July, 2020

• 27 July

  Cheap wind power may boost green hydrogen

  

  Bloomberg The falling cost of wind power is shaping up to be a boon for another clean energy source: green hydrogen. Hydrogen — a fuel made by electrolysing water — requires a tremendous amount of power to produce. But siting hydrogen facilities at wind farms, which typically generate more electricity than they need at night, could give the fuel an …

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• 27 July

  Singapore Air braces for another loss on Covid-19

  

  Bloomberg Singapore Airlines Ltd, consistently voted one of the world’s best airlines by Skytrax, is poised for another hefty quarterly loss after the coronavirus left it flying a tiny fraction of its usual number of passengers. The airline warned this month that it expects a material operating loss in its fiscal first quarter. It already suffered a record net loss …

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• 27 July

  UK’s Debenhams seeks to exit administration

  

  Bloomberg Debenhams Plc, one of the UK’s biggest department stores, has kicked off a plan that could see new owners as the struggling retailer assesses ways to exit its protective administration. Possible outcomes include the current owners retaining the business, potential joint-venture arrangements that could involve new investors, or a sale to a third party, the company said in an …

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• 27 July

  Steinhoff proposes $1 billion settlement over legal claims

  

  Bloomberg Steinhoff International Holdings NV proposed a $1 billion settlement to resolve more than $8 billion of legal claims lodged against the retailer following the accounting scandal that almost wiped out the company. Claimants would get a combination of cash and shares in Pepkor Holdings Ltd, a clothing retailer controlled by Steinhoff, the company said. Most of the 90 claims …

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• 27 July

  Bankrupt Brooks Brothers gets rescue takeover bid

  

  Bloomberg The race to purchase Brooks Brothers Group Inc out of bankruptcy is on as brand manager WHP Global and a group of Italian companies prepare bids following Authentic Brands Group LLC and Simon Property Group Inc’s $305 million offer. Sparc Group LLC, which is backed by Barneys New York owner Authentic and mall landlord Simon, agreed to make a …

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• 27 July

  Virus second wave may stall travel recovery, Ryanair warns

  

  Bloomberg Ryanair Holdings Plc issued a stark assessment of the threat to airlines as they seek to rebound from the coronavirus crisis, saying it’s concerned that a series of local lockdowns followed by a second wave of infection will hold back the recovery from the pandemic. Ryanair kicked off earnings season for European carriers on Monday by posting a loss …

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• 27 July

  Delta targets virus tests for all employees

  Bloomberg A program with Quest Diagnostics and the Mayo Clinic will “test virtually all employees in the next four weeks,” Delta said in a statement, outlining one of the more ambitious plans in corporate America. The carrier also told employees it would introduce at-home testing in the viral hot spots of Florida and Texas, as well as for workers based …

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• 27 July

  TSMC’s $35b rally puts Taiwan stock index above 1990 peak

  

  Bloomberg Taiwan’s equity benchmark broke a record that stood for three decades, helped by the biggest surge in years for the economy’s biggest stock. The Taiex closed 2.3% higher Monday as Taiwan Semiconductor Manufacturing Co. soared the 10% daily limit. The $35 billion addition to its market capitalisation makes TSMC the 12th most valuable stock worldwide, ahead of US retail …

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• 27 July

  European stocks fall again on fears of 2nd wave of infections

  

  Bloomberg European equities moderately extended last week’s drop, as new virus data suggested setbacks in global efforts to contain coronavirus pandemic, with airlines and other travel-exposed stocks leading declines. The Stoxx Europe 600 Index was down 0.4% as of 8:20 am in London, with most sectors in negative territory. German stocks rose 0.4%, while Spain’s IBEX was the worst-performing large-country …

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• 27 July

  South African stocks surge

  Bloomberg South Africa’s main stock index gains 0.3% in Johannesburg, as a weaker dollar boosts prices of precious metals, with record bullion prices lifting gold producers to a fresh all time record, and higher platinum prices bolstering local producers. Risk sentiment has been strengthened by optimism over the upcoming US Federal Reserve meeting, which has drowned fears over simmering Sino-American …

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