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Used car prices ticked down slightly last month in spite of uncertainty around tariffs, but buying a new old whip still costs more than it used to. In April, the average cost for a used vehicle shot up as consumers raced to lock in purchases ahead of potential price hikes driven by Trumps ongoing trade wars. The Manheim Used Vehicle Value Index from Cox Automotive, which tracks used car sales in the U.S., showed a 1.4% drop in prices last month, but prices are still up 4% compared to the same time last year. In April, used car prices saw their biggest spike since October 2023. While the market continues to digest the impact of tariffs, we could see a bit higher levels of wholesale depreciation over the summer, Cox Automotive Senior Director of Economic and Industry Insights Jeremy Robb said in the report, while noting that low inventory could act as a counterbalance, driving prices back up. Compared to a year ago, luxury cars saw the biggest price increase at 6.5%, with SUVs close behind with a 5.2% year-over-year increase. Electric vehicle prices were up 3.1% compared to the same time last May. Used car prices in the U.S. have been a telling indicator of market forces in recent years. In the pandemics early days, supply chain issues constricted the availability of new cars, driving more buyers to the used market. That demand sent used car prices up, and they mostly stayed that way. In March, President Trump announced a 25% tariff on imported cars and car parts, sowing fresh inflation concerns and sending supply chains into chaos again. Trump later eased tariffs for vehicles assembled in the U.S. using foreign parts a reprieve intended to give U.S. automakers a break while they scramble to determine the feasibility of building domestic supply chains to replace parts sourcing abroad.
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E-Commerce
A Japanese company trying to land a spacecraft on the moon Friday said that the unmanned lander is believed to have crashed into the lunar surface. The Tokyo-based private space exploration company ispace reported that its Resilience lunar lander successfully initiated its descent onto the moon, but lost communication shortly afterward. Resilience made its descent from 100 kilometers above the moons surface to 20 kilometers normally, and its main engine fired to initiate the deceleration process before ispaces connection to the spacecrafts telemetry went dark. Five hours after initiating the landing sequence and attempting to remotely reboot the craft, mission control determined that regaining the connection wasnt possible and declared an end to the mission, known as Mission 2 SMBC x HAKUTO-R Venture Moon. According to the companys early findings, the laser range-finder that Resilience used to calculate the distance to the surface of the moon was operating on a delay, an error that likely prevented the lander from slowing down for a successful landing. Given those findings, ispace concluded that its signature spacecraft likely performed a hard landing on the lunar surface. A crash landing upends the mission Given that there is currently no prospect of a successful lunar landing, our top priority is to swiftly analyze the telemetry data we have obtained thus far and work diligently to identify the cause, ispace CEO Takeshi Hakamada said, adding that the company would issue a detailed report on its findings. The failed lunar mission follows ispaces first attempt in 2023, which also ended with a bang. That craft, the Hakuto-R lunar lander, free-fell out of the sky for 5 kilometers before smashing into the lunar surface after onboard sensors miscalculated its altitude. The lunar south pole in the spotlight With interest in Mars on the upswing, humanitys drive to get back to the moon seemed to have waned in recent decades before a recent flurry of new lunar excitement. In 2023, India became the fourth nation to successfully land on the moon, joining the U.S., the former Soviet Union, and China. The following year, Japan joined their ranks when the countrys JAXA space agency nailed a historic pinpoint landing on the moon, but pulled the feat off accidentally upside down. For national space agencies, the spirit of scientific exploration isnt the only thing putting the moon back in focus. The moons icy south pole is believed to house water frozen in shadowed craters, a resource that would prove invaluable for future human activity on the moon, or even as a hydration way-stop for space exploration beyond it. That context is useful for understanding why manned moon missions are back on the docket for NASA, which wants to establish the first long-term presence on the lunar surface and plans to put humans back on the moon in 2028, optimistically. China has its own plans to send astronauts to the moon by 2030, the first stepping stone toward its goal of establishing a lunar research station. Private partnerships power the new space race Lunar interest isnt just waxing among national space agencies. Private spaceflight companies around the globe have scrambled to get into the mix, with some like ispace sending their landers up with a ride from SpaceX rockets. Firefly Aerospace, based near Austin, Texas, made history of its own in March when its Blue Ghost lunar lander reached the lunar surface, making it the first private company to soft-land on the moon. A lunar lander from Houston-based Intuitive Machines followed closely behind but touched down at an odd angle, preventing the solar panels that power it from recharging to carry out its mission objectives. Both lunar missions carried equipment for NASA through a program known as Commercial Lunar Payload Services, an initiative that will allow the agency to conduct scientific research through private moon missions. Between global powers with designs on lunar ice and a lucrative web of public-private partnerships, the moon is the next big prize in the space raceone were going to be hearing a lot more about in the coming years.
