Ian King Business Podcast: Economic growth slows, greener airlines and China’s ‘Singles Day’

The UK’s economic growth slows sharply between July and September, as the supply crisis takes it toll. Ian King also speaks to the chief of United Airlines about plans for a low carbon future. And find out about Singles Day in China – a kind of “anti-Valentine’s Day” which has become the world’s biggest shopping day.

Singapore Airlines Group Posts Narrower Loss In H1; Revenue Up 73.0%

SIA Group said international air travel continued to recover during the first half period. The Group’s passenger traffic, measured in revenue passenger-kilometres, grew five-fold year-on-year, with passenger capacity also growing five-fold year-on-year to reach 32% of pre-Covid-19 levels as of September 2021. Looking forward, the Group expects passenger capacity to reach 43% of pre-Covid levels by December 2021.

For the half year ended 30 September 2021, the Group posted a net loss of S$837 million, an improvement of 75.9% from prior year. Loss per share, in cents, was 15.4 compared to a loss of 98.6. The company said this was mainly due to better operating performance, and the absence of S$1.63 billion in non-cash items recorded last year largely from the impairment of aircraft assessed to be surplus to requirements. The Group recorded an operating loss of S$619 million, an improvement of 66.8% from last year.

Group revenue rose 73.0% year-on-year to S$2.83 billion, attributable to improvements in both the passenger and cargo segments. Passenger flown revenue grew by 385.8% on the back of the recovery in traffic, partly offset by weaker yields, the company said.

The Board of SIA Group is not proposing an interim dividend for the half-year ended 30 September 2021.

Burgess bashes Biden over inflation and being ‘out of touch’ with everyday Americans

Biden ‘out of touch’ with everyday Americans: Rep. Burgess

Rep. Michael Burgess, R-Texas, says Americans’ reality has not been reflected in Biden’s remarks on inflation.

Rep. Michael Burgess, R-Texas, ripped President Biden for being "out of touch" with Americans and not understanding their inflation concerns on "Mornings with Maria" Thursday, after Democratic Sen. Joe Manchin suggested Biden halt his Build Back Better plan until inflation slows down.

INFLATION WILL LIKELY GET WORSE BEFORE IT STARTS IMPROVING, GOLDMAN WARNS

REP. MICHAEL BURGESS: I don't want to say this President seems out of touch, but I do wonder if we're living in the same world sometimes.

What I'm seeing on the street, what I'm seeing in the grocery store, what I'm seeing at the fuel pump does not reflect my reality, has not been reflected in the President's remarks, and I think that is generally true of the people that I represent.

WATCH THE FULL INTERVIEW BELOW

Manchin suggests halting Biden spending plan until inflation slows down

Rep. Michael Burgess, R-Texas, argues the U.S. needs to work on energy independence.

Dillard’s Q3 Profit Soars – Quick Facts

Luxury department store chain Dillard’s, Inc. (DDS) reported Thursday that third-quarter net income soared to $197.3 million or $9.81 per share from $31.9 million or $1.43 per share in the prior-year quarter.

Net sales for the quarter grew 72 percent to $1.48 billion from $1.02 billion in the same quarter last year. Comparable store retail sales for the quarter increased 48 percent.

On average, analysts polled by Thomson Reuters expected the company to report earnings of $5.52 per share on net sales of $1.45 billion for the quarter. Analysts’ estimates typically exclude special items.

The Company operates 250 Dillard’s locations and 30 clearance centers spanning 29 states and an Internet store at dillards.com. Total square footage at October 30, 2021 was 47.7 million square feet.

The T List: Five Things We Recommend This Week

An homage to Indian jutti shoes, a Ping-Pong table that’s a canvas — and more.

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U.S. Wholesale Inventories Jump More Than Expected In September

A report released by the Commerce Department on Wednesday showed wholesale inventories in the U.S. jumped by more than expected in the month of September.

The Commerce Department said wholesale inventories surged up by 1.4 percent in September after leaping by 1.3 percent in August. Economists had expected inventories to jump by 1.0 percent.

The bigger than expected increase in wholesale inventories came as inventories of durable goods and non-durable goods shot up by 1.3 percent and 1.6 percent, respectively.

The report also showed a notable rebound in wholesale sales, which jumped by 1.1 percent in September after slumping by 0.9 percent in August.

Sales of non-durable goods spiked by 2.2 percent during the month, more than offsetting a 0.2 percent dip in sales of durable goods.

With inventories and sales both showing significant increases, the inventories/sales ratio for merchant wholesalers was unchanged from the previous month at 1.23.

ANI Pharma Reveals Clearance From FTC For Acquisition Of Novitium

ANI Pharmaceuticals, Inc. (ANIP) Thursday said the U.S. Federal Trade
Commission has accepted the proposed consent order to acquire Novitium Pharma. As per the agreement, FTC’s acceptance satisfies all required antitrust clearances.

ANI, a diversified biopharmaceutical company, further noted that the acquisition will be completed on or about November 18, 2021.

Earlier in March, ANI Pharma had announced its plan to acquire New Jersey-based privately held Novitium for $163.million. The deal includes $89.5 million in cash and $74 million in equity plus two potential future cash earn-outs of up to $46.5 million.

The transaction is expected to be immediately accretive to ANI’s adjusted EBITDA and long-term growth.