November, 2020

• 3 November

  Ryanair braces for deepening losses from new lockdowns

  

  Bloomberg Ryanair Holdings Plc said losses are set to worsen this winter as a new wave of coronavirus lockdowns frustrates attempts to bring back flights at Europe’s biggest discount carrier. The shortfall in the fiscal second half, which began on October 1, is set to exceed the 197 million-euro ($229 million) loss of the first six months, Ryanair said in …

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• 3 November

  Unions seek changes to 737 Max training

  

  Bloomberg Pilot unions and families of those killed in a crash of Boeing Co’s 737 Max are asking for revisions to proposed new training for the grounded jetliner. The Federal Aviation Administration’s (FAA) proposed new training module and emergency checklists for the Max are “clunky at best” and should be streamlined, the Southwest Airlines Pilots Association said in comments filed …

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• 3 November

  World’s best-performing airline stock is bankrupt Indian carrier

  

  Bloomberg All airlines are feeling the coronavirus pinch but one that hasn’t flown since April 2019 after collapsing under a pile of debt is the world’s best performing — at least from a share price point of view. Stock in Mumbai-listed Jet Airways India Ltd has surged almost 150% this year versus a 42% plunge in the 27-member Bloomberg World …

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• 3 November

  Spanish ‘ghost airport’ reinvents itself as park for idle jets

  

  Bloomberg Spain’s Ciudad Real airport had become almost obsolete before the Covid-19 outbreak, operating mainly as a drop-off point for hunting enthusiasts keen to visit the region’s renowned country estates. The arrival of the coronavirus ended even that trickle of demand, tearing up the growth plans of the owner, CR International Airport SL. But rather than face the prospect of …

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• 3 November

  Comair secures new debt as lenders back rescue

  Bloomberg Comair Ltd, the South African partner of British Airways, said it secured financing from banks, paving the way for the resumption of flights in December. The lenders, which weren’t identified, will provide the airline with new debt facilities and defer interest payments on existing debt, according to a company statement. Comair has also reached an agreement with labor unions, …

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• 3 November

  China’s big banks facing debt woes after paring profit drops

  

  Bloomberg China’s biggest state-owned banks are still plagued by a surge in bad loans even as an early containment of the pandemic and a recovery in the world’s second-largest economy helped them trim profit declines. Net income slid less than 5% at Industrial & Commercial Bank of China Ltd. (ICBC) and its three largest rivals in the three months through …

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• 3 November

  RBA may slash rates to a fresh record low

  

  Bloomberg Australia’s central bank is expected to cut interest rates to a fresh record low, reduce its three-year yield target and unleash further bond buying as it tries to turbo-charge a recovery now that the country is released from lockdown. The Reserve Bank of Australia (RBA) will cut the cash rate to 0.10% from 0.25% and set its yield curve …

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• 3 November

  JPMorgan raises stake in China securities JV to 71%

  

  Bloomberg JPMorgan Chase & Co. raised the stake in its Chinese securities joint venture to 71%, taking a step closer to becoming the first foreign bank to attain full ownership of a firm as the country opens its $50 trillion financial market. The bank bought a 20% stake put up for sale by Shanghai Waigaoqiao FTZ for 177.7 million yuan …

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• 3 November

  ‘Biggest US banks aren’t as strong as they appear’

  

  Bloomberg The largest US banks are less healthy than they appear, boosted by temporary accounting and capital-relief measures as well as massive market support from the Federal Reserve, an advocacy group said. Although the six biggest banks’ leverage ratios reported at the end of June averaged almost 2 percentage points above the regulatory minimums, the actual average would have been …

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• 3 November

  Westpac profit falls on bad debts, record laundering fine

  

  Bloomberg Westpac Banking Corp.’s full-year profit plunged after the lender was hit with a record fine for breaching anti-money laundering laws, and the coronavirus-induced recession swelled bad-debt charges. Cash earnings fall 62% to A$2.61 billion ($1.8 billion) in the 12 months ended September 30, the Sydney-based bank said in a statement. The results include a previously disclosed A$1.2 billion charge …

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