November, 2022

• 14 November

  Morrisons, Asda face high cost of their debt-fuelled buyouts

  

    Bloomberg When the UK supermarket chains Asda and Morrisons were taken over last year, their private equity buyers took the typical step of piling them with debt. Now, that burden is becoming increasingly heavy as soaring inflation squeezes incomes, shoppers tighten their belts and borrowing costs soar. The UK’s third and fifth-largest supermarkets are facing combined annual interest bills ...

  Read More »
• 14 November

  Alibaba keeps Singles Day sales tally under wraps for first time

  

    Bloomberg Alibaba Group Holding Ltd. decided not to disclose full sales results for its signature Singles’ Day shopping festival for the first time, after forecasts that the figure may suffer a decline unprecedented in the event’s 14-year history. Alibaba said in a statement gross merchandise value (GMV) was “in line with last year’s GMV performance despite macro challenges and ...

  Read More »
• 14 November

  Malaysia Airlines mulls doubling Boeing 737 Max order, says CEO

  

    Bloomberg Malaysia Airlines Bhd is considering ordering 25 single-aisle jets, probably Boeing Co. 737 Max on top of an existing firm order for 25 of those planes, according to Chief Executive Officer (CEO) Izham Ismail. “Our future network requires 50 narrowbody aeroplanes, so we have still got space for 25,” Izham said on the sidelines of an annual meeting of ...

  Read More »
• 14 November

  Boeing sees bright future in India as clouds persist over China

  

    Bloomberg Boeing Co. sees India as key to offsetting sluggish business in China, its biggest overseas market, as it tries to seal a massive aircraft order from the South Asian nation’s flag carrier and expand its presence in the country. “With uncertainty around China, the Indian market is increasingly important to us,” John Bruns, Boeing vice president of commercial ...

  Read More »
• 14 November

  United offers 5% pay hike to pilots ahead of schedule

    Bloomberg United Airlines Holdings Inc. told pilots it will move forward a planned 5% pay hike to December “in a show of good faith,” days after the aviators rejected a proposed contract. The carrier decided to accelerate the raise based on its financial results through September and outlook for the rest of 2022, according to a letter sent by ...

  Read More »
• 14 November

  Coupang posts first operating profit

    Bloomberg Coupang Inc, the South Korean e-commerce firm backed by SoftBank Group, posted its first operating profit on record after winning more customers and improving cost efficiency. The third-quarter operating profit amounted to $77.4 million, compared with a loss of $315 million on that basis a year earlier, the US-listed company said in a statement. Net revenue climbed 10% ...

  Read More »
• 14 November

  Biden to meet Xi in bid to avert a full rupture in US-China ties

  

  Bloomberg The US and China disagree on so many things, across so many spheres, that other world leaders are increasingly warning of a deeper rupture that could split the global economy. With the stakes rarely higher, President Joe Biden heads to Bali, Indonesia, for his first in-person meeting with China’s Xi Jinping since taking office last year with promises to ...

  Read More »
• 14 November

  Melania Trump’s lawyer likely to win Slovenian presidential vote

  

    Bloomberg Slovenians are voting in a presidential election pitting a human-rights lawyer who has vowed to uphold the rule of law against the ally of an ousted nationalist leader criticized for undermining the country’s democratic values. Natasa Pirc Musar, who once served on the legal team of former US First Lady Melania Trump, had the edge in opinion polls ...

  Read More »
• 14 November

  Biden rallies Yoon, Kishida as North Korean missile threat grows

  

  Bloomberg President Joe Biden met the leaders of Japan and South Korea to rally support in the face of increasingly brazen North Korean missile tests, a show of solidarity a day before he meets Chinese President Xi Jinping. Biden met on Sunday with Japanese Prime Minister Fumio Kishida and South Korean President Yoon Suk Yeol during a summit in Phnom ...

  Read More »
• 14 November

  G-20 statement in doubt as US, Russia fail to agree at Asean

  

  Bloomberg Russia and the US failed to agree on language for a joint statement following a multilateral summit in Cambodia, making it unlikely the Group of 20 nations will reach a consensus in Indonesia either this week. Russian Foreign Minister Sergei Lavrov put the blame on the US and its allies for the lack of communique at the 18-nation East ...

  Read More »