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(Bloomberg) -- Prime Minister Giuseppe Conte’s government set a course to nationalize controversial toll-road operator Autostrade Per l’Italia SpA after all-night talks on the politically charged issue.Italy’s economy and infrastructure ministers were asked to hammer out the details of a proposal from Autostrade that would see state lender Cassa Depositi e Prestiti take control of the company from Atlantia SpA, owned by the billionaire Benetton family.Tensions over Autostrade have tested Conte’s hold on his coalition government. The anti-establishment Five Star Movement had insisted on revocation of the concessions or a full Benetton exit from Autostrade, while the center-left Democratic Party wanted the state to take a stake in the company.The collapse of the 1960s-era Morandi Bridge in Genoa remains a vivid national tragedy, killing 43 people in August 2018 as cars and trucks plunged onto rail tracks and streets below. A ministerial commission argued that Autostrade underestimated the deterioration of the...
(Bloomberg) -- OPEC+ is seeking extra production cuts from members that have missed their targets again in June, potentially tempering the impact of the supply resumption planned by the wider coalition next month.A technical committee that met online on Tuesday outlined plans for countries including Iraq, Nigeria and Kazakhstan to make an additional 842,000 barrels a day of compensatory cuts in August and September, according to delegates.The proposal will be discussed on Wednesday by a ministerial monitoring committee led by Saudi Arabia and Russia, the delegates said, asking not to be named because the information isn’t public. They’re expected to announce that the group’s overall curbs of 9.6 million barrels a day -- about 10% of global supplies -- will be relaxed in August as global fuel demand recovers.To prevent the supply increase destabilizing a still-fragile market, Riyadh and Moscow are keen for the cartel’s laggards to make up for earlier...
Boeing (BA) has revealed that a further 60 737 MAX orders were canceled in the month of June due to the fallout from the ongoing coronavirus pandemic, bringing the total 737 cancellations this year to 373. The troubled planemaker had already announced 47 of the June cancellations.According to Bloomberg, this figure did not account for Norwegian Air Shuttle ASA’s cancellation of all 97 of its remaining Boeing jets on order, as the deals have not yet been officially terminated. But the order backlog did exclude an additional 123 ‘orders in peril’ which could be called off.During June, Boeing delivered just 10 aircrafts- which was nevertheless an improvement on May’s 4 deliveries. The company also announced that it delivered a total of 20 commercial airplanes for the second quarter of 2020, vs 90 in the same period last year. Net orders also remained negative with 182 net cancellations, bringing Q2 to 477, up from...
Moderna Inc announced that its experimental COVID-19 vaccine was safe and induced strong immune responses in all 45 healthy adult participants, sending its shares up over 15% in after-hours trading on Tuesday....
Delta Air Lines Inc. (DAL) reported its second consecutive quarterly loss as the U.S. airline pared back its flight capacity plans for August by 50% with demand stalling again amid a renewed rise in Covid-19 cases.Delta ended the second quarter with an adjusted $2.8 billion net loss, or a $4.43 loss per share, as total adjusted revenue, which excludes refinery sales, plunged 91% to $1.2 billion year-on-year.Looking ahead, the U.S. airline expects overall revenue for the September quarter will be only 20% to 25% of last summer, as demand growth flattened recently with the rise in Covid-19 cases. Meanwhile, business travel, which typically provides 50% of Delta’s revenue, has not yet returned in any meaningful way, the company added.The “decline in revenue over last year, illustrates the truly staggering impact of the Covid-19 pandemic on our business. In the face of this challenge, our people have acted quickly and decisively reducing...
ASML Holding NV, a key supplier to computer chip makers, on Wednesday reported a near 58% jump in second-quarter profit but fell short of market estimates, and forecast overall growth for 2020 despite the coronavirus outbreak. ASML said that sales would have been in line if revenue from two systems that shipped had been recognised. ASML forecast third-quarter sales between 3.6-3.8 billion euros....
