July, 2020

• 27 July

  UK’s Debenhams seeks to exit administration

  

  Bloomberg Debenhams Plc, one of the UK’s biggest department stores, has kicked off a plan that could see new owners as the struggling retailer assesses ways to exit its protective administration. Possible outcomes include the current owners retaining the business, potential joint-venture arrangements that could involve new investors, or a sale to a third party, the company said in an …

  Read More »
• 27 July

  Steinhoff proposes $1 billion settlement over legal claims

  

  Bloomberg Steinhoff International Holdings NV proposed a $1 billion settlement to resolve more than $8 billion of legal claims lodged against the retailer following the accounting scandal that almost wiped out the company. Claimants would get a combination of cash and shares in Pepkor Holdings Ltd, a clothing retailer controlled by Steinhoff, the company said. Most of the 90 claims …

  Read More »
• 27 July

  Bankrupt Brooks Brothers gets rescue takeover bid

  

  Bloomberg The race to purchase Brooks Brothers Group Inc out of bankruptcy is on as brand manager WHP Global and a group of Italian companies prepare bids following Authentic Brands Group LLC and Simon Property Group Inc’s $305 million offer. Sparc Group LLC, which is backed by Barneys New York owner Authentic and mall landlord Simon, agreed to make a …

  Read More »
• 27 July

  Virus second wave may stall travel recovery, Ryanair warns

  

  Bloomberg Ryanair Holdings Plc issued a stark assessment of the threat to airlines as they seek to rebound from the coronavirus crisis, saying it’s concerned that a series of local lockdowns followed by a second wave of infection will hold back the recovery from the pandemic. Ryanair kicked off earnings season for European carriers on Monday by posting a loss …

  Read More »
• 27 July

  Delta targets virus tests for all employees

  Bloomberg A program with Quest Diagnostics and the Mayo Clinic will “test virtually all employees in the next four weeks,” Delta said in a statement, outlining one of the more ambitious plans in corporate America. The carrier also told employees it would introduce at-home testing in the viral hot spots of Florida and Texas, as well as for workers based …

  Read More »
• 27 July

  TSMC’s $35b rally puts Taiwan stock index above 1990 peak

  

  Bloomberg Taiwan’s equity benchmark broke a record that stood for three decades, helped by the biggest surge in years for the economy’s biggest stock. The Taiex closed 2.3% higher Monday as Taiwan Semiconductor Manufacturing Co. soared the 10% daily limit. The $35 billion addition to its market capitalisation makes TSMC the 12th most valuable stock worldwide, ahead of US retail …

  Read More »
• 27 July

  European stocks fall again on fears of 2nd wave of infections

  

  Bloomberg European equities moderately extended last week’s drop, as new virus data suggested setbacks in global efforts to contain coronavirus pandemic, with airlines and other travel-exposed stocks leading declines. The Stoxx Europe 600 Index was down 0.4% as of 8:20 am in London, with most sectors in negative territory. German stocks rose 0.4%, while Spain’s IBEX was the worst-performing large-country …

  Read More »
• 27 July

  South African stocks surge

  Bloomberg South Africa’s main stock index gains 0.3% in Johannesburg, as a weaker dollar boosts prices of precious metals, with record bullion prices lifting gold producers to a fresh all time record, and higher platinum prices bolstering local producers. Risk sentiment has been strengthened by optimism over the upcoming US Federal Reserve meeting, which has drowned fears over simmering Sino-American …

  Read More »
• 26 July

  Europe’s economy to outpace US in upending of past roles

  

  Bloomberg The euro area economy is for once set for a sprightlier recovery from crisis than the US, thanks to starkly different responses to the coronavirus. America’s failure to get a grip on the pandemic is putting the brakes on its rebound compared with Europe, where many former virus hot spots managed to resume economic activity without causing a similar …

  Read More »
• 26 July

  Sharjah Media City signs JV with Connected Circles

  Sharjah / WAM Sharjah Media City (Shams) a world-class media hub for innovative facilities and services, joined forces with Connected Circles, an Amsterdam-based company which helps retain and attract talents, boost brands reach, and gain trust through transparency, consistency, and relevant content. The joint venture aims to bring knowledge, experience, and business processes from Amsterdam to the Middle East. The …

  Read More »