June, 2020

• 22 June

  Oil holds near $42 as investors weigh demand against virus

  

  Bloomberg Oil held near $42 a barrel in London as investors weighed signs of rebounding demand against a resurgence in new coronavirus cases. Opec and its allies are on track to rebalance the oil market and there are encouraging signs of recovery, Saudi Arabia’s Energy Minister Prince Abdulaziz bin Salman told an Opec+ meeting last week. However, California reported record …

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• 22 June

  Norway set to tighten rules for wind turbines

  

  Bloomberg Norway is set to tighten rules for building wind turbines, caving in to massive protests from locals. A government proposal to slow down the development of onshore wind power comes after increasing local resistance mirrors sentiment in other European countries. Norway already decided to scrap a plan for a new permission framework last year. Norway, which has already developed …

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• 22 June

  Final Virgin Australia bids key test for ailing airlines

  

  Bloomberg The final bids for Virgin Australia Holdings Ltd will show how much appetite private investors really have for an airline industry that’s been battered by the coronavirus pandemic. Private equity firms Bain Capital LP and Cyrus Capital Partners LP made final and binding offers for the airline on Monday, administrator Deloitte said in a statement. The Australian carrier collapsed …

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• 22 June

  US rejects Chinese airlines’ request for additional flights

  

  Bloomberg US officials rejected additional flights proposed by Chinese airlines but said they would reconsider if the Beijing government adjusts its policies affecting American passenger carriers. In a statement, the Transportation Department said it disapproved service schedules submitted by four China-based carriers that currently are allowed to make four combined flights to the US each week, plus additional proposals submitted …

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• 22 June

  France takes aim at low-cost carriers with short routes ban

  

  Bloomberg France plans to ban commercial air travel on the country’s shortest domestic routes in a bid to prevent low-cost carriers picking up links Air France is being forced to abandon as part of the terms of a bailout package. “If we are asking things of Air France, it’s not so that low-cost companies can come along and start their …

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• 22 June

  American braces balance sheet with $3.5b in financing

  

  Bloomberg American Airlines Group Inc braced its balance sheet with $3.5 billion in new financing, diverging from its recent reliance on federal aid as the coronavirus pandemic suppresses travel demand. The carrier is selling $750 million of shares and the same amount of senior convertible notes due in 2025, American said in a statement, confirming an earlier Bloomberg News report. …

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• 22 June

  Bed Bath & Beyond to sell Christmas Tree

  Bloomberg Bed Bath & Beyond Inc is looking to sell its Christmas Tree Shops and Cost Plus World Market chains, according to people familiar with the matter, part of an ongoing makeover of the home-goods company. The people declined to be identified because the process isn’t public. Activist investors pressured the company to oust Chief Executive Officer Steven Temares last …

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• 22 June

  European stocks pare losses on optimism over economic recovery

  

  Bloomberg European stocks pared losses and US equity futures rallied as investors bet that the economic recovery will keep going, even as virus infection rates rise. Gold approached the highest since 2012, while Treasuries and the dollar were little changed. Retail stocks climbed, limiting losses in the Stoxx Europe 600 Index. Wirecard AG shares were in freefall again as the …

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• 22 June

  Indian stocks gain

  

  Bloomberg Indian stocks rose as they entered their final full week of trading for the quarter, as investors weighed the reopening of the economy against a rising number of novel coronavirus infections in rural areas. The S&P BSE Sensex added 0.9% to 35,038.49 as of 10:22 am in Mumbai, while the NSE Nifty 50 Index advanced 1%. While volatility may …

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• 22 June

  Investors should get more selective in H2: JPMorgan

  Bloomberg Investors should be more selective in the next six months as asset returns are likely to diverge because liquidity “cannot paper over specific weaknesses indefinitely,” according to JPMorgan Chase & Co. An “indiscriminate approach” to a portfolio would largely have worked in April and May, when most financial assets rallied — a typical result at a turning point in …

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