Bloomberg Singapore is offering assistance to power retailers and promising safeguards for customers as skyrocketing prices strain its nascent open electricity market. At least two power providers have announced they will cease retail operations after wholesale prices surged to a record last week. The government is offering help in hedging against volatility for those who want to continue operations, the ...

Bloomberg Southwest Airlines Co asked a federal court to reject a request from its pilots to temporarily block the carrier from carrying out federally mandated coronavirus vaccinations, saying such an order would put the company’s business, employees and customers at risk. The Southwest Airlines Pilots Association (SWAPA) is seeking to stop the airline from moving ahead with the November 24 ...

Bloomberg Indian tycoon Mukesh Ambani bought a stake in a high-end fashion brand, run by a stylist to some of Bollywood’s biggest stars, as Asia’s richest person continues to expand into luxury retail. Reliance Brands Ltd bought 40% of MM Styles Ltd, which owns Manish Malhotra’s eponymous fashion house, the company said in a statement. The privately-held brand was launched ...

Bloomberg Italia Trasporto Aereo (ITA), the state-owned successor to Alitalia, is positioning itself for an investment from a major airline that could come as soon as the end of next year, according to Chairman Alfredo Altavilla. The new Italian carrier, which started operations after its predecessor shut down, is too small to survive as a standalone company, Altavilla said in ...

Bloomberg A consortium led by Hungary’s government has offered about 4 billion euros ($4.6 billion) for full control of Budapest Airport, according to people familiar with the negotiations. The latest bid, after an earlier one this year was rejected as undervaluing the hub, is being considered by the airport’s owners, according to two people who asked not to be identified ...

Bloomberg China’s Civil Aviation Administration ordered five domestic and foreign airlines to suspend some flights from Monday after multiple coronavirus cases were found on board, it said. The carriers included Air China Ltd, which had six infections detected on an inbound flight from Frankfurt to the northeastern city of Changchun, the administration said in the statement. KLM Royal Dutch Airlines, ...

Bloomberg Swedish home-furnishings giant Ikea gave a bleak outlook for the retail industry, saying it expects shortages from the supply-chain crisis to remain an issue through the middle of next year. “The biggest challenge has been getting products out of China, where there has been a very limited capacity,” Chief Executive Officer Jon Abrahamsson Ring of Inter Ikea, the worldwide ...

Bloomberg Another time-honoured axiom is being put to the test in the post-pandemic stock market, the one that says don’t fight the Federal Reserve. Last week, anyway, optimism around everything from corporate earnings to Covid-19 counts and seasonal market trends put a muzzle on central bank-obsessed skeptics. The S&P 500 shook off the gloom of the last month to post ...

Bloomberg Hong Kong is starting futures contracts that make it easier for international investors to bet on mainland Chinese stocks, intensifying rivalry between the city’s bourse and its Singapore counterpart. Analysts expect that the new product, which launches on Monday, from Hong Kong Exchanges & Clearing Ltd could take several years to gain traction, but that it will ultimately provide ...

Bloomberg Stocks in the Middle East picked up on the rally across global markets as oil’s gains through $85 a barrel emboldened investors. “GCC markets are taking cues from the positive performance in global equity markets,” said Junaid Ansari, head of investment strategy and research at Kamco Invest. “Moreover, oil is now trading at close to eight-year high levels. This ...