July, 2018

• 3 July

  US airports spend record sums to renovate

  

  Bloomberg US airports are breaking records on construction spending to cash in on a surge in travel while the industry is flush from years of low fuel prices. Airports spent a seasonally adjusted $5.42 billion on construction in May, according to a preliminary estimate released by the US Census Bureau, a 75 percent increase from a revised estimate of $3.1 …

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• 3 July

  Roger Federer leaves Nike for Japan’s Uniqlo

  Bloomberg Tennis great Roger Federer, long all but synonymous with Nike Inc., has parted ways with the swoosh to join Japanese casual clothing brand Uniqlo. The eight-time Wimbledon champion surprised many fans when he walked onto Centre Court for his first-round match in an outfit by Fast Retailing Co.’s Uniqlo. The Swiss star’s apparel contract with the Beaverton, Oregon-based athletic-wear …

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• 2 July

  Smart cities to drive UAE IT market to AED20bn

  

  DUBAI / Emirates Business Smart Cities, connected mega-events such as Expo 2020 Dubai, and the growth of “intelligent enterprises”, will drive the UAE’s IT market to top AED20 billion in 2018, according to the newly-appointed UAE Managing Director of global technology company SAP. Increasingly, UAE organisations are becoming “intelligent enterprises,” using innovations in artificial intelligence, machine learning, the Internet of …

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• 2 July

  China firm asks staff to speed up cash inflow

  

  Bloomberg China’s top high-end developer Greentown China Holdings asked its staff to accelerate cash inflows “on all fronts” and speed up sales, according to memos seen by Bloomberg, amid escalating regulatory scrutiny of the sector. The Hangzhou-based builder urged faster sales, redoubled efforts to collect accounts receivable and called for strict control over payments, according to the memos. Moves to …

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• 2 July

  Big oil, utilities lining up for an electric-vehicle war

  

  Bloomberg A red-hot electric vehicle market has triggered a face-off between Big Oil and utilities. Oil majors, who’ve sold fossil fuels to cars for a century, are now moving into an electricity sector that’s preparing for exponential growth. The problem is that utilities, the primary power suppliers for a century, have the same idea. BP Plc predicts electric vehicle sales …

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• 2 July

  Global solar market could contract for the first time ever

  

  Bloomberg The global solar market could do something this year that it’s never done before: shrink. Solar installations in 2018 may total 95 gigawatts, down 3 percent from a year earlier, based on the most conservative of three scenarios modelled by Bloomberg NEF in a report on Monday. For comparison’s sake, the typical nuclear reactor has about a gigawatt of …

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• 2 July

  Libya’s NOC declares force majeure on two more oil ports

  Bloomberg Libya’s National Oil Corp (NOC) declared force majeure on another two oil ports, removing thousands more barrels from the market just as global supply concerns put pressure on OPEC to ramp up production. Oil loadings at the Zueitina and Hariga export terminals in eastern Libya have stopped, the Tripoli-based NOC said on Monday. The halt comes just a week …

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• 2 July

  Oil prices to cost a US household $440 in ’18

  

  Bloomberg The average American household will have $440 less to spend this year due to rising pump prices, putting at risk one-third of the windfall they got from tax cuts. Strong oil prices drove the cost of US gasoline to the highest level in more than three years last month, according to AAA, and pump prices are now 27 percent …

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• 2 July

  US stocks pare losses as investors gauge trade risks

  

  Bloomberg US stocks were lower but regained some of their early losses, as investors assessed fears of increasing trade tensions around the world. The dollar climbed, roiling emerging markets, while oil retreated from its highest level since 2014 following President Donald Trump’s call for Saudi Arabia to increase production. The S&P 500 Index was down roughly 0.3 percent after falling …

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• 2 July

  Bitcoin rebounds from 2018 low to buoy Ether, Litecoin

  

  Bloomberg Bitcoin jumped on Monday, giving a positive jolt to a digital-coin market that had lost about half of its value since early May. The largest cryptocurrency climbed 7.3 percent to $6,328 from June 28, heading to its biggest one-day increase since April, according to composite prices compiled by Bloomberg in New York. The token’s largest peers — Ripple, Ethereum …

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