Trump Extends China Tariff Truce for 90 Days
Donald Trump extended a pause of tariffs on Chinese goods for another 90 days into early November. Meanwhile, China urged local companies to avoid using Nvidia's H20 chips, particularly for government-related purposes.
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Gizmodo
a few seconds ago
- Gizmodo
Kodak Says It May Have to Close Up Shop
The iconic photography company Kodak could go out of business within a year. The 133-year-old American company warned investors Monday in a regulatory filing that there's 'substantial doubt' it can keep its doors open unless it pays down its debts or renegotiates its terms. In the filing, Kodak warned it has 'debt coming due within twelve months and does not have committed financing or available liquidity to meet such debt obligations if they were to become due in accordance with their current terms.' The company added that these conditions 'raise substantial doubt about Kodak's ability to continue as a going concern.' Although Kodak introduced the world's first digital camera back in 1973, the company failed to keep up with the changing times, as everyone now carries a camera in their pocket 24/7, making standalone cameras and film less relevant for most people. 'In the second quarter, Kodak continued to make progress against our long-term plan despite the challenges of an uncertain business environment,' Kodak CEO Jim Continenza said Monday in the company's second quarterly earnings report. In its latest quarter, Kodak reported a $26 million net loss. Since the end of last year, the company has burned through $46 million in cash, leaving it with just $155 million on hand. Meanwhile, Kodak is carrying roughly $500 million in debt. Kodak did not immediately respond to a request for comment from Gizmodo. However, a company spokesperson told CNN on Tuesday that it is 'confident it will be able to pay off a significant portion of its term loan well before it becomes due, and amend, extend, or refinance our remaining debt and/or preferred stock obligations.' Kodak said last year it would end its pension plan to help reduce its debt. 'The termination of our U.S. Kodak Retirement Income Plan and subsequent reversion of excess funds to pay down debt is progressing as planned,' said Kodak CFO David Bullwinkle in the company's earnings report. This isn't the first time the company has faced financial struggles. It filed for bankruptcy in 2012. Since then, the company has expanded into other industries it believes have growth potential, including commercial printing services and advanced chemical manufacturing. In 2018, Kodak even jumped on the blockchain and cryptocurrency bandwagon, announcing plans to launch a new digital token called KodakCoins. These tokens were meant to power KodakOne, a blockchain-based rights management platform designed to help photographers register and license both new and existing work through a secure digital ledger. But the project never got off the ground, and Kodak eventually scrapped the plan. Now, the company is highlighting its latest move into pharmaceuticals. The company is opening a manufacturing facility in Rochester, NY, to produce key starting ingredients for drugs.
TechCrunch
a few seconds ago
- TechCrunch
Russian government hackers said to be behind US federal court filing system hack: report
The Russian government is allegedly behind the data breach affecting the U.S. court filing system known as PACER, according to The New York Times. Citing anonymous sources, the newspaper said Russia 'is at least in part responsible' for the cyberattack, without saying what part of the Russian government is behind the hack. The hackers searched for 'midlevel criminal cases in the New York City area and several other jurisdictions, with some cases involving people with Russian and Eastern European surnames,' per the article. Last week, Politico reported that hackers had broken into the federal judiciary's electronic case filing system, potentially accessing the identities of confidential informants, which are redacted and not publicly known, putting those people at risk of retaliation from the criminals they are helping authorities apprehend. Politico reported that the stolen data could include sealed criminal dockets and indictments, arrest warrants, and other documents not yet public, or may never actually be included in public dockets. The Administrative Office of the U.S. Courts, the agency that oversees the U.S. federal courts system, confirmed a cyberattack in a statement on August 7. The New York Times also quoted a memo sent to Justice Department officials, clerks, and chief judges by the court system's administrators, which said that 'persistent and sophisticated cyber threat actors have recently compromised sealed records.' The email said 'this remains an URGENT MATTER that requires immediate action.' This may not be Russia's first rodeo targeting the U.S. federal courts system. In 2020, a long-running Russian cyberattack targeted the SolarWinds software, used by large tech companies and government agencies, to deliver a tainted software update allowing Russian government hackers backdoor access to the networks of SolarWinds customers. The widespread hack affected several U.S. government departments, including PACER, allowing the theft of sealed court documents. The U.S. Courts, in its statement on August 7, said that the agency was 'enhancing security of the system and to block future attacks, and it is prioritizing working with courts to mitigate the impact on litigants.'
Fox News
a few seconds ago
- Fox News
John Oliver has renewed 'anxiety' as an immigrant with Trump return to office, despite US citizenship
HBO late night host John Oliver told Monica Lewinsky on her podcast Tuesday that President Donald Trump's immigration agenda has been causing him worry despite him now being a U.S. citizen.
