Credit Suisse Group AG’s incoming Chairman Antonio Horta-Osorio inherits a firm reeling in both financial and reputational terms from its entanglements with Archegos Capital Management and Greensill Capital. There’s one decision that shouldn’t take long for him to make: Freeing the Swiss bank’s asset management unit to take advantage of the current hot market for money management firms. The division ...
Read More »One big lesson from Brexit’s first 100 days
What lessons can be drawn from the first 100 days of Brexit? Fewer than one might wish. The chaos of recent months underlines the difficulty, and maybe the pointlessness, of even trying to make forecasts amid such uncertainty. For a start, the pandemic has overwhelmed the short-term results of quitting the EU. All those calculations of the effects on Britain’s ...
Read More »Air Canada gets $4.7b as government takes stake
Bloomberg Air Canada reached a deal with the Canadian government for loans and equity worth nearly C$5.9 billion ($4.7 billion), a package to help the airline get through the pandemic and restore flights to remote parts of the country. The state, which sold off its ownership interest in the 1980s, will once again own a piece of Canada’s largest airline, ...
Read More »Heathrow’s plan to raise $3.8 billion challenged
Bloomberg London’s Heathrow faces opposition from some board members to its plan to raise 2.8 billion pounds ($3.8 billion) from airlines and customers by increasing airport prices, the Telegraph newspaper reported. Heathrow’s demands to change a complex regulatory framework so it could recoup losses caused by the pandemic have been rejected by the Civil Aviation Authority, the newspaper said. A ...
Read More »Wealthy Japanese flying private in greater numbers, says ANA
Bloomberg Wealthy people in Japan are turning to private jets in greater numbers as they seek to eschew crowded airports amid the ongoing coronavirus pandemic. The push means that ANA Holdings Inc.’s private jet charter business is expecting sales of 1 billion yen ($9 million) in the 2022 fiscal year, Jun Katagiri, the chief executive officer of ANA Business Jet ...
Read More »Airbus shakeup sees tech, defense chiefs leaving
Bloomberg Airbus SE shook up its senior leadership, with the heads of its defense and technology units set to leave the company. Dirk Hoke, chief executive officer of the defense and space division, will pursue other opportunities and depart on July 1, the European planemaker said in a statement. He will be succeeded by Chief Operating Officer Michael Schoellhorn. Chief ...
Read More »GameStop posts longest losing streak in one year
Bloomberg GameStop Corp fell, wrapping up its longest losing streak in a year, amid growing skepticism over its long-term potential despite activist Ryan Cohen’s latest efforts to revitalise the company. Shares fell 11% in New York to close at $141.09, their lowest level in more than two weeks, as Reuters reported the video-game retailer is seeking a replacement for the ...
Read More »UK’s JD Sports opens Dublin warehouse
Bloomberg UK sportswear chain JD Sports Fashion Plc said Brexit red tape has severely tested its operations and it’s opening new warehouses in the European Union to avoid the hassles of customs checks. The UK sportswear chain said duties and disruptions from customs checks mean it’s no longer enjoying “frictionless†trading. A new 65,000 square-foot warehouse near Dublin will become ...
Read More »China sends 25 warplanes near Taiwan in biggest drill
Bloomberg China’s air force sent 25 fighters and bombers over the Taiwan Strait, escalating military pressure on the government in Taipei as it boosts ties with the US. Beijing deployed 14 J-16 and four J-10 fighters, four H-6K bombers, two Y-8 anti-sub warfare planes and one KJ-500 early warning aircraft into the southwest section of Taiwan’s air defense identification zone, ...
Read More »US to station 500 more troops in Germany in ‘message to Nato’
Bloomberg US Defense Secretary Lloyd Austin announced that 500 additional troops will be stationed in Germany from the fall, marking a reversal of former President Donald Trump’s planned draw down. President Joe Biden, said in February he was freezing Trump’s plan to withdraw about 9,500 soldiers from Germany — a move that had stunned European and North Atlantic Treaty Organization ...
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