September, 2020

• 22 September

  Garuda boss says bankruptcy off table despite Covid strains

  

  Bloomberg The head of Indonesia’s flag carrier said better terms on aircraft loans will help it avoid falling into bankruptcy as the nation grapples with surging coronavirus cases. “We discussed the risks, the benefits, the pluses and minuses and the company’s leadership decided against it,” PT Garuda Indonesia President Director Irfan Setiaputra said when asked in an interview about considering …

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• 22 September

  TUI plans to cut overhead costs as demand collapses

  

  Bloomberg TUI AG said it’s making progress on plans to cut overhead costs by 30% as the world’s largest tour operator struggles to cope with a collapse in demand for its holidays. Measures including increased digitalisation that are underway across TUI’s head office, destination services and markets and airlines operations are already set to deliver close to a 300 million-euro …

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• 22 September

  LVMH, Tiffany urged to seek settlement as case fast-tracked

  

  Bloomberg Tiffany & Co persuaded a court to fast-track a lawsuit claiming that LVMH is relying on faulty legal pretexts to try to cancel a $16 billion buyout, with the judge urging both sides to seek a settlement. Delaware Chancery Court Judge Joseph Slights III rejected a request by the maker of Louis Vuitton bags and Moet & Chandon Champagne …

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• 22 September

  Airbus unveils hydrogen designs for zero-emission flight

  

  Bloomberg European planemaker Airbus SE unveiled three designs it’s studying to build hydrogen-powered aircraft as it races to bring a zero-carbon passenger plane into service by 2035. The approaches include a turbofan jet with capacity for as many as 200 passengers — similar to its A321neo narrow-body — that can fly more than 2,000 nautical miles, according to a statement. …

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• 22 September

  Avianca seeks bankruptcy approval of $2b financing

  Bloomberg Avianca Holdings SA, the Latin American airline that filed for Chapter 11 bankruptcy protection in May, is now seeking court approval for financing totaling about $2 billion. The company secured commitments for the debtor-in-possession financing and has filed a motion to approve it in the US Bankruptcy Court for the Southern District of New York. “Securing these financing commitments …

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• 22 September

  China luxury spend may jump 30%

  Bloomberg Chinese demand for luxury goods is projected to grow as much as 30% this year as high-income mainland shoppers drive the country’s post-pandemic economic rebound. It’s the only bright spot for the luxury industry, which is otherwise poised to see worldwide spending shrink 45% in 2020 as Europe and the US continue to battle the coronavirus ahead of a …

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• 22 September

  Credit Suisse, UBS fight for China bankers in talent war

  

  Bloomberg A battle for financial talent is intensifying in China, one of the few places worldwide where global banks are firmly in hiring mode. Credit Suisse Group AG this month hired a dozen analysts in China, almost half of whom used to work at UBS Group AG. UBS has scooped up more than 40 people from global and local firms. …

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• 22 September

  HSBC orders social media blackout after suspect funds report

  

  Bloomberg HSBC Holdings Plc told its staff to stop posting on all the bank’s social media accounts over fears of “negative reactions” to the revelations in leaked suspicious activity reports. “Given the current news coverage, a decision has been taken to pause all HSBC proactive social media posts with immediate effect (except for customer responses in banking services), to avoid …

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• 22 September

  Deutsche leaders were warned of control lapses

  

  Bloomberg Deutsche Bank AG’s top leaders were warned multiple times about serious compliance failures that exposed the bank to money launderers, a news investigation shows. The supervisory board and committees that included Chairman Paul Achleitner were informed in 2013 and 2014 of anti-money laundering problems on at least three occasions, according to a BuzzFeed News story. Presentations at the time …

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• 22 September

  Goldman’s next generation takes shape with raft of promotions

  

  Bloomberg Goldman Sachs Group Inc. is building the next generation of dealmakers and investment bankers in a series of promotions, naming new leaders for mergers and acquisitions and other key businesses. In one of the highest-profile steps, the firm picked Stephan Feldgoise and Mark Sorrell to co-lead the global M&A practice. In equity-capital markets, David Ludwig will become global head …

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