July, 2020

• 6 July

  Oil gains past $43 as Saudi raises prices, equities climb

  

  Bloomberg Oil rose in London to above $43 a barrel as Saudi Arabia hiked its official selling prices, and as global equity markets climbed. Brent gained 1.3% in London to near the highest level since March. Saudi Aramco increased its crude prices to Asia as demand recovers. Libya’s oil exports are expected to fall this month as forces opposed to ...

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• 6 July

  UAE sends medical aid to Brazil

  Abu Dhabi / WAM The UAE on Monday sent a plane carrying over 12 metric tonnes of medical supplies and Covid-19 testing kits to Brazil in furtherance of joint cooperation to bolster the country’s efforts to curb the spread of Covid-19 and assist approximately 12,000 medical professionals as they work to contain the coronavirus. Commenting on delivery, Saeed Abdullah Mohammed ...

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• 6 July

  Dominion kills pipeline, sells assets

  

  Bloomberg One of the largest utilities in America is starting to turn its back on natural gas. Dominion Energy Inc, the second-biggest US power company by market value, said it’s selling substantially all of its gas pipeline and storage assets to Berkshire Hathaway Inc for $4 billion. In a separate statement, Dominion and its partner Duke Energy Corp said they’re ...

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• 6 July

  China coal group halts daily demand index

  Bloomberg A Chinese coal industry group halted publication of a daily consumption index that was widely used as a real-time indicator of the nation’s economic health. Accurate and timely data is key to understanding the world’s second-biggest economy, but releases can often change with little warning, even when the figures are from official sources. The coal market lost an important ...

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• 6 July

  Federer-backed shoe brand booms amid virus lockdowns

  

  Bloomberg For Swiss running shoemaker On AG, whose proprietary cushioning technology has attracted Roger Federer as an investor, the global coronavirus lockdowns had positive side effects. Online sales more than tripled in the three months through May as consumers itching for a good workout but wary of gyms turned to outdoor running, according to Chief Executive Officer David Allemann. Demand ...

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• 6 July

  Investors seek to block Virgin Australia’s sale

  

  Bloomberg Virgin Australia Holdings Ltd bondholders asked the country’s deals regulator to let them pitch a plan to rescue the airline in an effort to derail a sale to Bain Capital LP. Singapore-based Broad Peak Investment Advisers Pte and other bondholders told the Takeovers Panel that some elements of the Deloitte-run auction of the airline were “unacceptable” and effectively barred ...

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• 6 July

  Airbus CEO urges better EU coordination over air travel

  

  Bloomberg Airbus SE Chief Executive Officer Guillaume Faury called on the European Union to coordinate the return of international air traffic, saying chaotic decision-making on flight bans by member countries at the start of the pandemic revealed weaknesses in the way the region works. “We need one decision making center and we don’t have one. We see Europe’s weaknesses in ...

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• 6 July

  JetBlue sees progress in minimising layoffs

  Bloomberg JetBlue Airways Corp expects to avoid involuntary job cuts among at least some employee groups because enough workers have accepted voluntary leave or early-out programs to match the carrier’s scaled-down operations. More than enough volunteers have come forward in the customer support department, the airline said in a memo to workers seen by Bloomberg News. JetBlue also confirmed an ...

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• 6 July

  Boohoo plunges after reports of labour abuses at suppliers

  

  Bloomberg Boohoo Group Plc shares plunged after a report in the Sunday Times about poor working conditions at a factory the newspaper described as a supplier of the UK online fashion retailer. Boohoo said it will review its supply chain after the report, which focused on a garment workshop in Leicester, England, the site of a recent flareup in coronavirus ...

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• 6 July

  Harrods adapts to retail’s new normal

  Bloomberg Harrods opened its first outlet store only days after announcing hundreds of job cuts — moves that the London luxury emporium’s managing director said are necessary to adapt to the realities of a post-lockdown retail landscape. “I don’t think people understand how painful the last 90 days has been,” Michael Ward said in an interview while walking through the ...

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