A construction site is seen on the California High Speed-Railway in Fresno, California on May 5, 2019. The outgoing CFO of the project admitted the loss is “devastating to the overall project,” according to The Associated Press. Context: China, Japan, Spain, France and South Korea already have sprawling high speed rail systems. Years of problems: California’s high speed rail has been beset with delays and swelling costs since the project got off the ground in 2008. Acquiring the parcels of land needed for the project proved more difficult than authorities thought, causing countless setbacks and budget overruns, according to the San Francisco Chronicle.

Source: Forbes May 17, 2019 23:03 UTC