Business

Kuwaiti lessor Alafco delays Airbus orders

Kuwaiti aircraft leasing company Alafco said on Wednesday it has reached an agreement with Airbus (AIR.PA) to delay the delivery of aircraft ordered from the planemaker. Aviation has been one of the industries worst hit during the COVID-19 pandemic and airlines around the world expect it will take years before travel returns to pre-pandemic levels. […]

Business

GM bets on electric Cadillacs and micro-vans to reverse China slide

General Motors (GM.N) is overhauling its Chinese line-up with a greater emphasis on electric cars and smart-driving technology to stem a slide in sales after more than two decades of growth in a country that contributes nearly a fifth of its profit. GM’s new China boss Julian Blissett said it would renew its focus on […]

Business

Taiwan to further free up economy, aiming to become Asian financial hub

Taiwan will further liberalise its economy and offer more financing products, aiming to become an Asian financial and asset management hub, President Tsai Ing-wen said on Wednesday, pitching the island at a time of turmoil in next-door Hong Kong. Export-dependent Taiwan, which already has a very open economy, is trying to diversify away from its […]

Business

Elon Musk’s SpaceX raises $1.9 billion in funding

Billionaire Elon Musk’s SpaceX has raised $1.9 billion in new funding, according to a regulatory filing bit.ly/3178nk3 on Tuesday. This would be the largest single fundraising round to date by SpaceX, according to PitchBook data. Bloomberg, which reported about the funding round last week, said the private rocket company will have an equity value of […]

Business

The pandemic bull market: S&P 500 closes at record high

The S&P 500 closed at a record high on Tuesday, rebounding from huge losses triggered by the coronavirus pandemic and crowning one of the most dramatic recoveries in the index’s history. Trillions of dollars in fiscal and monetary stimulus have made Wall Street flush with cash, pushing yield-seeking investors into equities. Amazon and other high […]

Business

LATAM Airlines has laid off 12,600 employees since March

LATAM Airlines, South America’s largest carrier, on Tuesday said it had laid off 12,600 employees since March – or almost 30% of its pre-coronavirus workforce – due to the pandemic that has upended the global travel industry. The carrier went from employing almost 43,000 people across Latin America and the United States to 29,957 as […]

Business

Catering sector calls Amsterdam’s new Covid rules “impractical and unreasonable”

The Dutch association for the hospitality and catering sector KHN is not pleased by the extra strict monitoring on adherence to coronavirus measures that Mayor Femke Halsema announced for catering establishments in Amsterdam. According to the association, these rules are “impractical ad unreasonable” and will lead to more bankruptcies. On Tuesday, the Amsterdam mayor announced […]