World Business Quick Take – Taipei Times

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AUSTRALIA

The business climate is collapsing

Business sentiment plummeted last month as the Sydney outbreak of the Delta variant of SARS-CoV-2 forced even stricter stay-at-home orders and COVID-19 leaks resulted in instant lockdowns in other big cities. Business confidence fell to minus 8 points from over 11 points in June, National Australia Bank Ltd said in a statement yesterday. The conditions index – measuring hiring, sales and profits – fell to 11 points from a revised 25 points. The investigation took place from July 20 to 30. The result showed that “optimism is collapsing over the ongoing restrictions,” said National Australia Bank chief economist Alan Oster. “The fear is that lower capacity utilization and a fading work pipeline will cause companies to reduce their hiring and investment intentions.”

THE INTERNET

Gold nugget deal reached

Sports betting website DraftKings Inc is buying online gaming subsidiary of Golden Nugget Inc in a stock market transaction valued at $ 1.56 billion, the two companies said on Monday. Acquisition of Golden Nugget Online Gaming gives Boston-based DraftKings a well-known brand in the casino and gambling world, and adds more than 5 million customers to DraftKings iGaming accounts, according to a company statement . DraftKings plans to use the combined resources to increase sales and market share, the companies said. The deal, which has been approved by the boards of directors of both companies, is expected to close in the first quarter of next year.

HOSPITALITY

IHG back in the dark

InterContinental Hotels Group (IHG) PLC yesterday announced a return to profits as the rollout of vaccination and the lifting of lockdowns boosted travel demand. IHG, whose brands also include Crowne Plaza and Holiday Inn, reported net profit of US $ 48 million for the first half of the year, compared to a net loss of US $ 210 million in the same period l ‘last year. IHG chief executive Keith Barr said in a statement that domestic leisure bookings in the United States and China have led the way.

AIRLINES COMPANIES

Etihad posts $ 400 million loss

Abu Dhabi’s national carrier Etihad yesterday announced a baseline operating loss of US $ 400 million for the first half of the year, driven by a 68% drop in passenger revenues as the contagious Delta variant of the SARS-CoV-2 is spreading across the world. The figure – although half of the reported loss of US $ 800 million amid the devastation of the COVID-19 pandemic in the first half of last year – reflects the still uncertain outlook for international travel. In the past six months, the airline carried 1 million passengers who occupied an average of 24.9% of aircraft seats, compared to 3.5 million passengers and 71% of seats occupied in the first half of the year. last year.

CAR MANUFACTURERS

Tesla’s deliveries to China drop

Deliveries of Chinese-made vehicles by Tesla Inc to the local market fell sharply last month following a wave of negative publicity that resulted in the recall of nearly all vehicles the California-based company has sold in China. The automaker reported domestic shipments to China of just 8,621 vehicles, a drop of 69% from June, when the Tesla plant in Shanghai delivered 28,138 vehicles to the local market. However, exports soared to 24,347 vehicles compared to 5,017, most of which are destined for Europe. That means Tesla’s overall shipments to China last month fell only 0.6% to 32,968 vehicles.

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