July, 2019

• 17 July

  Gangwal not to sell IndiGo stake amid feud with partner

  

  Bloomberg Rakesh Gangwal, the co-founder of IndiGo, said he won’t sell his shareholding in India’s largest airline and will maintain his stake amid a feud with his partner Rahul Bhatia. “I am here for the long haul,” Gangwal, who has accused Bhatia of corporate governance lapses, said. “I have no desire to sell my stake or raise my stake.” Gangwal, …

  Read More »
• 17 July

  Burberry surges as designer’s new looks boost brand in China

  

  Bloomberg Burberry Group Plc surged as demand for its social-media-savvy designer’s revamped looks took off in China. Store sales rose 4 percent on a comparable basis for the three months through June, double the rate analysts predicted. New collections from Riccardo Tisci, who joined the UK luxury brand last year after winning fame at the French fashion house Givenchy, delivered …

  Read More »
• 17 July

  Searches for cancelling ‘Amazon Prime’ spike

  Bloomberg Internet searches for “Cancelling Amazon Prime” were 18 times higher during Prime Day — the beginning of Amazon.com Inc’s two-day sale — than the previous day, according to search intelligence firm Captify. The data suggest shoppers want to snatch up discounted gadgets and appliances without making a long-term commitment to the world’s biggest online retailer. “If Amazon is hoping …

  Read More »
• 17 July

  Father of Ethiopian crash victims to savage Boeing in testimony

  

  Bloomberg A Canadian man who lost five family members, including three children, in the Ethiopian Airlines crash last March is accusing planemaker Boeing Co of a “shameful pattern of behaviour” for how it designed the 737 Max and how it has acted since the accident. Paul Njoroge calls for a full recertification of Boeing’s best-selling model grounded since March 13 …

  Read More »
• 16 July

  British pound plunges to new low for 2019

  

  Bloomberg The pound fell to the lowest since 2017 as the market once again reckoned with no-deal Brexit risk after the contenders to be UK prime minister toughened their rhetoric. Sterling hit its weakest level in more than two years versus the dollar and a six-month low against the euro, as Brexit negotiations appeared to turn more hostile. Both leadership …

  Read More »
• 16 July

  China’s debt ratio growing amid economic slowdown

  

  Bloomberg China’s efforts to shore up sagging economic growth are leading to a resurgence in indebtedness, underlining the challenge President Xi Jinping’s government faces in curbing financial risk. The nation’s total stock of corporate, household and government debt now exceeds 303% of gross domestic product and makes up about 15% of all global debt, according to a report published by …

  Read More »
• 16 July

  737 Max groundings to hit 2020 results, says Ryanair

  

  Bloomberg The extended grounding of Boeing Co’s Max plane forced Ryanair Holdings Plc to scale back growth plans for next summer, putting the airline industry on notice the crisis is starting to affect longer-term plans. With a return date for the Max still uncertain after two fatal crashes, Ryanair is likely to receive barely half of the 58 planes it …

  Read More »
• 16 July

  India considers roadshows to sell flag carrier in Aug

  

  Bloomberg India is considering inviting expressions of interest to sell Air India Ltd by the end of next month as the government aims to complete the transaction this year, people with knowledge of the matter said. The government will conduct roadshows as well as be open to meet prospective buyers even before the expressions of interest are sought, the people …

  Read More »
• 16 July

  Key Asia-Europe route resumed after 5 months as Pakistan opens airspace

  

  Bloomberg A key airline route between Europe and Asia re-opened on Tuesday, almost five months after Pakistan shut its airspace in the wake of military escalations with India. Pakistan closed its entire airspace in February after the Indian Air Force said it struck what it described as a terror camp — an allegation Pakistan denies — inside the boundaries of …

  Read More »
• 16 July

  Philippine Air owner set to be interim chief

  Bloomberg Billionaire Lucio Tan will be the interim president of his Philippine Airlines Inc after the retirement of its long-time head. Tan will serve as president immediately, according to his daughter Vivienne Tan, in an emailed reply to Bloomberg News’ request for confirmation that the tycoon who’s been the airline’s chairman will serve on a concurrent capacity. Vivienne, executive vice …

  Read More »