Money


Stansted-based Ryanair to resume 40% of flights from July Stansted-based Ryanair to resume 40% of flights from July
- May 12, 2020

Willie Walsh, the boss of British Airways' parent IAG , said on Monday he would have to reconsider plans to operate about half its flights from July if the plan went ahead . The Irish airline said it will also require all passengers to fill out a form detailing the length of their planned visit and where they will stay, information that will be provided to European Union governments to monitor quarantine measures. (more...)
Stansted-based Ryanair to resume 40% of flights from July Stansted-based Ryanair to resume 40% of flights from July
- May 12, 2020

Willie Walsh, the boss of British Airways' parent IAG , said on Monday he would have to reconsider plans to operate about half its flights from July if the plan went ahead . The Irish airline said it will also require all passengers to fill out a form detailing the length of their planned visit and where they will stay, information that will be provided to European Union governments to monitor quarantine measures. (more...)
China suspends imports from four Australian slaughterhouses amid trade tensions China suspends imports from four Australian slaughterhouses amid trade tensions
- May 12, 2020

The Asian giant - which is New Zealand's biggest meat export destination - suspended four Australian export abattoirs overnight but did not officially delist them, according to The Australian media outlet. "While not desirable, we have dealt with issues of this nature before", Chief Executive Officer Patrick Hutchinson said in a statement. But his comments drew a stern rebuke from China, which urged New Zealand to "stop making wrong statements" on Taiwan or risk damaging the two nations' ... (more...)
U.S. Futures, Asian Stocks Slip; Dollar Climbs: Markets Wrap U.S. Futures, Asian Stocks Slip; Dollar Climbs: Markets Wrap
- May 12, 2020

The S&P 500 closed barely higher, eking out a nominal gain on Monday as investors weighed new spikes in coronavirus infections with expectations that an economy crippled by mandated shutdowns will soon be re-opened for business. Companies remain uncertain about the future, with many opting to give no financial forecasts during their latest quarterly earnings reports. "The increased risk from U.S./China trade relations and the data from countries at the leading edge of the virus spread are a ... (more...)
White House Adviser Hassett: May Unemployment Could Climb to 20% White House Adviser Hassett: May Unemployment Could Climb to 20%
- May 12, 2020

Still, May would bring "very hard numbers", he said . "We understand why the economy is slowing down and we expect that we can reverse it", said Hassett who praised measures like the Paycheck Protection Programs (PPP) which was established by the $2 trillion CARES Act appropriated by Congress to provide loans to small businesses and to unemployed Americans so they can get through the outbreak . (more...)
Feds pledge COVID-19 financing help for the country’s biggest companies Feds pledge COVID-19 financing help for the country’s biggest companies
- May 12, 2020

Prime Minister Justin Trudeau addressed media on Monday, announcing new additional support for businesses. The Liberals are promising bridge financing to companies whose financial needs aren't being met by conventional credit so they can stay open and keep employees on their payrolls. (more...)
Here's where you can buy petrol below £1 per litre Here's where you can buy petrol below £1 per litre
- May 11, 2020

Elsewhere in the United Kingdom the average price for fuel still stands at 108.74p per litre for petrol and 114.26p for diesel, according to RAC Fuel Watch. "We want to play our full part in reducing the cost of living and feeding the nation at this hard time". In April, some filling stations around the country had been reportedly offering petrol at less than £1, but this is thought to be the first time a national chain has sold petrol throughout the United Kingdom below the threshold since ... (more...)
Flights: Airline Avianca files for bankruptcy over pandemic
- May 11, 2020

Most of its 20,000 employees have been put on unpaid leave since. After filing a bankruptcy in a NY court, Anko van der Werff, chief executive said: "Avianca is facing the most challenging crisis in our 100-year history as we navigate the effects of the Covid-19 pandemic ". (more...)
Canada to help large companies bridge coronavirus crisis with financing facility Canada to help large companies bridge coronavirus crisis with financing facility
- May 11, 2020

Rules on access to the money will place limits on dividends, share buy-backs and executive pay. "What we're calling LEEFF will be available to employers with around $300-million or more in annual revenues, that are seeking financing of around $60-million or more, and have a significant footprint in Canada", says Morneau. (more...)
Brussels threatens Germany with legal action after shock ECJ challenge — EU SPLIT Brussels threatens Germany with legal action after shock ECJ challenge — EU SPLIT
- May 11, 2020

The ruling declared the ECB's policy Ultra Vires , or having been passed without Germany's legal overview, and claimed that the PSPP was in violation of agreements reached in the Treaty on the European Union. "Divergences between courts of the member states as to the validity of such acts would indeed be liable to place in jeopardy the unity of the European Union legal order and to detract from legal certainty". (more...)
Chidambaram welcomes Centre's decision to borrow additional 4.2 lakh cr Chidambaram welcomes Centre's decision to borrow additional 4.2 lakh cr
- May 11, 2020

