Here's what we are reading this morning:
Evergrande Interest Payment Arrived in Some Bondholder Accounts: Some holders of an Evergrande bond on which the embattled developer had missed a coupon deadline last month received the interest before the end of a grace period Saturday, according to people familiar with the matter.
Two Men Claim Rogers (RCI) Chairmanship as Family Rift Convulses Board - Bloomberg: The escalating crisis at Rogers Communications Inc. has taken another extraordinary twist, with two different men claiming they are chairman and two factions of the Rogers family each saying they have control of the board.
Food delivery platform subscription services rest on shaky ground: The reason that food delivery companies are so eager to onboard customers into their membership programs is that they have positioned these programs as core to their paths to profitability. Food delivery services remain well-documented money-losers. Last year, despite a peak in consumer demand, DoorDash only turned a profit for one quarter, and it lost $198 million in the first half of 2021. Last quarter, for its part, Uber Eats lost $161 million.
Puerto Rico Bankruptcy Judge Threatens Dismissal of Case Without Plan - Bloomberg: The judge overseeing Puerto Rico’s record bankruptcy threatened to consider dismissing the island’s more than four-year case if she is unable to confirm a debt restructuring plan soon, U.S. District Court Judge Laura Taylor Swain said during a hearing Monday.
Hertz Places Order for 100,000 Tesla Vehicles - The New York Times: The order, which is expected to be delivered by the end of next year, is a sign of the growing momentum in the shift toward electric cars.
CTA Plans To Keep Lower Prices Through 2022 As Ridership Lags Due To COVID-19: For 2022, the CTA has a projected a $456 million budget gap, and it’s relying on federal funding from the American Rescue Plan to close it.
China Evergrande Says Work on Some Residential Projects Has Resumed - WSJ: The highly indebted developer said construction was progressing at some of its projects in southern China, as it tries to stave off collapse and deliver homes it has promised to more than a million people.
Downtown office vacancies remain at record high | WGN-TV: For the third quarter this year (July to September 2021), the total vacancy rate in Chicago's central business district is 20 percent, according to CBRE. The real estate services and investment firm shows that number is up from 19.4 percent earlier this summer from April to June 2021.