Jul 31, 2020

City Bulletin: British Airways’ owner strengthens finances with €2.75bn capital raise

British Airways owner IAG has announced plans for a capital raising of up to €2.75bn to strengthen its finances as the impact of the pandemic rips through the aviation industry. British American Tobacco reported a small rise in revenue as people kept smoking throughout the crisis, although its operations in some emerging markets have been hit. Total buybacks are expected to drop this year, but as Richard Henderson in New York reports, companies in the S&P 500 that have reported second-quarter earnings so far have reduced the number of their outstanding shares by an average of 0.3 per cent from the previous quarter. A day after chief executives of Amazon, Apple, Alphabet and Facebook faced hostile questioning in Congress their companies defied economic turmoil in the US to report a blowout quarter. Li Auto, which is backed by TikTok owner Bytedance and ecommerce group Meituan Dianping, jumped 43 per cent on its first day of trading on Nasdaq on Thursday.

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