US airline stocks buffeted by Warren’s surprise sell-off May 4, 2020 US airline stocks have dropped sharply today as markets reacted to veteran trader Warren Buffett’s decision to sell all of his firm’s stakes in the US’ four main carriers. At the end of last year, Berkshire Hathaway held considerable positions in the four, including 11 per cent of Delta, 10 per cent of American Airlines, [...]
European Commission approves €7bn in state aid for Air France May 4, 2020 The European Commission has approved €7bn (£6.2bn) in emergency funding for embattled airline Air France, saying that if it did not it could cause “severe harm to the French economy”. The aid package will consist of both a state guarantee on loans and a shareholder loan. Margrethe Vestager, the EU’s top competition official, said: This [...]
Norwegian Air shareholders approve $1bn rescue plan May 4, 2020 Norwegian Air’s shareholders have approved a $1bn (£800m) rescue plan by an overwhelming margin this morning, paving the way for the embattled airline to tap government funding of up to 2.7bn krone (£320m). Under the scheme, which was backed by 95 per cent of shareholders, nearly $1bn of the company’s debt will be converted into [...]
Exclusive: Car industry calls for coronavirus stimulus to jumpstart recovery May 4, 2020 The UK car industry has called for a government stimulus package and extended furlough support to help it recover from the coronavirus crisis. Speaking to City A.M., Mike Hawes, chief executive of the Society of Motor Manufacturers and Traders (SMMT), said the government will need to jumpstart the sector in order to get demand going [...]
Oil prices slip on fears of renewed US-China trade war May 4, 2020 Oil prices dropped this morning after last week’s gains amid fears that heightening tensions between the US and China could impair global economic recovery from the coronavirus pandemic. After their first week of gains in over a month last week, both worldwide benchmark Brent crude and US standard West Texas Intermediate (WTI) slipped back. Having [...]
Environmental protestors target HS2 London sites May 4, 2020 Environmental protestors have this morning targeted HS2 sites across London, including at Euston station, saying that money from the project should be funnelled to the NHS instead. As part of a day-long action against the controversial rail project, protestors are blockading sites across London, including at Colne Valley, a natural park in west London. At [...]
Diversified Gas and Oil sticks with dividend as firm prepares for main market move May 4, 2020 Diversified Gas and Oil today confirmed it would stick with its dividend despite unprecedented volatility in global oil markets as it prepares for its move to the main market of the London Stock Exchange later this month. In an update on its first quarter performance, the US-based firm said it had maintained production levels in [...]
Stocks sink as US manufacturing shrinks at ‘unprecedented rate’ May 1, 2020 US markets fell as trading opened today as manufacturing slumped at an unprecedented rate in April due to economic shutdowns caused by coronavirus. The S&P 500 fell 1.9 per cent to 2,856.14 points, the Dow Jones dropped 1.8 per cent to 23,901.77, and the Nasdaq fell 2.1 per cent to 2852.28. US factories saw output [...]
IAG secures Spanish bank loans for Iberia and Vueling despite BA job cuts May 1, 2020 International Airlines Group (IAG) this morning announced it had secured over €1bn (£880m) in Spanish bank loans for its Iberia and Vueling carriers, a day after announcing 12,000 job cuts at British Airways (BA). The loans, which will be guaranteed by the Spanish state bank, will see Iberia receive $750m and Vueling $260m to see [...]
Norwegian Air faces anxious wait to find out if it has a future today May 1, 2020 Norwegian Air faces an anxious wait to find out whether its bondholders have approved a critical rescue package, with the low-cost airline’s future in doubt if it is rejected. Yesterday shareholders voted on the package, with the deadline for acceptance moved to 9pm at literally the last minute as the airline updated its final offer [...]
