UK airlines want coronavirus wage support scheme extended beyond June
Britain’s airlines want the government’s coronavirus wage support scheme to be extended beyond June, maintaining the assistance for longer with a only slow recovery in air travel expected.
China’s market regulator inspects Luckin Coffee
Luckin Coffee said on Monday China’s State Administration for Market Regulation was carrying out work to understand the coffee chain’s operating situation and added that it was actively cooperating.
German airline Condor to receive loans worth 550 million euros: government
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.
Holiday Inn-owner taps Bank of England loans as room revenue sinks
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 …
Adidas misses forecasts with 93% profit plunge, warns on sales
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 skid on oversupply, storage capacity fears
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 call for COVID-19 aid to be tied to climate action
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 debt plan sharply dilutes stake of current owners
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.
Bayer more stringent in glyphosate settlement talks due to downturn
Bayer said the economic downturn and the need to preserve cash means it is taking a tougher stance in talks to settle claims its glyphosate-based weedkillers cause cancer, even as its earnings rose.
VW re-starts Europe’s largest car factory after coronavirus shutdown
VW the world’s largest carmaker by sales, resumed work at its biggest factory in Wolfsburg, Germany, on Monday even as inventory levels across the industry continue to build up as the coronavirus pandemic saps demand.
