Oil up on lower U.S. stocks, firmer demand
Oil prices firmed on Wednesday on signs of improving demand and a drawdown in U.S. crude inventories, but worries over the economic fallout from the coronavirus pandemic and weak refining margins capped gains.
Britain’s Rolls-Royce to axe 9,000 jobs in air travel slump
Rolls-Royce plans to cut at least 9,000 jobs, or more than a sixth of its workforce, in the latest blows to the UK economy and aviation industry dealt by the coronavirus pandemic.
Dutch government’s 2019 purchase of Air France-KLM shares ‘irregular’: audit office
A 2019 move by the Dutch government to buy a 14% stake in Air France-KLM was not in accordance with the country’s laws, the Netherlands’ Court of Audit ruled on Wednesday.
Norwegian Air’s lessors including China’s BOC take main ownership
Lessors including China’s BOC Aviation are now the biggest shareholders in Norwegian Air after the budget carrier completed a debt restructuring and secured a long-sought credit guarantee from Norway’s government.
Germany approves new powers to block foreign takeovers in healthcare
Germany gave itself new powers to veto hostile foreign takeover bids for healthcare companies on Wednesday, a measure designed to ensure a continuous supply of essential products during the coronavirus crisis.
Stocks adrift as vaccine rally falters
European stocks slipped lower on Wednesday and gold gained as a sceptical press report undermined some hopes for a COVID-19 vaccine and concern about obstacles to a recovery from the pandemic returned.
U.S. blacklists Chinese logistics firm over business with Iran airline
Washington on Tuesday imposed sanctions on a China-based company it accused of acting on behalf of U.S.-blacklisted Mahan Air, the Treasury Department said, and denounced the Iranian airline’s flights to Venezuela.
Norwegian Air gets $271 million state-backed loan after debt restructuring
Budget airline Norwegian Air has secured a long-sought credit guarantee from Norway’s government after completing a debt restructuring, it said on Wednesday, allowing it to survive in a slimmed-down version.
Britain’s Rolls-Royce to cut 9,000 jobs amid air travel slump
Britain’s Rolls-Royce said on Wednesday it would cut at least 9,000 jobs from its global staff of 52,000 and could shut factories to adapt to the much smaller aviation market that will emerge from the coronavirus pandemic.
UK will look at helping Rolls Royce employees and the sector: minister
Britain will look at how it can help the employees of Rolls-Royce after the engine maker said it would cut at least 9,000 jobs from its global staff of 52,000 and what options the government has to support the sector, the justice minister said.
