Bloomberg The coronavirus is muddying the outlook for London’s second-biggest airport. Richard Branson’s Virgin Atlantic Airways Ltd became the latest carrier to back away from London Gatwick, saying it will shutter its operation at least temporarily to focus on the much larger Heathrow. With arch-rival British Airways reportedly looking to do the same, and Gatwick’s third-largest tenant, Norwegian Air Shuttle ...

Bloomberg Singapore Airlines Ltd’s shares surged the most in more than three decades on bets that ongoing fund raising will help the carrier survive as lockdown restrictions ease worldwide from Italy to the US. Its share price, adjusted for the planned rights issue, soared as much as 21%, the most since October 1987. It pared its advance to 11% on ...

Bloomberg United Airlines Holdings Inc will cut at least 30% of its managerial and administrative jobs when government restrictions lift in October, bracing for a prolonged travel slump in the age of Covid-19. In addition to cutting the roughly 3,500 positions, the company will require that management and administrative employees take 20 days off without pay between May 16 and ...

Bloomberg Sephora USA Inc escalated its legal fight with partner JC Penney Co, saying the department-store chain’s response to the pandemic violates an agreement allowing it to operate about 650 in-house beauty boutiques. JC Penney, which closed all its stores in March as the virus spread, persuaded a Texas state court judge last week to temporarily bar Sephora from exiting ...

Bloomberg Ocado Group Plc’s retail revenue rose more than 40% in the second quarter as the UK online grocer’s sales were boosted by home shopping during the Covid-19 lockdown. The company suspended financial guidance for the year, saying uncertainty around the pandemic made it impossible to predict near-term sales trends. The second-quarter’s gain was up from a 10% increase in ...

Bloomberg Oil headed for the longest run of daily gains in more than nine months as the impact of production cuts indicated the glut may be beginning to ease. Futures in New York rose for a fifth day after Genscape reported an increase in inventories of only 1.8 million barrels at Cushing, Oklahoma, the delivery point for West Texas Intermediate ...

Bloomberg Total SA set out bolder commitments to eliminate most of its carbon emissions by 2050, while curbing spending on oil and gas projects due to the crude-price slump. The French company’s commitment to invest more in clean energy, despite a sharp drop in profit as the coronavirus hammers fuel demand, illustrates the enduring pressure on oil giants from investors ...

Bloomberg Indian refiners are taking advantage of cheap oil to bulk up its supplies even as every corner of the nation’s onshore storage tanks fills to the brim, according to oil minister Dharmendra Pradhan. State-run and private processors are now holding seven million tons — equivalent of more than 50 million barrels — on-board tankers out at sea, the minister ...

Bloomberg Repsol SA’s first-quarter profit fell 28% as oil prices began their unprecedented decline, but it beat analysts’ estimates and shares rose. Earnings from the Spanish energy producer, like those of its peers, reflect what’s proving to be a historic moment for the industry. Crude’s collapse has forced companies to make drastic cuts in spending and, in some cases, slash ...

Bloomberg US and European futures rose along with Asian stocks, as a number of economies move toward easing lockdowns. Crude oil gained for a fifth consecutive day. S&P 500 futures climbed after the index staged a turnaround late Monday to end firmer as California sounded a note of optimism in its fight against the virus. Stocks outperformed in Australia and ...