March, 2022

• 4 March

  Pandemic rebound clouded as war lifts oil, says Lufthansa

  

  Bloomberg Deutsche Lufthansa AG said the war in Ukraine will cloud prospects for a long-awaited recovery from the coronavirus pandemic as fuel prices climb and flights are diverted to avoid shuttered skies. Europe’s biggest airline cut its annual loss by two-thirds in 2021 as Covid curbs eased, according to a statement. Earnings this year should show a further improvement, but …

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• 4 March

  Burberry, H&M scale back Russia business

  

    Bloomberg Fashion retailers Hennes & Mauritz AB, Burberry Group Plc and Boohoo Group Plc are curtailing operations in Russia after its invasion of Ukraine, with the Swedish clothing chain expressing concern about “tragic developments” there. H&M is pausing all sales in Russia after shutting stores in Ukraine for safety reasons, it said. Burberry has halted shipments to the country …

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• 4 March

  Boeing gets caught in a bind as US bans giant Russian cargo jets

  

    Bloomberg Boeing Co is caught in a bind after the US barred Russian airlines from its skies following the invasion of Ukraine. The move could affect Boeing’s main wide-body plant in Everett, Washington, near Seattle, where giant Antonov An-124 cargo planes operated by Russia’s Volga-Dnepr Group are used to fly structures from other plants. The US Transportation Department had …

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• 4 March

  Canada’s WestJet Air agrees to buy low-cost rival Sunwing

  

    Bloomberg Canada’s WestJet Airlines Ltd agreed to buy low-cost rival Sunwing Airlines and Sunwing Vacations tour operations, ramping up competition in an industry that’s emerging from two years of turmoil brought on by the coronavirus pandemic. WestJet and Sunwing announced the deal in a statement, noting that Sunwing’s current shareholders will become equity holders of WestJet. Terms weren’t disclosed. …

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• 4 March

  Kohl’s projects robust sales outlook

    Bloomberg Kohl’s, under pressure by activist investors, gave an optimistic outlook for the year while reporting weaker-than-expected sales in the fourth quarter. The company is expanding its venture with cosmetics chain Sephora after a shop-in-shop concept drove higher sales at participating locations. Kohl’s executives added on a call with analysts that Sephora is attracting new customers who are younger …

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• 4 March

  Stocks reverse early gains as commodity prices surge

  

    Bloomberg Stocks reversed early gains on Thursday. Europe’s Stoxx 600 Index was slightly lower and most US futures slipped. Utilities led declines, while mining and energy stocks advanced as oil soared to the highest level since 2008. Commodities markets from metals to oil and gas have been upended by the Ukraine crisis as big corporates withdraw from Russia, lenders …

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• 4 March

  Hong Kong dollar’s slide to two-year low is about to get worse

  

    Bloomberg The Hong Kong dollar is poised for steeper losses as impending Federal Reserve rate hikes exacerbate capital outflows triggered by the deadliest Covid outbreak in the city. The currency extended its drop to the lowest in more than two years and option-implied volatility indicates a 32% probability that it could fall to the weak end of its 7.75-7.85 …

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• 3 March

  Petronas returns to profit on oil, plans clean energy unit

  

    Bloomberg Malaysia’s state oil company Petroliam Nasional Bhd. swung to profit in the final three months of 2021, due to a smaller impairment loss, higher earnings and elevated crude oil prices. Petronas posted net income of 13.4 billion ringgit ($3.2 billion) in the December quarter, versus a 1.1 billion ringgit loss a year earlier, the company said. Revenue climbed …

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• 3 March

  Russia’s Gazprom is in process of paying its dollar bonds

  

    Bloomberg Gazprom PJSC, the Russian state-controlled energy giant, is already in the process of settling a $1.3 billion debt due on Monday. The company wired the cash to the settlement bank, which will probably release the funds on March 4, a person familiar with the matter said, declining to be identified because the information is private. Gazprom also has …

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• 3 March

  Target gets top post-earnings pop since 2020 on forecast

  

  Bloomberg Target Corp soared after unveiling a forecast for new profit gains on top of the pandemic-related boom that has already sparked robust growth. Operating profit will post a percentage increase in the low single digits this year, the retailer said, bucking Wall Street’s expectations that the closely watched number would decline. Target also predicted steady financial gains beyond 2022 …

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