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Zillow puts house flipping on hold

Zillow, which acquired more than 3,800 homes in the second quarter, will stop pursuing new purchases for the remainder of the year.Tiffany Hagler-Geard/Bloomberg


Zillow puts house flipping on hold

Zillow is taking a break from buying US homes after the online real estate giant’s pivot into tech-powered house-flipping hit a snag. Zillow, which acquired more than 3,800 homes in the second quarter, will stop pursuing new purchases for the remainder of the year as it works through a backlog of properties already in its pipeline. The company said it will continue to market and sell homes during the break from acquisitions and will close deals on homes that are under contract. — BLOOMBERG NEWS


Sinclair hit by ransomware attack

Sinclair Broadcast Group, which operates dozens of TV stations across the US, said Monday that some of its servers and work stations were encrypted with ransomware and that some of its data was stolen from the company’s network. The company said it started investigating the potential security incident on Saturday and on Sunday it and found that certain office and operational networks were disrupted. The company based in Hunt Valley, Md., owns and/or operates 21 regional sports network and owns, operates, and/or provides services to 185 television stations in 86 markets. The broadcast group, which is known for pushing a conservative viewpoint through editorials and reports that it compels its stations to run, did not immediately say how many TV stations were directly affected. — BLOOMBERG NEWS



Coal makes a comeback

The global energy crisis that’s driving up demand for coal boosted third-quarter results for Peabody Energy Corp., pushing up shares 17 percent. Sales to customers exceeded $900 million, the highest in seven quarters, and adjusted earnings before interest, taxes, depreciation, and amortization of $280 million to $290 million will be triple the year-ago figure, according to preliminary earnings released Monday by the biggest US coal miner. The results bode well for US miners, which are heading into earnings season buoyed by increasing consumption at domestic utilities, higher demand for international shipments and prices climbing around the world. — BLOOMBERG NEWS



Disney delays Indiana Jones, Black Panther sequel releases

The Walt Disney Co. is pushing back the release dates of many of its upcoming titles, including the untitled Indiana Jones movie and the Black Panther sequel “Wakanda Forever.” The company said Monday that the fifth Indiana Jones, a James Mangold-directed and Steven Spielberg-produced installment which sees the return of Harrison Ford as the adventurous archaeologist, will be delayed almost a year and open in theaters in June 2023. “Black Panther: Wakanda Forever” has also been pushed several months, from July 2022 to November 2022. Both films are currently in production. Other Marvel titles like “Doctor Strange in the Multiverse of Madness,” “Thor: Love and Thunder,” “The Marvels,” and “Ant-Man and the Wasp: Quantumania” were also all delayed several months. — ASSOCIATED PRESS


Editor of German tabloid removed over misconduct allegations

LONDON — The powerful chief editor of Germany’s best-selling newspaper has been removed from his post following revelations of misconduct, publishing company Axel Springer SE said Monday. Julian Reichelt was axed from the helm of the Bild tabloid “with immediate effect,” the company said in a statement. The 41-year-old was suspended earlier this year as part of company-ordered probe into his management style, but later reinstated. Axel Springer said it had gained new information about Reichelt’s current behavior “as a result of press reports” that it had followed up on, revealing that he had failed to “clearly separate personal and private matters” even after being required to do so following the internal investigation. The New York Times published a report Sunday containing new details from the internal probe into Reichelt’s alleged affair with a trainee. The announcement came after it emerged over the weekend that journalists at a rival German media group had been investigating allegations against Reichelt but were prevented from publishing their findings. — ASSOCIATED PRESS



London workers are returning to the office, but not every day

Offices are starting to fill up again, but it’s still not where Londoners are spending their entire work week. More than 80 percent of London-based office employees who participated in a JPMorgan Chase survey said working full time either from home or from the office were their least preferred options after the ending of pandemic restrictions, analysts led by Neil Green wrote in a note. The analysts polled about 650 workers between Sept. 30 and Oct. 12, with about two-thirds of respondents saying they were back in the office on a regular basis. Only 37 percent said they had been going in five days. — BLOOMBERG NEWS


TotalEnergies opens offshore wind hub in North Sea

TotalEnergies opened an offshore wind hub within its existing center for UK North Sea oil and gas, the latest example of fossil-fuel producers shifting to clean energy. The center will utilize the offshore expertise that TotalEnergies has built in Aberdeen, Scotland, over the last 50 years, the French company said in a statement on Monday. The move will enable staff to transfer their skills from oil and gas to renewables as that part of the company’s business grows. — BLOOMBERG NEWS



Facebook expects record advertising for the holidays

Facebook is expecting a record level of advertising during the upcoming holiday season despite supply chain disruptions that have complicated retailers plans, according to a senior executive. After seeing advertising drop off during the start of the pandemic, ad agencies have seen a resurgence in spending as economies reopen. Meanwhile, Facebook said it will create 10,000 new highly skilled positions in Europe within the next five years as part of the social media giant’s push to develop a metaverse. Target markets for the hiring include the Republic of Ireland, which unlike Northern Ireland remains part of the European Union, as well as Germany, France, Italy, Spain, Poland, and the Netherlands. A spokesperson for Facebook confirmed to Bloomberg that the UK wasn’t being included. — BLOOMBERG NEWS


Bitcoin ETF to begin trading

Bitcoin has been on a tear in recent weeks, approaching record prices above $60,000, as crypto enthusiasts anticipate history in the making. On Tuesday, ProShares will start a long-awaited exchange-traded fund on the New York Stock Exchange linked to Bitcoin futures, the firm and the exchange told the DealBook newsletter. The ETF will give investors exposure to Bitcoin without having to hold the cryptocurrency directly, via any ordinary brokerage account. “2021 will be remembered for this milestone,” said Michael Sapir, CEO of ProShares. Investors who are curious about crypto but hesitant to engage with unregulated crypto exchanges want “convenient access to Bitcoin in a wrapper that has market integrity,” he said. For nearly a decade, crypto entrepreneurs and traditional finance firms have sought permission to offer a Bitcoin ETF in the United States, but their applications have been delayed or denied by the Securities and Exchange Commission. — NEW YORK TIMES