- LifestyleMotorious
Restored 429 Mach 1 Mustang Destroyed Just Miles Away From Destination
The beautiful muscle car was being transported from New York to Georgia.
- PoliticsThe Week
Trump may have unwittingly cost himself one of his biggest donors
President Trump's allies are growing worried about his re-election chances, Politico reports, with one Republican close to the White House comparing the situation to the 1993 film Groundhog Day. "You think it's better, then it's not," the official told Politico.One incident that probably won't allay their concerns is a recent phone conversation between Trump and GOP megadonor and Las Vegas casino mogul Sheldon Adelson, per Politico. Adelson reportedly called Trump last week to discuss the coronavirus relief bill and the economy, but Trump eventually turned the conversation to the campaign and asked Adelson why he wasn't doing more to help, three people with direct knowledge of the call told Politico.One of the sources said it became clear Trump wasn't aware of the extent to which Adelson — whom Politico describes as a financial linchpin who has donated tens of millions of dollars to pro-Trump efforts — has poured in resources for the president. Adelson reportedly didn't fire back at Trump, and his allies say it's unclear if the phone call will dissuade him from working to bolster Trump's campaign during the home stretch. But Republican Party officials were reportedly alarmed by the incident and rushed to smooth things over. Read more at Politico.More stories from theweek.com Trump's latest fundraising attempt is reportedly a Facebook scam against his own supporters Biden campaign reportedly making 'ruthless cuts' to convention speaking list The case against American truck bloat
- U.S.Reuters
U.S. officials find 'sophisticated' smuggling tunnel on Mexican border
The tunnel was found on Tuesday in the desert near San Luis, Arizona by federal agents led by U.S. Immigration and Customs Enforcement's investigative arm, the agency said in a press release Friday. Authorities have located hundreds of tunnels over the years under the Southwest border, saying they are used by drug cartels and criminal organizations to smuggle narcotics, people and weapons back and forth between the two countries. The tunnel found this week measured 3 feet by 4 feet (91 cm by 1.22 meters) and included a "ventilation system, water lines, electrical wiring, rail system, [and] extensive reinforcement," ICE said.
- U.S.Good Morning America
Coronavirus live updates: Georgia school district says 100 students, staff test positive
More than 19.3 million people across the globe have been diagnosed with COVID-19, the disease caused by the new respiratory virus, according to data compiled by the Center for Systems Science and Engineering at Johns Hopkins University. The actual numbers are believed to be much higher due to testing shortages, many unreported cases and suspicions that some national governments are hiding or downplaying the scope of their outbreaks. The Florida Department of Health reported increases in both hospitalizations and deaths Saturday.
- WorldThe Telegraph
US warns Americans to 'exercise increased caution' in New Zealand due to Covid-19
The United States government has issued a warning to its citizens to “exercise increased caution in New Zealand due to Covid-19”, despite the fact New Zealand has been lauded globally for its response to the pandemic. The US has recorded almost five million coronavirus cases and more than 160,000 deaths from Covid-19. By contrast, New Zealand currently has only 23 cases, all of which are in managed isolation. On June 8, Jacinda Ardern, the prime minister, declared the pandemic over as community transmission has been eliminated. The warning on the US government travel advice website does not mention this fact or that each active case involves a returned traveller who went directly into quarantine on arrival. Until Thursday, the warning also did not mention that anyone who is not a citizen or permanent resident of New Zealand cannot enter the country. The US government has four travel advisory levels for travel abroad: Level 1: Exercise Normal Precautions; Level 2: Exercise Increased Caution; Level 3: Reconsider Travel; and Level 4: Do Not Travel. It classified New Zealand as Level 2. New Zealand’s own government has urged residents to not travel overseas at all at present, and the official advice specifically warns against certain countries, including the United States.
- WorldBusiness Insider
The Russian owner who abandoned the ship full of ammonium nitrate that caused the Beirut explosion has been questioned by police in Cyprus, reports say
Igor Grechushkin was questioned by Cyprus police on Thursday over the MV Rhosus, the ship that carried ammonium nitrate to Beirut, local reports say.
