July, 2020

• 12 July

  Neeleman bucks airline slump with startup plan

  

  Bloomberg Breeze Aviation Group Inc, a startup airline planned by JetBlue founder David Neeleman, is seeking to buy a defunct carrier’s operating certificate with an aim toward starting service in October. Breeze plans to start charter flights October 15, according to a regulatory filing. If regulators approve, Breeze plans to begin scheduled service next May. It will base charter operations ...

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• 12 July

  Covid-19: Muji USA files for Chapter 11

  

  Bloomberg The US entity of Japanese retailer Muji, known for its minimalist home goods, filed for bankruptcy, adding to a growing list of industry companies reeling from the Covid-19 pandemic. Muji USA Ltd which is operated by Ryohin Keikaku Co, filed for Chapter 11 in Delaware, according to a filing. It listed assets and liabilities in the range of $50 ...

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• 12 July

  Fake pilot scandal prompts US to block Pakistan’s PIA

  

  Bloomberg Pakistan’s national airline has been barred from flying to the US as a result of a scandal in which almost one-third of the nation’s pilots were found to have faked certifications. The US Transportation Department notified Pakistan International Airlines Corp.’s lawyers in Washington that its authorisation to operate to U.S. destinations was being immediately suspended. The department released a ...

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• 12 July

  JetBlue spurns Long Beach to grow at LAX in West Coast shift

  

  Bloomberg JetBlue Airways Corp will make Los Angeles International its primary base in Southern California, abandoning Long Beach Airport after years of tension. Daily flights will double to 70 by 2025 as part of a five-year expansion plan at Los Angeles International, or LAX, the airline said in a statement. The carrier will add domestic and international flights as it ...

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• 12 July

  ‘Operator was trigger for Ukraine crash’

  Bloomberg An Iranian air defense unit that “forgot” to adjust its radar system triggered a chain of communication and human errors that led to the deadly downing of a Ukrainian passenger jet in January, according to a report from Iran’s Civil Aviation Organization (CAO). Iran said it mistakenly shot down Ukraine International Airlines Flight 752 shortly after take-off, killing all ...

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• 12 July

  India central bank chief foresees more pain for embattled banks

  

  Bloomberg Indian banks, which are already struggling with one of the world’s worst loan ratios, are set to face more pain as the coronavirus pandemic slams growth, the central bank’s chief warned, urging lenders to gird up their defenses. “The economic impact of the pandemic, due to the lockdown and the anticipated post-lockdown compression in economic growth, may result in ...

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• 12 July

  China may face sharp rebound in bad loans

  

  Bloomberg China may face a sharp rebound in non-performing loans after virus-relief incentives delayed the reflection of risk exposure on the balance sheet of lenders. The bad-loan ratio rose 8 basis points from the start of the year to 2.1% as of end-June, while non-performing loans are expected to increase, the China Banking and Insurance Regulatory Commission (CBIRC) said in a ...

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• 12 July

  Scotiabank, CIBC to fill 3.5% of top roles with black employees

  

  Bloomberg Bank of Nova Scotia and Canadian Imperial Bank of Commerce say they will fill at least 3.5% of senior executive and board positions in Canada with Black leaders by 2025. The two banks confirmed they plan to sign the BlackNorth Initiative CEO pledge, the brainchild of a group led by Wes Hall, a prominent Black executive who founded Toronto-based ...

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• 12 July

  BOE urged to end Covid-19 funding for carbon emitters

  

  Bloomberg Climate activist group Extinction Rebellion called on the Bank of England (BOE) to stop providing emergency funding to companies that contribute to climate change. The UK central bank should require companies that have received more than 18 billion pounds ($22.7 billion) of aid in recent months to commit to achieving net-zero carbon emissions by 2025, according to a statement ...

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• 12 July

  Top US banks set for worst quarter since financial crisis

  

  Bloomberg US banks had only a few weeks’ experience with the full-blown pandemic when they last tried to forecast how bad things would get. Now, they’re about to reveal what three more months of Covid-19 did to the industry. Second-quarter results, set for release next week, will probably show that the trends that took hold at the start of the ...

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