May, 2022

• 21 May

  Airlines’ in-flight engine shutdowns spark probe in India

  

  Bloomberg India is investigating three separate incidents in the past two months where airline pilots had to shut down plane engines mid-flight made by a joint venture of General Electric Co, according to people familiar with the matter. The so-called commanded in-flight shutdowns — when pilots intentionally turn off one of the two engines after encountering problems — may have ...

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• 21 May

  UK retail sales mask outlook concerns

    Bloomberg Such is the state of the UK consumer that even seemingly positive data can reveal bad news about the economy. After a week of grim reports showing inflation at a four-decade high and consumer confidence at the lowest level since at least 1974, a release showing retail sales unexpectedly rose in April appeared to buck the trend. The ...

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• 21 May

  Biden struggles to woo Asian nations wary of upsetting China

  

  Bloomberg Joe Biden talked at length as a presidential candidate about the need to focus on China’s rising global power. Yet 17 months after taking office, Asian leaders are still waiting for details on a strategy for more US economic engagement in the region. Before Biden touched down in South Korea, many officials in the region have struggled to understand ...

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• 21 May

  Australia’s election enters final days with tight result likely

  

    Bloomberg Australia’s six-week election campaign has entered its final days with polling showing a narrow victory likely for the center-left opposition Labor Party, but an unexpected result in 2019 is still hanging over both sides ahead of voting on Saturday. PM Scott Morrison and Opposition leader Anthony Albanese are rushing to visit must-win seats across the country, with Morrison ...

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• 21 May

  US steps up aid for Ukraine to get weapons on battlefield

  

  Bloomberg US President Joe Biden welcomed congressional passage of $40 billion in aid for Ukraine and announced a new package of weapons he said would be sent “directly to the front lines.” A top Kremlin official said Russia is intent on taking all of the Donetsk and Luhansk regions of Ukraine. The US and United Nations are looking at ways ...

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• 21 May

  Scholz’s push to boost German military hits trouble

  

    Bloomberg Chancellor Olaf Scholz signature policy to boost Germany’s military prowess is struggling to get off the ground. Back in February, the 63-year-old chancellor vowed to end decades of military underfunding with a debt-financed 100 billion euro ($105 billion) defense package, dismantling the tenets on which German foreign policy long-rested since World War II. But since then Scholz has ...

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• 21 May

  Sunak says extra cost-of-living help risks stoking UK inflation

  

  Bloomberg Chancellor of the Exchequer Rishi Sunak said that extra government spending to help ease Britain’s cost-of-living crisis risks further stoking inflation, as he warned of tough months ahead for the UK economy. “We need to be careful,” Sunak said at the annual dinner of the Confederation of British Industry, speaking to hundreds of executives. “At a time of severe ...

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• 21 May

  Jobless claims in US climb to highest level since January

  

  Bloomberg Applications for US state unemployment insurance unexpectedly rose last week to the highest level since January, led by increased filings in Kentucky and California. Initial unemployment claims increased by 21,000 to 218,000 in the week ended May 14, Labour Department data shows. The median estimate in a Bloomberg survey of economists called for 200,000 initial applications. Continuing claims for ...

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• 21 May

  Tesla wants its staff to stay in China factory until mid-June

    Bloomberg Tesla Inc plans to keep employees at its Shanghai factory working in a so-called closed loop system — where staff are ferried to and from work and tested for Covid-19 regularly — until mid-June, people familiar with the matter said, even as Chinese authorities move to ease wider lockdown restrictions in the city. Thousands of the electric car ...

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• 21 May

  Canada bans Huawei from 5G

  

    Bloomberg Prime Minister Justin Trudeau’s government joined Canada’s closest intelligence allies in banning Huawei Technologies Co. from the fifth-generation wireless networks. The Chinese state-championed telecommunications firm poses a threat to Canada’s national security, Industry Minister Francois-Philippe Champagne said, confirming an earlier Bloomberg News report. ZTE Corp. equipment will also be prohibited. Firms that already have Huawei or ZTE gear ...

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