- BusinessBloomberg
Mother and Son's $35 Billion Fortune Shrinks on Auto Woes
(Bloomberg) -- In early 2018, Georg Schaeffler became Germany’s richest person as shares of Continental AG, the car-part maker in which he and his mother -- Maria-Elisabeth Schaeffler-Thumann -- own a major stake, surged in price. At the time, their combined fortune totaled $35 billion.They’re now worth about a quarter of that. That’s partly due to the coronavirus pandemic, which has significantly curbed auto sales, as well as the industry’s broader shift toward electric cars. The Schaefflers ended each of the last two years less well-off than they began, and 2020 may be the same. Both have lost about a quarter of their wealth so far this year, according to the Bloomberg Billionaires Index, a listing of the world’s 500 richest people.Read more: World’s wealthiest family gets $1 billion richer every two weeksWhile they’re still super-wealthy, the slump in the Schaefflers’ fortune is among the biggest on the Bloomberg index and highlights the slowdown in global vehicle production. Georg, 55, and Maria-Elisabeth, 78, also control Schaeffler AG, the German engineering group that has faced similar pressures as Continental. Shares in both companies have tumbled by more than a fifth this year.A spokesman for the Schaefflers declined to comment.Rare SwingSuch swings are rare for multi-generational family fortunes of this size, thanks largely to diversification. While founders can be single-minded in their pursuits, their heirs often look to reduce risks by branching out into new ventures. For example, the Mars family began as candy makers but have since pushed into pet-care products, which now comprise about half of annual sales of the business behind their $120 billion fortune. Germany’s Reimann clan have parlayed the proceeds of a chemicals business into a consumer goods empire spanning Krispy Kreme Doughnuts and Panera Bread restaurants.The Schaefflers are now worth $8.5 billion, according to Bloomberg’s wealth index, though the family may have arrangements to protect them against slumping share prices. Other fortunes linked to the auto industry are also suffering during the pandemic. Susanne Klatten and Stefan Quandt, major shareholders of car-maker Bayerische Motoren Werke AG, and Hyundai Motor Group Chairman Chung Mong-Koo have seen their fortunes fall about 10% this year, according to the Bloomberg index.Still, the Schaefflers have bounced back before. Their debt-fueled takeover of Continental forced them to ask for emergency support after credit markets contracted in the 2008 financial crisis, but the company’s share price then surged between 2009 and early 2018. In a sign of another potential rebound, Continental’s shares have climbed more than 50% since mid-March, though the company has said its outlook for the rest of the year remains uncertain.Read more: Continental sales beat estimates, but car supplier is waryContinental, one of the world’s largest supplier of vehicle components, mapped out plans last year for a fundamental overhaul to restore weak profits. The company then announced in March it would explore additional cost cuts and potential plant closures and later said it would cut its dividend payout to save about 350 million euros ($413.5 million). Meanwhile, Schaeffler AG is considering a fresh cost-cutting program to deal with the fallout from the coronavirus pandemic.“We’ve gotten through the first trough, now we need to look at what we can do next,” Schaeffler Chief Executive Officer Klaus Rosenfeld said Tuesday in an interview to discuss first-half earnings. ``“We’re cautiously optimistic that the crisis will slowly abate.’’Wooden HandcartsGeorg’s father and uncle founded Schaeffler -- then called INA-Holding Schaeffler KG -- in 1946 to make wooden handcarts. The company expanded in 1949 after Georg’s father, an inventor, developed a method to make critical machine components more reliable.By the early 1990s, Schaeffler had more than 20,000 workers at plants on three continents. When his father died in 1996, Georg Schaeffler inherited 80% of the ball-bearing business that carries his surname while his mother inherited the rest. Both serve on the supervisory boards of Continental and Schaeffler, which held an initial public offering in 2015 to help pay down its debts.While Georg grew up as the heir to an engineering empire, obtaining degrees in business and law, Maria-Elisabeth studied medicine and never expected to embark on a business career. Born in Prague and raised in Vienna, she was a medical student in the Austrian capital when she met Georg’s father. They married when she was 22, and Maria-Elisabeth eventually became involved in her family’s business affairs.“I grew into it step by step,” she said in a 2001 interview with the German newspaper Welt am Sonntag. “When my son was old enough, my husband and myself decided I should get involved professionally. That’s why I completed -- I must correct myself -- was privileged to complete, an apprenticeship with my husband, which was excellent.”For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
