vehicles experiencing the cut in production are the Ford Edge and Lincoln Nautilus crossovers
Ford has been impacted particularly hard by the lack of chips, losing about 50% of its planned production in the second quarter.

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