August, 2020

• 19 August

  Walmart sends warning to Washington

  

  Long after the spring spike of pandemic-related pantry loading and panic buying, Walmart Inc is still benefiting from all the ways Covid-19 has reshaped consumer needs and spending patterns. And yet, even as the mega-retailer unveiled another strong quarterly performance, the underpinnings of its results should serve as a wake-up call to Washington: More government stimulus is urgently needed because ...

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• 19 August

  Detroit and Germany have their own Teslas

  When finance types talk about internal combustion engines, they often just use the abbreviation ICE. It’s an appropriate name: Investors have a frosty view of car companies that depend on petrol or diesel to power their vehicles. Volkswagen AG, the world’s biggest auto maker by sales, has a market value of 73 billion euros ($87 billion), or about 6.5 times ...

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• 19 August

  Europe’s youth have found an unlikely hero

  Europe’s youth have found an unlikely hero. Mario Draghi, former president of the European Central Bank (ECB), has used his first major speech since his departure from that role to underline the plight of Europe’s youngest generations. At a time of deep uncertainty about the future, and facing accusations of driving recent spikes in infections, teenagers and twentysomethings can use ...

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• 19 August

  Bain’s resurrection of Virgin Australia faces legal obstacle

  

  Bloomberg Bain Capital’s resurrection of collapsed airline Virgin Australia Holdings Ltd faces mounting legal opposition as bondholders rally to derail the takeover and salvage some of their debt. What started weeks ago as a long-shot challenge to Bain’s deal from two little-known investors in Asia has attracted the biggest names in finance. Now UBS Group AG, Deutsche Bank AG and ...

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• 19 August

  Boeing to deepen job cuts beyond 10% plan

  

  Bloomberg Boeing Co is preparing to offer buyouts to employees for a second time this year as the virus-stricken planemaker extends its workforce cuts beyond the original 10% target unveiled in April. The “voluntary layoff” will be offered largely to staffers in the company’s commercial airplanes unit, services division and corporate operation, CEO Dave Calhoun said in a message to ...

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• 19 August

  Ryanair cuts flights, others weigh capacity amid coronavirus surge

  

  Bloomberg Ryanair Holdings Plc, Europe’s biggest discount carrier, slashed capacity for September and October after demand weakened, and other carriers are weighing similar cuts following a European surge in new virus cases. The Irish discount carrier will reduce the number of flights by 20% in the next two months due to uncertainty among travellers driven by a rise in Covid-19 ...

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• 19 August

  Marks & Spencer to cut 7,000 jobs in hit to UK workers

  

  Bloomberg Marks & Spencer Group Plc plans to cut about 7,000 jobs after its clothing business was hit hard by the coronavirus lockdown, adding to the toll of lost employment in the UK retail industry. The move to eliminate about one-tenth of the store chain’s workforce follows a 39% plunge in the clothing and home arm’s sales in the latest ...

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• 19 August

  UK’s consumer spending jumps most since 2016

  Bloomberg UK consumer spending jumped the most since 2016 last month, led by a surge in Internet purchases as bars and restaurants continued to suffer. On-line demand surged 16.2% in July compared with a year earlier, according to a monthly index by Visa and IHS Markit. Total spending rose 2.4%, while hotels, bars and restaurants say an 18% drop. Household ...

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• 19 August

  Home Depot sales ‘record-breaking’: CEO

  Bloomberg Home Depot Inc reported sales growth that was more than double the already brisk rate analysts had been expecting, sending shares higher in early trading. Same-store sales rose 23.4%, sharply beating the estimate for an 11.4% gain from Consensus Metrix. Revenue of $38.1 billion also surpassed expectations. Home Depot Chief Executive Officer Craig Menear called the sales performance “record-breaking.” ...

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• 19 August

  Belarus leader warns EU not to meddle as rival seeks support

  

  Bloomberg Belarus President Alexander Lukashenko warned the European Union not to interfere in the country’s post-election crisis, as his opponent appealed to the bloc for support. “There’s no need to point at Belarus today to divert attention from the problems that exist in France, the US, Germany and so on,” Lukashenko told his security council on Wednesday, according to the ...

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