June, 2022

• 14 June

  America’s inventory glut may look great for Overstock.com

  

    Bloomberg Overstock.com Inc is poised to take advantage of the inventory glut plaguing retailers like Target Corp and Walmart Inc. The e-commerce company specialises in helping chains liquidate slow-moving merchandise, and now it will have more opportunities than usual. US retailers racked up excess goods to ensure shelves stayed full during the pandemic. But now shoppers have shifted spending …

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• 14 June

  Changi Airport to reopen its terminals to meet demand

  

    Bloomberg Singapore’s Changi Airport will reopen two of its terminals that were shuttered due to Covid-19 as travel springs back faster than expected. Terminal 4 will reopen in September and departure operations in the southern wing of Terminal 2 will restart from October, Changi Airport Group (Singapore) Pte said in a statement. The added capacity will allow the airport …

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• 14 June

  Revlon prepares to file for bankruptcy

    Bloomberg Cosmetics giant Revlon Inc is preparing to file for Chapter 11 bankruptcy as soon as next week as it battles supply chain problems and a heavy debt load, according to people with knowledge of the matter. Talks around the potential filing aren’t final and could change, said the people, who asked not to be named discussing private negotiations. …

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• 13 June

  Charts signal major tests for $441b rebound in China tech

  

    Bloomberg Chart patterns indicate that a revival in China’s technology stocks is running into key technical tests.The Hang Seng Tech Index has rallied 39% since mid-March through June 10 on bets that Beijing is drawing the curtain down on a regulatory clampdown on the sector. That’s added $441 billion in market value across the 30-member gauge. The index lost …

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• 13 June

  Rupee declines to new record, stocks slide on global risk-off

  

    Bloomberg The Indian rupee declined to a new record low and stocks slid as global risk-off sentiment spurred by expectations of aggressive Federal Reserve tightening weighed on emerging-market assets and stoked fears of more equity outflows. The local currency slid as much as 0.6% to 78.2825 per dollar on Monday, after having hit a series of lows in recent …

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• 13 June

  Bitcoin falls to one-month low

    Bloomberg Bitcoin continued its selloff into Asia’s on Monday morning as part of broader declines in cryptocurrencies after a sharp rise in US inflation triggered risk-off sentiment. The world’s largest digital token tumbled as much as 6.4% to $25,593, its lowest level since May 12, in a seventh day of losses. Ether declines as much as 9% to $1,342.32. …

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• 13 June

  Saudi Telecom to raise capital by $8 billion with bonus shares

  

  Bloomberg Saudi Telecom Co., the most profitable mobile operator in the Middle East, will increase its capital by 30 billion riyals ($8 billion) through the issuance of bonus shares. The stock rises. The company, which is controlled by the kingdom’s sovereign wealth fund, plans to issue 1.5 bonus shares for every existing share, through capitalising retained earnings, according to a …

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• 13 June

  TotalEnergies wins stake in $29b Qatari gas project

  

    Bloomberg TotalEnergies SE became the first foreign company to win a stake in a multi-billion dollar project to boost Qatar’s gas exports. Qatar is expanding production of liquefied natural gas amid a worldwide energy crunch. Global demand for the fuel is soaring as European nations race to wean themselves off Russian gas supplies in the wake of Moscow’s attack …

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• 13 June

  Final decision on Tanzania’s $40bn gas plan seen in 2025

  

    Bloomberg Tanzania is edging closer to its dream of developing a $40 billion liquefied natural gas project after the government and companies, including Equinor ASA and Shell Plc, signed initial agreements. The latest signing precedes a Host Government Agreement which is expected by the end of this year, according to President Samia Suluhu Hassan. The so-called HGA sets out …

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• 13 June

  Trump’s Air Force One deal pains the Pentagon, not just Boeing

  

  Bloomberg The fixed-price contract for the new Air Force One that Donald Trump talked Boeing Co. into signing hasn’t just caused the $1.5 billion in cumulative losses so far that the company’s CEO has lamented. It has also created headaches for the Air Force. Under a fixed-price agreement, a company’s incentive is to “finish and minimise costs” while the Pentagon …

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