April, 2022

• 25 April

  Stocks, yuan drop as China lockdown rattles investors

  

  Bloomberg Fears about the economic toll of China’s strict Covid Zero policy intensified on Monday, as news that lockdowns were spreading to Beijing sent stocks, commodities and the yuan tumbling. The benchmark CSI 300 Index closed nearly 5% down to the lowest level since April 2020, wiping out gains from a sweeping March pledge by officials to support the economy. …

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• 25 April

  Waning demand for LIC IPO highlights fiscal challenges for PM Modi

  

    Bloomberg India’s decision to go ahead with a much-reduced target for its vaunted life insurer’s initial public offering, as skittish investors continue to pull money from the South Asian nation, is adding to the risks threatening the nation’s fiscal deficit target. Life Insurance Corporation of India’s (LIC) board approved selling a 3.5% stake for about 210 billion rupees ($2.8 …

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• 25 April

  Ambani scraps $3.2bn deal that set up clash with Bezos

  

  Bloomberg Billionaire Mukesh Ambani abandoned a plan to buy a teetering Indian retailer amid protracted legal challenges from Amazon.com Inc., potentially ending one episode of the broader clash between the two titans to control the country’s billion-people-plus market. In a filing, Reliance Industries Ltd. said its proposal to acquire certain assets of Mumbai-based Future Group — which ran the nation’s …

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• 24 April

  Mozambique plans to establish wealth fund for $96b gas project

  

    Bloomberg Mozambique plans to establish a sovereign wealth fund later this year as it prepares to start natural gas exports that the government says may generate $96 billion of revenue for the world’s third-poorest nation. The authorities are in the process of finalising draft legislation that will govern the management of the fund, Finance Minister Max Tonela said in …

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• 24 April

  Poland may end Russian gas reliance by October: Shell

  

    Bloomberg Poland could be free of its Russian gas dependency by October when a new pipeline into the country is set for completion, according to Shell. A report commissioned by the energy major’s Polish unit said that “a complete abandonment of oil from Russia is possible, but the process will lead to higher prices for fuels and other products.” …

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• 24 April

  Glencore cobalt mine scrutinised as Congo reviews deals

  

  Bloomberg Democratic Republic of Congo added Glencore Plc’s giant Mutanda copper and cobalt operation to a list of projects that could face renegotiation, just as the key battery metals mine is in the process of restarting. The move to probe Mutanda comes as Congo President Felix Tshisekedi increases his scrutiny of extractive deals made under his predecessor, Joseph Kabila. Congo …

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• 24 April

  Airlines substitute buses for jets as pilot shortage persists

  

  Bloomberg US airlines are facing a pilot shortage that’s complicating efforts to ramp up flights, forcing them to step up training programs, recruit foreign pilots and even replace planes with buses. The industry needs to hire an average of 14,500 new pilots each year until 2030, according to federal labour statistics. But carriers say there’s no way they can bring …

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• 24 April

  US Airways says Sabre ‘charges’ cost it $300m

  

    Bloomberg A lawyer for US Airways told jurors that Sabre Holdings Corp cost it $299.3 million in overcharges and lost profits, at the start of an antitrust trial in Manhattan. US Airways sued Sabre in 2011 claiming it charged inflated fees for its computerized reservation services, avoided competing over prices and blocked competitors from entering the market. The airline …

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• 24 April

  American, United 787 deliveries slip further on Boeing delays

  

    Bloomberg American Airlines Group Inc and United Airlines Holdings Inc said some Boeing Co aircraft won’t arrive until 2023 or 2024 amid lingering uncertainty over when the planemaker will be allowed to resume deliveries of its 787 Dreamliner. The issue has already prompted American to reduce, delay or suspend some planned international routes, a setback for the carrier as …

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• 24 April

  Lululemon aims to double sales by 2026, targeting more men

  

    Bloomberg Lululemon Athletica Inc outlined a new five-year plan intended to double sales to $12.5 billion by 2026, in part by expanding its offerings to men. The athletic-wear retailer aims to double the revenue it gets from men’s products and its digital channel, while quadrupling international sales from 2021 levels, the company said in a statement. Executives are meeting …

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