June, 2021

• 23 June

  Crude loses steam with traders eyeing Opec+ production hike

  

  Bloomberg Oil retreated after hitting $75 a barrel in London for the first time in more than two years, as Russia and other Opec+ nations were said to consider increasing production. Brent crude edged above $75 in Asian trading hours as price indicators and inventory data showed that demand still outstrips supply. The gains faltered as Russia — which jointly …

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• 23 June

  Amazon Prime Day deals may disappoint amid cost crunch

  

  Bloomberg The deals during Amazon.com Inc’s annual Prime Day sale will be stingier this year, according to merchants, thanks to rising shipping costs, higher advertising rates and scarce inventory. The two-day event arrives as the world grapples with the lingering effects of the pandemic. Supply-chain disruptions — including the Suez Canal shutdown earlier this year and a spike in Covid …

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• 23 June

  Delta Air plans to hire more than 1,000 pilots

  

  Bloomberg Delta Air Lines Inc plans to hire more than 1,000 pilots by next summer to support its expected recovery from the devastation of the pandemic and an expansion of its route network. Domestic leisure travel will return to pre-pandemic volumes this month, John Laughter, Delta’s operations chief, said in a memo to flight-operations employees. Travel restrictions across the Atlantic …

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• 23 June

  Jet Airways closer to flying again as rescue proposal approved

  

  Bloomberg An Indian bankruptcy court ruled Jet Airways India Ltd can resume operations under a new owner more than two years after it collapsed, according to Ashish Chhawchharia, the court-appointed professional running the carrier’s insolvency. Jet Airways, once India’s biggest private carrier, fell into bankruptcy in 2019 under mounting debts. Dubai-based businessman Murari Lal Jalan and Kalrock Capital Management Ltd …

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• 23 June

  Airlines seek criminal charges against unruly passengers

  Bloomberg US airlines and their unions want the Justice Department to send a strong message against the rise in unruly passengers with additional federal criminal charges. Several airline trade groups and unions sent a letter to Attorney General Merrick Garland calling for criminal enforcement that goes beyond the increase in civil charges filed so far this year by the US …

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• 23 June

  Saks Off 5th to become $1b standalone online business

  

  Bloomberg The owner of Saks Fifth Avenue plans to separate the e-commerce business of its discount chain into a standalone company, the latest move to break up the operations of a brand synonymous with luxury apparel. A split of Saks Off 5th will allow the new company to better tailor its investments for the online business, said Paige Thomas, who …

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• 23 June

  UK retail property is ‘turning the corner’

  Bloomberg Retail property in the UK “is turning the corner” following years of decline for the sector, according to analysts at JPMorgan Chase & Co. A series of “encouraging trends” are emerging in terms of the number of people who are planning to visit malls and retail parks after the pandemic and in consumer behaviour on e-commerce and mall apps, …

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• 22 June

  Billion-dollar IPOs spur huge rallies in some Indonesia stocks

  

  Bloomberg Two blockbuster billion-dollar public offerings (IPOs) of tech unicorns set for later this year in Indonesia are fuelling demand for affiliated stocks, sending their shares to multiyear highs. Retailer PT Matahari Putra Prima has surged 929% this year while TV operator PT Elang Mahkota Teknologi gained 65% in the same period. Matahari is 4.7% owned by ride-hailing giant PT …

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• 22 June

  Stocks, US futures steady ahead of Fed testimony

  

  Bloomberg Stocks and US futures were little changed on Tuesday as investors weighed prospects for economic growth against inflation worries ahead of testimony from Federal Reserve Chair Jerome Powell. Treasuries steadied after a retreat. European equities fluctuated as gains in energy shares offset a drop in technology shares, while US contracts were steady after the S&P 500 Index’s biggest jump …

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• 22 June

  UK’s Morrisons shares surge 33% after takeover approach

  

  Bloomberg Wm Morrison Supermarkets Plc surged above the value of Clayton Dubilier & Rice LLC’s 5.5 billion-pound ($7.6 billion) bid, indicating the private equity firm may have to pay significantly more or fend off rival offers for Britain’s fourth-largest grocer. The supermarket operator, which employs close to 110,000 people in Britain, has already rejected the 230 pence-a-share proposal that was …

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