December, 2020

• 7 December

  Kazakh envoy lauds strong bilateral ties with UAE

  Abu Dhabi / WAM Menilbekov Madiyar, Ambassador of Kazakhstan to the UAE, highlighted the strong bilateral ties between the UAE and his country, noting that the UAE is Kazakhstan’s leading strategic, trade and economic partner in the Arab region, most notably in the petrochemical, energy, transport, logistical services, agriculture and space sectors. In an interview with Emirates News Agency on …

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• 7 December

  World’s top energy exporter starts preparing for life after fossil fuels

  

  Bloomberg The Finance Ministry of the world’s biggest energy exporter has started preparing for the possibility of lower budget revenues in case global oil demand declines sooner than expected. “The peak of consumption may have already passed,” Deputy Finance Minister Vladimir Kolychev said in an interview in Moscow. “The risk is rising in the longer term” that hydrocarbon revenues could …

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• 7 December

  HitecVision in talks to buy UK assets of Exxon

  

  Bloomberg HitecVision is emerging as the frontrunner to acquire Exxon Mobil Corp’s oil assets in the UK North Sea, according to people familiar with the matter. The private equity firm is in advanced talks with Exxon about a potential deal, the people said, asking not to be identified discussing confidential information. A sale could fetch around $1 billion for Exxon, …

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• 7 December

  UK power prices rise to four-year high

  

  Bloomberg UK power prices rose to a four-year high after the UK grid operator warned that its safety buffer of supplies was almost eroded for Sunday. National Grid Plc said it’s “monitoring the situation closely” in a warning published on Twitter. The network operator stopped short of issuing an official alert called an Electricity Margin Notice, which is published when …

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• 7 December

  Southwest ramps up layoff warning with notices on jobs

  

  Bloomberg Southwest Airlines dramatically expanded its furlough warnings, telling employees that 6,828 jobs are at risk as the company and its labour unions have failed so far to agree on how to cut $500 million in costs. Pilots, flight attendants, baggage handlers and other workers got notices that they may be furloughed, Southwest said. The new warnings boost the number …

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• 7 December

  Lufthansa adds flights to meet rising demand

  

  Bloomberg Deutsche Lufthansa AG will expand its Christmas flight schedule after a surge in bookings from German tourists, a rare piece of good news for the carrier as it battles to recover from the coronavirus crisis. Lufthansa will add flights to southern European destinations including in Greece, Italy and Spain to meet the rising demand, the company said in a …

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• 7 December

  TUI rescue swells to $5.8bn with third government deal

  

  Bloomberg TUI AG, the world’s biggest tour operator, will see its rescue funding topped up to 4.8 billion euros ($5.8 billion) after securing a third tranche of aid from the German government and cash from private investors. The latest package of 1.8 billion euros will include 1.3 billion euros from the state — amassed from federal fund WSF, state-run lender …

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• 7 December

  Francesca’s files for bankruptcy with Covid toll rising

  

  Bloomberg Boutique women’s clothing chain Francesca’s Holdings Corp filed for bankruptcy after the pandemic eroded the company’s already flagging sales. The Houston-based company sought Chapter 11 protection in US Bankruptcy Court in Delaware with plans to sell the business, according to a statement. TerraMar Capital LLC or an affiliate has agreed to become the stalking-horse bidder in a court-supervised auction, …

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• 7 December

  Boeing-Airbus dispute can be settled under Trump: EU

  Bloomberg The European Union’s top trade official held out the prospect of a long-sought deal with the US on aircraft subsidies before President Donald Trump leaves office. EU Trade Commissioner Valdis Dombrovskis said “it’s possible” that both sides will reach an agreement by January 20 governing aid to Boeing Co and Airbus SE. He reiterated an offer to remove EU …

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• 7 December

  South Africa seeks partners for SAA units

  Bloomberg South Africa isn’t just in talks with potential buyers of a stake in the country’s insolvent state-owned airline, it’s also seeking partners for subsidiaries such as low-cost airline Mango and catering unit Air Chefs. The result will be a number of private-sector entities working with various parts of South African Airways (SAA) whenever it resumes operations, according to Public …

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