December, 2021

• 23 December

  China-Lithuania spat is a test for ‘democracies’

  China’s push for global supremacy is playing out in the Taiwan Strait and the South China Sea, but also in the quieter coercion that Beijing practices every day. The latest target of this pressure is Lithuania, which is paying an economic price for snubbing China diplomatically. The case is a reminder that the democratic world must either unite against Chinese ...

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• 22 December

  Chanel aims for Hermes status with its handbag price hikes

  

    Bloomberg Chanel has raised global prices on some of its classic handbags by almost two-thirds since the end of 2019. A spokeswoman said the hikes are in response to unspecified exchange-rate fluctuations, changes in production costs and to ensure its handbags cost roughly the same around the world. But luxury-sector executives and analysts say the magnitude of the increases ...

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• 22 December

  Wizz buys Norwegian Air slots at Gatwick to boost UK business

  

    Bloomberg Discount carrier Wizz Air Holdings will increase its presence in the UK after agreeing to buy takeoff and landing slots from Norwegian Air Shuttle ASA at London’s Gatwick hub. Budapest-based Wizz will acquire 15 daily slot pairs at Gatwick, where operations are restricted by a single runway, allowing it to base four more jets there next summer for ...

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• 22 December

  Embraer’s air mobility unit agrees to $2.4bn SPAC deal

  

    Bloomberg Embraer SA’s Eve Urban Air Mobility unit will merge with Zanite Acquisition Corp next year, the latest in a string of deals as flying-taxi startups seek capital from public markets. The transaction includes $237 million in cash from Zanite, a special purpose acquisition company, and a $305 million PIPE, or private investment in public equity. The PIPE has ...

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• 22 December

  EU clears $2.9b restructuring aid for TAP

  

    Bloomberg The European Commission approved $2.9 billion of restructuring aid for TAP SA intended to help the ailing Portuguese airline become viable. The EU Commission also approved 107.1 million euros to compensate the Lisbon-based carrier for damages suffered as a result of the coronavirus pandemic, it said. Faced with the prospect of TAP collapsing, Portugal’s government began providing aid ...

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• 22 December

  Zegna open to buying textile firm or brand, says CEO

  

    Bloomberg The Italian luxury house Ermenegildo Zegna NV is open to acquiring other textile manufacturers or a fashion brand that’s strong with younger shoppers, its chief executive officer said. Zegna manufactures its own fabrics, knitwear and yarns, and also sells those products to other brands, such as Chanel and Brunello Cucinelli. “We have this luxury textile platform,” Ermenegildo Zegna ...

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• 22 December

  Cathay warns of ‘several’ flight cancellations in Jan

    Bloomberg Cathay Pacific Airways warned of several flight cancellations to and from Hong Kong in January as operational and travel restrictions continue to affect its schedules. The airline said it is reviewing its passenger flights and apologised to customers. The year-end holiday season is typically a busy time for Cathay and Hong Kong as an aviation hub, but the ...

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• 22 December

  Russia welcomes US readiness to talk security, seeks proposals

  

    Bloomberg Russia welcomed US willingness to start talks next month on its security proposals, a day after President Vladimir Putin threatened a military response if the Kremlin’s demands aren’t met. “We would like to hope that for the upcoming negotiations, which is already positive, our partners will come with clearly formulated positions,” Kremlin spokesman Dmitry Peskov told reporters. The ...

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• 22 December

  Libya election may be delayed to Jan 2022

  

    Bloomberg Libya’s election body proposed delaying the presidential vote by one month, calling on parliament to resolve disputes that have threatened the landmark ballot in the Opec nation. The High National Election Commission said the inadequacy of electoral legislation was a main obstacle to the vote taking place as scheduled. Its proposal to instead hold the first round of ...

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• 22 December

  ‘Former leader’s son becomes Philippine presidential pick’

    Bloomberg Former Philippine Senator Ferdinand Marcos Jr, son of the late dictator, led by a wide margin in a presidential preference survey conducted this month by pollster Pulse Asia Research. Marcos was chosen by 53% of the 2,400 respondents as their preferred successor to President Rodrigo Duterte, Pulse Asia said. Vice President Leni Robredo, the opposition leader, came a ...

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