Bloomberg Deutsche Lufthansa AG signalled it would make sweeping job cuts and sell off non-core units in order to repay a $10 billion coronavirus bailout from the German government. Europe’s biggest airline will slash employee expenses and look at spinning off non-core units to reduce costs and bolster cash flow as the coronavirus crisis depresses revenue, it said in a …

Bloomberg Celebrity makeup brand Charlotte Tilbury is nearing a sale to Puig, the Spanish company behind Paco Rabanne perfumes, in a deal valuing the business at more than $1 billion, people familiar with the matter said. An agreement to buy UK-based Tilbury could be announced as early as this week, said the people, who asked not to be identified because …

Bloomberg Indonesia’s Lion Air said it is halting all flights indefinitely because of the impact coronavirus-related measures such as compulsory tests for passengers have had on travel. The carrier, whose slogan is “we make people fly,” is grounding its fleet from Friday, according to a statement. It had suspended scheduled domestic flights late last month. Lion Air has 138 aircraft, …

Bloomberg Iceland is proceeding with plans to test all incoming airline passengers for Covid-19 from June 15 in a bid to salvage its biggest export, tourism. The government’s announcement follows consultations with the country’s chief epidemiologist and a deal with DeCODE Genetics, which will assist with the testing facilities. “The economic impact of unchanged travel restrictions would be enormous,” the …

Bloomberg Tiffany & Co plunged after Women’s Wear Daily (WDD) reported LVMH’s $16 billion deal to buy the jeweler is uncertain as the US economy faces widespread upheaval. Board members of the French luxury giant arranged to meet to discuss the planned acquisition, WWD reported, citing unidentified individuals. Directors are concerned about the Covid-19 pandemic that has disrupted the US …

Bloomberg The global rally in stocks held its momentum on Wednesday as investors showed more optimism of quick economic recovery from the coronavirus pandemic. Treasuries dipped with gold, and a dollar gauge hit its lowest level since early March. Gains in insurance and auto shares pulled the Stoxx Europe 600 Index higher. Contracts on the S&P 500 Index rose along …

Bloomberg The rally in Indian stocks showed no signs of abating on Wednesday as investors continued to bet that easing of the nationwide lockdown will reboot economic growth. The rupee gained for a fourth day, while sovereign bonds were steady. The S&P BSE Sensex and the NSE Nifty 50 Index climbed 1.1% each as of 10:57 a.m. to the highest …

Bloomberg Oil rose past $36 a barrel as investors eyed a potential extension of record production curbs by Opec+ while physical markets showed renewed signs of tightness. Futures in New York rose around 2.7%. Russia and several producers in the Organisation of Petroleum Exporting Countries and its allies are said to favour an extension of one month to existing cuts, …

GENEVA / WAM The International Air Transport Association (IATA) urged governments to quickly implement the International Civil Aviation Organisation’s (ICAO) global guidelines for restoring air connectivity. Today, the ICAO Council approved ‘Takeoff: Guidance for Air Travel through the Covid-19 Public Health Crisis,’ an authoritative and comprehensive framework of risk-based temporary measures for air transport operations during Covid-19 crisis, the IATA …

Bloomberg Electricite de France (EDF) and its Canadian and German partners have finalised the funding of a 2 billion euro ($2.23 billion) offshore wind project, allowing construction to start in the English Channel. EDF, Enbridge Inc and Wpd AG plan to commission the 500-megawatt wind farm in 2023, the companies said in a statement on Tuesday. The facility near the …