Bloomberg London’s Gatwick airport asked creditors to change the terms on its 3.4 billion-pound ($4.5 billion) debt pile to allow the transport hub to recover from a slump in air travel. The UK’s second-largest airport wants investors in its debt, including those holding 2.8 billion pounds of its bonds, to waive covenants and change certain conditions in the financing documents. ...

Bloomberg Kenya Airways Plc expects demand for air travel for the rest of this year to be less than half the level in 2019 due to the ongoing effect of the Covid-19 pandemic. The partially state-owned East African carrier is starting to resume international flights after the government eased travel restrictions it imposed to help contain the coronavirus. The anticipated ...

Bloomberg Steinhoff International Holdings shareholders voiced their frustration with scandal-hit retailer by voting against proposed changes to director pay policies and rejecting financial statements for last year. Investors logged into the South African company’s virtual annual meeting and protested against the extent of fees paid to various advisers, some related to a deal the retailer reached with creditors to skip ...

Bloomberg Cosmetics maker Coty Inc reported worse-than-expected results in its fourth quarter, posting a $1.2 billion drop in sales year on year as consumers stuck at home during the pandemic skipped beauty-product purchases. Sales of $922.1 million in the company’s fiscal fourth quarter were down 56% year on year and worse than analysts’ estimate of $1.34 billion. After a brutal ...

Bloomberg Gap Inc tempered the pace of its sales decline in the second quarter, outpacing analysts’ estimates by picking up e-commerce customers. Sales for the period, which ended on August 1, fell 18% from a year earlier to $3.3 billion, higher than analysts’ projection of $2.9 billion. The company, which owns the Old Navy and Banana Republic brands, increased comparable-store ...

Bloomberg When students at an elite university in Berlin charged the school with condoning racist attitudes, the administration had no formal procedures in place to deal with the spat. Even its diversity czar said it was out of her hands. The dispute at the Hertie School — one of Germany’s top training grounds for civil servants — was sparked by ...

Bloomberg US President Donald Trump offered praise for outgoing Japanese Prime Minister Shinzo Abe, and both leaders may speak by phone next week. Abe is arranging to talk with Trump on Monday, and plans to convey directly his plans to step down as prime minister as well as stress the importance of the US-Japan alliance under a new leader, Kyodo ...

Bloomberg Burundian President Evariste Ndayishimiye’s pledge to undertake wholesale reform has raised hopes the East African nation is emerging from the turmoil of his late predecessor’s authoritarian rule. Ndayishimiye has spoken of overhauling the economic and political landscape and opening up the landlocked country that was reduced to an international pariah during Pierre Nkurunziza’s 15-year stranglehold on power. Unlike the ...

Bloomberg South African President Cyril Ramaphosa is considering making changes to his cabinet after he meets the ruling party’s leadership, people familiar with the deliberations said. The meeting could be a showdown between the president and his rivals within the African National Congress (ANC), the people said, asking not to be identified as a public statement hasn’t been made. Ramaphosa ...

Bloomberg South Korea’s ruling Democratic Party picked Lee Nak-yon as its new leader on Saturday, paving the way for a possible bid by the former prime minister in the 2022 presidential election. Lee won 60.8% of the total vote in the online election and was followed by four-term lawmaker Kim Bu-gyeom, with 21.4%. The new party leader said in his ...