June, 2021

• 22 June

  Morrison makes for $8b PE catnip

  

  US buyout group Clayton, Dubilier & Rice LLC has chosen a soft target in approaching Wm Morrison Supermarkets Plc with a 5.5 billion pound ($7.6 billion) takeover proposal. The UK grocer says the price is too low. But its defenses are weak and it could have a fight on its hands to stay independent. The only surprise about CD&R’s 230 ...

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• 22 June

  Get ready for ‘chaos’ in container shipping

  The world’s cargo ships just can’t seem to get their act together. First there were the queues at the twin ports of Los Angeles and Long Beach, which left as many as 40 container vessels awaiting a berth in early February amid a flood of traffic. Combined volumes at the terminals hit a record of 1.9 million containers in May, ...

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• 22 June

  Will Senator Manchin be a voting rights hero?

  Senator Joe Manchin carries a fateful burden. By quirk of gridlock, he is literally the swing vote between two warring visions for the vote itself. If he gives his decisive 50th vote in the Senate to pass S. 1 — the For the People Act — millions are sure to revolt against perceived tyranny from Democrats expanding the franchise with ...

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• 22 June

  UK’s Morrisons shares surge 33% after takeover approach

  

  Bloomberg Wm Morrison Supermarkets Plc surged above the value of Clayton Dubilier & Rice LLC’s 5.5 billion-pound ($7.6 billion) bid, indicating the private equity firm may have to pay significantly more or fend off rival offers for Britain’s fourth-largest grocer. The supermarket operator, which employs close to 110,000 people in Britain, has already rejected the 230 pence-a-share proposal that was ...

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• 22 June

  Norwegian Air replaces CEO after restructuring

  

  Bloomberg Norwegian Air Shuttle ASA replaced its chief executive officer after exiting insolvency proceedings, as the low-cost airline rebuilds its operations as a regional carrier. The board voted to end the contract of CEO Jacob Schram, according to a statement. He was replaced by Chief Financial Officer Geir Karlsen, who spent about six months as interim CEO in 2019. Karlsen ...

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• 22 June

  Tag Heuer’s CEO sees current year’s sales reaching 2019 level

  

  Bloomberg The CEO of Tag Heuer — the maker of luxury watches beloved by athletes — expects sales to recover to 2019 levels this year after last year’s pandemic shock. The forecast of the brand owned by luxury group LVMH comes as the industry became more polarised amid lockdowns last year. The largest privately-owned timepiece brands such as Rolex outperformed, ...

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• 22 June

  FAA reform gives workers new way to report safety flaws

  

  Bloomberg Thousands of federal engineers, inspectors and other aviation workers have a new channel through which to report safety concerns without fear of retaliation in an action spurred by the two fatal crashes on the Boeing Co 737 Max. The US Federal Aviation Administration (FAA) unveiled what it calls the Voluntary Safety Reporting Program. The 7,400 people working at FAA’s ...

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• 22 June

  American Airlines’s flight cancellations set to continue

  Bloomberg The series of flight cancellations from American Airlines over the weekend will continue to plague travellers. Almost 100 flights from the airline have already been cancelled for June 21, according to a representative from American Airlines Group Inc. That’s following 123 flights cancelled on June 19 and at least 178. “The first few weeks of June have brought unprecedented ...

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• 22 June

  Europe’s air traffic reaches 50% of 2019

  Bloomberg The recovery in Europe’s air traffic hit a new milestone as people take to the skies again for summer vacations. Aside from a brief pickup around Christmas, the continent’s air traffic is at its highest compared with pre-Covid levels since March last year, when continent’s lockdowns really began to affect demand. It rose just above 50% of 2019 levels ...

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• 22 June

  Biden nuclear envoy ready for talks ‘anytime’ with Pyongyang

  

  Bloomberg President Joe Biden’s point man for North Korea said the US was ready for talks “anywhere, anytime” with Pyongyang, providing a strong signal Washington is prepared to revive a stagnant disarmament dialogue. Sung Kim, the US special representative for North Korea, said after discussions on Monday in Seoul with South Korean counterpart Noh Kyu-duk and Japan’s Takehiro Funakoshi that ...

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