Business
Saudi eyes electric jets to reach Mecca, new resorts
Saudi Arabia's flag carrier Saudia is buying electric jets from Munich-based Lilium to serve new luxury resorts and Mecca. The deal includes 50 eVTOL jets, with delivery expected in 2026. These jets will provide connections to remote Red Sea routes and transport pilgrims from Jeddah to Mecca. This aligns with Saudi's Vision 2030 aviation strategy.
TPG, Blackstone bid for Bausch + Lomb in potential $14 billion deal
TPG and Blackstone are teaming up to bid for Bausch + Lomb, with an expected valuation between $13 billion and $14 billion. This sale, managed by Goldman Sachs, aims to address disputes related to Bausch Health’s large debt. Bausch + Lomb is expected to generate significant revenue from its contact lenses and eye care drugs.
Moon race, private competition in focus as space powers gather in Milan
At the International Astronautical Congress in Milan, space agencies, particularly from the U.S. and China, discuss lunar exploration and replacing the ISS. The European Space Agency faces challenges from geopolitical tensions and SpaceX's dominance, driving new strategies and collaborations in satellite manufacturing and space access.
California rejects bid for more frequent SpaceX launches
The California Coastal Commission votes 6-4 to reject the U.S. Space Force's proposal to increase SpaceX Falcon 9 rocket launches from 36 to 50 annually, citing environmental concerns. The decision highlights unresolved issues around sonic booms and wildlife impact, emphasizing SpaceX's commercial interests over federal activities.
Giorgio Armani, 90, says he plans to retire within 'two or three years'
Giorgio Armani, at 90, reveals he plans to retire within two to three years, as he faces restless nights dreaming of a relief from decision-making. He hints at succession plans involving family and trusted collaborators, while maintaining no interest in outside investors for now.
US firms brace for more tariffs as election approaches
As the US presidential campaign heats up, businesses brace for economic volatility due to increased tariffs on imports, especially from China. While some consider moving abroad, many grapple with rising costs, postponed investments, and a complex supply chain reshuffling, amidst an uncertain future.
China's consumer inflation cools in September, PPI deflation deepens
China's consumer inflation rate dropped to 0.4% in September from 0.6% in August, missing forecasts amid ongoing stimulus efforts. The producer price index fell 2.8% year-on-year, deepening from a 1.8% decline the previous month, indicating persistent deflationary pressures in the economy.
Tesla's sporty Robotaxi design puzzles experts
Experts said robotaxis would best emulate regular taxis with plenty of room, a tall design and sliding doors. Musk did showcase a futuristic robovan that could seat up to 20 people but did not say when that would be available. The market for two-door robotaxis would be very limited, said Sandeep Rao, a senior researcher at Leverage Shares, an investment management company with assets of about $1 billion, including in Tesla.
Beijing shores up its property sector, signals more spending
China plans new steps to support the property sector and may increase government borrowing to boost the economy. Local governments will use special bonds to buy unsold homes. The central government has room to borrow more, and new fiscal stimulus details may follow after a top lawmakers meeting.
China-EU EV tariff talks in Brussels end with 'major differences': Beijing
The latest negotiations over European Union tariffs on Chinese electric vehicles ended in Brussels with "major differences" remaining, Beijing's commerce ministry said Saturday. "There are still major differences between the two sides," a ministry statement said, adding that it has invited EU negotiators for further discussions in China.
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China urges EU not to affect EV tariff talks with separate price negotiations
China has asked the European Union not to negotiate separately on the prices of Chinese-made electric vehicles (EVs). The statement, posted on China's Ministry of Commerce website, warned that such actions could "shake the foundations" of current tariff negotiations between the two parties.
US announces sanctions targeting Iran's petroleum, petrochemical sectors over Israel attack
The US has imposed new sanctions on Iran's petroleum and petrochemical sectors in response to its October 1 attack on Israel, targeting 16 entities and 23 vessels. These actions aim to disrupt Iran's revenue flow used to fund its nuclear program and support terrorist activities.
Boeing to cut 17,000 jobs and delay first 777X delivery as strike hits finances
Boeing will cut 17,000 jobs, delay 777X jet deliveries by a year, and record $5 billion losses due to an ongoing strike by West Coast workers. CEO Kelly Ortberg stated that the downsizing aligns with financial reality. Boeing also faces cash flow issues, end of 767 freighter production, and potential penalties from safety and fraud concerns.
China's big banks to cut existing mortgage rates starting on October 25
Four major state-owned Chinese banks, including China Construction Bank Corp and Bank of China, will reduce existing mortgage rates by up to 30 basis points below the benchmark Loan Prime Rate from Oct. 25. This move follows a central bank order aimed at boosting the property market and domestic demand.
British Airways to cancel hundreds of winter flights on Rolls-Royce parts delays, FT says
British Airways is set to cancel numerous long-haul flights this winter. The cancellations are due to a delay in engine and part deliveries from Rolls-Royce, affecting the 787 aircraft. This includes postponing flights from Heathrow to Kuala Lumpur and suspending one daily flight between London Gatwick and New York, as well as between London Heathrow and Doha.
Amazon prefers renewables in Asia as nuclear still elusive
Amazon.com Inc. is focusing on wind and solar projects in Asia for green power due to current availability. In the US, companies like Amazon and Microsoft are exploring nuclear energy for data centers for consistent low-carbon power. While Asia poses challenges in sourcing green energy, progress is seen in countries like Japan, Vietnam, and Malaysia, making renewables the most viable option currently.
