July, 2020

• 5 July

  Tech firm’s 2020 rally hits 100% with AI startup deal

  Bloomberg Software provider Kinaxis Inc. surged to a record high as it completed a deal for Rubikloud Technologies to boost its capabilities in artificial intelligence (AI). Ottawa-based Kinaxis, whose clients include Unilever NV and Lockheed Martin Corp., briefly passed $4 billion in market value for the first time amid a broad rally in Canadian technology stocks. The company sells products ...

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• 4 July

  Oil pares weekly gain with virus fears countering tighter supply

  

  Bloomberg Oil slipped, paring a weekly gain, as concern of demand erosion from a coronavirus resurgence countered strong US economic data. Futures fell to about $40 a barrel in New York as the virus continues to spread unabated across large parts of the US, clouding the outlook for energy demand. Crude prices gained 4.2% for the week as data showed ...

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• 4 July

  Amazon, Google face tough rules in India’s new e-commerce draft

  

  Bloomberg India’s latest e-commerce policy draft includes steps that could help local startups and impose government oversight on how companies handle data. The government has been working on the policy for at least two years amid calls to reduce dominance of global tech giants like Amazon.com Inc., Alphabet Inc.’s Google and Facebook Inc. Under rules laid out in a 15-page ...

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• 4 July

  Air France to cut 7,500 jobs as recovery seems years away

  

  Bloomberg Air France-KLM plans to cut more than 7,500 jobs at its French arm, amid warnings that its future is on the line. Europe’s second-biggest airline will eliminate 6,560 positions at its Air France flagship, while its regional carrier Hop! will lose 1,020 posts, the company said in a statement. The cuts will take place over the next three years. ...

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• 4 July

  Kenya Air begins job cuts amid virus losses

  

  Bloomberg Kenya Airways Plc started a three-month round of job cuts as lawmakers debate a bill to nationalise the carrier and its losses mount due to the impact of the coronavirus pandemic. The process is expected to be completed by September 30, Chief Executive Officer Allan Kilavuka said in a memo to employees, without providing the number of workers to ...

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• 4 July

  British Airways settles quarantine suit with UK government

  

  Bloomberg British Airways parent IAG SA settled a dispute with the UK over a policy to force visitors to self-isolate for 14 days, agreeing to withdraw the London litigation when the government updated its plan. The agreement came together just four hours after proceedings began in London’s High Court. British Airways attorney Tom Hickman said the carrier agreed to drop ...

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• 4 July

  Rolls-Royce explores options to raise funds amid downturn

  

  Bloomberg Rolls-Royce Holdings Plc, the British jet-engine maker, is exploring options to raise funds that would help fortify the company against a downturn in the aerospace industry. The London-based company is in the early stages of reviewing a range of options to strengthen its balance sheet, it said in a statement, confirming a Bloomberg News report. “No decisions have been ...

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• 4 July

  Cheap flights are ‘irresponsible’: Lufthansa

  Bloomberg Ultra low-cost tickets priced at less than 10 euros ($11.25) each are harming the aviation industry’s reputation, Deutsche Lufthansa AG Chief Executive Officer Carsten Spohr said in an interview with Swiss daily Neue Zuercher Zeitung. “Tickets for 9.99 euros are ecologically and economically irresponsible,” Spohr, 53, was quoted as saying. He also said Europe’s largest airline will seek financing ...

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• 4 July

  Covid-19: Lucky Brand files for bankruptcy in US

  Bloomberg Lucky Brand Dungarees and affiliates, known for jeans and other apparel, filed for bankruptcy in Delaware after the coronavirus pandemic scuttled restructuring efforts. The closely-held company has entered into an asset purchase agreement with SPARC Group, which operates brands including Aéropostale and Nautica, for the sale of “substantially all” of its operating assets, according to a company statement. ABG-Lucky, ...

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• 4 July

  Commerzbank leaders toppled in Cerberus-led investor revolt

  

  Bloomberg Commerzbank AG’s leadership was toppled in a shareholder revolt led by Cerberus Capital Management after failing to turn around a lender that’s struggled since its bailout in the financial crisis. Chief Executive Officer Martin Zielke, in the job for just over four years, has offered to resign, though the bank’s supervisory board still has to accept his resignation and ...

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