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E-Commerce
The list of Rite Aid store closures continues to grow. As the drugstore chain prepares to sell off its remaining assets in the wake of filing for bankruptcy a second time, the total number of locations marked for closure in court documents as of this week is at least 497 nationwide. The chain will eventually sell or shutter all of its 1,277 pharmacies as it winds down operations. According to a court filing on Thursday, the latest list includes 25 additional locations in Ohio, California, Oregon, and Washington state. Bids on Rite Aids remaining assets are due on June 18. Pharmacy assets already sold Rite Aid has already reached agreements to offload some of its assetsnotably, its valuable prescription filesto CVS, the countrys largest pharmacy chain; Walgreens; and the Albertsons and Kroger grocery chains. As Fast Company previously reported, CVS agreed to buy prescription files for 625 of those pharmacies and take over 64 brick-and-mortar Rite Aid locations in Idaho, Washington, and Oregon, home to many of the latest closures. Rite Aid’s mass closures present particular challenges for customers in rural areas who rely on the chain for their medications, sparking concerns about pharmacy deserts. The broader wind-down has left many remaining locations with empty shelves as products run out. Fast Company has reached out to Rite Aid for additional information about the timeline of the closures. Here’s what to know. Which Rite Aid stores are among the latest closings? According to this weeks filing, the following 25 locations are set to close and may already be in the process of doing so. CALIFORNIA 2505 Mt Vernon Avenue, Bakersfield, CA 93306 602 Williams Road, Salinas, CA 93905 4322 South Figueroa Street, Los Angeles, CA 90037 1560 Sycamore Avenue, Hercules, CA 94547 32121 Camino Capistrano, San Juan Capistrano, CA 92675 1501 West Main Street, El Centro, CA 92243 10823 Zelzah Avenue Bldg D, Granada Hills, CA 91344 19035 Bear Valley Road, Apple Valley, CA 92308 7025 El Camino Real, Atascadero, CA 93422 24330 El Toro Road, Laguna Woods, CA 92637 295 West Main Street, Woodland, CA 95695 1735 E Walnut Avenue, Visalia, CA 93292 300 North Canon Drive, Beverly Hills, CA 90210 OREGON 2021 NW 185th Avenue, Hillsboro, OR 97124 681 Lancaster Drive NE, Salem, OR 97301 1970 Echo Hollow Road, Eugene, OR 97402 1560 Coburg Road, Eugene, OR 97401 Ohio 1955 Cleveland Road, Wooster OH 44691 WASHINGTON 2131 SW 336th Street, Federal Way, WA 98023 10407 SE 256th Street, Kent, WA 98030 5700 100th Street SW Ste 100, Lakewood, WA 98499 3116 NE Sunset Boulevard, Renton, WA 98056 140th Avenue SE, Renton, WA 98058 196th Street SW, Lynnwood, WA 98036 2860 NW Bucklin Hill Road, Silverdale, WA 98383 Where can I find the full list of Rite Aid closures? Previous filings have revealed closures as noted below: May 5: 47 initial locations May 9: 68 additional locations May 16: 95 additional locations May 23: 151 additional locations May 30: 111 additional locations How did Rite Aid get here? Rite Aids Chapter 11 bankruptcy filings come less than one year after a similar filing in 2023. Like many drugstore chains, including CVS and Walgreens, Rite Aid has struggled with online competition from Amazon and other retailers and with decreased profits from prescription drugs due to lower reimbursement rates.
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E-Commerce
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