June, 2020

• 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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• 9 June

  Oil swings between gains, losses as Saudi ends voluntary output cut

  

  Bloomberg Oil traded near $38 a barrel in New York in choppy trading, as the market was caught between weaker equities and an ongoing market rebalancing. Futures whipsawed between gains and losses. While stock markets retreated and Saudi Arabia decided to end additional supply curbs this month, there are signs of a broader rebalancing. US crude inventories are forecast to …

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• 9 June

  France earmarks $17b for aerospace industry

  

  Bloomberg France unveiled an aerospace rescue plan to bolster European planemaker Airbus SE and its financially-strapped suppliers with measures aimed at preventing massive job losses and underpinning aircraft orders. The sweeping aid package laid out on Tuesday by Finance Minister Bruno Le Maire, worth about 15 billion euros ($17 billion), provides investment, payroll subsidies and credit guarantees to cushion the …

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• 9 June

  Cathay plans to raise $5 billion from Hong Kong government

  

  Bloomberg Cathay Pacific Airways Ltd became the latest global carrier to seek a lifeline in the aftermath of Covid-19 travel restrictions, outlining a plan to raise HK$39 billion ($5 billion) from the Hong Kong government and shareholders after months of warnings about the frailty of its business. The rights issue proposal, reported by Bloomberg News, is on the basis of …

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• 9 June

  France earmarks $17b for aerospace industry

  

  Bloomberg The French government unveiled a rescue plan for the struggling aerospace industry that includes billions of euros to support Airbus SE and its suppliers hard hit by the Covid-19 pandemic. The measures, worth 15 billion euros ($17 billion), include export guarantees and credit relief for some new aircraft orders, as well as an extension of part-time work subsidies to …

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