Bloomberg News

China’s aviation market shrinks to smaller than Portugal’s

China’s aviation market, projected to overtake the U.S. this decade and become the world’s biggest, has shrunk to such an extent due to the coronavirus outbreak that it’s fallen from third to 25th, behind Portugal. Airlines have slashed capacity because of the epidemic centered in Hubei province, leaving the industry reeling. About 1.7 million seats […]

Over 25,000 China flights axed as virus panic creates disruption

(Bloomberg) — More than 25,000 flights to, from and within China will be canceled this week as more than two dozen airlines suspend services to the country because of the coronavirus outbreak, leading to an unprecedented shakeup in the world’s second-largest aviation market. International capacity will fall by 4.4 million seats a week, with Lion […]

FedEx CEO Sees Vindication Ahead for His Anti-Amazon Strategy

(Bloomberg) –FedEx Corp. founder Fred Smith, nearing the end of a legendary career, says he’s going to prove himself right one more time. Best known for disrupting the parcel delivery business by introducing overnight service, Smith is now getting disrupted himself by e-commerce and the rise of online shopping. He’s taking a pounding from Wall […]

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 […]
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