August, 2021

• 23 August

  Avelo targets East Coast with New Haven-Florida flights

  

  Bloomberg Avelo Airlines is expanding to the East Coast with service connecting four Florida cities with New Haven, Connecticut, in a bid to entice customers tired of trekking to airports in New York and Boston. Flights to Orlando begin on November 3, followed within days by service to Fort Lauderdale, Tampa and Fort Myers, Avelo said. The startup plans to …

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• 23 August

  Global airlines owed billions as governments withhold cash

  

  Bloomberg Airlines are owed almost $1 billion across 20 countries as governments seek to hang on to hard currency, depriving the industry of vital cash at a time when travel has been devastated by the coronavirus crisis. Figures published by the International Air Transport Association (IATA) show that Venezuela is withholding a further $4 billion that’s been outstanding for years …

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• 23 August

  Coach owner stockpiling handbags for holidays

  Bloomberg The owner of the Coach and Kate Spade brands is stockpiling its handbags and other accessories ahead of the holiday season to ensure it can meet consumer demand amid ongoing delays in the delivery of products from suppliers. “We find ourselves in a dynamic where the consumer demand backdrop is strong, while supply chain remains challenging,” Scott Roe, the …

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• 23 August

  Macy’s jumps on sales outlook, renews investor payouts

  

  Bloomberg Macy’s Inc surged after the department-store operator reinstated its dividend and raised its sales guidance, a sign that consumers are returning to the apparel market after a lengthy pandemic slump. Same-store sales, a key retail metric, rose 61% for the company’s owned stores in the second quarter, Macy’s said in a statement. That’s above the 43% gain expected by …

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• 23 August

  Canadian retail surges on shopping spree

  Bloomberg Retail sales in Canada rebounded as brick-and-mortar shops were allowed to reopen after months of Covid-19 shutdowns, though early data shows that momentum was short-lived. The value of receipts rose 4.2% in June, Statistics Canada reported in Ottawa. However, that bounce-back was quickly reversed in July with a preliminary estimate showing a 1.7% decline on the month. That brings …

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• 22 August

  Even after $1.5tn rout, China tech traders see more pain

  

  Bloomberg Even a $1.5 trillion selloff may not provide an attractive entry point for equity investors as they grapple with cascading risks in China’s technology sector. A stock rout triggered by Beijing’s widening clampdown has left Tencent Holdings Ltd. trading at a price-to-book ratio lower than during the 2008 financial crisis. Alibaba Group Holding Ltd has slumped to record low …

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• 22 August

  Wall Street just as baffled about markets as it was last year

  

  Bloomberg Ask a Wall Street strategist where stocks will go and the answer will almost always be, higher. That’s not the case now. Twelve out of the 21 forecasters tracked by Bloomberg expect the S&P 500 Index to fall into the holidays. The spread between the highest and lowest target is 24%, the third-widest in nearly a decade. The uncertainty …

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• 22 August

  Oil caps longest losing streak since 2019 on Fed taper signal

  

  Bloomberg Oil capped the week with the longest losing streak since 2019 as the dollar strengthened after the Federal Reserve signaled it will start tapering stimulus and the virus resurgence raises doubts about demand growth. West Texas Intermediate futures ended the session 2.2% lower, tumbling for a seventh day and extending the week’s decline to 8.9%. Other raw materials including …

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• 22 August

  HCHF concerned over crisis in Afghanistan

  ABU DHABI / WAM The Higher Committee of Human Fraternity (HCHF) is following the situation in Afghanistan with great concern and hoping that the key actors there will advance the aspirations of the Afghan people to live dignified and peaceful lives. The HCHF called for protecting human rights, guaranteeing public and individual freedoms, and, in particular, safeguarding the rights of …

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• 22 August

  EU to provide additional funding of €41 million to fight pandemic

  

  BRUSSELS / WAM The EU will provide €41 million to help low and middle-income countries facing an unprecedented health, humanitarian and socio-economic crisis as the Covid-19 pandemic continues to persist, combined with the imbalance in the delivery of vaccines. To help countries in Latin America and the Caribbean, the Middle East and Asia tackle the consequences of the pandemic, the …

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