July, 2022

• 22 July

  Mobile phone is Asia’s hedge against dollar

    Currency values fluctuate all the time, but some changes leave a lasting impression on the banking industry. In the Bretton Woods-era of fixed exchange rates, the 1967 devaluation of the British pound was one such seminal event. It made demand for dollars explode in Asia. Out of that craze, Dick van Oenen, an enterprising Dutch currency trader at Bank ...

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• 22 July

  ECB has more at play and risk than the Fed

    Thursday was expected to bring the spotlight to Europe, and what could be a historically consequential meeting on monetary policy by the European Central Bank (ECB). It’s going to raise rates. But there is now some question over how much — 25 or 50 basis points? And the constraints have never looked tighter. We all know that the world ...

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• 22 July

  SAS faces tough weeks ahead to woo investors due to pilot strike

  

  Bloomberg After emerging from a debilitating pilot strike, SAS AB now faces its next battle: convincing investors that it’s worth backing the Scandinavian airline’s $3 billion rescue plan. The carrier has just weeks to secure as much as $700 million in bridge loans to finance ongoing operations while it undergoes US Chapter 11 bankruptcy proceedings, said Jacob Pedersen, an analyst ...

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• 22 July

  Embraer reviews engines for new turboprop model

  

    Bloomberg Embraer said the choice of engine provider for a proposed propeller-driven model has been whittled down to US-based Pratt & Whitney and its UK rival Rolls-Royce Holdings. The Brazilian planemaker is evaluating the proposals and will make a final decision on the supplier by the fourth quarter, Arjan Meijer, chief executive officer at its commercial aviation business, said ...

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• 22 July

  Qantas’s flight cancellations spiral, piling pressure on CEO

  

  Bloomberg Qantas Airways Ltd cancelled one in 12 flights in Australia last month, even more than in May, increasing the pressure on CEO  Alan Joyce as the airline struggles to cope with a demand rebound. Australia’s national airline scrapped 8.1% of scheduled domestic services in June, making it the country’s least reliable carrier, according to a government report. Virgin Australia ...

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• 22 July

  Blow to Marks & Spencer as top executive joins AB Foods

  

    Bloomberg A top management executive from Marks & Spencer Group Plc is leaving to take a finance role at Associated British Foods Plc, the owner of clothing chain Primark. Eoin Tonge, currently chief financial and strategy officer at M&S, will replace John Bason who will be retiring as finance director, AB Foods said in a statement. Bason, who has ...

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• 22 July

  Amazon fails to halt Future Retail going into bankruptcy

    Bloomberg An Indian court agreed to send Future Retail Ltd into bankruptcy, allowing the creditors to find a new owner for the beleaguered retailer that once operated the largest chain of department stores across the country and was the prized trophy for two retail sector giants. The National Company Law Tribunal gave its verdict on a petition by Bank ...

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• 22 July

  Heathrow fuel workers suspend strike

    Bloomberg Refuelling workers at London Heathrow airport called off a strike that was set to begin on Thursday and had threatened further disruptions at the UK travel hub. The walkout was suspended after Aviation Fuel Services Ltd made a “sustainably improved offer,” the Unite union said in a statement. The roughly 50 employees involved will now be given time ...

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• 22 July

  Mario Draghi resigns as PM, leaving Italy in political chaos

  

  Bloomberg Mario Draghi resigned as Italy’s prime minister, throwing the country into turmoil and putting it on course for snap elections as soon as early October. The former European Central Bank chief delivered his decision to President Sergio Mattarella Thursday morning. The government will continue in a caretaker role to handle ongoing business but its influence will be minimal. Mattarella, ...

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• 22 July

  Biden expects to speak with China’s Xi within next 10 days

  

  Bloomberg President Joe Biden says he expects to speak to Chinese leader Xi Jinping “within the next 10 days,” as the US considers whether lifting some tariffs on Chinese imports would help stem rampant inflation. Already-tense relations between the two largest economies have deteriorated over China’s refusal to condemn Russia’s invasion of Ukraine. “I think I’ll be talking to President ...

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