December, 2022

• 20 December

  Morgan Stanley’s Wilson says US profit drop may rival 2008 era

    Bloomberg US equities are set for their worst year since the global financial crisis, and, according to Morgan Stanley strategist Michael Wilson, corporate profits are about to meet the same fate. A looming earnings recession “by itself could be similar to what transpired in 2008/2009,” said Wilson. That could spark a new stock-market low that’s “much worse than what …

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• 20 December

  Stocks make recovery bid from policy-induced losses

  

    Bloomberg Global stocks attempted to recover after two weeks of losses sparked by the concern that continued policy tightening by the US Fed and other central banks would trigger economic recession and hit companies’ profits. While the S&P 500 and the tech-heavy Nasdaq 100 are on track to end the month lower, futures on both ticked higher. In Europe, …

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• 20 December

  Australia’s $130bn wealth fund bets inflation to persist

  

  Bloomberg Australia’s sovereign wealth fund is positioning for inflationary pressures to persist around the world, betting that gold and other commodities will offset crimped returns across asset classes. Future Fund Chief Executive Officer Raphael Arndt said “a few percent” of the firm’s A$193 billion ($130 billion) of assets is now invested in gold, after making its first foray into the …

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• 19 December

  EU strikes landmark deal to bolster carbon market

  

    Bloomberg The European Union (EU) reached an agreement to strengthen and expand its flagship carbon market, endorsing the centerpiece of the Green Deal strategy that aims to make its economy climate-neutral by mid-century. Under a provisional deal announced by representatives of EU member states and the European Parliament, emissions trading will be extended to heating and road transport, and …

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• 19 December

  Woman awarded $40 million in Calif talc suit against Avon

  

    Bloomberg Avon Products Inc was ordered by a California jury to pay $10.3 million in punitive damages to a woman who blamed her cancer on talc in its cosmetics, in the first such case the company has lost in US litigation. The Los Angeles Superior Court jury that punished Avon for hiding the risks that some of its talc-based …

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• 19 December

  American to drop Mesa Air as partner

  

  Bloomberg American Airlines Group Inc said it will wind down its partnership with Mesa Air Group Inc on concern about reliability at the regional airline, which has been struggling to hire pilots during an industry-wide shortage. “Mesa Airlines has experienced various financial and operational difficulties this year,” Derek Kerr, American’s chief financial officer, said in a memo. “We have concerns …

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• 19 December

  Ruto keen to sell government’s entire stake in Kenya Airways

  

    Bloomberg Kenya’s government is prepared to sell its entire stake in the East African nation’s loss-making airline, newly elected President William Ruto said. “I’m willing to sell the whole” of Kenya Airways Plc, Ruto said in an interview on the sidelines of the US-Africa Leaders Summit in Washington. “I’m not in the business of running an airline that just …

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• 19 December

  Airline revenue is pressured in ‘off-trend’ calendar quirk

  

    Bloomberg Airlines are coping with a calendar quirk that’s prompting more fliers to book flights on either side of December, creating an air pocket in the last month of the year. The US Thanksgiving holiday on November 24 was the earliest its been since 2018, prompting more travellers to take a return trip the same month — unlike in …

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• 19 December

  Starbucks-Amazon store staff reject union membership

    Bloomberg Baristas at an experimental Starbucks-Amazon Go store in New York narrowly rejected union membership, the latest setback for the US labour movement. The workers, who legally work for Starbucks Corp, requested a union election because they said the tie-up between the coffee chain and Amazon.com Inc doubled their workload with no additional pay. The vote was very close, …

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• 19 December

  Zambia seeks to sell Gulfstream jet

    Bloomberg Zambia is looking to sell a Gulfstream G650ER jet bought for the presidency for $194.9 million in 2019 as it seeks to cut costs. President Hakainde Hichilema pledged to offload the plane once elected, and hasn’t used it since taking office in August last year, opting rather for commercial flights or an older presidential jet. The previous administration …

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