There’s one hope for oil market bulls facing into the abyss of the 9.3 million barrels-a-day demand slump from the spread of Covid-19: The aftermath will see a renaissance in car-driving. “People will use public transport less” because of fears about picking up infection on crowded trains and buses, Cuneyt Kazokoglu, head of oil demand analysis at energy consultancy FGE, ...

Bloomberg Indonesia is finalising a $1 billion financial bailout plan for its flag carrier to help it stave off a debt default after the coronavirus crisis forced the airline to ground most of its planes. The rescue plan includes a proposal to restructure PT Garuda Indonesia’s $500 million sukuk due next month and arrange new bridge loans of as much ...

Bloomberg Avianca Holdings SA, one of the biggest carriers in Latin America, filed for Chapter 11 bankruptcy after travel bans across the region forced the Colombian airline to ground its fleet. Avianca, which counts United Airlines Holdings Inc and Kingsland Holdings as stakeholders, filed for protection from its creditors in the Southern District of New York, according to court papers. ...

Bloomberg Stage Stores Inc, the owner of rural department and discount stores including Goody’s, Peebles and Gordmans, filed for bankruptcy protection, adding to the toll of traditional retailers felled by too much debt and the economic shocks of the coronavirus. The retailer will simultaneously seek buyers for parts or all of its business while it also begins to wind down ...

Bloomberg Customers demanding cash refunds for flights axed because of the coronavirus are putting the squeeze on India’s travel agents, who are only receiving virtual money from airlines solely to be used for future bookings. Indian authorities have told airlines to repay passengers in cash for tickets booked during the nationwide lockdown, but there’s no such obligation when it comes ...

Bloomberg Virgin Atlantic Airways Ltd hired Alvarez & Marsal to advise on a potential administration as it struggles to secure a UK government bailout, Sky News reported. The restructuring specialist was hired earlier to work on options for a pre-pack administration, which may cut the equity of Richard Branson’s holding company and Delta Air Lines Inc, according to the report, ...

Bloomberg Boris Johnson was expected to flesh out his plan for lifting the UK lockdown in Parliament as he seeks to get more people back to work, even as resistance from politicians and labour unions laid bare the hurdles facing the government as it tries to kickstart the economy. In a televised address to the nation, Johnson announced the “first ...

Bloomberg Brazilian President Jair Bolsonaro criticised lockdown measures by governors even as the nation turned into a global epicenter of the coronavirus outbreak. The Health Ministry on May 10 reported 162,699 total cases of Covid-19 and 11,123 deaths, among the world’s highest. “The head of household has to stay at home going hungry with their family,” Bolsonaro said in a ...

Bloomberg The rapid spread of coronavirus in Belarus made it unjustifiable to organise the kind of mass gatherings that were held over the weekend, the World Health Organization (WHO) said. A military parade commemorating the 75th anniversary of the victory in World War II created an additional risk of infection which may “eventually lead to losses of human lives that ...

Bloomberg Hong Kong’s central district returned to relative normalcy this weekend, with crowds of revelers taking advantage of eased social distancing rules even as fresh pro-democracy protests flared across the city. When it came to the activists, they aggressively enforced a coronavirus-related restriction on gatherings of more than eight people, with local media reporting the arrest and pepper-spraying of protesters. ...