September, 2021

• 5 September

  Hedge funds slash exposure to US stocks that count on China

  

  Bloomberg The split screen views of US-listed Chinese stocks falling as the S&P 500 marches higher suggest that China’s pains are localised. That may be true, but one group of investors is not taking its chances. Hedge funds that make both bullish and bearish wagers on stocks are slashing their exposure to American companies that lean heavily on China for ...

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• 5 September

  SPACs might help Singapore break its driest IPO spell in years

  

  Bloomberg Blank-check companies could revive Singapore’s languishing market for initial public offerings as stock exchanges from Mumbai to Seoul profit from blockbuster deals. Singapore Exchange Ltd. this week presented rules for the listing of special purpose acquisition companies, or SPACs, as it attempts to get a slice of what has become a worldwide frenzy. It is allowing SPACs to list ...

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• 5 September

  Oil posts weekly gain with US storm impact lingering

  

  Bloomberg Oil in New York posted its second weekly gain as the impact of Hurricane Ida continues to snarl US oil production, though prices edged lower following a weak US jobs report. West Texas Intermediate futures capped a gain 0.8% for the week despite shedding 1%. The deceleration in hiring reflects growing fears of the delta variant of Covid-19 and ...

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• 5 September

  Philippine Air files bankruptcy in New York over travel fallout

  

  Bloomberg Philippine Airlines Inc filed for Chapter 11 bankruptcy in New York with a lender-supported plan that helps the country’s main carrier recover after the pandemic devastated global travel. The company aims to cut $2 billion in borrowings through a proposed restructuring plan, which needs court approval, it said. Philippine Airlines will also get $505 million in equity and debt ...

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• 5 September

  Wizz Air takes battle to Ryanair with traffic rise

  

  Bloomberg Wizz Air Holdings Plc has narrowed the gap with much larger Ryanair Holdings Plc during the coronavirus crisis, based on traffic figures for August, the peak month for summer tourist travel. Wizz carried almost one-third as many passengers as Ryanair last month, after expanding in markets such as Italy and Germany, according to traffic updates. In August 2019, the ...

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• 5 September

  Walmart pay hike brings ‘hourly wage’ to $16.40

  Bloomberg Walmart Inc said it will raise wages for a swath of its US workforce, bringing its average hourly wage to $16.40 as the big-box retailer competes for employees amid a labour shortage. The raise of at least $1 per hour will start on September 25 and cover more than 565,000 workers, Walmart US Chief Executive Officer John Furner said ...

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• 5 September

  Ethiopian aims to fly Max jet by January after Boeing deal

  

  Bloomberg Ethiopian Airlines Group plans to resume flights with the Boeing Co 737 Max jet by early next year after reaching an out-of-court settlement with the US planemaker over a deadly crash in March 2019. Chief Executive Officer Tewolde GebreMariam is now convinced “beyond reasonable doubt” the model is safe after various modifications. He had previously said Africa’s biggest carrier ...

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• 5 September

  Malaysia lifts ban on Boeing 737 Max

  

  Bloomberg Malaysia lifted its ban on Boeing Co’s 737 Max jet, ending more than two years of grounding following two crashes involving the aircraft. The directive is applicable to local and foreign airlines operating commercial flights in Malaysia using the aircraft, the Civil Aviation Authority of Malaysia (CAAM) said in a statement. Malaysia’s decision comes after authorities in several countries ...

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• 5 September

  China’s restrictions on international flights may last to 2022

  

  Bloomberg China’s top three airlines told analysts the government’s tight restrictions on international flights could last into the first half of next year due to Covid-prevention measures ahead of the Beijing Winter Olympics in February, HSBC Holdings Plc said. The continuation of curbs means a full international travel recovery isn’t likely until 2024, analysts including Parash Jain wrote in a ...

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• 5 September

  BofA sees ‘spectacular’ $31b year for Brazil equity deals

  

  Bloomberg Brazilian equity offerings will probably top 159 billion reais ($30.7 billion) this year, blowing past 2020 as the strongest year ever, according to Bank of America Corp (BofA). Corporate share sales already total 126 billion reais through August 30, up 40% from the same period in 2020, data compiled by Bloomberg show. Initial public offerings (IPOs) reached a record, ...

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