October, 2021

• 20 October

  Luxury retail chains losing grip in HK’s shopping street

  

  Bloomberg Luxury retail chains are losing their once-iron grip on Hong Kong’s shopping streets, as Covid-19 keeps visitors away and forces the city to shift towards restaurants catering to residents. Across the Asian financial hub, one in five shops targeting mainly Chinese tourists and selling jewellery, medicine, cosmetics, clothing and leather goods has closed since the third quarter of 2018 …

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• 20 October

  AirAsia X proposes paying creditors 0.5% of $8b owed

  

  Bloomberg AirAsia Group Bhd’s long-haul arm has offered to pay creditors just 0.5% of the more than $8 billion total debt they are owed and terminate all existing contracts as it tries to restructure, a document seen by Bloomberg shows. The carrier, AirAsia X Bhd, told creditors it is unable to meet immediate debt and other financial commitments based on …

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• 20 October

  Saks Fifth Avenue online unit eyes IPO with $6b valuation

  

  Bloomberg Saks Fifth Avenue’s e-commerce unit is interviewing potential underwriters this week for an initial public offering that could take place in the first half of 2022, Dow Jones reported, citing people familiar with the matter. The luxury retailer is targeting a valuation of around $6 billion, triple its worth in March, it added. After steps earlier this year to …

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• 20 October

  JD Logistics goes plane shopping to tap air freight demand

  

  Bloomberg JD Logistics Inc is planning to set up its own fleet of planes as the Chinese firm eyes a greater slice of a cross-border cargo market engulfed by global supply chain snarls. The logistics arm of Chinese e-commerce giant JD.com Inc aims to have “no fewer than 100 planes” by 2030, including leased and jointly purchased aircraft, said Chief …

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• 20 October

  Amazon plans to hire 150,000 staff, 50% more than in 2020

  Bloomberg Amazon.com Inc plans to hire 150,000 seasonal staffers, about 50% more than last year as the company seeks a cushion of workers to help it meet demand during the holiday shopping period. The world’s largest online retailer typically hires legions of temporary workers this time of year to help store, pack and ship items from its warehouses. Since the …

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• 20 October

  Australia continues green zone flights pause

  Bloomberg Australia will continue the pause of green zone flights from the North Island of New Zealand until October 31 amid a further spread of locally acquired coronavirus cases outside the Auckland region, according to a statement. However, given there haven’t been any locally acquired cases on the South Island connected to the outbreak, Australia was expected to recommence green …

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• 20 October

  Bank Indonesia stays on hold, says rate moves one year away

  

  Bloomberg Indonesia’s central bank left its benchmark interest rate unchanged and extended policies to boost domestic demand, saying it likely won’t tinker with rates for another year. Bank Indonesia kept the seven-day reverse repurchase rate at a record-low 3.5% on Tuesday, as predicted by all 30 analysts in a Bloomberg survey. It was the bank’s eighth straight hold decision. “This …

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• 20 October

  Goldman Sachs joins bank bond frenzy with $9b sale

  

  Bloomberg Goldman Sachs Group Inc tapped the US investment-grade bond market with a $9 billion sale, joining peers Bank of America Corp and Morgan Stanley in selling new debt after reporting strong third-quarter results. The bank sold bonds in five parts, according to a person familiar with the matter. The longest portion of the offering, a fixed-to-floating-rate security due in …

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• 20 October

  RBA rate bets surge, yield target tested on global price worries

  

  Bloomberg Traders are pricing in more aggressive interest rate increases by the Reserve Bank of Australia (RBA) and are challenging its three-year yield target amid jitters over global inflation. Markets are now implying the RBA will begin hiking in mid-2022, even after the central bank reiterated that conditions for a rate rise “will not be met before 2024.” At the …

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• 20 October

  UniCredit CEO wants to hire more investment bankers

  

  Bloomberg UniCredit SpA Chief Executive Officer Andrea Orcel intends to hire as many as 50 investment bankers to capture more business from medium-sized corporate clients, pushing the lender further into a hotly-contested market. The bank is seeking staff to strengthen advisory services and boost its offering of investment banking products to companies across its European network, people with knowledge of …

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