October, 2022

• 30 October

  Musk takes Twitter helm after closing $44 billion deal

  

  Elon Musk wasted no time taking complete control of Twitter Inc. The billionaire appointed himself chief executive officer, dismissed senior management and immediately began reshaping strategy at one of the world’s most influential social media platforms as his $44 billion take-private deal closed. Musk, 51, is replacing Parag Agrawal, who was fired along with three other top executives. The mercurial ...

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• 30 October

  Appliance maker Electrolux to cut 8% of 50,000 staff

  

  A slump in demand for household appliances has prompted Swedish manufacturer Electrolux AB to scale back its North American operations in a move that affects as much as 8% of its 50,000-strong workforce. The job cuts of 3,500 to 4,000 employees form part of a cost reduction problem that was announced alongside Electrolux’s third-quarter earnings. The company, which makes cookers, ...

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• 30 October

  Scotiabank cuts Asia capital-markets jobs in shift to Americas

  

  Bank of Nova Scotia’s capital-markets unit is cutting some jobs in Asia and offering other staff members retention and relocation packages as the bank narrows its focus on regions closer to home. The move is part of the bank’s push to concentrate on North and South America, and its global banking and markets division in the Asia-Pacific region will focus ...

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• 30 October

  Lufthansa sees strong quarterly bookings despite inflation woes

  

  Deutsche Lufthansa AG predicted demand for travel will remain strong in coming months as the desire to travel in the wake of the pandemic outweighs concerns about higher cost of living and the uncertain economic future. The airline group said demand for flights in the fourth quarter looks strong, adding it also expects a robust performance for its maintenance and ...

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• 30 October

  China Southern cancels planned return of two Boeing 737 MAX flights

  

  China Southern Airlines Co. cancelled two scheduled flights that would have used Boeing Co.’s 737 Max, further postponing the return of the aircraft in the country since it was grounded in March 2019. The planned flights on October 30 were to be from Guangzhou to the cities of Wuhan and Zhengzhou, according to China Southern’s website. China’s largest airline originally ...

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• 30 October

  Cathay Pacific to restore some flights using Russian airspace

  

  Cathay Pacific Airways Ltd. will restart using Russian airspace several months after Moscow’s war in Ukraine upended the aviation industry and global flight paths, becoming among earliest of major airlines to do so. Hong Kong’s main airline will fly from New York to the Asian financial hub using the so-called Polar Route from November 1, the company said in an ...

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• 30 October

  Trump 2024 presidential bid would be very unusual

  

  Jonathan Bernstein The Democratic presidential nomination cycle is somewhat unusual for a party with a first-term incumbent president. The Republican 2024 cycle? There has never been anything remotely like it. Of course this is all about former President Donald Trump, whose unannounced campaign has been going strong since the day he left the White House.  Trump is doing all the ...

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• 30 October

  Stock rally faces a wall of risk in Fed, jobs

  

  Jonathan Levin The latest bear-market rally in US stocks has brought investors off the sidelines and provided a welcome reprieve from three quarters of gloom. But traders now need to ask themselves whether the risks continue to justify the potential returns. The S&P 500 Index has rallied 7.9% since October 12, helped by hardy corporate earnings, stabilizing US Treasury yields ...

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• 29 October

  Masdar opens new office in Saudi to expand presence

  

  Abu Dhabi / WAM  Masdar has pledged to strengthen its support for Saudi Arabia’s clean energy objectives by opening a new dedicated office in the Kingdom. Masdar will also participate with partners in the upcoming Round 4 tender announced by the Saudi Power Procurement Co. (SPPC) for wind and solar projects with a combined capacity of 3.3 gigawatts (GW). The ...

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• 29 October

  Amanat buys 60% stake in HDC for AED215.3 million

  

  Dubai / WAM Amanat Holdings has announced the acquisition of a 60% stake in Human Development Company (HDC), a provider of special education and care (SEC) services in Saudi Arabia covering educational, medical, and rehabilitation services, for an initial consideration of SAR220.3 million (AED215.3 million) and a contingent consideration of up to SAR47.1 million payable subject to future earnings growth. ...

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