August, 2022

• 24 August

  China’s property demons stalk Vietnam

  

  One may earn a high salary, but only real estate can build up wealth — for decades, that’s been the Chinese mentality. Real estate accounts for roughly 70% of China’s household wealth, and as much as 30% of its economy. But China Evergrande Group’s debt blowup, with the tumbling home prices and mortgage boycotts that followed, have sent the economy ...

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• 24 August

  FedEx investors need a metric they don’t have

    Investors are eager to understand what’s happening at FedEx Corp’s Ground unit, which has been the company’s crown jewel of rising sales and profit for a couple of decades. That’s why almost a dozen Wall Street analysts and two big FedEx investors traveled to Las Vegas over the weekend to hear the view of contractors that make the last-mile ...

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• 24 August

  Moderates still run the show in US politics

    Last week’s enactment of the 2022 budget-reconciliation bill, also known as the Inflation Reduction Act, is being treated by many analysts as a major turning point in Joe Biden’s presidency. As recently as last month, when it looked like Congress might not pass reconciliation legislation this year, conventional wisdom in Washington suggested that Biden was a failing president who ...

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• 24 August

  Gatwick Airport ends caps over Heathrow disruption

  

    Bloomberg London Gatwick airport said it will end capacity caps this month, bringing some relief to travelers as schedule reductions at the UK capital’s larger Heathrow hub continue through the winter season. Gatwick, controlled by French builder Vinci SA, has hired 400 security staff to help resolve a labour crunch while delegating other workers to address shortages at airport ...

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• 24 August

  SpiceJet says it’s open to external investors

  

    Bloomberg Financially troubled Indian carrier SpiceJet Ltd is open to investment from external parties, including other airlines, as it seeks to raise 20 billion rupees ($250 million), Chairman Ajay Singh told reporters in New Delhi. Singh declined to say what other carriers SpiceJet may be in discussions with but indicated an equity stake sale may be one option. SpiceJet’s ...

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• 24 August

  Starbucks to Nike report steep China sales drop on lockdowns

  

    Bloomberg Global consumer giants selling everything from jewellery to t-shirts saw sales in China tumble in their most recent quarter as Covid Zero lockdowns hammered consumer demand in the world’s second-largest economy. Starbucks Corp was particularly hard hit, reporting a more than 40% drop in sales in the quarter ended on July 3. The company began the period with ...

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• 24 August

  Bed Bath & Beyond leads rout as meme stocks fizzle

  

    Bloomberg The unraveling of the latest meme stock frenzy is accelerating as bad news for one of the most popular retail-trader favourites piles up and investors dump riskier assets. Bed Bath & Beyond Inc tumbled 16%, marking a now three-day drop that’s erased 60% of its market value, after a report some suppliers were restricting or halting shipments altogether ...

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• 24 August

  Matalan founder proposes cash injection to avoid sale

    Bloomberg Matalan Ltd’s founder John Hargreaves has proposed injecting tens of millions of pounds into the struggling retailer to keep control of the business even as its creditors push for a sale, Sky reported citing people familiar with the matter. Hargreaves, who reinstated himself as Matalan chairman last month, wants to invest between £25 million and £50 million cash ...

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• 24 August

  JD sales beat estimates, defies slowdown

    Bloomberg JD.com Inc reported stronger-than-projected revenue growth after consumers continued to flock to the country’s second-largest online retailer despite an economic slowdown. Sales hit 267.6 billion yuan ($39.1 billion) during the second quarter, beating the average forecast of 261.7 billion yuan. The Beijing-based company logged net income of 4.4 billion yuan, following three consecutive quarters of losses. Its shares ...

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• 24 August

  US warns of Russian strikes against civilians in Ukraine

  

  Bloomberg Russia is preparing to launch intensified strikes against civilian infrastructure as well as government facilities in Ukraine in the coming days, the US embassy in Kyiv said in a statement. It also urged American citizens to leave the country using private ground transportation if possible. Ukrainian President Volodymyr Zelenskiy has warned that Russia “may try to do something particularly ...

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