May, 2021

• 4 May

  Joe Biden’s broadband plan not bold enough

  President Joe Biden’s $2 trillion infrastructure plan is smart to look beyond ports and potholes. But I worry about the part of the plan aimed at expanding broadband. It’s both too ambitious and not ambitious enough. Make no mistake, broadband is infrastructure. It’s unacceptable that American schoolchildren have to piggyback on the Wi-Fi provided by fast-food restaurants to submit homework, ...

  Read More »
• 4 May

  Lufthansa CEO pitches $6.6b capital increase to investors

  

  Bloomberg Deutsche Lufthansa AG asked shareholders for permission to raise 5.5 billion euros ($6.6. billion) in fresh capital, calling it a necessary step to repair the stricken carrier’s balance sheet after the coronavirus pandemic punctured a decades-long boom in air travel. At the airline’s annual meeting on Tuesday, Chief Executive Officer Carsten Spohr implored investors to back the motion, which ...

  Read More »
• 4 May

  Estee Lauder’s sales fall short of estimates

  

  Bloomberg Estee Lauder Cos reported quarterly sales that came in short of analysts’ estimates despite early signs of travel bouncing back. Sales rose in every region but didn’t meet expectations, with demand for makeup still stifled as customers don’t see many occasions to wear cosmetics like lipstick. Global net sales for the fiscal third quarter ended March 31 rose 16% ...

  Read More »
• 4 May

  Pandora to drop mined diamonds as part of its broader strategy

  

  Bloomberg Pandora A/S, which makes more pieces of jewellery than any other company in the world, will stop using mined diamonds as part of a broader strategy to drop raw materials associated with unethical production methods. Despite decades of reform, the global jewellery market remains tainted by reports of human rights abuses at mines and factories. To address such concerns, ...

  Read More »
• 4 May

  Family behind Chanel is reshaping big investment bet

  

  Bloomberg Mousse Partners, the family office for one of the world’s largest fortunes, is reshaping one of its biggest bets. The investment firm for the family behind luxury brand Chanel has sold most of its stake in Ulta Beauty Inc, an investment held for at least 14 years that’s returned more than 1,700%. Since late March, the firm that manages ...

  Read More »
• 4 May

  Travel demand to stay weak until 2023, says Malaysia Air

  Bloomberg Malaysia Airlines Bhd said air travel demand will remain subdued and it expects a full recovery after the end of 2023, amid a resurgence of Covid cases in many countries. The national flag carrier has cut more than 1,500 jobs and plans to reduce capacity further as part of the restructuring it began in October, CEO Izham Ismail said ...

  Read More »
• 4 May

  Airlines push for US-UK travel deal in June

  Bloomberg A coalition of airline and travel groups urged the US and the UK governments to lift travel restrictions between the two nations, citing the growth in vaccinations and other tools that limit the spread of Covid-19. Officials should announce reopening before the Group of Seven economic talks scheduled for June, the groups said in joint letters to President Joe ...

  Read More »
• 4 May

  Biden boosts refugee cap after wavering on ‘Trump limits’

  

  Bloomberg President Joe Biden sought to ease tensions with his political allies by quadrupling the limit on the number of refugees who can enter the US after months of administration wavering and reversals over increasing the cap. Biden said he would allow in as many as 62,500 refugees by the end of September, up from the historically low ceiling of ...

  Read More »
• 4 May

  Duterte says China a benefactor, denounces ‘disrespectful’ remarks

  

  Bloomberg Philippine President Rodrigo Duterte said China remains a benefactor, as the Southeast Asian nation seeks to increase vaccine delivery from the mainland amid brewing tensions in disputed waters. “China remains our benefactor,” Duterte said. “Just because we have a conflict with China doesn’t mean to say that we have to be rude and disrespectful.” Duterte made the comment hours ...

  Read More »
• 4 May

  After India, new virus waves hit developing countries

  

  Bloomberg It’s not just India. Fierce new Covid-19 waves are enveloping other developing countries across the world, placing severe strain on their healthcare systems and prompting appeals for help. Nations ranging from Laos to Thailand in Southeast Asia, and those bordering India such as Bhutan and Nepal, have been reporting significant surges in infections in the past few weeks. The ...

  Read More »