August, 2020

• 25 August

  Seven-day virus killer is cleared for American Air planes

  

  Bloomberg The Trump administration gave American Airlines Group Inc emergency approval to deploy a new weapon against Covid-19: a surface coating that kills coronaviruses for as many as seven days. The Environmental Protection Agency (EPA) issued the emergency declaration for Allied BioScience Inc’s SurfaceWise2 product, allowing it to be used in some American Airlines planes and airport facilities, as well …

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• 25 August

  Itochu aims to take FamilyMart private as tender offer succeeds

  

  Bloomberg Japan’s second-largest convenience store operator FamilyMart Co will become a wholly owned subsidiary of top shareholder Itochu Corp after the trading house succeeded in its tender offer for the retailer’s shares. The deal will lift Itochu’s stake in FamilyMart to 65.7% from 50%, allowing the trading company to begin the process of delisting the convenience store operator from the …

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• 25 August

  Finnair to cut 1,000 jobs due to Covid-19 pandemic

  Bloomberg Finland’s national carrier Finnair Oyj plans to eliminate as much as 15% of its workforce and push through deeper cost cuts in an effort to survive one of the worst crises in aviation history. The airline will slash a maximum of 1,000 jobs and lay off “practically all of its personnel in Finland,” it said on Tuesday. Finnair also …

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• 25 August

  Sweaty Betty prepares to sell itself

  Bloomberg Women’s activewear retailer Sweaty Betty is preparing to put itself on the block, according to people with knowledge of the matter. The London-based company could fetch about 400 million pounds ($524 million) in a transaction, according to one of the people, who asked not to be identified because the deliberations are private. Potential suitors could include large retailers or …

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• 25 August

  China’s banks recruit tens of thousands in rescue mission

  

  Bloomberg China’s mega banks are ramping up their recruitment of fresh graduates as a record number enter the labour market, joining other state-owned firms in boosting employment even as lenders deal with plunging earnings and ballooning bad debt. The four biggest state banks, led by Industrial & Commercial Bank of China Ltd., (ICBC) this month kicked off their autumn campus …

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• 25 August

  JPMorgan needs to pay $1bn to take over China fund venture

  

  Bloomberg JPMorgan Chase & Co. needs to pay at least 7 billion yuan ($1 billion) if it proceeds to buy out its counterpart in its Chinese mutual fund business, a pricey premium for the US bank that has ambitions to expand in China’s finance sector. JPMorgan’s business partner Shanghai International Trust Co. said it agreed to sell its 49% stake …

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• 25 August

  RBI says India economy likely to take more time to recover

  

  Bloomberg India’s central bank said demand in the economy is likely to take more time to mend in the absence of greater fiscal support, even as the government is constrained in its ability to provide more stimulus. “An assessment of aggregate demand during the year so far suggests that the shock to consumption is severe,” the Reserve Bank of India …

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• 25 August

  India’s MCX plans more index futures after bullion

  

  Bloomberg Multi Commodity Exchange of India Ltd. (MCX) plans to launch a slew of index-based futures to widen its offerings to the local investors, after starting a bullion index. The Kotak Mahindra Bank Ltd.-backed exchange, the nation’s biggest venue for commodities, began a cash-settled bullion index futures and plans to start a similar product for base metals in a month followed …

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• 25 August

  Citi cites $900mn human error. Lenders are puzzled

  

  Bloomberg Citigroup Inc. is chalking up its wayward $900 million payment to lenders of the embattled cosmetics giant Revlon Inc. to one thing: human error. The bank — which said it has been in the process of upgrading its loan operations platform after a review it undertook last year — said it mistakenly transmitted the payments after an employee didn’t …

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• 25 August

  Credit Suisse may cut 500 positions in Switzerland

  Bloomberg Credit Suisse Group AG may cut as many as 500 positions in Switzerland as part of plans to restructure its retail business in the country. Andre Helfenstein, chief executive officer of the Swiss Universal Bank and head of Switzerland, announced the cuts on a call with reporters after the bank had earlier signalled changes to its banking business. The …

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