June, 2020

• 16 June

  Emirates Post resumes postal services to India

  

  DUBAI / WAM Emirates Post has re-started operations to India for all services including Economy Mail, Standard Mail, Registered Mail, Standard Packets, Standard Parcels and Express Parcels, after a period of limited operations in the wake of restrictions imposed on the travel and transport. The reopened channel provides UAE’s large Indian expat population a way to send shipments, including household ...

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• 16 June

  BP writes off billions as Covid redraws ‘rules’

  

  Bloomberg BP Plc will make the biggest writedown in a decade on the value of its business, as the British oil major predicts the coronavirus pandemic will hurt long-term demand and accelerate the shift to cleaner energy. The company sees oil and gas being about 20% to 30% cheaper than before in the coming decades, and expects the cost of ...

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• 16 June

  China likely to ease coal mine closures to meet rising needs

  

  Bloomberg China will likely ease the pressure on local governments to shut older, inefficient coal mines as it seeks to meet rising demand of the most-polluting fuel to spur its economic recovery. Government officials are in the midst of preparing the country’s all-important five-year-plan, the guiding document for policy and industrial development from 2021 to 2025. Unlike the previous edition, ...

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• 16 June

  When an economist from Soviet saw future

  

  Can Nikolai Kondratieff save us — or destroy us? You say: Nikolai who? Kondratieff was a young Russian economist who died in prison in 1938. He developed an economic theory that purportedly explains both the dynamism and the destructiveness of the capitalist economic systems. The source of this explanatory power, he contended, was the existence of “long waves” or “long ...

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• 16 June

  JC Penney faces a tricky rescue

  

  A familiar band of fixers may be coming to JC Penney’s rescue. Can they do it again? Major mall operators Simon Property Group Inc. and Brookfield Property Partners LP, along with Authentic Brands Group LLC, are in talks to buy the bankrupt department store chain, Bloomberg News reported. This coalition has taken similar action before, rescuing teen clothing retailer Aeropostale ...

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• 16 June

  Germany’s Covid-19 tracing app won’t work

  Life isn’t about finding perfect solutions but making difficult trade-offs. So it is with the contact-tracing apps that are proliferating faster than I can keep up with. In Germany’s newly launched “Corona App”, it has got several trade-offs wrong, and should have learned from the experience of nimbler countries like Singapore. The goal, of course, is the same for all ...

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• 16 June

  The Fed doesn’t need to buy corporate bonds

  The Federal Reserve realises that it doesn’t have to buy US corporate bonds, right? I ask this question only somewhat in jest. In a surprise move, the central bank announced that it would start to buy individual company bonds under its $250 billion Secondary Market Corporate Credit Facility, specifically by following a diversified index of US corporate bonds created expressly ...

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• 16 June

  United Air to borrow $5bn against frequent-flyer plan

  

  Bloomberg United Airlines Holdings Inc is planning to raise $5 billion by borrowing against its frequent-flyer program, pioneering a new tool for US carriers to boost liquidity amid the Covid-19 pandemic. Goldman Sachs Group Inc, Barclays Plc and Morgan Stanley have committed to provide the financing and arrange syndication, United said in a statement. The deal, which is expected to ...

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• 16 June

  US, China to each allow four weekly flights now

  

  Bloomberg The US government will allow Chinese airlines four flights a week into its airports, an expansion following China’s announcement it would permit the same number of operations by the Americans. In the latest action, after weeks of diplomatic wrangling on passenger flights between the two nations, the Transportation Department issued an order that doubles the number of operations permitted ...

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• 16 June

  American Airlines in talks to boost cash with junk bond deal

  

  Bloomberg American Airlines Group Inc is in talks to raise new financing to help it weather the collapse in travel demand during the pandemic, according to people with knowledge of the matter. The company is working with Citigroup Inc on a potential junk bond offering that may be secured by collateral including airport slots and gates, said the people, who ...

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