August, 2020

• 9 August

  Canada’s stock rally could slow down as ‘shock effect’ wears off

  

  Bloomberg After an epic rally from its pandemic low, Canada’s equity market may be losing some steam. The S&P/TSX Composite Index has made a remarkable comeback since March. It still needs to rise another 519 points, or 3.1%, to break even for the year. The index has been carried by big gains in gold and technology: Only 41% of its …

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• 9 August

  Oil drilling drops to 15-year low with shale in full retreat

  

  Bloomberg Drillers cut exploration in US oil fields to a 15-year low as billions of barrels from old discoveries became worthless and explorers abandoned growth plans. The number of active oil rigs in the US fell by four to 176, the lowest since 2005, according to Baker Hughes Co. data. Energy companies have been parking rigs on an almost uninterrupted …

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• 8 August

  Crashed Air India jet’s black boxes found; death toll 18

  

  Bloomberg The black boxes of an Air India Express jet that crashed, killing at least 18 people, has been recovered after authorities completed the rescue operation. The digital flight data recorder and cockpit voice recorder can help investigators piece together what caused the Boeing Co 737 to skid off the runway and break apart while attempting to land on August …

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• 8 August

  Airbus plane deliveries increase 36% in July

  

  Bloomberg Airbus SE delivered 49 new jets to its customers last month, overcoming travel restrictions and virus-afflicted demand to post its third straight monthly increase. The July tally, achieved solely with narrow-body aircraft, marked a 36% increase from the 36 handovers recorded in June, according to a statement. Airbus registered four new orders during the month and had no cancellations …

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• 8 August

  UK’s Virgin Atlantic secures US recognition for restructuring

  

  Bloomberg Virgin Atlantic Airways Ltd was granted US bankruptcy protection as the carrier controlled by Richard Branson pursues a 1.2 billion-pound ($1.6 billion) rescue plan in the UK. The provisional ruling by US Bankruptcy Judge Michael E Wiles in Manhattan protects the airline’s American assets and ensures that the debt reorganisation will be overseen under the British legal process. After …

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• 8 August

  Delta bets on clean jets to woo flyers

  Bloomberg Delta Air Lines Inc plans to use clean cabins to boost customer satisfaction and attract a larger portion of people who still fly, aiming to reduce the cash it burns daily to zero by year-end. The airline will work for a Net Promoter Score of at least 65 in the second half, 15 points above Delta’s average performance last …

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• 8 August

  Retail failures open up prime locations for Target, others

  

  Bloomberg As landlords struggle to find tenants for a glut of empty commercial spaces, businesses that have fared relatively well through the pandemic now have the upper hand in America’s real estate landscape. With thousands of stores closing permanently, the dislocation is creating a buyer’s market to the benefit of Shake Shack Inc, Levi Strauss & Co, Target Corp and …

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• 8 August

  Robots running the industrial world are open to cyber attacks

  

  Bloomberg Industrial robots are now being used to assemble everything from airplanes to smartphones, using human-like arms to mechanically repeat the same processes over and over, thousands of times a day with nanometric precision. But according to a new report entitled “Rogue Automation,” some robots have flaws that could make them vulnerable to advanced hackers, who could steal data or …

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• 8 August

  JLR loses its court battle over Defender trademark

  

  Bloomberg Jaguar Land Rover (JLR) lost a UK court bid to get the trademark rights for the shape of its iconic Defender SUV, freeing billionaire Jim Ratcliffe’s Ineos Group to go ahead with the Grenadier off-road vehicle. A London court dismissed an appeal by JLR, owned by India’s Tata Motors Ltd. The UK Intellectual Property Office had found the shapes …

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• 8 August

  BMW records first quarterly loss since 2009 on virus impact

  

  Bloomberg BMW AG’s loss-making automotive division dragged the company into the red for the first time in more than a decade, rounding out a dismal quarter for European carmakers hit by the coronavirus pandemic. The German manufacturer lost 666 million euros ($787 million) before interest and taxes between April and June, its first quarterly deficit since the financial crisis in …

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