November, 2022

• 1 November

  Ocado shares soar on deal with South Korea’s Lotte Shopping

  

  Ocado Group Plc surged after signing an exclusive deal with Lotte Shopping Co. to develop the South Korean retailer’s online grocery business. The UK developer of automated delivery systems will work with Lotte to build a network of robotic warehouses using Ocado’s Smart Platform, as well as providing technology for building online orders from Lotte’s stores. Lotte Shopping operates department ...

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• 1 November

  Air France-KLM CEO says he’s interested in Portugal’s TAP

  

  Air France-KLM said it could be interested in taking a stake in Portuguese flag carrier TAP SA as the government in Lisbon seeks an industry backer for an airline it was forced to rescue during the coronavirus crisis. Chief Executive Officer Ben Smith said that the Franco-Dutch group would “definitely engage on a formal basis” with a view to some ...

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• 1 November

  Hong Kong’s stock exchange cuts trading fees to boost market

  

  Hong Kong’s stock exchange (HKEX) will cut trading fees for its cash market starting next year in an effort to improve market efficiency and boost activity. Overall, the moves by the Hong Kong Exchanges & Clearing Ltd. will lower the effective rate on cash market trades to 0.565 basis points from 0.576 basis points, according to a statement on Tuesday. ...

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• 1 November

  Carlyle Aviation sues insurers over seized planes in Russia

  

  Carlyle Aviation Partners said it sued a group of insurance companies and re-insurers claiming they failed to pay for losses stemming from the seizure of planes leased to Russian airlines following the invasion of Ukraine. Carlyle Aviation leased 23 planes to Russian airlines, including Izhavia and NordStar, and tried to repossess and relocate the aircraft as soon as Russia’s invasion ...

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• 1 November

  Global stocks rally on China reopening bets, dollar falls

  

  Global stocks rallied as speculation that China may unwind its stringent Covid Zero policy fueled risk-on sentiment across markets. The dollar and Treasury yields fell ahead of a key Federal Reserve decision. US-listed Chinese stocks soared in premarket trading, tracking the rally in Chinese markets after an unverified social media post triggered speculation that Beijing is looking to phase out ...

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• 1 November

  Credit Suisse bites the bullet. It’s not enough

  

  Paul J. Davies Credit Suisse Group AG finally bit the bullet. A properly radical transformation is on the way. It will shut down, sell or spin off most of its investment bank and become a more focused international wealth and asset manager with some trading capabilities attached to a traditional Swiss bank. The new leadership of Chairman Axel Lehmann and ...

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• 1 November

  Don’t write off the retooled Covid boosters

  

  Lisa Jarvis Two new, small studies are stirring up more controversy over the new Covid boosters, updated to match the omicron BA.4 and BA.5 strains. The research suggests the shots are no better than old boosters. But that doesn’t mean we should write them off — and certainly doesn’t mean that getting one won’t save lives. The studies are small, ...

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• 1 November

  Euro-zone inflation soars to new record

  

  Euro-area inflation surged to a fresh all-time high, while the bloc’s economy lost momentum — reinforcing fears that a recession is now all-but unavoidable. Consumer prices jumped by 10.7% from a year ago in October, far exceeding the 10.3% median estimate in a Bloomberg survey. Third-quarter output, meanwhile, slowed to 0.2% from the previous three months — more than analysts ...

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• 1 November

  Uber tops sales estimates on strong ridership, driver supply

  

  Uber Technologies Inc reported revenue that beat analysts’ expectations, fueled by a recovery in driver supply that supported increased ridership, assuaging investor concerns that rising inflation would damp consumer spending. The shares jumped about 6% in early trading. Third-quarter sales jumped 72% to $8.34 billion, the San Francisco-based company said on Tuesday in a statement. That exceeded the $8.1 billion ...

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• 1 November

  UK house prices fall the most since start of Covid pandemic

  

  UK house prices fall the most since the start of the pandemic in October as political and market turmoil sent shock waves through the property market. The average value of a home dropped 0.9% to £268,282 ($309,500), the Nationwide Building Society (NBS) said on Tuesday. It was the largest decline since June 2020 and much sharper than the 0.3% reduction ...

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