July, 2020

• 9 July

  Lufthansa starts cutting jobs, reducing its fleet

  Bloomberg Deutsche Lufthansa AG will cut 20% of managerial positions and accept no more than 80 planes from its current order book as it slashes spending to be able to repay as much as $10.1 billion in government aid. The German national carrier will also eliminate 1,000 administrative positions in a second round of cost cutting amid a slump in ...

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• 9 July

  Kenya Air pilots offer going on unpaid leave

  Bloomberg Kenya Airways pilots warned the carrier against cutting jobs and offered to go on unpaid leave to help mitigate the impact of the Covid-19 outbreak on the East African airline. The aviators will consider voluntary breaks only if it serves “to secure jobs” and cushion the airline “from further effects of the pandemic,” the Kenya Airlines Pilots Association said ...

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• 9 July

  Banks with ‘shattered’ business models warned by Japan’s FSA

  

  Bloomberg Japan’s financial regulator is running out of patience with regional banks that are struggling to adapt to an increasingly grim business environment. The Financial Services Agency (FSA) has targeted some local lenders for “intensive dialogue,” which could lead to regulatory action if they fail to convince it of their viability, Commissioner Toshihide Endo said. He hinted at the need ...

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• 9 July

  India’s ICICI bank to raise $2bn in capital

  

  Bloomberg ICICI Bank Ltd. plans to raise as much as 150 billion rupees ($2 billion) in capital, adding to the list of Indian lenders that are bolstering buffers as the pandemic threatens to push up bad loans. The nation’s second-largest private-sector bank will raise the funds via shares or equity-linked securities in one or more tranches, it said in a ...

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• 9 July

  Australian banks extending deferral of loan repayments

  

  Bloomberg Some of Australia’s biggest banks will extend the deferral of loan repayments for up to four months as the nation scrambles to contain the threat of a second wave of coronavirus infections. Customers who can resume paying their loans will be required to do so at the end of their six-month deferral period, the Australian Banking Association (ABA) said ...

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• 9 July

  Sri Lanka cuts key rate again to aid economy

  

  Bloomberg Sri Lanka’s central bank lowered borrowing costs for a fifth time this year to support the economy amid the coronavirus crisis. The central bank of Sri Lanka cut the standing lending facility rate by 100 basis points to 5.5%, according to a statement. Two of the five economists surveyed by Bloomberg predicted the move, while all expected a cut. ...

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• 9 July

  Nigeria weakens naira as it seeks single rate

  Bloomberg Nigeria’s central bank devalued the naira by 5.5% against the dollar as authorities in Africa’s biggest oil producer migrate toward a single exchange-rate system for the local currency. The official rate to the greenback was pegged at 381 naira from 360, according to data on the website of FMDQ OTC Securities Exchange, the Lagos-based platform that oversees foreign-exchange trading. ...

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• 9 July

  Yes Bank to raise $2bn in share sale

  Bloomberg Yes Bank Ltd., the Indian lender that was rescued this year after being inundated with bad loans, plans to raise as much as $2 billion in a public offering to shore up capital. The share offering will be from July 15 to 17, according to a stock exchange filing on Thursday. The Mumbai-based bank had earlier planned to raise ...

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• 9 July

  Zimbabwe’s CBZ to buy small banks in consolidation push

  

  Bloomberg Zimbabwe’s biggest bank plans to buy several smaller lenders in a consolidation drive to leave the troubled southern African nation with fewer, stronger institutions, according to two people with direct knowledge of the matter. CBZ Holdings Ltd., majority-owned by the government, is in talks with the Reserve Bank of Zimbabwe over the acquisitions, the people said, asking not to ...

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• 9 July

  European stocks gain amid economic support policies

  

  Bloomberg European stocks snapped a two-day losing streak as investors kept faith with economic support policies, helped by some reassuring earnings news. The dollar fluctuated alongside US equity futures. Shares in Europe’s largest technology company, SAP SE, rose 7% after it reported better-than-expected second quarter revenue on returning demand for software in Asia, boosting hopes for a deeper recovery. It ...

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