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Why a Troubled Steel Mill Is Shaking Italy’s Fragile Government

(Bloomberg) — Emergency, all hands on deck!That was the thrust of a remarkable letter Italian Prime Minister Giuseppe Conte sent to his ministers earlier this week, calling on them to put aside squabbles and come up with “proposals, projects, solutions or specific measures” to rescue a bankrupt steel mill in the southern city of Taranto.Conte’s unusual — some might say desperate — step highlights the pressure on his fragile coalition. The premier is scrambling for a solution to an industrial crisis that’s dominated front pages for weeks while providing fodder for the opposition.Worse still, it was Conte’s own allies who …read more […]

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Qantas completes “double sunrise” test flight from London to Sydney

Qantas Airways Ltd completed a 19 hour 19 minute non-stop test flight from London to Sydney on Friday as it nears a decision on whether to order planes for what would be the world’s longest-ever commercial route. “We saw a double sunrise,” Qantas Chief Executive Alan Joyce said after stepping off the flight, which followed a similar one from New York to Sydney last month. The event included speeches from Australian Prime Minister Scott Morrison and Qantas Chairman Richard Goyder. …read more […]

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Boeing received 'unnecessary' contract boost for astronaut capsule, watchdog says

Boeing’s multibillion dollar contract to build U.S. astronaut capsules received an “unnecessary” extension from NASA, a watchdog report said on Thursday, the latest management blunders in the agency’s program to restart domestic human spaceflight. NASA agreed to pay Boeing Co a $287 million premium for “additional flexibilities” to accelerate production of the company’s Starliner crew vehicle and avoid an 18-month gap in flights to the International Space Station. NASA’s inspector general called it an “unreasonable” boost to Boeing’s fixed-priced $4.2 billion dollar contract. …read more […]

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Oil rises on hopes for OPEC supply curbs, new optimism on U.S.-China trade deal

Oil prices posted early gains as OPEC’s outlook for oil demand next year fuelled hopes that the producer group and its associates will keep a lid on supply when they meet to discuss policy on output next month. Optimism that the United States and China could soon sign an agreement to end their trade war also seeped into the market after White House economic adviser Larry Kudlow said a deal was “getting close”, citing what he called very constructive discussions with Beijing. West Texas Intermediate crude was up 29 cents, or 0.5%, at $57.06 a barrel, after falling …read more […]

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Boeing received 'unnecessary' contract boost for astronaut capsule, watchdog says

Boeing’s multibillion dollar contract to build U.S. astronaut capsules received an “unnecessary” extension from NASA, a watchdog report said on Thursday, the latest management blunders in the agency’s program to restart domestic human spaceflight. NASA agreed to pay Boeing Co a $287 million premium for “additional flexibilities” to accelerate production of the company’s Starliner crew vehicle and avoid an 18-month gap in flights to the International Space Station. NASA’s inspector general called it an “unreasonable” boost to Boeing’s fixed-priced $4.2 billion dollar contract. …read more […]

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Alibaba Launches Mega Share Sale With $12 Billion Retail Tag

(Bloomberg) — Alibaba Group Holding Ltd. priced the retail portion of its Hong Kong share sale Friday, issuing an appeal to retail investors in a city in the throes of recession after months of violent pro-democracy protests.The largest Chinese e-commerce company capped the 12.5 million shares available to individual investors at HK$188 apiece, an auspicious number in Chinese culture. Alibaba said it may price the remainder of its 500 million-share offering above that ceiling, signaling that it aims to raise at least $12 billion in what would be one of the world’s largest sale of stock this year. The company …read more […]

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Justice Minister Attacked; Elderly Worker Dies: Hong Kong Update

(Bloomberg) — Chinese President Xi Jinping called an end to violence Hong Kong’s “most urgent task,” as an attack on the city’s justice minister and the second protest-related death in a week heightened tensions in the paralyzed financial center.The rare comments by Xi during a visit to Brazil on Thursday came as the U.S. Senate moved to expedite passage of legislation that would support Hong Kong’s pro-democracy protesters. Earlier, a 70-year-old government contract worker who was struck during a brick-hurling fight between protesters and their opponents died of his injuries.The protests, which have raged for more than five months, flared …read more […]

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Alibaba praises Hong Kong ahead of $13.4 billion listing

Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt business and deter tourists. Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on Nov. 26. …read more […]

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Alibaba praises Hong Kong ahead of $13.4 bln listing

Alibaba Group Chairman Daniel Zhang said Hong Kong’s “future is bright” as the company presses on with its secondary listing in the city gripped by increasingly violent protests and recession. Four thousand people have been arrested in Hong Kong since June and the territory’s economy has sunk into recession for the first time in a decade as the anti-government demonstrations disrupt business and deter tourists. Alibaba is hoping to raise up to $13.4 billion in its Hong Kong listing and the shares are due to start trading on Nov. 26. …read more […]