May, 2022

• 24 May

  Farewell, Chinese tourist! For now

  

  It’s been more than two years since countries started closing their borders to visitors to prevent the spread of Covid-19. Now China, facing its worst outbreak of the pandemic, is trying a new tactic. Henceforth, “unnecessary” overseas travel by Chinese citizens will also be restricted, supposedly to keep residents from bringing the virus home from abroad. The policy, announced earlier ...

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• 24 May

  Stocks are hostage to the round numbers

  Arbitrary round numbers matter, even though they shouldn’t. The definition of a “bear market” as any peak-to-trough drawdown of 20% or more is unhelpful. The difference between losses of 19.95% and 20.05% is minimal. But the definition is often cited, and it has an impact on how people behave. Which brings us to Friday’s trading, when the proximity of the ...

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• 24 May

  UK should work with EU on Northern Ireland

    It’s beyond disappointing that UK Prime Minister Boris Johnson chose to escalate his quarrel with the European Union at this moment, with war raging in Ukraine and unity in the face of Russian aggression of surpassing importance. Unfortunately, it’s not surprising. At issue is the Northern Ireland Protocol, a part of the exit deal Britain struck with the EU ...

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• 24 May

  Amazon opts for gig economy drivers to deliver from malls

  

  Bloomberg Amazon.com Inc is testing a service that uses the company’s sprawling network of gig drivers to fetch packages from mall-based retailers and deliver them to customers. The program, should it become a permanent part of the e-commerce giant’s delivery options, could help Amazon expand the variety of goods it has available for fast shipment. Shoppers who want same-day or ...

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• 24 May

  Biden invokes ‘emergency’ over baby formula crisis

  

    Bloomberg President Joe Biden invoked emergency powers under the Defense Production Act to boost production of baby formula and ordered government agencies to use commercial flights for imports to alleviate shortages. The White House said in a statement that the move would allow domestic manufacturers to obtain needed ingredients and speed shipments of foreign supplies. “I know parents all ...

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• 24 May

  Foot Locker’s forecast shows it’s overcoming Nike pullback

  

    Bloomberg Foot Locker Inc shares climbed after its forecast showed the retailer is overcoming Nike Inc’s move to sell more shoes via its own channels. Foot Locker said that it now expects full-year sales and profit to be at the high end of its prior expectations. Chief Executive Officer Dick Johnson said the company is “off to a strong ...

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• 24 May

  Rapid grocery apps take it slowly after Dutch cities push back

  

    Bloomberg Rapid delivery companies have curbed their ambitions in the Netherlands after disgruntled Dutch cities put a halt on the explosive growth of their distribution centers. After months of consultations, Flink SE, Getir and Gorillas signed a joint code of conduct that could crimp their ability to make super-fast deliveries in a concession to Dutch municipalities. The companies pledged ...

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• 24 May

  Air France-KLM talking with Apollo on $528m injection

    Bloomberg Air France-KLM is in talks with Apollo Global Management Inc about a 500 million-euro ($528 million) capital injection that would allow the carrier to repay a chunk of the state aid that helped it survive the Covid crisis. The funding would see the US private-equity firm provide capital to an Air France affiliate that owns a pool of ...

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• 24 May

  New York City’s Century 21 makes comeback

    Bloomberg A retailer that has come to represent the resilience of New York City is making a comeback. Century 21 will be returning to its flagship location in downtown Manhattan in spring 2023 and is teaming up with retail operator Legends to again showcase a selection of off-price luxury goods. The store will occupy four floors of 22 Cortlandt ...

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• 24 May

  Biden says US military would ‘intervene’ to defend Taiwan

  

    Bloomberg President Joe Biden said the US military would intervene to defend Taiwan in any attack from China, comments that appeared to break from the longstanding US policy of “strategic ambiguity” before they were walked back by White House officials. Asked during a press briefing on Monday in Tokyo whether the US would be willing to get involved militarily ...

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