October, 2020

• 10 October

  EU wants to use green stimulus to clean up CO2-spewing buildings

  

  Bloomberg The European Union (EU) wants to at least double the pace of renovation of homes and offices over the coming decade in a bid to save more energy and meet stricter climate goals under a sweeping green overhaul. The Renovation Wave strategy, to be unveiled by the European Commission on Wednesday, will outline steps needed to accelerate upgrades of …

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• 10 October

  Apollo wins $1b Aeromexico bankruptcy loan approval

  

  Bloomberg Apollo Global Management Inc won court approval to provide a $1 billion bankruptcy loan for Grupo Aeromexico SAB, paving the way for the airline to proceed with its restructuring plans. The decision resolves a clash between Apollo and a group of bondholders while bolstering Aeromexico’s efforts to weather an unprecedented collapse in air travel. The disagreement had prompted a …

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• 10 October

  Cathay union bemoans being left in dark on jobs

  

  Bloomberg A union representing Cathay Pacific Airways Ltd crew called on members to sign a petition to prize out more information about a restructuring plan amid concerns that the troubled carrier is set to cut jobs. “The whole crew community is shrouded in anxiety with numerous unverified news about redundancy circulating among social media groups,” Cathay Pacific Airways Flight Attendants …

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• 10 October

  Tesco’s new CEO takes over as e-commerce surges in UK

  

  Bloomberg Tesco Plc’s new chief executive officer reported a strong rise in first-half sales as more people bought groceries while working from home during the pandemic. Tesco’s like-for-likes sales in the UK and Ireland, its core market, rose 7.2% as people ate more at home than in cafes and restaurants. Tesco also slightly upgraded its outlook on retail profitability for …

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• 10 October

  Malaysia Air continues its restructuring talks

  Bloomberg Malaysia Airlines Bhd is continuing talks with leasing companies about a restructuring plan as it tries to weather the coronavirus pandemic. Malaysia Aviation Group, the holding company for the country’s flag carrier, is pleased with the level of support it has received from lessors and is “confident that there are appropriate legal mechanisms available should that support not be …

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• 10 October

  TUI loses its finance chief

  Bloomberg TUI AG’s finance chief will leave at year-end in a setback for the struggling tour operator as it works on plans to raise more cash. Chief Financial Officer Birgit Conix told the company she won’t extend her contract, TUI said. Sebastian Ebel, who is already a member of the executive board, will take over on January 1, according to …

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• 10 October

  Boeing cuts jetliner-sales forecast 11%

  Bloomberg Boeing sees a turbulent ride ahead for the world’s jetliner market, with sales contracting sharply this decade before eventually rebounding in the 2030s as new models and technologies spur growth. Boeing released the report days after deciding to consolidate production of its marquee 787 Dreamliner in South Carolina, shutting down a final assembly line at a storied plant in …

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• 10 October

  Goldman eyes $14bn for its largest fund since 2008 crisis

  

  Bloomberg Goldman Sachs Group Inc. boosted the size of a new credit fund to $14 billion in what is shaping up to be one of the largest debut investment vehicles ever raised. The bank, which set out with a target of $5 billion to $10 billion, is now expecting to finish fundraising with a $14 billion war chest to pour …

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• 10 October

  Argentina’s central bank nudges lenders into Treasury bonds

  

  Bloomberg Argentina’s central bank is taking steps to tighten its monetary policy and encourage banks to buy local peso assets. To do so, it raised a repo rate used by banks by 3 percentage points to 27%, and lowered its benchmark Leliq rate by 1 percentage point to 37%, according to a statement. The rates had diverged at the start …

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• 10 October

  HSBC targets net zero emissions by 2050

  

  Bloomberg HSBC Holdings Plc will aim to reach a net-zero carbon client portfolio by 2050 in a step to align its business activities to the goals of the Paris climate agreement. The London-based bank, which has previously come under fire for financing harmful environmental activity, also pledged to provide as much as $1 trillion over the next decade to assist …

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