July, 2020

• 25 July

  British Airways parent mulls $3.2b share sale

  

  Bloomberg British Airways owner IAG SA is looking at raising as much as 2.75 billion euros ($3.2 billion) in a share sale to help strengthen its balance sheet and ride out the coronavirus crisis. The London-based group, which also owns Spain’s Iberia and Aer Lingus of Ireland, said that it may opt for a rights issue, though no final decision …

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• 25 July

  Mattel’s Barbie dolls prove to be lockdown favourite in US

  

  Bloomberg First released in 1959, the iconic Barbie doll has seen Mattel Inc through the civil rights movement, the Cold War and the rise of the internet. And now it’s helping the company weather a global pandemic. While Mattel’s overall sales fell 15% in the second quarter from a year earlier — the result of closed retail stores, supply-chain troubles …

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• 25 July

  SAA creditors give more time to raise funds

  

  Bloomberg Creditors of South African Airways (SAA) gave the government more time to find the money to fund a rescue of the bankrupt state-owned airline. At a meeting convened by the airline’s administrators, creditors voted to extend the deadline to July 27 from an initial deadline of July 22. If the money is not guaranteed by then, another creditors meeting …

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• 25 July

  Neiman Marcus to close store at New York’s Hudson Yards

  

  Bloomberg Neiman Marcus Group Inc, the luxury retailer that’s making its way through bankruptcy proceedings, said it will permanently close its store in New York City’s Hudson Yards along with three other US locations. Its planned exit from Hudson Yards comes just over a year after the mall at the mega-project opened to much fanfare in March 2019. The three-story …

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• 25 July

  Intel ‘stunning failure’ heralds end of era for US chip sector

  

  Bloomberg Intel Corp.’s decision to consider outsourcing manufacturing heralds the end of an era in which the company, and the US, dominated the semiconductor industry. The move could reverberate well beyond Silicon Valley, influencing global trade and geopolitics. The Santa Clara, California-based company has been the largest chipmaker for most of the past 30 years by combining the best designs …

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• 25 July

  Tesla benefited from government stimulus

  

  Bloomberg Elon Musk, whose Tesla Inc. was a major beneficiary of government stimulus in the wake of the last global financial crisis, has soured on the concept. The outspoken chief executive officer of both Tesla and US government contractor SpaceX tweeted that “another government stimulus package is not in the best interests of the people,” in his opinion. A decade …

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• 25 July

  IRobot slips after it warns of Roomba tariffs

  

  Bloomberg IRobot Corp. shares dropped after the company warned that its Roomba autonomous vacuums could be hit with trade tariffs later this year. “On April 24, the United States Trade Representative granted iRobot an exclusion for its Roomba robot vacuums from Section 301 tariffs through August 7, 2020. The company does not yet know whether an extension for its exclusion …

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• 25 July

  Microsoft readies games for next Xbox led by Halo shooter

  

  Bloomberg Microsoft Corp. showed off its most important video game for the next Xbox, a new installment of its flagship multi-billion dollar Halo series, as the company gears up for the release of the latest generation of consoles in time for the holidays. Halo Infinite returns to the saga of Master Chief, the bioengineered super-solider main character of the series, …

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• 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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