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Business

Fares show declines as airlines brace themselves for tough recovery: Skytra

PARIS (REUTERS) – Air fares have fallen as much as 30 per cent since the start of the year in North America and Europe, according to the first of a new series of industry data, while stabilising on a smaller decline in Asia where some coronavirus lockdowns are being eased. The figures from Skytra, an Airbus-owned airline hedging business, offer early clues to the difficult recovery awaiting airlines as they prepare for an eventual lifting of restrictions on what is likely to be a changed travel market. After flatlining for weeks, forward bookings show small improvements for May travel between Asia and Europe or North America, and positive US domestic reservations for the winter holidays. But they are still down more than 75 per cent on last year. The data sends a more ominous signal on fares – days after Ryanair boss Michael O'Leary predicted that a traffic rebound would be driven by heavy discounting. "That's what we're seeing now," said Mr Matthew Tringham, strateg..

Business

Keppel Capital secures additional $299m for its infrastructure fund

SINGAPORE (THE BUSINESS TIMES) – Keppel Capital, the asset management arm of Keppel Corp, on Friday (April 17) announced new capital commitments of US$210 million (S$299.3 million) for its Keppel Asia Infrastructure Fund. In a statement, Keppel Capital said the second closing of its fund has secured commitments of US$60 million. On top of this, the Asian Infrastructure Investment Bank has approved a US$100 million commitment as well as a co-investment sleeve of up to US$50 million. The fund had in January achieved its first closing with initial capital commitments of US$360 million. Together with its co-investment vehicles, the fund has already acquired a 30 per cent interest in the Gimi floating liquefied natural gas facility. This facility is currently undergoing conversion at Keppel Offshore & Marine. Christina Tan, chief executive of Keppel Capital, said the Covid-19 crisis is creating dislocations in the marketplace and opportunities for the fund to invest in businesses with ..

Business

Indonesian clothing maker pivots from Prada to hazmat suits

JAKARTA (BLOOMBERG) – An Indonesian maker of clothes for Prada and Armani is now producing millions of hazardous material suits after the government called for help in fighting Covid-19. Pan Brothers, which also makes garments for Adidas, is pumping out jumpsuits along with millions of face masks each week, many of then headed to front-line workers. While the focus has been on domestic distribution, it's fielding calls from from potential buyers in the US, Australia and Europe. "We have already produced the first batch, which we committed to the government, which is 10 million masks and 100,000 jumpsuits," Pan Brothers vice-chief executive Anne Sutanto said in an interview. "We already delivered it all. Now we are in the second phase, which is up to 100 million masks, 10 million disposable jumpsuits and one million washable jumpsuits." Pan Brothers' new focus on protective wear follows similar moves overseas, with iPhone assembler Foxconn and carmaker General Motors among..

Business

‘Fasten your seatbelt’: Investors brace for Europe Inc. results amid coronavirus

LONDON: Investors will be hunting for companies that can rein in costs, preserve cash and avoid amassing big inventories during the coronavirus crisis as Europe Inc. prepares to report the steepest profit fall since the 2008 global financial meltdown. Companies in the pan-European STOXX 600 index are expected to release figures showing a 22per cent plunge in first quarter earnings, Refinitiv data show, after estimates at the start of the year had initially forecast a 10.5per cent rise. Advertisement Advertisement Amid deepening uncertainty for the global economy, many European firms have scrapped their outlooks. The Refinitiv data based on analyst forecasts show earnings down 34.2per cent in the second quarter and 25.5per cent in the third. "Fasten your seatbelt," said Emmanuel Cau, head of European equity strategy at Barclays. "The final numbers will likely be worse as the global economy has come to a standstill, which might not be fully factored into consensus." Barclays and C..

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Nasdaq proposes easing listing rules during coronavirus crisis

Business Nasdaq Inc has applied with the U.S. Securities and Exchange Commission to offer temporary relief to companies listed on its exchange with stock prices and market values that have fallen below required minimums due to disruptions during the coronavirus crisis. FILE PHOTO: The Nasdaq logo is displayed at the Nasdaq Market site in New York, U.S., May 2, 2019. REUTERS/Brendan McDermid 17 Apr 2020 10:30PM Share this content Bookmark NEW YORK: Nasdaq Inc has applied with the U.S. Securities and Exchange Commission to offer temporary relief to companies listed on its exchange with stock prices and market values that have fallen below required minimums due to disruptions during the coronavirus crisis. Under the proposal, the minimum requirement rules will be suspended until the end of June so companies can focus on running their businesses rather than trying to satisfy Nasdaq's listing requirements, according to a regulatory filing on Thursday. Investors will still be ab..