The government has also increased the weekly borrowing target to ₹30,000 crore from ₹21,000 crore fixed on March 31. In a statement issued on Friday by the Finance Ministry regarding this matter, it said, "Gross market borrowing is estimated to be Rs 12 lakh crore in the financial year 2020-21". (more...)
Riyadh slashes welfare as oil and coronavirus effects kick in Riyadh slashes welfare as oil and coronavirus effects kick in
- May 11, 2020

Saudi Arabia announced a slew of austerity measures to cope with the fiscal impact of the coronavirus pandemic and oil price rout, tripling its value-added tax and cutting allowances for government workers. The central bank's foreign reserves fell in March at their fastest rate in at least 20 years and to their lowest since 2011. Oil exports are the key revenue driver for the Saudi state but the price of Brent crude ( BZ=F ) has fallen 50% since the start of the year as worldwide ... (more...)
RIL fixes May 14 as record date for India’s largest issue RIL fixes May 14 as record date for India’s largest issue
- May 11, 2020

The opening and closing dates of the rights issue will be informed separately, RIL also said in an exchange filing ."The Rights Issue Committee constituted by the Board of Directors of the Company has, at its meeting held today, fixed Thursday, May 14, 2020, as the "Record Date" for the objective of determining the equity shareholders entitled to receive the rights entitlement in the rights issue", RIL said. (more...)
Oil prices drop amid supply glut, fears of second coronavirus wave Oil prices drop amid supply glut, fears of second coronavirus wave
- May 11, 2020

He said price support this week also came from increased economic activity in China and from the Saudis raising their official selling price for oil, "a sign that they are confident they can move that oil". On the NY Mercantile exchange, WTI crude for delivery in June traded at the price of 20.84 Dollars. per barrel at the time of writing this review up by 5.36%. (more...)
Coronavirus: Shops should reopen based on safety, says retail chief Coronavirus: Shops should reopen based on safety, says retail chief
- May 11, 2020

But despite passing the peak of the outbreak, Mr Johnson said it would be "madness" to waste the sacrifices the public had made since the lockdown. Members of the public will be able to sunbathe, drive to destinations such as beaches, and play sports such as golf and tennis - but only with members of the same household. (more...)
Elon Musk threatens to move Tesla's California factory over shutdown Elon Musk threatens to move Tesla's California factory over shutdown
- May 11, 2020

Musk sent around an email to employees on Thursday, stating that limited production would restart at the Fremont factory as of Friday afternoon, according to Reuters . The company said Alameda was going against the federal and California constitutions, as well as defying the governor's order, the lawsuit said. Despite the threat, it would be costly and hard for Mr Musk to quickly shift production from Fremont to Texas or Nevada. (more...)
Saudi Arabia to raise Value-Added Tax threefold amid 'painful' austerity measures
- May 11, 2020

According to the statement, the new measures will save 100 billion riyals ($26 billion) for state coffers. The government also said it will suspend the cost of living allowance as part of the austerity steps. "We are facing a crisis the world has never seen the likes of in modern history, a crisis marked by uncertainty", Saudi finance minister and acting minister of economy and planning, Mohammed Al-Jadaan, said. (more...)
Oil slips as demand worries erase early bounce from Saudi price increase Oil slips as demand worries erase early bounce from Saudi price increase
- May 11, 2020

West Texas Intermediate Crude oil futures for June ended up $4.17, or 20.5%, at $24.56 a barrel, the highest settlement in more than two weeks. US crude oil stockpiles were seen rising for a 15th consecutive week, while inventories of oil products also likely built last week, a preliminary Reuters poll showed. (more...)
Societe Generale acquires 1.29 crore shares in HUL Societe Generale acquires 1.29 crore shares in HUL
- May 11, 2020

The cash injection will help GSK in its goal of reinvigorating its drug development pipeline, having made costly bets on experimental cancer treatments and future cell and gene therapies amid sluggish revenue growth. As per reports, this is largest block trade ever to have been carried out in the Indian equity market. There was also spurt in volume trade as 73.73 lakh shares changed hands on the counter as compared to two-week average volume of 1.31 lakh crore shares on the BSE till 12:00 PM. (more...)
Boris Johnson unveils plan for reopening United Kingdom after coronavirus lockdown Boris Johnson unveils plan for reopening United Kingdom after coronavirus lockdown
- May 11, 2020

And if coronavirus cases continue to fall in the first steps, then step two could see schools reopening, he said. Yes, but: He noted that transitioning to each stage is "conditional" and depends on "all of us, the entire country, to follow the advice, to observe social distancing, and to keep that [rate of infection] down". (more...)

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