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Qantas Airways Ltd came within 11 weeks of financial collapse at the height of the pandemic when travel came to a standstill and the airline continued to haemorrhage cash, Chief Executive Officer (CEO) Alan Joyce said. At a lunchtime speech in Sydney on Monday, Joyce said that in early 2020 he was receiving weekly reports from his finance team that …

The second-biggest airport in the Philippines has been closed after a Korean Air Lines Co. plane overshot the runway when trying to land in poor weather. While no one was injured in the incident that occurred, and the 162 passengers on board were safely evacuated, the runway at the Mactan-Cebu International Airport has been closed to allow the badly damaged …

The US travel industry expects this holiday season to be busy enough to make last summer’s turmoil seem orderly. Airport officials and industry analysts say passenger traffic for the November 24 Thanksgiving holiday through New Year’s is set to reach or exceed 2019 levels, when 93 million people packed US flights. This summer, the desire to resume vacationing and visiting …

South Korea is redoubling efforts to shore up the local credit market as yields surge to decade highs and default risks spread, extending efforts to support markets after the country already stepped in earlier this year to slow a tumbling won. Authorities will swiftly resume buying corporate debt via a 1.6 trillion won ($1.1 billion) bond stabilisation fund established at …

India is pushing for a valuation of around 640 billion rupees ($7.7 billion) for state-owned IDBI Bank Ltd. in what could be the biggest sale of the government’s stake in a lender in decades, according to a person familiar with the matter. The government earlier this month invited bidders for a 60.72% stake in the Mumbai-listed lender. The valuation target …

Deutsche Bank AG has given its clearest indication yet of how it plans to deliver on the commitment it made last year to reach net-zero financed emissions by 2050. Germany’s biggest bank said in a statement that it will “significantly” reduce its so-called Scope 3 emissions, which are also known as financed emissions, by 2030 and announced a set of …

China’s lurch towards one-man rule has made it more important than ever for investors to align their portfolios with the priorities of President Xi Jinping. Some are deciding it’s not worth the trouble. Chinese stocks tumbled by the most since 2008 in Hong Kong and the yuan hit a 14-year-low after the confirmation that Xi’s policies of stronger state control …

Saudi Arabia has earmarked 10 billion riyals ($2.7 billion) to provide incentives for global supply firms to invest in the kingdom, part of plans to develop its economy as a hub for industrial companies. Crown Prince Mohammed bin Salman bin Abdul Aziz announced the plans as part of Saudi Arabia’s Global Supply Chain Resilience Initiative on Sunday, that aims to …

Liam Denning In between dabbling in geopolitics and buying-rejecting-not-really-buying Twitter, Elon Musk runs a car company. Tesla Inc. reported results that were somehow simultaneously great and yet humdrum. Revenue jumped 56% versus a year ago, but missed expectations by 3%; the stock fell slightly after hours on Wednesday. Such is the flip-side of high expectations. Musk appeared on the call …

Bloomberg European Union (EU) governments have pledged more than 550 billion euros ($536 billion) to protect citizens and businesses from soaring energy costs over the past year, highlighting the enormous fiscal burden the bloc’s leaders face as they jostle over how to pay for it. That figure climbs to 710 billion euros when support for utilities via loans, bailouts and …