May, 2021

• 24 May

  Malaysia stocks rise as full lockdown avoided to allow recovery

  

  Bloomberg Malaysia’s stocks climbed from a three-month low after the government resisted imposing a full lockdown to avoid derailing a nascent recovery in the economy. The FTSE Bursa Malaysia KLCI Index rises as much as 0.95% on Monday, snapping a three-day loss. Sime Darby Bhd. and Axiata Group Bhd led gains in the gauge. The government shortened business working hours …

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• 24 May

  Garuda plans restructuring, operating fleet may get halved

  

  Bloomberg PT Garuda Indonesia needs to completely restructure its business, potentially reducing the number of planes it operates to less than half its main fleet as it seeks to survive the crisis wrought by the pandemic, its president told staff this week. “We have to go through a comprehensive restructuring, a total one,” President Director Irfan Setiaputra said in an …

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• 24 May

  Italy close to deal with EU on new Alitalia

  

  Bloomberg Italy is nearing a deal with the European Union to set up a new national carrier from failed airline Alitalia SpA and may get an informal go-ahead by next week, newspaper Il Messaggero reported. Talks with the European Commission to green-light Alitalia’s planned restart have been mired in a standstill after several rounds of meetings. EU officials are demanding …

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• 24 May

  Top Airbus A320neo customer hands GE major engine order

  

  Bloomberg The biggest customer for Airbus SE’s top-selling A320 narrow-body has chosen General Electric Co engines for a massive order, after pitting the conglomerate against its dominant US supplier, Pratt & Whitney. IndiGo, India’s largest airline, has selected CFM International Inc, a venture between GE and France’s Safran SA, to supply LEAP-1A engines for its fleet of 310 new Airbus …

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• 23 May

  UK families are ignoring travel ban: Ryanair CEO

  Bloomberg Britons are ignoring government advice to avoid traveling to countries on the UK’s Covid-19 “amber” list, the Mail cited Michael O’Leary, the chief executive of Ryanair Holdings Plc, as saying. Families are booking flights to restricted destinations in anticipation of a relaxation of the guidance once they come to take their vacations, O’Leary said in an interview, according to …

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• 23 May

  Zara stores to close in Venezuela as Inditex brands exit

  

  Bloomberg The franchise operator of Zara and two other popular apparel chains will close all of its stores in Venezuela in the next few weeks. Zara, along with Pull&Bear and Bershka, are owned by Spain’s Inditex SA and have been operating as franchises in Venezuela since 2007. The franchise is managed by Panamanian-based company Phoenix World Trade, run by Camilo …

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• 23 May

  Instacart expands deal with 7-Eleven

  Bloomberg Instacart Inc is expanding its delivery partnership with 7-Eleven Inc in a bid to capture share of a fast-growing convenience store market dominated by DoorDash. The San Francisco-based company is adding 4,000 7-Eleven locations, bringing the total to 6,000 stores in 33 states and Washington, and pledges to get deliveries to customers in as little as 30 minutes. Instacart …

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• 23 May

  After $690bn slump, traders see value in Asia tech stocks

  

  Bloomberg Asian tech shares haven’t been immune from the global selloff in speculative assets, but investors are sifting through the ashes and some see buying opportunities. JPMorgan Asset Management is suggesting that investors buy the dip as combined losses in the region’s technology and consumer discretionary sectors hit about $690 billion from their first-quarter peaks. Pictet Asset Management says Asia’s …

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• 23 May

  Stock market’s million little dramas come down to a supply glut

  

  Bloomberg Angst has been the stock market story of late. It soars, it plunges, and all the while investors fret over sky high valuations and pour over data to figure out when inflation will bring the house of cards crashing down. But sometimes, like now, the problem is far simpler than that: too much supply and not enough demand. Companies …

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• 23 May

  Creative, cultural industry generates $2.25tn annually

  

  New York / WAM The creative and cultural industry has played an essential role the world over throughout the Covid-19 pandemic and deserve more support moving forward, the President of the UN General Assembly said. “As we deliberate on the role of the creative sectors in supporting and being supported by a recovery from Covid-19, let us ensure that we …

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