Jia Yueting, the CEO and a co-founder of troubled EV startup Faraday Future, has a notorious history with money. While his rise to fame and fortune in China was built partly around his vision — he started a streaming company in 2004 called LeTV, well before Netflix shifted away from DVDs — it was also built on financial debt. For years, he followed a relatively simple formula. He found success with LeTV, borrowed against that success to try new things under the umbrella of “LeEco,” then borrowed against those ventures to do even more, stacking up debt along the way. With China’s economy booming at the time, and a large shadow banking system emerging that made borrowing easy, he was off to the races. More than a decade later, Jia finds himself living in a mansion — one of a few that he owns, in fact — on the coastal cliffs of Rancho Palos Verdes, California. While that might sound like the dream life, Jia isn’t there out of choice. … [Read more...] about Faraday Future CEO’s long trail of debt is finally catching up to him
Trail of fire
Updated 9:22 am CDT, Wednesday, August 29, 2018 A gazebo from nearby Veterans Memorial Park is seen pinned up against the Hwy. 14/61 bridge Tuesday, Aug. 28, 2018, in Coon Valley, Wis., moved there by flood water from Coon Creek. Rain continued to fall through early Tuesday in eastern Wisconsin with another heavy round expected Tuesday night into Wednesday. (Peter Thomson/La Crosse Tribune via AP) less A gazebo from nearby Veterans Memorial Park is seen pinned up against the Hwy. 14/61 bridge Tuesday, Aug. 28, 2018, in Coon Valley, Wis., moved there by flood water from Coon Creek. Rain continued to fall ... more Photo: Peter Thomson, AP Baseball player Bo Milutinovich, 13, of Coon Valley, Wis. takes in the flood damage at Veterans Memorial Park in Coon Valley, Wis., Tuesday, Aug. 28, 2018, where torrential rains caused widespread flooding from Coon Creek. Rain continued to fall through early Tuesday in … [Read more...] about Possible tornadoes leave trail of damage in Wisconsin
More than three dozen wildfires have broken out across the western United States, fanned by scorching heat, winds and low humidity in a particularly intense fire season. By July 6, this year's fires had burned more than 2.9 million acres, already more than the annual average over the past 10 years of about 2.4 million acres, according to the National Interagency Fire Center. Santa Barbara County officials declared a local emergency on Saturday as a fast-moving wildfire driven by strong winds and triple-digit temperatures destroyed 20 homes and other structures and forced thousands of residents to evacuate. The Holiday Fire broke out on Friday evening near the beach community of Goleta, South of Santa Barbara, and raced through the seaside foothills. The flames forced more than 2,000 people to flee their homes, and left thousands more without power, prompting the emergency declaration which frees additional funds for the firefighting effort. Friday saw the first fatality of this … [Read more...] about California Wildfire Photos: Trail of Destruction as More than Three Dozen Blazes Rage Across Western U.S.
Heavy rain, gale force winds, hail and lightening – Switzerland has experienced all these weather phenomena since Wednesday when a major storm front began moving across the country. The storm, which meteorologists say is the worst since Eleanor/Burglind struck in early January, flooded roads, underpasses and cellars and resulted in thousands of claims for damages. In Zurich alone the cantonal buildings insurer had received 2,000 reports of damage by midday on Thursday amounting to an estimated 10 million francs, according to news reports. While Zurich and eastern Switzerland took the brunt of the bad weather on Wednesday, by Thursday the storm had moved on to western, central and southern regions, wreaking destruction there. Readers of the Blick newspaper from Solothurn in the northwest to St Gallen in the east shared photos of gardens and roads white with hail stones. SFR Meteo reported that in Schöfflisdorf, Zurich the amount of hail that fell … [Read more...] about Storms leave trail of destruction across Switzerland
EGG HARBOR TOWNSHIP — John and Patty Fulton’s non-motorized houseboat at Sea Village Marina survived Hurricane Sandy, even though the marina’s docks were destroyed.It survived more than five years of sitting empty and unattended, as two different marina owners failed to make repairs so houseboat owners could gain access.But about a month ago, their two-bedroom, one-bath houseboat — for which they paid $150,000 in 2005 — began going underwater.The damage is happening just as a new owner, Joseph Ventresca, of Bayview Marina LLC, is moving to redevelop the marina. Environment Briefs: AJ Meerwald sailing season starts, Stockton opens trading post The A. J. Meerwald, a restored oyster schooner, is celebrating its 90th birthday and will sa… “My heart is sinking out there,” said Patty Fulton, of Cherry Hill, as she looked at her onetime vacation home from the Margate causeway, along with her sister and co-owner of the houseboat Carolyn … [Read more...] about EHT marina’s long trail of troubles sinks houseboats and hopes