August, 2022

• 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

  China announces sanctions on Nancy Pelosi over Taiwan trip

  

  Bloomberg China announced sanctions on US House Speaker Nancy Pelosi over her landmark trip to Taiwan this week, making her the highest-ranking US official designated for penalties by Beijing. The Chinese Foreign Ministry announced the unspecified sanctions against Pelosi and her immediate family after the speaker departed from Japan late Friday. Earlier, Foreign Ministry spokeswoman Hua Chunying told a regular ...

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• 6 August

  India cracks down on opposition protests against rising prices

  

  Bloomberg Police swarmed parts of central Delhi and detained some leaders of India’s main opposition Congress party as they took to the streets of the capital to protest against soaring prices and unemployment. Dressed in black to symbolize their anger, Congress lawmakers, including former party chief Rahul Gandhi, were protesting near the parliament building Friday. His sister and Congress party ...

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• 6 August

  The US-led drive to isolate Russia and China is falling short

  

  Bloomberg When Group of Seven leaders gathered in the Bavarian Alps in June, they pledged to stand with Ukraine for the long haul. Their Group of 20 counterparts are proving less supportive. Comprising nations that account for some 85% of global economic output, the G-20 is supposed to be more reflective of the world. Yet only half its number has ...

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• 6 August

  Peru’s congress closer to ousting president

  

  Bloomberg Peruvian lawmakers are closer to the 87 votes needed to oust President Pedro Castillo amid a judicial investigation into the head of state, according to an opposition legislator pushing for the removal. A group of parties in Peru’s congress are writing a third impeachment motion against Castillo that could lead to his removal from office and his replacement with ...

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• 6 August

  Rwanda is backing rebels fighting Congo: UN report

    Bloomberg Rwanda is equipping and fighting alongside a rebel group in Democratic Republic of Congo, a report by a United Nations group of experts on Congo showed. The panel presented evidence based on eyewitness testimony and drone footage that the Rwanda Defence Force has supported the M23 rebel group since November, according to the report sent to the UN ...

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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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