July, 2020

• 6 July

  JetBlue sees progress in minimising layoffs

  Bloomberg JetBlue Airways Corp expects to avoid involuntary job cuts among at least some employee groups because enough workers have accepted voluntary leave or early-out programs to match the carrier’s scaled-down operations. More than enough volunteers have come forward in the customer support department, the airline said in a memo to workers seen by Bloomberg News. JetBlue also confirmed an …

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• 6 July

  Boohoo plunges after reports of labour abuses at suppliers

  

  Bloomberg Boohoo Group Plc shares plunged after a report in the Sunday Times about poor working conditions at a factory the newspaper described as a supplier of the UK online fashion retailer. Boohoo said it will review its supply chain after the report, which focused on a garment workshop in Leicester, England, the site of a recent flareup in coronavirus …

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• 6 July

  Harrods adapts to retail’s new normal

  Bloomberg Harrods opened its first outlet store only days after announcing hundreds of job cuts — moves that the London luxury emporium’s managing director said are necessary to adapt to the realities of a post-lockdown retail landscape. “I don’t think people understand how painful the last 90 days has been,” Michael Ward said in an interview while walking through the …

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• 6 July

  China propels global stock rally to one-month high

  

  Bloomberg Global stock markets are starting the week with a bang after China’s influential state media stoked bullish enthusiasm. The dollar fell for a fifth day and Treasuries dipped. Banks, construction and insurance shares pushed the Stoxx Europe 600 Index higher, and UK homebuilders rallied after a report that the government is considering a temporary increase in the threshold at …

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• 6 July

  Hong Kong stocks enter bull market after $1.1tn rebound

  

  Bloomberg Hong Kong stocks joined the rest of the world in the bull market territory on Monday, after a more than $1.1 trillion rebound. The Hang Seng Index jumped 3.8%, extending its rally from March’s low to 21%. Tencent Holdings Ltd. and Hong Kong Exchanges & Clearing Ltd. have contributed 42% of the benchmark’s gains during the period, according to …

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• 6 July

  Indian stocks surge

  Bloomberg Indian stocks began the week on the front foot after early indicators of economic growth pointed to a recovery and the progress of the rainy season fuelled expectations of healthy demand in nation’s rural areas. The S&P BSE Sensex climbed 1% to 36,388.5 as of 9:58 am in Mumbai, set for the highest level since March 6. The NSE …

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• 5 July

  Global economy unlikely to fully recover in 2021

  

  Bloomberg The world economy is entering the second half of 2020 still deeply weighed down by the coronavirus pandemic with a full recovery now ruled-out for this year and even a 2021 comeback dependent on a lot going right. It’s a scenario few if any predicted at the start of the year when most economists were banking on another year …

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• 5 July

  Moody’s, Fitch upgrade credit ratings of Taqa

  Abu Dhabi / WAM Abu Dhabi National Energy Company (Taqa) announced on Sunday that international credit rating agencies Moody’s Investors Service and Fitch Ratings upgraded its final issuer ratings by three notches to Aa3 from A3 and by two notches to AA- from A, respectively. The ratings represent fourth highest investment grade rating on each of agencies’ rating scales and …

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• 5 July

  China’s era of building mega-dams ends with rise of solar, wind power

  

  Bloomberg It’s the beginning of the end for the era of mega-dam building in China. China Three Gorges Corp turned on the first set of generators at the massive Wudongde hydropower plant, deep in the mountains of Yunnan province. About 170 kilometres (106 miles) downstream on the Jinsha River sits Baihetan, the last of its kind, scheduled to go into …

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• 5 July

  New oil rig sent to S Africa for rare frontier drilling

  

  Bloomberg Total SA has deployed a rig to South Africa to look for more oil near a massive discovery, in a rare example of exploration in a frontier area. The Odfjell Deepsea Stavanger has left Bergen in Norway for the southern tip of Africa, Africa Energy Corp, Total’s partner in the project, said. While drilling work has dropped off dramatically …

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