May, 2022

• 6 May

  Qantas Air revives plan for world’s longest direct flights

  

  Bloomberg Qantas Airways Ltd revived a plan to start direct flights connecting Australia’s east coast with New York and London as it finally ordered Airbus SE jets for the ultra-long services. The airline said it’s buying 12 A350-1000s that can fly non-stop from Australia to any city in the world. Commercial services will start from Sydney in late 2025, Qantas …

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• 6 May

  Korean Air sales rival pre-Covid levels on strong cargo boom

  

    Bloomberg Korean Air Lines Co reported preliminary revenue that’s almost back at pre-Covid levels on a quarterly basis as the carrier’s strong presence in cargo makes up for still-weak passenger traffic. The South Korean airline posted revenue of 2.81 trillion won ($2.3 billion) and a record first-quarter operating profit of 788.4 billion won, according to a statement. The airline’s …

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• 6 May

  Next sales surge as inflation weighs on British shoppers

  

    Bloomberg Next Plc said store sales soared in the first quarter as they stayed open following the end of pandemic restrictions, even as inflation squeezes shoppers’ disposable income. The British clothing and housewares chain said sales jumped by 285% in a strong start as it reiterated that it expects annual pretax profit of $1.07 billion in the year through …

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• 6 May

  Delta teams up with tiny regional Australian airline Rex

  

    Bloomberg Delta Air Lines Inc and Australian regional carrier Rex are teaming up to access each other’s networks, a partnership coup for the diminutive Sydney-based carrier as it tries to establish itself as a rival to Qantas Airways Ltd. Rex’s passengers across Australia will be able to connect to Delta’s network in a single booking by joining the US …

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• 6 May

  Mumbai airport gets $750m in Apollo private placement

    Bloomberg Mumbai International Airport Ltd has raised $750 million from a private bond sale to Apollo Global Management Inc after delaying a planned note issue. The operator of India’s No. 2 airport, controlled by the country’s richest man, sold 7.25-year dollar notes to funds managed by Apollo in order to refinance existing debt and fund new capital expenditure, according …

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• 6 May

  Australia retail sales hit record: ABS

    Bloomberg Australian retail sales jumped for a third consecutive month to hit a record, driven by a spending revival on the nation’s flood-ravaged east coast and highlighting the economy’s strong underlying momentum. Sales surged 1.6% in March to A$33.6 billion ($23.9 billion), more than triple economists’ forecast for a 0.5% increase, Australian Bureau of Statistics (ABS) data showed. The …

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• 6 May

  Japan may spend $100b to slow yen’s slide, says BofA

  

    Bloomberg The yen may extend declines to 140 per dollar and that could trigger the Japanese government to spend $100 billion to limit further losses, according to Bank of America (BofA). The currency hasn’t weakened to 140 since 1998, but it may be pushed to that level by a fresh surge in Treasury yields, BofA analysts including Shusuke Yamada …

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• 6 May

  HSBC taps StanChart dealmaker to build global mining team

  

    Bloomberg HSBC Holdings Plc has hired Michael Willoughby, a top mining banker at Standard Chartered Plc, to help build its global resources team, people with knowledge of the matter said. Willoughby, a Singapore-based managing director and co-head of metals and mining for Asia Pacific at Standard Chartered, will join HSBC in August as global head of metals, mining and …

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• 6 May

  China’s mega banks see profit growth topping 5% on lending

  

    Bloomberg China’s largest state-owned banks reported profit growth of at least 5% in the first quarter, fuelled by increased lending and improved asset quality before a Covid-19 outbreak triggered broad lockdowns and pummeled the economy. Industrial & Commercial Bank of China Ltd (ICBC) said net income rose 5.7% to 90.63 billion yuan ($13.8 billion) in three months ended March …

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• 6 May

  BofA fined $10 million by CFPB for freezing accounts

    Bloomberg The US consumer watchdog is ordering Bank of America Corp (BofA) to pay a $10 million penalty and repay fees that the lender charged customers when garnishing wages. The Consumer Financial Protection Bureau (CFB) said that the Charlotte, North Carolina-based lender incorrectly froze accounts and garnished customer funds based on out-of-state court orders. The lender should have ensured …

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