July, 2020

• 25 July

  Hertz to cut $6b in vehicle debt by year end

  Bloomberg Hertz Global Holdings Inc. has struck a deal that will cut the debt it owes lenders who financed its rental car fleet to less than $5 billion from $11 billion by December. 31, the company’s main bankruptcy lawyer said in court. Under an agreement with the lenders, Hertz has agreed to sell 182,000 cars over the next few months, ...

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• 23 July

  South Korea seeks joint Moon, Mars explorations with UAE

  

  Abu Dhabi / WAM The UAE’s successful launch of the Mars Mission, Hope Probe, will serve as a positive impetus to South Korea’s planned lunar mission and pave the way for joint Moon and Mars explorations, a senior official told Emirates News Agency (WAM). As South Korea is planning to launch a lunar orbiter in 2022, and send a lunar ...

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• 22 July

  Big Oil loss puts BP dividend cut in play

  

  Bloomberg For the first time since the West’s five energy supermajors were created in the early 2000s, all of them are set to post a quarterly loss. Once a money-making machine, Big Oil is now relying on ever-increasing amounts of debt, raising the pressure on highly prized dividends. BP Plc may cut its payout for the first time since the ...

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• 22 July

  Renewable power beats fossil fuels for first time in Europe

  

  Bloomberg Renewable power for the first time contributed a bigger share in the European generation mix than fossil fuels as the fallout from the pandemic cut energy demand. About 40% of the electricity in the first half in the 27 EU countries came from renewable sources, compared with 34% from plants burning fossil fuels, according to environmental group Ember in ...

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• 22 July

  Cathay Pacific delays Airbus deliveries to stem cash drain

  

  Bloomberg Cathay Pacific Airways Ltd will delay deliveries of Airbus SE aircraft by as much as two years, in a move that could cut the carrier’s monthly cash losses in half as the coronavirus pandemic slams the aviation industry. Deliveries of A350-900s and A350-1000s have been deferred to 2020-2023 from 2020 and 2021, while A321neo deliveries have been pushed back ...

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• 22 July

  Lockheed’s new CEO Jim Taiclet rules out commercial aerospace

  

  Bloomberg Lockheed Martin Corp’s new chief executive officer, Jim Taiclet, is prowling for deals amid the coronavirus pandemic and economic downturn. Just don’t expect the world largest military contractor to rummage for bargains in the distressed commercial aerospace industry, where Boeing Co and its suppliers are grappling with an unprecedented collapse in air travel. “Pure-play defense is going to be ...

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• 22 July

  Ann Taylor parent firm seeks new loan, board

  

  Bloomberg Ascena Retail Group Inc, the struggling owner of the Ann Taylor and Lane Bryant clothing chains, is seeking $150 million of new capital from its lenders to fund operations during a bankruptcy reorganisation, according to people with knowledge of the plans. The retailer is closing in on a restructuring plan that would also let creditors install new board members, ...

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• 22 July

  United sees lower cash burn with 6,000 workers to exit

  

  Bloomberg United Airlines Holdings Inc will cut its average daily cash burn to $25 million in the third quarter from $40 million in the previous three-month period, as the company braces for a choppy recovery from the coronavirus pandemic. More than 6,000 employees have accepted an offer to leave as part of an effort to cut costs, United said in ...

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• 22 July

  Boeing’s Max may return to service in October: FAA

  Bloomberg US aviation regulators announced an important milestone in returning Boeing Co’s grounded 737 Max jet to service, an event one person familiar with the process said would happen no earlier than October. The Federal Aviation Administration (FAA) announced it is preparing to issue formal legal directives for repairs required on the jet, which indicates that the agency is comfortable ...

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• 22 July

  Retail sales in Canada recover to pre-Covid levels

  Bloomberg Canadian retail sales have rebounded sharply after historic declines in March and April, with vendors making up almost all of their pandemic losses, Statistics Canada reported. Receipts rose 19% in May, the agency said in its first full release for the month. June looks to have recorded another strong gain, with a flash estimate predicting another 25% increase. That ...

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