The German government and the federal state of Hesse have agreed to provide Condor with loans worth 550 million euros ($596.31 million), the economy minister said on Monday, after the owner of Poland’s LOT pulled out of a deal to buy the airline.
Troubled hospital operator NMC Health on Monday said it requested London Stock Exchange to delist its shares after they remained suspended for two months.
Apr.27 — Global central banks remain under pressure to do more to support their economies through the coronavirus recession even after driving interest rates to record lows and pledging to spend trillions of dollars on asset purchases. The U.S. Federal Reserve and European Central Bank both meet this week, following the Bank of Japan which ramped up its stimulus measures on Monday. Arend Kapteyn, global head of economics and strategy research at UBS, comments on the challenge facing policy makers in an interview on “Bloomberg Markets: European Open.” …read more […]
(Bloomberg) — Government bailouts for the European airline industry are taking shape after France and the Netherlands pledged as much as 11 billion euros ($11.9 billion) to save Air France-KLM, and German rival Deutsche Lufthansa AG heads into a crucial week to work out a similar-sized rescue.The lifelines to the region’s two biggest carriers by passenger traffic would come after each warned of impending cash crunches and their inability to survive the effects of the coronavirus pandemic without state help. They join a global chorus of distressed airlines that have grounded fleets, furloughed staff and decried the biggest crisis ever …read more […]
Holiday Inn-owner InterContinental Hotels said on Monday it had raised 600 million pounds ($747 million) from Bank of England loans under the government’s coronavirus aid scheme as it estimated a 25% plunge in global revenue per available room in the first quarter.
Adidas reported a 93% plunge in first-quarter profit and sales off 19%, missing forecasts, and warned of a deeper hit to second-quarter revenue as lockdowns forced the German sportswear maker and other retailers to close stores.
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not come fast enough to fully offset the collapse in demand from the coronavirus pandemic.
German companies including ThyssenKrupp, Salzgitter, Bayer, Covestro, E.ON, HeidelbergCement, Puma, Allianz and Deutsche Telekom have called for coronavirus-related state aid to be tied to climate action, daily Handelsblatt reported.
Norwegian Air’s proposed financial rescue plan could leave current shareholders with a combined ownership stake of just 5.2%, details of its proposed debt-to-equity swap showed on Monday.
Norwegian Air’s proposed financial rescue plan could leave current shareholders with a combined ownership stake of just 5.2%, details of its proposed debt-to-equity swap showed on Monday. If approved by bondholders, leasing companies and shareholders, the plan could help Norwegian survive the coronavirus outbreak, which has grounded 95% of its fleet, with just 7 aircraft left in operation. The plan requires backing from bondholders in each one of four separate votes planned for April 30, as well as from leasing firms, and from shareholders in an extraordinary general meeting scheduled for May 4. …read more […]
Volkswagen the world’s largest carmaker by sales, on Monday said it had resumed work at its biggest factory in Wolfsburg, Germany, to give its workers time to adapt to new hygiene measures to combat the coronavirus.
Berlin will decide on state support for Lufthansa once the country’s largest airline applies for aid and all facts are on the table, the German Economy Minister said on Monday.
German drugs and pesticides company Bayer said the economic downturn due to the coronavirus has prompted it to take a tougher stance in talks to settle claims its glyphosate-based weedkillers cause cancer.
(Bloomberg) — U.S. stock index futures gained for a second day after the Bank of Japan expanded stimulus and investors looked out for further signs of progress in the global fight against the coronavirus.Contracts on the S&P 500 rose 1% as of 6:42 a.m. in London, while futures climbed 1.2% on the Nasdaq 100 Index and 1.1% on the Dow Jones Industrial Average. The BOJ scrapped a limitation on buying government bonds and ramped up its purchases of corporate debt, joining global counterparts in their unprecedented expansion of stimulus. The MSCI Asia Pacific Index gained 2%.“The BOJ announcement of unlimited …read more […]
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