April, 2020

• 1 April

  Ethics of bailouts in spotlight with Virgin-Qantas dispute

  

  Bloomberg An ugly feud is escalating between Qantas Airways Ltd and its closest Australian competitor over the ethics of state aid, just as airlines facing collapse around the world race to secure bailouts. With demand all but gone, Qantas is hunkering down to weather the coronavirus crisis after a run of record profits. It has furloughed most staff and used …

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• 1 April

  Southwest Air offers first cargo-only flights

  

  Bloomberg Southwest Airlines Co will offer the first all-cargo flights in its 48-year history as passenger demand keeps sliding amid the spread of the new coronavirus. The flights will be offered on a charter basis, and only pilots and other needed crew members will be on board, the airline said in a blog post. Unlike some larger carriers, Southwest will …

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• 1 April

  BA suspending Gatwick flights broadens European shutdown

  

  Bloomberg British Airways (BA) suspended operations at its second London hub at Gatwick airport as the airline industry enters deep hibernation to weather the impact of the coronavirus. With just over a week to go until the Easter holidays, the IAG SA-owned carrier is contacting customers with the news that flights are off, a spokesperson said by email. Gatwick largely …

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• 1 April

  Retail rent negotiations get messy with $20bn due

  

  Bloomberg Retailers and landlords are locked in an awkward dance as April rent comes due. Major chains including Mattress Firm and Subway have told landlords they will postpone or slash payments in coming months. Mall operators say they expect to be paid. Best Buy, meanwhile, plans to pay rent, with the possible exception of locations it was forced to close. …

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• 1 April

  JetBlue slashes April flying 70% as bookings dry up

  Bloomberg JetBlue Airways Corp expects to slash flights 70% next month and deeper cuts are likely in the carrier’s home base in New York, as the spread of coronavirus erases travel demand. Daily departures will fall to 300 from about 1,000, JetBlue said. Flights leaving New York-area airports are slated to tumble to 60 but may dip to as few …

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• 1 April

  Stockpiling for virus lifts UK supermarket sales

  Bloomberg Coronavirus-driven stockpiling by Britons girding for a nationwide lockdown lifted UK grocery sales to a record in March, according to research firm Kantar. Supermarket sales grew by 7.6% in the past 12 weeks, the fastest pace in more than a decade. That rate of increase nearly tripled over the past four weeks, making March the biggest month of grocery …

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March, 2020

• 31 March

  Trump, Putin discuss oil prices as glut hits market

  

  Bloomberg President Donald Trump said he’s concerned oil prices have fallen too far and called Vladimir Putin on Monday to discuss Russia’s oil-price war with Saudi Arabia. The leaders, who also talked about the spread of the coronavirus, agreed to discussions on oil between energy officials in the two countries, according to the Kremlin. Both leaders “agreed on the importance …

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• 31 March

  Developments in UAE’s banking sector discussed

  DUBAI / WAM The Board of Directors of UAE Banks Federation (UBF) held its first meeting of the year via videoconferencing to discuss the latest developments in the UAE banking sector as well as progress of key concerns. During the meeting, the Board of Directors discussed UBF’s current priorities, which in light of the worldwide outbreak of Covid-19 include ensuring …

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• 31 March

  Banks stuck with $23 billion of loans for T-Mobile’s Sprint deal

  

  Bloomberg A group of sixteen banks will have to provide $23 billion of loans to T-Mobile US Inc. in order to allow the mobile carrier to close its planned acquisition of Sprint Corp., after the Covid-19 outbreak disrupted plans to sell the debt to third-party investors. The banks were formally notified that they will need to make the funds available …

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• 31 March

  Pakistan intervenes to thwart rupee plunge

  

  Bloomberg Pakistan’s central bank is said to have intervened to stop a plunge in the rupee, the worst performer in Asia this week. The South Asian nation’s currency fell to a record low 168 to a dollar in intraday trading as per traders before closing at 165.54, data posted on the website of the State Bank of Pakistan showed. The …

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