Earlier this month Cathay Pacific, Hong Kong’s flagship airline carrier and the world’s largest international cargo airline, announced a HK$39bn bailout plan as part of an unprecedented government-led rescue deal to help the company withstand further downturn in the coming months.
In the largest accounting scandal in postwar European history, Wirecard, the German fintech payment processor, faces allegations of fraud for fabricating over €1.9bn of cash.
The UK arm of American lingerie, clothing and beauty retailer Victoria’s Secret fell into administration on 5 June 2020, putting 800 jobs at risk and potentially jeopardising the longevity of its 25 UK stores.
The online app-based challenger bank Monzo has announced plans to cut up to 8% of its workforce, or 120 employees, due to the economic downturn caused by the coronavirus crisis.
Jeff Bezos has invested in Beacon, a UK-based digital logistics company that aims to disrupt the freight forwarding and supply chain finance industries.
To counteract an expected economic contraction of 25% in Q2, the Bank of England (BoE) is considering an unprecedented move to take its base rate into negative territory to incentivise lending and thus stimulate the UK economy.
The French government has just injected more than €8 bn into its car industry (of which €5 bn is a loan to Renault) to keep it afloat amid the losses it has suffered as a result of COVID-19. One goal of this cash injection is to support production of 1m electric cars in France by 2025.
Germany’s constitutional court ruled that the European Central Bank (ECB)’s massive bond-buying scheme will be regarded as illegal, unless the ECB can justify the purchase.
The Office for National Statistics has reported that the UK government’s borrowing hit a record £62bn in April.
In the face of the global pandemic, Facebook announced its financial results for the first fiscal quarter of 2020, recording the company’s lowest quarterly growth since going public in 2012.