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Bloomberg Fossil fuels are no longer considered “green” by China’s central bank. The People’s Bank of China (PBOC) plans to remove “clean utilisation of fossil fuel” projects from the list of programs that can be funded by green bonds, according to a draft plan. The bank has drawn the ire of environmentalists for allowing the sustainable financing tools to fund …

Bloomberg Occidental Petroleum Corp cut its quarterly dividend by 91% to the lowest since at least the 1970s amid the pandemic-driven collapse in energy demand that has strained the oil explorer’s ability to shoulder its debt. Occidental shareholders will receive a penny per share on July 15, the Houston-based company said in a statement. The move extends a cut announced …

Bloomberg The German government settled a dispute with the European Commission over a 9 billion-euro ($9.9 billion) bailout of Deutsche Lufthansa AG, clearing the way for the carrier to accept the rescue package. After intensive talks, the commission and the German government agreed that Lufthansa will reduce the number of aircraft it keeps at Frankfurt and Munich airports. Lufthansa in …

Bloomberg Southwest Airlines Co CEO Gary Kelly predicted that intense competition for passengers will create “a brutal low-fare environment” among carriers once coronavirus fears subside and more people start to fly. Even with capacity cuts, the number of available airline seats will still far outnumber customers in the near term, the chief executive officer said in a video message to …

Bloomberg South African Airways’ bankruptcy administrators submitted a business rescue plan to the government, creditors and labour unions and will begin discussions on it next week. The so-called Business Rescue Practitioners have asked for an extension to their contract until June 8 to complete the work, they said. The airline has been unprofitable since 2011 and has been surviving on …

Bloomberg Walmart Inc is jumping into the fast-growing resale clothing market to give its apparel offering a shot in the arm and diversify its e-commerce business beyond groceries and consumer staples. The world’s largest retailer is partnering with ThredUp, an online secondhand apparel company, to sell used women’s and children’s clothing on its website. Accessories and handbags, as well as …

Bloomberg In the wake of the historic global economic shutdown in response to the Covid-19 pandemic, governments are unleashing trillions of dollars in a bid to create jobs and spur economic recovery. The scale of this stimulus is unprecedented, in some cases amounting to more than 10% of countries’ gross domestic product. At the same time, an overwhelming number of …

Bloomberg Zoom Video Communications Inc. soared to a record with a rally in the last hour of trading helping the company close with a market value above $50 billion for the first time. The maker of video conferencing software rose 9.7% to $179.48, giving it a market value of $50.6 billion, bigger than tractor maker Deere & Co. and pharmaceutical …

Bloomberg BMW AG is negotiating with unions about giving more incentives to workers to persuade them to leave, helping the carmaker reach a target of eliminating about 5,000 positions. The German firm has been unable to meet its headcount-reduction goal with existing measures, CFO Nicolas Peter said. Those have included placing employees on unpaid leave and reducing working hours for those …

Bloomberg The most stylish SUV you can buy today is, yes, a Volvo. Others may be more exciting (Lamborghini Urus), more athletic (Porsche Cayenne), more luxurious (Mercedes-Benz GLE), or more conscientious (Tesla Model X). But only the 2020 Volvo XC90 possesses that rare combination of restraint, comfort, attention to detail, and heritage that translates into true style. Yes, even in …