Year: 2020

Latam Airlines Group S.A. (LTM) and its affiliates in Chile, Peru, Colombia, Ecuador and the U.S. have filed for Chapter 11 bankruptcy protection due to the impact of the coronavirus pandemic on the global aviation industry.The Latin American airline said that it has secured up to $900 million in financing from the Cueto and Amaro families and Qatar Airways, two of its largest shareholders. As of the Chapter 11 filing, the group had about $1.3 billion in cash on hand.During the debt restructuring process, Latam and its affiliates will continue flying as conditions permit, the airline said.Commercial airline travel has …read more […]

Chinese tech giant Tencent Holdings will invest 500 billion yuan ($70 billion) over the next five years in technology infrastructure including cloud computing, artificial intelligence and cybersecurity, the company said Tuesday. The announcement comes after call by Beijing last month for a tech-driven structural upgrade of the world’s second-largest economy through investment in “new infrastructure” and a boom in demand for business software and cloud services. Other key sectors of the investment include blockchain, servers, big data centres, supercomputer centres, internet of things operating systems, 5G networks and quantum computing, Dowson Tong, senior executive vice president of …read more […]

(Bloomberg) — The German government’s 9 billion-euro ($9.8 billion) bailout of Deutsche Lufthansa AG may cost the stricken carrier some valuable assets: Key flight slots at airports in Frankfurt and Munich.The European Commission wants Lufthansa to surrender the slots out of concern the aid will give the carrier unfair advantage over competitors, people familiar with the matter said.After weeks of talks, Germany on Monday offered Lufthansa a package of loans and equity investment to keep the carrier aloft through the coronavirus storm. = Officials in Brussels are concerned the deal will distort competition and fuel lawsuits from competitors like Ryanair …read more […]

May.26 — Germany will offer Deutsche Lufthansa AG a $9.8 billion bailout that includes the nation taking an initial 20% stake in the airline. The plan is subject to approval by the European Union. Bloomberg’s Benedikt Kammel reports on “Bloomberg Markets: European Open.” …read more […]

(Bloomberg) — Dominic Cummings, Boris Johnson’s most senior adviser, refused to quit his job in the U.K. government, refuting claims he flouted lockdown rules that he had helped to draft.Japan ended its state of emergency everywhere in the country and made reviving the economy its top priority. Singapore is set to unveil a fourth stimulus package. Indonesia deployed its army to enforce social-distancing rules.Germany agreed on a 9 billion euro ($9.8 billion) bailout for virus-hit airline Lufthansa. The country recorded a decline in new coronavirus cases, while the infection rate dropped further below the key threshold of 1.0.Key Developments:Virus Tracker: …read more […]

The struggling luxury carmaker says goodbye to Andy Palmer and welcomes Tobias Moers. …read more […]