August, 2020

• 9 August

  Pilot erred in India crash: Aviation watchdog chief

  

  Bloomberg The Air India Express jet that overshot the runway on August 07, killing at least 18 people, had touched down too far along the airstrip, the chief of India’s aviation regulator said amid ongoing investigations. Arun Kumar, director general for civil aviation, told CNN News-18 that the plane landed about 3,000 feet into a 9,000 feet-long runway, causing it …

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• 9 August

  Korean Air’s quarterly profit defies Covid-19 travel slump

  

  Bloomberg Korean Air Lines provided some rare positive news for the devastated global aviation industry, reporting a quarterly profit after flying planes loaded with products from South Korean technology giants to homebound consumers around the world. The carrier’s operating profit was 148.5 billion won ($125 million) for the April-June period. Cargo sales climbed 95% from a year earlier to 1.23 …

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• 9 August

  UK plans $1.7bn in building projects to lift virus-hit economy

  

  Bloomberg Boris Johnson’s government will invest nearly $1.7 billion in building projects and provide two billion pounds in energy efficiency grants in an effort to create jobs and rally the pandemic-hit UK economy. Housing Secretary Robert Jenrick said 300 “shovel-ready” projects will receive a share of a 900 million pound Getting Building Fund, and a further 360 million pounds will …

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• 9 August

  Real rates reversal hitting big trades including gold, Nasdaq

  

  Bloomberg Rising real yields are throwing cold water on the rally their historic plunge stoked. Real interest rates — which strip out the effects of inflation — rose by the most in a month Friday after a stronger-than-forecast July jobs report. The lurch higher from record-low negative levels helped send technology shares and gold lower, while the Bloomberg Dollar Spot …

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• 9 August

  Canada’s stock rally could slow down as ‘shock effect’ wears off

  

  Bloomberg After an epic rally from its pandemic low, Canada’s equity market may be losing some steam. The S&P/TSX Composite Index has made a remarkable comeback since March. It still needs to rise another 519 points, or 3.1%, to break even for the year. The index has been carried by big gains in gold and technology: Only 41% of its …

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• 9 August

  Oil drilling drops to 15-year low with shale in full retreat

  

  Bloomberg Drillers cut exploration in US oil fields to a 15-year low as billions of barrels from old discoveries became worthless and explorers abandoned growth plans. The number of active oil rigs in the US fell by four to 176, the lowest since 2005, according to Baker Hughes Co. data. Energy companies have been parking rigs on an almost uninterrupted …

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• 8 August

  Crashed Air India jet’s black boxes found; death toll 18

  

  Bloomberg The black boxes of an Air India Express jet that crashed, killing at least 18 people, has been recovered after authorities completed the rescue operation. The digital flight data recorder and cockpit voice recorder can help investigators piece together what caused the Boeing Co 737 to skid off the runway and break apart while attempting to land on August …

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• 8 August

  Airbus plane deliveries increase 36% in July

  

  Bloomberg Airbus SE delivered 49 new jets to its customers last month, overcoming travel restrictions and virus-afflicted demand to post its third straight monthly increase. The July tally, achieved solely with narrow-body aircraft, marked a 36% increase from the 36 handovers recorded in June, according to a statement. Airbus registered four new orders during the month and had no cancellations …

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• 8 August

  UK’s Virgin Atlantic secures US recognition for restructuring

  

  Bloomberg Virgin Atlantic Airways Ltd was granted US bankruptcy protection as the carrier controlled by Richard Branson pursues a 1.2 billion-pound ($1.6 billion) rescue plan in the UK. The provisional ruling by US Bankruptcy Judge Michael E Wiles in Manhattan protects the airline’s American assets and ensures that the debt reorganisation will be overseen under the British legal process. After …

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• 8 August

  Delta bets on clean jets to woo flyers

  Bloomberg Delta Air Lines Inc plans to use clean cabins to boost customer satisfaction and attract a larger portion of people who still fly, aiming to reduce the cash it burns daily to zero by year-end. The airline will work for a Net Promoter Score of at least 65 in the second half, 15 points above Delta’s average performance last …

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