Business

US airlines sitting on US$10 billion in travel vouchers, lawmakers say

Business U.S. airlines are estimated to be sitting on more than US$10 billion in travel vouchers that should have been cash refunds from canceled flights, a group of senators released on Friday. FILE PHOTO: Delta Air Lines passenger planes are seen parked due to flight reductions made to slow the spread of coronavirus disease (COVID-19), at Birmingham-Shuttlesworth International Airport in Birmingham, Alabama, U.S. March 25, 2020. REUTERS/Elijah Nouvelage 17 Apr 2020 10:10PM Share this content Bookmark REUTERS: U.S. airlines are estimated to be sitting on more than US$10 billion in travel vouchers that should have been cash refunds from canceled flights, a group of senators released on Friday. Many U.S. airlines are cancelling between 60per cent and 80per cent of their flights, and under federal law passengers on those flights are entitled to full refunds, Senators Ed Markey, Elizabeth Warren and Richard Blumenthal said in a statement. Advertisement Advertisement "However, m..

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Four in 10 people financially impacted by coronavirus

Nearly four in 10 people who have been financially impacted by coronavirus have seen half their income or more wiped out, a survey has found. Some 14 per cent of people whose income had been impacted said it has reduced by around half, a further 7 per cent say it has been cut by more than half and 16% say they have lost their income completely, according to consulting company Kantar. This makes a total of 37 per cent of people across Britain whose incomes have been affected who said it had reduced by half or more. However, 3 per cent whose income had been affected said it had increased. Across Britain, nearly a third (32 per cent) of people said coronavirus had already impacted their personal income. A further 35 per cent said they expected to see an impact in the future, although they had not seen one yet, the survey of more than 1,000 people across Britain between 9 April and 13 April found. As well as Britain, the report also surveyed people in other G7 countries – Canada, Fra..

Business

Golf: Canada fails to make cut on reworked PGA Tour schedule

(REUTERS) – The PGA Tour is poised to announce a compacted calendar this week but the coronavirus-ravaged schedule will not include the Canadian Open due to cross-border travel restrictions between the United States and Canada, TSN.ca reported on Wednesday (April 15). The Safeway Open in Napa, California confirmed on Wednesday that it had been moved up into the Sept 10-13 slot, between the season-ending Tour Championships and the rescheduled US Open, becoming the opening event on the 2020-2021 PGA Tour schedule. The Canadian Open, currently scheduled for June 11-14, did not make the cut primarily due to border restrictions that limit non-essential travel between the U.S. and Canada. Anyone entering Canada from abroad is also subject to a 14-day quarantine period. Canadian PGA Tour players were briefed on the decision during a Wednesday conference call with Golf Canada, said TSN. "It sucks," said Nick Taylor, winner of the AT&T Pebble Beach Pro-Am. "This is definitely a tournament ..

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Rugby: World body says no bail-outs for virus-stricken Sanzaar countries

WELLINGTON (AFP) – World Rugby vice-chairman Agustin Pichot said southern hemisphere nations cannot expect bail-outs during the coronavirus shutdown – and warned of financial contagion if any of them goes under. Media reports have raised the possibility of a cash rescue for Rugby Australia, which is facing serious financial difficulties and has been locked in pay talks with player representatives this week. But Pichot, the former Argentina scrum-half who is challenging for the World Rugby chairmanship, ruled out the measure, and said other countries were at risk if one union fails. "If Australia falls, then it hits straight to New Zealand first, then it will hit South Africa and Argentina so we all fall. There's no individual way," he told Sky Sport NZ. "It's not about World Rugby giving handouts, because there's no handout possible," added Pichot, estimating a 400 million pound (S$713 million) loss if the southern hemisphere teams cannot play this year. "World Rugb..

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