Business

Oil demand to attain pre-pandemic level by 2022: Goldman Sachs

Editorial Bureau July 2, 2020

WASHINGTON (US) – Government efforts to boost economies and a shift to private transportation should help the demand for oil across the globe attain pre-pandemic levels by 2022, said Goldman Sachs on Thursday. Oil demand is slated to drop by 8% this year. It is likely to rebound by 6% in

Business

Ryanair witnesses strong bookings, ticket fares to be at lowest

Editorial Bureau July 1, 2020

DUBLIN (IRELAND) – Ryanair group CEO Michael O’Leary said the airline has witnessed “very strong” bookings for the first two weeks of July when its network reopened on Wednesday. He said the ticket fare is likely to be lower than ever for 12 months. Ticket rates will return to the pre-pandemic levels only by 2022 […]

Business

Oil prices rise after US crude stockpiles register drop

Editorial Bureau July 1, 2020

TOKYO (JAPAN) – In the wake of an industry report showing US crude stockpiles staging a larger than expected dip, oil prices climbed on Wednesday. This shows that demand is going up even amid the spread of coronavirus around the world. Brent crude witnessed a rise of 31 cents, clocking 0.8%, to touch $41.58 a […]

Business

Air France to slash 6,500 jobs by 2022

Editorial Bureau June 30, 2020

PARIS (FRANCE) – Air France aims to present a plan to trade unions to slash over 6,500 jobs over the next two years, said three sources on Tuesday. This comes as the airline grapples with the coronavirus crisis. The French flagship airline is cutting capacity and exiting loss-making domestic routes as the pandemic hits international […]

Business

EasyJet to cut over 700 pilot jobs, says union

Editorial Bureau June 30, 2020

LONDON (UK) – British low cost airline easyJet has said that 727 UK-based pilots are at risk of redundancy. It is equivalent to about one-third of its pilots in the country, union BALPA said in a statement. The airline is proposing to close its bases at London’s Stansted and Southend airports and at Newcastle in […]

Business

L’Oreal to replace ‘whitening’ with ‘glow’ in labels of some products

Editorial Bureau June 30, 2020

PARIS (FRANCE) – L’Oreal will gradually replace “white” or “fair” with “glow” or “even” on its labelling for some products designed to help even out skin tones, its chief executive said on Tuesday. The French firm – the world’s biggest manufacturer of beauty products, including brands such as

Business

Airbus set to announce thousands of job cuts

Editorial Bureau June 30, 2020

TOULOUSE (FRANCE) – Airbus is set to announce on Tuesday a restructuring involving thousands of job cuts as it deals with the fallout from the impact of the pandemic, union officials said. Airbus, which has said it will announce fresh action by the end of July after introducing temporary furloughs, declined to comment. Its shares […]

Business

Puma to pause paid ads on Facebook and Instagram in July

Editorial Bureau June 30, 2020

BERLIN (GERMANY) – German sportswear brand Puma said on Tuesday it will pause all paid advertising globally on Facebook and Instagram throughout July to persuade the social media company to remove hostile and harmful conversation on its sites. Puma joins a long list of firms that have pulled advertising from Facebook in support of a […]

Business

Standard Life Aberdeen appoints ex-Citi executive as CEO

Editorial Bureau June 30, 2020

LONDON (UK) – Standard Life Aberdeen (SLA) Chief Executive Keith Skeoch will step down after five years at the helm. He will be replaced by former Citi executive Stephen Bird, the British asset manager said on Tuesday. The announcement marks the end of Skeoch’s 14-year career as an SLA director, during which he oversaw the […]

Business

Shell to write down $22 billion due to coronavirus

Editorial Bureau June 30, 2020

LONDON (UK) – Royal Dutch Shell on Tuesday said it will write $22 billion off the value of its assets after sharply lowering its oil and gas price outlook in the wake of coronavirus. The decision also comes after the Anglo-Dutch company reviews its operations after CEO Ben van Beurden put out plans in April […]