June, 2020

• 18 June

  China boosts renewable power subsidies 7.5% to $13b

  

  Bloomberg China boosted its budget for renewable power subsidies to 92.36 billion yuan ($13 billion), 7.5% more than it spent last year. Solar power is the big winner, with incentives set to rise 14% compared to last year’s level, while wind payments will be 3.2% lower, the Ministry of Finance said on its website. The subsidy budget would cover existing …

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• 18 June

  France warning its flag carrier against making forced job cuts

  

  Bloomberg France is warning flag carrier Air France-KLM against making forced job cuts, with Finance Minister Bruno Le Maire saying such a move would constitute a “red line” the carrier shouldn’t cross after receiving a state bailout. “We spent money to save Air France,” he said on Thursday in a radio interview. “I am asking that there not be any …

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• 18 June

  Qantas halts overseas flights until October

  

  Bloomberg Qantas Airways Ltd cancelled most international flights until late October after the government said Australia’s borders are likely to remain closed until next year. The extended cancellation increases financial pressure on the airline, which is slowly adding back domestic services but has grounded dozens of aircraft and furloughed most of its employees. International flights were previously on hold until …

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• 18 June

  Bryant’s pilot thought copter was rising when it was falling

  

  Bloomberg The pilot of a helicopter carrying retired basketball star Kobe Bryant may have become disoriented in clouds as the craft abruptly turned and dove to the ground near Los Angeles earlier this year, killing all aboard, investigators said. A preliminary analysis of the final moments of the flight released by the National Transportation Safety Board (NTSB) found the veteran …

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• 18 June

  Senator slams FAA’s ‘deliberate’ attempt to stymie Max probe

  

  Bloomberg A Senate committee chairman sharply criticised the Federal Aviation Administration (FAA) for what he alleged were repeated failures to respond to a committee’s investigations, including into two crashes of Boeing Co’s 737 Max. Senator Roger Wicker of Mississippi, the Republican head of the Senate Commerce Committee, accused the FAA of delaying interviews with its employees and failing to turn …

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• 18 June

  Target raises hourly wage to $15 in US

  Bloomberg Target Corp is raising its minimum hourly wage to $15 at a time when its workers are grappling with the dual impact of the pandemic and protests for racial equality that began in the chain’s hometown. The cheap-chic retailer will move to $15 an hour on July 5, fulfilling a pledge it made three years ago and providing about …

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• 18 June

  Tesco to sell Polish business to Salling

  Bloomberg Tesco agreed to sell its business in Poland to Danish retailer Salling Group, as the UK’s largest supermarket operator focuses on its domestic market in a consumer landscape overturned by the coronavirus. The UK grocer said it expects proceeds of about 165 million pounds ($207 million) from the sale of 301 stores, as well as distribution centres and office …

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• 18 June

  Bank of England prepares its next act in saving UK economy

  

  Bloomberg The Bank of England (BOE) is widely expected to boost its support for the UK economy again amid signs that recovering from the pandemic-induced recession will be harder than hoped. Economists predict the central bank will expand its bond-buying program by 100 billion pounds ($125 billion), taking it to 745 billion pounds, and investors are watching keenly for any …

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• 18 June

  UBS, Credit Suisse may face worsening credit quality: SNB

  

  Bloomberg UBS Group AG and Credit Suisse Group AG are likely to face worsening credit quality and falling demand for wealth-management and investment-banking services because of the pandemic, according to the Swiss National Bank (SNB). Credit quality is expected to deteriorate both in Switzerland and abroad, the national bank said in its annual Financial Stability Report. A stock market correction …

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• 18 June

  Norges bank leaves key rate unchanged at zero

  

  Bloomberg Norway’s central bank signalled it might be ready to raise its main interest rate from a crisis low in about two years, as an historic wave of stimulus helps revive the economy. The bank left its benchmark deposit rate at a record low of zero, as expected, after delivering three cuts earlier in the year to steer the richest …

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