World markets higher…Lufthansa seeks support for rescue…Flights canceled as Beijing’s new outbreak raises concerns
BEIJING (AP) – World markets followed Wall Street higher today on hopes for a global economic recovery. In early European trading, the FTSE 100 in London opened up 0.7%, Frankfurt’s DAX added 0.5% and the CAC 40 in France advanced 0.5%. Benchmarks in Shanghai, Hong Kong and Seoul closed higher after early losses. Tokyo retreated after Japan reported its exports sank in May. Dow and S&P futures are higher.
BERLIN (AP) – Germany’s Lufthansa is warning that a 9 billion-euro ($10.2 billion) rescue package for the airline group could be in danger because of criticism from a major shareholder. It’s urging shareholders to show up to a special meeting next week. Lufthansa has agreed to the plan, which would give a government stabilization fund a 20% stake. Existing shareholders need to approve the bailout at an extraordinary meeting on June 25.
BEIJING (AP) – More than 60% of commercial flights in and out of Beijing have been canceled as the Chinese capital has raised its alert level against a new coronavirus outbreak. Other nations are confronting rising numbers of illnesses and deaths while the resurgence in China highlights calls for vigilance. A Beijing party official says the virus situation is extremely grave and “has truly rung an alarm bell for us.” Other nations are continuing to reopen their economies while cases rise.
WELLINGTON, New Zealand (AP) – Both Australia and New Zealand say they are starting formal talks for separate free-trade deals with the United Kingdom, as they each try to rekindle a trading relationship that was severely tested nearly 50 years ago. The U.K. wants to sign a number of trade deals with individual countries after leaving the European Union in January. But some Australians still feel a sense of betrayal at the way the U.K. cut back its trade with them when it first joined the European market in 1973.
SEATTLE (AP) – A recession is expected to curtail Americans’ generosity following a record year for charitable donations. But the recent wave of money dedicated to fighting the coronavirus and racial inequality in the U.S. is offering a beacon of hope for nonprofits in 2020. The Giving USA report released Tuesday estimates nearly $450 billion was donated to charities in 2019. The 2.4% uptick from the previous year when adjusted for inflation marked a record year for giving that reflected a booming economy.