Bloomberg Air France-KLM won European Union approval for a 7 billion-euro ($7.7 billion) French aid package that Finance Minister Bruno Le Maire said will lead to cutbacks in domestic services. The carrier obtained a state guarantee and a subordinated shareholder loan, a financial life line executives say was needed for its survival in the face of a collapse in revenue ...

Bloomberg Norwegian Air Shuttle ASA’s shareholders approved a restructuring plan that will qualify the struggling carrier for state aid and keep it afloat in the coming months. After the company clinched a deal with creditors following intense talks through the weekend, shareholders approved the plan at an extraordinary general meeting on Monday, according to a statement. The restructuring will see ...

Bloomberg Deutsche Lufthansa AG’s management will face investors on Tuesday as the company races to finalise terms of a multibillion-euro bailout from the German government. Over the weekend, Chief Executive Officer Carsten Spohr told employees that the discussions are moving towards a conclusion. The bailout is expected to stretch to 10 billion euros ($11 billion), with the state likely to ...

Bloomberg Blue Bell Creameries Inc, a Texas-based ice cream maker, agreed to plead guilty and pay $19.35 million in fines for shipping frozen treats tainted with listeria in 2015 and deliberately failing to disclose the contamination to the public, the US Department of Justice said. The company’s former president, Paul Kruse, was charged with seven felony counts related to the ...

Bloomberg High-end cookware chain Sur La Table Inc is preparing for a potential bankruptcy filing after the pandemic forced it to close stores and cancel cooking classes, according to people familiar with the matter. The chain, with about 125 stores, is also pursuing a sale, said the people, who asked not to be identified because the process isn’t public. For ...

Muscat / WAM Mohammed Sultan Al Suwaidi, UAE Ambassador to Oman, hailed relations between the UAE and Oman as historic and based on family ties, lineage, and common history. In a statement to the Oman News Agency, Al Suwaidi said these ties were ”eternal” and ”growing steadily.” According to Al Suwaidi, the two countries maintain regular coordination in many trade ...

Bloomberg Few have a better watchtower over oil demand than Joe Gorder, chief executive officer of major US refiner Valero Energy Corp. But this week Gorder didn’t even need his business insight to know that fuel consumption was starting to recover in America. He only needed to look at the streets of San Antonio, the Texas city where he’s based, ...

SHARJAH / WAM Sharjah Directorate of Human Resources (SDHR) issued a study entitled “Effects of coronavirus pandemic on local business sectors and jobs,” to show the impact of the Covid-19 pandemic on a number of sectors in the emirate. The SDHR’s study noted that businesses that were able to fully transform to online operations are the “winning” works where jobs ...

ADEN / WAM The Emirates Red Crescent (ERC) has continued its Ramadan Mir campaign, with a daily average of 3,770 meals distributed across four Yemen governorates. According to the UAE aid authority, the four governorates include Hadramaut, Shabwa, Hodeidah, and Taiz. Some 7,000 iftar meals were distributed across districts in each of the Hadramaut and Hodeidah governorates, while Shabwa saw ...

DUBAI / WAM Dubai Customs continues its recognisable role in facilitating legitimate trade, enhancing the national economy and supporting the national efforts against the negative impacts of the coronavirus pandemic. In Q1 of 2020, around 24.314m tons of goods passed through Dubai Customs’ sea and air shipping centers despite the international economic downturn due to the pandemic crisis. Dubai Customs’ ...