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HANNOVER / WAM Badr Al Olama, Head of the Organising Committee, Global Manufacturing and Industrialisation Summit (GMIS) has highlighted the urgent need for a global dialogue to shape the future of the industrial sector in light of the coronavirus (Covid-19) crisis. In a speech on the sidelines of the first day of the #GMIS2020 Virtual Summit, Al Olama said the …

Bloomberg India’s shrinking economy is not stopping foreign investors from pouring money into the nation’s stocks betting on a recovery. International buyers plowed a net $6 billion into shares in Asia’s third-largest economy in August, the most since March last year. That’s as all other markets in the region excluding China suffered net withdrawals during the month. Part of it …

Bloomberg Russia sees oil prices averaging $50 to $55 a barrel in 2021 as the development of Covid-19 vaccines spurs an economic recovery, said Energy Minister Alexander Novak. That would be an improvement from this year and enough to cover Russia’s budget, but still well below pre-pandemic levels and too low for many of Moscow’s OPEC+ allies. “Globally, big work …

Bloomberg Virgin Atlantic Airways Ltd will eliminate 1,150 more jobs to preserve its rescue funding as demand for long-distance flights remains depressed and Britain winds down its worker furlough program. The cuts take the number of posts lost since the start of the Covid-19 crisis to 4,700, or about 45% of the workforce. Hundreds of cabin crew will also be …

Bloomberg United Airlines Holdings Inc is boosting its schedule in October, including expanding flights to Hawaii, as it seeks to make the most of higher demand for leisure destinations during the pandemic. The carrier will fly 40% of its schedule from a year earlier. The plan represents a slight increase from September, when United flew 34% of its year-earlier roster. …

Bloomberg Neiman Marcus Group won court permission to leave behind the debts and drama that pushed it into bankruptcy, just a day after its harshest critic was arrested on federal charges stemming from the case. A bankruptcy judge in Houston approved a plan that hands ownership to creditors in return for forgiving about $4 billion of Neiman’s $5.5 billion in …

Bloomberg The airline industry can’t afford to wait for a vaccine. That’s the message from the International Air Transport Association’s (IATA) chief medical adviser, David Powell. On top of face masks, regular hand washing and sanitising of high-touch surfaces, carriers should work with regulators to introduce reliable coronavirus testing systems for passengers before they board in order to get people …

Bloomberg Investors searching for any hints that a retail recovery is underway got a glimmer of hope, with struggling department-store operator Macy’s Inc inching back to normalcy. The department store chain is still losing money as sales remain well below pre-pandemic levels, but CEO Jeff Gennette said demand is picking up across all of its brands. Its adjusted net loss …

Bloomberg Arla Foods amba, one of Europe’s top milk producers, reported a 34% jump in profit in the first half of the year as consumers stockpiled products including butter in the midst of the Covid-19 crisis. The pandemic sparked increased dairy consumption in homes, which helped offset declines in the food service sector, according to Arla’s chief executive officer, Peder …

Bloomberg Spain’s CaixaBank SA and Bankia SA are exploring a merger to form the largest lender in the country and kickstart consolidation in one of the hardest-hit European economies during the pandemic. The firms are examining an all-share transaction, CaixaBank said in a statement overnight, in a deal that would create a lender with a combined market value of about …