July, 2017

• 22 July

  Spring Air to restore flights to South Korea

  

  Bloomberg Spring Airlines Co., China’s biggest budget carrier, plans to resume some flights to South Korea as easing tensions between the two neighbors encourage mainland tourists to return to the peninsula’s popular destinations. Relations between China and South Korea are better than a few months ago, and that should enable the airline to boost its services, Chairman Wang Yu told ...

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• 22 July

  IndiGo’s parent to pick banks for institutional share sale

  

  Bloomberg InterGlobe Aviation Ltd., operator of India’s largest airline, has picked banks including Citigroup Inc., JPMorgan Chase & Co. and Morgan Stanley to work on an institutional share sale, according to people with knowledge of the matter. InterGlobe, which operates the IndiGo carrier, is planning the sale to help cut its owners’ stake to achieve the minimum public shareholding of ...

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• 22 July

  Pratt & Whitney faulted as biggest F-35 engine deal’s cost rises

  

  Bloomberg United Technologies Corp.’s Pratt and Whitney unit has been slow to incorporate promised cost savings techniques for the latest and biggest batch of engines to power F-35 jets, the Pentagon’s costliest weapons program, according to a new report. Pratt is producing 102 engines for the fighters built by Lockheed Martin Corp. under what’s now a $2.1 billion contract, including ...

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• 22 July

  OPEC, Russia to stand pat on oil deal even as glut persists

  

  Bloomberg OPEC and Russia’s plan to clear the global oil glut hasn’t worked as they hoped, but there’s little expectation the world’s largest producers will act more aggressively when they meet this weekend. Oil has slumped into a bear market and inventories remain stubbornly high despite a deal between OPEC and 10 countries outside the group to cut output. The ...

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• 22 July

  Oil slides most in two weeks as OPEC production rises

  

  Bloomberg Oil dropped the most in two weeks as a report that OPEC’s July supply will be the highest this year fueled worries over a global glut. Futures tumbled 2.5 percent in New York, erasing gains from earlier this week. Supply from OPEC is set to exceed 33 million barrels a day this month as members including Saudi Arabia and ...

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• 22 July

  General Electric shows stench of oil is hard to escape

  

  Bloomberg In his final days atop General Electric Co., Jeffrey Immelt still can’t throw off oil’s stink. In his farewell earnings report, the chief executive officer ended his 16-year tenure by telling Wall Street that GE’s earnings are likely to be disappointing the rest of this year. The culprit: sputtering energy markets. It was the latest setback for a CEO ...

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• 22 July

  Australia’s largest generator urges no coal in clean target

  

  Bloomberg Australia’s largest power generator, AGL Energy Ltd., has urged the government to exclude coal from its planned clean energy target and said there is no appetite among private investors to fund new coal-fired power plants. AGL, which sources 77% of its electricity generation from coal, said including the fossil fuel in the target would send wrong signal for industry, ...

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• 22 July

  Trump wants to sell 700 million barrels of oil US owns

  

  Bloomberg The weather was hot and humid on July 21, 1977, the day the US government began stockpiling oil. It started small. Just 412,000 barrels of Saudi Arabian light crude stashed in a Southeast Texas salt cavern. In the wake of the Arab oil embargo, which sent prices through the roof and forced Americans to ration gasoline, creating a national ...

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• 22 July

  Shadow economy in India reels under new tax system

  

  Bloomberg On the edge of one of India’s biggest slums, Alauddin Ansari opens a paper ledger of daily sales at his small leather shop and points to a blank page. That’s the tally for today. Nothing. Before Prime Minister Narendra Modi introduced the country’s new goods and services tax on July 1, Ansari said he was earning 6,000 rupees ($93) ...

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• 22 July

  Foreign insurers plan $2bn of Malaysia deals

  

  Bloomberg Overseas insurers including Prudential Plc are pursuing plans to sell stakes in their Malaysian units, in deals that could raise at least a combined $2 billion and help them comply with foreign ownership limits, people with knowledge of the matter said. Prudential has asked banks to pitch for a role advising on a domestic initial public offering of its ...

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