October, 2018

• 15 October

  Sears goes bankrupt, deserted by shoppers and mired in debt

  

  Bloomberg Sears Holdings Corp, the 125-year-old retailer that became an icon for generations of American shoppers, filed for bankruptcy, saddled with billions of dollars of debt racked up as it struggled to adjust to the rapid shift towards online consumption. The company filed for Chapter 11 protection from creditors with the US Bankruptcy Court in White Plains, New York, early …

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• 15 October

  Emirates SkyCargo marks two years of Oslo freighter service

  

  Dubai / Emirates Business Emirates SkyCargo, the freight division of Emirates, has completed two years of operating its Boeing 777 freighter aircraft to Oslo. The air cargo carrier operates a weekly freighter service to the Norwegian capital offering close to 100 tonnes of cargo capacity per flight, facilitating international trade between Norway and the rest of the world. In addition …

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• 15 October

  Air India Express to operate from Abu Dhabi airport Terminal 1

  

  Abu Dhabi / Emirates Business Air India Express flights, wholly subsidiary of Air India, arriving to and from the UAE capital are now arriving and departing from Terminal 1 at Abu Dhabi International Airport (AUH). Originally the airline departed from Terminal 1, and arrived to Terminal 2. The transition from Terminal 2 to Terminal 1 for the arrivals occurred on …

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• 15 October

  Private-plane market turns the tables on buyers

  

  Bloomberg Buying a used business jet is getting harder — and that’s a sign of a long-awaited shift in the market for luxury planes. Only a dozen or so pre-owned Falcon 7X planes are on the market now, down from about 35 a year and a half ago, says Steve Varsano, an aircraft broker in London. When a client wanted …

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• 14 October

  Global finance chiefs urge trade war solution

  

  Bloomberg Global finance chiefs used the closing sessions of talks in the tropical resort of Bali to hammer home the message that simmering trade tensions are already denting global growth and need to be resolved. Bank of Japan Governor Haruhiko Kuroda said it’s essential to have dialogue on trade; Brazil’s central bank President Ilan Goldfajn flagged the tensions as one …

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• 14 October

  Saudi Arabia looks past crude with $100bn in downstream projects

  

  Bloomberg As Saudi Arabia looks to its oil reserves to underwrite a record share sale, the authority is backing a push into the industry’s less glamorous corners — refining and petrochemicals — to ensure crude keeps paying the bills. State-run Saudi Aramco is working on more than $100 billion of refining and chemical projects, according to Bloomberg calculations, and a …

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• 14 October

  China swoops in on Canadian oil that’s $50 below US crude

  

  Bloomberg Chinese oil buyers are making a beeline for a bargain across the Pacific. With Canadian oil over 60 percent cheaper than US benchmark West Texas Intermediate and global marker Brent, China’s refiners are being lured to the heavy, sludgy crude. That’s because — apart from being a source of fuel — it’s rich in bitumen, a black residue used …

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• 14 October

  California raises costs for defectors from power utilities

  Bloomberg A growing number of California communities are opting to ditch big utilities in favour of alternative programs run by local governments. The state just made it more expensive. The California Public Utilities Commission voted to change the formula that determines how much utilities charge customers who switch to these so-called community choice aggregators, or CCAs. PG&E Corp. and the …

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• 14 October

  Polluting giant to triple its clean-energy capacity

  Bloomberg Central Europe’s third-largest polluter plans to almost triple its clean-energy capacity as emission costs surge. Tauron Polska Energia SA is preparing to add at least 700 megawatts of clean, regulated power to “improve” its portfolio after carbon permits almost tripled over the past year, Chief Financial Officer Marek Wadowski said. That’s the equivalent of half a modern nuclear reactor …

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• 14 October

  Market meltdowns happen with an alarming frequency

  

  Bloomberg You could write it off as a fluke in February. When it happened again in March, people got concerned. Now stocks are tumbling a third time in 2018, and investors are starting to sense something has changed. A smattering of 3 percent plunges may not make a bear market, but it sure is a break from the past, which …

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