Bloomberg Saudi Aramco is once again the world’s most valuable company after its market capitalization rose a shade above Apple Inc. amid a slump in US technology shares. The state oil giant’s stock gained 1.1% in Riyadh this month, despite Brent crude dropping 12% to below $40 a barrel as concerns about an acceleration in coronavirus infections mount. Meanwhile, Apple …

Bloomberg Polish e-commerce group Allegro plans to raise about 1 billion zloty ($266 million) in an initial public offering in Warsaw, becoming the latest web-based company to take advantage of a buoyant market for the tech sector. Allegro’s private equity owners Cinven, Permira and Mid Europa Partners also plan to sell shares in the IPO, the company said in a …

Bloomberg French Finance Minister Bruno Le Maire said he would guarantee the survival of Air France after his Dutch counterpart warned more cost cuts may be needed to get through the deep industry slump. France will “do what is necessary to guarantee the survival of Air France,” Le Maire said on France 2 television. “We’ve already done a lot, and …

Bloomberg When the Covid-19 crisis hit the airline business this year, Deutsche Lufthansa AG was planning to phase out the half-dozen aging MD-11 freighters that remain in its fleet by the end of 2020. Then cargo rates skyrocked. The virus destroyed demand for air travel, and as airlines grounded their fleets they also created a shortage of air-cargo space by …

Bloomberg Flying business class isn’t what it used to be. Efforts to minimise human interaction and reduce the risk of Covid-19 infection are taking the shine off the most expensive seats onboard commercial aircraft. Gone are the multi-course banquets and warm personal service, once the hallmarks of carriers like Singapore Airlines Ltd and Cathay Pacific Airways Ltd. These days, what’s …

Bloomberg Cathay Pacific Airways Ltd is still burning through as much as HK$2 billion ($258 million) a month and will continue to do so until the market recovers from the coronavirus crisis, the company said as it reported dismal August traffic figures and reiterated the need to restructure. “We are weathering the storm for now, but the fact remains that …

Bloomberg Thai Airways International Pcl, the nation’s flagship carrier, got court approval for its business restructuring on Monday. The Central Bankruptcy Court decided that the airline can proceed with its business reorganisation plan, a crucial step forward for the embattled company, which has around 350 billion baht ($11 billion) of debt, according to Chansin Treenuchagron, its acting president. The flagship …

Bloomberg The Philippine central bank is prepared to lend more to the government, helping to boost state funding to counter the impact of the coronavirus pandemic, Governor Benjamin Diokno said on Monday. The comments come days after President Rodrigo Duterte signed into law a measure providing 165.5 billion pesos ($3.4 billion) for pandemic relief. The law allows Bangko Sentral ng …

Bloomberg Sweden’s central bank will make good on its promise to enter the corporate bond market, as it begins buying 10 billion kronor ($1.1 billion) worth of securities. But the move, which the Riksbank says will rein in funding costs for businesses and help contain credit supply shocks, has courted controversy ever since it was announced in July. Some investors …

Bloomberg Deutsche Bank AG plans to boost lending to commodity traders in the Middle East to help double the size of its regional business. The German lender, which on Monday appointed Loic Voide and Kees Hoving as co-chief executive officers for the Middle East and Africa, is also targeting bond markets for growth in the region. “In the next five …