Bloomberg It could be one of the world’s most expensive white elephants. Hong Kong opened its new, third runway at its airport, part of a HK$141.5 billion ($18 billion) project that will increase its footprint by 50%, adding 650 hectares (1,606 acres), equivalent to the size of Gibraltar. Also under construction is a HK$20 billion entertainment, retail and commercial ...

  Bloomberg Wizz Air Holdings Plc is cutting 5% of its capacity over the peak summer travel period to reduce the impact of a staffing crisis that’s plaguing the industry. The low-cost carrier’s reductions, announced in a statement, will add to travel disruptions across Europe after companies including British Airways, KLM and Deutsche Lufthansa AG scrapped flights as demand bounced ...

Bloomberg Two of Europe’s biggest airlines announced another round of cancellations, adding to the disruption turning the travel sector’s pandemic recovery summer into a nightmare. The Dutch arm of Air France-KLM plans to cancel as many as 20 round-trip flights to European destinations every day through the end of August. Deutsche Lufthansa AG said it will cancel 770 flights this ...

Bloomberg The cost of Lurpak butter is emerging as the new flash point in Britain’s cost-of-living crisis, requiring security tags in stores and spawning a controversy that’s placed its owner, Arla Foods, on the defensive. “We understand that recent inflation in food prices is hitting many households really hard,” an Arla spokesperson said by email after the dairy firm’s Lurpak ...

  Bloomberg Spirit Airlines delayed for a third time a crucial shareholder vote so it can continue discussions of its merger options with Frontier Group Holdings and rival suitor JetBlue Airways. The special meeting was delayed until July 15, Spirit said in a statement. While Spirit will continue to solicit shareholder proxies, there won’t be a vote or other business ...

  Bloomberg Tesco Plc and food giant Kraft Heinz Co have settled a dispute over price increases which left the UK’s biggest supermarket chain without products including brand-name ketchup and baked beans. The full range of Heinz products will now return to Tesco shelves and its online shopping site in the coming days, the two companies said in a joint ...

Bloomberg Risks are skewed towards the Australian dollar declining even further in 2022 after touching a two-year low this month amid concerns over slowing economic growth. Commonwealth Bank of Australia sees the currency declining to 65 cents versus the greenback by December, from about 68.6 cents last week. Leveraged funds, which were betting on gains as recently as May, are ...

  Bloomberg European Central Bank (ECB) Governing Council member Yannis Stournaras said a new tool to keep debt-market turmoil at bay as interest rates rise may not need to be used if it’s powerful enough to persuade investors not to test it. In a Bloomberg Television interview in Aix-en-Provence, France, Stournaras said there’s a “very good debate” under way on ...

Bloomberg Credit Suisse group is losing four traders from its high-yield and distressed-debt desks just as interest-rate hikes, inflation and volatile markets heighten the need for such expertise. The traders will join British lender Barclays Plc in New York as it beefs up its own credit desks, according to people with knowledge of the moves. Three of those departing are ...

Bloomberg In June, the electric bike startup Joco, which rents e-bikes to food delivery workers and other couriers in New York City and Chicago, began testing a new vehicle called the Deliverator. Made in Eugene, Oregon by Arcimoto Inc, the Deliverator is an electric three-wheeler with a “reverse-tricycle” configuration—two wheels in the front and one in the back—that makes it ...