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 […]
German sportswear firm Adidas expects to take a bigger hit from the coronavirus lockdowns in the second quarter, predicting that sales will fall more than 40% after it reported a decline of 19% in the first quarter.
Asian shares bounced on Monday as the Bank of Japan (BOJ) announced more stimulus steps to help cushion the economic impact of the coronavirus, while oil took another spill as the world ran short of space to store it.
Oil prices fell on Monday on signs that worldwide oil storage is filling rapidly, raising concerns that production cuts will not be fast enough to fully offset the collapse in demand from the coronavirus pandemic.
The Federal Reserve’s gradual withdrawal from the U.S. Treasury market as the coronavirus pandemic eases and liquidity improves could dry up appetite for longer-dated government debt and push up long-term interest rates months from now.
A little-known U.S.-based engineering and design firm said it plans to invest 10 billion yuan ($1.41 billion) to make sports cars with China’s FAW Group under the brand of choice of late revolutionary leader Chairman Mao Zedong, Hongqi.
National Australia Bank Ltd , the country’s No.3 lender, asked investors for A$3.5 billion ($2.2 billion) and slashed its dividend on Monday as its first-half profit tumbled in part due to charges associated with the coronavirus pandemic.
Apr.27 — The Japanese government is weighing the need to extend the state of emergency beyond early May, according to local reports. Meanwhile, Singapore is emerging with the region’s highest number of coronavirus cases after China and India, the world’s two most populous countries. Selina Wang reports on “Bloomberg Markets: Asia.” …read more […]
Normally bustling with activity and colour, Chinatowns in California have come to a standstill as a lockdown to slow the spread of the coronavirus pandemic forces most shops to close. Business has dropped up to 80 per cent, driven initially by racially charged fears about Covid-19, and later by a statewide shelter-in-place order. There are growing fears that many independent restaurants in the area may not survive the pandemic.
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