European shares lower … France to aid aerospace industry … Cathay Pacific proposes recapitalization plan
TOKYO (AP) – Shares opened lower in Europe today after a day of gains for most Asian markets. In early trading, France’s CAC 40 fell 1.8%, while Germany’s DAX lost 1.8%. Britain’s FTSE 100 slipped 1.9%. In Asia, Japan’s benchmark Nikkei closed 0.4% lower but South Korea’s Kospi gained 0.2% and Hong Kong’s Hang Seng jumped 1.1%. The Shanghai Composite index gained 0.6%. Wall Street futures are lower.
PARIS (AP) – France’s government has announced 15 billion euros ($16.9 billion) in aid for the pandemic-battered aerospace industry, including plane maker Airbus and national airline Air France. The finance minister unveiled the rescue plan today. The money includes direct government investment, subsidies, loans and loan guarantees, and it will require the industry to invest more and faster in electric, hydrogen or other lower-emission aircraft.
HONG KONG (AP) – Financially battered Hong Kong airline Cathay Pacific Airways has proposed the government help fund a $5 billion recapitalization plan to help it recover from the coronavirus pandemic. Cathay Pacific says in a stock exchange filing today that the plan calls for it to issue shares to raise more than $4.3 billion. Of that total, $2.6 billion would be issued to a government entity called Aviation 2020. The airline also would receive a $1 billion loan from Aviation 2020.
BERLIN (AP) – Official data shows that German exports plunged by nearly a quarter in April compared with the previous month as coronavirus shutdowns dragged down demand. Today’s figures from the Federal Statistical Office follow data showing big drops in factory orders and industrial production in Europe’s biggest economy. Exports dropped 24% in April, following an 11.7% decline in March. That was the month when European countries, including Germany, started imposing lockdowns.
NEW YORK (AP) – The editor-in-chief of Bon Appetit has resigned after a photo of him dressed in a stereotypical Puerto Rican costume surfaced on social media. Adam Rapoport says he had blind spots as an editor and the magazine deserves better. Several staffers who star in the magazine’s popular YouTube videos are also calling for equal pay for employees of color.