June, 2020

• 25 June

  Oil firms shutting off rigs across US shale

  Bloomberg Oil exploration shrank for a 14th straight week in US fields amid weak crude prices and skepticism about a recovery in energy demand. Drillers idled 10 oil rigs in onshore US fields this week, bringing the total to 189, according to data released by Baker Hughes Co. Despite this week’s rise in crude prices to a three-month high around …

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• 25 June

  Europe’s coal heartland hottest market for renewable power

  

  Bloomberg As Europe prepares a multi-billion-dollar blitz to cut greenhouse gas emissions, a race is on to cash in on the green transformation of the nation with the region’s most polluting power plant. Poland, which currently relies on coal for more than 70% of its electricity generation, is stepping up efforts to replace the dirty fuel with renewable energy. As …

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• 25 June

  California’s ‘secret’ is threatening its climate

  

  Bloomberg In a parched and dusty patch of land in California’s central valley, a series of wells has been pumping out some of the state’s dirtiest crude oil. Almost a century after the Chico-Martinez oilfield was first opened about 145 miles north of Los Angeles, it is still producing heavy crude. But to do it, drillers have turned to techniques …

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• 25 June

  South Africa mulls selling ‘green bond’

  Bloomberg South Africa’s government is considering selling a green infrastructure bond worth tens of billions of rand as part of its biggest drive ever to kickstart private investment in projects ranging from energy to water reticulation. The proposed instrument is one of several mechanisms the country could use to raise finance for projects worth as much as $86 billion over …

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• 25 June

  Lufthansa’s biggest investor backs government bailout

  

  Bloomberg Deutsche Lufthansa AG’s biggest stockholder publicly backed a 9 billion-euro ($10 billion) government bailout, giving the rescue plan a major shot of momentum and boosting the airline’s shares and bonds just before a crunch vote. With Heinz Hermann Thiele declaring support after days of frenzied speculation about his intentions, the state rescue appears likely to secure the two-thirds backing …

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• 25 June

  EasyJet bolsters liquidity by raising $520m in share sale

  

  Bloomberg EasyJet Plc raised about 419 million pounds ($520 million) in a share sale, padding its coffers for the gearing up of flights as the European aviation sector emerges from the coronavirus lockdown. The stock offering, equal to almost 15% of the existing share base, was placed at the price of 703 pence a share, representing a 5% discount to …

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• 25 June

  Swissport to cut 4,500 UK jobs on travel slump

  

  Bloomberg Swissport International AG plans to cut more than 4,500 jobs in Britain as the world’s biggest provider of airport ground and cargo handling services responds to a collapse in demand for air travel. The Zurich-based company, which is owned by troubled Chinese conglomerate HNA Group Co, needs to reduce employment to cope with a 50% drop in revenue this …

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• 25 June

  Qantas to raise $1.3b, cut 6,000 jobs to survive virus

  

  Bloomberg Qantas Airways Ltd will raise as much as A$1.9 billion ($1.3 billion) and cut at least 6,000 jobs as the coronavirus pandemic continues to keep carriers around the world largely grounded. The Australian airline said on Thursday also that 15,000 workers will remain furloughed, particularly those tied to international operations. The carrier’s entire fleet of 12 Airbus A380 superjumbos, …

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• 25 June

  Chuck E Cheese parent files for bankruptcy

  Bloomberg CEC Entertainment Inc, the parent of Chuck E Cheese and Peter Piper Pizza, filed for bankruptcy protection after the coronavirus pandemic shuttered its locations and kept families at home. The filing in the Southern District of Texas US Bankruptcy Court makes CEC the latest in a string of companies upended by Covid-19. Lockdowns have drained revenue, keeping consumers at …

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• 25 June

  US futures decline on virus worry; dollar fluctuates

  

  Bloomberg US equity futures slipped, while European stocks advanced as investors studied whether a resurgence in coronavirus infections will sap appetite for riskier assets. EasyJet Plc slumped after selling more shares. Deutsche Lufthansa AG rallied as its biggest stockholder backed a government rescue package. West Texas crude oil fell below $38 a barrel. Gold continued its push towards $1,800 an …

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