November, 2020

• 29 November

  Philip Green’s Arcadia mulls administration

  

  Bloomberg Arcadia Group, the retail empire controlled by Philip Green is likely to file for administration in the UK as early as next week, putting 13,000 jobs at risk. The owner of the Topshop and Topman brands wrote in an emailed statement that it’s exploring “a number of contingency options” after the closure of its stores due to Covid-19 “had …

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• 29 November

  China seeks to import jet fuel ahead of holidays

  Bloomberg Lunar New Year may be more than two months away but one Chinese fuel supplier is already gearing up for an expected surge in air travel. China Aviation Oil (CAO) is seeking to import jet fuel for January delivery in its first buy tender since May, according to data compiled by Bloomberg. The move by CAO, one of the …

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• 29 November

  European airlines face harder recovery than competitors

  

  Bloomberg Europe’s airlines will struggle more than competitors elsewhere to end losses next year as they’re held back by higher expenses and their dependence on overseas routes, according to the International Air Transport Association (IATA). The region’s carriers should achieve seat-occupancy levels averaging 63.8% for the whole of 2020, increasing to 65.6% in 2021. That’s still below the projected break-even …

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• 29 November

  Francesca’s plans bankruptcy filing

  Bloomberg Francesca’s Holdings Corp is preparing to file for bankruptcy, according to people with knowledge of the matter. The boutique-style women’s clothing chain could file as soon as next week, said the people, who asked not to be identified because the process isn’t public. The plan could still change. Representatives for Francesca’s didn’t respond to multiple phone and email requests …

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• 29 November

  Covid not to sway builder from $2.3b Manila airport plan

  

  Bloomberg The coronavirus pandemic and its devastating impact on global aviation and economic growth isn’t swaying Megawide Construction Corp from its 109 billion peso ($2.3 billion) plan to upgrade Manila’s airport, the main gateway to the Philippines. The company proposed a 10-year plan to double annual capacity at the aging and overcrowded Ninoy Aquino International Airport to 65 million passengers, …

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• 29 November

  VW speeds up work on small electric car

  

  Bloomberg Volkswagen AG is accelerating development of a compact electric car that will cost less than 30,000 euros ($35,800) as tightening emissions rules and generous subsidies bolster sales of battery-powered vehicles, according to people familiar with the matter. The VW-branded car may be introduced as early as 2023, flanking the ID.5 crossover to be sold from next year as well …

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• 28 November

  Foxconn to move some production of iPads, MacBooks to Vietnam

  

  Bloomberg Foxconn Technology Group will move the manufacturing of some Apple Inc iPads and MacBooks to Vietnam from China, a person familiar with the matter said, as the company aims to mitigate the risk that a trade war with the US could continue after US President Donald Trump leaves the White House. The person asked not to be identified because …

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• 28 November

  Google to face new regulator as UK plans tech-focussed agency

  

  Bloomberg The UK government approved plans for a separate regulatory program for companies including Facebook Inc and Google, saying the new competition unit would be given powers to impose fines to rein in the dominance of the largest tech companies. The Digital Markets Unit will be housed inside the antitrust regulator from April, with powers to enforce a new code …

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• 28 November

  Facebook users pass on $650m privacy jackpot

  Bloomberg Facebook Inc will be making payouts to only about a quarter of the 6 million Illinois residents eligible for the biggest consumer privacy settlement in US history. Based on a tally filed in court after claims deadline, some 1.57 million people will probably pocket more than $300 each — after about a third of the $650 million settlement fund …

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• 26 November

  UAE, Comoros sign deal on defence cooperation

  

  ABU DHABI / WAM Mohammed bin Ahmed Al Bowardi, Minister of State for Defence Affairs, and Yousef Mohammed Ali, Director of the President’s Office and Acting Minister of Defence of the Union of the Comoros, on Wednesday signed a Memorandum of Understanding (MoU), via video conferencing, on joint cooperation in the defence and military fields. Al Bawardi said that the …

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