August, 2022

• 6 August

  SAS reports 32% drop in traffic due to strike

  

  Bloomberg SAS AB reported a 32% plunge in passenger traffic last month, revealing the impact a strike had on the troubled Scandinavian airline and its customers. The total number of passengers fell to 1.3 million in July from 1.9 million a month earlier, the Stockholm-based carrier said in a statement. Capacity fell 23% in July as the 15-day strike among …

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• 6 August

  Lufthansa seals crew wage deal to avert more walkouts

  

  Bloomberg Deutsche Lufthansa AG and labour union Verdi sealed an agreement on a wage deal for the company’s 20,000 ground crew after a one-day strike led to a wave of cancellations. The deal includes monthly pay hikes in three stages through the end of next year, Verdi said in an emailed statement. Check-in staff will get between 13.6% and 18.4% …

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• 6 August

  Air Canada’s post-pandemic recovery weighs on earnings

  

    Bloomberg Canada’s largest airline struggled to cope with a rebound in passenger demand in the second quarter, amid labour shortages and wider airport disruptions that included baggage handling failures. Air Canada reported operating revenue of C$3.98 billion ($3.1 billion) during the three-month period, which fell short of the C$4.02 billion expected by Bloomberg’s consensus estimates. The Montreal-based company also …

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• 6 August

  Virgin Galactic tumbles over delay of commercial service

    Bloomberg Virgin Galactic Holdings Inc shares plunged after the space tourism company again delayed its commercial service, calling for a launch in the second quarter of 2023. The company had previously disappointed investors by pushing back the launch, once planned for the third, then fourth quarter of 2022. In May, Virgin Galactic delayed it to the first quarter of …

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• 6 August

  Beyond Meat slashes its sales forecast

    Bloomberg Beyond Meat Inc slashed its revenue outlook for the full year, saying that shoppers are trading down from its plant-based options to cheaper animal proteins. The shares, which have lost about 50% of their value so far this year, fell 1.1% in New York trading. The maker of plant-based burgers is in a race to increase output and …

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• 6 August

  Credit Suisse mulls cutting thousands of jobs globally

  

    Bloomberg Credit Suisse Group AG executives are discussing reducing thousands of roles globally as the struggling European lender seeks to slash its overall cost base by an additional $1 billion. The bank, which began trimming front line roles in Asia last month, is mulling an aggressive plan to reduce its headcount, which stood at 51,410 at the end of …

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• 6 August

  HDFC signs ‘world’s biggest’ social loan

  

  Bloomberg India’s top mortgage lender Housing Development Finance Corp. (HDFC) said it has secured the world’s biggest social loan, a $1.1 billion facility to fund affordable residences, underscoring potential for sustainability-linked financing. The loan package has been priced at a margin of 90 basis points over secured overnight financing rate. MUFG Bank Ltd. was the lead social loan coordinator and …

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• 6 August

  UK banks set to hike mortgage rates amid falling house prices

  

    Bloomberg UK lenders are expected to hike mortgage prices in quick response to the Bank of England’s decision to raise rates by the most since 1995, the latest headwind for the country’s slowing property market. “I expect we will see a raft of increases from lenders pretty speedily, often with little notice, in the coming days,” said Andrew Montlake, …

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• 6 August

  DBS denies interest in IDBI Bank

    Bloomberg DBS Group Holdings Ltd, Singapore’s largest lender that has been investing in India, said buying a stake in government-owned IDBI Bank Ltd. is not on its radar, even though it remained bullish about country’s growth prospects. Chief Executive Officer Piyush Gupta said the lender isn’t looking at a deal for the bank. His comments come after Indian media …

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• 6 August

  Credit Agricole’s investment bank drives earnings beat

  

  Bloomberg Credit Agricole SA’s corporate and investment bank helped the group soar above expectations in the second quarter after traders made double-digit gains during heightened volatility. The Paris-based bank said revenue at its CIB unit rises by more than a quarter to almost 2 billion euros ($2 billion), making it the busiest quarter on record. Underlying revenue from financing activities …

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