June, 2020

• 11 June

  Hong Kong, S’pore firms to benefit from ‘business cycle’

  Bloomberg More traditional companies in Hong Kong and Singapore are set to benefit from a “new business cycle” globally as their economies recover from the pandemic, according to Citigroup Inc.’s private-banking arm. Cyclical and undervalued stocks will outperform in both jurisdictions supported by fiscal stimulus, with Hong Kong probably coming out of a yearlong recession this quarter, Ken Peng, head ...

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• 10 June

  IMF warns poorest countries to default without debt relief

  

  Bloomberg The head of the International Monetary Fund (IMF) called on private creditors to join the Group of 20 in providing debt relief for the world’s poorest nations, saying that the alternative to suspension and restructuring is defaults. A debt-service suspension would provide time for restructuring debt on a case-by-case basis in nations where debt sustainability needs to be restored, ...

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• 10 June

  Delta Air in talks to delay $300m Gol loan payment

  

  Bloomberg Delta Air Lines Inc is in talks to let Gol Linhas Inteligentes SA postpone payments on a $300 million loan for which the US carrier is guarantor, two people familiar with the matter said. The loan matures in August. Negotiations are under way and a delay agreement is expected to be reached, the people said, asking not to be ...

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• 10 June

  American to put 141 planes back in service

  

  Bloomberg American Airlines Group Inc will take 141 aircraft from storage to support an increase in July service as travelers return to the skies faster than expected amid the coronavirus pandemic. The carrier will reactivate 83 Airbus SE A320 family planes and 58 Boeing Co 737 jets, spokesman Brian Metham said. American joins Delta Air Lines Inc in bringing back ...

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• 10 June

  Portugal’s budget includes up to $1.4b in aid for TAP

  

  Bloomberg Portugal’s supplementary budget for 2020 includes as much as 1.2 billion euros ($1.4 billion) in aid for TAP SGPS SA after the airline had to suspend most of its operations due to the coronavirus outbreak. The process to provide aid for TAP hasn’t been concluded yet, Secretary of State for Treasury Alvaro Novo told reporters at a press conference ...

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• 10 June

  Estee Lauder to boost black hiring, donations after complaints

  

  Bloomberg Estee Lauder Cos plans to hire more black employees, buy more from black-owned businesses and expand diversity training programs after employees raised concerns about race relations within the company. Top executives at one of the world’s largest cosmetics businesses said they “stand in solidarity with our black employees, black consumers and black communities and firmly believe black lives matter,” ...

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• 10 June

  Best Buy to reopen most stores next week

  Bloomberg Gadget junkies soon won’t need an appointment to shop at Best Buy Co anymore. Starting from June 15, the nation’s biggest consumer-electronics retailer will allow a limited number of shoppers inside most of its stores, moving past an appointment-only model that it had instituted in the wake of the Covid-19 pandemic. The retailer will bring back about 9,000 employees ...

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• 10 June

  Europe stocks advance, dollar drops ahead of Fed decision

  

  Bloomberg Stocks in Europe advanced along with US equity-index futures after a mixed session in Asia Wednesday as investors awaited the Federal Reserve’s next move on monetary policy. The dollar headed for a three-month low against a basket of peers. Financial services and retailers led a broad advance in the Stoxx Europe 600 index. S&P 500 futures rose after the ...

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• 10 June

  Tide is turning for HK stocks at 50% discount to S&P 500

  

  Bloomberg Amid all the doubt surrounding Hong Kong’s future as a global financial hub, one thing is certain: the city’s stock market is an enticing target for the wave of cash that’s returning to the world’s equities. Rarely has the valuation case for the city’s shares been this compelling. Investors price the world’s fourth-largest bourse like a frontier market, with ...

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• 9 June

  Masdar to develop 500MW wind project in Uzbekistan

  

  ABU DHABI / AGENCIES Masdar has signed an agreement with the Ministry of Investments and Foreign Trade of Uzbekistan and JSC National Electric Grid of Uzbekistan to design, finance, build and operate a 500-megawatt utility-scale wind farm project. The Power Purchase Agreement (PPA) and Investment Agreement was signed during a virtual ceremony by Sardor Umurzakov, Deputy Prime Minister and Minister ...

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