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MY | MONEY NEWS
Swiss-Irish baked goods company Aryzta said today that market conditions and prospects deteriorated sharply since the middle of March due to the Covid-19 pandemic, leading to a steep decline in April revenue. The group, which is being targeted by activist investors Veraison and Cobas Asset Management, said it had taken action to maximise cash and reduce costs and had seen some early signs of recovery in May. | Aston Martin has today confirmed that Tobias Moers, CEO of Mercedes-AMG, would become chief executive on August 1, replacing Andy Palmer who stepped down yesterday. The Financial Times newspaper reported over the weekend that Palmer would step down, before he had been informed. A source familiar with the situation had also confirmed to Reuters the planned move. | Richard Branson's Virgin Orbit company aborted its first attempt to launch a rocket into space from the belly of a 747 airplane yesterday, the company said. In a test of the company's plan to launch satellites into space, the 70-foot rocket called LauncherOne was to blast into orbit at about six and a half miles altitude from a modified airplane named Cosmic Girl. | Stanley Ho, the Hong Kong-born tycoon who made billions transforming neighbouring Macau from a sleepy Portuguese outpost into the world's biggest gambling hub, died today at the age of 98, his family said. | Latin America's largest airline LATAM Airlines Group said today that the company and its affiliates in Chile, Peru, Colombia, Ecuador and the US have filed for Chapter 11 bankruptcy protection in the US. LATAM is the latest corporate victim of the coronavirus pandemic that has brought a virtual halt to air travel. It joins Colombia's Avianca Holdings and Australia's Virgin Australia Holdings in bankruptcy protection as it seeks to restructure its debt. | AXA said today it would meet the bulk of claims from some restaurant owners after a Paris court ruled last week the French insurer should pay one owner two-months' worth of coronavirus-related revenue losses. The ruling on a disputed contract was seen as opening the door to a wave of similar litigation. AXA also said today it would provide a further €500m in aid for small companies. |||