July, 2019

• 2 July

  Boeing outsourced 737 Max software to $9 programmers

  

  Bloomberg It remains the mystery at the heart of Boeing Co’s 737 Max crisis: how a company renowned for meticulous design made seemingly basic software mistakes leading to a pair of deadly crashes. Longtime Boeing engineers say the effort was complicated by a push to outsource work to lower-paid contractors. The Max software — plagued by issues that could keep ...

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• 2 July

  Polish retailers drop over fast return to sales tax rule

  Bloomberg Poland’s biggest retailers fall as the government pulls forward plans to restore a controversial sales tax to September. The Polish cabinet updated its legislation agenda on Tuesday, which includes fast-tracking a levy that was suspended for three years amid a European Union probe on whether it constituted illegal state aid. In May, Poland won a challenge against the European ...

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• 2 July

  Coty slides as turnaround plan comes with $3bn writedown

  

  Bloomberg Cosmetics maker Coty Inc will take a $3 billion writedown — about a third of its market capitalisation — as its aging mass-market brands face new competition from savvy upstarts in the booming beauty industry. The company, under pressure to turn its business around as revenues stagnate, laid out the first steps of a turnaround plan intended to revive ...

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• 2 July

  Walmart heir, Buffett to give away $4.8b of fortunes

  

  Bloomberg The world’s richest can’t give away their money fast enough — but that’s not stopping them from trying. Warren Buffett said he plans to donate $3.6 billion of Berkshire Hathaway Inc stock to five charities — one of his largest gifts ever — while Walmart Inc heir Jim Walton gave away $1.2 billion of the retailer’s shares. And Home ...

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• 1 July

  Opec to extend output cut into 2020 as demand ebbs

  

  Bloomberg The Organization of Petroleum Exporting Countries (Opec) will extend production cuts into 2020 as the world’s leading oil exporters fret about a weakening outlook for global demand growth and the relentless rise in output from America’s shale fields. Ministers from the group meeting in Vienna agreed to prolong their supply curbs by another nine months, said delegates, asking not ...

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• 1 July

  Gold sinks most in a year on trade truce

  

  Bloomberg Gold tumbled back below $1,400 an ounce after the US and China reached a truce in their trade war, dealing a blow to havens. Prices fell the most in a year after Donald Trump and Xi Jinping agreed to resume negotiations. Still, the setback may be temporary as investors now train their focus on US jobs data due on ...

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• 1 July

  UAE, Canada discuss ways to boost ties

  

  ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, received Masud Husain, Ambassador of Canada to the UAE, and his accompanying delegation in the presence of Matar Salim Ali Al Dhaheri, Under-Secretary of the Ministry of Defence. During the meeting, which was held at the headquarters of the Ministry of Defence, the two sides ...

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• 1 July

  India issues tender for solar factories

  Bloomberg India issued a new tender for solar power equipment manufacturing capacity totaling 2 gigawatts, the latest attempt to spur its domestic industry after two earlier efforts failed to rouse investor interest. The new tender, issued by the state-owned Solar Energy Corp. of India, seeks as many as four projects for module, cell, ingot and wafer manufacturing with annual capacity ...

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• 1 July

  US stocks pare gains after record; Treasuries retreat

  

  Bloomberg US stocks rallied to all-time highs after a trade truce with China, though gains eased after measures of manufacturing activity showed growth slowing in the world’s largest economy. Gold, the yen and Treasuries all retreated. The S&P 500 surpassed its intraday record, with chipmakers surging after President Donald Trump agreed to ease a ban on American companies supplying Chinese ...

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• 1 July

  Germany’s DAX set to enter bull market

  

  Bloomberg Germany’s DAX Index is starting the second half of the year with a bang as the benchmark is set to enter a bull market. The gauge rose as much as 1.8 percent in the first hour of trading on Monday, bringing the total gain to 22 percent since a closing low on December 27. The guage is up 1.5 ...

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