Headlines

Dozens of Sicilian towns are facing bankruptcy due to the cost of cleaning up the volcanic ash left by Mount Etna, which has been erupting regularly since February, The Guardian reported. The Italian government on Monday allocated €5m to compensate several villages struggling to pay to get rid of the volcanic cinders, the cost of which can reach more than €1m with every eruption. “The situation is very serious,” said Alfio Previtera, a council official in the town of Giarre, one of the villages most affected by Etna’s ash.

More than 1.5 million children worldwide saw a parent, custodial grandparent or other relative who cared for them die from COVID-19, according to a study published by the Lancet, UPI reported. Of these children, more than 1 million experienced one or both parents dying during the first 14 months of the pandemic, and another 500,000 experienced the death of a grandparent caregiver living in their own home, the data showed.

Israel’s prime minister vowed Tuesday to “act aggressively” against the decision by Ben & Jerry’s to stop selling its ice cream in Israeli-occupied territories, as the country’s ambassador to the U.S. urged dozens of state governors to punish the company under anti-boycott laws, the Associated Press reported. The strong reaction reflected concerns in Israel that the ice cream maker’s decision could lead other companies to follow suit. It also appeared to set the stage for a protracted public relations and legal battle.

Royal Dutch Shell on Tuesday confirmed it will appeal a Dutch court ruling ordering the energy company to accelerate its carbon emission reduction target, Reuters reported. Shell had previously said it will appeal the May 26 ruling ordering it to reduce greenhouse gas emissions by 45% by 2030 from 2019 levels, significantly faster than its current plans. The Anglo-Dutch company also said it will seek to ramp up its energy transition strategy in the wake of the ruling.

The promise of Chinese cars landing on U.S. soil is, yet again, broken, CNET reported. Automotive News reported Monday that HAAH Automotive Holdings, a big player hoping to export Chinese cars to the U.S., has filed for bankruptcy after a seven-year-long journey. The U.S. will not see the planned Vantas or T-GO brands HAAH wanted to launch in the U.S. The cars from both brands were to come from China’s Chery Automobile Company. HAAH first aimed to simply import the cars through a Chery joint venture, then pivoted last year to say it would actually build the cars in the U.S.

When the COVID-19 pandemic first hit Thailand in the first half of 2020, forcing the government to impose lockdowns and travel bans that effectively killed the crucial tourism industry, many economists foresaw a contraction of 10% or more for the year, the Asia Times reported. But Thailand’s gross domestic product (GDP) shrank just 6.1% in 2020, painful but not as bad as expected with the loss of the kingdom’s US$60 billion tourism industry, which normally accounts for around 18% of GDP.

A stand-off between drugmaker Mallinckrodt, the Dublin-based but U.S.-run drugmaker, and a small group of dissident shareholders, claiming their rights are being suppressed as the company goes through a restructuring in bankruptcy, is on track to be aired before the High Court in Dublin later this year, The Irish Times reported.

A year ago, Hertz Global Holdings Inc. entered bankruptcy, its car rental business having fallen victim to COVID-related lockdowns, Bloomberg Opinion reported. Now, in a dramatic resurrection, not only has it emerged from protection, but institutional investors have bid up the stock to take control of the venerable company — so much so that Hertz was able to cover its debt in full and supply a handsome payout to shareholders who stuck with it through the bad times. Indeed, it was one of the first meme stocks, with loyalists buying it even as its fortunes tanked.

China's No. 2 mobile chip developer Unisoc is searching for new anchor investors at a high valuation as it tries to distance itself from its troubled parent Tsinghua Unigroup and pave the way for a long-awaited initial public offering, Asia Nikkei reported. Unisoc is hoping to find buyers willing to pay 20 billion yuan ($3.1 billion) for Tsinghua's 35.2% stake, according to people familiar with the discussions. Tsinghua is under pressure to sell after missing a string of bond repayments since last November.

More Japanese companies have decided against sending executives to Friday’s opening ceremony for the Tokyo Olympics as concerns about holding the games during the pandemic grow, Bloomberg reported. Senior officials from Nippon Telegraph & Telephone Corp., Fujitsu Ltd. and NEC Corp. will skip the event given that organizers decided to hold the games without spectators, spokespeople for the technology giants said Tuesday, a day after Toyota Motor Corp. announced its top executive wouldn’t attend.