July, 2020

• 14 July

  Opec says global oil demand set for record rise in 2021

  

  Bloomberg The Organisation of Petroleum Exporting Countries (Opec) expects demand for its crude oil to rebound sharply next year, surpassing levels seen before the coronavirus crisis, as rival producers struggle to revive output. The Opec forecasts the need for its crude will surge by 25% in 2021 to average 29.8 million barrels a day, higher than the level required in …

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• 14 July

  UAE, Comoros discuss ways to strengthen ties

  MORONI / WAM President Azali Assoumani of the Comoros received a delegation from the UAE, led by Saeed Mohammed Saeed Al Muqbali, UAE Ambassador to the Comoros, in the presence of Ahmed bin Mohammed Al Jarwan, President of the Global Council for Tolerance and Peace. During the meeting, both sides discussed ways of strengthening their mutual ties, in addition to …

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• 14 July

  UK bans China’s Huawei from 5G networks in security crackdown

  

  Bloomberg Huawei Technologies Co. will be banned from the UK’s next generation mobile networks, in a sweeping crackdown on the Chinese company that will delay 5G roll-out and hit businesses with billions of pounds in extra costs. Under the blueprint agreed by Prime Minister Boris Johnson, operators will not be able to add any new Huawei components to their 5G …

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• 14 July

  Google in talks to invest $4 billion in Jio Platforms

  

  Bloomberg Google is in advanced talks to buy a $4 billion stake in Indian billionaire Mukesh Ambani’s technology venture, seeking to join rival Facebook Inc. in the chase for growth in a promising internet market. The Mountain View, California-based titan has been discussing the investment in Reliance Industries Ltd.’s digital arm, Jio Platforms Ltd., the people said, asking not to …

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• 14 July

  South Korea’s $35 billion green plan skirts zero-carbon target

  

  Bloomberg South Korea revealed a 42.7 trillion won ($35 billion) plan to ramp up its commitment to renewable energy and environmentally friendly infrastructure, but came short of setting a time frame to phase out carbon emissions. President Moon Jae-in announced a framework on Tuesday to expand energy efficiency, boost low-carbon power sources and foster green industries amid an effort to …

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• 14 July

  Covid-19: Eni to exit traditional oil refineries

  

  Bloomberg The coronavirus pandemic will accelerate Eni SpA’s pivot away from conventional refineries to investing in greener facilities. “Instead of slowing down, we see Covid as a reason to accelerate the transition to low-carbon energy,” Chief Executive Officer Claudio Descalzi said in an interview with Bloomberg. In February, Eni set tougher climate goals, in which the Italian energy giant pledged …

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• 14 July

  ANC suggests pension funds take Eskom assets

  

  Bloomberg The Economic Transformation Committee of South Africa’s ruling African National Congress (ANC) suggested that pension funds take over some of the assets of the indebted state power company. The proposal to transfer parts of Eskom Holdings SOC into non-state hands was made in a discussion document, which considered responses to the coronavirus-induced economic slump. The ANC’s labour union allies …

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• 14 July

  Swatch slashes 2,400 jobs as it trims store network

  

  Bloomberg Swatch Group AG cut 2,400 jobs, a record cull, and trimmed its store network as the Swiss watchmaker became unprofitable for the first time. The maker of Omega and Longines timepieces said on Tuesday it accelerated plans to shut stores permanently in Hong Kong as well as shops that sell its colorful namesake brand and Calvin Klein timepieces. Sales …

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• 14 July

  Heathrow closes one runway for repairs

  

  Bloomberg London Heathrow airport, normally the busiest in Europe, will close one of its two runways for repairs at the height of the summer season, a reflection of passenger traffic that remains near rock bottom because of coronavirus lockdowns. The landing strip will be shut down over coming weeks to allow preliminary works to take place, before reopening during the …

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• 14 July

  Flyer numbers need to triple to avoid layoffs: Southwest

  

  Bloomberg Southwest Airlines Co needs passenger numbers to triple by year-end if it’s going to avoid the carrier’s first ever involuntary job cuts, its chief executive officer said, even as rising coronavirus infections prompt some states to restrict travel. Southwest employees have until Wednesday to apply for voluntary separation or extended time off to help reduce spending on labour, the …

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