February, 2020

• 24 February

  Ethiopia plans only interim 737 Max report amid probe

  

  Bloomberg An interim report into the deadly Boeing Co 737 Max crash in Ethiopia that led to the grounding of the US company’s top-selling model is set to be released in time for the first anniversary of the tragedy. The report will be published by March 10, Ethiopian Transport Ministry spokesman Musie Yehyies told Bloomberg. The decision not to release ...

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• 24 February

  Airlines warn of first global traffic drop since 2009 on virus

  

  Bloomberg The airline industry expects the first annual decline in global passenger demand in 11 years, after tallying up the initial impact of the thousands of flights cancelled because of the coronavirus outbreak in China. The estimate shaves about 4.7 percentage points off of a passenger-traffic forecast issued just two months ago, with almost all of the impact in the ...

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• 24 February

  PepsiCo plans to buy Be & Cheery in China

  

  Bloomberg PepsiCo Inc plans to buy online snacks company Hangzhou Haomusi Food Co — known as Be & Cheery — for $705 million from Haoxiangni Health Food Co as the maker of Doritos and Lay’s potato chips expands in China. Be & Cheery’s products includes nuts, dried fruits, meat snacks, baked goods and confectionery items that are sold mainly online ...

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• 24 February

  Primark makes contingency plans for virus supply cut

  Bloomberg The owner of the Primark budget fashion chain warned that any prolonged manufacturing delays at its factories in China due to the coronavirus could cause supply shortages on certain lines later this year. Associated British Foods Plc has built up inventories and is “well stocked for cover for several months,” according to a statement, which said the virus could ...

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• 23 February

  UAE, Saudi Arabia collaborate on empowering cross-border trade

  

  DUBAI / WAM The United Arab Emirates and the Kingdom of Saudi Arabia strengthen their economic partnership to enhance the trade, diversify and create opportunities for the businesses and people in both the countries. Etihad Credit Insurance (ECI), the UAE Federal export credit company has partnered with the Saudi Fund for Development (SFD), for financing and providing credit insurance to ...

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• 23 February

  Coronavirus is another reason to boost fiscal stimulus: OECD

  

  Bloomberg The coronavirus outbreak presents another reason for nations with fiscal surpluses to boost their spending and support the global economy, the head of the Organisation for Economic Cooperation and Development (OECD) said. “It’s a call to arms,” Angel Gurria, secretary general of the OECD, said in an interview with Bloomberg TV in Saudi Arabia. “Look at what’s going on. ...

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• 23 February

  US existing home sales remain solid

  Bloomberg Sales of previously owned US homes remained robust in January as low borrowing costs and higher wages continue to make purchasing attainable. Contract closings eased 1.3% from the prior month to a 5.46 million annual rate, according to National Association of Realtors data that slightly exceeded the median estimate in Bloomberg’s survey. The median sales price climbed 6.8% from ...

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• 23 February

  Protests hit Canadian pipeline project

  

  Bloomberg British Columbia is delaying a decision on a controversial stretch of the Coastal GasLink pipeline and asking TC Energy Corp to take more time to engage with indigenous groups after weeks of debilitating protest blockades along Canada’s rail network. In an emailed letter to TC Energy, the province’s Environmental Assessment Office (EAO) said it needs additional information to make ...

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• 23 February

  China solar sector may grow 50%

  

  Bloomberg China’s main solar industry group sees the nation’s new installations this year between 35 and 45 gigawatts and said almost a quarter of domestic solar companies are shut by the virus outbreak. Even the low end of the installation forecast, posted on the official WeChat account of the China Photovoltaic Industry Association (CPIA), would be a slight rebound from ...

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• 23 February

  Chevron’s future growth prospects dwindle

  

  Bloomberg Chevron Corp’s future growth prospects may be dimming after the oil explorer pumped more crude than it discovered or bought last year, eroding its portfolio of untapped fields. New finds, acquisitions and expansions of existing oil and natural gas holdings were equivalent to just 44% of the company’s 2019 production, according to a regulatory filing. That was Chevron’s poorest ...

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