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Bloomberg Scandinavia’s biggest network airline, SAS AB, is eliminating as many as 5,000 jobs, marking the first permanent staff cuts by a major European carrier in the face of collapsing travel demand. The Stockholm-based company said that the dismissals, amounting to 40% of the workforce, are necessary because employees have an average notice period of six months and it needs …

Bloomberg The luxury brand Burberry is famed for plaid scarves and $1,800 trench coats. But for employees at its only warehouse in the US — operating as an “essential business” during the pandemic — daily standard issue in the time of Covid-19 is this: one surgical mask, one disinfectant wipe. For weeks, employees have been growing increasingly anxious about working …

Bloomberg Boeing will resume 787 Dreamliner production at its South Carolina factory next week. Most South Carolina employees will get back to work on May 3 or May 4, Boeing said. The return includes all operations that were temporarily suspended because of the Covid-19 pandemic. The planemaker is restarting its commercial-jet factories as the Covid-19 infection rate starts to abate …

Bloomberg Oil prices plunged to within a whisker of $10 a barrel after a major index tracked by billions of dollars in funds bailed out of near-term contracts for fear prices may turn negative again. The abrupt decision by S&P Global Inc. to tell clients to sell their June West Texas Intermediate holdings unleashed another day of chaos in the …

New York / WAM During the open debate of the UN Security Council (UNSC) on the fifth anniversary of the Youth, Peace and Security Agenda, the UAE encouraged the council to invite more young leaders to brief on a regular basis to reflect on individual experiences while pursuing peace and security in their societies. The UAE also urged the international …

Bloomberg The UK’s oil and gas industry could lose as many as 30,000 jobs over the next 12–18 months and see drilling levels plunge by a third amid the coronavirus-led drop-off in investment and slumping energy prices. “The outlook is bleak compared to the picture of steady growth seen only two months ago, before the grip of the pandemic became …

Bloomberg Zimbabwe’s Rio Energy Ltd, a unit of RioZim Ltd, will build a 2,100 megawatt thermal power plant with China Gezhouba Group Corp (CGGC) in northern Zimbabwe at a projected cost of $3 billion, Rio Energy said. “CGGC will develop the project and assist with the fund raising,” Caleb Dengu, chairman of Rio Energy Ltd said last week. The power …

Bloomberg You can add coal to the list of global commodities struggling during the pandemic. Prices haven’t yet turned negative (like oil), but coronavirus is accelerating the demise of the dirtiest fossil fuel. Social distancing measures mean energy demand has fallen across the board. Some of the smallest declines, however, are in the electricity sector. That should have been good …

Bloomberg South Korea has run out of oil storage space that can be leased to third-party companies, according to people with knowledge of the matter, as a global glut spurs a scramble for places to store crude. State-run Korea National Oil Corp (KNOC) currently rents out about 30 million barrels of onshore tank space to third parties including international traders …

Bloomberg Startup Amply Power has raised $13.2 million from investors including Soros Fund Management to advance the company’s electric-vehicle charging service for commercial fleets. The Mountain View, California-based company helps commercial vehicle operators go electric by providing charging infrastructure and fixed prices to charge their vehicles. Other investors in the round included Siemens Financial Services and existing seed-round investors such …