Bloomberg News

Blackstone nears deal to buy stake in Allcargo’s unit

(Bloomberg) — Blackstone Group Inc. has agreed to buy a stake in the warehousing unit of India’s Allcargo Logistics Ltd. for 3.8 billion rupees ($54 million) as the U.S. firm seeks to capture the demand in the world’s fastest growing e-commerce market. Allcargo’s board approved the investment on Monday, it said in an exchange filing, confirming […]

Airlines divert flights from Iran and Iraq airspace after missile attacks

(Bloomberg)–Airlines around the world diverted flights from the airspace over Iran, Iraq, and the Persian Gulf after Tehran fired more than a dozen missiles at U.S. forces in the region. In the wake of the attack, carriers ranging from Singapore Airlines Ltd. and Qantas Airways Ltd. to Air France-KLM and Deutsche Lufthansa AG have said […]

Boeing ousts CEO Dennis Muilenburg over 737 MAX crisis

(Bloomberg) — Dennis Muilenburg was ousted as chief executive officer of Boeing Co., a once-unthinkable turning point for a U.S. industrial champion engulfed in turmoil after two deadly crashes of its top-selling 737 MAX jetliner. David Calhoun, a General Electric Co. veteran who had served as chairman since October, will replace Muilenburg as CEO and […]

Amazon is its own biggest mailman, shipping 3.5 billion parcels

(Bloomberg)–As Amazon.com Inc. works to speed orders to customer doorsteps before Christmas, the e-commerce giant is touting an accomplishment that would have seemed absurd just a few years ago: Amazon is now its own biggest carrier. In the U.S., delivery contractors and on-demand workers now account for a majority of deliveries to customers, an Amazon […]

Boeing pauses 737 MAX production in effort to slow cash burn

(Bloomberg) –Boeing Co. will halt production of the grounded 737 MAX in January, a move that will deepen the crisis engulfing the planemaker, complicate its eventual recovery and ripple through the U.S. economy. Employees at the Seattle-area factory where the MAX is built will continue 737-related work or be temporarily reassigned to other programs, the […]

New Nafta Leaves Winners and Losers Across North America

BLOOMBERG – Companies, workers and lawmakers in three countries have spent the past year in limbo awaiting final touches on the U.S.-Mexico-Canada free-trade agreement. Now they have a better sense of who won — and who lost. The accord awaits a vote next week in the U.S. House of Representatives, where Democrats successfully wrung last-minute revisions […]

Airline weather shocks come faster than ever as climate changes

Extreme weather is no longer exceptional, and that’s forcing changes at some of the world’s most diligent storm trackers: airlines. Weather delays in the U.S. have been trending higher the past four years, upending historical patterns and jumping to an 11-year high for this year’s summer storm season, according to government data for the 30 […]

Here’s what happens to markets If U.S. tariffs on China kick in 15 Dec.

BLOOMBERG – President Donald Trump’s latest missives on trade are a wake-up call to markets close to record highs that a major deadline is looming with China. The Dec. 15 flashpoint on tariffs was thrown into sharp relief Tuesday when Trump said he sees no urgency to complete a deal, right after he threatened an assortment […]

Cyber Monday shoppers are expected to spend record $9.4 billion

U.S. shoppers are on track to spend an estimated $9.4 billion on Cyber Monday – a record – boosting an already robust holiday shopping season. Consumers had dropped $473 million online as of 9 a.m. New York time, on track for an almost 19% increase over last year, according to Adobe Inc. The firm said […]

Alibaba seals $38 billion Singles’ Day sales record

Alibaba Group Holding Ltd. logged more than 268 billion yuan ($38.3 billion) of purchases during its Singles’ Day bonanza, exceeding last year’s record haul after a 24-hour shopping marathon.An estimated half-billion shoppers from China to Russia and Argentina swarmed the e-commerce giant’s sites to scoop up everything from Apple Inc. and Xiaomi Corp. gadgets to […]

UPS drops as heir apparent’s sudden exit rattles Wall Street

(Bloomberg) — United Parcel Service Inc. fell as the sudden retirement of Chief Operating Officer Jim Barber stoked leadership uncertainty midway through the company’s pricey revamp to handle surging e-commerce. Barber, 59, who helped lead growth in Europe and Asia during his 35 years with UPS, will retire at the end of December, UPS said […]

Boeing CEO, removed as chairman, near last chance on 737 MAX

(Bloomberg) – The clock is ticking ever more loudly for Boeing Co. Chief Executive Officer Dennis Muilenburg as the grounding of the 737 MAX hits the seven-month mark. The board removed him as chairman Oct. 11 after the close of the workweek, saying the change would enable Muilenburg to focus on returning Boeing’s best-selling jet […]

France lashes out at Dutch in feud over Air France-KLM holdings

(Bloomberg) — The Netherlands has created an imbalance in the governance of Air France-KLM, a French government representative said, signaling a power struggle between the carrier’s two biggest shareholders remains unresolved. The Dutch government needs to treat the airline like a normal listed company and choose between holding a stake in the group or in the […]

Anti-drone powers are urgently needed at airports, task force says

(Bloomberg) — A task force looking into ways to prevent small drones from disrupting commercial airports is urging federal officials to issue promised regulations, saying that there isn’t proper funding and legal authority to tackle the problem. “We have to really push this and get it done quickly,” said Kevin Burke, president of the Airports Council […]
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