October, 2020

• 4 October

  Bed Bath & Beyond is on verge of a comeback

  In many cases, the pandemic has served to entrench the previously existing winners and losers in the retail sector. Chains such as Macy’s Inc and Kohl’s Corp, already deeply challenged before the public health crisis, look no closer to a turnaround. Walmart Inc and Target Corp, meanwhile, have solidified their dominance with turbocharged sales. Against that backdrop, the latest quarterly ...

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• 4 October

  US ‘immigration’ ban is blocked. What’s next?

  A federal judge in California has struck down President Donald Trump’s executive order barring many types of visa entrants into the US. As a reminder, Trump issued this order in June because of the supposed threat foreign workers pose to native-born employment during the Covid-19 pandemic. The decision flatly contradicts a different ruling last month by a different federal district ...

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• 4 October

  Walmart’s UK retreat leaves Asda with its ‘old problems’

  

  Bloomberg Walmart Inc’s 1999 acquisition of Asda looked set to disrupt the UK supermarket business, with the US retailer using its deep pockets to shake up entrenched players like Tesco Plc and J Sainsbury Plc. The purchase never quite lived up to the hype. Asda struggled to defend its market share against bigger rivals and the German discounters Aldi and ...

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• 4 October

  Airbus COO expects at least 15,000 job cuts

  

  Bloomberg Airbus SE is under pressure to carry out its job-cutting plan as the prospects for the aviation industry deteriorate, Chief Operating Officer Michael Schoellhorn said in an interview with Handelsblatt. The planemaker’s plan to eliminate 15,000 positions is “the minimum of what we have to do,” Schoellhorn said, adding that the company currently has no plans to expand the ...

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• 4 October

  Ethiopian Air limits South African offer to pilots, jets

  

  Bloomberg Ethiopian Airlines Group is willing to provide planes, pilots and maintenance services to beleaguered rival South African Airways as part of a joint venture with that country’s government. Africa’s biggest airline is offering operational assistance, Ethiopian CEO Tewolde GebreMariam said in an interview in Addis Ababa. The carrier isn’t interested in helping with debt repayments or the cost of ...

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• 4 October

  Full refund for air tickets booked amid lockdown in India

  

  Bloomberg India’s Supreme Court ordered local airlines to refund tickets booked for travel during a nationwide lockdown earlier this year, dealing a blow to an industry already strapped for cash. The court’s verdict also mandated airlines to issue credit vouchers even for tickets booked for travel outside the lockdown period, if the flights were later canceled due to virus-related restrictions. ...

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• 4 October

  TUI plans to raise $1.8 billion once travel demand returns

  Bloomberg Holiday giant TUI AG could seek to raise about 1.5 billion euros ($1.8 billion) through a rights issue and asset sales once bookings recover and the company starts generating meaningful revenue again. TUI will look at selling some of its 400 hotels and UK cruise arm Marella, Chief Executive Officer Fritz Joussen said in a briefing at the Frankfurt ...

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• 4 October

  H&M unit fined for snooping on staff

  Bloomberg A Hennes & Mauritz AB unit was fined $41.4 million by a German data protection watchdog after managers trampled on the private lives of staff, storing details ranging from workers’ religious beliefs to their medical history. “Unfortunately, we had an incident in a subsidiary in Germany that was reported to the data protection authority at the end of last ...

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• 4 October

  Pompeo shortens Asia trip as White House battles with virus

  

  Bloomberg US Secretary of State Michael Pompeo will shorten his travel to Asia this week as the White House deals with the spread of the coronavirus among its top officials. Pompeo will visit Tokyo till October 6 for a meeting of the foreign ministers of four of the Indo-Pacific region’s biggest democracies, State Department spokeswoman Morgan Ortagus said in a ...

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• 4 October

  Boris Johnson says Britons are ‘furious’ with him

  

  Bloomberg UK Prime Minister Boris Johnson said he knows people feel angry over the way his government has handled the pandemic, but warned that coronavirus will make for a “very tough” winter, with difficulties lasting through Christmas and beyond. Johnson acknowledged public anger over the government’s handling of the pandemic, especially in areas subject to tight lockdown rules, but warned ...

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