July, 2020

• 2 July

  Airbus begins biggest restructuring with 15,000 jobs to go

  

  Bloomberg Airbus SE embarked on the most extensive restructuring in its history, setting out plans to cut 15,000 civil-aerospace jobs as it attempts to steer through the crisis brought on by the coronavirus pandemic. The European planemaker will eliminate more than 10,000 positions across its main bases in Germany and France, part of an 11% reduction in global headcount, according …

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• 2 July

  Wizz carries more customers than Ryanair

  Bloomberg Wizz Air Holdings Plc, Europe’s third-biggest discount airline, is attracting more passengers than long-time market leader Ryanair Holdings Plc as it races to restart flights following the easing of coronavirus lockdowns. Chief Executive Officer Jozsef Varadi has been building up operations faster than rivals, helped by Wizz’s focus on Eastern Europe, where the pandemic has had less of an …

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• 2 July

  European stocks surge with US futures; dollar declines

  

  Bloomberg European stocks rose with US futures on Thursday as hopes for reassuring jobs data later in Washington added to momentum from positive vaccine developments. The dollar slipped. The Stoxx Europe 600 Index extended its initial gains on advances in banks and travel companies. Contracts on the S&P 500 Index also picked up, hours before the June employment report that’s …

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• 2 July

  South Korean biotech firm soars in debut to become $8bn stock

  

  Bloomberg SK Biopharmaceuticals Co., a biotechnology arm of SK Group in South Korea, surged to more than double the company’s initially offered price during its trading debut in the nation’s largest first share sale in three years. The stock soared 159% from the IPO price in Seoul, boosting its market cap to 9.9 trillion won ($8.2 billion). SK Biopharmaceuticals now …

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• 2 July

  UAE provides 32% of Japan’s oil needs in May

  

  Tokyo / WAM Japan’s imports of crude oil from the UAE amounted to almost a third of its oil imports at 32 percent, or 22.6 million barrels, data from Agency for Natural Resources and Energy in Tokyo showed. The agency, part of Japanese Ministry of Economy, Trade and Industry, reported that Japan imported 70.7 million barrels during May, of which …

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• 1 July

  Norwegian scrubs $10.6bn deal in threat to Boeing Max

  

  Bloomberg Norwegian Air Shuttle notified Boeing that the carrier is terminating purchases for all 97 of its remaining jets on order, underscoring the financial strains caused by a 15-month grounding of the 737 Max after two fatal accidents. In more bad news for Boeing’s best-selling jet, Singapore-based BOC Aviation Ltd said in a filing it was cancelling orders for 30 …

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• 1 July

  Walmart, Humana expand virus testing

  Bloomberg Health insurer Humana Inc is expanding access to Covid-19 testing at hundreds of new drive-through sites at Walmart Inc stores, as well as offering at-home tests to members. The initiatives come amid reports of hours-long waits for tests in new hot spots like Houston as coronavirus cases surge in many southern and western states. While testing in the US …

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• 1 July

  Steinhoff fees jump in scandal fallout

  Bloomberg Steinhoff International Holdings NV’s annual advisory fees climbed 35% last year, pushed by costs related to a deal the retailer reached with creditors to skip debt repayments. Steinhoff’s shares collapsed in late 2017 when the owner of Conforama in France and Pep stores in Europe and Africa became engulfed in an accounting scandal. Locked in a battle for survival, …

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• 1 July

  PM Johnson’s economic task seen in UK’s housing malaise

  

  Bloomberg The scale of Boris Johnson’s challenge to revive the UK economy was laid bare on Wednesday as house prices posted their first annual decline since 2012 and firms reported a record slump in sales. The prime minister has unveiled part of his plan for boosting the UK’s recovery, reconfirming his commitment to long-term investment in some of the country’s …

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• 1 July

  European stocks advance as quarter starts; bonds decline

  

  Bloomberg European stocks edged up in a muted start to third-quarter trading as investors mulled mixed economic data and fresh warnings about the spread of the coronavirus. Treasuries slipped alongside the US equity futures. The Stoxx Europe 600 Index opened modestly higher, led by oil and gas shares, with data showing German unemployment rose to the highest level in nearly …

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