August, 2022

• 20 August

  Can China’s lending-by-app be aped?

  

  There’s a lot about Beijing’s decades-long infrastructure push and investment-led growth that India wants to emulate. But when it comes to the consumer economy, aping China’s out-of-control digital lending boom is strictly off the policy agenda. The Reserve Bank of India’s recently released guidelines for app-based loans show a clear desire to rein in the industry after its pandemic-era excesses. ...

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• 20 August

  Kenya’s economy can’t afford a political crisis

    Kenya’s general election was always going to be a close-run thing, with a certain amount of political uncertainty baked into the outcome. Going into the weekend, Raila Odinga, the perennial opposition contender, has rejected the election commission’s announcement that William Ruto had beaten him, by a thin margin of 50.5% to 48.9%, to the presidency. Odinga has until next ...

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• 20 August

  Biden, Putin and Xi? A good G-20 turnout

    Indonesian President Joko Widodo has long put domestic concerns ahead of diplomacy. He’s now about to host one of the most significant geopolitical gatherings in years. He told Bloomberg News that Russia’s Vladimir Putin and China’s Xi Jinping plan to attend the Group of 20 summit. For the image-conscious Jokowi, as he is known, that counts as a win ...

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• 20 August

  Cathay Pacific pilots offered extra pay for flights to China

  

    Bloomberg Cathay Pacific Airways Ltd is dangling allowances of up to HK$5,000 ($640) a flight as a sweetener for pilots rostered on to fly in and out of mainland China, with ongoing Covid-19 curbs making it less appealing to work those routes. The Hong Kong-based airline’s dedicated Chinese mainland operations have “been particularly onerous,” the company acknowledged in a ...

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• 20 August

  Apollo in line for $7m breakup fee for SAS

  

    Bloomberg The federal judge overseeing SAS AB’s Chapter 11 process approved a $7 million breakup fee to Apollo Global Management Inc if its planned bankruptcy financing package for the Scandinavian airline falls through. Apollo said it would provide roughly $700 million to help SAS continue to operate during bankruptcy on the condition that the court signed off on the ...

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• 19 August

  Estee Lauder’s sales forecast hit by China lockdowns, stronger dollar

  

    Bloomberg Estee Lauder Cos’ sales forecast trailed analyst estimates amid continued lockdowns in China and pressure from the strengthening US dollar. The fragrance and skin-care company said that it expects an 8% to 10% drop in sales this quarter, compared with a year ago. Analysts surveyed by Bloomberg expected revenue to be roughly flat in the quarter, which is ...

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• 19 August

  Chinese retailer to junk Japanese styling after outcry

  

    Bloomberg Chinese budget retailer Miniso Group Holding Ltd apologised for styling itself as a Japanese designer brand and said it would change its logo, amid a wave of local nationalism fueled by geopolitical tension over Taiwan. The Guangzhou-based company has long promoted itself as Japanese-influenced, with a Japanese chief designer and Japanese characters on its shopping bags and marketing ...

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• 19 August

  Inflation draws rich shoppers looking for deals, says Kohl’s

    Bloomberg Kohl’s Corp cited financial stress on its middle-income customers as it cut its profit and sales outlook for the second straight quarter. But soaring inflation is also helping the department-store chain entice wealthier shoppers hunting for bargains. “In our higher-income customers, we’re actually seeing more customers and they’re spending more,” CEO Michelle Gass told analysts. Gass’s comments echoed remarks ...

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• 19 August

  Bed Bath & Beyond shares sink 44%

    Bloomberg Bed Bath & Beyond Inc shares tumbled as much as 44% in premarket trading, giving back much of this month’s huge gains, after top investor Ryan Cohen exited his stake. The stock traded down 41% at $10.98 in New York, putting the retailer on course for its worst day since going public in 1992. Cohen’s RC Ventures sold ...

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• 19 August

  Nato races to counter Russia’s threat in Europe’s weak spot

  

    Bloomberg It didn’t take long after Russia attacked Ukraine for French Colonel Clement Torrent to get his orders: He had six months to build a base for 1,000 soldiers on Nato’s eastern frontier. He and about 200 troops from France, Belgium and the Netherlands are now busy leveling a hilltop in the Romanian region of Transylvania. “Our due date ...

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