Financial Daily Dose 6.9.2021 | Top Story: E-Truck Startup Lordstown Faces Potential Closure on Funds Shortage

June 09, 2021

Electric truck-maker Lordstown (that “aimed to revive a shuttered General Motors factory in Ohio”) revealed this week in a regulatory filing that it does “not have enough cash to start commercial production of its electric pickup truck and might have to close its doors” - NYTimes and WSJ and Bloomberg and MarketWatch

An increasingly wide-open job market means that potential job seekers are finding themselves showered with previously unheard of benefits by employers looking to “lure new employees and retain existing ones.” And we’re not just talking bonuses. Think “college scholarships” for workers and family alike, “guaranteed admission to management training programs,” and even free lodging - NYTimes

Yes, the U.S. economy is currently in overdrive and is pulling the global economy along with it. But the long-term outlook for the U.S. will require more than this “hop on my back” mentality and “will depend on the ability of other countries to take over as drivers of global demand in the months ahead—a prospect that remains uncertain” - NYTimes

Berkshire Hathaway Inc. has agreed to buy up $500 million in shares of Brazil’s digital bank operator Nu Pagamentos SA, which operates through a Nubank brand. The deal highlights the fast expansion of digital banking across Brazil’s economy, the largest in Latin America - WSJ and Law360

We’ve been spilling plenty of ink (pixels?) on the possibility of  inflation here in the States, but what’s the rest of the world’s take on rising prices? Where better to start than in China, the world’s second largest economy. There, the government’s “moving swiftly to protect its factories and workplaces from rising costs” and has “allowed its currency to rise in value to a level unseen in years, giving it a more valuable and powerful tool for buying up the world’s grain, meat, petroleum, minerals and other essentials” - NYTimes

Robinhood Markets Inc. is setting its sights on July for its anticipated initial public offering, with some suggesting that it “wants to time its [debut] so people will be back from July 4 holiday travel” - Bloomberg

The IRS is investigating the recent leak to Pro Publica of tax information of on some of America’s wealthiest citizens [much of it showing just how little they paid between 2014 and 2018] - WSJ

Amazon, doing some shopping of its own, is reportedly in the market to replace JPMorgan as its credit-card partner of choice - Bloomberg

Prosecutors in France have accused homegrown car-maker Renault of emissions fraud, “adding to the fallout for auto makers following Volkswagen AG’s emission scandal.” Renault has denied wrongdoing - WSJ

While the true nature of Shakespeare’s genius (and whether it was his alone or the work of many—or at least, more than just the actor from Stratford-upon-Avon) has been bandied about and debated for generations, it turns out that it really only took the work of one classicist back in the 1930s (Milman Parry, to be precise) to debunk the myth of legendary Greek poet Homer as the author of the Iliad and the Odyssey - NewYorker

Stay safe and get vaxxed,
MDR