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"Achieving this milestone puts Virgin Atlantic in a position to rebuild its balance sheet ... and welcome passengers back to the skies as soon as they are ready to travel."
That's the joyous statement put out by Virgin Atlantic after its creditors voted to accept a $1.4 billion bailout package. It means they have confidence that the air travel sector will recover and that Virgin's management will be able to steady the ship in the meantime.
There is still another court date in early September, along with a U.S. procedural court appearance, but it's unlikely to be overturned now.
Elsewhere, the big news in Europe is the state of the German economy after second-quarter figures were released overnight. Although real-time indicators show a recovery on the cards, the confirmation of the steepest drop in GDP since 1970 is still sobering.
In Asia, Jack Ma's Ant Group – which is parent to the likes of Alipay – is set to blow IPO records out of the water with a joint Shanghai and Hong Kong listing, with some reporting it could ask for as much as $300 billion for a 10 percent stake.
Finally, your eyes don't deceive you… that fast-food chain selling chicken in buckets really has pixelated its own advertising boards. Keep reading to find out more.
Happy reading,
Patrick Atack
Digital business correspondent
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Germany's economy contracted by a record 9.7 percent
in the second quarter as consumer spending, company investments and exports all collapsed at the height of the COVID-19 pandemic. The economic slump was deeper than during the 2008 Global Financial Crisis and it represented the sharpest decline since Germany began to record quarterly GDP calculations in 1970.
Russia is ready to cooperate with China and tech giant Huawei
on 5G technology, which Moscow is currently trying to develop, Russia's Foreign Minister Sergei Lavrov said, according to Interfax. "We will definitely not follow the example of the U.S., who simply demand that everyone not cooperate on 5G with China, in particular with Huawei," Lavrov told a Russian youth conference.
Chinese Vice Premier Liu He held a phone conversation with U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin on Tuesday. It was a constructive dialogue on such issues as strengthening bilateral coordination of macroeconomic policies and the
implementation of the China-U.S. phase one economic and trade agreement
reached in January, according to the Chinese Ministry of Commerce.
Virgin Atlantic's creditors - including at least 200 suppliers which are owed many thousands of dollars – have voted to accept a $1.4 billion bailout package. Virgin Group, which owns 51 percent of the airline, said it was confident in the restructuring plan.
In the Middle East, both Emirates and Etihad airlines are asking their cabin crew employees to take more unpaid leave. It is understood the companies are trying to stave off redundancies, though many roles have already been cut.
And in Australia, Qantas announced plans to axe 2,500 ground crew jobs as part of a plan to reduce overall staffing by nearly 30 percent. The jobs will be outsourced, though those working for the main airline (rather than Jetstar, the low-cost arm of Qantas) will have an opportunity to bid for the contract, thanks to a union agreement.
Chinese payment giant Ant Group, owned by Jack Ma, revealed its 2019 revenues in a filing ahead of a joint IPO on the Hong Kong and Shanghai markets. With a $2.6 billion net income last year, Ant Group is reportedly asking for between $200 billion and $300 billion for a 10 to 15 percent stake in the Alipay parent firm.
Video conferencing app Zoom said it has restored global service after an issue left many users in the U.S. unable to join work meetings or school classes. "We have resolved the issue causing users to be unable to start and join Zoom Meetings and Webinars," the California-based tech firm said, though it did not expand on the reason for the failure.
Finnish marketing analytics start-up Supermetrics raised at least $47 million in its latest venture capital and private investors funding round. CEO Mikael Thuneberg said the new funds would help the company expand its data warehousing services, assisting the marketing efforts of companies that have experienced an uptick in online customers.
Small and medium-sized enterprises (SMEs) are the target of French finance minister Bruno Le Maire's latest ploy to boost the economy. The state will make $3.6 billion available for businesses that are on the brink of insolvency.
Italian energy services group Saipem has signed a deal to build a new wind farm in the Adriatic, located off the coast of port city Ravenna. The $710 million contract is for a 450 megawatt farm. Mauro Piasere, chief operating officer of Saipem's planning unit, told Reuters the group hopes to build similar facilities off Sicily and Sardinia.
KFC has announced it is dropping its "finger lickin' good" slogan because of the pandemic. The global fast food giant – which has used the phrase for 64 years – says it "doesn't quite feel right" given the current hygiene advice. The company pixelated the phrase, telling customers: "That thing we always say? Ignore it. For now."
WATCH: Bump is the latest wearable safety tech to revolutionize the fight against COVID-19 in the workplace.
02:22
Michele Geraci is an economist at Nottingham University, who served as undersecretary in the Italian Ministry for Economic Development under Prime Minister Giuseppe Conte.
How important is it that Chinese foreign minister Wang Yi has decided to visit Italy?
This is part of an ongoing ... closer and closer economic relationship between Italy and China at the moment at a government level. And we do hope that is a good relationship. It trickles down at the company level and boosts trade volume for both countries.
Does it mark a change in Italy-China relations?
I think the crisis has brought the two countries closer together. Again, not in a geopolitical sense
– we have talked to the Americans, of course, to reiterate our friendship, our alliance to the NATO
– but, of course, we do want to do business.
Is 5G and the Huawei issue in focus in Italy, as it is in the UK and U.S.?
I think the Huawei and the 5G issue in general will be discussed by Wang Yi in Italy and the other countries that he visits.
We really need a European solution. It cannot be every country deciding [alone].
