August, 2021

• 4 August

  Whole Foods tacks on delivery fee in US cities

  

  Bloomberg Amazon.com Inc is tacking on a delivery fee for Prime members who shop at Whole Foods Market in several US cities, an indication that the economics of grocery delivery continue to pose a challenge for even the world’s largest online retailer. Shoppers were informed of a $9.95 service fee for deliveries beginning on August 30 in the Boston and ...

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• 4 August

  Hong Kong retail sales weaken sharply as tourism struggles

  Bloomberg Hong Kong’s retailers saw a sharp downturn in June as the city’s borders remain closed to tourists, with businesses looking ahead to the distribution of consumption vouchers for a boost in coming months. Retail sales by value grew 5.8% in June from a year ago to HK$28.1 billion ($3.6 billion), a government report showed, well short of the 14.1% ...

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• 4 August

  Alibaba sales miss in sign spending has yet to pay off

  Bloomberg Alibaba Group Holding reported revenue that missed estimates, suggesting plans to hike spending in pursuit of growth have yet to gain traction. Revenue for the three months ended June climbed from a year earlier to 205.7 billion yuan ($31.8 billion), compared with the 209.4 billion yuan average of analyst estimates. Net income was 45.1 billion yuan, rebounding from a ...

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• 4 August

  DHL to add electric jets to fleet in pursuit of zero emissions

  

  Bloomberg The race towards zero-emission logistics chains is expanding from the road to the skies. DHL Express, the air cargo subsidiary of Deutsche Post AG, has ordered 12 all-electric aircraft to complement its fleet of battery-powered delivery vans and bikes, a move that will reduce emissions from air services. The Eviation Aircraft Ltd-built freighters, known as Alice models, will be ...

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• 4 August

  Singapore’s Lee urges China, US to stem deteriorating ties

  

  Bloomberg Singapore Prime Minister Lee Hsien Loong again warned the US and China to deescalate tensions, saying both powers presumed incorrectly they would win in any conflict. “The reality is, neither side can put the other one down,” Lee said on Tuesday, speaking by video link to the Aspen Security Forum. “I think that is a possible misunderstanding on both ...

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• 4 August

  Malaysia’s political woes worsen as key party leaves ruling bloc

  Bloomberg Malaysia’s largest political party said it is retracting support for the ruling coalition shortly after one of its lawmakers resigned as a minister, putting the administration of embattled Prime Minister Muhyiddin Yassin in a limbo. Shamsul Anuar Nasarah, a member of the United Malays National Organisation, resigned as the nation’s energy minister Tuesday, shortly before a briefing by UMNO ...

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• 4 August

  SocGen lifts outlook as loan worries fade, equities rebound

  

  Bloomberg Societe Generale SA gave an upbeat outlook for the year as the economic recovery allows it to set aside less for soured loans and a rebound in equities trading fueled earnings that beat analysts’ estimates. The Paris-based lender expects to set aside 10 basis points less — equal to about 500 million euros ($593 million) — for souring debt ...

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• 4 August

  Dai-Ichi nearing $1b deal for Westpac unit

  

  Bloomberg Dai-ichi Life Holdings Inc is nearing a deal for Westpac Banking Corp’s life insurance unit that could value the business at about $1 billion, according to people with knowledge of the matter. Dai-ichi Life is in exclusive talks with Australia’s second-largest bank and an announcement could come as soon as this month, the people said, asking not to be ...

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• 4 August

  Peso may extend drop on Philippine rating risk

  Bloomberg July was a brutal month for the Philippine peso and there appears to be little respite on the horizon. After capping its steepest monthly decline in over three years, the currency could extend losses due to a worsening virus outbreak and the risk of a sovereign rating downgrade. It may drop towards 51 per dollar, a level last reached ...

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• 4 August

  Goldman Sachs, Credit Suisse raise junior banker pay, joining rivals

  

  Bloomberg Goldman Sachs Group Inc and Credit Suisse Group AG are joining rivals in bumping pay for junior bankers, following uproar earlier in the year over the work-till-you-drop culture exposed by the pandemic. Goldman Sachs will now pay first-year analysts at least $110,000 up from $85,000, according to people familiar with the matter. Their second-year counterparts will get $125,000 up ...

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