July, 2021

• 10 July

  Nintendo launches $350 Switch with display that still lags rivals

  

   Bloomberg Nintendo Co announced a new Switch console for release on October 8, a long-awaited $350 gadget likely to stimulate a wave of new software and holiday season sales. The new device marks the first major hardware upgrade to the console originally released in 2017 for $299. Its key upgrades are a larger 7-inch OLED screen and a doubling …

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• 10 July

  BMW touts greener factories to win over buyers, regulators

  

  Bloomberg BMW kicked off assembling its latest electric car, using the occasion to tout green credentials it hopes will appeal to buyers and regulators who increasingly demand sustainable products. The German automaker started series production of the battery-powered iX SUV at its Dingolfing plant near Munich, which sources hydroelectric power from nearby rivers. The model is expected to go on …

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• 10 July

  Twitter to ‘fully comply’ with India rules

  Bloomberg Twitter Inc pledged to “fully comply” with India’s new internet regulations, caving in a dispute with the government over rules that critics say curtail privacy and free speech. The US social media giant has appointed an interim chief compliance officer, will name a grievance officer by July 11 and set up an India office in eight weeks, a lawyer …

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• 8 July

  EU targets $415bn a year fund for green transition

  

  Bloomberg The European Union (EU) proposed a swathe of new rules to bring the world of finance in line with its ambitious goal to make the region carbon neutral by the middle of the century. The European Commission wants tighter measures on banks and credit rating agencies to better reflect the risks climate change poses to the financial system. The …

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• 8 July

  China puts most powerful agency in charge of climate policies

  

  Bloomberg China’s top economic planning body has been put in charge of devising a plan for the world’s biggest polluter to cut greenhouse gas emissions, indicating that climate policies are gaining a more central role in the nation’s long-term development strategy. The country’s top officials told the National Development and Reform Commission (NDRC) a few months ago to lead the …

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• 8 July

  Nike shares lose out to its Chinese sneaker competitors

  

  Bloomberg A wave of patriotic buying fuelled by the Xinjiang cotton controversy is helping shares of Chinese sportswear makers outperform global peers. Chinese consumer support in response to the alleged human-rights issues in Xinjiang region has boosted at least one local sneaker maker by some 250% since the controversy escalated in late March. A Bloomberg gauge of Hong Kong-listed apparel …

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• 8 July

  Walmart taps AmEX veteran for new plan

  

  Bloomberg Walmart Inc has hired a veteran of American Express Co to run Walmart+, the membership program it unveiled less than a year ago to counter Amazon.com Inc’s Prime plan. Chris Cracchiolo, a senior executive who spent 19 years at the credit-card company, will take over as senior vice president and general manager of Walmart+ on July 12, Chief Customer …

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• 8 July

  Ocado gains Alcampo as client for robotic warehouse services

  

  Bloomberg Ocado Group Plc added Spanish grocery chain Alcampo as a new client for its robotic warehouse business, which is gaining traction abroad as grocery e-commerce booms. The new contract will add to profit in coming fiscal years as these deals require an upfront investment, Ocado said. The company also maintained its full-year earnings forecast as strong sales in its …

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• 8 July

  J Sainsbury raises profit forecast, underlining bullish trends in UK

  

  Bloomberg J Sainsbury Plc raised its profit forecast, underlining the bullish trends for UK supermarkets that have focused private equity bidders’ attention on the grocer’s smaller rival, Wm Morrison Supermarkets Plc. Sainsbury expects to generate profit of 660 million pounds ($917 million) this fiscal year, up from a previous forecast of 620 million pounds and exceeding pre-Covid levels, the grocer …

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• 8 July

  Adani seeks $1b loan to refinance airport debt

  Bloomberg Indian tycoon Gautam Adani is seeking a loan of about $1 billion to refinance existing debt of Mumbai’s international airport, according to people familiar with the matter. Barclays Plc and JPMorgan Chase & Co are among banks in discussions to provide the funds to Adani Airport Holdings Ltd, the people said. Deutsche Bank AG is also in talks to …

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